http://www.bursamalaysia.com/market/listed-companies/company-announcements/1874449

2Q14 results announced.

Revenue: RM60.23m
Net Profit: RM3.46m

Will post comments and analysis after I've had time to go through the notes.

I'm getting tired of this constant spamming. Could all rational posters of this forum, please report his postings for abuse? Thanks.

Whoops, I made a mistake, Affin Hwang's target price is actually 74 sen.

oxygen: Lol, I now. But when they first published the report the price was 78 sen (yeah, mixed up between the two). Basically they're still waiting to see for a catalyst/land sale there before they'll change their forecast, hence they believe that the price is overvalued.

At the end of the day, they're analysts. They don't have a crystal ball, and they make forecasts based on whatever information and estimates that they can get their hands on. Whether they're accurate or not, it remains to be seen.

Anyway, back to the original point. Any of this board's readers have brokerage accounts with either BIMB or CIMB? (I'm sure at least one of you must have the latter :p) If so, could you please get your hands on a copy of the latest report? Thank you.

I was wondering if anyone has the latest research reports on Benalec by BIMB and CIMB? There should be one published on the 28th of January or later (this is after the DEIA announcement).

The reports from AMResarch and Kenanga are already available here, and I've gotten my hands on the one by Affin Hwang (although I'm not sure if how to upload it to this forum).

(For those interested, Affin Hwang recommended HOLD with a target price of RM0.78)

Oxygen: IPO was at RM1.00.

What always entertains me is that the gasbag (and his "wife", or is it "ex-wife" since seems to sudah hilang already) keep implying that there's bad news coming for the company. "Another scandal", "Malacca GM left", "1MDB taking over the project".

If one were really sincere and wants to warn investors away, then do us the favour of elaborating on what this "scandal" is. But of course, the gasbag can follow his "wife's" SOP answer lah, it's all "P n C".

This is like me coming to this forum and posting:

The price is sure to go up tomorrow.
The price is going to be unchanged tomorrow.
The price is sure to go down tomorrow.

And guess what, I have a 33% chance of getting it right, by doing the simplytembak (tm) method of choosing one of the three options above.

In the same way I can say, good news is coming for the company! Sure one! And keep repeating it every day, and eventually good news will probably come. An off-taker cold be signed up for Tanjung Piai, further land sales could be announced.

Vice versa, I can scream, bad news coming for the company! I keep repeating it ever day, and who knows, it might eventually happen. I.e. Brent tanks to USD10, or our whole economy goes kaput. And voila, I'm like a magician, I "predicted" that bad news is coming mah.

So really, when someone chimes up there's "some" news coming for the company (good or bad) and refuses to give some sort of substantiation, I tend to snicker. In the past, when Savvyone was saying Tg Piai's EIA approval was around the corner, I read his statement in disbelief. When he said the company had allocated RM50m for share buybacks, I rolled my eyes and shook my head.

At the end of the day, if you have news to share, good or bad, do back it up with something. Sure you could say, "My friend told me" or "I heard rumours", but without definitive proof, how many people would take you seriously?

If you have your own analysis (again, good or bad) to share, do the same. It gives your statements some credibility. Don't adopt the simplytembak (tm) method of doing things like some of this forums more notorious members are wont to do.

fortunebullz: It'll probably be a long time more before I do that lah. :p

I concentrate on very few companies, and currently the rest of my investments are all in boring defensive blue chips.

And at the moment, Benalec is still a long term play for me, especially since I'm still sitting on a paper loss.

Will see, I'm still reading what reports I can for other firms but many of the more interesting ones are already heavily played/covered.

Cheers.

CaoCao: Hindsight is a terrible thing. :p I'd just be happy that you're in the money.

Even after increasing my stake by 10% at around 60 sen, my break even price is still close to RM1.

It's going to be an entertaining ride for sure.

I can already predict what's going to happen.

Someone's going to post on this forum that the EIA approval means nothing.

This type of person, every time the company hits a new milestone, he'll come and say it means nothing.

When the RM200m CB is completed, he'll say it's nothing.

If Pengerang's DEIA is approved, he'll say it's nothing.

If Benalec wins STP2, he'll say it's nothing.

If more land in their concessions are sold, he'll say it's nothing.

Once an off-taker is secured, he'll say it's nothing.

After the money has been banked in, dividends paid to shareholders, he'll say it's nothing.

If the share price shoots up, he'll start comparing it with other... "luminaries" in the stock market who have appreciated more in a shorter time. I can already see him going, "You see! Not as good as Harvest and Harvest warrants that time!"

Stay tuned folks for the appearance of our regular gasbag who'll be spouting his usual crap. (likely along with his "wife". Who? Where? Yes, yes, sorry folks, bad pun. :p)

According to some misbegotten cretin, if no decision was made, I should go to KLCC and jump.

Based on the DOE EIA website and Benalec's announcement to bursa, the DEIA approval was granted on 23 January 2015. So a decision _was_ made on that day which is what I've been stressing several times in previous postings, much to the derision and denigration of some members of this forum.

I wonder if said misbegotten cretin should himself go to KLCC and jump.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1862601

APPROVAL FROM THE DEPARTMENT OF ENVIRONMENT, MINISTRY OF NATURAL RESOURCES AND ENVIRONMENT FOR THE DETAILED ENVIRONMENT IMPACT ASSESSMENT STUDY FOR TANJUNG PIAI PROJECT, JOHOR


Oh and don't forget, according to one jenius on this board (yes, jenius spelt with a j), DEIA approval should only happen at the end of March.

So just a summation for all rational investors on what else is on Benalec's plate or future prospects. These are points mainly for medium to long-term investors as well as those who are wondering what else could be in store for the company.

1) DEIA for Pengerang. I've heard that this has been submitted but have not confirmed it. And DOE's EIA website is I suspect not operating at 100% efficiency. Haven't bothered to really inquire about this with management.

2) RM200m convertible bond issue. According to the Hong Leong representative, there's no problem with the issue. I suspect that the board and management are managing the timing in order to avoid a mismatch (don't want the funds too early before it's required). They have up till March some time before this mandate expires. With Tanjung Piai being approved, this will probably be moved up for completion by next month (my guess).

3) An off-taker for Tanjung Piai. The MD has expressed some frustration during the general meetings as to how slow it is for a purchase agreement to come about. 1MYSOT or the middle eastern party that they're talking to have been taking their time on the whole matter. During my last conversation I had with him, he mentioned that enough is enough.

They intend to start reclaiming about 100 acres at Tanjung Piai (alongside building the necessary infrastructure for the whole project, jetties etc) without an off-taker simply because they strongly believe strongly that getting a buyer after reclamation is completed will not be a problem. He mentioned that there are 3-4 parties who are eyeing the area (especially since Jurong in Singapore for oil storage is a lot more expensive).

4) Sri Tanjung Pinang 2. I've always been pessimistic about their chances in securing this job. The MD mentioned though that no Malaysian firm can bid for this alone. The capital requirements are just too high. He inferred that Benalec would be tendering for this via a joint venture with a foreign party. (Note I could be wrong in this, as it is my own interpretation of his words/sentiments)

Depending on who the foreign partner is, their chances have improved (IMHO). This would be a fantastic job in terms of cash flow since they'll be paid on a progress payment basis (I assume it'll be a cash contract and not payment in kind), although margins will be much lower than what they've been getting from Malacca through the payment in kind.

5) Existing landbank/concessions in Melaka and Pulau Indah. They've still got 150-200 acres (IIRC) in these two areas up for sale. Considering that they sold almost 60 acres in Melaka to Jadex at the beginning of January (at their standard price of RM42/square foot), during trying times (oil prices like crap, consumer confidence not that great), I'm hopeful that they'll be able to sell the rest this year.

Note that the land in Pulau Indah is worth a lot less per square foot since it's not as great a location from what I've been told.


Overall though this is not as big a deal in terms of financial performance for the next two financial years (FY15, FY16, and partly for FY17). The already announced land sales should lead to positive results for that period, and the cash flow should keep the company on an even keel.

However, something to bear in mind, I'm not sure of the company's intention, but assuming Pengerang's DEIA is approved, they may decide to start reclaiming there as well (Pengerang is for fabrication and not oil storage), and that might stretch the company's balance sheet a fair bit.

Should they secure the STP2 contract, it would be stretched even further. At that stage a rights issue/ private placement might be required. But of course that's still some time in the future.

zero: Thanks, bro. Tomorrow I'm sure trading will look very entertaining.

As to your latter statement, ROFL.

To all rational readers,

The DOE's EIA report website has just listed Tg Piai DEIA is now listing it as "APPROVED".

Approval date is stated as 23 January 2014. (heh, backdated to meet KPI much?)

Can someone else with an account with the same site please verify and second my statement? Thanks.

I didn't lie.

You on the other hand love to simply make accusations.

It's okay though, most people know what kind of person you are.

Good job on the lack of exclamation marks. At least your anger is simply simmering instead of burning.

Still highly entertaining (in a strictly sardonic way) to read these posts.

I stand by what I said. I expected the DOE to make a decision. It didn't happen. No kittens were harmed because of this. But my belief of why it was going to happen? It's all in my previous postings should anyone want to know my rationale.

It's okay, I'm sure someone out there still thinks you're the best.

But you should chill. It's not good for your heart when I can feel your anger.

FYI to all rational readers of this forum.

Have checked the DOE's EIA website. The Tg Piai's status is still listed in the "Under Review" list even though they (DOE) should have made their decision last Friday according to their KPI.

As I have mentioned earlier, I was expecting said decision, but obviously it has not happened (or the website has not been updated). Sadly, this is out of my hands.

I'm still hoping for the decision to be made, and will accordingly post here once I learn anything new.

To all rational readers of the forum.

No update has been made on the DOE's EIA website as yet. Waiting for them to do so, be it Approved or Not Approved. I do know they seem to update it within a day of the deadline. So am hoping it'll be reflected by tomorrow (Saturday) or with typical government efficiency, Monday.

An associate pointed out to me, that even if the DOE has made a decision, Benalec may not know about it yet. Any such decision has to be made in writing to Benalec before Benalec can make any requisite announcement to Bursa.

If the DOE only decided by end of day today, written notification will get to Benalec probably only on Monday (assuming a 5 day work week). A bursa announcement can then only be made on Monday.

Will let you know once I learn some thing more.

Vin Tan: Heh, just ignore them. They're hopping up and down with (supposed) righteous outrage that not everyone takes their views as gospel truth.

You can tell how desperate someone is when they tell you to "I feel more deeply sorry for you for being retard and stupid and idiot and naive too."

When one can't argue rationally, the solution is quite obviously to throw out personal insults.

I now feel not just one person's anger. I feel the anger from two persons.

I think he'd be happier if I posted in broken English. Heh. How dare I post in proper English, right?

Have to disagree with him viewing my postings as "spin" though. I give one perspective. (sometimes positive for the company, sometimes negative) Don't want to believe my views? Feel free to disregard it.

Unfortunately from his perspective, the (wholly) negative spinning he does sort of fails since he can't provide any source document links, either reports, media articles, bursa announcements and the link. So, one liners it has to be.

And I'm sure he feels rather threatened between the two contrasts. Harder to believe someone with a one liner most times, n'est ce pas?

I wonder how one is supposed to know a company inside out if one were a third party investor.

According to him, it's a crime for me to "read from report, bursa website, articles, annual report, newspaper and what not. and also read religiously bursa announcement."

Wait, hang on, that's not it. I think understand. According him it's a crime because I post my views and links here, to said things that I "religiously" read.

Ahh, that must be it. I can read as much as I one, but how dare I share my findings here, eh? Better to give one liners with "this is a rubbish company", and don't bother to elaborate.

Vin Tan: He claims to have "confidential evidences" about the company's supposed wrongdoings. To find out more, he also asked me to contact his "lawyer" but refuses to give me said "lawyer's" name and contact.

Recently, where claimed to be his "lawyer" (or insinuated to be), so I think that explains it completely to all rational readers here.

Axe to grind much, you think?

The more exclamation marks the fella makes, the more entertaining it gets.

Vin Tan: We all know he won't/can't do that. It'd be the equivalent of admitting he was (gasp!) wrong.

Eh, calm down lah. So many exclamation marks, not good for your blood pressure.

I can so feel your anger.

Vin Tan: Not me. I've never once put a target price, nor have I ever said this to be an instant profit counter.

Even timelines, I generally keep vague, unless I've got very definitive reasons (i.e. my belief on a DOE decision today).

There are some of course who somehow can interpret my words in their own way of course. Like one big liar here who attributed my name to someone else's (savvyone) quote.

But in the end have to let him be lah. Can feel his anger very the strong, liao.

*twiddle thumbs* Uh-huh, sure. You carry on with your sentiments. And calm down, too many exclamation marks shows your anger. Which you do not want me to feel, right? Heh.


To all rational readers of this forum.

Will be checking the DOE's EIA website periodically today. Based off their KPI (I love that term, heh), they'll have to shift the Tg Piai submission from "Under Review" to either "Approved" or "Rejected" by the end of today.

I'll keep you posted when I see them do so and let you know which one they've shifted it to.

Caveat: Again, these are all assumptions based off their KPI lah. If they miss that, we all know someone (okay, two someones) here will be jumping up and down with joy.

Heh.

Scared of an announcement eh?

I feel your anger, it's okay though. We all know you're terrified.

where: Please show me when I started with the personal insults?

You have called me the MD's dog. You even apologised for it. And then you used the same insult again.

You insult my family.

You claim that you pity them for having me as their "daughter" even though I'm a guy.

Show me what was the personal insult that I made against you that started this? Surely you can do that, no?

"Please accept the fact that you are retard for spreading news that decision will be made this Friday. The decision is ask Ah Ben to revise the EIA again and action to be taken to preserve and reduce environmental impact."

I stated very, very clearly that I expect them to make a decision this Friday. I even posted my reasons for that belief. I did not say even once whether the decision is approval or rejection.

And now you have the gall to say that the decision to ask them to revise the EIA.

So what exactly are you saying? You are saying you AGREE with me that they are going to make a decision this Friday.

Only thing you're adding words by saying what it is the DOE is going to tell them to do by revising the EIA.

So what exactly is the problem? I said decision, you agree decision. I didn't say conclusion, but you threw out what is a (from my view, bullshit) rumour.

I am a retard for posting something that you AGREE with me is going to happen? A decision? So what does that make you?

And again, it's okay for you to make personal insults. But you still have _not_ shown me what was the personal insult that I threw at you first.

You don't even have credibility. You're a disgrace to mankind.

where: Excuse me. Let's see you grow a pair and at least provide some proof for once.

Tell me, what are the "rumours" that I have posted here.

I've based everything I can on facts. Where possible I even give substantiation (i.e. how I came to the conclusion when the DOE is coming to a decision).

Let's see you for once, show proof.

What are the rumorus that I have posted?



And you say you're not against me, and you have the gall to call my family retards?

How dare you. You have no morals at all. If you disagree with me, argue properly with points. But instead you throw insults not just at me, but my family.

Despicable.

where: At least I don't insult your family.

Now you say my family are retards?

Pathetic.

See, this is why I find this character highly entertaining.

According to him, Benalec is not in O&G which is true. But what he of course doesn't know/ doesn't care to know/ doesn't want to know, is that Tanjung Piai is planned to be sold in parcels to oil storage terminal providers.

The NPCC is there as a review authority. They (and definitely not the chairperson of the council) are not there to make announcements on behalf of the DOE when it comes to approving/rejecting DEIAs.

This can be very clearly seen in the case of Forest City's DEIA. Did anyone see a press conference done by Najib announcing it? Nope.

Such announcements come directly from the DOE, I don't know who announces it. It could either be the DG, one of the DDGs or even the director for the evaluation division.

Not going to even argue with his assumption that the share price is being pushed up to get bond subscribers. The bond subscribers are already there...

Don't believe me? Contact HL Investment and ask them.


And the best part, he actually dares to say:

"All kena prank by Taciturn"

I, unlike certain characters who tend to mouth off with pure BS, value my reputation. I've stated the following:

1) The DOE's decision is likely to be announced tomorrow. I explained the reasons why, in a post that was subsequently removed since someone reported it for abuse - take a wild guess by who, heh. I've already sent a communicae to i3's administrators to review it, as well as to take into account that someone is blatantly reporting for abuse every single posting I make, no matter how innocuous.
2) I do not know if they will approve or reject the DEIA
3) I could be wrong with the timing. It could be deferred for all I know (messing up with their KPI)

Unlike someone here who claimed very clearly

***
On Jan 17, 2015 10:50 PM, where posted:

73 days to countdown to find the truth whether can obtain EIA approval.
***

According to his simply tembak policy, the EIA approval (or I assume, rejection) will only be announced at the end of March.

Let's see who's got a more accurate timeline...

Closing at 75. Here's to hoping the DOE announces approval for the DEIA, tomorrow.

Interesting, someone decided to report my two of my postings for abuse. One (the most recent) was on how to report jjwong's postings for abuse.

The other one though was my posting responding to CaoCao as to why I believe the DOE will make a decision on Tg Piai's DEIA tomorrow (Friday, 23 Jan 2015). Obviously some people are less than happy with my revealing that...hrmmmm....

Post removed.Why?

jjwong: Enough is enough. You've been posting the same thing again and again. It's the equivalent of spamming. I would recommend other forum readers to report his posting for abuse. With enough reports, the posting will automatically be removed.

Post removed.Why?

To all rational investors.

I stand by my earlier comment. The DOE's decision on the Tg Piai DEIA is expected to be made tomorrow (Friday, 23 Jan).

In order to avoid confusion with those of menial intelligence and who enjoy twisting my words, let me be very clear.

The _DECISION_ is expected tomorrow.

I do _NOT_ know if it is going to be a positive or negative one.

I only hope that it is a positive decision for Benalec.

zero: Interesting read, thanks!

And the writer put in reference end notes too. Very well done, may not agree with a few minor points but overall it's well thought of and written.

One important conclusion (for me lah) I have come to is, I knew I should have joined politics in my early years. It would be so good to own a sand mine. :/

If the evidence is P&C, why did you raise it in the forums in the first place? It's like going:

"Neener, neener, I know a secret. It's something bad."

Someone asks:

"What is it?"

You respond:

"I can't tell you."

In other words, no one knows whether to believe you or not.

And let me express my abject disgust at you. When you start bringing in my parents into the picture for your insults, you truly have sunk to a new low.

At least, I don't respond in kind by insulting your parents.

Beyond pathetic.

Andddd (surprise, surprise) more insults (although of the same kindlah, this fella really got no standard).

And he still doesn't dare to answer even one of my questions.

Truly pathetic.

And there we go. More insults.

Everyone take note that he has not attempted to answer even one of my questions.

Makes you wonder about his credibility, no?

Pathetic.

Yadda yadda yadda. Once again he insults me by saying I'm shiok sendiri, and he claims I'm praising this company like an angel. Eh, show me where i praised them like an angel, I'm curious. Of course knowing you, you'll pretend you didn't see this request.

And of course he's still too cowardly to answer the two questions I asked him.

Can't answer with facts, divert with insults. How pathetic.

At least try to pretend to answer my questions. The fact you don't even make an attempt proves the point that you are a liar. One who continuously spouts rubbish rather than fact.

When you are unable to argue against any of my points, on to the tried and true method of insulting me instead.

How pathetic, a "lawyer" who cannot do a rebuttal.

I feel your anger...

where said, "Ryanteh.. once sent let me know ya. PLS ............ hope you are Ryan (male) and not Ryan (female)."

Wow, sexist much aye?

Huh, if anyone feels I'm actually "manipulating" Benalec's shares on this forum, feel free to report me. If it's based off the facts (and my own personal views) that I relay here (none of which is even close to insider trading), then it makes even less sense to me how I'm "manipulating" things.

And entertainingly, the person who once threatened to report me for insider trading (and who claims to have a lot of P&C information on Benalec - i.e. EIA definitely not being approved according to him! You know, stuff that would actually be construed as insider information) is asking others to take on the task of reporting me to Bursa.

Looks like he will not (can not) do so himself since he knows he's got no points or arguments for such a report. So better to foist it off to someone else to be the sucker, eh? That, for once, is a smart "lawyerly" move.

But still, you've refused to answer my questions to you. Chicken eh?

It's okay, I feel your anger.

where: Still waiting for you to at least make even a half-hearted attempt to justify your two statements:

"Reclaim land but cannot sale."
and
"i am much better than you when you only display good news which in fact all false. "

Since you haven't done so, I'm taking the view that you obviously tried to lie to us. I call this doing a "kukuman".

Of course you are too cowardly and unable to do so. We all understand, since after all you're obviously a great "lawyer", heh.

I've only met the MD during general meetings, so I cannot say that I'm even a friend of his. So not sure how I got to be brainwashed as his pet.

I have also never tried to defend him as far as I know (please elaborate if you believe I have).

Thus far all I've stated very clearly is that, the person you idolise, Leaw Tua Choon is a criminal from my perspective and the AG should charge him and get him convicted. Who knows, maybe if the AG does that, you can then offer your services as a "lawyer" to him. After all, you are "99%" sure of getting him off, no?

kukuman: You said:

"You may trying now to justify but your postings are trying to give rousing thought that approval is coming and will be obtained. That is why you are spinner "

I totally disagree. I'm merely telling everyone when DOE's decision is expected. I have never once said that approval is a given (this is the third time I'm iterating this point today - which you of course conveniently seem to be ignoring).

Aiyoh, cannot argue with my points it's okay lor, just admit defeat for once. But then again, I can feel your anger, so I understand you're very the stressed.

where: I don't know how it is I'm supposed to be "sneaky" when all I'm asking is for you justify two of your statements, or admit that you tried to lie to us.

You said: "Reclaim land but cannot sale."

I am still waiting for you to explain the first statement considering the fact that Benalec has sold 210 acres ever since the criminally liable Leaw Tua Choon et al have resigned from the company. You have so far only stated:

"U damn funny. Asked the company how long it took for them to finalise the land sale"

which does not explain your original statement at all.


You also said: "i am much better than you when you only display good news which in fact all false. "

I have asked you to tell us, what is "good news" that I have displayed which is "in fact all false."

Thus far, you seem unable to answer this point, so you try to divert the issue about asking me to check whether the GM has resigned.

What exactly does the GM resigning (if so, I have no idea) have to do with you claiming that I display false good news?

Feel free to try and explain, or perhaps you'd care to man up and admit that you've tried to lie to us?



P.s. I have no idea what the GM resigning has to do with all this. Benalec is still reclaiming land, Benalec is still selling land. The GM resigned, oh my god, are we supposed to panic perhaps? You might have heard of career changes, better offers else where, or perhaps the concept is one that is lost to you. People do change jobs you know.

kukuman: Aiyoh, no need to keep repeating your postings lah, then I have to repeat my answers.

As I said earlier,

"As I do not delete any of my previous postings (unlike certain lying scum), anyone can review my archive of postings and see that I have never, ever once stated whether approval is a given.

On the other hand, you as the great anti-spinner of this forum continue to spew your vitriolic example of pure rubbish. "


It's okay though. We all know you're still "special". I can feel your anger, but it's okay.