terima kasih anbz..atas maklumat itu..

anbz,
Akan datang..dating dulu...nanti lah..jangan tergopoh gopoh...bersabar lah...relax lah dulu

May possibly reach there as downtrend had started few days back..

mktwatch,
I have the same thoughts as you but I rather ask calvin as I would not like to assume nor would you as well. We are not directly "in the line of fire of selling PMC chocolate products"...Singapore is a free market and I have my greatest doubt that Malaysian made chocolates from competitors containing elipe and shea content would sell well there. Having said that the chocolates from Switzerland, UK are very good tasting and You can find these in supermarkets in Singapore although they are a bit more pricey...you can even find these chocolates in Malaysian supermarkets and most of them are on Christmas display in top end supermarkets such as Green Grocer etc.

The disposable income of Singaporean consumers are good relative to other ASEAN countries and knowing the mind set of Singaporeans and the cash outlay for a chocolate bar is small compared to the disposable incomes, most Singaporeans would rather "TRADE UP" rather than 'TRADE DOWN"...they would rather consume the high end chocolate products as the cash outlay is not significantly that high to affect their affordability... moreover imported chocolates such LINDT from Switzerland, CADBURY from UK chocolates taste better than even PMC chocolates but they are "VERY PREMIUM PRICED".

As PMC shareholders we want to know "Who are the real consumers of PMC chocolate products" as this obviously will have an impact on the marketing and sales strategy going forward.

mktwatch,
I have the same thoughts as you but I rather ask calvin as I would not like to assume nor would you as well. As PMC shareholders we want to know who are the real consumers of PMC chocolate products.

Good evening Calvin
Congratulations for the splendid sell out of PMC chocolate products...My understanding of Singaporeans is they TRADE UP to high end chocolate products such as LINDT etc...One can get good quality branded chocolate products in Singapore...unlike the ones manufactured in Malaysia

hmm I m rather curious why Singaporeans trade down to PMC chocolates....Who are the real consumers of PMC chocolate products in Singapore...R they Singaporeans or migrant workers or someone else residing outside Singapore...Could it be that the fantastic demand of PMC Choco products in Singapore is a "mirage"?

Just thinking out loud...what is the PMC price to supermarkets in Singapore...what us the retail selling price in Burma supermarkets...retail selling price in supermarkets in Cambodia or elsewhere especially third world countries in ASEAN countries or outside ASEAN countries? Is there a gross margin of at least 40% with price to Singapore supermarkets as a base? Are the retail sales in Singapore supermarkets real consumption in Singapore or otherwise??

Just curious after having perused through this thread. I would like to inform you that I am a shareholder in PMC...

Good evening Calvin
Congratulations for the splendid sell out of PMC chocolate products...My understanding if Singaporeans is they TRADE UP to high end chocolate products such as LINDT etc...hmm I m rather curious why Singaporeans trade down....Could it be that the demand be a "mirage"?
Just thinking out loud...what is the PMC price to supermarkets in Singapore...what us the retail selling price in Burman supermarkets...r the sales real consumption in Singapore or otherwise?? Just curious after having perused through this thread...

dah masuk neraka...sekarang menuju ke Syurga!!! MAS..Malaysia Boleh!!!

No opinion at the moment...not on radar screen ..

MAS= Mesti Ada System ...System untuk apa apa pun boleh...Takda faham ke...Malaysia Boleh !!

anbz,
Current hectarage in oil palm is about say 16,000 hectares but management plans to target 100,000 hectares in the near future...

That means high capex investment in the next few years to acquire additional 84,000 hectares of plantation land and this will be funded by operational cash flows and possible new debt....may not pay consistent dividends in the future as well...but if you r a long term investor with time horizon of say 10 years, you will realize your investment gains handsomely and that is assuming MKH acquires the balance 84,000 hectares within the next 3 to 5 years...

R U a patient investor or a short term trader? With MKH, one need to have the mind-set of a long term investor..

R U willing to be a long term investor with MKH?

Small Caps have low liquidity and tend to over shoot during bull period and under shoot during bear period...So one cant take large positions in good fundamental small caps especially those small caps with vey few buyers and sellers as liquidity is a main investment criteria for exit consideration..

anbz,
MKH = property + palm oil...Current hectarage in oil palm is about say 16,000 hectares but management plans to target 100,000 hectares in the near future...

That means high capex investment in the next few years to acquire additional 84,000 hectares of plantation land and this will be funded by operational cash flows and possible new debt....may not pay consistent dividends in the future as well...but if you r a long term investor with time horizon of say 10 years, you will realize your investment gains handsomely and that is assuming MKH acquires the balance 84,000 hectares within the next 3 to 5 years...

R U willing to be such a long term investor with MKH???

Good morning Calvin..its a beautiful Sunday... ... U r indeed a very persistent salesperson n passionate about PMC, PMC biz future...n very consistent in your investment take on PMC...U have absolute faith n trust in PMC, PMC management, its future biz direction as understandably so u r working in PMC n knows them personally n is supremely confident about PMC future biz prospects...

PMC is worth more than 26 cents......thats for sure....how much will it be worth in the future....u will say alot but there r also some naysayers n some who r on the sidelines...that depends on how PMC management charts its future biz strategy n whether PMC management believes n practises in Brand Building over long term for Tudor Gold to turnaround to deliver consistent uptreding operational profits, revenue growth....Successful FMCG companies builds BRAND n brand building takes n need time... successful brands sells supported by promotional campaign towards the consumers...

My take is the road ahead for PMC is a long winding road up to the hill top with obstacles to overcome n it also require fair amount of financial investment in top line campaigns to smoothen the climb up to take the hilltop but it is years away...

The TA traders may not have the patience compared to the FA investors who share the same faith as you in PMC...

Do Keep up your passionate faith and posting on PMC....

sklyte,
How to privatize MUI when the debt is so huge...the operational profits are eaten up by interest payment on the huge debts...Controlling shareholder will only privatize when the future earnings of the business with be exceptionally good but the share price valuation is very low and the company has very little debt..Right now MUI share price is low but the operational profits are eaten up by the interest on the huge debt and future earnings visibility is quite hazy now... unless there is tremendous surge in earnings , revenue of PMC, Metrojaya etc..

Steven Yong,
Nobody knows the valuation of MUIIND hidden assets ..not even Calvin... The persons who know the value of these hidden assets are Tan Sri KKP and certain BOD members who worked with him for a long time....MUIIND is a forgotten stock and Calvin brought up the promise that it could be worth more than 20 cents.. Yes it will be worth more if assets are realized into CASH to wipe our Debt and fund current/new businesses which drives up top line and bottom line growth in MUIIND..

Both Calvin and I agree that Debt must be wiped out so that MUIIND can make operational profits...once the debt has been wiped out the value of MUIIND will improve significantly...If hidden assets can be realized into CASH and CASH be deployed to gain higher returns on current/new businessess then these hidden assets must be uncovered and all shareholders including minority shareholders will definitely support it...

My only concern is some of these hidden assets/investments may be 100% write offs

iafx...glad to know we have the same view...the future driver for higher earnings is KSL is moving into High End property development...it did medium end properties in the past...this means higher gross margins resulting in higher profits, higher quality of earnings...my take is cash flow will improve, cash will increase as profits further surge...

If I am owner I shall take it private soonest possible before FUTURE surge in earnings drive up further the market value of its share price.....

My hunch is KSL is a POTENTIAL privatization candidate...If I am the owner I shall take KSL private...

Kcchongnz,
When u did the graham net net....cash was RM 44.78million..now cash in latest report is RM 112.7 million...moreover the future drivers for quality earnings will be from high end properties development which means higher gross margins and higher profits in the future ...KSL had focussed on medium end properties in the past... Debt is good if used to acquire assets to drive future top and bottom line growth....

My take is KSL is a VALUE BUY now...PE is only 3.3...Which other stocks in BURSA has PE of 3.3??? GOB PE is now about 8.....Batu Kawan is a "golden future promise" but it will TAKE TIME for GOB FUTURE PE to come down to 3.3...whereas KSL PE is already now 3.3.KSL owns hotels and KSL city mall...What is the market value of these properties?? I think its easily RM 600 million to be conservative. If one factor in the market value of these income generating properties plus the cash at bank KSL is deeply undevalued...Lets do a quick financial analysis

Total issued capital of KSL= 390.55 million shares
Market price of KSL = 2.05
Market capitalization of KSL= 800.62 million
Market value of KSL City + hotels= RM 600 million( conservative estimate)
Cash at bank= RM 112.7 million
Cash at bank plus market value of KSL Mall + hotels= RM 712.7 million
The other value of landed properties have not been factored in as yet.

My take is you are getting KSL at tremendous discount..It is a value buy now

Do you agree with this simple yet basic financial valuation? What is your latest take on graham net net on KSL based on latest Qtrly report??

sephiroth,
When kcchonnz did the graham net net....cash was RM 44.78million..now cash in latest report is RM 112.7 million...moreover the future drivers for quality earnings will be from high end properties development which means higher gross margins and higher profits in the future ...KSL had focussed on medium end properties in the past...

Debt is good if used to acquire assets to drive future top and bottom line growth....

My take is KSL is a VALUE BUY now...PE is only 3.3...Which other stocks in BURSA has PE of 3.3??? GOB PE is now about 8.....Batu Kawan is a "golden future promise" but it will TAKE TIME for GOB FUTURE PE to come down to 3.3...whereas KSL PE is already now 3.3.KSL owns hotels and KSL city mall...What is the market value of these properties?? I think its easily RM 600 million to be conservative. If one factor in the market value of these income generating properties plus the cash at bank KSL is deeply undevalued...Lets do a quick financial analysis

Total issued capital of KSL= 390.55 million shares
Market price of KSL = 2.05
Market capitalization of KSL= 800.62 million
Market value of KSL City + hotels= RM 600 million( conservative estimate)
Cash at bank= RM 112.7 million
Cash at bank plus market value of KSL Mall + hotels= RM 712.7 million
The other value of landed properties have not been factored in as yet.

my take is you are getting KSL at tremendous discount..It is a value buy now

kcchongnz,
Do you agree with this simple yet basic financial valuation? What is your latest take on graham net net on KSL based on latest Qtrly report??

Calvin,
If indeed it can reach RM 3.20 when all hidden assets plus debts r recovered, you will be laughing all the way to the bank if your investment cost is only 20 to 21 cents!!!...That will be a fantastic return on Investment--> (3.20-0.21) x 100/.21= 1,423.8 %

So better work hard to study the Annual reports, be prepared to ask lots of probing questions to get action taken to recover fully the hidden assets and debts... OK DOKY Calvin??

yungshen1,
The most important 1st rule on investment is don't lose money....the second rule is don't forget the first rule

I approach investment on strictly objective analysis of FA supported by TA. The FA is not that good based on latest quarterly report...I understand based on latest info I had sourced is that RAPID will still go on but on much scaled down version as PETRONAS had committed alot at Canada Shale Gas project...I was quite optimistic that this time around KNM can maintain its bullish mode...but KNM had disappointed my expectation so I got out...

If KNM does turn bullish again I will relook at it but I rather spend my time to identify better fundamental stocks that I do not need to monitor closely as KNM...KNM just took much of my time..so I decided to get out

Calvin,
Yes ..you have a point but recovery of hidden assets will enhance the net worth of MIIIND if these hidden assets and debts can indeed be recovered 100% or realized at more than 100%..It is in the interest of all shareholders inclusing minority shareholders that these hidden assets and debts are turned into CASH..

Calvin, These hidden assets r the key determinants of future cash inflow into MUIIND as once the cash is realized the huge debts can be wiped clean n perhaps there r some more can surplus for future business expansion. R U 200% with me in rooting out the hidden assets in the next AGM of MUIIND? I say 200% ok...

Calvin, The assets u mentioned r income generation assets but these operational profits r eaten up by interest on the huge debt...Hidden assets are important to increase the net worth of MUI...if these assets r 100% written off it is a big rip off on the minority shareholders such as u who had recently bought into MUIIND

So it is critical that all these do called hidden assets r recovered...do u have info on latest MUI capital assets?

Calvin, My main concern is how much of these so called hidden assets are total writeoff...what will be it's impact on MUI NTA value???

sephiroth,
When kcchonnz did the graham net net....cash was RM 44.78million..now cash in latest report is RM 112.7 million...moreover the future drivers for quality earnings will be from high end properties development which means higher gross margins and higher profits in the future ...KSL had focussed on medium end properties in the past...

Debt is good if used to acquire assets to drive future top and bottom line growth....

My take is KSL is a BUY now...PE is only 3.3...Which other stocks in BURSA has PE of 3.3???

I will focus on well managed companies in TURNAROUND situation in target Industry
Thereafter I will go for the following simple and easily available info on BURSA:
-Chairman message and CEO message- what is their business strategy for top and bottom line growth
-What are future catalyst for business growth..
-What is current EPS? Latest Quarterly EPS, EPS growth rate over EPS in latest Annual Report, EPS in previous Annual Reports(just as good guide on historical company performance....its more really to determine degree of confidence in the company)
-What is the current P/E based on Annual Report, Pro-rated PE based on latest Quarterly Report
-What is cash flow value, Is cash flow positive or negative... main factor to look out for is does the business operation itself generate positive cash flow, does it consistently generate positive cash flow over the past 2-3 years
-If business operation generate reduced or slightly negative cash flow ..find out the root causal factor...if it is due to investment to boost future top line and bottom line growth it should be OK..
-What is the DEBT to EQUITY Capital ratio ..Max ratio 2:1...If company has zero debts and all cash it is even better.

Calvin,
The article is on The Edge Malaysia weekly report Dec 2 to Dec 8 2013..on page 7 under "FRANKLY SPEAKING"...I have summarized the main points and issues raised as follows...

-MUI has been owed a sum of RM 427.75 million for more than 10 years
-Hope foundation and its subsidiaries owed MUI Capital the sum of RM 383.34 million( principal=RM 245.6 million plus Accrued Interest= RM 182.1 million).
- Little progress was made to recover the amount
-Debt had been owed by Hope foundation and its subsidiaries for more than 10 years already
-MUI had informed that the deals between Hope and MUI Capital are not related party transactions. This is puzzling to Edge Weekly as HOPE is said to be linked to Tan Sri KKP
- The Edge wonders why MUI took the matter to court in 2011 with a winding up petition against the debtors(Hope and its subsidiaries) commencing in Q3 2012 although the debt was long overdue
- There was a high court order in Q4 2012 to wind up the debtors
-MUI had said that the administration of the estate of the debtors by the director general of insolvency was still on-going
-The Edge asked..."Why did MUI take so long to initiate court action"
-There was little info on the debtors that owed MUI the sum of RM 427.75 million
-Edge further queried...Who owned Hope and for what purpose was the company and its subsidiaries using the money?
- For a company like MUI, recovering the sum owed or a large portion of it would do its long suffering shareholders a world of good"

Concerns of MUI Shareholders: How much assets can the Winding up petition started by MUI recover ?? 100% ,75%, 50% or lower than 50%...Do you know decision makers in Hope foundation who can enlighten further on this long outstanding debts?? It appeared that Hope foundation is insolvent (cannot payback debt of RM 383.84 million) as the director of Insolvency is now administrating the estate of Hope Foundation and its subsidiaries...

Would appreciate your input on the above article in todays Edge article....TQ and regards

sephiroth,
Would KSL be a better fundamental investment option ..KSL latest PE is only 3.3 whereas GOB latest PE is about 8 ??

When market accords KSL a higher PE of say 6 to 7 (which is a reasonable PE multiple for KSL)for top and bottom line growth ..KSL price will reach RM 4.00..now it closed at RM 2.05..

Calvin,
It was reported in the edge weekend edition today that Hope foundation and its subsidiaries owed MUI Capital the sum of RM 383.34 million( principal=RM 245.6 million plus Accrued Interest= RM 182.1 million).

MUI took high court action in Q3 2012 to wind up HOPE Foundation and its subsidiaries...The director general of insolvency is administrating the estate of the Debtors i.e Hope foundation and its subsidiaries...Are you aware of this? Based on your knowledge on MUI, would MUI receive the full amount of RM 383.34 million owed by Hope Foundation and its subsidiaries???

Support level at 46 cents was breached...downtrend emerges...am already OUT...KNM will consolidate with downside bias ....Time to look at other more promising stocks with better TA and FA....

Very important to understand and act upon the following...

"DO NOT fall in love with any stocks as the stocks WILL NOT love you...The moment any stock breached its 200 days MA JUST SELL..

Short term TA will merge with FA long term.. Downside now is limited..Graham net net valuation is minimum 30 cents...maybe more..
Take your pick be it TA or FA...

My take is downside is very limited..Upside is dependent on how much is capital payback.... MUIIND requires significant capital payback from PMC

Ayam Tua,
For 2014 onward I will be less of a dreamer and more of a fundamentalist and become more of a realist as it is difficult to repeat the good time from 2009 till now...what is the further upside potential of KLSE ??? Hexza??? what happens if Hexza make losses on its share investment in 2014??

Have you performed a worst case scenario whre it loses 25 to 30% of its invested capital value... What will be its revised graham m net net valuation then....Can you compute the revised grahamm net net yourself ???

Ayam Tua, In a rising share market...share investments go up...but will this be the case going forward in 2014 and beyond...I don't think so that past performance in share investment returns can be repeated in future...it really require super skills to gain from share market in 2014 and beyond....Graham net net rely on past success factor to project an intrinsic valuation...what happens for some reasons Hexza makes losses in their share investment?? If I were you I will not have too much faith in Graham net net as past success factor cannot guarantee future success...

Agree 100% with iafx...TNB will definitely boost cost...that is for sure..

Ayam Tua, I am really concern that you place so much FAITH IN HEXZA as Graham Net Net says it is super value buy...Just curious..what is the Graham Net Net value for HEXZA? What is the margin of factor between current price @ 67 cents versus Graham Net Net..??

Calvin,
It is very well known that Quek is a hard task master and drives for super performance....he was just way below KKP when he started off and many of these tycoons look at Robert Kuok as a TAIKOH...he fought with KKP to control APM but lost out and personal relations between Quek and KKP was strained....a lot of people cannot take this punishment and does not wish for this kind of lifestyle...but the fact is he drove his staff to their limits to get performance...

Market feedback is KKP is indeed a man of good values...he is an honest bloke as the Brits will say....and he will not do crooked things like some tycoons do...that is his strength of character...that is the reason why I am confident that KKP will go through the financial degearing of MUIIND group in a professional manner and I have taken some positions in MUIIND ..

The mistake KKP made then was he did not to hire the best talent when he was busy building up MUI which I give him a lot of credit for doing so then (biggest public listed company in KLSE then)and consequently he did not have good quality inner core team working for him that can really add value to his corporate takeover business and monitoring and managing its performance ....it is important not to have "YES MEN in he corporate team" ....

A good example was the Pengkalen fiasco engineered by two Indonesian brothers (if I do recollect correctly but please correct me if I am not correct with the facts)really cost KKP tremendously ....pengkalen meant " PIEN KA LUAN" but managing and building further on success is extremely difficult for one person such as KKP...he must rely on top notch management team with good business brains at par excellence level to do so...maybe now KKP with the benefit of experience and hindsight may just have the gumption to restore MUIIND from the Fallen to Par Excellence performing company...

If I am KKP I shall do so as TIME IS OF THE ESSENCE NOW...

agrimineral,
The 23 million good profit was made by sale of property in Singapore...if you perform proper detail analysis on its operational results ie. profits from making & selling choco products...PMC operational performance had deteriorated compared to 2012.. PMC for YTD 2013 operational performance as reported on 19/11/13 from making and selling choco is negative...

Calvin,
MUIIND has huge debts where the debt interest eats significantly into its operational profits and need cash pay-out from PMC to MUIND...In that process minority shareholders of PMC also benefit...

The RESULTS of Hong Leong Group and MUIIND Group of companies over the past 30 years speak for itself...MUIIND group of companies had crumbled as evidenced by the languishing MUIIND share price now at 20 cents (from RM 32 at its peak) whereas this was not the case with HL Group of companies...just in case people forgets...Hong Leong Bank was formerly MUI Bank...KKP had to sell MUI Bank to pare down debts and HL bought it over and added tremendous value to the bank since it bought over as Quek though a very thrifty person...pays for talents, reward talents and drives the organization with extemely good management skills to extract splendid performance..

Calvin,
Yes MUI has this property....How is MUIIND planning to realize value from this property for MUIIND itself in the interest of MUIID shareholders as MUIIND operational profit is eaten up by Interest on its huge debt.. Is MUIIND planning to develop or sell off this property... If MUIIND plans to develop this property that means it will take on more debt. Will that be so ??

What is your purpose in highlighting this property? What is the main objective behind this? Do you represent MUIIND main controlling shareholder , KKP decision, on what to do with this property??

Or are you just advertising MUIIND assets with objective to lap up investors' interest in the languishing stock??? We will appreciate it very much if you will list down all properties that MUIIND owns(since you had studied its properties over 6 years) and perform a sensitivity analysis on probable property prices(best case, normal case, worst case) versus the Total Debt that MUIIND has and arrive at NET VALUE per share ( best case, normal case, worst case)assuming certain properties have been decided by MUIIND KKP and MUIIND BOD to be flogged off in the immediate future..

If you continue on your current ways... you are not value adding to MUIIND, KKP, current shareholders and future shareholders of MUIIND..

well said John Chong...somehow some business leaders seem to think that by paying peanuts they can get super duper performance!!

Calvin,
Wow still in computer shop ..very hardworking...KKP also know that he must do major financial engineering/ovehaul and retool the MUIIND group ...if not MUIIND will sink into oblivion and be taken over cheaply by others and being a major controlling shareholder he will lose the most... KKP now is under pressure to do what it takes to drive UP the business value worth of MUIIND group of companies as he knew that he had indeed crumbled his once mighty MUI Group....the envy of many rivals then...

Everyone is a miser in his or her own ways...it is just a matter of degree...It is not only tycoons who are miser... In a big company management..one has to hire talents, reward talents, set KPIs, monitor performance, take action for non performance and let the management deliver the results as if you don't do it other will do it as the competition for talents is always intensifying..

Steven Yong,
Sorry...this is the feedback from the market.....and the fact over the past 30 years ..MUIND empire had crumbled whereas Quek's business had grown tremendously.... the two contrasting results of MUIIND and HL Group speak for itself..

Calvin,
The market knows KKP is still the controlling shareholder of MUIIND and the market had already made its decision on MUIIND...the LANGUISHING SHARE PRICE is testimony of Market confidence in KKP and MUIIND. Now KKP knows very well that MUIIND MUST DEGEAR and the market may possibly respond but it will not go GAGA over it..

If one day the market come to know that Quek Leng Chan is taking over MUIIND...MUIIND share price will GAP UP IMMEDIATELY as the market has FULL confidence in Quek Leng Chan...but unfortunately not with KKP as KKP had not proven himself over the past 30 years...infact KKP did disappoint alot of MUI Investors...but that doesn't mean he cannot do it... maybe he might just be able to make it this time IF HE IS WILLING TO PAY FOR TALENT, REWARD TALENT and be LESS OF A MISER provided he is deeply aware himself that "This is the LAST GOD GIVEN OPPORTUNITY for KKP TO REDEEM HIS LEGACY as he is now about 75 years old and ACT MORE IN THE OTHER SHAREHOLDERS INTEREST, CARE FOR THEIR WELL BEING AND DO WHAT IT TAKES TO DRIVE UP TOP LINE AND BOTTOM LINE GROWTH. YES IF KKP WANTS TO BE A MISER>>>BY ALL MEANS BE A MISER WITH HIS OWN SELFISHNESS"

yifie-911,
I am here ..what do you want to know???

Calvin,
I understand from you that the MUIIND, 70% OWNER OF PMC, needs the cash payout from PMC...MUIIND is highly geared and the cash payout from PMC will assist MUIIND to partially sort out its financial gearing as currently whatever operational profits made by management and workers in MUIIND group IS EATEN UP BY INTEREST ON LOANS....IF this continue on a long term basis , how is MUIND going to TURNAROUND...and in the near future if MUIIND does not degear , the higher interest finance cost resulting in BIGGER OPERATIONAL LOSSES will eat into the Equity capital..

Right now the market has no confidence in MUIIND..that is the TRUTH..and the languishing MUIIND share price is testimony to this...

You may ask WHY? Just go and ask any MUI long term investors about it...MUIIND major shareholder KKP had every chance during his time to build MUI into a big conglomerate and build it big he did....unfortunately his empire collapsed whereas smaller tycoons such as Quek Leng Chan who lost the fight to takeover a Cement plant had steadily increased his business empire ..Quek bought MUI bank from KKP who was forced to sell out to pare down debts, renamed HL Bank and grew the business...

KKP is still in charge of MUIIND...a born again Christian...The biggest problem with KKP is he is a MISER and he is not willing to pay for TALENTS and reward talents...Quek Leng Chan unlike KKP was willing to pay for talents, rewarded Talents and got fantastic performance...Quek has a brilliant strategic view of business, is savvy in financial and business management skills, and the results of these two contrasting business titans after 30 years speak for itself....

If KKP persist in his old ways of being a MISER and not willing to pay for talents, reward talents then I do not see much hope for MUIIND even if KKP did retire the debts which he must as he knows with RISING INTEREST RATE...DEBT KILLS MUIIND...With that I rest my case...

Calvin, The Enterprising Indon workers did not go back....They started their own small contracting business and charge CHEAPER...and they are getting the small contract business and earn reasonable good money.......

Ayam Tua,
Have faith or don't have faith...this is not the point...Graham net net intrinsic valuation is important to determine margin of safety before price entry...It is a useful indicator but I pay closer attention to most important key indicators
- Is fundamental of the business improving, stagnating or deteriorating
- Is the Earnings per share , PE at reasonable value
- Is EPS INCREASING.....
- Revenue quantum, Revenue growth rate
- Dividend Yield, Dividend yield growth rate

The positive factor is the Q1 2014 Report ended on 30/9/2013 showed that earnings was better than the same period last year. Revenue was slightly up as well.

KSL stopped paying dividends to conserve its cash and to manage cash flow...once dividend pay-out is restored and paid on consistent basis, the price will surge...at the moment this is not so even though EPS is very good.

Ayam Tua,
Initiated position in Hexza@68.5 cents although downtrend may possibly continue but my take is selling is near exhaustion and further downside is quite limited at this price level...next support if downtrend continues is 65.5 cents..