I think there could be another write down of gaming right intangible like last year. If BJCorp can book profit from Menara Bangkok Bank in the quarter result, the profit figure should not be too bad, hopefully much better than the loss of RM 274 million recorded last year...

redtone, haha... good question, unfortunately, guess none of us are worms inside VT's brain... not big investment, I thought?

boyd, corporate game or not, you still need well run businesses to support the game. Don't think any big boss can play corporate game when the underlying businesses are in trouble. And clearly, BJCorp is in this position right now (well, seems to be crawling out of the quagmire now)

oh, the latest quarter report shows a -RM 462 million (NEGATIVE!) operating cash flow and you think VT able to manage it? Think VT is a good deal maker but not at running day to day business (of course, still better than us, haha... how else can he be billionaire while we are not) and he has been leveraging on BJToto's cash flow to keep on risking the conglomerate. Not much detail is offered about Kyoto Four Season, another billion project (wonder if some of the units are sold to free up cash?) Not much detail is offered about Cosway too, heard not good and only to tackle the problems lately... anyway, luckily BJCorp can sell BJAuto for a good price and right exit moment, and Menara Bangkok Bank and Kyoto Four Season to be completed soon. Should be clearer when BJLand can receive payment from Jeju and China projects. Hopefully he will share with us through better dividend payment

BJCorp operating cash flow already includes BJToto, and that's still not sufficient. All I see is VT too aggressive into risky projects. China, Jeju Island, Vietnam, and Menara Bangkok Bank/Ritz-Carlton Residence property projects are all facing difficulties of different level, and these projects are all valued in billions, go figure... Luckily Menara Bangkok Bank is to be completed soon, otherwise, could be even bigger headache

you sure boh? BJCorp operating cash flow is only RM 386 million in 2014 and RM 26 million in 2015. How to pay interest? BJCorp has tried to venture too much too far without considering if it can manage or not. Its only right to right-sizing itself. Pare down before interest rises is always better than after it happens.

still think book cleaning to pare down debt. Currently, BJCorp interest payment is almost 10 times dividend :( hopefully will increase dividend to at least 0.02 coming December...

BJCorp core businesses include property development and investment (could be the reason to increase BJLand ownership - to eventual privatization), gaming (through Vietnam Toto and BJToto), direct sale - Cosway (thought a large sum was paid years back to privatize Hong Kong unit,) investments in others (insurance, F&B, brokerage, etc.) Gaming is a big contributor, which is why I find it hard to understand the sale...

Umobile not profitable yet, otherwise would have been listed long ago. Plus, there are a few majority shareholders in Umobile, VT is just one of them, and BJCorp has 0 ownership currently

Up_down, I just read the 2015 annual report, there is an intangible gaming right impairment losses of RM 133 million during that year; in addition, there's a further RM 442 million goodwill related to gaming right being impaired in the same year... and if I were not wrong, it is what dragging down 2015 profit in the last quarter (I just check last year's Q4 report, there's a RM 444 million impairment on Goodwill on investment related expenses)

actually, I can understand a need to sell down non-core business to pare down debt level which is not sustainable, interest cost itself could balloon to more than RM 450 million had there been no exercises to sell non-core, including plantation, China's property project (which is a never ending project,) BJAuto, Magni Tech. Though, selling BJToto is hard to comprehend. No doubt, the sale so far will not change management control, but the price is too low at 2.85 - 3.10. Had BJCorp able to hold slightly longer until the Vietnam Toto is operating and growing, BJCorp can fetch a far higher price cause BJToto is owning part of the project, just not as much as BJCorp.

Up_down, I just read the 2015 annual report, there is an intangible gaming right impairment losses of RM 133 million during that year; in addition, there's a further RM 442 million goodwill related to gaming right being impaired in the same year... and if I were not wrong, it is what dragging down 2015 profit in the last quarter (I just check last year's Q4 report, there's a RM 444 million impairment on Goodwill on investment related expenses)

actually, I can understand a need to sell down non-core business to pare down debt level which is not sustainable, interest cost itself could balloon to more than RM 450 million had there been no exercises to sell non-core, including plantation, China's property project (which is a never ending project,) BJAuto, Magni Tech. Though, selling BJToto is hard to comprehend. No doubt, the sale so far will not change management control, but the price is too low at 2.85 - 3.10. Had BJCorp able to hold slightly longer until the Vietnam Toto is operating and growing, BJCorp can fetch a far higher price cause BJToto is owning part of the project, just not as much as BJCorp.

wonder, on BJToto's book, intangible is only RM 700 million and BJToto book value is RM 0.55 per share. Though, BJCorp and BJLand has paid a higher price for BJToto. From what's on the news lately, BJCorp's most likely carrying BJToto at a price of slightly higher than RM 3.00 per share. So, the intangible should be even higher than RM 700 million, at around RM 3.5 billion. My guess, best to consult any of your friend who's profession is accountant or email BJCorp for clarification...

From May 01 - Jul 31
Disposal of BJAuto raised approximately RM 184 million from SPV 113 million shares
Disposal of BJAuto raised approximately RM 100 million from selling 47.8527 million shares
Disposal of Magni Tech raised approximately RM 44 million from selling 10.2169 million shares
Disposal of BJToto raised approximately RM 70 million from selling 24.2 million shares
Totaling RM 394 million

From Feb 01 - Apr 30
Disposal of BJAuto raised approximately RM 463 million from selling 220.55 million shares
Disposal of Magni Tech raised approximately RM 13 million from selling 3 million shares
Disposal of BJToto raised approximately RM 31 million from selling 10 million shares
Disposal of BJFood raised approximately RM 66 million from selling 34.6 million shares
Totaling RM 573 million

Updating the missing 48 million shares of BJAuto and further sale of BJToto with recent announcement

Above include only proceeds from disposal of BJAuto, BJToto, BJFood and Magni Tech...

Insas is sitting on RM 417 million cash right now, more than enough to pay for its less than RM 230 million debt and RM 130 million preferred shares. Moreover, Insas has financial asset worth RM 290 millions and ownership of Inari. Insas is an excellent example of majority shareholder bullying small shareholders while security commission keeping quiet...

err.. bjtoto has a shareholder equity of RM 806 million while its equity already includes RM 786 million intangible. Meanwhile, BJCorp has a cost on its book of about RM 3.00 for BJToto, so I guess BJToto should account the most of intangible. Think at least RM 3.6 billion, but you better ask your accountant friend or write in to BJCorp to learn more.

bjfood has shareholder equity of RM 390 million while its equity already includes an intangible of RM 451 million. No idea how much BJCorp book value on BJFood, so no idea how much the BJFood's intangible should be on its book, but I guess should be another RM 450 million...

kkgan, the income statement will actually show a loss from selling equities of BJAuto and BJToto cause they were recorded in the book at a higher value. Though, with the disposal, the debt is reduced significantly, and there will be a minimum savings of RM 1.25 million interest cost (assuming 5%) every quarter for every increase in RM 100 million cash

The purchase of BJLand shares though, may actually increase the NA per share, given that BJLand is purchased based on equity valuation of RM 0.70 per share while its NA per share is RM 1.06 per share

Up_down, noted with thanks!

ckscam, UMWOG is in oil rig business while SKPetro is far more diversified, you don't compare apple to orange. Alas, what' s wrong with you?

agree with you on selling begets selling though...

hng33, don't think SKPetro can monetize gas reserve in the book in quarter report to be announced soon...

please sell to 50 sen then, won't mind buying some at that price...

Up_down, can't agree with you on this. Given BJCorp's current debt of around 7 billion and financing cost of around 400 million per year, the interest cost is less than 6%. Should Toto Vietnam project materialize, the value of BJToto should be more than current depressing level around 2.90, given that BJToto also has a stake in it. It wouldn't make sense then for BJCorp to dispose BJToto just to pare down financing cost. Disposing shares in BJAuto, Magni-Tech, BJFood, though, could be deemed reasonable, given that they are not core to BJCorp (BJFood is a bit judgmental if it should be considered 'core')...

cksam, oil has rebounded! It has rebounded from a year low of less than 27 to currently above 48...

If you are a 'kind' commentator trying to warn investors, probably you could offer some insight how much SKPetro is worth when crude oil hovering between 40 - 50 in the future.

If you are some garbage trying to scare investors to sell so you can buy cheaply, probably you could have done a better job presenting your 'view' which apparently is biased!

eddysurge, this stock = bjcorp? jump = up, not down? your brother = technical analyst or fundamental analyst or insider information?

No wonder!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5121121

EPF selling

Disposed 07 Jun 2016 2,300,000

Eddysurge, I bought bjcorp because 1. Improved property projects conditions - china closed to being sold, Korea in court case, and Malaysia/ Japan close to completion 2. Vietnam Toto to begin business soon 3. Improved debt position from selling assets. No intention to hold for long term investment, knowing well VT has never been kind to shareholders

I like petronas for price support but dare not invest due to overpriced... skpetro seems diversified enough to test crude oil price trend

thought SKPetro share price shall correlate with crude oil price? or is it natural gas price falling?!?

eddysurge? I meant to ask if BJCorp trend bullish and able to break 0.40... BJLand disposing another 8 million shares of BJToto, wonder if this trend will continue?!?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5120337

hopefully will reach 2.00 before end of the month or am I too greedy?

firehawk, yes, agree...

hope menara Bangkok bank's office sale will show at least another 500 million operating cash flow in quarter report to be presented end of this month :)

BJCorp sold all Magni Tech shares for RM 56.7 million... If I were not wrong, BJCorp and BJLand have together sold more than RM 600 million worth of shares since Jan 31, 2016.

It can hardly happen at least for the next 2 years given so many inventories... I would be extremely happy to see a stable 50-60 range for the next 10 years. Boom bust cycle not necessarily good for business

sometimes really envy hng33, he can act real quick. I was looking to buy either skpetro at 1.60 or bjcorp at .36 last week but couldn't make up my mind then, took 2 days to decide invest 50%-50%. Ended up only able to buy an expensive 1.67 skpetro with a cancelled Q for bjcorp at .36 today, sigh!

speakup, I bought skpetro mainly because of its new found reserve and rising crude oil (most important) given that it would take another two years for skpetro to benefit from the gas reserve. Can't say I am long term or mid term here, but definitely not so active like hng33, he is real quick... I will sell the moment I am no longer confident with the crude oil price

hng33, you must be very confident to buy back at 1.75 - 1.76

hng33, you sold already?

oh, right, Rozali mentioned environment related industries, my best guess would be the garbage incinerator power generation project.

yongleosg, if his words during the AGM has any credibility, he would most likely (1) absorb TRIPLC to grab more government project (2) keeping current water concession and grab more if can in Malaysia (guess just water treatment plants) while trying to sell those in China (3) keeping current O&G business to test the water on how long the O&G downtrend can last (4) develop the 300 acres land (why else he has his son mentioned this during the AGM?) (5) plantation in Malaysia. He also mentioned a slow economy and will try to decide as 'slow' as possibly, most likely 3rd or 4th quarter this year.

If you were to ask if I like the above? Frankly, I don't care his strategy, though believe he should just focus on one 1-2 businesses while using excess cash for share buy back. Share buy back protects small shareholders interest given business environment and trying out new ventures test his entrepreneurship (or his son?). Nobody can really tell which business is good, though, too many new business at the same time is definitely bad. If he's not initiating share buy back, he would most likely trying to tie us all up together with his ship with no assurance if its a sinking one or a successful one.

hng33, I Q to buy at 1.65 Friday, didn't make it, planned 1.66 today, ended up buying at 1.67

yongleosg, Puncak is indeed still holding on to 1.2 billion cash awaiting investment equivalent to 2.67 per share. In addition, it's still holding on to 300 acres of Kuala Selangor land awaiting property development.

to be privatized soon? BJCorp already owns 75% of BJLand

haha... have always believe three major contributors to lackluster BJCorp share price performance (1) failed property projects around the world, from South Korea, China, to Vietnam (2) overly priced purchase of Cosway Hong Kong (am I right with the name?.) (3) slowing BJToto business. Nothing can be done with BJToto Malaysia's business unless police acts. That's why Toto Vietnam comes into picture. No way to tell how's Cosway performing right now, can't comment. Failed projects in China and South Korea are in the progress of being sold or metered out in court. Successful one shall help cushion the pain, i.e., Menara Bangkok Bank/Ritz-Carlton Residences and Kyoto Four Seasons Residences.

err... my understanding, in stock market, before you sell, its paper loss/gain; once sold, its real loss/gain. I am wrong failing to realize how low a valuation market can give to a cash rich company or how low market has valued Rozali's ability/character, but still believe Puncak should be valued at least somewhere between 2.30 - 2.80. I have decided to hold until I have found a better replacement or when Puncak reaches its fair valuation. Though, I will still voice up when seeing unfair comments.

err... I knew about the project, but never really has any idea when will it be completed. After visiting the site, I am at least sure that it will be completed before the opening...

Impressive!

http://www.pursuitist.in/new-four-seasons-hotel-kyoto-is-accepting-reservations-for-october-opening/

The Four Seasons has announced that they are accepting reservations for the opening of their hotel in Kyoto, Japan on October 15th. The brand new building is located within an 800-year-old traditional Japanese garden that itself lies at the foot of Higashiyama Mountain in the city’s historic temple district.

The hotel contains 123 suites decorated in a contemporary style informed by traditional Japanese design. Amenities include an exclusive sushi restaurant, a garden tea house, and an indoor swimming pool with an adjacent spa. Event spaces include a one-of-a-kind chapel which is sure to make the hotel a destination for wedding parties. There are also breathtaking views in all directions, including a view of the Kiyomizu-dera Temple which was built in the early 17th century. “Kyoto is one of the world’s most alluring cities, but she can be shy in revealing her secrets,” said Alex Porteous, general manager at the Four Seasons. “Our mission at Four Seasons is to help our guests discover her wonders and experience all the city has to offer.”

firehawk, are you sure what you are writing? You annualize loss to be 300 millions, and assume this loss to be equivalent to cash drain. Then, you think I am emotional because I am trying to point out your number is inaccurate? When I am suggesting you not to go around and tell what you don't even know or sure, you want me to report you if I find it violating?

Did I find your post annoying and violating? Frankly, not sure myself. You could be an investor losing money in this counter like me, posting what you fear the most, cash gone empty before long. If you are in this camp, I felt sorry for you and try to calm you by informing you what I know. You could also be an investor hoping to buy cheaply by posting nonsense finding by scaring others to sell. If you are in this camp, then you are a coward hiding behind a pseudonym. Which camp do you belong to? I have no idea. I merely respond to what I find inaccurate on counters that I am investing or interested to invest.

I believe in investing through time spent understanding the macro and micro of business cycles, not by cheating others to buy because I want to sell or scaring others to sell because I want to buy...

firehawk latest 2Q loss~150m, annualized ~300m. if this trend persist, 1.2b cash pile can be finished in 4-5 years time!

01/06/2016 17:01

Please, you stated the above, while I am trying to point out that the losses are mainly due to impairment. The cash in hand remains around 1.2 billion, while you claim that the cash pile can be finished in 4-5 years time given reported figures. So, are you stating opinion? Apparently NO. And, I am merely responding to your claim.

Did I lose a lot of money in this? YES - but I am still holding. Am I too sensitive? NO.

firehawk, I can understand every individual has his/her own investment preferences, just don't go around and tell people what you are not even sure or know yet pretend to know or be sure...

firehawk, read CIMB's analyst or Edge's report on Puncak, both are deemed incorrect on both (1) number of share outstanding, with CIMB citing over 520 million shares (it assumes the sukuk has not been redeemed yet while Edge citing 477 million shares and (2) the cash in hand is less than 1.2 billion - if I were not wrong, both had assumed cash of less than 1.1 billion... Err, how many actually read them anyway?!?

babu, don't understand your question. Don't see a correlation between share buy back and market depth at all. Current share price reflects (1) there are way too many wanting to sell than wanting to buy and in a desperate mood (why else its traded at less than 45% of NET CASH?) or (2) concern Rozali and his team will squander money! or (3) somebody is manipulating the market to force shareholders to sell cheaply through free falling share price, no board response and lack of regulation to protect small shareholders when a company is in a cash rich position. Or all three factors at play - that's what I believe.

The purpose of share buy back is to protect shareholders interest, i.e., not letting share price to drop too much below its cash position as well as an option to store wealth. Current share price is traded as if Rozali and his team will squander the money and making shareholder unease. In addition, shareholders' value is reflected through how much he/she can collect on dividend and can sell in the market. If share price can't even reflect its value, why should any shareholder invest?!?

If Puncak doesn't have the capacity to do so, surely I can understand it. The truth is, though, Puncak's holding on to 1.2 billion without addressing shareholders' interest.

eddysure, wrt to the 5 trillion won, I merely responded to cyphua's question. I am still holding to my BJCorp and waiting for Vietnam Toto to materialize (actually, I did buy some more at .37 - not much though). BJCorp has been selling subsidiaries' shares in the market. In between Feb 01 and Apr 30, BJCorp has sold approximately RM 500 million worth of shares, mainly BJAuto. With Menara Bangkok Bank/Ritz-Carlton Residences and Kyto Five Season Hotel close to completion (approximately July?,) the balance sheet should not deteriorate further, guess safe to hold until Vietnam Toto is running well.