2 cents opinion. First, this counter is property development and the project is at the final stage of completion. Hence, last quarter already almost fully recognised the sales and profit. So, this quarter won't get another 2-3 sen profit like last quarter. Secondly, the director is injecting money to the company due to the cash flow issue, the reason that the director converting the warrant at premium price 50 sen is because the director sense that the cash flow issue is getting worse. If the director does not convert the warrant. It may even worsen the company's cash flow due to the open market price is at 30 sen ~ 40 sen. If the director purchase it through the open market, the money/cash won't flow in to the company.

As I know most of the customers won't keep on amend the contracts. The price might be fluctuated but it won't every month/bi-monthly change to the latest rate. Otherwise, the contract management department will have difficult time to keep follow up with revised T&C. Good that Harry will attend the AGM, please help to raise this question during this coming AGM. As I see the chances of corporate exercise is quite low due to the warrant and loan stocks issue. Better to ask for more dividend to reward the shareholders.

Thanks YiStock, we do not know when Tguan fixed the price with customers. So, each of everyone just speculate on the raw material price. As we can see the price chart is quite spiky moving upward.

https://www.plasticstoday.com/resin-pricing/weekly-resin-report-new-year-begins-pp-pe-price-rises/200038016947304

excelyou, which info is wrong ?

All corporate exercise are possible, but just need to take into the consideration of warrant and loan stocks. For warrant, exercise price and volume of warrants will be adjusted. For loan stocks, only the conversion factor will be revised. In Tguan's case, let's say the bonus issue 1 for 1, the warrant exercise price will revise to RM0.75 per warrant and warrant quantity will double up. And for the loan stock, existing conversion is 1 for 1. After the bonus issue would become 1 loan stock for 2 shares. Furthermore, number of shares will increase from 183mil (105 + 52 + 26) to 376mil.

I would say, all types of resins are at the bullish cycle. As I don't know which types of raw material is Tguan's preference.

Besides, some resin pricing news as well. http://www.plasticsnews.com/resin

YiStock, the price is for each lb. I couldn't paste the website link but can be searched through Google under "Resin price chart"

1st month raw material price increased drastically. The price from $0.46 to $0.56 within 3 weeks.

The AGM is usually fall on the month of May each year. The reason for Yeelee all this while to declare stingy dividend is mainly due to the subsidy of cooking oil received not in timely basis from our gov. After removal of subsidy, it will give Yeelee better cash flow liquidity to pay good dividend.

Mr Chong is the existing CFO and was appointed back in 2014.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1427401

Subsidy removal will not have much impact to Yeelee. However, in terms of cash flow, it helps Yeelee to get back the $$ faster from the customers rather than waiting for our subsidy which only payout once a year/quarterly. Lam Soon is much established compare to Yeelee, and LamSoon incurs more money in advertise their products. Yeelee still slow and steady to grow organically.

If you are still young, you can wait for this company to be delisted. Otherwise, the management will maintain the listing status and pay themselves luxury salaries and director fees.

Audited report is in progress now. Should be announced within this month and also the Final Dividend.

Disposing of profitable associate, the estimated gain on disposal of Benkert Malaysia is $0.9mil for TW. Bottom line will be further squeezed. Time to let go.

Tien Wah: To dispose of remaining 30% Benkert stake for RM25.8m. Printing firm Tien Wah Press Holdings has agreed to dispose of its remaining 30% stake in Benkert Malaysia SB to Benkert UK Ltd for RM25.8m. Tien Wah said it has accepted Benkert UK’s offer today to buy the 30% stake. Benkert UK owns the other 70% stake in Benkert Malaysia. Benkert Malaysia is principally involved in the manufacture and sales of standard and perforated tipping papers. Tien Wah said that it is exiting Benkert Malaysia to avoid any conflict of interest, considering that Benkert Malaysia may be in direct competition with PT Bintang Pesona Jagat. (The Edge)

Tguan's management seldom practice window dressing.

Heard from the sales team, all corner units were booked and sold. Price range within RM 1.3 mil - RM 1.8 mil.

Latest announcement regarding the term loan of RM300mil to acquire the plantation land in Indonesia.

If double digit growth is apply to 2017, then next year revenue would be better. This quarter revenue growth very marginal.

After analyse through the latest quarterly report. Few things to highlight on the fundamental of this company.
1) Savings from finance cost which amounting to RM1.5mil X 4qtr = RM6mil,
2) Cash in hand around RM104mil or 46.5 sen per share,
3) Trade and other receivables are amount due from discontinued entities and to be received from FGV amounting to RM 95.7mil or 43 sen per share,
4) Balance of other receivables which is prepayment to acquire brown/green field land bank.

On 24 August 2015 the Company, had entered into a Memorandum of Understanding (“MOU”)
with Lum Chang Holdings Limited to jointly negotiate the terms of the proposed development of a
mixed-use commercial development at No 9 & 11, Jalan Semangat, 46200 Petaling Jaya,
Selangor Darul Ehsan under title no: 3674 and 3967, Lot 30 & 4, Section 13, Municipality of
Petaling Jaya, Selangor Darul Ehsan, on land which is currently held by TWPSB (the “Land”), a
wholly owned subsidiary of the Company on a 99-year lease from the State Government of
Selangor, Malaysia with a residue of approximately forty-four (44) years as of the date of this MOU
(the “Proposed Development”). The rationale for the MOU is to maximise the usage of the land
and deliver additional income stream for the Group.

Looks like it just entered into a MOU and not yet finalized.

Propaganda on various vegetable oil.

http://www.foodprocessing.com/articles/2009/081/

The difference is from the cash flow perspective. If wait for the government to pay for the subsidized payment will need to wait for a year. Usually they offsetting via income tax payment. Demand and supply definitely will be impacted since now the prices for 1-5kg have been increased and consumers will reluctant to buy premium oil. Rather go for packet oil which still under subsidy. Now is the time for cost efficiency since the raw material (palm oil) actually is from the own plantation subsidiary.

The website has been abandoned since 2012 ?

http://www.thongguan.com/

For YiStock, your article is too detailed with so much technical information. Thanks for your effort. Just not really understand that the chart of resin cost with share price. Do you mean that Q3's profit margin will be squeezed ?

I personally like the notes 43 Capital Management for GLBHD

43. Capital management

The primary objective of the Group’s capital management is to ensure that it maintains a
strong credit rating and healthy capital ratios in order to support its business and maximise
shareholder value.
The Group manages its capital structure and makes adjustments to it, in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. No
changes were made in the objectives, policies or processes during the years ended 30 June
2016 and 30 June 2015.

Because we do not know what is the current situation of the company. Would it be huge old assets that required to write off ? I just cross check with last 3 yrs dividend payout. Total dividend paid since 2014 was RM0.35, dividend policy 50% means EPS was RM0.70 or RM70mil. The payback period will be longer or possible more than 6 years if this RM100mil is spent to acquire BAT's group of company.

Mr Weapon, maybe you are overly smart. TW pay RM100mil to secure a contract and a loss making company. Honestly, even if BAT requested RM200mil, TW also have to buy due to BAT has huge bargaining power over TW. Just imagine that TW said no, we don't want to acquire your business. BAT will say, alright..is up to you. We also do not want to renew the contract. The cigarette industry is 5x our size here but do you think they population there all having the same lifestyle like us ? However, no point argue since this is not a platform to judge.

Will it be jeopardized the profit for TW since is loss making company ? Will the dividend policy be continued ?

Next few year will be positive and focus more on property development.

Initially, TW no need to bear the business risks by BAT. Now, after acquire this company which indicates that moving forward any downsizing of BAT will also affect TW.

Normally those announcement if is favorable to the company, They will put a statement like "The said contract is expected to contribute positively to the Group's future earnings". However, I do not see any wording from the announcement. Good or bad news that's will depend on the "future". Uncertainties will still remain intact.

The Board of Directors is pleased to announce that on 4 October 2016, TWPH has been awarded the tender by PT Bentoel Internasional Investama Tbk (“Bentoel Group”), a member of British American Tobacco Group (“BAT Group”) in Indonesia, whereby TWPH or through its subsidiaries shall be entitled to acquire the entire issued and paid-up shares of PT. Bintang Pesona Jagat (“BPJ”), one of the subsidiaries in Bentoel Group which undertakes Bentoel Group Printing Business in Indonesia. It comes together with an award of a 6-years’ Manufacturing and Supply of Packaging Materials Agreement where Bentoel Group shall appoint TWPH Group as the supplier of the printing supplies.



The above shall be conditional upon and expressly limited to the acceptance of the terms, conditions, and procedures determined by Bentoel Group and the prevailing laws and regulation of Indonesia, which will be agreed upon in formal contracts to be signed by the parties soon.



None of the directors and/or major shareholders of TWPH and/or persons connected to such director and/or major shareholders have any interest, direct or indirect in the abovementioned.



This announcement is dated 5 October 2016.

Bentoel Group is lose making company.

The Board of Directors of TWPH wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has approved the Company’s request for a suspension of trading of its securities on Bursa Securities until 5.00 p.m. on Wednesday, 5 October 2016 pending the release of a material announcement.
The request for suspension was made pursuant to Paragraph 3.1(c) of Practice Note 2 of the Main Market Listing Requirements of Bursa Securities. Below is the
3.1(c)any other reason which, in the opinion of the Exchange, justifies a suspension.

TW has requested suspension. Finally...

Company listed at Taiwan also suspended. How on earth can con so much money and get listed in both countries ?

Good article about TW - http://mymalaysiainvesment.blogspot.my/2016/09/i-always-knew-i-was-going-to-be-rich.html

To those who can able to read and understand Mandarin.
http://windscopo.blogspot.my/

Looks like only 2 possibilities, either lose the contract or renew at unfavorable terms for TW. I will prefer the lose the contract if really press down the price by BAT, then they have more capacity to source for other customers than only BAT.

another round of corporate exercise or special dividend ?

Who know when is the date of distribution of BRIM ? Eventually, it will help the needy households to buy necessity such as cooking oil.

Any reasons on the spike drop post result announcement?

anyone still expect FL to give 15sen dividend ?

Look at the segment report, the main business from specialized M&E was making losses even though the revenue increased by almost doubled. From this can see that the project tendered in Singapore were low margin and hardly can break-even. This is yet to consider the written off the long term receivables. If this coming quarter still have the same issue. I will foresee another impairment will be provided this year end.

However, the product margin is getting higher. Pharmaceutical products usually lower margin if for generic use. But for those intensive care products will give higher profit margin. Most important thing is the growth in revenue.

Hi Thkent91,

What do you mean the previous qtr was more impressive? Would you explain more?

Well analysis and good insight. However, expansion plan and the renewal of contract with BAT are different things. The revenue slight decreased was due to the illicit cigarettes. Tienwah also planned to move out from Australia which is higher cost compared to Vietnam.