Management is the key. Result speaks. hihihi

MALTON BERHAD (320888-T)
6 Board of Directors
(cont’d)
LIM SIEW FAI
Malaysian Male/Managing Director
Mr Lim Siew Fai, age 50, graduated with a Bachelor of Science degree in Electrical Engineering (First Class
Honors) from the State University of New York at Buffalo, New York in 1991. Subsequently in 2000, he received
his Masters in Business Administration (MBA) from Universiti Sains Malaysia, Penang. He began his career with
Motorola Technology Sdn Bhd, a Multi National Company (MNC) in 1991 and his last posting with Motorola was
as a Regional Electronics Manufacturing Services Operations Director based in Singapore. In early 2014, he
joined Impian Ekspresi Sdn Bhd as a Special Projects Director for the redevelopment of Damansara Town Centre,
a multi billion Ringgit mixed development project. He brings along with him a wealth of regional management
expertise from his 22 years’ experience in a MNC and coupled with his involvement in property development, his
exposure is valuable to the Group’s property development in terms of cost, quality and delivery performances.

Malton is transforming and growing. It is still a very young and medium size property company. Can see that it is gaining strength. Unbilled sales first time exceed rm1 billion is record breaking. It is now taking bigger and more prominent projects like BJC and TTDI.

I think the new MD, Mr Lim Siew Fai, who joined the company about 2 years ago, a 1st class degree in Engineering, with valuable experience in the corporate world, could accelerate the transformation and improve the productivity.

My 2 cent.

BJC Park Sky Residence, GDV is about rm1 billion. Work progress and progress billings is gaining momentum. The structural works has already reached the top floors for ALL the 4 towers a few months ago. The interior works could progress very fast now. Parts of the road and drains have also been built. The Park Sky Residence is projected for completion by early 2019. (Maybe within FY 2019 if can hand over before June 2019)

This coming quarter results may reflect.
Park 2, both Tower 1 and 2, 90% sold. GDV for Park 2 is about rm700 millions. It will contribute towards FY19 earnings together with revenues from the Park Sky Residence.

Not to forget the contributions from the Construction division. Domain Resources Sdn Bhd is doing very well with both the internal and external jobs (Pavilion Damansara Height and Pavillion Hotel Bukit Bintang). Noted that Domain Resources implemented cost saving measures and value engineering like IBS (Industrial Building System), profits have been going upwards since last FY.

I see a gem in this company. There is also a jewel in Pavillion BJC Mall. Who can run a better Mall business than Pavilion and TSRDL?

I will sit tight to collect dividend and wait for the harvest. hihi

First support @61 sen

Strong support @60
50% Fibonacci Retracement is the strongest, 50% of 49-70.5 is 59.75
Round it off to 60 sen...

Volume thinner... Selling pressure subsiding...

A lot of shares have been collected by big hands especially during the up leg from 49 to 70.5

Expect it not to be as good as the 4th Quarter last year as the Signature Shops in BJC were handed over in that quarter. But most likely the full year results this year is much better than that of last year.

Anyhow the dividend yield at current price 61sen is slightly more than 4%.. Good enough incentive for me to hold this undervalued stock.

:)

TSRDL
converted 29,054,176 RCSLS to shares in 2017.
Bought 3,200, 000 shares in the open market in April 2018 at prices ranged 75-86
Bought 6, 800,000 shares in the open market in May 2018 at prices ranged 54.5-59.5
Total bought 10,000,000 shares in April and May 2018 at estimated average price of around 65..

The AVERAGE COST for the newly acquired shares since mid 2017 is
(29,054,176+6,500,000)÷39,054,176=0.91

The average cost of the above block of shares is 91sen.

This shows that TSRDL has a lot of confidence in the company.

Not wise to use Margin. Usually most people ended up with rubbish shares with huge losses in the Margin Account. Cut lost is easy said than done. In a crisis, no chance for you to execute your cut loss points... The share prices just dived to levels far far below your cut loss points... It can wipe you out in a prolonged and severe bear market if you move your cash account after losing 30% to your margin account..

I seen someone made rm400K in 1 month by trading contra. Betting size less than 500K. It takes 4 consecutive successful quarters with average return of 50% each to make up 500% per annum. Is possible but rarely...

Jon
Thanks for the good article.
It is possible for the super performance but must have consecutive good lucks apart from the skills and strong psychology.. It may not happen often unless in super bull market

在Bukit Jalil 一带没有大商场。马顿正好填上这个缺口。Pavilion 商场管理层Joyce Yap 去年末透露，已经有超过一千家商家向管理层登记，要成为Pavillion BJC Mall 零售业的租户。。

以Pavillion 的品牌与管理，可以在一众商场中脱颖而出，成为成功者吧！

SORRY CORRECTION TO TAKE AWAY THE PROCEED OF THE WARRANT CONVERSION RM139.3M AS NO WARRANT WAS CONVERTED

TAKE AWAY the controversial TTDI project and the warrant conversion as none or negligible warrants was converted
TOTAL RNAV = 1913.1M-- 111.8M--139.3= 1662
No of share, to date = 528M

RNAV PER SHARE = 1662/528=3.14

DISCOUNT..... INDICATIVE TP
50 %.................1.57
60 %.................1.25
70%..................0.94
80%..................0.63

Please note that no value was attached to the Pavillion BJC Mall which is being constructed.

DISCLAIMER
Not a buy or sell recommendation. Just a sharing of homework. Trade at your own risk.

叶子
As of 31st March 2018, total borrowing is rm512M, equity rm1056 M. Borrowing to Equity is 0.48, should be OK.
24/08/2018 17:11

Malton Malaysia
RNAV ESTIMATE
Extracted from
SOURCE :A NOT RATED NOTE, RHB RESEARCH DATED 6 FEBRUARY 2017.

Projects Location, Land size(acres), GDV(MYRm), Effective stake, NPV@11% (MYRm)

Ukay Spring Selangor 56 600 100% 30.5
Sungai Buloh Selangor 12 300 100% 18.8
Sungai Long Selangor 41 500 100% 33.0
Bukit Jalil City KL 50 2,200 100% 201.8
Taman Tun Dr. Ismail KL 12 3,700 51% 111.8
Amaya Duta Jalan Kuching KL 5 1,100 100% 88.7
Nova Pantai, Pantai Dalam KL 7 950 100% 76.6
Rapid City, Pengerang Johor 200 550 100% 52.8
Total 9,900
Total projects DCF 614.0
Land held for development (book value) & property dev. cost 1,189.3
Unbilled sales 137.5
Total value for property development 1,940.8

Earnings (MYRm) PE target (x) Equity value
Construction 11.0 6 66.1

Property asset value 103.0
Total value 2,109.9
Net current assets less property development (27.1)
Long term liabilities (308.9)
Warrants conversion 139.3
Total RNAV 1,913.1
FD Shares base (mil) 656.6
RNAV per share (MYR) 2.91
Discount?
Indicative TP (MYR)?

DISCLAIMER : No guarantee of the accuracy of the ESTIMATES. For reference only. Please do your own research.

=======================================

TAKE AWAY the controversial TTDI project and the warrant conversion as none or negligible warrants was converted
TOTAL RNAV = 1913.1M-- 111.8M= 1801.3M
No of share, to date = 528M

RNAV PER SHARE = 1801.3/528=3.41

DISCOUNT..... INDICATIVE TP
50 %.................1.70
60 %.................1.36
70%..................1.02
80%..................0.68

Please note that no value was attached to the Pavillion BJC Mall which is being constructed.

DISCLAIMER
Not a buy or sell recommendation. Just a sharing of homework. Trade at your own risk.

2.5 % dividend is the minimum... Could be more... Anything more than 2.5 % which yields 4% is a bonus!

Couldn't understand why those people sell leh!
Don't think they are making money or much money! And they are giving THE BJC MALL away for free!

http://www.theedgemarkets.com/article/tun-daim-met-ttdi-ra-today-said-sources

Now Tun Daim came in the picture.
A businessman cum politician would be able to find an amicable solution.

Huat ah! :)

Great

I just remind myself of the dividend yield which is close to FD rate at current market price and the Pavillion BJC Mall which is now offer free to the shareholders as txfs kept reminding us. Many institutions are shareholders as well. Remembering the above facts, I have peace of mind and able to hold tightly my investment in this company.

Just sharing.

Buying opportunity..

World Iron Production by month, up to June 2018 is available from the link below. China Iron production is rising...

https://www.worldsteel.org/steel-by-topic/statistics/monthly-crude-steel-and-iron-production.html

World Steel Production and Capacity Utilisation, May 2018

https://www.worldsteel.org/media-centre/press-releases/2018/may-2018-crude-steel-production.html

Probability

Is it that only Lionind can produce HRC from Iron Ore in the region of Asia or this part of the world for the export market? Couldn't the producers in China or other part of the world also switch to BF production?
How long could Lionind capitalise on this price advantage of cheaper Iron Ore b4 others also seek to use the cheaper Iron Ore as the alternative input material?

Annjoo also uses Hybric Furnace which can use either Scrap Iron or Iron Ore?

http://www.theedgemarkets.com/article/pie-posts-weaker-2q-profit-revenue-retreats?type=malaysia

Quarter results ending 30th June still disappointing

Results still disappointing for the quarter ending 30th June 2018

fidhttp://www.theedgemarkets.com/article/pie-posts-weaker-2q-profit-revenue-retreats?type=malaysia

Be careful...

10 years jail
FINE 10 millions

Honesty is a very expensive gift, do not expect it from cheap people
--- Warren Buffett

Quote



(Reuters) - U.S. stock index futures rose on Thursday, helped by upbeat earnings, a dip in the dollar and after China said it will hold trade talks with the United States later this month.

Dated 16.08.2018

Unquote

Hahaha!

All the weak holders and short term speculators were swept out with the BIG BROOM!

What remains are real strong investors!

What the hack!

Notice of Sale or Cancellation of Treasury Shares Pursuant to Section 127 of CA 2016
MMS VENTURES BERHAD

Date of shares sold from 09 Aug 2018 to 09 Aug 2018
Currency Malaysian Ringgit (MYR)
Number of treasury shares sold/transferred/distributed (units) 1,000,000
The minimum price at which the treasury shares were sold ($$) 1.630
The maximum price at which the treasury shares were sold ($$) 1.630
Total consideration received for the treasury shares sold ($$) 1,624,621.00
The name of the Stock Exchange through which the treasury shares were sold BURSA MALAYSIA SECURITIES BERHAD
Total number of shares still in treasury (units) 2,172,600
Number of treasury shares cancelled (units)
Total issued capital as diminished
Date of Notice 09 Aug 2018
Date lodged with registrar of companies 16 Aug 2018
Lodged by M & P CORPORATE SERVICES SDN. BHD.

Walao! Tan Sri holds 37.4 %, and it is included in the top 30. Others in top 30 hold 23.5 %

THIRTY LARGEST SECURITIES ACCOUNT HOLDERS OF ORDINARY SHARES AS AT 29 SEPTEMBER 2017 (Cont’d)
Names No of Shares %
17. Malton Corporation Sdn Bhd 4,250,000 0.81
18. CIMB Group Nominees (Tempatan) Sdn Bhd
(CIMB Commerce Trustee Berhad – Kenanga Growth Fund)
4,217,020 0.80
19. Citigroup Nominees (Asing) Sdn Bhd
(CBNY for Emerging Market Core Equity Portfolio DFA Investment
Dimensions Group Inc)
4,071,100 0.77
20. Citigroup Nominees (Asing) Sdn Bhd
(CBNY for DFA Emerging Markets Small Cap Series)
3,835,900 0.73
21. Malaysia Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad)
3,536,800 0.67
22. CIMB Group Nominees (Tempatan) Sdn Bhd
[Exempt AN for Petroliam Nasional Berhad (Amundi Malaysia)]
3,300,000 0.62
23. Amanahraya Trustees Berhad
(Public Islamic Treasures Growth Fund)
3,031,700 0.57
24. Ambank (M) Berhad
(Pledged securities account for Lim Heng Han)
2,924,800 0.55
25. Malaysia Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad)
2,859,300 0.54
26. CIMB Islamic Nominees (Tempatan) Sdn Bhd
(CIMB-Principal Islamic Asset Management Sdn Bhd for
Lembaga Tabung Haji)
2,698,800 0.51
27. Tan Teck Loong 2,601,500 0.49
28. Citigroup Nominees (Tempatan) Sdn Bhd
[Kumpulan Wang Persaraan (Diperbadankan)]
2,581,100 0.49
29. Citigroup Nominees (Tempatan) Sdn Bhd
(Universal Trustee (Malaysia) Berhad for CIMB Islamic Small Cap
Fund)
2,534,200 0.48
30. Yeoh Phek Leng 2,511,000 0.47
TOTAL 321,448,709 60.90

List of the 30 largest shareholders as of 29 Sept 2017. Many funds.

MALTON BERHAD (320888-T)
132 Statement of Securities Holders
(cont’d)
THIRTY LARGEST SECURITIES ACCOUNT HOLDERS OF ORDINARY SHARES AS AT 29 SEPTEMBER 2017
Names No of Shares %
1. HSBC Nominees (Tempatan) Sdn Bhd
(Exempt AN for Credit Suisse)
62,500,000 11.84
2. RHB Nominees (Tempatan) Sdn Bhd
(Pledged securities account for Malton Corporation Sdn Bhd)
49,593,494 9.40
3. Alliancegroup Nominees (Tempatan) Sdn Bhd
(Pledged securities account for Malton Corporation Sdn Bhd)
37,000,000 7.01
4. Maybank Nominees (Tempatan) Sdn Bhd
(Kuwait Finance House (Malaysia) Berhad for Malton Corporation
Sdn Bhd)
20,000,000 3.79
5. Prinsip Waras Sdn Bhd 18,600,000 3.52
6. Citigroup Nominees (Tempatan) Sdn Bhd
[(Employees Provident Fund Board (Amundi)]
15,000,000 2.84
7. Alliancegroup Nominees (Tempatan) Sdn Bhd
(Pledged securities account for Malton Corporation Sdn Bhd)
14,187,995 2.69
8. Amsec Nominees (Tempatan) Sdn Bhd
(MTrustee Berhad for CIMB Islamic Dali Equity Growth Fund)
12,375,000 2.34
9. HSBC Nominees (Tempatan) Sdn Bhd
(HSBC (M) Trustee Bhd for Affin Hwang Select Asia (Ex Japan)
Quantum Fund)
11,430,200 2.17
10. Malaysia Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad)
6,685,100 1.27
11. Cartaban Nominees (Tempatan) Sdn Bhd
(RHB Trustees Berhad for Manulife Investment Shariah Progress Fund)
5,319,000 1.01
12. Amanahraya Trustees Berhad
(Public Islamic Emerging Opportunities Fund)
5,171,700 0.98
13. HSBC Nominees (Tempatan) Sdn Bhd
(HSBC (M) Trustee Bhd for Affin Hwang Aiiman Growth Fund)
5,000,000 0.95
14. Su, Caifeng 4,634,700 0.88
15. LTK (Melaka) Sdn Bhd 4,567,300 0.87
16. Citigroup Nominee (Asing) Sdn Bhd
(CBNY for Dimensional Emerging Markets Value Fund)
4,431,000

http://www.theedgemarkets.com/article/malton-invites-pavilion-reit-participate-ownership-pavilion-bukit-jalil?type=malaysia

Free float become less and the shares most likely have been collected by big hands in view of the huge volume of 226 million shares transacted in July alone, and the price raised from low of 49 to a high of 70.5. That's why the volume transacted has become thinner. Unless big hands sell again to the market but there are funds looking at it like a hawk since Pavillion REIT now agrees to participate in the ownership of the Pavillion BJC Mall.

Tan Sri would ensure a fair deal and creates value for all.

:)

All said but how to achieve the said targets? Where is the additional capital? Borrowings? Rights issue?

Despite the large sum of property development cost in the Current Asset which also includes the costs of building revenue generating current projects like the Park Residence and Park 2, the borrowings are about only rm500 million.. It is still healthy.

Da Men 420,920 NLA selling @rm488 million making a profit of about RM 90 million, means the cost is about RM 400 million, or rm900 per sq ft of NLA.

What would be the cost per sq ft for Pavillion BJC Mall with a NLA of 1.8million sq ft, taking into consideration the economy of scale?

Per sq ft of rm500 would be rm900 million, rm 600 would be RM1. 08 billion
rm700 would be rm1. 2 billion, rm800 would be rm1. 44billion.

Check out the balance sheet of Malton as of 31st March 2018, Developing Cost now is about rm1. 5 BILLION. PART of it should due to the Mall...

Sjy88

There is the cost to build the Mall..It costs a lot of money to build it.
The cost could easily exceed RM 1 billion...

GLOBAL ORIENTAL BERHAD
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2016
31.03.2016 31.03.2015 RM'000 RM'000 unaudited audited Cash Flows from Operating Activities Profit before taxation 83,664 58,812
Adjustments for:
Provision for liquidated and ascertained damages 6,392 12 Reversal of bumiputra quota penalties - (1,758)
Depreciation of property, plant and equipment 4,349 3,305
Property, plant and equipment written off 6,074 1,088
Inventories written off - 50 Waiver on late payment charges - 285 Provision for sales incentives 329 3,035
Gain on disposal of investment property (2,000)

- Gain on disposal of a subsidiary company (93,663) -


Loss on disposal of property, plant and equipment

........


Extracted from Bursamalaysia GOB MARCH 2016 QUARTERLY REPORT

GOB disposed off Da Men in 2016 and completed the sales in March 2016. Incidentally, the Quarterly results ending March 2016 reported a gain of RM93 millions for the disposal of a subsidiary. DA MEN was sold for RM488 millions.

From the charts of movement of the price and volume done since GE 14, it is very likely that most free float shares would have been SAPU by some big hands. The price charts since 14th May has traced out a potential "Cup and Handle" pattern. Right now, it is still at the Handle part. Once break out from 70.5, the upsurge has a potential target of 90 cents.

Just sharing. Not a buy or sell call. Trade at your own risks.

Good Luck!

Malton last 6 years are profitable with EPS at least 8 cents, rising to 13.6 cents last year and TTM EPS this year of 19 cents... hihihi

GOB is nowhere close...

Different story lah... Hahaha!
DL holds 37.4 % in Malton..

Self explanatory

http://www.bursamalaysia.com/market/listed-companies/company-announcements/262569

2002 the offer price was rm1-60. Since then, there was ONLY ONE corporate exercise in 2011, a rights issues of 2 RCSLS @RM1 with 2 free warrants and 1Bonus share for every 5 ordinary shares held.

WOW! The current market price is damn cheap when compare to those in 2002 as the company is now so solid and has made and accumulated so much wealth and values.

Seagate and WD both closed and moved away... All the OEM manufacturers flying.. A bit hard to understand..

sjy88

If the major Shareholder holding less than 33% controlling shareholdings, an MGO is triggered whenever his shareholdings cross 33%.

However if the major Shareholder and parties acting in concert is holding more than 33% but less than 50%, arising due to a restructure scheme, like the case of Malton taken over the listing status of Gadek Capital with a restructure scheme resulting in DL holding 37.9% when it was relisted on 22nd April 2002, then MGO will only take place if the CREEPING THRESHOLD is breached.

Can refer this

https://www.sc.com.my/legislation-guidelines/take-overs-code/

Wonder,

I have the same thought as you. But DL will take good care of Malton as he officially holding 37.4 % now. He can add 2% every 6 months..

Now, I would just dumb dumb hold... collect dividend and wait for the unfolding of the deal.

:)

With DIRECT OWNERSHIP participation from PAVREIT, the success of the BJC Pavillion Mall is almost assured! :)

Exciting Time for Malton. It is now uncovering the hidden value of the Jewel in BJC Mall via PAVREIT.

DL and wife hold 37.4 % in Malton and 37 % in PAVREIT.

It would be a fair deal.

Cheers!