I wish that GPS will not support either. Both are just for self interests not national interest at all.

Election - give the people a chance to decide now, once and for all. Any government formed now will fall within weeks if not days.

GE15 please!

Wait for Tun resignation as Chairman of Bersatu!

This is no good.

Why just based on the 92, while not go for a Presidential election - go to the people of Malaysia.

Lets change the system from a Westminster to one like France / Philippine, etc.

Like that - no end, should go for election and let the people decide

7-11 also can run the country 24/7 354 days

Shareview123, good morning.

First, it is not compulsory for right issues to have underwriter(s). There was no underwriter for Perdana's RCPS rights.

Issuers of rights have to pay a fee to the underwriter(s). And there are terms and conditions where the underwriter(s) can "wiggle" their way out of the underwriting obligation. Nonetheless, it is in the interest of the underwriter(s) to want the entitled retail shareholders to subscribe, otherwise they will have to come up with a maximum RM 37.5 million to give to ICON for the rights shares (cum warrants) should no retailers subscribe.

There are many "ways to skin the cat" as they say; and in this case, consolidation!

So 99.9999% of retail shareholders have lost money through the consolidation. Unless the loss is small, most retail shareholders, I believe, will subscribe to average down their share price. This left a bitter taste, being forced to subscribe.

The views expounded on 25/1 10:28am & 10:45am and 26/1 6:57pm by Shareview123 on whether retailers are encouraged to subscribe or not, appear a bit contradictory. But nevertheless, encouragement is always better than force.

Again, taking Perdana as an example, there were also many discussion whether to subscribe or not, as should all the RCPS be converted to normal shares, the total share base would be enlarged 3 times from the original. But, today, the price has appreciated to 0.525; it is 1.28 x NA (0.41).

Now, for ICON, there is warrant (to be given free), the exercise price is 0.168 within 8 years (duration of warrant). The NA of ICON after all the rights and conversion is calculated to be 0.13 (pg 38 of prospectus) for the maximum case. Following Perdana, there is the potential that ICON share price might appreciate to 1.28 x NA, i.e. 0.166

Taking up the rights at 0.105 to average down one's price to maybe 0.12 to 0.13; and with potential for ICON shares to appreciate to, say, 0.16 will give about 20% gain.

Now of course the question would be, when, if ever. Please then refer to Petronas' Activity Outlook 2020-2022 page 61 and decide for oneself whether to invest more money or not.

Happy investing in the RAT year.

ferdtwh - timing can never be right or wrong on hindsight. It is just bad luck. Who knew coronavirus happened? This right issue was planned way back to the middle of 2019.

Not only ICON would be in trouble, all O&G service providers would be in trouble too; sooner or later, should the oil price go south like in 2015/2016.

But, I am sticking my neck out here, I think this is a knee-jerk reaction and oil price would revert to the USD 65 to 70 level within the next 3 months.

Shareview123, thank you for sharing your thoughts on the "maintenance" of price to "ensure" subscription of the rights.

There are altogether, four underwriters that will underwrites (that is, pick up any rights that entitled retail shareholders do not take up) RM 37.5 million representing 15.2% of total rights (with warrants) to achieve the minimum intended gross proceeds of RM 145.5 million.

The main shareholders (all government linked) had already given an undertaken to subscribe to their entitlement of RM 108 million (145.5 - 37.5).

So as retail shareholders, there is the comfort that the major shareholders will subscribe, the four underwriters will subscribe if you do not want. Base on this, the underwriters (I am speculating here) will maintain the price at an attractive level so that retail shareholders would want to subscribe otherwise they will have to cough out RM 37.5 million. If one look back to Dayang, that was what happened. This is what Shareview123 meant.

In addition, financial institutions that had given loans to ICON have agreed to take the rights (with warrants) as part payment of loans extended. In this way RM 27.7 million of outstanding loans has been settled. What this signify is that financial institutions are bullish of the OSV sector in the coming years that they will eventually sell their (right) shares (and warrants) to recoup their money and maybe more. Of course, downside is always there.

Now about the consolidation of 50 to 1, it is not possible that one can sell short on ex-date (or any other day). Online trading platform or any platforms for that matter would immediately showed the reduced number of shares and the platforms will immediately reject the sell order. The scenario narrated is totally a non-issue. One just cannot sell more shares than one owned. I am not talking of those short sellers. I am only talking of retail shareholders. If you are a retail shareholders and it happened to you, then change investment bank, their trading platform is faulty.

Those who are able to sell shorts, belong to a special group of traders and there is no need for sympathy for them as they know exactly what they are doing - gambling.

The confusion on the prices arises because the rights (cum warrant) issue was ex on the same date i.e. 22 jan 2020, thus the price is immediately adjusted as if the rights (cum warrants) are fully subscribed as is all others rights issues while some may think that the prices should be the consolidated price of above RM 1+ before the rights.

Yes, there would / could be limit down when market open on Tuesday.

Of course, all this confusion could have been avoided should the Adviser and Bursa had just went with the rights issue without consolidation. That is, 1.5 to 2.2 times (minimum to maximum gross proceed) the issued and paid up of original 1,177,185,100 shares.

Appreciate if the Adviser / Bursa explains what purpose the consolidation serve?

Happy investing in the Rat year.

pjseow, indeed, dividend maybe around the corner - 3rd quarter 2019 report " While we continue to steer the company towards greater heights, our stronger balance sheet will now enable us to reward our faithful shareholders who have remained steadfast with us throughout the journey". Yes, a distinct possibility, especially with Dayang's excellent cash-flow (3rd quarter - RM 266M). Keep finger crossed.

pjseow, welcome back, good to have some decent chat.

Indeed, the two 4-years contracts is worth anything from 1B to 2B (depend on which IBs one follow). I am more bullish, >2B (estimated from Petronas Activity outlook 2020-2022). And do not forget the existing contract for peninsular Malaysia that is still ongoing till Nov 2020.

The fact that Dayang has again contracted Perdana's vessels meant that Dayang is super busy as Dayang's own vessels cannot cope.

I hope you have invested back into Dayang again and enjoying the ride to a potential RM3+ in 2020.

Happy investing.

Seriously, Iran does not just rely on one general. He maybe good, but there are probably more (mad ones) come down the line.

Sit tight and watch the show.

An eye for an eye, sooner all will be blind.

Mr Tan, thank you for arranging this competition.

I am not an avid user of i3 forum and do not know where to follow the performance of the many competitors. Nevertheless, while going through the performance, take heart that in 2018, all competitors loses money. I also lost money.

All the best for 2020 and may all your dreams come true this year.

Happy investing.

This I can agree with you whole heartily.

Armada, thanks for reading and also thank you for the greeting.

Take care.

What happen to your mustache?

Merry Xmas and Happy new year to you and all here.

Very interesting. I have pondered this question over many weeks now that the (bond) yield is now increasing - time to get out of bond and back to equity? Seem like not.

Thanks for sharing.

Thank you for the information.

Fellow investors, please study Petronas Activity Outlook 2020-2022 carefully before deciding to buy or sell.

From the outlook pages 61, 62, logistics (i.e. marine vessels) would be very much required. In addition, it is the first time Petronas mentioned a frame agreement has been established to support drilling & development/production projects requirement and the future depicts a healthy outlook. And local players and financiers to re-assess appetite for investment opportunities.

IMHO, the above narrative in the Outlook is bullish.

Again you will have to do your own due diligence and decision to buy / sell is wholly your own.

Happy investing, Merry Xmas and Happy New Year.

Petronas Activity Outlook 2020-2022 is out. This can be downloaded at Petronas-media site.

Page 57 indicated that for 2019, MCM planned manhours (mhrs) was 17.7 m mhrs while actual came in at 15.2 m mhrs (this is the first time Outlook included actual figures). Base on 15.2 m mhrs, already all the three companies had much improved performance.

Now for 2020, the planned mhrs is 18.9 m (previous 2019-2021 outlook for 2020 was 17.6 m mhrs, thus a 7.4% increase). Imagine next year what would be the performance - much better than 2019 for sure IMHO.

And this is MCM only, I have not looked at HUC etc.

This is not a promotion to ask you to buy neither to sell. You buy or sell on your own free will.

Nevertheless, happy investing, Merry Xmas and Happy New Year to all.

slts, "nov n dec no activities ...", really?

From past records, there is at least RM 174M to 285M (2014 - 2018) for 4th quarter. I would not call that no activities. 2018 4th Q was RM 285M (included 20M impairment reversal) i.e. with out the reversal, income would have been RM 265M, again I do not think that is due to no activities in Nov and Dec. Lower activities, now that is acceptable compared to Q2 and Q3, YES.

Q1 has always been lowest due to monsoon. As an investor, this may be good time to pick up shares when the "unknowing" throw due to ignorant.

I beg to differ. Why decline, I think Finland will prosper more. They are using all the human resources available to them.

And I think they got their education right, as once the poorest, now among the riches in the world.

Please read Upheaval by Jared Diamond and understand what Finland went through and how they overcome the constant threat of a huge neighbour, Soviet Union (aka Russia now). And most of all, the so call allies (UK, France, US, etc) never came to help them when they were attacked by the Soviet Union back in 1939.

So demonstrators of Hong Kong, be careful who your allies are.

And what is Malaysia doing about this?

It is very good to have the infrastructure, but without the software (including human) it is nothing, only make someone rich installing the infra. Again barking up the wrong tree all the time. Cyberjaya was one big property development, that is all.

Sorry being very cynical this morning.

For once I fully agree with Greta Thunberg.

Both Norway and Canada can be considered energy independent, i.e. they produced more energy (oil, gas, hydro, solar, wind, etc) than consumed. So therefore they should ceased all further development of their oil and gas resources.

This will "firm" the price in oil and gas, leading to higher adoption of renewable energy that at current oil price is not (economically) viable. Do note that China reduced subsidy to EV this year and the sale of EV dropped. Similarly, Norway also subsidize EV selling price.

Yes, the cessation of further development in Norway and Canada oil and gas resources will not in any where affect them economically as well as their living standards.

But I wonder why she did not include USA, UK and Holland? US, being so rich, do not need shale oil.

Siew, thanks for sharing. Investment is a life journey. Keep it up and do your homework (do your homework (emphasis 100 times)), it is rewarding.

Choivo, how have you been? Have been quiet lately.

Yes, Jared Diamond is good, but god, hmmm. Nevertheless, it really opened my eyes to so many outdated ideas I had.

So SoftBank does not own Ping An, please. Own something is 100%, so it only hold some percentage of share. I also hold some shares of Ping An (of course much much less than SoftBank), but that does not mean I own Ping An.

alfred - "SoftBank Group Corp own Ping An Insurance", I am not sure where you get this information from, please provide the link, thank you.

As far as I know, (2018 Annual Report) SoftBank Group Corp does not own Ping An Insurance as it is a public listed company listed in Shenzhen and Hong Kong Stock Exchange.

The ten largest shareholders as provided in the Annual Reports does not list SoftBank at all.

Wonderful, Fabien.

Mr Seow, good to hear from you. Hope you still have some Dayang shares to share in this journey.

From the Q3 report "While we continue to steer the company towards greater heights, our stronger balance sheet will now enable us to reward our faithful shareholders who have remained steadfast with us throughout the journey". Dividend could be round the corner!!!

From my back of the envelop calculation, looks like 2020 will be good too and RM 3 is almost there before 2020 ends.

Happy investing all and don't drink too much.

Mr Lee,

After reading many times what you wrote, you basically want to preserve the Chinese school system that in your view is providing good education for "all" Malaysian. Good education (provided by vernacular schools) is very debatable.

The point I want to make is the "Chinese" after Malaysian, why?

Since you can say it, then why stop the Malay from also fighting for what they think is important to them? This is so tribal, there will be no end to it.

If it is just excellent education you are after, then, would you not think the Finnish system would be better for ALL Malaysian?

If we want our leaders to move away from racial line, then we as citizen will need to also move away from racial wants, Chinese vernacular school, Chinese finance minister, etc, etc. Instead, we should emphasis the quality of the person more rather than what tribe he/she comes from.

It is difficult, very difficult, birds of the same feather flock together as the saying goes.....

TAR UC is open to all races please. So all Malaysian should be angry with this person LGE who called himself a Malaysian.

And many current DAP leaders (& ministers too) studies in TAR UC.

In all the discuss about TAR Uni/College, there was no mentioned of the many current DAP leaders (and ministers too) that studied there - A. Loke, T. Kok and many more.

So how did MCA brain washed the TAR students? This in itself null LGE explanation that MCA controls the college.

Nonetheless, all politicians are for themselves only. Mr Lee, while your intention is honorable, expecting these politician (that will sell their own mothers if required) to achieve the vision of Malaysia that you espoused is a dream, nothing but a dream.

And another failure on your part, you mentioned Chinese many time, why, you mean the other races are not interested in educating their children to their best ability???

To really move forward, I will suggest that we should look at all issues as MALAYSIAN!!!!!

TAR Uni/College are open to all races for your information.

Whether a democratic or a communist country, the process to build a dam is arduous to say the least.

Regardless, congratulation to those that make money and to those that did not, review where the investment went wrong, identify the mistakes and hopefully do not repeat them.

If one just spend time bickering this and that, no lesson can be learnt and mistakes will be made again in the future.

For Dayang, there is value still.

Enjoy the weekend and Happy investing.

So sad to read all these egoistical comments instead of where / how / when values can be determined to make profit (be it 1 sen or millions).

And how would the government knows how much one uses?

I would say most if not all politician are liars.

Thank you for sharing. I have the same sentiment.

I do not see the impetus to change as the decision makers are and will remain on the sideline while the political class continue their rhetoric. The political class will do anything, anything, (yes I repeat to emphasis) to remain in power!!! Even to destroy the economy.

Sad really.

How things change in a year ...

Malaysia endured 22 years before and now is no different, just a continuation. Nothing has changed with this guy, I remember those that forgives, I never forgive and never forget. Thanks to you all that forgave.

The same two actors using the same play-book. And similarly, Malaysia economy under attack. Well like Soros once said - see you at 5.

Good luck Malaysia.

Please think a bit more, regardless who operates the airport, if immigration do not support also useless!

Thanks.

This is most interesting, your thinking that poor local do not use public transport as it is below their dignity or whatever.

I am not poor (by definition) nor rich, but every-time I am in KL, I tried my best to use either the LRT / MRT or even the monorail. And if not possible, e-hailing.

In fact everywhere I go in the world - I try to use public transport to see places and use the money saved for food or entertainment. Stretch the money - see.

Maybe the poor in Malaysia (assuming you speak for them) should consider public transport to get away from the debt-trap of owning a car.

Have a nice day.

He is blaming himself as he was the one that started everything, the North-South highway when he was in BN remember?

Mr Tan,

Thank you for sharing and I agree with the sharing of investment ideas.

So maybe less of god please, thank you.

Have a blessed weekend nonetheless.

Many thanks, keep it up.

Tony, it would be good that you read this and reflect before saying oil is a dying commodity: https://criticalspectator.com/environment/nobody-gives-a-damn-about-climate.

Yes Ringgit has more or less de-coupled from oil price if one bother to research on it. Malaysia has a deeper secular problems that causes the Ringgit to depreciate, please refer my earlier article: https://klse.i3investor.com/blogs/teoct_blog/165332.jsp

Electric vehicles are like Concorde, expensive and toys for the rich. When it become mainstream than maybe, maybe it is the end of oil.

Happy investing.

As was mentioned in the article there was intense lobbying. Subsequently, market here-say was the I-HUC cancelled. Carigali had no choice but to proceed to award the HUC contracts accordingly as they have the most new platforms to install and commission.

Petronas Carigali being the largest operator in Malaysia awarded 3 contracts for HUC to Carimin (Angsi only), Dayang (P Msia exclude Angsi) and Petra (Sabah & Sarawak). Unfortunately no value was given in the announcements. Maybe in value would be 15% (Carimin) / 35% (Dayang) / 50% (Petra) of a total value of around RM 1B to 1.5B. Dayang portion would be RM 150M to 225M, not bad at all.