wait for the initial euphoria to dissipate. Remember - this is a bear market now....wait for the 100 pounds bear to sit on this counter...then, we will start bottom fishing.... :-)

Please perform your own due diligence/ research and do not rely on my work above on deciding whether to buy or sell or hold on to your shares. Reliance is solely at your own risk. Do not blame me if things go sour/ go south.

At the time of writing, i am still holding on to my GOB shares and is bleeding rather heavily.

Need tonnes of Kotex/ Laurier/ tampons to stop the bleeding.

Below is the write up for GOB:

Future impetus (beyond 2016):
- Low cost landbank at Batu Kawan. 374.3 acres carried at RM7.80 per sqf. By developing this piece of land, hopefully, GOB sales price will be at par with Tambun Indah. Furthermore, Tambun Indah does not have the below "armaments".
- JV with Lembaga Getah – low cost of consideration paid to Lembaga Getah: RM1K per sqf: GDV RM1.0B.
- Remaining 27 acres of land at Seri Kembangan: GDV RM255M (give or take)
- 2x parcels of land purchased from Malton at Sungai Long??
- To earn recurring income = 30% of total sales revenue:
F&B Business at Dalian + local = Grandmama + Grand Harbour
Trading business: PNT trading - 100% wholly owned subsidiary and will be headed by a Finance director from Malton (previously in charge of Evelyn and Crabtree)

- Concerns over possible asset stripping following the slew of disposal of 3x parcels of leasehold land is largely unfounded.

Below is the write up for GOB:

PROPOSED DISPOSAL OF A PARCEL OF LEASEHOLD LAND BY PERTANIAN TAMAN EQUINE SDN BHD FOR A CASH CONSIDERATION OF RM43.30 MILLION

Concern that the parcel above is sold at a cheaper price compared to the earlier 2 parcels at RM142M.
Reasons for lower disposal price (when comparing in per sqf terms):
The above parcel is located at a hilly terrain and the cost to develop the land is prohibitive given that DBKL has placed a number rules to comply with for hillside development. In addition, this parcel of land is categorized as residential land (not commercial zoned) and is located further away from established commercial hub.
Furthermore, an independent valuation was carried out by an independent land valuer.

Below is the write up for GOB:
F&B Business:
This year, GOB expanded its F&B business into Dalian China. The Grandmama store in Dalian, China is located at Pavillion Dalian.
Currently, GOB has 3x Grandmama stores located at Pavillion Dalian, Pavillion KL and KLIA.
http://www.grandmamas.com.my/locations.php
Expansion: Add 1 more at the end of this year and 3 more next year.

1x bakery store at Dalian China – sales/ turnover very good with about 200,000 buns a day.

2x Grand Harbour Restaurant:
Grand Harbour Restaurant, Farenheit 88
Grand Harbour Restaurant, Mid Valley Megamall
http://grandharbour.com.my/about_us
Expansion: Add 1 more at the end of this year.

F&B business is currently bleeding and is expected to recover by the end of 2017.
Spike in OPEX from RM60M FY2014 to RM80M FY2015 is mainly due to expansion into the F&B business and PNT trading business.

Below is the write up for GOB:
The land at Batu Kawan, Penang

The Batu Kawan land is located just 20 minutes (tops) from the Penang 2nd link.
Batu Kawan land size per the Annual Report 2015 is 229.3 acres carried at RM108M.
The rest is held as a right to purchase the land (145 acres) at a cost of RM19.3M from PDC Penang. Please refer to the notes to the accounts Note 42(b) (ii).

Total land size: 374.3 acres carried at RM127.3M
Cost price per sqf = RM7.80 compared to the recent land transactions whereby price per sqf is at RM40 (at least).

Assuming the land at BK is disposed off at RM40 per sqf; total EPS to shareholders
= RM1.15 which is 2.5x the current share price of RM0.45.

Below is the write up for GOB:
Lembaga Getah JV @ Jalan Ampang:
GDV = RM1.0B
Considered a very good deal because the consideration accrued to Lembaga Getah is RM268.0M ~ thus the cost price per sqf: RM1K
compared to the acquisition cost for German Embassy & British Embassy (which is located opposite to GOB’s project) at RM2,000 per sqf (at least).
Land cost at 50% discount.
Profit accrued to GOB = GDV RM1.0B – RM268.0M (entry cost) – financing costs (coupon rate)/ allocation of development profit accrued to a capital provider.

Below is the write up for GOB:
Da’mein retail mall:
Highly likely to be opened for business sometime in Nov’15/ Dec’15 (before Christmas) and is expected to be disposed during 2016/2017. The expected disposal price is in the vicinity of RM400.0M to RM450.0M.

Effect of disposal – will turn GOB into a net cash company.

Cash flows arising from disposal of Da’mein:
Expected selling price: RM400.0M (to be conservative)
(-) Company tax rate: 25% (RM100.0M)
We expect this disposal will attract corporate tax rate 25% instead of RPGT due to the nature of property developers who develop land and eventually selling it to earn business revenue as opposed to outright disposal which attracts RPGT.
(-) Payment to land owner: Revenue Concept: (RM28.0M)
(-) Borrowings: RM260.0M ~ Total borrowings in the balance sheet (as at 31/05/2015): RM260.0M
This borrowing is largely the credit facility granted for construction of Da’Mein.
= net cash proceeds: RM12.0M

<The computation above does not take into consideration the disposal of the 2x parcel of leasehold land on 1st Apr’15 and a subsequent disposal on 11th Aug’15. The cash proceeds will be used to pare down loan and as a working capital for Lembaga Getah JV @ Jalan Ampang>

Below is the write up for GOB:
Unbilled sales:
The average take up rate from the ongoing projects namely
- Villa Heights (Phase 1B),
- Galleria,
- SpringVille, and
- the two towers of service apartments and shop offices at Da’mein USJ (excluding the retail mall)
is approximately at 90% and is expected to be completed by the end of 2016.
Total unbilled sales accrued from the above (excluding sales of Da’mein retail mall) is approximately RM430M (give and take), thus giving an earnings visibility until the end of 2016 (not sure whether this is calendar year/ financial year).

Hi hng33, just need your help...
what do you think of buying the warrants?
what do you think of this strategy? if say you have 100 free warrants from the rights issue, do you think it is a good move to buy an additional 100 warrants @ RM0.13?
I think RM130 will be spread to 200 warrants (100 that you bought and 100 that is free) whereby the average price per warrant is at RM130/200 = RM0.065.
Thereafter, you have about 2 warrants to cover the losses for 1 mother share.
What do you think of this move?

@ brother hng33,
ok - will update by this weekend for GOB.
Also, do you have any questions for SymLife?
I will be attending the AGM for SymLife on 9th Sept.

KEEP CALM - MONITOR GADANG'S PRICE AND BUY GADANG @ RM1.17

actually, the more critical thing is the Star Residence Tower 2 - scheduled for launch during Oct'15. If they can achieve more than 80% take up rate for Star Residence Tower 2, we can say Star Residence is on safe waters and this will contribute significantly to SymLife's revenue for FY16.

@ fairreasonable, you are right. Apparently, the RM710M unbilled sales have yet to be reflected in the quarterly reports. Unable to tie the RM710M unbilled sales with the quarterly report.

some of us may ask why the external auditors cannot find the pilferage of RM7.0M.
As an ex-auditor, i think this pertains to the expectation gap - what the investing public thinks about the auditors' job scope versus the real purpose of an audit.

Just pick up any auditor's report to the members of the company. An audit opinion is just to provide an assurance that the financial statements is showing a true and fair view of the company's state of financial affairs and that the financial statements is free of material misstatement. Materiality is normally based as a percentage of sales or assets. $7.0M is nothing to AAX and Tony's salary is more than that.

External auditors are not expected to enter into an audit engagement with a predetermined mind frame that there is an existing fraud for them to uncover and the audit procedures to express an audit opinion (in general) are not designed to uncover frauds.

Anyway, AAX has done the right thing to report this $7.0M. This will definitely drive a culture of compliance and honesty in AAX.

@ hng33,
i just attended the AGM for GOB on 26th Aug. Will be posting shortly on the key takeaways from the AGM. There is a high possibility that Da'Men will be disposed off.

anyway - i will be attending the AGM this 9th Sep...to query management on a range of issues to lay to rest some of my worries.

just don't understand why the unbilled sales have not yet been reflected in this quarter? maybe it is due to slower progress billings due to slower project development?

@ hng33, congrats...my uttermost respect to you...
Just asking, got time to analyse symlife quarterly results?
This quarter, result still not good...

bodoh counter...quarterly results like shit ~!!!!

mmm....Pisang Goreng..i think today, you might get lower than RM1.18....indeed, i think i have over paid too....RM1.20 seems to be quite "high" in the current market environment....

i pray you may get it at RM1.10....

YAHOOO....managed to buy at all year's low of RM1.20....

Tambah makan Gadang...
Nyum nyum....
Gadang ~ enak, lazat, berkhasiat, kenyang....

you can always consult me...deemed the Sage Of Symlife...or the long term resident of SymLife...

why? what have he done? to make you lost your trust in him?

how about langat 2 water treatment project?

Gadang...slowly inch upwards...

@ coldrisks, you jealous lar...my "little brother" has been to many a foreign land...each land has different landscape, different rock formation, different panoramas....has gained vast experience....

@ pisang goreng...

i donate my GU_GU_CHIAO for you to potong...hahaha

good thinking....if you do not sell, you do not lose. But then, this concept is only applicable when the company is fundamentally sound and is making money quarter in and quarter out.
it is better to cut losses provided if there is something fundamentally wrong with that company.

sometimes, doing nothing is better than doing nothing....

@ hng33, thanks.
Want to ask you about the JV between GOB and Lembaga Getah. At the end of the day, after GOB has satisfied the entitlement accruing to Lembaga Getah, who will be rightful land owner? Is it GOB or is it Lembaga Getah?

Quite confused about this statement:

5.2 Entitlement of the Proposed Development
The Proprietor’s entitlement comprising RM20 million in cash and RM247.25 million in kind, being a corporate tower. The total amount of RM267.25 million is inclusive of the guaranteed land cost of RM187.9 million. The Developer’s entitlement is the gross development value arising from the
Proposed Development, less the Proprietor’s entitlement.

@ hng33, you are a brave man...salute you...me scared until pissing in the pants liaw.

mmm...just asking, how sure are you that Gadang will get the projects from Penang/ Gamuda?

@ JN88, hahaha - my average purchase price = RM1.16 - bleeding now...but have not even sell off a single unit...

i remember abang apini once said...if the time has come to sell (because counter is not good), then, we should sell and not hold on to a dream that will NEVER materialised.
But then, when i look at GOB, it is not very bad...
- got Da'men to tide them over for FY16, (already more than 90% sold),
- got projects at Seri Kembangan to tide them over for FY16 - take up already more than 90% sold,
- gonna launch Pavillion Embassy - low cost land bank - during FY16 (take up rate unknown).

Of course, it got 50 acres of low cost land bank at Seri Kembangan + 350++ landbank at Batu Kawan.

BUt then, the directors are doing something that i am uncomfortable with....like their loss making venture into F&B...

@ pisang goreng,
sigh - actually, cannot move my money in GOB liaw...if not, will lose money...i buy before the crash...
now, i am looking for valid reasons to hold and equally valid reasons to sell....

Hi,
Good advice....after buying, we should forget about the shares and then, after some years, it may appreciate.

But then, if you allow me to dissent. Actually, there are two reasons why a company's share price may appreciate. One is due to market momentum. If the tides comes in, then, the tide will rise all the ships within the vicinity. But then, there is a second and more important reason why a company's share price will appreciate.

What makes a company more valuable today, compared to yesterday? And what makes a company more valuable tomorrow compared to today?
It all boils down to earnings (per share) and assets. I can safely say Gadang's earnings is very superior. In a period of a bearish market like now, it is the best time for value investors to move in and buy.
I am not worried about Gadang, but GOB.
Both Gadang and SymLife declares 5 cents dividends. But GOB declares nothing.

Until now, i cannot find answers to some of the questions concerning GOB. I cannot say it is a superb company but it is also not a down trodden one.
If any taikos here can discuss GOB in depth with me...it will definitely lay some of my worries to rest.

when is the ex-date?

even 5 cents dividend cannot salvage this counter...

even 5 cents dividend cannot salvage this counter...

@ hng33, agree that each plot of land may carry a different valuation - but this disposal is priced at RM51.68 per sft whilst the previous disposal is priced at RM209 per sqf.

It is hard to justify such a huge variation between these two price points...mmm...

i am just afraid that directors may have a hidden agenda (like receiving kick backs) when disposing this piece of land....and therefore not maximising the profits to benefit the shareholders.

Anyway - i am attending the upcoming AGM...will query them on this.

But you are right about one thing...that the value is accorded by an independent valuer and this does provide a certain degree of comfort.

@ hng33, any comments about the disposal of this 15.56 acres of land priced at RM51.68 per square foot?

just wanna ask some advice about this land disposal:
http://www.theedgemarkets.com/my/article/global-oriental-sell-seri-kembangan-land-rm433m

i think the price is abit on the cheap side? since the disposal price per square foot is about RM51.68? We are talking about Seri Kembangan here.

Furthermore, from the annual report, this land usage is designated as Mixed Commercial + Residential Developments??? By right, land zoned as commercial development should carry a premium.

if you compare this with the earlier disposal of 15.56 acres for RM209.5M, this works out to be RM209 per square feet.

Find it very funny....i thought land at seri kembangan is gold? Now, GOB is disposing a larger piece of land at a cheaper price ?

@ hng33, ....mind to share your research for GOB?

@ hng33, mind to share your research on GOB? Have been waiting patiently,.....hahahaha

@ hng33, mind to share your research on GOB?

@ hng33, nice to see you here....mind to share your research for GOB?

Hi Icon8888, are you going to GOB's AGM?

@ hng33, do you analyse GOB as well?

yalor,,,somemore, not all the directors hold shares in this company...

how about their fledgling F&B and their expansion into Dalian? GOB has got good assets by virtue of their low cost land bank. But somehow, they still wanna diversify into F&B to deworsify their business...last year could have been a better year without these "side" businesses...