Based on BJLand's most recent quarter report, BJLand has cash and equivalent of 906 million and debt (long term + short term) of 3740 million (these include the debt and cash of BJToto,) an equivalent of a net debt of 2840 million. BJLand is currently disposing its project in China and Vietnam valuing at least 1160 million. Post disposal and collection, BJLand shall have a net debt of 1680 million including the net debt of BJToto of approximately 700 million, leaving the net debt of BJLand at RM 1 billion if BJToto's businesses were to be excluded.

Hopefully, BJLand can get good price on its Vietnam project and a reasonable payment on Jeju project. If there is anything that BJCorp should be worried about BJLand, it would be its management and BODs ability to move forward with so many big shits but well paid salaries!

alas, why the misleading?

The losses is not that scary if you read into the quarter report, in section A7 on page 11:

There were no material events subsequent to the end of this current quarter that have not been reflected in the financial statements for this current financial quarter under review except for the non-payment of the balance sales proceeds amounting to RMB974.07 million (equivalent to RM620.33 million) ("Final Instalment"), to be received by Berjaya (China) Great Mall Co Ltd ("GMOC") from the disposal of GMOC Project as disclosed in Note B7(d).

GMOC, after having sought legal advice, will commence legal proceedings against Beijing SkyOcean and the Guarantors as it has strong grounds to recover the outstanding Final Instalment due to GMOC. Based on the legal advice in respect of the legal proceedings and the eventual enforcement of the claim award, the Directors estimated that the reasonable time frame to recover the outstanding Final Instalment is approximately 3 years.
Hence, in accordance to FRS 139 : Financial Instruments: Recognition and Measurement, GMOC has made a provision for impairment of RMB243.51 million (equivalent to RM155.08 million) in the current quarter under review to account for the time value of money for the full recovery of the outstanding Final Instalment.

Furthermore, BJLand has expressed its intention to sell its Vietnam project as disclosed in A3 on page 10. Based on its balance sheet, the project to be sold is worth at least RM 530 million:

The Group intends to dispose of certain of its projects and assets located in Vietnam and is currently in negotiation with some potential buyers. The Group expects the fair values less incidental expenses relating to the disposal of these projects and assets will be higher than its aggregate carrying amounts.

As such, no impairment loss is recognised on the reclassification of these projects and assets as held for sale for the period ended 31 October 2017.

Based on the above, BJLand is in a position of consolidating its balance sheet to pare down debt which is crucial if its to move forward...

alas no need 101 ways, just announce 30%-50% net profit will be distributed to shareholders as dividends...

stock hunt, may I know what do you mean by moving out from triangle? Thanks!

Thought breakout only possible if price above .38?

trader man, you sure boh? Your brokerage fee is RM 1057.50. If I were not wrong, above 200k trades, the stamp duty is fixed at RM200, so your cost before clearing fee is only RM1257.50. Your GST is at best RM 80.

BTW, brokerage fee is usually at heavy discount if you trades above RM 100k per stock per day...

Err... VT smart crocodile, Rozali shitty crocodile, still crocodiles...

alas, BJCorp is not a value trap lah... its a conman syndrome stock at best, i.e., a conman-led company whose majority shareholder has used to korek money from minorities and company for his own benefits. Most have little faith in VT benefiting his shareholders while there are some 'hoping' the conman has so much wealth already and will start to look after his minorities.

Stockraider, when I invested in Puncak, its a company yet to be acquired by Selangor state and I am buying into it believing that the acquisition is a must if the state is to have its own say in the water asset. Before buying into it, I thought Puncak board is not too bad because it has been willing to distribute dividends. In a way, I was right accessing the company's future in being acquired and wrong in the majority shareholder's integrity (well, he's apparently worse than VT...)

When I invested in BJCorp, I have noticed BJCorp exercising asset disposal to pare down debt, a step I believe is necessary to revitalize a company (frankly, how can a company move forward when it has so many debt dragging its feeet?) and Vietnam Toto has a great potential (well, BJCorp mentioned a JV in Vietnam Toto instead of taking a cut on the revenue when I bought into it. Also, when I added the shares, someone here attending last year's AGM mentioned the breakeven for Vietnam Toto is 1 year. Well, I attended the AGM this year and VT's son told me its 3 years, so ?!?)

So, in a way, when I invested in BJCorp, I know well VT is a conman with a slightly better characteristics than Puncak's Rozali. I didn't expect VT to become a good guy (frankly, how can one has any hope for a philanthropist treating his minorities like shit to really be a philanthropist?)
Surely, won't mind VT change his heart and never put that into my valuation. I am buying into BJCorp only because its cleaning up its balance sheet, paring down debt, and has entered into Vietnam Toto that seems to have good potential. I suppose that's why I have valued BJCorp to between 0.60 and 1.00, a heavy discount to its NA per share.

Stockraider,you're dreaming too much hoping a devil becoming angel...

freetospeak, 我有下文: 小和尚听完，想了想，想明白了，走过去给老和尚一巴掌，然后说:原来如此，我明白了。道了声感恩，然后再说，唉，还是没悟啊。。。

sslee, well said, no wonder every time VT doing charity, I felt like shit, and when calvintaneng comparing BJCorp to Berkshire Hathaway, I would think 'what?!?' After reading your article, it felt like doctor telling me why...

Eddysurge, I'm not insider with 'great' info, simply enjoying reading announcements, quarterly and annual reports. Still, burnt like hell in this boleh land

Pahang water concession soon?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5621073

Change in Boardroom
PUNCAK NIAGA HOLDINGS BERHAD

Date of change 01 Dec 2017
Name DATO' SRI ADENAN BIN AB. RAHMAN

Qualifications YBhg Dato' Sri Adenan Bin Ab. Rahman graduated from Universiti Malaya with a Bachelor of Arts degree in Southeast Asian Studies in 1979. Subsequently, he obtained his Master of Arts majoring in Defence Studies from the Universiti Kebangsaan Malaysia in 2002.

Working experience and occupation YBhg Dato' Sri Adenan Bin Ab. Rahman started his career as Assistant Manager, Lembaga Kemajuan Negeri Pahang on 1 June 1979 and has served the Government for more than 38 years in various positions and Departments/Ministries including the Public Service Department of Malaysia, Prime Minister's Department, various Embassies, Ministry of Home Affairs and Ministry of Human Resources holding several prominent positions such as First Secretary, Malaysian Embassy for Sarajevo, Bosnia and Herzegovina (1996-2000), Director, Malaysian Friendship and Trade Centre Taipei, Taiwan (2004-2006), Minister Advisor, Embassy of Malaysia in Jakarta, Indonesia (2006-2007), Director-General, Research Division, Prime Minister's Department (2011 2014), Deputy Secretary-General (Security and Policy), Ministry of Home Affairs (2014-2015) and Secretary-General, Ministry of Human Resources (16 December 2015 - 4 October 2017) prior to his retirement from Government service on 5 October 2017.

calvintaneng, its one thing showing that BJCorp is undervalued, its another thing trying to compare BJCorp to Starbucks, cause BJCorp's BODs, management, and majority shareholder treat minority shareholders like shit...

calvintaneng, err... 10 years ago, BJCorp has a high of around 1.30 and a low of around 0.21, now BJCorp is 0.365, imagine those bought around 1.30 - how would they feel seeing VT's sons and daughters taking private jets, driving imported sports cars, and living luxurious lifestyle while BJCorp at 0.365?!?

oldtown is valued at least 1.45 billion, BJCorp has a market value of less than 1.78 billion... Err...

seems like we are going to retest 0.415, am I right?

Well, bjcorp share price seldom correlates to the news accordingly. A clear example would be the announcement of Vietnam Toto license didn't offer any price boost to bjcorp share price...

hippoyin, err... I'm not BJCorp employee leh, I simply post what I read through Bursa. My best guess, it will be paid in full including interests charges, just late payment.

It's a Hong Kong listed company, should have no problem paying, I guess...

Remaining payment of RMB 974 million from selling China Great Wall project is not yet received...

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=83844&name=EA_GA_ATTACHMENTS

so long bjcorp reaches 0.60 within a year, I would be just fine...

err... bjcorp should see currency gain cause its overseas debt but net asset will drop due to higher overseas long term asset... my understanding.

bottom? cause I bought some at 0.355...

this co. has been back and forth between .3+ and .4+ for the past 2.5 years despite a strengthened balance sheet and new business, Vietnam Toto and Kyoto Four Season...

No market tomorrow?

Alas, bjcorp drops bjtoto rises... same money in and out?

怎么 公公 always post 'big announcement soon'

Hopefully VT will keep on buying until BJCorp is at least 0.60 to show his support, assuming the uptrend continues

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5617101

Berjaya Corporation Berhad ("BCorp" or "the Company") has received a notification dated 27 November 2017 from Tan Sri Dato' Seri Vincent Tan Chee Yioun, the Executive Chairman of BCorp that he intends to deal in the securities of the Company during the closed period. .

share split, bonus?!? That's an extremely crazy idea, given BJCorp has close to 5 billion NOSH, not to mention additional shares eligible to enter the market through conversion of ICULS or warrants...

0.60, a price level I have been longing...

Is this a big joke?!?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5610121

After several attempts to effect personal service since 31 October 2017, the solicitors of Puncak Niaga Holdings Berhad (“Puncak”) as the Plaintiff (“Plaintiff”) served the sealed Writ of Summons vide Shah Alam High Court Suit No. BA-21NCvC-72-10/2017 together with the Statement of Claim dated 27 October 2017 on:-

1. the solicitors of Tan Sri Dato’ Seri Abdul Khalid bin Ibrahim (“Tan Sri Khalid”), as the former Menteri Besar of Selangor on 2 November 2017;
2. Dato’ Seri Mohamed Azmin bin Ali (“Dato’ Seri Azmin”), as the present Menteri Besar of Selangor on 21 November 2017; and
3. The Selangor State Government (“Selangor State Government”) on 6 November 2017; collectively “the Defendants”.

The suit is initiated by Puncak against the Defendants including the Selangor State Government, who Puncak asserts is vicariously liable for the tortious acts of Tan Sri Khalid and Dato’ Seri Azmin in abusing their powers in public office/misfeasance by threatening to cause and/or requesting or attempting to cause the Federal Government to invoke use of the Water Services Industry Act 2006 (“WSIA”) to force a take-over of the State’s water industry.

Puncak claims damages, interest on damages and costs of:-

(a) the difference between the value of PNSB Water Sdn Bhd (formerly known as Puncak Niaga (M) Sdn Bhd) ("PNSB") and Syarikat Bekalan Air Selangor Sdn Bhd ("SYABAS") at the range of RM2,081,000,000.00 to RM2,353,000,000.00 and the actual purchase consideration of RM1,555,300,000.00 under the Share Purchase Agreement dated 11 November 2014 between Puncak and Pengurusan Air Selangor Sdn Bhd; and

(b) Loss of business opportunities (local and foreign) totalling RM13,496,009,000.00.

The matter is fixed for case management at the Shah Alam High Court on 28 November 2017.

This announcement is dated 21 November 2017.

Orange88 go to the website for more details, its just his own company's acquisition and disposal, a net purchase of 1 million shares

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5605081

No Date of change No of securities Type of transaction Nature of Interest

1 14/11/2017 1,000,000 Acquired Deemed Interest

2 15/11/2017 954,810 Acquired Direct Interest

3 15/11/2017 954,810 Disposed Deemed Interest

roger123, would be crazy to sell now... probably will buy some once capital freed up from selling others...

有 0.60 先我就很满意了，不介意等1-2年后才1.00

something good, now BJLand can proceed to acquire existing Selangor Turf Club land in Sungai Besi while BJCorp can earn revenue from the new turf club construction project...

err... how much is her salary, only a few ringgit, that she needs to sell shares worth about 100K to piss off VT?!?

wah, BJCorp executive director, Vivienne, so give VT face, sells when VT buys...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5597885

1) Ordinary Shares

Date of Disposal Price Per Ordinary Share (RM) No. of Ordinary Shares % of Ordinary Shares
7.11.2017 0.375 18,540 0.000


2) 5% Irredeemable Convertible Unsecured Loan Stocks 2012/2022 of RM1.00 nominal value each ("5% ICULS")

Date of Disposal Price per 5% ICULS (RM) No. of 5% ICULS % of 5% ICULS
7.11.2017 0.4604 243,000 0.038


3) Warrants 2012/2022 ("Warrants")

Date of Disposal Price per Warrants (RM) No. of Warrants % of Warrants
7.11.2017 0.11 134,000 0.019

NO, BSG and Oriental are both owned by Loh family but they are not related, one listed (Oriental) with the other not.

leek, I'm merely responding towards prudentinvestor's claim that BJToto and BJLand contributes towards 0.60 per share for BJCorp. Based on current market value, these two companies can't contribute this much.

hippoyin, just enjoy doing the readings and analysis, investment-wise, it has been a sad story for the past three years with Puncak Niaga.

Personally, I used to believe BJCorp should at least be worth between 0.60 - 1.00, but it was when BJToto traded around 3+ and BJLand around 0.7+. With BJCorp businesses so diverse and hard to evaluate, at least in my capacity, I can't offer much except knowing that its undervalued, haha...

Don't think RM 0.60 per share makes sense

BJLand --> 40.20% BJToto, BJToto market cap RM 3.2 billion @ RM 2.37/share
= RM 1.2864 billion

BJCorp --> 75.11% BJLand, BJLand market cap RM 2.00 billion @ RM 0.40/share
= RM 1.5022 billion

--> (48.58-40.20 = 8.38)% BJToto, BJToto market cap RM 3.2 billion @ RM 2.37/share
= RM 0.2681 billion
(40.20% is held indirectly through BJLand and can't be included in valuation)

So, at best BJCorp value in both BJLand and BJToto = (1.5022 + 0.2681) = RM 1.7703 billion

BJCorp NOSH = 4.924 billion

BJLand and BJToto's value contributes to BJCorp a RM 0.3595 per share

angiess, I have stopped calling SC...

So happy, even clueless why price up...

听了，感觉就像他在脱裤子放屁一样。。。

freetospeak, 抱歉，让你误会了，我之前提出的不是针对你，而是对VT的‘对股东负责’感到厌恶而已...

freetospeak, VT back to be answerable to stakeholders? That's a BIG joke!

我是听这里的说在股东会议里VT儿子说1年内就能有贡献，又加上我看重整业务挺不错，就在今年又加码了，后来看股价没什么动静就去股东会议里听听，有点失望。。。现在觉得明年年中之前还不太能有显著表现，除非是什么突然性的惊喜公布，那我就不敢说了。。。

hippoyin 股价上，没有看法，因为这有关系到投资者和投机者对VT的眷顾和对他儿子的眷顾不一样。业务上，不觉得会有什么差别。股东会议上，我问了以下问题：

1. Ritz-Carlton Residences 的进展，主要担心销售状况和有关建筑已经延长太多时间导致现金被压挤。所幸的，被告知已经完工在销售中，已抵达30%销售额（很可笑的是 EDGE 杂志隔几天后的广告提出的反而是快50%的销售额-不知道那个是胡扯？！？） 另一个压挤现金的日本FOUR SEASON已经建设完毕，所以我就没提问了。

2. 中国的 GREAT WALL 脱售进展，主要担心收回余款有问题。所幸的，被告知没问题（希望没瞎扯或我没听错。）

3. JEJU 诉讼案进展，主要希望能尽快处理完毕好降低不带现金流的停滞业务。不幸的，被告知有关诉讼没法能在短时间内解决。

4. VIETNAM TOTO 的业务，什么时候可以看到盈利贡献，这个提问不是因为担心现金流而是希望了解能提振公司盈利的业务在什么时候能够体现。可惜的是，VT的儿子提出 3-5年后才能开始体现。希望有关估算是保守的，而实际盈利贡献能在1年后体现到。

其余小股东提出的，有几个是相对有趣的：

1. SPORTS　TOTO　的goodwill 和 intangible 折损拨备为什么那么高？集团采用 9%的利率来推算。这也就是说，目前的估值，TOTO 是能提供年均 9% 的回酬。另，个人感觉政府最近对付地下赌博好像比较积极了，希望能够稍微改善 SPORTS TOTO 的盈利状况，毕竟赌球的趋势感觉很难抵挡。

2. bukit jalil 和 bukit Kiara 的被发展潜能？有关2个地段每个超过100英亩都是公司持有的，目前虽然没有发展，但可盈利潜能还是有的，就只是目前市况不宜发展而已（VT儿子提及的高尔夫球场的会员利益，我基本忽略了，VT那么自私的人凡是以自己利益为主，那会考虑会员利益，哈哈）。


个人觉得 BJCORP 的业务不振很大原因是近期的投资都是失利的，从中国GREAT WALL， 韩国 JEJU，越南 房地产到直销 cosway。 占据资源但没贡献又霸占人力资源。感觉在逐步改善，希望我的猜测是对的。

stockraider, VT is and has been all the time behind BJC, back or front...