The market either has no faith in how rozali will spend the rest of money, testing the patience of small investors, or cashing out on what they have earned handsomely (some owned puncak at cost way below 2) fearing about the future prospects of the company given economy situation

yes, bjcorp should consider selling off assets and return money to all, particularly small holders like us!

Hope will see 3.75 again and soon

I need 3.7 to make 20% return sigh

Hng33, real brave. Best wishes to us all

hng33, if so, then my earlier estimate of 3.95 could be real then, wahahaha.... but then looking at its share price, I think sobbing should be a better expression

tornado, this EGM is about water asset disposal, though, the utilization of $ is mentioned on page 11.

Yilai has a change in the ownership lately. The results and dividend policy of the past may not be repeated. Be careful when reading it. Used to like this stock, but didn't buy due to small cap, personal preference is company with NA or market cap above 500 millions.

hng33, hopefully by mid Jan, Puncak share price will rise above 3.30. Otherwise, will have to utilize higher margin to finance the conversion, something I hope not to happen...

http://announcements.bursamalaysia.com/EDMS/subweb.nsf/all/602B5C21E22A593948257DB00018CE59/$File/PUNCAK-Part%201.pdf

To all interested with the balance sheet of Puncak before and after asset disposal and warrants/sukuk conversion, refer to page 84/85 of the above document with stamp for identification by KPMG (no idea what that means myself, haha...)

Post exercise, it shall have 532,517,000 shares with total asset of 2,858,348,000, of which 531,654,000 of non-current asset and 2,082,723,000 of cash and short-term investments. The total liability shall be 490,215,000 ONLY, of which the short-term and long-term loans total MERELY 191,861,000. Net asset per share will be 4.45, of which 3.55 is cash after ALL loans are paid off!

hng33, before getting the BIG ANGPAU, I have yet to come up with the money to convert my warrants (I have 70% warrants and 30% shares in Puncak) Hopefully, they will announce no need to spend time for conversion with those warrant holders will be getting conversion without dividend instead. Otherwise, big head for me, already fully invested...

the disposal circular is out already, on page 18 of part 1, the cash and cash equivalent after disposal will be (based on FY 2013 annual report) 2,041,930,000, per share basis will be at least 3.82 before settling any debt except sukuk (assumed converted here). Page 26 of part 1 suggested a borrowing of 191,861,000 after disposal of asset/conversion of warrant/sukuk, net cash should be 1,890,861,000, that's 3.54 per share before RM 1 special dividend. Its slight higher than earlier hng33's estimate of 3.30, but lower than my 3.95 per share. Given that the financial data provided is based on FY 2013, the eventual cash position should be slightly higher 3.54, hopefully around 3.65...

frankly, interest rate is not a threat at all, given low crude oil price and high government debt, there is not point, actually is harmful, to raise interest rate...

heavy selling, so hard to trend up, sigh!

i am thinking about alam myself, seems to be among the most beaten oil related stock... sigh, no money to invest though

now can only hope Puncak rises back to at least 3.20

hng33, shouldn't that puncak provide details on balance sheet after disposal to shareholdeds?

Real disaster...

I don't think rozali owns the sukuk, otherwise it would have been announced, his cronies? That I can't say... if its truly bond investors, they may not necessary convert,n possibly request for a buyback instead? Given poor sentiment about Malaysia

guess crocodiles won't stop until they have accumulated the desired position?

its real bad seeing bjcorp falling while no share buy back is in sight yet

if no rm 1 dividend, good luck to us all...

no bullet left to fire, sigh!

alas, when market is in a correction mode, there isn't much we, small fishes, can do. Only the big bosses make the call on what's 'fair market price'

hng33, based on your valuation, think I have overvalued Puncak myself...

hng33, are you a financial analyst in KL? well written... Guess my guesstimate of 3.80 - 4.20 is not too bad

hng33, guess I understand the difference between your estimate and mine, being current existing net cash of RM 151 mln that you found and my (677-332 + 165) mln that I guess, where 165 being the sukuk that I thought is already taken as part of the 332 debt stated in the debt after water asset disposal. thanks.

hng33, so (1.55 bln - 0.332 bln) + (portion of 677 mln not transferred to Selangor state government) should be the cash position of Puncak after water asset disposal but before sukuk and warrant conversion, right?

hng33, if I were not wrong, Selangor state government is buying water asset, including debt, for 1.555 bln. It then, in the announcement, suggests that a debt of 332 mln is left after disposal. I suppose the 332 mln has not assumed any utilization of 1.555 bln proceed for debt reduction in other businesses (its actually not even discussed.) That's why I thought the cash level of Puncak after disposal should be higher. Though, a missing part would be how much of the 677 mln is kept under water asset to be transferred to Selangor state government and should not be included in my calculation. Thanks.

thought 0.42 would be the bottom days back after BJAuto and BJFood showing good quarter reports, guess not, sigh! Worse yet, share buy back has yet to begin again...

从哪里跳？

Bjfood n bjauto are good, should offer bjcorp some support, sell @ this level?

when 1700 is reached, then some will say 1650 is the bottom

Rich, the 329 mln debt is in the announcement on the water asset disposal. Refer to page 12 of

http://announcements.bursamalaysia.com/edms/edmswebh.nsf/all/ED823CB4D4216BDD48257D9F005D82B8/$File/PNHB-Announcement.pdf

On the same page, it's said that after disposal, with 409 mln shares, the NA per share is 5.34, while my calculation shows 4.65 cash per share (assuming no sukuk/warrant conversion), so (5.34-4.65)*409 mln should give you 280 mln.

The announcement didn't mention anything about total asset and details after disposal, so there is no easy way, at least to me, to evaluate the actual impact. Actually, there is, by going through all annual reports to find out all assets non-related to water disposal, but guess won't give much further details, given my non-accountant background. So, didn't pursue to find out. Probably hng33 can offer some ideas. He is at least more knowledgeable than me on this.

Truth is, when I chose Puncak, its mainly for its going to be cash rich position after disposal. I was a bit concern about the economy then, yet not certain enough to sell all shares to wait for opportunity. So, my strategy is to find cash rich company and Puncak comes into my mind. Another one I have in mind is Kian Joo, didn't choose because its in legal procedure then. Sigh, what a wrong decision!

assuming no conversion: Total cash: 1555 mln (water asset disposal) + 677 mln cash (latest quarter report) - 329 mln (debt in recent proposed disposal) = 1903 mln/409 mln shares outstanding (from recent proposed disposal) = 4.65 cash per share

assuming no sukuk conversion but full warrant conversion: Total cash: 1555 mln (water asset disposal) + 677 mln cash (latest quarter report) + 38 mln (warrant conversion) - 329 mln (debt in recent proposed disposal) = 1941 mln/450 mln shares outstanding (estimate) = 4.27 cash per share

assuming all sukuk and warrant conversion: Total cash: 1555 mln (water asset disposal) + 677 mln cash (latest quarter report) + 38 mln (warrant conversion) - 164 mln (debt in recent proposed disposal with 165 mln taken out due to sukuk conversion) = 2106 mln/532 mln shares outstanding (estimate, including 82.5 mln sukuk shares) = 3.95 cash per share

Based on recent proposed disposal report, per share before any sukuk/warrant conversion is 5.34 NA/share, so leaving only roughly 280 mln other non-cash asset, which is weird, kind of small given other exposure in o&g, construction, other water assets, and land/building assets are still there?!?

Please correct me if I were wrong, thanks!

Not so sure about conversion, nor impact of b6 1h. I'm guessing cash around 2 bln after debt payment n before capital repayment

I also notice debt level reduced to some 323 mln after disposal, which I assume include the sukuk. Anyway, so long a circular will be out in a few days, we should know soon the full impact of water asset disposal. Still, we have yet to know if the 165 mln sukuk will be converted into shares, hopefully not

Rich, saw that too, thought it should be good, that's part of the reason I tip up @ 2.60, guess its wrong decision:(

What constitute solid counters? TM? PPB? PBB? TNB? All have seen their ups and downs.

I have added Puncak position by an additional 30%, @ 3.025, 2.70 and 2.60 respectively in 3 tranches. Kind of wonder if my valuation has gone wrong, pricing Puncak value between 3.80 and 4.20? @ 2.55 (or its today low of 2.51) seems to suggest shariah compliance is not the only cause, and its exposure in o&g is not that much to warrant such a fall

bought some @ 2.60. guess won't top up position anymore from here on

hope BJCorp will start the rise from now, bought some yesterday @ 0.425.

Icwin, you have a point, hope you are able to buy at the discount you are looking for.

hmm.... so is my investment cost of around 0.49 (0.5 assuming my BJCorp call warrant value goes to 0) Sigh, I thought market would appreciate BJCorp reducing its position in BJAuto and other assets to improve cash position. With an initial target price of 0.58, I have over time raise it to above 0.80, resulting in failure to sell when 0.58 was reached (twice actually)

Rozali most likely won't sell his holding in Puncak, LTH is not so sure. Though, I have yet to see any announcement that LTH has pared down its position. They have to make announcement with their position given that their holding is more than 5%

rich, i'm not familiar with shariah compliance regulation, so nothing to contribute, nor do I care about shariah compliance... To me, to most crucial issue is if Puncak would be able to complete the sale and distribute RM 1/share within 3 months. In addition, after asset disposal and capital repayment, how much is left to Puncak, particularly cash position and how Puncak intends to utilize them. Once these issues are cleared, it really doesn't matter if Puncak is shariah compliant or not, share price shall reflect its status.
I base my investment assuming Puncak will complete asset disposal and capital repayment soon, preferably within 4 months. No investment in o&g or plantation thereafter until market condition is more stable, preferably with another capital repayment of RM 1/share after 1 year with sukuk not converted to shares.

alas, you would be lucky you have not bought O&G stocks that drop far more than BJCorp... We are upset not because it drops the most, but its at multi-year low, and BJCorp is not buying back shares!

Rich, cause don't know what to say ...

Puncak wishes to announce that PNSB had on 5 December 2014 entered into a Novation Agreement with the Government of Malaysia and Puncak Niaga Construction Sdn Bhd (formerly known as Lambang Sejagat Sdn Bhd) ("PNC") (a wholly owned subsidiary of the Company) for PNSB to novate to PNC, all of its rights, liabilities, benefits, interests, duties and obligations under and in respect of the contract for the D44 Project as awarded by the Government of Malaysia, with effect from 5 December 2014, in accordance with the terms and conditions as stipulated in the Novation Agreement.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1819373

work in progress, so slow!

will BJAuto's quarter report lift BJCorp shares tomorrow?