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?

sold some MNRB today, sigh! need money to buy BJCorp and Puncak

prahadude, keen to know too, wonder if anyone has any idea?

bought some Puncak @ 2.64 today, sigh! sad to see Puncak not buying back shares at this level

add bjcorp @ .425 today, sigh! sad to see BJCorp not buying back shares

Wonder when will bjcorp start buying back shares again?

Yet to see BJCorp initiates share buy back again, sigh!

No announcement yet from LTH, don't tell me LTH has not even started selling...

in addition to market sentiment, there are so many earlier announcement issues yet to be addressed, including plantation land disposal, Vietnam number forecasting business details, Singapore waste management listing, BJLand China asset disposal details. These do not even include the rumor casino in Malaysia and planned casino license application in South Korea and Japan. Worse yet, earlier heavy share buy back has not been continued, sigh!

babu, I make huge losses from owning Puncak too, sigh! Interestingly, announcement on LTH paring down Puncak stock has yet to be found...

sorry, 677 mln cash

hng33, seems to me your cash per share of 1.90 after special dividend is a bit low. Given its latest quarter report, Puncak already has over 700 mln cash or equivalent. Together with 1.553 bln payment for water asset disposal, it will be 2.253 bln. that's almost 4 per share. Only thing I am not sure is the debt level after disposal, so can't get a better picture

Tan Sri 等死你 a real good one, but lets hope its not in BJCorp

hope its stabilizing by now

I thought LTH will have to post its holding right now, assuming that it did sell on last Friday, but interestingly, no announcement is made...

haha... well said, Grace. Still no harm posting and discussing, it helps to release the pressure from seeing market keeps on falling

Today's purchase closer to the ends is not due to share buy back, could it be VT himself?

Puncak should have bought back shares, but it didn't... Otherwise, the price won't be so desperate, sigh!

supercharge it to 60.... wonder how much is the short position?

hmm... think share buy back kicks start again... luckily

wonder how do the institutional fund work? Shouldn't that, given LTH size, a negotiation with other funds for disposal a better approach?

real upset with no sign of share buy back. have been used to expecting share buy back during downturn...

Wonder if there are other reason causing the sharp fall other than shariah compliance

Fainted, 2.79

good, put VT to jail for life and liquidate BJCorp to give us at least 1.3 per share...

looks like a falling knife, sigh!

if lth keep selling, 2.6 is not even impossible! doubt epf is in the business to buy co with cash but not core business...