Luckily when I raised my concern about the director remuneration, I asked politely to tkp1. Humility still the best rule of thumb,

Wow, one day can more than 500 comments on this issue.

Happyman, I just mentioned Golden Land would not be classified as PN17 because they still have plenty of land bank and its business still in continuing. They carry on with capital reduction might for the future re-consolidate the par value. Since they seek to maintain the listing status, Pursuant to the Proposed Disposal, GLBHD would be classified as an “Affected Listed Issuer” as GLBHD is deemed to have triggered the prescribed criteria under Paragraph 8.03A of the Listing Requirements. For clarification, GLBHD will not be classified as an “Affected Listed Issuer” under Practice Note 17 (PN17) of the Listing Requirements.

Even after the capital deduction and special dividend, Golden Land still holding RM1.00 Cash. It will be another round of special dividend.

That piece of land belongs to a joint venture agreement with Malaysian Rubber Board. Total land size is 5.7 acres.

those who sold and make profit at 32 sen, now have to beat the heart heavily.

Maybe I just simply crapping. This statement just from an expert from similar industry, due to weather changes and the crop was impacted by the dry weather.

too many sellers queuing to sell. Seems like no one want to keep good shares.

this quarter the profit will drop significantly. This news is from the similar industry expertise.

There is the difference within Trader and Investor. No point to argue la, we are not gullibility that whatever is mentioned by this blog.

Haha, tkp1 and Kokipeng so great that able to "manipulate" the share price. Then must stick to Bintai la, since they now all in to Bintai.

when I bought Mieco, they were making consecutive losses for few years. Only last financial year shown improvement. Bintai even though the profit margin is low, yet they are focused more on the overseas projects.

i bought mieco at 0.335 also. I believe bintai will be the next superstar.

never mind, will see this coming qtr report to analyse more thoroughly.

ok, thanks for your clarification. Another issue for last financial issue is the director fee was slash by half. Do you know any reason ?

I'm not sure. Based on the annual report 2015, SGD loan around RM135mil and should be payable within 1 year. Current exchange rate against SGD is weakening, so mean loss in forex. The audited report also shows that, if RM weakening 10% against SGD, will incur 9mil losses.

Half of the borrowing was denoted to either USD or SGD. That's the reason which currency exposure is showing losses.

Hihi, correct me if I'm wrong, based on the latest annual report by Bintai. The currency risk exposure if ringgit is strengthened, then Bintai will have gain against SGD. However, currently ringgit is weakening which mean Bintai will have losses against SGD exposure ?

average net profit margin of the projects 1%-5% only, let's take 5% on 1bil which is 50mil. EPS is 6sen per yr.

but is like only 300+million SGD? How to turn out to 10bil ?

Icon, we don't mind that if you can write in Mandarin.

Icon, use your facts finding to convince him. You have the skill and knowledge, we are all impressed by your ability.

Icon, long time din see you post the gossips about shares? Based on your analytical review about Bintai ?

this counter will need to wait until de-list by bursa only will have the possibility to bullish. Only bullish under the NTA. Regulation plan only left 5 months to submit. Then the management will seek extension for submission. Yet, SC and bursa reject the extension and suspend in 5 trading days.

hard to say, too much uncertainty on external factors.

www.nst.com.my/node/89451

Why so fast the accounts been audited ? Is the auditors so efficient or the company accounts really clean?

cpo, FGV unable to sell the land if they need to raise cash. They have too many regulations to be complied. FGV is GLC not FBI company. Besides, they are not cash rich company either, because their debt close to RM2b and coming RM2.4b+RM655 mil. So it consider high geared.

Our currency exchange now so low still flow out the 2bil really don't know how to sustain? Who think the price now is consider cheap, please think twice before when FGV was traded at RM2.50.

Furthermore, Indonesia still consider foreign land. Follow and comply their regulation which will be more challenging than Sabah. From this point of view, the external factor will need to take into consideration if the deal with EHP gone thru.

cpo, the land value at Sabah is much higher than at Indonesia. That is the reason why FGV willing to pay more premium to acquire Golden Land. In term of infrastructure also Sabah has greater convenient than Indonesia. Based on the purchase price of RM 655 million or RM72k (USD$20k), more than 90% of trees planted are young to mature. Few years later, FGV will generate more contribution from this acquisition.

Acquisition of Golden Land is unlikely to be cancelled because only RM655mil and FGV can just pay without further financing.

This acquisition will cost FGV to pay the interest of RM100 million per year. EHP with 137,000 ha of tree planted. Each ha will generate 10 tonnes of FFB per year, one year with 1,370,000 mt FFB. Let's calculate the income generate from here.

Who went to the AGM for FGV ?

Is not necessary to acquire the land from EHP with RM2.37 billion. Malaysia still have many planters which are not actively traded in Bursa and they having plenty of land.

The acquisition of EHP is too risky. The management spent like counterfeit money which can be photostat via Canon machine.

Gland need to come out regarding the future prospect on the company. Since there is the worries about the PN status. The special dividend will be just a bonus. Company prospect is more important as how the management able to transform and use the cash proceed effectively. If the special dividend are given too high, it will jeopardize the company performance at the future.

rMoi, this argument is merely for the purpose to calculate if Gland do not sell the 4 companies. It will need to take 20 years to generate the profit. Taken away the NPV factor because just simply assess the value of the disposal and reject the offer. Post disposal, Gland will only have RM 655mil with its 3.5% - 4% FD interest. But most of the companies which like C.I Holding, Jobstreet, after disposed the core business, the management are capable enough to re-build the fundamental with the proceed. RM655 mil invest at 3.5% FD will get 23mil per year to cover the expenses yearly about 25mil. If the company do not want to continue the business in any sector, what is RM655 mil can be done ?

rMoi, this is just based on the simple calculation, assume Gland sell 70,000 tonnes of oil palm per year and the oil palm price around RM 2,200 per tonnes. Each year the revenue about RM154 mil. And then based on the revenue of RM 154 mil, we treat this counter has 20% of Net profit margin each year and generate 30.8 mil profit. It will need to take 20 years in order to realize the RM655 mil. This argument is just based on simple calculation. Besides, all the land under this disposal plan are leasehold land and average expiry date is around 2075. Mean around 60 years left.

FGV today also request for suspension due to pending material announcement.

Whether FGV will pull the deal back or not is totally out of our control. The current situation is market sentiment worried about PN17 status, if pull back the deal it will go back to the price prior to announcement. But from this exercise, we can see that the management looks like do not want to continue with the business. If the deal void, they will certainly look for new buyers who are interested to expand their business in Plantation.

Do you want to invest for 20 years for Gland or do you think to invest a company with the present cash value in 20 years time. Up to all to make the decision.

Ya rMoi, this disposal will bring the company to have no business income for the next few years. Yet, the land held at Indonesia about 8,000 acres need takes time to replant back and Gland need to re-build back it fundamental. However, the purpose of this disposal was given the opportunity to unlock and realized the asset. Currently, the palm oil price is around 2000-2300 per tonnes. The company with existing land bank only able to generate 60,000 - 70,000 tonnes of palm oil per year. Let's assume 5 years with profit margin of 20% on CPO and based on CPO price 2,200 = 70,000 tonnes x RM 2,200 x 20% x 5 years = RM 154,000,000. It only 23% of the proceed, which mean if Gland do not go thru the disposal, it will need to takes 20 years only able to get this RM655 million.

this is the trick by the management to lure the speculators. Only those fundamentalists will notice the retained earning increased so significantly after the disposal. Post disposal RE 419,391 minus RE as at 31.03.2015 (74,418) = RM 344,973 which is equivalent to RM 1.55 per share. This can be distributable as special dividend or bonus issue. Put it another explanation, if the company do not want to fall into PN17 status, they can carry on capital reduction by giving out the cash as special dividend more than 30% on the proceed.

No worries. Based on listing requirement, Golden Land will not be fall under PN17 company as the property segment still able to generate revenue. Until end of the month, it will reveal how much they want to declare as special dividend as the financial year end is 30 June.

Joel, as per the announcement, the land at Penang around 20 acres is not part of the disposal. Just the dividend whether how much they want to declare is totally out of our control. I think the calculation of the disposal taken into the consideration of revaluation reserve. That is the reason why the gain from disposal only 7 sen but the announcement by them about the cost of investment was around RM125 million for the 4 subsidiaries.

All worries about the PN17. However, it should not fall under PN company because the land bank in Sabah and Penang still under the control of Golden Land. Just wonder how they calculate the gain from the disposal with only RM0.07 per share? The company do not propose any dividend distribution from the disposal. Based on simple calculation, the total borrowing is RM 150 million, and after disposal, the net cash will be RM505 million. Cash per share will be around RM 2.50. Even just 10% of RM2.50 as dividend will be 25sen.

Corporate exercise handled by RHB Investment bank,otherwise, the analysts will not check / analyze on this inactive counter. 3 days traded volumes exceeded whole year cumulative volume. It shows that the RHB's fund managers also interested to buy in this counter.

90% successful on the potential corporate exercise.

Potential corporate exercise being discussed, Mr Oh is one of the successful management buyout of ICI Malaysia. Directorship in several listed companies such as UEM Sunrise and Faber Group. Based on net asset per share, it closed to RM3 per share. Currently, Gland is trading at 100% discount on the NAT. If the MBO crystallize, it definitely more than RM2. Looks forward for more clearer picture on the negotiation.