Yup.
Run WCE from Section 5 to 6, out to Tanjong Kajang federal road, back to Section 8, 9, 10 at Perak. How to benefit for smooth drive with one stop solution ?

At 30-09-23, Present status:
Section 1, 93%
Section 2, 87%
Section 3, 82%
Section 6, 96%
Section 11, 90%.
With progress of 1% each section, Section 1 and 6, have chance to complete by 03-24.
Section 2, 3, and 11, will be H2-24 or end-24 to be completed.
Section 7, at 64%, need 36 months to finish, celebrate full open at October-26.

Nope. Starbuck coffee beans price in USD for whole world.
Means will pay higher for higher USD

Yesterday USD break RM4.73
This means Starbuck still pay high cost for their coffee beans, the coming 2Q results shall still stay at low profits.
Therefore, stay away for this moment.

From map, to open Section 1 without 2, 3 & 4 together is not viable.
Therefore, focus opening of them by Oct-2024 is better.

At 30-08-23, Present status:
Section 1, 92%
Section 2, 86%
Section 3, 82%
Section 6, 95%
Section 11, 89%.
With progress of 1% each section, Section 1 and 6, have chance to complete by 03-24.
Section 2, 3, and 11, will be H2-24 or end-24 to be completed.
Section 7, at 63%, need 37 months to finish, celebrate full open at September-26.

With 110mil share disposal of Juara Sejati, BjCorp have comply to 80% public spread by now.
Therefore, Bjland is free body to be traded from now on.

PSS is 2.17% above limit of 80%, 108.5 million shares to be dispose off.
As PSS is combined VT & Bjcorp interest.
However, it shall be easily disposed, like to previous 221mil case.

the public shareholding spread of the Company as at 24 August 2023 is 17.83% following the disposal of 221.42 million BLand shares by a substantial shareholder of BLand namely Teras Mewah Sdn Bhd on 24 August 2023.

Let assume that it is not Bukit Tagar Landfill, as (1) this deal was on July-23, (2) It's value is RM700mil, not RM400mil.

If it is additional RM612 "assets held for sale" beside Bukit Tagar, in 6 months, cash inflow could be 612+700=1,312mil.
Very huge amount to par down debts.

From BCorp Q4 FY-23 report, under CONDENSED CONSOLIDATED STATEMENT:
Disposal Group/Non-current assets classified as held for sale is RM612million, as compare to RM189million at FY-24.
Can anyone share with us which non-current assets have been disposed off lately?

From the Edge news, WCE COE have confirmed that the actual cost have inflated to RM8billion, from the initial budget of RM6 billion.
Therefore, they need to raise fund for the additional RM2billion.
The proceed from the disposal of 40% of Rimbayu development Company is only RM500million.

However, there is no similar confirmation from SC about it.
Therefore, the beyond limit of 80% still have not been certained.

From the announcement on 02-April, declare that VT no longer majority shareholder of bjcorp, at the same time also declare that he is no longer major shareholder for BjLand.
This have segregate VT and Bjcorp as combine interest.
If this segregation could be accepted by SC, the public spread issue become 0.8% only, as Bjcorp hold at 80.8% as at 30-March-2023.

Section 7, still 1% progress for May-2023, to 60%. Another 40% to go.
How to get 100% at end of 2024?
Another 19 months time.

Share buy back to almost 10% limit.
Could be fully canceled or distributed back to shareholders.

BLand bid HSR based on their technical know who (direct related to Sultan Johor).
They just nominated Puteri Johor as BCorp Chairperson.
The close bonding between them could be the key to win the bid.
Puteri Johor also is Chairperson of BAsset, which their land could be best place for HSR station is.

Redtone will change it's runway to main board on 24/05/23.

Under the concession agreement between WCE and the federal government, the first RM980 million for land acquisition would be borne by the government. The remaining amount is to be absorbed by WCE. “But land acquisition costs have ballooned to RM2.2 billion,” Lyndon says.

That has raised the total cost of the expressway to more than RM8 billion, including land acquisition costs of RM2.2 billion and construction costs of RM5.94 billion, which also consists of interest expenses of RM900 million. The initial budget for the project was RM5.9 billion, excluding land acquisition costs of RM980 million.

From the Edge report,

With more visibility from the completion of the sections of the expressway and expectations of profitability, WCE’s shares have attracted investor interest. Since the start of the year, its share price has risen more than 67% to 53.5 sen apiece last Friday, translating into a market capitalisation of RM1.6 billion.

However, it might be too early to talk about profit. Indeed, there is concern whether WCE needs to raise more funds to complete the project, thanks to the cost overruns.

For long term concessionaire, the journey until opening of the expressway take years.
If I recall correctly, it start work on 2015, in between the work tenure, they faced difficulty on financing issues then covid, all have delayed the completion of the works.

For FI point of view, in between the journey, certain period of times, like opening of some ready Sections for toll collection could be an fresh opportunity for them to push up WCE share prices for a while for them to take some profits, instead of waiting of the actual opening of while WCE line, which is only on end 2026.
Just remember, if you buy this share at present price, there is no more good reason (based on actual quarterly report), to push price up further.
Buyer shall hold for 3 years + for the good time for fruit.

@Husky 78:

As per progress on Section 1 (88%) ,2 (83%) ,3 (80%) and 11 (82%), each of them will take 12 to 20 months to finish their own section.
Which means, wait for their each section to complete then relocate their resource could help to expedite Section 7 work in the near (12 months) future.
As concessionaire, this may not be the best approach, my above suggestion could be an good alternative solution for them to focus on the critical route and scarifying the last section to Banting.

As of now, Section 1- if of 88% (11km), Section 2 is of 83% (7km), Section 3 is of 80% (10km), average is of 84% at (28km).
As compare to Section 7, is of 59% (29km).

We have 2 options now:
1. to recruit similar source of working team, machineries and project management team to undertake half of Section 7 work as separate contract, in order to have 2% progress per month.
2. To stop the working teams at Section 1, 2 and 3, and transfer them to half of Section 7, to expedite Section 7 and complete it first, then return to their original work scope.
This rescheduling will help to bring in car flow to use WCE from Klang to Taiping, and left Klang down south to Banting as last and less priority path.

I'm surprise that the commencement of Section 7 is very late as compare to others Sections, as it is the spin of the whole expressway.
Of course, the story behind could be beyond control of WCE management and IJM as construction arm.
Nevertheless, if I was the management, I will go all out to push the progress of Section 7 work, to ensure it's progress could meet the others or get much closer to them, not as end 2026 vs 2024 of others.

Of course, works could be expedite by project team say push for 2% per month, bring back to 21 months, from now, mean finish by Jan-2025. From the present progress, I do not see the "will" from WCE management to do so; form past 6 months of 1% per month.
If WCE have push for 1.5% or 2% per month, I will share here with all for their effort, and wish to have earlier opening of WCE expressway to enjoy the benefit of using good path to Taiping/Penang and yet to have golden goose to lay gold eggs earliest possible.
Instead of "sing song" at public media for good days ahead but yet no actual progress at the construction site.

I believe WCE statement on Section7 completion by end of 2024 is of public relation speak.
As usually retailers (1) will not really go deep into the actual progress, (2) will forget about WCE statement sooner and later, they could achieve their target of publicity as of this moment.
However, if we just take 1 minute to visit WCE website to view work progress, it show Section 7 (and others' Section) progress with nothing hiding; we see present it stay at 59%., and work progress at 1% per month.
So it will take 41 months to complete (if no other bad news), by end 2026.

I believe WCE statement on Section7 completion by end of 2024 is of public relation speak.
As usually retailers (1) will not really go deep into the actual progress, (2) will forget about WCE statement sooner and later, they could achieve their target of publicity as of this moment.
However, if we just take 1 minute to visit WCE website to view work progress, it show Section 7 (and others' Section) progress with nothing hiding; we see present it stay at 59%., and work progress at 1% per month.
So it will take 41 months to complete (if no other bad news), by end 2025.

Let quote EPF buy DUKE as an example, it is like buying durian orchid while it is fully seasoned and give fruits in full, then Ks5S theory ,could be applied.
For WCE scenario, it has a few undone conditions as below:
1. The highway was not even near to completion, if to include the Section 7, (at the middle of the full expressway), will only be opened at early 2026. The continue construction will incur more and more capital cost and continuous paying interest, as of FY 2022, interest payable is RM170mil, for another 3 years, will be RM510mil to go.
2. Purely depend on highway toll fee, from latest Q3 report, collection is RM30mil for 3 quarters, annualise to be RM40mil, it just good for operation and maintenance expenses.
3. WCE is planned for inter-state travel, the car flow will not be as DUKE as city travel, is we take 50% cut, it asset value could only be RM8bil, 80% of WCE is RM6.4bil, which is about RM2.00 per share. To reach that level, it will take another 2.5 years. Total is 5 years.

I just share my point of view on WCE progress, as I saw several analyst reports even with WCE director statement keep selling the news about opening of WCE by early of 2024.
I would like to clarify to investors that from project progress update (which could be read from WCE WCE website), it is clearly shown that Section 7 will not be able to be completed by early 2024, why all media were saying the reversal?
This is very unfair news to whom who was just read and believe them and buy in.

I could not and would not predict the fair value of WCE, but just sharing the real progress of it's construction work.

I like WCE as highway concessionaire.
However, one day the highway have not been fully opened to public for full traffic flow, the value of it to be fully appreciated by public is still an hold sign.
I have been monitored it for 5 years and yet to receive it's full completion of work is not to satisfaction; yet the media give all the false report on it is opened at early 2024 is bad for the public and retail investors.
I hope could share this with faithful readers here to understand the real scenario, not to challenge any parties.

Surprising that today Q3 report is not out. Which means another day of shopping on Bjfood will be happened on Monday.
The pull down effect of Bjfood on last two days were very good opportunity for fundamental investors to pick up Bjfood shares at near 80sen range.
Based on 2.5sen dividend given on last quarter and projected coming quarter shall give the same, 80sen share means 12.5% yield.

Nevertheless, the Hari Raya festive result will only reflect on Q1 2024, release on Aug. We got to wait for 3 months.

Interesting part about the statistic count on car flow, it say during Hari Raya festive car flow are 100,000, it was based on count while enter Section 6 at Selangor, then count again while the same car enter again Section 8, at Perak.
It register as 2 counts of car flow, but each was short distance, means low revenue.
While Section 7 is completed, it only count 1 car, however, total distance is 6. 7 and 8.
Much better revenue, therefore, simple statistic has blind spot, just to show improvement of car flow.
Let us read the Q4 result which shall release fairly soon, to see the actual revenue for WCE.

WCE expressway is promoting direct transit from Banting/Klang to Taiping and further move north to Penang as better route as compare to PLUS once it is fully completed.
However, the mission could only be successful upon completion of the Section 7, which just stuck at the middle of the whole expressway.
The present progress is of 59% only, and will take 1% progress at monthly basis.
Means the completion of whole expressway will be 41 months from now.
Any bullish news about it is not realistic for the full usage of this WCE expressway.

Except the good Q4 result due to the exceptional of the 40% disposal of Bandar Rimbayu for RM494 mil; the forthcoming 10 quarter results will be in the red.
Let us meet here again at 31-Dec-2025 to conclude the results together in 2.5 years.

WCE expressway is promoting direct transit from Banting/Klang to Taiping and further move north to Penang as better route as compare to PLUS once it is fully completed.
However, the mission could only be successful upon completion of the Section 7, which just stuck at the middle of the whole expressway.
The present progress is of 59% only, and will take 1% progress at monthly basis.
Means the completion of whole expressway will be 41 months from now.
Any bullish news about it is not realistic for the full usage of this WCE expressway.

Except the good Q4 result due to the exceptional of the 40% disposal of Bandar Rimbayu for RM494 mil; the forthcoming 10 quarter results will be in the red.
Let us meet here again at 31-Dec-2025 to conclude the results together in 2.5 years.

The recent share price drop of Bjfood, is due Ambank call-warrant B expires on 10/05. Not Ambank call warrant C which expires on 2 June.
As a result, the call warrant issuer only give 4sen premium to CB holder, as compare to price of 92 sen before suppress the mother share price at one week ago.

For WCE Section7 path:
Refer to WCE project update announced every month.
March-2022, 48%
June-2022, 51%
Sept 2022, 53%
Dec-2022, 55%
March 2023, 59%

From the update, every month progress is about 1%, with 41% work balance to go, this give direct assumption of 41 months to go, to complete by end 2026.
Oh my God.
This progress will be very much behind the planned completion.

The above findings have significantly suggest the criticalness of pushing the progress of Section 7 path, even with extra work hours and extra machineries to finish the work ahead of time.
If all could study the award to WCE construction (via it's announcement of receive work order by July 2021), the completion of Section 7 is by end of 2024. That makes the full access of this WCE is 1.5 years from now.

Beside the uncontrolled issues such as land acquisition etc, which was not been disclosed to public for clarity; the late commencement of Section 7 (about one year behind other 10 sections) is significantly impact on the full collection of revenue from this CWE.

I believe top management of WCE of even their major stake holder IJM would be also feel very upset about this "poor or worst" planning on the project critical path.

Refer Qr-3, 2023, Dec-2013;
The toll revenue is only RM11.6 million, annualize is of RM45.0 million, aa compare to finance cost of RM150.0 million, there is RM100mil gap to fill.

For WCE to get full toll fee, the section 7, which link between Kapar - Tg karang is the critical path, as travelers from Banting, Klang are willing to tap on it to have smooth drive to Taiping and joint PLUS to Penang onward.

If this link is missing, travel via trunk roads to reach Tg Karang will stop 50% of travelers, which will cut revenue by half.

The present paths opened by early 2024 will only offered two separate short distance (100km) each expressway to serve Selangor and Perak independently. With this model, anticipate the car flow could only receive half or even lesser.

Therefore, Section 7 completion is most important path, not just add on piece on the main dish.

Frankly, even with the fully run of the expressway, first few years it may still face losses due to high payment of capital + interest.
However, it is very good stock as expressway in middle to long term;
1. it have 50 years of concession tenure.
2. it cover the busiest path from Klang Valley to Taiping, which serve majority of the highway users.
3. From the distance run, it is 233km (WCE) vs 275km (PLUS) from Klang to Taiping, and bypass the hilly road around Ipoh, it shall attract more users than PLUS, once it is fully run.

Nevertheless, it will only be fully run, earliest on 2025, due to Section 7 path is the last puzzle to be completed.
As the Section 7 is in between Selangor path and Perak path, this missing link will discourage most users to take this path from Klang Valley to Taiping.

WCEHB price rising up too fast this few months toward the actual progress of the completion of the expressway.
The section 7 of the expressway, which presently only completed 59% shall only be completely finish ETA on End of 2024, which is 1.5 year from now.

As WCE also have disposal of it's 40% stake holding of Rimbayu Development on Dec-2022. This disposal means WCE will not have any other revenue and profit earning, beside their pending construction work of on WCE Expressway work.

Any status on the listing of SIAMH at S'pore ?

Any status on the listing of SIAMH at S'pore ?

If this is right, the coming result on BJC will be interesting, is it carry double of the BJL capacity on BKDS.
The return should be 210mil.

The 105.9mil dividend was came from an associate company of BJL group.

Among the many of associate companies, Berjaya Kyoto Development (S) Pte Ltd ("BKDS") is the only major enough to have such capacity for "Dividend distribution received in excess of its carrying value"

VT + Bjcorp own total 87.74% of Bj Land, as at 23/02/23.
Much higher above the 80% limit.

With such low price of Bj Land now, bulk selling is not likely anymore.
The best move is go for privatisation.
Only 12.26% to go.

Same as PBI, 88.26% owned, delist it shall be same good move like Bj Land, to ease the re-structuring of bringing HR Owen from BPI, to STM, to BjLand, to BjCorp.

Public spread announcement was made every 3 months, always about the quarterly report.

hi

As Bj Corp still hold 80.09% Bj Land, which it still hold 40% Sport Toto; this means Gaming sector still under Bj Corp, which got to be dispose off to meet the FSA requirement.
I will consider this could be the major restructuring coming fairy soon.