BLand property division will load with plenty of works:
1. Hotel at Okinawa, RM6bil, in 4 years
2. Hotel at Yokohama, RM6bil, in 4 years
3. Sg Besi works, GDV RM8bil, (based on former report), in 10 years
4. Work with Landasan Lumayan Berjaya JV, GDV RM8bil, in 10 years.
5. Work at Times Square Condo, GDV RM600mil, in 4 years
6. Dev at Penang, Bkt Jalil, Shah Alam, and SRKU, GDV RM1bil, in 4 years.

@simon2020
Secured a USD300million, RM11.6bil loan, does not means immediate borrowing will up RM1.6bil. Borrowing will pick up while they draw-down from bank during the hotel construction period.

Anyway, the recovery of RM650mil, which Bland portion of RM330mil, is no more great news as compare to the won case of STC relocation and development of Okinawa Hotel, the development of Yokohama Hotel is under BCorp, not BLand.
Plus the development of SRKU scheme and River side scheme under LLBSB.
These will be the potential movement of BLand going forward.

From record frozen assets of Beijing SkyOcean namely shares in Tuopai Shede Wine, shall worth RMB3.8Bil. Good enough for the repayment, however, knowing ZhouZheng has declared bankruptcy, how much could it worth now, and how many debtors are queing up to get back from him, will be an issue.

If GMOC case settled, and STC appeal case closed with Selangor state, BLand shall boost for next high with their new plan on:
1. Okinawa Hotel, up to 2027
2. Yokohama Hotel, up to 2028,
3. Sg Besi new development plan, up to 2035.
4. Development of river side conds jointly venture with Landasan Lumayan, up to 2032.

However, if the debts were recovered, it will be gain of RM473mil on BLand group, plus interest gain of RM65mil.
With exclude minor minority interest, Bland can get RM270mil profit, from the collection.

Nevertheless, as BLand declare impairment, means the recovery of debts could be challenging: as compare to Jeju Resort case, there was no impairment being allowed.
Finally, Jeju debts were recovered.

From report, state that:
The courts in the People’s Republic of China and Hong Kong had ordered that various assets of Beijing SkyOcean and its Guarantors to be frozen and would be appraised for auction to eventually recover the Final Award.
Due to the Covid-19 situation in China previously, the abovementioned recognition and
enforcement proceedings had been delayed and are still ongoing at this juncture.

Impairment have been made since 2017, while they take legal suit to buyer.
Total impairment have come to RM473mil.
The initial debts is of RM595mil, with interest, built up to RM650mil, as recorded.

This time with Four Season Hotels at Okinawa, and Yokohama, USD1.2Bil each, RM6.0Bil.
Can they get new foreign to buy in again ?

Refer to year 2004 to 2206, BLand could attract foreign fund manager to but in their shares up to RM5,00; that time BLand selling their Mega projects at GMOC, at China; Jeju Resort at Korea, and Kyoto Hotel at Japan.
End up, they manage to complete only one job, but price drop to 20sen.

Due to high RM:USD rate recently and poor spending power in present inflation,
foresee same store results and profit will be poorer vs previous year.
Forthcoming two Q1 & Q2 would not be good.

Left pocket to right pocket, the proceed from disposal of BLand, swap to BFood.

Borrow USD at current high exchange rate to JY should be fine. Work shall be done in JY.
Once Fed Reserve interest rate start drop back, projected exchange rate of JY will drop.
Present JY:USD is 150:1, if it drop to 100:1, there is capital gain of 33% on exchange rate.
As repayment will be 5 to 10 years from now.

As Yokohama Hotel also will be started at 03-2024.
Which means another syndicated loan will be taken, the group borrowing will increased further.

Only get a syndicated loan of USD330 million.
Gross Development Value of USD1.12 billion.
Are there more loans will be borrowed for the whole project ?

the Four Seasons Okinawa is targeting its grand opening in the second quarter of 2027
3.5 years from now.
It is like Genting developed Genting S'pore previously.
Take so long to see their actual openning.

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.