eddysurge, primarily due to (1) menara Bangkok bank/Ritz-Carlton residences to be completed soon (before July 2016, I hope, am in KL right now, like the building) (2) japan property project to be completed soon (in June 2016, was told, not sure if according to schedule) (3) disposal of China property project (hopefully soon) (4) disposal of listed companies' shares, amounting to more than 400 millions right now (5) most importantly, coming Vietnam toto. Not sure which will drive BJCorp higher, but I would assume most bad news about BJCorp has already been factored in at current share price while potential good news are not.

bought some more at .415, hope its a right decision :)

babu, so long Puncak shares are traded at heavy discount to net cash position and Rozali not doing anything, its already not fair to small shareholders! What nothing to do with him?!?

just hope babu is not someone's son, like some girl pitying her father's speeches in public. I hope, cause if its true, babu is not much better, rather than fixing the angst of shareholders, he's just made some nonsense defense!

babu, Rozali's inaction is the best justification for potential wrongdoing, despite lack of evidence! You see, you don't need 4 observers to justify that a girl has been raped!

fzank, sigh! I sold only half of what I bought at 1.03, should have had more courage like you and hng33...

the big joke with BJCorp:

BJToto is a RM 4.567 billions company and a subsidiary BJLand, which is a RM 3.5 billions company, of which is a subsidiary to BJCorp, which is a RM 1.893 billions company.

Manage to sell half of what I bought at 1.03 today.

Misleading by purposely omitting the short term investment of close to 1 billion, wordless...

after seeing hng33 selling yesterday, thought of selling some today... Then, same problem again, yet to sell, sigh! Wonder when can I have the courage of hng33, to learn to realize profits. Will see how market goes this evening to decide now.

fzank, congratulations!

just got free, think will sell some tomorrow, at least booking some small gain, given that hng33 has sold his... hope I have the guts to sell this time.

BJCorp selling another 3 million shares of Magni-Tech between 4.39 - 4.40, raising another RM 13 million.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5030041

Disposed 10 Mar 2016 916,900

Disposed 10 Mar 2016 2,083,100

Together with Jan 11, a total of around 67 millions!

Forgot to notice this too, on Jan 11, BJCorp disposed another 12 million shares of Magni between 4.45 - 4.55, raising another 54 millions.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4973253

Disposed 11 Jan 2016 7,523,400

Disposed 11 Jan 2016 4,583,100

wonder if I should sell when hng33 said selling this time? I have some bought at 1.03...

moving so slow, sigh!

supersaiyan, bjcorp's subsidiary n associate companies have to report change in substantial shareholders' ownership, but bjcorp does not have to make such reports...

BJCorp sold more BJAuto

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5028533

Disposed 09 Mar 2016
25,250,000

Disposed 09 Mar 2016
24,000,000

Another RM 100 millions cash raised!

Ong Lie Chin, don't know much about genp wa. You will have to check genp's announcement.

kaikai, I am upset about Puncak's performance and corresponding no-response from Puncak BOD, MSWG, Bursa, and SC. And bear in mind, MSWG had just raised issue on Shell while the low selling price should affect small investors in London rather Malaysian investors. Puncak is trading at less than 40% of its net cash and you believe nothing is wrong and there are institutional investors keeping a close eye on Puncak? If yes, it would be to screw small holders like us!

lcwin, well described a possible scenario that our MSWG, Bursa and SC seems to keep and eye closed

kaikai, Malaysia is a Boleh Land. While I am holding tight to my shares, I believe that if 'desired', Puncak can be kept at low price, even as low as 0.80 suggested by some. And our MSWG is much more interested to know why's minority shareholders of Shell in UK not getting a fair deal than voicing out for minority shareholders in Malaysia! Meanwhile, our Bursa Malaysia and SC are too busy to even ask Puncak's BOD if anything is being done (be reminded, Puncak is now technically PN 16 given its cash is more than 70% of asset.) Best yet, Puncak's BOD is not concerned about Puncak's absurd valuation in the market...

I also want to know, but know one thing, it would be crazy to sell now...

hng33, you also trade petron? I was very lucky to have sold mine at 6.85 to put a break on potential losses in Shell a while back. Still, wonder if I should buy Petron (stronger balance sheet and dividend) or add more Shell (weaker balance sheet but higher potential given low share price and refinery capacity)

Yes, trade Puncak assuming as if there's no hard asset backing it and less than 40% of it's cash in hand... and, yes, why not at 0.80, a joking 30% to ridicule our security governing authorities...

ganasai, sold most of magni-tech already lah! and its in the process of selling bjauto and bjfood... what's so funny though, bjcorp had mentioned about paring down bjfood for a while but manage to sell more bjauto than bjfood, wonder why?!?

now i know why was CY purchased yesterday... Sigh!

ks55, agree, I didn't buy Puncak after I have received my special dividend initially. I have spent them on Petron (switch half to Shell and turned out to be another disaster, but return is satisfactory overall at more than 10%, not bad given less than 2 months' investment) and BJCorp instead. I have only switched back to Puncak after seeing Puncak trading at 1.14 and 1.03 respectively, believing that my valuation on Puncak's cash in hand is correct. Guess my quantitative valuation is right, except that market doesn't respond to what I believe in, cash in hand is heavily underappreciated, trading at less than 40% of cash value, worrying that there's further dilution of cash due to failed oil and gas subsidiary. That prompted me to write that all the losses in Puncak thus far in the Q4 is a kitchen sinking effort to clean the balance sheet. While its oil and gas operation is difficult, it didn't cause a huge outflow of cash.

I have always believed that market is imperfect. And its absurd trying to sell now given its undervaluation. Frankly, I don't mind waiting, just enjoy expressing my view and share my analysis here while listening to different voices (which is why I said I envy hng33, but having difficulty copycatting)

BJCorp going to be cash rich soon?!? Just sold shares in listed company on Feb 26 for a total of 151 millions - 155 millions

Berjaya Sports Toto
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5018049

Disposed 26 Feb 2016 10,000,000 3.150
That's 31.5 millions cash

Berjaya Auto
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5017873

Disposed 26 Feb 2016 56,000,000
Disposed 26 Feb 2016 553,400
Price range 2.10 - 2.16, that's 118 millions - 122 millions

Berjaya Food
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5017745

Disposed 26 Feb 2016 1,200,000
Price range 2.05, that's 2.46 millions

hng33, I wish I have your courage and decisiveness, unfortunately, I don't. Otherwise, would have followed your trading approach long ago. Sigh!

Ong Lie Chin, unfortunately, if I am the one raising concern, whether its Bursa, SC, or MSWG, nothing much will be done. Only when there's sufficient number of shareholders raising concern will there be action taken.

Eddysurge, quite frankly, in my opinion, BJCorp's troubles beginning a few years ago has everything to do with (1) failed property development project in China (think they have dumped more than 1 billion in it) (2) stranded property development project in South Korea (wonder how much had been spent? Didn't find out on this, given that its already a court case and it has a government unit as shareholder) (3) Having purchase Cosway at to high a price and the current business model of Cosway does not support the purchase price then (can't find out much, only a guess) (4) slow property development project of Menara Bangkok Bank/Ritz-Carlton Residence (think the cost is at least 1.5 billions, given the gross development value exceeds 2 billions and luckily shall be completed by mid of this year) (5) BJToto business has been heavily impacted by black market for the past few years (wonder why hasn't the police done anything?!?)

Hopefully China's property project sale can move on smoothly and be completed within these few months. And surely, its hopeful that the court case of South Korea property project will be addressed soon. Meanwhile, based on what I have checked, Menara Bangkok Bank/Ritz-Carlton Residence shall be completed mid of this year and should further free up BJCorp's capital. Its hard to say about Cosway and BJToto's business in Malaysia. But, with a successful Vietnam Toto business, that should help BJCorp earning stream tremendously and help to propel BJCorp share price forward.

Frankly, didn't expect much, just 1.00 within a year to two after Vietnam Toto business is up and running. Between now and before Vietnam Toto business up and running, I have no idea. But at current share price, guess its not risky to buy and hold.

smartly, yes, with the most recent purchase, I have managed to lower my cost to 1.75 per share instead of 1.80. If Puncak shall drop to the crazy 0.80 level as some suggested, I will have to buy some more then.

In the meanwhile, I have sent an enquiry to MSWG with the following content:

Puncak Niaga Holdings Berhad

After the most recent quarter report announced on Feb 25, the share price dropped significantly at 5.5% to 1.03.

But is the losses of 99 millions alarming? A breakdown of the major losses would show that the impact on its cash in hand is NOT. How so? Simple, impairment on asset (63.562 millions), concession asset (12 millions) and goodwill (25.24 millions) amounts to 100.802 millions already! (please refer to page 9 of the quarter report for further details)

Has Rozali, the majority shareholder of Puncak Niaga, been responsible with the company's business operation. I suppose yes and no. Yes, given that he has taken the opportunity to make impairment on oil & gas as well as its water concession asset without jeopardizing the cash built up through the water asset disposal besides buying back convertible SUKUK. No, shall be explained below.

But, has Rozali cared about small investors like US? A 100% NO! He had not even taken the opportunity of low share price to initiate share buy back, a prudent business operation that could enhance shareholders' value. Even assuming buying back approximately 52 millions shares (to reduce eventual issued shares to 400 millions after warrants converted) at 1.40 on average, it will cost only 72.8 millions, but NET cash per share will rise appreciably to 2.90 from current 2.73. This has not even taken into account the other asset per share that will see its value enhanced automatically due to share buy back exercise of almost 0.12 per share. In fact, net asset per share of 3.75 should rise to approximately 4.00. And, what's 72.8 millions, it's not even 6% of the CASH Puncak is currently holding! More importantly, the small money spent can enhance greatly shareholders' confidence on the company.

What's so funny? I have yet to see MSWG raise any concern, and LTH being the second largest shareholder of Puncak is one of the four founding organizations of MSWG. What's even funnier? MSWG is SO FREE to question Shell's disposal of its own shares in Shell Refinery with a shareholder equity of 677 millions but too BUSY to check on Puncak with a shareholder equity of 1.67 billions. In a way, MSWG cares more about Shell's minority shareholders in UK than minority shareholders of Puncak in Malaysia.

Q4 financial report has posted a loss of 99.725 millions. Is this SERIOUS?!?

A breakdown of the major losses would show that the impact on its cash in hand is NOT. How so? Simple, impairment on asset (63.562 millions), concession asset (12 millions) and goodwill (25.24 millions) amounts to 100.802 millions already! (please refer to page 9 of quarter report for further details)

Actually, comparing Q3 and Q4 financial report shows that the cash in hand has barely changed at 1.3 billions before deducting the 71.182 millions long/short term debt (assuming special dividend are paid and convertible sukuk is bought back at Q3.) With a maximum issued shares of 452 millions after treasury shares are excluded, a NET cash of 2.73 per share is currently traded at 1.03.

Has Rozali been responsible with the company's business operation. I suppose yes and no. Yes, given that he has taken the opportunity to make impairment on oil & gas as well as its water concession asset without jeopardizing the cash built up through the water asset disposal besides buying back convertible SUKUK. No, shall be explained below.

But, has Rozali cared about small investors like US? A 100% NO! He had not even taken the opportunity of low share price to initiate share buy back, a prudent business operation that could enhance shareholders' value. Even assuming buying back approximately 52 millions shares (to reduce eventual issued shares to 400 millions after warrants converted) at 1.40 on average, it will cost only 72.8 millions, but NET cash per share will rise appreciably to 2.90 from current 2.73. This has not even taken into account the other asset per share that will see its value enhanced automatically due to share buy back exercise of almost 0.12 per share. In fact, net asset per share of 3.75 should rise to approximately 4.00. And, what's 72.8 millions, it's not even 6% of the CASH Puncak is currently holding! More importantly, the small money spent can enhance greatly shareholders' confidence on the company.

What's so funny? I have yet to see MSWG (minority shareholder watchdog group) said a word, and LTH being the second largest shareholder of Puncak is one of the four founding organizations of MSWG. What's even funnier? MSWG is SO FREE to question Shell's disposal of its own shares in Shell Refinery with a shareholder equity of 677 millions but too BUSY to check on Puncak with a shareholder equity of 1.67 billions. In a way, MSWG cares more about Shell's minority shareholders in UK than minority shareholders of Puncak in Malaysia.

More disposal by BJCorp, this time BJAuto:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5012333

Disposed 23 Feb 2016 5,000,000

babu, I am not offended by you, but Rozali. At 1.03, its 63% discount to its cash in hand, a ridiculous level, not to mention there are at least another 400+ millions worth of lands and buildings backing its asset. Meanwhile, analyst from CIMB has even offered bogus analysis (see my earlier post) without any party raising concern. Given scenario, so long Rozali didn't call for share buy back or offer shareholders future roadmap on utilizing the cash, it would be hard not for anyone to 'generate' conspiracy theories.

Muttoncurry, given huge impairment made in Q4,2015 and shrinking oil & gas balance sheet to less than 200 millions, guess there won't be much to write down, probably less than 50 millions. Furthermore, should there be operating losses, Puncak's cash per share should remain as is.

babu, Rozali sold his warrants right before the deadline for conversion... we are not the worms living in his brain, there is no way to tell what he think. But, given share price traded at SHARP discount to cash in hand, there is nothing great to talk about his INTEGRITY already!

Rozali may not want a low price to take Puncak private, there could be other reasons, but why should we care?!? So long share price is a DEEP discount to cash in hand and yet he is not responding as the largest shareholder, there are more than enough reason to doubt his personality and integrity!!!

Please lah, even though I no longer hold Petron, I also realize that Petron's drop in sales are due to (1) lower crude oil price and (2) mandatory shut down! Otherwise, the result is commendable. In addition, Petron result also shows that refinery + gas stations offer a more stable operation by comparing Shell Refinery's 3rd quarter 2015 report with Petron's 4th quarter 2015 report.

We as investors should really do some basic studies before commenting and not spread nonsense news!

hng33, you are very GENG!!! Respect

my valuation on Puncak is right, but my timing is ABSOLUTELY wrong...

Lew Peik Yin, an average of 1.80, with the most recent purchase at 1.14, sigh! Wonder if I should add some more at 1.03, have to sell other shares or pump in money already though, another huge SIGH!

fzank, haha, well said. Hope this Titanic not the real Titanic and not sink. It is a pity to be small shareholder when the major shareholder care less about protecting its share price...

Lew Peik Yin, could be a few months before seeing the light, to be frank. Somehow, Puncak is being abused. Though, with so much cash in hand at 2.73 per share, futures should be bright (I am definitely biased, given my investment in Puncak)

this is like the early 2000, where refinery profits are good while crude oil producers are suffering. And that's why Warrent Buffet keeps buying refiners shares

fainted, what to expect? Petron already mentioned 40 days break for mandatory maintenance?!? Plus, excellent balance sheet with 0.20 dividend? Luckily I sold mine earlier to cover my loss in Shell...

hng33, don't think Puncak share price has anything to do with its fundamental.

Real big joke, CIMB on its report on Puncak provides a table on page 3:

Business Valuation Net profit Value
component Basis (FY17)
Construction 15XPE 3.4 millions 50.9m
cash from
warrant 6.6m
Cash (4Q15) 1,104m
Borrowing(4Q15) (71m)
Total SOP 1,172m
FD shares 532.5m
SOP/share 2.20

Problems are
(1) Cash(4Q15) is not 1,104m BUT 1,300.695m (922.146m+378.549m)
(2) FD shares is ONLY 452.515m (449.284 outstanding shares+5.269 warrants-2.038 treasury shares)

Based on that, SOP/share should then be 2.86, what a HUGE difference. My goodness!

more like still on an uptrend to me...

if I were not wrong, when Shell tried to conclude price with the China party, Shell has assumed there is still upside potential in crude oil price. Thus, a lower price for refinery made sense then, given that a high crude oil price hurt refinery margin. Guess Shell didn't expect a huge oversupply of crude oil for such a long period of time (now its expected to last until next year, meaning another 2 good years for Shell Refinery.)

What's puzzling though is why EPF keeps selling Shell Refinery shares in open market?!?

If you read its report on continuing operations, the 12 months' losses look HUGE at 152.43 millions. But, is it? Non-cash items is already 122.016 millions (of which impairment is ALREADY 100.802 millions and amortization/depreciation 21.214 millions.) Leaving the next most expensive item of finance cost at 15.942 millions. With the borrowing shrinking to 71.182 millions, and net cash of 1,229.513 millions, this should no longer a threat. I guess, going forward, the 2.73 per share CASH should be there until new businesses are identified. How much I wish Rozali would distribute at least 0.10 per share dividend annually until new businesses are identified.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5011205

posting a quarterly and annual profit of 96.5 millions (0.3217/share) and 351.8 millions (1.1726/share). Given crude oil price were expected to stay low, Shell business should be good going forward for coming 2 years!