After PN & BN took over govt from PH......Msia become worse loh!

Go for PH.....for better Msia mah!

This is just a minority mah!

Mazlee just want to keep harmony relented loh!

Go for it loh!

Very powerful rise coming mah!

Go for it loh!

Very powerful rise coming mah!

Go for it loh!

Very powerful rise coming mah!

Go for it loh!

Very powerful rise coming mah!

Yes go for harapan loh!

Very Boleh mah!

Yes...true mah!

The non bumis supported DAP bcos no multi cultural political party in msia loh!

Now with PKR already showing maturity and with sabah & sarawak willing to go for multi cultural parties....PH and the multi racial party of sabah and sarawak stand a very good chance mah!

Do not be sooohaiiii loh....!

Harapan are not given the chance to be the govt for 5 yrs bcos of Mahathir and UMNO, Bersatu and PAS.....thus unable to finish a good job loh!

All msian should support harapan to be the coming good & clean govt loh!

Vote for harapan loh!

Say no to corruption mah!

Do not give up mah!

Actually DAP is like the present very progressive govt of SPORE PAP mah!

Where got communist leh ?

Boloh loh!

Malays need to grow up & wake up and see danger ahead loh!

Their livehood may be at stake loh!

If this trend continue....msia will start exporting maids like Indonesian & Philipines to country like SPORE & Hong kong soon.

Maybe msia....may be sending their prople as Maids to Indonesia , Philipines and Vietnam within 15 to 20 years time mah!

Already bottomed....can go in now loh!

Already bottomed....can go in now loh!

Already bottomed....can go in now loh!

Already bottomed....can go in now loh!

Stay for at least Rm 3.00 loh!

Strong Recovery Play coming loh!

Lims did not give up....they knew the malays must do their parts for a better msia mah!.

Non bumi votes can easily contribute 40 Parliament seats mah!

Quite significant mah!

All non bumi should come out & do their duty to support PH loh!

Do not give up mah!

Rafizi wants to reduce the state corruption in msia mah!

Even the Sarawakian & Sabahan knew & realize, msia economy is suffering from highly impact of corruption mah!

The current msia corruption trend cannot sustain mah!

Msia already bankrupt loh!

If msia become Islamic country....it fall & fail like Pakistan & Taliban afghan loh!

Malays must wake up b4 too late loh!

Can buy maybank loh!

Very safe loh!

Right time to jump in loh!

Do not fear mah!

Opportunity loh!

Very true loh!

Rafizi is right loh!

Remember BN & PN can betray sabah & sarawak loh!

They are not trust worthy loh!

It will be good khairy got slaughter by PH loh!

If Khairy is successful, he will be a threat to zahid loh!

Lim already willing to let go for the sake of nation loh!

Can be seen from :

1. Lim family less involvement in Dap & PH loh!

2. More malay MP candidates for GE 15 election loh!

If u want sustainable economy go for PH loh!

Strong buy loh!

Just excuses loh!

Should not ponteng mah!

It is your duty mah!

TDM should not waste time & just retire loh!

BN & PN are losing momentum on malays support lah!

These is due to 62 years of corruption of BN & PN as a govt loh!

Just stick with PH for tsunami loh!

Buyloh....result should be good mah!

This is the best gloves stock loh!

Taiwan should start talking peace & reunification now loh!

Do it b4 too late mah!

Like that still can get another 50 to 100 yrs of prosperity mah!

Yes go for it loh!

Opportunity mah!

Good result for UTD PLANT loh....bcos it has sell fwd at a good price....when CPO is high loh..!

Their refinery will benefit the most loh!

Expect very good div coming loh!

Good for the banks in msia....another 0.25% interest hike for msia loh!

Good for the banks in msia....another 0.25% interest hike for msia loh!

With Div in....should collect more loh!

Opportunity mah!

Collection time mah!

Very attractive price loh!

There no such thing as crack future mkt mah!
The one u see in the CME mogas crack spread...is just illustration for u to feel the potential margin...with the interaction of crude v end products .....attributable to a refinery

If want to hedge....u need to find a counter party to do a private deal....like raider has highlighted


Posted by Sslee > 31 seconds ago | Report Abuse

The are two way in doing refining margin hedged.
1. Directly hedge cash settlement mogas and gasoil crack spread future with financial instituts that offer you the quote.
2. By cash settlement commodity swap contracts in buying current month Brent crude and selling next month mogas and gasoil future.

No need to bullllshiiit mah!

The Revolving Credit is to exchange for existing facility which is already drawdown...mah!
The bank will easily refinance the drawdown loan loh!

The Rm 5 billion MTN facility is still in the process....subject to BNM approval loh!
U will notice....even if the MTN is approved.....there will be no standby financier or underwriter to fund bcos it is subject to prevailing condition at the moment when Hengyuan need to issue....the arranger are just at agent to facilitate bought deal or private placement loh!

Most importantly....the bond is unrated...thus interest rates will be high....something like 8.5% pa to 11% pa depending on the length of the bond mah!

The non rating...reflect the weakness of Hengyuan loh!

Posted by BobAxelrod > 1 minute ago | Report Abuse

As mentioned last night, Time is of no essence since 5 Billions Bonds and 1.31 Billions RC approved by Bankers. The following application to BNM may take a few days but I assume they are also working quickly to allow the early flow of Investment funds.

From and expecting the next announcement.....HY should not be at this level of price anymore since they are moving in the right Financial shuffling and with EXTRA financial strength..... BE PREPARED.

TAYOR

U R one of the pest is it ?

Posted by BobAxelrod > 17 seconds ago | Report Abuse

If anyone dare not touch the dead rat, kindly call for Ridesct... they will fumigate the room as well...the stench is very bad........ thank you.

Do not forget the Counter Party betting agst Hengyuan already wins Rm 1.3billion as at 30-6-2022.....how much profit are they willing to give back to Hengyuan leh ??

The main question, we need to ask is the refining margin swap...executed sufficient to cover the risk hengyuan is taking meh ?

IS THE COUNTER PARTY BETTING AGST HENGYUAN is really a soooohaiiii leh ?
Who is the sooohaaiiii counter party dare to bet one to one... with a refinery like HRC, on Refining margin swap on one to one bet leh ??
What is there for them, what is counter party their competitive edge over hengyuan leh ?

The main point....we can see....is hengyuan loses alot of money from its Refining Margin Swap mah!

Lu tau boh...!
The USD 12.70....margin hedge computed by sslee mah! ??

But who the hell knows....what the hell refinery margin swap....get executing the trade with a counter party virtual refinery loh!

Of course The Virtual Refinery would have taken their cut of margin....by being a counter party....hedging the risk....using hengyuan trade leh ??

Posted by BobAxelrod > 6 seconds ago | Report Abuse

Simply put :
Sslee please correct if wrong.
a) Hedged the crack spread at USD$12.70.....fixed and don't give a damn to future moving parts/price. this is what you will get.
b) I thought the Buying of Crude is done on Futures, same time as Selling Refined Gasoline on Futures. This is your raw material purchase price and your selling price of finished products???...NO??

The profits margin of the Crude and the finished product is ADDED to the crack spread of USD12.70 (fixed)......

In the event of the crack spread (physical) which is the higher Production Cost...there would be a loss if higher than USD12.70....True?
**********************************************************
Posted by Sslee > 1 minute ago | Report Abuse
qqq3 if you hedged X amt with refining margin at USD 15 for a period that mean come rain or sunny day you are ensured to earn gross profit of USD 15 per barrel on the X amt provided you have done your physical crude buying and refined products selling of X amount for the period.

What is loss/gain in refining margin swap contracts for the period will be offset by physical crude buying and refined products selliing better/poorer margin acheived for the period.

Raider already said mah!
The losses of Hengyuan is mainly due Refinery Margin Swap....mah!
This is route to a 3rd counter party betting with hengyuan mah!

The risk already highlighted below loh!

Very important Question if u can answer then u will solve the mystery loh!
Btw...it is not an exchange....it is an individual counter party....having a private deal with Hengyuan mah!

Who is the sooohaaiiii counter party dare to bet one to one... with a refinery like HRC, on Refining margin swap on one to one bet leh ??

What is there for them, what is counter party their competitive edge over hengyuan leh ?

The huge sum of money, that Hengyuan is betting...to tune of Rm 1.3 billion losses, is just ridiculous mah!

WHY GENERAL RAIDER ASK THIS VERY IMPORTANT QUESTION LEH ?
"Who is the sooohaaiiii counter party dare to bet one to one massively of more than billions... with a refinery like HRC, on Refining margin swap on one to one bet leh" ?

AS U ALL KNOW, THERE ARE REALLY NO COMMODITIES MKT for 'REFINERY MARGIN SWAP' TRADED....IF U WANT TO BET...U NEED TO FIND A COUNTER PARTY LOH!

THATS LEAD TO RAIDER VIRTUAL REFINERY EXPLAINATIONS EARLIER LOH! SUPPOSE BASE ON SSLEE PAPER CALCULATION, U CAN ACTUALLY MAKE USD 35 PER BARREL MARGIN ON PETROL & DIESEL WHEN U HEDGE FWD LOH! BUT AS RAIDER EXPLAIN THIS PAPER SUCCESS , NEED TO FACE THE CHALLENGE OF MKT VOLATILITY & ACTUAL EXECUTION LOH...THUS TRANSLATE TO A PROBABILITY SUCCESS RATE OF SAY 75% LOH!
THIS SHOULD BE POSITIVE FOR HENGYUAN IF THEY GO BUY CRUDE BRENT & SELL DIESEL & PETROL future IN ORDER TO HEDGE AND LOCK IN A POTENTIAL PROFIT DUE TO THE HIGHER PROBABLE SUCCESS LOH!

BUT INSTEAD OF HENGYUAN DOING THAT....THEY LOOK FOR A FRIENDLY VIRTUAL REFINERY..TO BE THE COUNTER PARTY OFFERING THEM A "REFINERY MARGIN SWAP" WITH USD 10 MARGIN.....AND THE VIRTUAL REFINERY WILL DO THE HEDGE WITH A GROSS PAPER PROFIT MARGIN OF USD 35....N THEY OFFER HENGYUAN REFINERY MARGIN OF USD 10....THUS THE VIRTUAL REFINERY APPEAR SAFELY HEDGE AT USD 25 LOH!

THUS HENGYUAN WILL BEAR THE BRUNT OF VOLATILITY & EXECUTION risk WITH INADEQUATE MARGIN OF SAFETY OF USD 10 LOH! THAT COULD BE THE EXPLAINATION, WHY HENGYUAN MAKE LOSSES OF MORE THAN RM 1 BILLION ON A REFINING MARGIN SWAP LOH!

THE ABOVE SUSPICIOUS ARRANGEMENT IS "BUSINESS LIKE & IT APPEAR LEGAL" BUT IT WILL BE THE DETRIMENTAL TO HENGYUAN SHAREHOLDERS IN THE LONG RUN LOH!

"A quick check on Petron....there is no Refining Margin swap hedge done loh"!

Posted by Sslee > 4 minutes ago | Report Abuse

qqq3 if you hedged X amt with refining margin at USD 15 for a period that mean come rain or sunny day you are ensured to earn gross profit of USD 15 per barrel on the X amt provided you have done your physical crude buying and refined products selling of X amount for the period.

What is loss/gain in refining margin swap contracts for the period will be offset by physical crude buying and refined products selliing better/poorer margin acheived for the period.

Very important Question if u can answer then u will solve the mystery loh!
Btw...it is not an exchange....it is an individual counter party....having a private deal with Hengyuan mah!

Who is the sooohaaiiii counter party dare to bet one to one... with a refinery like HRC, on Refining margin swap on one to one bet leh ??

What is there for them, what is counter party their competitive edge over hengyuan leh ?

The huge sum of money, that Hengyuan is betting...to tune of Rm 1.3 billion losses, is just ridiculous mah!

WHY GENERAL RAIDER ASK THIS VERY IMPORTANT QUESTION LEH ?
"Who is the sooohaaiiii counter party dare to bet one to one massively of more than billions... with a refinery like HRC, on Refining margin swap on one to one bet leh" ?

AS U ALL KNOW, THERE ARE REALLY NO COMMODITIES MKT for 'REFINERY MARGIN SWAP' TRADED....IF U WANT TO BET...U NEED TO FIND A COUNTER PARTY LOH!

THATS LEAD TO RAIDER VIRTUAL REFINERY EXPLAINATIONS EARLIER LOH! SUPPOSE BASE ON SSLEE PAPER CALCULATION, U CAN ACTUALLY MAKE USD 35 PER BARREL MARGIN ON PETROL & DIESEL WHEN U HEDGE FWD LOH! BUT AS RAIDER EXPLAIN THIS PAPER SUCCESS , NEED TO FACE THE CHALLENGE OF MKT VOLATILITY & ACTUAL EXECUTION LOH...THUS TRANSLATE TO A PROBABILITY SUCCESS RATE OF SAY 75% LOH!
THIS SHOULD BE POSITIVE FOR HENGYUAN IF THEY GO BUY CRUDE BRENT & SELL DIESEL & PETROL future IN ORDER TO HEDGE AND LOCK IN A POTENTIAL PROFIT DUE TO THE HIGHER PROBABLE SUCCESS LOH!

BUT INSTEAD OF HENGYUAN DOING THAT....THEY LOOK FOR A FRIENDLY VIRTUAL REFINERY..TO BE THE COUNTER PARTY OFFERING THEM A "REFINERY MARGIN SWAP" WITH USD 10 MARGIN.....AND THE VIRTUAL REFINERY WILL DO THE HEDGE WITH A GROSS PAPER PROFIT MARGIN OF USD 35....N THEY OFFER HENGYUAN REFINERY MARGIN OF USD 10....THUS THE VIRTUAL REFINERY APPEAR SAFELY HEDGE AT USD 25 LOH!

THUS HENGYUAN WILL BEAR THE BRUNT OF VOLATILITY & EXECUTION risk WITH INADEQUATE MARGIN OF SAFETY OF USD 10 LOH! THAT COULD BE THE EXPLAINATION, WHY HENGYUAN MAKE LOSSES OF MORE THAN RM 1 BILLION ON A REFINING MARGIN SWAP LOH!

THE ABOVE SUSPICIOUS ARRANGEMENT IS "BUSINESS LIKE & IT APPEAR LEGAL" BUT IT WILL BE THE DETRIMENTAL TO HENGYUAN SHAREHOLDERS IN THE LONG RUN LOH!

"A quick check on Petron....there is no Refining Margin swap hedge done loh"!