Good, at least can make profit from normal operation

Profit from Operation = 13,760,000
Other income = 4,752,000
Share with Associate = 1,389,000
Share with JV = 653,000

- Fin cost = (15,605,000)
- Tax = ( 3,005,000)
- Minority interest = ( 1,081,000)

PAT = 2,748,000.

Bj_Asset will need to gain ropm operation profit of at least RM20Mil,
as they serve interest of RM15Mil + Tax of RM1~2Mil,
with sharing some profit with the minority interest party,
They need RM20 Mil gain to ensure profit after tax.

6% dividen have given. Still at 32a.
wakaka

WCE RATE OF COMPLETION IN % BY SECTIONS & MTHS

SECT____1_____2_____3____4____7____11
KM____11.0___7.2__10.1__4.5___29.5_35.5

09/23___93___87____82___99___64____90
10/23___94___89____83___99___65____93
11/23___95___92____83___99___65____95
12/23___96___93____84___99___66____97
01/24___97___94____84___99___68____99
02/24___98___97____85___99___69____99
03/24___99___98____85___99___70___100
04/24___99___98____86__100___71___100
05/24___99___99____87___99___72___100


Latest announcement said Section 7 completion is 06-26, focus is 06 to 09-26.

As at end 04-24, Sec 7 reached 71%, base on progress of 1% per month,
it take 29 months to complete, which is 09-26.
Therefore, 06-26 still could not be finished.

As long as Sec 7 not completed.
WCE will be like 2-expressway, one for Selangor, one for Perak.
Traveler from Klang while reach Asam Jawa, got to back to old road.
This will discourage traveler to take WCE to Taiping or Penang.
Only festive period, traveler will take this alternative road.

First, at Oct-2023, said completed by March-2024.
Then, at Jan 2024, said completed by June-2025.
Now, at May-202, said completed by March-2026.
Next, at Nov-2024, new date-line can be promised.
Hahaha.

In fact this Q3 result, the best news is about excellence sales revenue from higher sales of overseas residence units, of RM403 mil, with PBT of RM230 mil.

This is operation revenue and profit, however, it may not recurring also.

Assume it only is from Les OE Residence, Hebei Province.

BjCorp present debts stand at RM6 bil, which BjLand debts was RM 3.7 bil.
After pare down debts of RM550 mil, become RM5.45 bil, minus RM 3.7 bil (by BjLand) and RM300 mil, BjCorp own debt is only stand at RM1.45 bil.

BjCorp direct

For this Qtr-3 results, beside gain from disposal of Berjaya Enviro and re-measurement gain of SIAM Holding listing at SIG.
There was excellence sales revenue from higher sales of overseas residence units, of RM403 mil, with PBT of RM230 mil.

On Finance Statement :
Trade and other receivables (Current) 2,677,108 on FY-24 vs 1,712,179 on FY-23

900mil extra, one is from BEnviro, believe another one if from big sales from oversea resident units

BEnviro deal deemed completed.
April memo is for received full payment.

Note A8:
(xvi) On 5 March 2024, the Company announced that all the conditions precedent as set out in the share sale agreement ("SSA") of the proposed disposal of the entire 100% stake in Berjaya Enviro Holdings Sdn Bhd have been fulfilled on 27 February 2024, and thus, the disposal is deemed to be completed.

Without this impairment losses, PAT could be RM800million.

In fact BjCorp have also included Net impairment losses on investment in associated companies of RM102 million; which have mitigate bad result to be reported on Q4-24.

However, which Associated Companies have incurred such high impairment, can anybody enlighten ?

For this Qtr-3 results, beside gain from disposal of Berjaya Enviro and re-measurement gain of SIAM Holding listing at SIG.
There was excellence sales revenue from higher sales of overseas residence units, of RM403 mil, with PBT of RM230 mil.

This have enhance much stronger PBT of BjCorp for this Qtr.

However, this oversea resident units were not from BjLand, means it only could be from Les OE Residence, Hebei Province.

The commencement of piling works at now, it could be due to
Final approval from the local council of Cameron Highland on the said road works.

Jaks local result have been under perform for few years, due to inflation and high interest marker condition.
Jaks do need to get sizable projects to replenish it's order book.
The LSS5 scheme will be catalyst for Jaks to gain good result.

At this moment, private placement will only base on minimum scenario, warrant conversion would not happen.

However, he said this on 13-feb-24, so target Q3-24 onward, RM580mil for FY-24

In addition, he sees construction activities carried out by its 90%-owned subsidiary Berjaya Construction Bhd giving the group’s revenue a boost this year. He says Berjaya Construction will not only carry out construction works for internal projects from Berjaya Group, but will start bidding for external projects such as the flood mitigation packages.

BLand has set a sales target of RM580 million for 2024, almost double that of 2023.

“We will be more active in property development this year. We have been holding back for three years due to the pandemic, even though we did not stop,” says Syed Ali.

BjCorp share holding of SIAMH is of 520mil, at SGD0.23 book value, 3.5:1 forex.
Almost RM420mil worth.
Higher than Redtone.

BjCorp will not re-value their shares in Redtone, unless they dispose off Redtone.
However, BjCorp will re-value their shares in SIAM-holding after it's listing at SGX.
In 2022, BjCorp stated that re-valuation would have gain of RM192mil, based on SGD:RM of 3.2, now it should be much better.

Boycott will not ended, until the war is over.

Price to drop back to 30s, while it appear another few Qtr result in losses.
Prepare the ride.

Section 3 is at 83% status, focus 1% per month, it take 17 months to complete, on June-2025.

Section 7 is at 65% status, focus 1% per month, it take 35 months to complete, on Oct-2026.

Afterward, toll operator will take 3 more years to break even, from their loan repayment.
Means WCE will see the first profit make Qtr at 2030.

Beside sales drop, the impact of USD hike 4.7:1 is at Dec-23, Q2 result will be very bad.

Worst yet to over.

Pengunjung Starbucks dianggarkan susut hingga 40 peratus - RHB Investment

The last batch of disposal of 30,771,580 shares were by Bj Sompo Insurance.
This could be an indication, which BjCorp prepare to dispose off Bj Sompo.

Of course SBB can not reach 500 mil, as presently public holding is 22%, about 100mil, could be SBB, to reach 80% threshold.

Bjland treasury shares at 30-09-23 is of 79,837,104.
Max 10% is 500,000,000 shares to SBB.

Today start SBB of 8,000,000. Still have 400,000,000 to go.

Believe the group strategy is to dispose off those old and non-5 star hotels, and switch to 5-stars hotels like those hotels at Iceland and Japan.

The Sheraton Hotel at Hanoi Vietnam is 5-star, not sure if they like to keep it.

1. Berjaya Beau Vallon Bay Beach Resort Limited
2. Berjaya Praslin Resort – Seychelles
3. Berjaya Hotel Colombo – Sri Lanka
4. Berjaya Makati Hotel, Makati – Philippines
5. Sheraton Hanoi Hotel, Hanoi – Vietnam
6. Berjaya Eden Park London Hotel – United Kingdom

The above 6 hotels were planned to dispose off, for RM1.2Bil to pare down debts.

In addition, the Group recorded a gain on disposal of The Castleton hotel operations in the UK,
amounting to RM12.44 million, as disclosed in Note A3.

Sale of a foreign hotel business operations RM64,423,000.00

On behalf of the Board of Directors of BCorporation, Mercury Securities Sdn Bhd is pleased to announce that PrimePartners Corporate Finance Pte. Ltd., being the Sponsor and Issue Manager for the Proposed Listing had on 23 November 2023, lodged the preliminary Offer Document of SIAMH in connection with the Proposed Listing with the SGX-ST, acting as agent on behalf of the Monetary Authority of Singapore.



This Announcement is dated 24 November 2023.

BjCorp now hold 147mil Salcon.

Good progress for Section 6 open on 21-11-23, one step forward.
Anyway, loss on this Qtr result is expected.
Until full opening of all sections, company will suffer losses.
Aim to make profit by year 2026.

Nevertheless, present public spread of BjLand at 21% (about 1.05Bil shares), is not liquidate enough.
Believe that BjLand is seeking investors to raise more funds for those Mega projects.
If buying from BjLand is not able to support them for new fund raising, the best way is raising private placement of at least RM1.0Bil, however, the share price got to push up to RM1.00 in order for BjLand to sell their new share.

With the disposal of STM and HR Owen, BjLand will be 100% Property and Hotel business.
From there, BjLand can raise more fund to focus on all their Hotels and properties works.
This shall be the master plan of BjLand and BjCorp group moving forward.

Inline with BjCorp plan to become Financial Sector, there is intention to dispose SPToto.
With this disposal in place, BjLand could benefit from the disposal of :
1. 100% equity of HR Owen to BjCorp group, worth RM1.0B; BjLand portion is RM0.4B,
2. 100% equity of STM to external party, worth RM4.0B; BjLand portion is RM1.6B,
3. Total fund raise of RM2.0B, could easily pare down BjLand debts to RM1.0B

At present, BjLand has RM3.5B debts, add RM1.6B loan to debts of RM5.1B.
The Debts to Equity ratio may not be 85%, as Okinawa Hotel value shall be added in too.
At present, BjLand equity is RM6.0B, with Okinawa value of RM1.6B, equity is RM7.6B.
Therefore, Debts to Equity ratio is RM5.1B / RM7.6B = 67%.

For Okinawa Hotel fund raising, as USD330 million raised at this junction, which proven that BjLand financial position was healthy to accept the additional loan.

@simon2020, beside Redtone, BjCorp also sold 77.3 million of BjFood shares, for RM50mil,
and sold 30,77 million of BjLand shares.
However, this is the moment for BjLand and BjCorp to raise up after several years of down side.
I do believe that to hold on BjCorp and BjLand should be the most appropriate move instead of dispose of shares, to follow BjCorp movement.
As their transactions are via direct transaction, could be passing those shares to their syndicate parties; prepare for "goreng" upon group release of more good news.

With Mega projects in Japan and Malaysia, BjLand shall be able to attract new players from oversea to buy in BjLand stake.

@simon2020, I have no specific intel to judge how could BjLand run their Mega projects via continuous bank borrowings.
Anyway, Yokohama Hotel financing shall be under BjCorp. BjLand shall only be main contractor for the building works.

BLand future profit must come from the Property division, as the other 3 arms have been giving good results and recover from losses after pendamic period.

In fact, BLand have taken their entitlement of profits, on FY-23 dividend from Hotel Kyoto, first RM100mil paid at Q2-FY23, second RM104mil paid at Q4-FY23.
These two distributions have kept BLand stay positive even with the impairment losses of -RM99mil from GMOC at Q4-FY23.

BLand have established a subsidiary in Japan to undertake the main building works.
Via this company, the work in progress could become work revenue, under property division for the next 4 years. This could boost the revenue of Property division, as it has been under performance for the past 5 years, of RM300mil per year the most.
If Hotel Okinawa is progressing as well as their planning, it will give RM1.5 bil per year;
If Hotel Yokohama also take-off as planned, another RM1.5 bil of revenue recorded.
Even Hotel Yokohama owner is BCorp, however the construction revenue is under BLand as they are the main contractor who carry out the works.

Hotel Okinawa ground breaking was on Nov-2020, 3 years only completed civil foundation work.
I believe the main reason for the slow progress shall be MCO at Japan, second reason should be securing bank loan for the main building works.
As said, GDV was USD1.2 Bil, with the loan of USD330 million, how to complete the work without further borrowings?