Wah thanks for the compliment worr. Keep up the great work!

Icon8888 likes Indon play, I like Indon play too. For inexpensive exposure to Indonesian consumer, take a look at SGX listed Japfa. It supplies poultry, milk and processed food operation in Indonesia. It also supplies pork and poultry in Vietnam, poultry in Myanmar and India as well as beef and dairy in China.

Thank you for sharing.

Thank you for your selfless sharing. You are those who plant trees for others to sit under.

I don't think it is necessary to get out of market. Buy gold mining stocks like CNMC Goldmine to hedge against Trump winning and Brexit. Buy export stocks to hedge against Najib losing the GE. For every scenario, there's always companies that will benefit from it. Buy those companies to hedge your risks.

Additionally there might be issues with their contact lens venture with regards to IP infringement

I think u all need to learn this, in all the articles written by Robertl and all the negative comments from saltedfish, NONE pertains to the financial numbers in Hevea's report. If u all keep your eyes on Hevea's share price instead of Hevea's business, u all will fall victim to their scam.

Transparency is a problem with mudajaya. They didn't elaborate on the Phillipines wind farm depreciation, just like they say nothing about the Indian IPP in the previous quarterly report.

Thanks moneySIFU and itsjustabourthheprofit for sharing.

In Australia, oldtown has positioned itself as a premium restaurant, more premium than pappa rich. But yet in Malaysia, it is positioned as affordable. This will likely cause brand confusion. I suspect they will also go for premium positioning in China.

Hey look who's back. Broken gem is it? If it is broken directors wouldn't be spending money to convert their warrants to mother shares, would they? Past 2 days saw conversion of 2.7m warrants by a director, which at a conversion price of 25 cents, would have cost him RM675k. With the warrants expiring in 2020, which is a long time away, the conversion suggests that Hevea is soon to become a generous dividend stock. Uncle, please learn how to write short seller report lah. Your report got no teeth.

Thanks for the excellent article! Moral of the story is, it's not just about pursuing profit, but it is also about minimising risk.

Both bourses are battered because they are the most exposed to the slowdown in China. Having said that, not all companies in those bourses are exposed to China, and in some instances, not all Chinese companies are solely dependant on the Chinese market. In fact, many Chinese companies are now international players. Hunting in these 2 bourses where sentiment is overwhelmingly negative can prove rewarding because some counters are simply unjustifiably cheap.

Thanks Icon8888.

Both CIMB Niaga and CIMB Thai have both released Q2 results. CIMB Niaga looks good but CIMB Thai is still looking quite bad. Will they cancel each other out? I tried to compute the net effect but I can't find how much of CIMB Thai is owned by CIMB group.

Excellent summary, thank you.

Don't feed the troll.

I like the difficult reforms Jokowi has pushed through, and it appears that Indon may outgrow Malaysia in the future. The tax amnesty it undertook will bring in a flood of money, and if Jokowi plays his cards right, all these money will go to fund infrastructures that Indonesia badly needs. Banking as a bellwether of the economy will likely benefit.

Here's an estimate on how much is the Bukit Ibam Gold project worth. It is just a vague estimate with many unknown variables, so please don't screw me if my estimates are wrong.

Knowns:
Profitable ore grade, 28,107 oz @ 1g/t from 874,228 tons of ore. 0.3g/t grade is excluded from calculation because it is significantly below global average ore grade which is 1.01 g/t, taken from here: http://www.visualcapitalist.com/global-gold-mine-and-deposit-rankings-2013/
Initial capex = RM2.5m
Heap leach capacity = 7k tons per cycle.

Unknowns:
Cost per oz. So assumed USD 700/oz, a bit higher than CNMC's USD 500/ oz because Bornoil is using a method called "Earth Gold" which I am totally unfamiliar with, and presumably more expensive because it uses no sodium cyanide. Also CNMC's average ore grade is better at 1.4 g/t.
The amount of leach days per cycle. So I assumed 10 days per cycle, around the same as CNMC's, which I believe is around 2 weeks.
Average gold price. So I assumed USD 1,300/oz, the present spot price.

Processing capacity per annum = 7,000 tons per cycle * 365 days per year / 10 days per cycle = 255,500 tons of ore per annum
Amount of gold produced = 255,500 tons * 1 g/t ore grade = 255,500 grams per annum or 8,215 oz per annum
Annual profit = 8,215 oz per annum * (USD 1,300/oz spot price - USD 700/oz all-in-cost) = USD 4,929m per year = RM 19,716m per year
Assume no tax, and that Bornoil will be able to get tax concession for capex spent
EPS=RM 19,716m / 2,842,000,000 number of shares = 0.69 cents per share

Remember, cost is unknown, days per cycle is unknown also. Also, ore reserve is not set in stone, as exploration proceeds, ore reserve will expand. I don't know why is the company busy buying back shares. Maybe they hit a jackpot somewhere they didn't disclose. I dunno.

MdYusof856 : "CMNC report of 1.4 g/t may be an exaggeration because it is too good to be true."

I'm not here to bash BORNOIL, but to share information on how to evaluate mining companies. CNMC's resource report is prepared by a 3rd party external consultant from Australia Optiro Pty Ltd in accordance to JORC standard. The standard is specifically developed to enhance transparency for disclosure from mining companies. The latest resource report is 61 pages long. I think it's quite hard to argue that CNMC's ore grade is less than what is reported, which is not really great to begin with as there are many many gold mining companies with better grade than CNMC's. If you are a shareholder, what you should do is to pressure the management to improve their level of disclosure, and perhaps adopt JORC standard, rather than making baseless claim on other companies.

Sumika, here's something you should learn. Don't worry about the ore reserve so much, focus more on the ore grade. Like you say, ore reserve will grow as more explorations are done, but ore grade determines profitability. Even if you have a huge amount of reserve but it cost too damn much to get it out, you don't have a project. So don't worry about the reserves, focus on the grade.

Sumika, I agree with everything you said, but it all boils down to cost. How much does it cost to get the gold out from the ground. If it cost less than spot price, it is profitable, if it is more, then it is not. Now CNMC's ore grade is actually quite poor by global standards, and Bornoil is 4-5 times worse than CNMC's. Bornoil is also using a non-cyanide technique which I'm not familiar with. I'm not pouring cold water on you, I hope you make truckloads, but at this moment, it is too difficult to deduce the approximate cost. Mind you, the management guided that they produce gold at a cost of USD 500/oz. I don't know which mine they are talking about but it is almost certainly impossible to get such a low cost from such poor grade ore. Good luck. Just remember ya, to get 1 gram of gold from an ore grade of 0.3 g/t, you need to leach more than 3 tons of ore. That's a humongous load of dirt for a pitiful amount of gold. The management can choose to front load the higher grade ore first, those that are above 1 g/t, in which 874.2 kg can be extracted. But watch out if the company does that because when the higher quality ore are exhausted the cost increases dramatically.

Good luck, I find it difficult to believe that ore grade 4 times worse than CNMC's can match the same cost as CNMC's. All the best to those vested, hope Bornoil brings you plenty of glitter.

Not looking good guys, ore grade of 0.3 g/t is not great. CNMC's average ore grade is 1.4 g/t. I doubt Bornoil can achieve cost of 500 USD/oz with this grade, which is CNMC's cost.

Malaysia is compromised. He is basically a lame duck PM because he owes too many favors to too many people to keep him in power and out of prison. He owes Apandi big time for stopping criminal charges, he owes Datuk Muhamad Ibrahim for stopping investigation into 1mdb, he owes Adenan for keeping him in power, he owes Fat Boy for keeping quiet over 1mdb, he owes the Arabs favor for admitting they donate the money, he owes Fat Momma for ignoring his Port Dickson tryst. Practically every strand of hair on his balls is being held by someone who will demand some sort of monetary compensation in the future. You can bet that the next scandal will be even bigger than this mothers of all mothers of all mothers scandal.

Yeah, just ignore saltedfish. He's an attention hog, he openly admit he faked his profile, guess he just wants to pretend he's someone important to get attention. Most likely mom didn't give him enough attention when he was growing up so he is now trying get some from forum members haha. Funny thing is, the amount of time he spend whacking Hevea, he could have made plenty of money from other counters. Maybe he's an ex-employee who got sacked and now seeking revenge. Who knows, best to just ignore him and don't feed the troll.

Congrats! Wah so honest, exit also need to inform your followers haha.

Keep up the great work.

Focus Malaysia also said that their cost is approximately USD500/oz. Is that all-in-cost or all-in-sustaining-cost or just gross cost? Nobody knows. But if true, it's about the same as CNMC's one of the lowest in the world. Aiyah so little info, dunno head dunno tail, bet a bit lah.

Thanks Ricky, was thinking of taking a look into glove companies until the president of glove association told the players not to expand wantonly. That's a warning all the capacity increase on the cards are probably excessive and we will see intense competition ahead.

It's hard to evaluate bornoil because the company is not very transparent. Professional mining companies adhere to JORC standard which tells u ore that are economical to mine and those that are not. So it's not a matter of having a large ore reserve, but the cost must be economical as well. Bornoil also doesn't disclose all in cost and all in sustaining cost making it impossible to gauge how profitable is their operation. For those wishing to see how a transparent operation is run, you can refer to Cnmc Goldmine listed in Sgx. They have just acquired a majority stake in 11 gold concession license in kelantan and the acquisition enlarge their mining area many times. They will be running boring tests and issue JORC compliant resource report in due time.

Yeah now that EU has lifted tariff against Chinese imports, competition will be stiff. Past performance may not be a reliable guide to future earnings

You see why I don't post my notes in public? Haha. I don't want to benefit assholes like the person who just insulted you.

Eh don't say like dat, we are colleagues and we share notes. Anyway, thanks for spending so much time to make the community more positive and productive. I don't know how you get my notes because I don't post my notes in public, but your notes are meticulous and well researched. Appreciate that.

Icon8888 did you take a look at CNMC Goldmine? If you have put in a stake instead of Bornoil you would be laughing to the bank by now.

Ultimately, I suppose the difference is how much time you have and how much effort you are willing to put into maximizing return. KC Chong's method is fairly passive, he rides on his investment long term assuming that the companies he invest can continue to utilise capital as efficiently as in the past. It is well suited to full time employees who don't have the luxury of time to scour bursa announcements every night, follow up on industry news every day, or monitor competitor's performance etc. You and I on the other hand, are active investors who uses every second to push our annual return beyond those of passive investors. We try to find unpolished gem, and take on higher risks in doing so, which is probably unwise for the general population who needs to be more concerned about keeping his/her job first and foremost before worrying about investment. So there's no which method is more superior. While your value trader method may generate higher return, you paid the price through time and effort. KC Chong may generate lower return, but he can go on cruise for years without a care in the world and still have money left over after funding his cruise from the money he made from his investments haha.

This argument is getting dumber and dumber. A poor business will not result in a good FA. FA will indicate whether a company has a moat, and that moat will come from some qualitative aspect of BA. Both are the consequence of each other. FA is BA and vice versa. What's this nonsense about FA is not BA?

Oh you're a fake? Ok no problem just surprised got ppl actually like to be seen as a liar. I have no issued with fake ppl, many ppl like to pretend who they are not to get attention.

I find the insistence to use LCCT2 stupid. U can't have 2 unless u have 1 and the original LCCT is no longer used as an airport. So calling KLIA2 as LCCT2 is quite stupid because there's no longer any LCCT1 anymore.

If you focus on the fundamental and ignore the market reaction which saltedfish seems so preoccupied with, considering Yen strengthened 7.2% after Brexit and that Japan is a major market for Hevea, Brexit might actually be good for Hevea because the stronger yen means better purchasing power for Japanese consumers. If you look at annual report 2015, Japan contributes a third of Hevea's revenue. Suddenly Hevea products are 7.2% cheaper overnight, not exactly bad news in my opinion. Anyway, I'm from Kuantan and I assure you all not everyone from Kuantan are dicks like saltedfish.

I must say I am thoroughly entertained by your piece. I agree that no one should blame KYY for their own investment decisions. If you want to win in this game, you work hard and research hard before KYY buys. If you are merely a follower than you only have yourself to blame. If you want to win, you have to be ahead of KYY, not follow him.

SHH almost export exclusively to US, therefore geographical segmental breakdown is not necessary, not because they didn't provide. Please see annual report 2015 note 30: "The wooden furniture is mainly exported to the USA. Accordingly, information analysing industry and geographical segments has not been presented."

Love the humor mate!

With government debt and contingent liabilities (including 1MDB's) breaching the statutary limit of 55%, we are looking at a GST hike rather than reduction. Analyst is smoking crack.

No cash is needed for the conversion of ICULS. Temasek already paid RM135m for the ICULS, the ICULS can be redeemed at RM2.1 ICULS nominal value for each SAM share. RM2.1 refers to the amount Temasek already paid so there is no cash injection. Please refer to the announcement on 24/8/2012 for ICULS details.

Thanks mate

Thanks for sharing Harry

When Thong Guan's CEO went on air on BFM, one of the contentious issue is their poor single digit ROE. The CEO was adamant to improve on it. Using TTM, their ROE now is 13.6% and ROIC is 16%. Not bad, it is now an investment grade stock. If the ROE and ROIC metrics keep improving, there is hardly any reason to factor a discount on it's valuation.

Once in a while, specific trigger drives share price so unjustifiable low that value investors who can rationalise well stand to make a nice sum by being a contrarion. Part of the reason for Hevea's share price decline is due to persistent attacks from a blogger by the name of Robertl. Interestingly, unlike professional short sellers who are experts in casting doubt on financial numbers, none of Robertl's allegations actually question the stunning numbers achieved by Hevea. This make the sell down even more ridiculous than those who fall victim to professional short sellers.

Exactly. Price high so what if you got nothing to sell hahaha.