Symphony Crescent - RM37.7mil, Jack-in Pile - RM34.2mil, Pelaburan Hartanah - RM62.4mil.

Total orderbook replenishment as of 2 May 2017 = RM134.3mil.

All three due completion around April/May 2018.

This is third win of the year right? They started slow a bit, possibly due to the delayed backlog from last year. Hope this gets the ball rolling now! I queued to sell at RM0.685...thankfully I can cancel it a while now.

My sirs, are you ready!? It will coming soon. The Kraken. Sometime in May, god willing.

Mamatede, market for big caps react to earnings. As long as TNB ROE is at 3-5% per quarter, it is very good.

I mean again, if we assume ROE of 4% for Q1 and Q2 at least, this will run till 2.1X book value. Still 30%++ upside remaining. Look at India. Growing like mad. Indonesia lots of room to win back trust. Malaysia and Philippines with more destinations and even shorter turnarounds. At some point AA will hit a top, but not yet. Not yet my friends.

Future is bright, but it has almost no earnings visibility in the medium term. It will fall more before it rises. I come in at 0.5-0.55X BV

Anyone have anything to say about the USD500m bonds due in May 2018 by the China Parkson? Moody's and Fitch have Parkson Retail Group at a terrible rating of B- and B3.

If AirAsia keeps up RoE of 5% per quarter (20% p.a.), then minimum corresponding BV should be 2.0X, probably a bit more at 2.1X or 2.2X. So if we assume in Q12017 AA has done well and will continue doing well for Q22017 as well, then we can assume the BV will continue approaching ~2.1-2.2X. Once BV of 2.0X is breached, set 1.9X as your exit on the downside, and 2.2X on the upside...but keep revising the upside as long as the ROE remains above 20%, and at that point set 2.1X as the exit on the downside.

Is this a good news?

AirAsia Group records 89% load factor in Q1
http://www.thestar.com.my/business/business-news/2017/05/02/airasia-group-records-89-percent-load-factor-in-q1

Seems to be fairly valued for now

Don't concern yourself with FX lah. Look at the past historical ROE when the MYR was strong.

Actually looking at it further Prlexus could still be a buy. Long-form ROE is ~20% which should correlate to roughly 2.1x BV. When plant comes on board it will contribute the extra ROE. At 1.1x BV currently there is ample built in margin of safety. Undecided, but Prlexus is back on my list for my next stock purchase.

Guys, I realised the issue. LonBisc is including KheeSan Bhd results and balance sheet items into its own financial statements. Beginning the coming quarter the two companies results will no longer be consolidated together.

Ok sir. But I contend that RM2.00 was never "cheap". There would have been a case for RM1 being "cheap". So even if someone bought then, if that person truly believed in his investment thesis he would have bought more at RM0.80 and ~RM0.60 and averaged down.

Look at AirAsia for a prime example. At RM1.50 is was "cheap", but it fell all the way to RM0.75. All it got was discounted even further!

tkp Tenaga is a utility, it's average multiple is around 13x. Also market seems to be pricing in lower profits in coming quarters. So this has potential to surprise in the upside.

Ok. I really wanted the hard copy. Btw stop talking about the spammers guys.

Walao ks55 I want some of what you're smoking. I didn't understand a single sh*t you're saying. You sound like someone who's never heard of, let alone read, The Intelligent Investor.

Mark my words. Parkson cannot continue like this. Either in the next 5 years it bungkus or it rebounds. And the latter is far more likely than the former. Look at Bumi Armada. 12 consecutive quarters of losses and losses. But then the value of the stock gets so depressed it can't get any lower. Parkson is in an almost similar position. The question is, when will it start rebounding? Could be next month, or be in two years time. That's the beauty of a value investor. You invest for the long term. Logic dictates that when Parkson rises, it will be swift and high. But can it fall lower? Definitely. And consider such times that Parkson is on a further discount.

Make no mistake, I could be totally wrong. But to me, Parkson has got 26 years of experience in China. They know what to do. And consumer sentiment has started to rebound, so the macros are in our favour.

I mean can someone please answer? Do we get harcopies of the annual report or not?

Please explain annual report to us. Will we get it by post? If buy in February can we still gets it?

Did the quarter report get leaked or what?

Guys, how is annual report? Do we get a physical copy mailed to us? It's either AA or IJ the first annual report for me, both on the same day!

How does annual report work? Will we get it? I'm so excited...haha. My first ever annual report looks like it.

Sorry I am not understand chinese. Please english.

Eh at RM2 the fundamental valuation wasn't attractive. That was about the book value. Parkson is a strong brand in the region. If it were to survive for another five years, then buying now is as good an opportunity. I have looked through their financial statements. Not much intengible assets.

If you see since 2013, Parkson has slowly increased it's stake in PRGL from 51% to 54%. To me I'm happy with this valuation. I top up if it drops below RM0.60 and if the fundamentals haven't changed

Nonsense. How dare you claim retailing is a sunset industry! That's as foolish a statement as I've ever heard. Retailers have to make changes. Parkson has trended downwards for 5 years. They're still opening huge stores all over Asia, including Malaysia in Johor it will be the Paradigm Malls anchor tenant.

Is it risky? Sure thing. But this is a stock with limited downside and considerable upside, trading at some 0.27X to book value.

Esceram already paid dividends for last year lah!

Guys, book value goes hand in hand with ROE. Affin's ROE nothing great. You can call this stock as having an "undemanding valuation" but it isn't exactly undervalued. RHB also looks attractive. Both have undemanding valuations.

I'm assuming the downward pressure now is due to the rising Ringgit which is reducing the NAV of their holdings in Parkson HK and Parkson SG.

newbie, wait lah. Don't so fast.

Anyway, ES Ceramic was the one and only "growth" stock that I was chasing, with the trailing 12 month and 5 year PEG ratio of 0.48X which made it very attractive to me. I got bitten here, maybe in the future I stop looking for growth stocks. My "value" stocks (limited downside risk, potential upside catalysts) like Bumi Armada and Tenaga Nasional have fared much better.

I hold to my stake for now, and will top up in the future should there be a major selloff. In periods of distress when ES Ceramics drops below its book value I will put it on my watchlist as the balance sheet management is good.

Walao, why give RM0.0005 dividend. Just keep it and buy some machines lah.

Ok lah the result. Catalyst is the handy dividend. Stock should rerate now to RM15.xx at least.

Well I buy at 0.605 then 0.630, I still kept it till now. I think about the longer term, don't concern myself with daily fluctuations. As long as the long term story is intact, I hold. The moment it changes, I sell.

http://www.thestar.com.my/business/business-news/2017/04/26/yinson-nets-fpso-charter-contract-valued-up-to-rm4pt35bil/

Walao. I give up predicting Armada lah. The fella just go up and down as he likes.

Kevin what's the criteria again for main board listing?

There are a few other companies. But they are all Sdn Bhd. Some enterprising investors will "pretend" to be a customer and approach all these different companies and compare to the selling price of ES Ceramics to see the margin. But as it is I only hold a handful of ES Ceramics stock...doesn't make it worth it for me to do this detective work.

The capital expenses was accounted for in 2015-16 if I am not mistaken. Need to look back in the financial statements.

Look at the liabilities though. Almost zero debt. Extremely high current ratio.

To me it looks like they've maxed out their potential...is this right? I don't know. Need to go back and study things again and see if I missed out on anything. If indeed this is their ceiling, then the only thing we can hope for is larger dividend payouts going forward.

Which makes me question...why hoard all that cash? In the 2015 AGM the ED said they are looking to diversify into chemical production and packaging...could that be the reason? If so, it's still taking so long it would have been better to return some back to shareholders.

The company has a beautiful balance sheet. It will be able to weather and live through and downturns in the future. But it needs topline growth or diversification ASAP.

I mean the profit has been almost halved. It's worse than I expected in the worst case scenario. I didn't give myself enough room in terms of a margin of safety. Still, I think 12X was quite a fair value (not overvalued), so now it may get discounted and go down to 11X - i.e. RM0.38. If it holds at 12X it would go down to RM0.42. Or who knows, the market might recognize this as a blip and trade at a temporary premium of 13-14X.

Damn! I don't know - should I be sad, disappointed, worried, happy?

The worrying thing is that the profit margin is the LOWEST in the past 12 quarters.

The revenue not so bad. The issues are: Lower ASPs, higher input costs, FX losses. The first two lead to lower margins.

I can't find the article, but I think I link it before above, that the automation kicks in 3 years from 2015 - so no automation yet. But I thought the higher exchange rate was better for these guys...maybe I was wrong.

Perhaps now the time horizon has to be stretched out further. Since net margins are being hit, it has to be compensated by higher revenue going forward. When automation kicks in, it should smoothen things out.

Also, the reporting period is Dec-Feb. If I am not mistaken December the rubber glove output was subdued, and it only kicked into gear in mid-January. Feb also is 2 days shorter than average. I'm just trying to rationalize here - perhaps the weaker December dragged down revenues, and this will be higher from March - May period (you can see the rubber glove makers all getting TP/earning upgrades these past one month).

Anyway, I will top up only if the price of the stock drops to RM0.40. Otherwise I hold horses for now as it is unclear if this is a blip or is ES Ceramics has hit a wall with regards to their revenue generation simply due to themselves hitting the maximum point of market saturation.

I'm just curious guys. What's the "catch" with this company? Very good balance sheet, decent financial ratios, seemingly low P/E and P/BV valuations. Decent record of dividend payments. Good profit margins.

When I look back, even in 2013/2014 during the height of their success the company didn't get much recognition in terms of stock performance. Zero institutional holders when you analyse their shareholdings. What's the deal?

What has led to this company to rally so strongly this year? What's the "hidden" thing about it that the market missed previously? Seems to have very low margins. P/E ratio also quite high.

Calvin sir, but doesn't a holding company discount apply to BJCorp? So the value proposition looks appealing on paper but a rather significant holding company discount applies here (40-60%) as BJCorp is a hodge-podge of different businesses and listed entities.

I'm still reading more on holding companies and their associated discounts. Luckily I did so, otherwise I might have trapped myself.

NTA doesn't apply for BJCorp UNLESS you calculate the NTA attributable to the owners of the parent (two different things these are!), due to the wide web of subsidiaries that BJCorp has.

My dear friends, I have one important/serious question. Have you heard of the "holding company discount"? My question is simple: If the market will discount your "Sum of the Parts" holdings in your listed subsidiaries, why does Tony want to list Philippines and Indonesia? Why does he keep on saying "unlock the value"? Does it not run contrary with the "holding company discount"?

Will appreciate your thoughts on this. I tried doing some online search to no avail.

What is the point of a company like Batu Kawan? It just owns other businesses like KLK and not running its own operations.

Also it owns 47% of KLK, it doesn't even worth that much based on market cap, how come?

http://www.nst.com.my/business/2017/04/233403/tapping-indonesias-power-supply-mart

http://www.bangkokpost.com/news/security/1237518/krabi-coal-plant-up-in-the-air

Chaostrader, it's true. Diversification can become diworsification. Get it? However betting on a single stock is inadvisable. Even detractors of broad diversification recommend at least holding 3-5 stocks.

Haha playing with money that is not yours, this is the sign not of an investor but a speculator/gambler. Not I say, it's what Ben Graham says.

Goldenluck, often it is being contrarian with companies like this that can end up giving you the most handsome of returns. I think it is substantially undervalued enough with a decent margin of safety built in.

My dear investors, may I ask why does this company have a low P/B ratio? In fact I see many holding companies that are conglomerates have a low P/B ratio. Why is that so?

I ask genuinely. Why should a value investor stay away from BJCorp even though on paper it seems attractive?

All the best guys. I'm actually secretly hoping for a bad quarter so that price can drop and can collect more. But either way it's going to be good as the long term picture is intact.