Yep the Company is still doing fine (though Im not 100% agree on the purchase of Seminyih land at current environment), need not to worry :)

RM3 this year seems not realistic. The shareholders would be very happy if it trade between RM1.60 - RM1.80 (about PE8 - 10) by year end :)

Avoid emotional investing ;)

chill.. momentum is building up :)

Good work done Kai Yee Tan :)

Lack of interest probably due to the sharp rise and fall of last year. It gives them bad reputation. However, that also make them very attractive at current price. Cant wait to see their full year results later this month.

If it is good then its operation metrics should grow reasonably as well to keep its valuation remain attractive. So no worry ;)

haha kancs3118 are you serious?

I can understand how OSKP and PJD shareholders feel. I also incurred huge loss on PJD, my worst ever.

Many of them have got burnt / still holding on huge paper losses, and they have give up on everything related to OLH.

The buyers are back. :D 8% div yield play!

If not bcz of comment from hng33 I wouldnt had read the 800+ pages circular. All thank to hng33 :)

This is what a forum should be, promote healthy discourse.

KUALA LUMPUR (July 3): Investigations into debt-ridden 1Malaysia Development Berhad (1MDB) have allegedly uncovered billions of ringgit channelled to the personal accounts of Prime Minister Datuk Seri Najib Razak, the Wall Street Journal (WSJ) and Sarawak Report reported.

Both are quoting from documents from the 1MDB probe that is being carried out by the Malaysian government, with Sarawak Report claiming that the Attorney-General was also aware of the information.

http://www.theedgemarkets.com/my/article/billions-pumped-pm-najib%E2%80%99s-accounts-1mdb-probe-shows

To add feather on the cap, OSKProp is listed as one of the Forbes Asia's Best recently.

http://www.forbes.com/companies/osk-property/

Conclusion, as what hng33 commented, seize the opportunity now and ride on OSK first (no reason for minority shareholder to vote against the deal on Monday), then bet on PJD (no way other shareholders will agree to sell it so cheap) when near September.

Exciting time ahead :D

Hopefully it turns out as what you forecast, let's ride ;D

Yea if market is reasonable OSK should worth a lot more than 2.10. If valued at PE of 8 TP is 2.60 at least (EPS will be slightly higher than 33c by now as both OSKProp and PJD reported even better profit, and also provided RHB did not underperform). Interesting indeed.

Just gone through the Independent Advice Letter by Kenanga, this is definitely a one sided deal that beneficial to OSK at the expense of OSKProp and PJDev (sorry to the shareholders).

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4771133
It's a 887 pages circular, but the juice is at page 146 - Financial Effects of the Proposals

Consolidated NA post proposal - minimum RM2.64 (before dilution due to exercise of warrant)
Consolidated EPS post proposal - mimimum 33c (before dilution due to exercise of warrant)

Bear in mind Kenanga use FYE2014 figure in this evaluation. We all know how well PJD n OSKProp had performed so far in FYE2015 and expected to continue do well.

Not to forget there is 15c special dividend (7% yield at current price) will be first in the pocket.

But then again, why nobody notice this?

"The Change in Accounts Receivable line explains how the payment terms you’ve agreed on with your customers affect your cash. It accounts for those times when you provide a service or sell a product, but your customer doesn't pay you right away. The Net Profit line in the P&L shows your business as making the profit when the service is provided or the item is sold, not when it is paid for, so the Net Profit line has to be adjusted for the time it takes for the money to actually change hands.

If the Change in Accounts Receivable number is negative, it means that for this time period, your customers owe more than they have paid you, so your cash must be decreased to account for the money you have not yet received. If the number is positive, it means that for this time period, your customers have paid you more than they owe in total (i.e., from making previous month's payments), so your cash is increased to account for the extra money coming in."

https://help.paloalto.com/entries/23711067-Understanding-the-cash-flow-statement

just like Greece, what needs to be done has to be done...

http://www.theedgemarkets.com/my/article/selangor-sign-supplementary-water-agreement-putrajaya-tomorrow

"Here the problem is that using leverage—buying with borrowed money—doesn’t make anything a better investment or increase the probability of gains. It merely magnifies whatever gains or losses may materialize.And it introduces the risk of ruin if a portfolio fails to satisfy a contractual value test and lenders can demand their money back at a time when prices and illiquidity are depressed. Over the years leverage has been associated with high returns, but also with the most spectacular meltdowns and crashes." ~The Most Important Thing Illuminated.

It's only attractive if it's priced right.

Question asked now is who will foot the bill?

What are the companies worth? Eventually, this is what it comes down to. It’s not enough to buy a share in a good idea, or even a good business. You must buy it at a reasonable (or, hopefully, a bargain) price.
–BUBBLE.COM, January 3, 2000

It's still worth remembering, even though after 15 years already.

18% is one off cash derived from GDV of the whole project. dont think Hohup will partly own the mall.

But of course, 18% of the GDV is still $$$

Do note also Philippine is expected to have world 2nd highest GDP growth this year after China.

Definitely worth putting this in watch list :D

You're welcome Kc ;) Your article is "Must Read" to me, just like how Warren would love to read Howard Marks' newsletter immediately.

http://klse.i3investor.com/blogs/stock_pick_challenge_2013_2h/40360.jsp

http://klse.i3investor.com/blogs/kcchongnz/66908.jsp

KC shared the good thing about furniture stocks since Nov 2013. I suggest to understand KC and learn more about his contribution before taking a swipe at him.

USD20m x 3.7 x 23% = RM19m

Quite a good 'appetizer' dont you think so? :D

http://www.aseanaproperties.com/pdf/quarterlyInvestorsUpdate/ASPL%20Q1%202015_Final2.pdf

Ballpark estimation:-
NAV as at March 2015 = USD0.719
Unit = 212m

Ireka's share = USD0.719 x 212m x 3.7 x 23% = RM129m

Ireka current market cap = RM127m

That's potential return of 100% even though using NAV only! Please note RNAV is USD1.19

Anyway, need to wait patiently ;)

Excerpt from EGM notice:-

2.2 Return of capital

Timing

"Conditional upon approval by Shareholders of the Divestment Investment Policy, the Board and
the Manager are committed to realising the Company’s assets in a controlled, orderly and timely
manner with a view to achieving a balance between returning cash to Shareholders and
maximising the realisation value of the Company's investments.

The Board intends to make distributions of not less than US$20 million in 2015. These
anticipated distributions are based on the Board's analysis of the Company’s current cash
balances and expected receivables from investments that have been contractually sold at the
date of this document.

The Company currently anticipates a first distribution in the third quarter of 2015, subject to
lenders’ consent, the receipt of confirmatory certificates from the Company’s reporting
accountants and/or auditors to support the Directors’ statement of solvency and any necessary
Shareholder authorities.

The Board will target additional cash distributions of US$20 million in 2015, which are predicated
on the completion of certain planned additional asset disposals before the end of the year. This
additional targeted amount is also subject to lenders’ consents, the receipt of confirmatory
certificates from the Company’s reporting accountants and/or auditors to support the Directors’
statement of solvency and any necessary Shareholder authorities."

The proposal is to "enable a realisation of its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company’s investments."

It's PERIODICALLY, isn't that echo what the MD said recently? I don't think shareholders need to wait very long, appetizer will come first :D

http://www.aseanaproperties.com/pdf/Corporate_Presentation/Corporate%20Presentation%20Q4%202014.pdf

"Instead, the Board believes that a policy of orderly realisation of the Company's assets over a period of up to three years is a more appropriate approach in order to maximise the value of the Company's assets and returns to Shareholders, both up to and upon eventual liquidation of the Company. Ahead of the 2015 AGM, the Board is considering proposals to amend the Company’s investment policy to enable a realisation of its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company’s investments."

Fruit is ripe for the picking :D

Unpolised gem. Second 'Mitrajaya' in the making ;)

Diluted EPS for Q1 is 5.12c, say full year could achieve 20c, that is PE of 7 only at current price. Seems undemanding given the growth potential.

dalpinia, free warrant and special div are for existing shareholders only. besides new shares are issued for the takeover, there should be price adjustment post merger, no instant gain I guess.

rikki you are right, shareholders of PJD and OSKProp still need to decide whether to accept or not.

Currently, a company that is subject to a take-over offer is required to appoint an independent adviser to provide comments, opinions, information and recommendation on the take-over offer in an independent advice circular. The independent advice circular is subject to the SC’s review and has to be cleared by the SC before it can be issued and despatched to the offeree shareholders.

The take over rule not applicable here? Where is the independent advice circular?

A very good write up!

No doubt property market is slowing down. But I also believe demand for quality product will not stop suddenly. The name of "Pavillion 2" is enough to ensure its success I guess. Not to mention the strategic location and great connectivity (near to new LRT extension)

The growth potential indeed is irresistible :D but venturing into Myammar seems risky though.

Don't look at the announcement only, read ;)

No doubt he can still expect this financial year to be better as Gadang is into second half of Q4 already. Look forward ;)

Chill.. Wait till the coming quarterly result. Logically it should be good to further boost up the price for private placement.

definitely it is still looking good in term of TA - price >1.45 and above 20ema

My little advice to people who are considering to buy now, please ask yourself this:-

Is the owner stupid that he can't foresee the growth like what CIMB analyst did and agreed to do the IPO at 88cnts?

Of course, it could be the owner is damn generous and want to share his wealth with minority investor :D

more pls.. 0.175 too low :D

Wow.. wish us good luck then :)

SJSOON, you should be more bullish only if it closes >1.55 don't get excited too fast :D

Anyway, Gadang is meant for long term play, PATIENCE is needed.

almost there.. need more volume :)

it's still alright as long as >1.45 :)

sign of inverse head n shoulders? marching toward neckline of 1.55 :D

warming up for quarterly result! hopefully it achieves the CFO's target :D

it's time to push up for private placement :D

For many construction is the only sector rated positive for year 2015. Big names like Gamuda and IJM Corp are always mentioned and people have forgotten about few well run mid cap players like Mitrajaya and Gadang. Mitrajaya have had fantastic run after it was covered by HLIB recently and saw EPF emerged as substantial shareholders few days ago. Will Gadang be the next star performer?

Mitrajaya FYE2014 (31/12/14)
PBT: 72m EPS: 14c PE:12 Orderbook: 1.9B

Gadang FYE2014 (31/5/2014)
PBT: 63m EPS: 20c PE: 7 Orderbook: 1.3B

Both company actually share similar financial performance, having ROE of around 13%, except for Gadang has better cash flow compared to Mitra. Based on historical data Gadang seems to be undervalued already if Mitra's current valuation is anything to go by.

In recent interview Gadang CFO said target PBT for FYE2015 (31/5/15) is 75m. However up to Q2 YTD PBT was at 25m only (based on previous year number, last two quarters are always better).

Certainly Gadang is the stock to look out for :)