swordwa2 | Joined since 2017-11-07

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2021-07-20 17:31 | Report Abuse

Was attracted by the steady growth of sales and net profit of this company over years hence spent some time looking at its financial data.
It turns out that total equity is increasing over the last few years, but mainly contributed by receivables and inventories. Cash on hands doesn't change much.

Below are data extracted from 2017 Q4 till 2020 Q4

Total Equity
879m -> 1110m (+26% or 231m)

Non-current trade receivables
136m -> 200m (+47% or 64m)

82m -> 169m (+106% or 87m)

Current Trade and other receivables
238m -> 349m (+46% or 111m)

Cash flow (net cash)
2017 Q4 till 2019 Q4: 185m -> 210m (+13% or 15m)
2017 Q4 till 2020 Q4: 185m -> 186m (+0.5% or 1m)


2021-02-24 15:06 | Report Abuse

resin price is rising, may use result in year 2018 as reference to assess potential impact on performance


2021-02-24 15:04 | Report Abuse

this company can be more generous in dividend payout


2020-01-02 20:45 | Report Abuse

The quarterly result is far below Q4 of previous year.
1. Profit before tax of Malaysia+Vietnam business has dropped 4.8m (-18.5%)
2. The one off gain impairment recovery and insurance compensation(8.52m) was actually reported in Q2 2018 hence this item should not be taken into consideration when comparing Q4 2019 and Q4 2018 result


2019-11-23 13:57 | Report Abuse

masterpack eps has increased due to contribution from its new factory. That is the reason it deserves higher valuation than pphb. One drawback for pphb is that it has just started hotel business which might incur losses for the next few quarters


2019-11-04 17:40 | Report Abuse

52m shares transacted today. Good luck!


2019-08-25 22:58 | Report Abuse

@trader do you mind to share how to do this calculation? --->
"I had done the calculation on trade & receivable in FY2018 quarter by quarter the trade & receivable paid to ptrans is amounted to RM 20.1 million"


2019-08-12 13:11 | Report Abuse

Indeed. Thanks Chris :)


2019-08-11 16:31 | Report Abuse

Captured this section from one of the article.
"Two months later, the group se-cured another contract from IJ Ven-tures Sdn Bhd to promote smart home system for 130 units of sin-gle-storey terrace houses.In the same month, ARB clinched a RM60.43 million contract from list-ed Prinsiptek Corp Bhd to carry out IoT systems, engineering, procure-ment, commissioning and manage-ment in a 13-storey serviced apart-ment block in Shah Alam, Selangor."

contract #1
contract value = 18m
no. of houses = 130 units
contract value per unit = 18m / 130 units = 138k

contract #2
contract value = 60.43m
no. of units = 13(storey) x 20(assumption on units per floor) = 260 units
contract value per unit = 232k

What would be the selling price of above property project? Is it feasible to invest so much in IoT?


2019-08-07 22:53 | Report Abuse

receivables are revenue which was realized in the past and have not been collected. Receivables does not contribute to future earnings and it is actually a risk to have high receivables since there is possibility customer might not be able to make the payment


2019-07-30 14:19 | Report Abuse

Did the company's management aware that their excessive esos plan is harming shareholders' return badly?
1. new esos shares issued > earning growth
2. Extremely low esos exercise price at elow 0.10


2019-07-11 18:44 | Report Abuse

@TheContrarian: do you have the reference link on LTAT's intention to dispose 16.4m shares?


2019-07-04 19:28 | Report Abuse

There are still 2 open questions
1. When will the logging operations resume?
2. Does the company has enough cash to complete snp deal for FMU5?


2019-06-10 19:01 | Report Abuse

There is already a cinema operating in Kampar


2019-06-03 10:20 | Report Abuse

1. Qtr report stated "no break bulk shipment in feb and mar". It does not indicate there is delayed shipment which will contribute to the earning of next quarter
2. Agreed with lizi the company's statement on prospect is worrying as lower production = lower revenue = lower earning
3. Lower plywood price

1. Higher usd rate
2. Net cash position
3. Low PE provided it can maintain earnings


2019-06-02 19:57 | Report Abuse

Not sure if this is an alert as I just briefly went through the annual report 2018. It shows a huge increase in past due receivables (>30 days)
2017: RM 246,818
2018: RM 9,460,907 (an increase of 3833% !)

Also, heard from ipoh residents many of the commercial lots in Amanjaya Terminal are not open for business. This could be a risk to IPTT revenue


2019-06-02 19:02 | Report Abuse

Does anyone has more information about "Project facilitation" segment of the company?
"Project facilitation fee: The Group provides services and rental of facilities to potential customers in relation to development of new terminal"
It contributed 47% revenue of IPTT. Would like to know which development they are involved, who are the customers and whether revenue from this segment is consistent and would last for next few years


2019-06-01 13:41 | Report Abuse

2019 Q1 - "Other than the reasons stated above, the improved profit before taxation was also contributed by the recognition of fair value gain in the biological assets..."
2018 Q4 - "Other than the reasons stated above, the profit before tax was contributed by the fair value gain on biological assets and the gain on the disposal of land"


2019-05-31 00:19 | Report Abuse

Administrative expenses increased by 2.7m(49%),from 5.6m to 8.4m. This amount is even greater than total loss in current quarter(2m) but there is no explanation provided in qtr report regarding the hike


2019-05-30 17:10 | Report Abuse

1. No sign of log production resumption yet
2. Director has been disposing
3. Lower cash on hands each quarters(only left with 500k cash and equivalents)
It is amazing that the stock price hold still. High risk high return it seems


2019-05-28 22:55 | Report Abuse

Just voicing out my opinion :)
Anyway, PE of this company is still low comparing to others


2019-05-28 22:51 | Report Abuse

One weak quarter result is fine but the group's prospect does bring some worries
"the Group is cautiously optimistic of maintaining its performance in the year AHEAD"
I read it as maintaining or could be slightly worse performance this year, without much expectation on growth. If this occurs, EPS would fall(lower performance and ESOS dilution)


2019-05-28 22:25 | Report Abuse

I see. Thanks cherry88!


2019-05-28 18:10 | Report Abuse

Is pohuat changing quarterly report date? Last line in the announcement says quarterly result ended 31 March
"In compliance with Paragraph 14.08 of Chapter 14 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Poh Huat wishes to announce that the following Directors and/or Principal Officers of the Company had on 27 May 2019 served notification of their intention to deal in securities of the Company during the closed period for the Company's upcoming announcement of second quarterly results ended 31 March 2019."


2019-05-25 13:54 | Report Abuse

@SuperVegetto thanks!


2019-05-24 15:59 | Report Abuse

"Your Q and A post yesterday in Chinese" :)


2019-05-24 14:42 | Report Abuse

@SuperVegetto may i know where did you get the information (your Q


2019-05-15 16:24 | Report Abuse

@Up_down got it. Thanks!


2019-05-15 11:11 | Report Abuse

@Up_down may i ask what is Skan?


2019-05-14 21:34 | Report Abuse

it takes less than 1.5k lot to push the price from 2.3 to 2.45. Let's monitor tomorrow


2019-04-29 00:07 | Report Abuse

would you mind to share what is the linkage between warrant and qr?


2019-04-21 09:49 | Report Abuse

@jackfruit this is taken from annual report "Presently, we export our products to more than 40 countries across the world covering Europe, Australasia, North and South America, Asia
and Africa"

and Africa.


2019-02-25 20:47 | Report Abuse

2 consecutive qtr with eps < 0.5 cent. PE is high. Price might drop.


2019-01-23 19:09 | Report Abuse

QoQ improved? May i know which figure are you comparing?


2019-01-22 17:25 | Report Abuse

It has been few months since rumours saying this company will be transferred to main board.... can any sifu share how long does this process usually takes(from execution until completion)?


2019-01-22 17:18 | Report Abuse

Why would SFM emphasizes the cost is high(just 2M) when the company has over 90M in cash and equivalent?


2019-01-22 17:15 | Report Abuse

Any idea when will it be transferred to main board? In one of the article about recent EGM in Dec 2018, the author unofficially asked senior financial manager of N2N and the SFM answered this: "(translated)Although we have met the requirements to list on main board, the cost for this activity is high, it need about 2M. We do plan to get listed on main board, hopefully it will be done by Q1 2019"


2018-12-21 17:39 | Report Abuse

insider still accumulating


2018-11-10 07:33 | Report Abuse

anyway, i don't think it's the company who push down the price, whole market not performing well


2018-11-10 07:27 | Report Abuse

maybe they are reserving bullets, else if us market down for few days again, it will be a dive


2018-11-06 15:59 | Report Abuse

apple168, would you mind to share how is 10 cents eps calculated and reference to 60% drop in tourist?


2018-10-16 16:39 | Report Abuse

Repost my comment with some correction on the figures.
Finished reading the proposals and here are my views
1. Still not feeling happy with the price manipulation in past few weeks
2. Project injection lowers eps but it's acceptable to keep business going. Current eps per quarter is 13.7 cents. Post acquisition eps: 9.43 cents.
3. The private placement heavily dilutes eps Post private placement eps: 5.1 cents.
4. Risk: there is no indication of current sales of those injected projects.
5. I think the private placement is likely to go through other wise what is the point of proposing

One months ago IDEAL was a gem with strong FA. At this moment, I feel like it turned into goreng counter.


2018-10-16 16:34 | Report Abuse


Future(Imperial Grande)
Gross Development Profit: 162m
Completion Rate: 10%
Balance Duration: 3 years(12 quarters)
Balance GDP: 162m * 90% = 145.8m
Average Profit per Quarter: 145.8m / 12 = 12.15m

Future(Amarene and Mori)
Gross Development Profit: 222m
Completion Rate: 10%
Balance Duration: 4.5 years(18 quarters)
Balance GDP: 222m * 90% = 199.8m
Average Profit per Quarter: 199.8m / 18 = 11.1m

Future(Imperial Ville)
Gross Development Profit: 92.7m
Completion Rate: 18%
Balance Duration: 3.5 years(14 quarters)
Balance GDP: 92.7m * 82% = 76m
Average Profit per Quarter: 76m / 14 = 5.43m

Current Average Profit per quarter of IDEAL(Avg of recent 2 quarters): 15m

Total Future Profit per quarter: 12.15m + 11.1m + 5.43m + 15m = 43.68m

No. of shares
Current: 110m
Post-Acquisition: 110m + 353m = 463m
Post-Private Placement: 463m + 393m(max) = 856m


Current(Avg of recent 2 quarters): 13.7 cents
Estimated EPS after post-acquisition: 43.68m / 463m = 9.43 cents
Estimated EPS post-private placement: 43.68m / 856m = 5.10 cents

EPS estimation above has not even taken into consideration of warrants and RCPS convertion


2018-10-16 16:07 | Report Abuse

The price for private placement is not yet finalized


2018-10-15 17:19 | Report Abuse

and i wish someone could tell me i was wrong


2018-10-15 17:15 | Report Abuse

I wish this stock could fly too but to be honest i would have more confident in ideal if these proposals never came. Reason being
1. In the past few weeks, it's likely that share price was pressed down to lower share issue price. Everyman for himself i guess... Nothing wrong but this is not the leader i could trust anymore
2. If the proposals materialize, its effect on earning dilution is greater than benefits(with iqapex's formula of estimated earning = estimated gross profit / number of quarters)


2018-10-15 14:08 | Report Abuse

so the sell down earlier was because someone intentionally lower down the price for private placement?


2018-10-04 20:04 | Report Abuse

if it's just the disposal of single shareholder, his/her stacks should deplete by now?


2018-10-02 09:07 | Report Abuse

Summary of log production
Jul -84%
Aug nil
Sep close to nil/nil

Some other business(plywood, sawn timber) are relying on raw material. Basic supply-demand principle, since log supplies in the market reduced due to gov investigation, its price would rise. If pworth purchase raw material from the market, profit margin will be affected.

Having said, the incoming quarter report could be really ugly.

Pworth's future might be bright, but now may not be the bottom yet