Posted by Xuewen > 2016-11-28 09:03 | Report Abuse

You remove all my post with 10 different ID reporting abuse.
Why you are so scare of my comments ?

Posted by Xuewen > 2016-11-28 09:07 | Report Abuse

Today you use xuewen to write rubbish . Tomorrow you will use KCCHONG to talk cock here

Posted by Xuewen > 2016-11-28 09:53 |

Post removed.Why?

Posted by paperplane2016 > 2016-11-28 23:56 | Report Abuse

The thing is this when stock going up, someone will claim credit. When down, someone will said when did I recommend you to buy, buy at own risk. I only analyze for you. I never said good or bad. Deny everything if going against him or her .
That typical politicians!!!
Now thinking about tht , kyy not really tht bad at all even though he calls ppl stupids. At least he will openly admit he is wrong and ask ppl sell. He is mOre noble lah.

Posted by paperplane2016 > 2016-11-28 23:57 | Report Abuse

Someone should be politician, not analyze stock! Analyze stock charge ppl few hundreds where can earn big money right

Posted by kcchongnz > 2016-11-29 04:37 | Report Abuse

Posted by paperplane2016 > Nov 28, 2016 11:56 PM | Report Abuse
The thing is this when stock going up, someone will claim credit. When down, someone will said when did I recommend you to buy, buy at own risk. I only analyze for you. I never said good or bad. Deny everything if going against him or her .
That typical politicians!!!
Now thinking about tht , kyy not really tht bad at all even though he calls ppl stupids. At least he will openly admit he is wrong and ask ppl sell. He is mOre noble lah.


Remember, nobody owes anybody anything in this world. In investing, if he is sharing his knowledge in a public forum like this for free and without any other hidden agenda, thank him if you follow him and make some money. If you don't, and lose money, suck it up and blame yourself for following blindly. That is the very basic about humility.

You can follow anyone you wish to; worship anyone you like, and that is your prerogative.

Posted by kcchongnz > 2016-11-29 04:45 | Report Abuse

Posted by paperplane2016 > Nov 28, 2016 11:57 PM | Report Abuse
Someone should be politician, not analyze stock! Analyze stock charge ppl few hundreds where can earn big money right


People are all different. For example in this case, one may like to share knowledge, leverage all the goodwill he thinks he has sowed, and at the same time, earn a little reward for all the time and effort he puts in. I have no objection for anyone putting in effort to earn a little honest money, not stealing, nor robbing, for some extra indulgence in life, do you?

Of course there are also greedy people in this world such as some corrupt politicians, whom some people are so admire of. anyone is free to enumerate them. It is individual choice.

But in this world, not everyone only think of becoming very rich, and money is the only thing left.

Posted by sosfinance > 2016-11-29 14:21 | Report Abuse

Dear kcchongnz,
Relating to your article "a red flag" on increased in property development costs RM484m vs RM200m (FYE2015), it may not be a red flag after all. The increased mainly attributable to increase in Freehold land RM248.2m can be explained below.

If you review the Annual Reports, on Note 16&30, you will realised that the above increased RM284m (484-200) can be substantially explained by the following:

Dr Cr
Purchase of Semenyih Land RM98.7m Cash
JV on Cyberjaya RM141.m Non-trade Payable

Total RM240.2m

Appreciate your comment if it is still a red flag. Thanks.

Posted by kcchongnz > 2016-11-29 15:14 | Report Abuse

Posted by sosfinance > Nov 29, 2016 02:21 PM | Report Abuse
Dear kcchongnz,
Relating to your article "a red flag" on increased in property development costs RM484m vs RM200m (FYE2015), it may not be a red flag after all. The increased mainly attributable to increase in Freehold land RM248.2m can be explained below.
If you review the Annual Reports, on Note 16&30, you will realised that the above increased RM284m (484-200) can be substantially explained by the following:
Dr Cr
Purchase of Semenyih Land RM98.7m Cash
JV on Cyberjaya RM141.m Non-trade Payable
Total RM240.2m
Appreciate your comment if it is still a red flag. Thanks.


sosfinance,
The reason I wrote this article is because someone continuously bragging about his golden rule is the only way to make money. That is ok. But repeatedly saying FA is useless is going too far as there is no bloody basis. As you know you and me use FA, and I am doing well, and I believe you are doing well too in your investment. And I have shown all the real super investors in the world are doing extremely well, with data and numbers.

Hence I have no intention to discredit Gadang. What for? Tell you the truth, you probably know a lot more than me about Gadang.

I was trying to show that using FA is useful, for example in this case cash flows of Gadang.

So what I am trying to say is there may be some concern about the cash flows, and I won't chase the share when it is RM3.30, especially someone with huge margin finance having huge position, and kept on promoting it with misleading information, because if something turns bad, the selling and forced selling will be disastrous.

Besides the cash flows is not good.

Development costs under current assets normally is the development cost of ongoing projects; the money spent on the infrastructures, consultant fees, etc. It is part of the working capital. Whereas what you mentioned about is "Land under development", and normally is under the non-current asset. If you spend a lot of money on development cost and you can't sell your property, then there may be some problem. And revenue has been recognized in the development activities, but costs are only capitalized.

That was the way I see it. I have never said I was absolute sure about it. As you know, I am not an accountant.

But I was not condemning the share, but merely raise a concern for others to ponder.

I have no further interest in Gadang, and hence i do not go into details in the annual report. As I have said, you probably know more.

Posted by bintang21 > 2016-11-29 15:20 | Report Abuse

KC,
This are the fact and data I hope to get from you but provided by sosfinance instead. A wise man like you can sometimes behave foolish. Do not take the readers here for granted , there are not all novice. Do your homework well before you start your comments on Gadang. Please learn

Posted by bintang21 > 2016-11-29 15:27 | Report Abuse

If you really have no intention to discredit Gadang, then you should have limited your discussion on the the price played up and down by the old man KYY . Not on the fundamental aspects that you did not well prepared. Right?

Posted by CharlesT > 2016-11-29 15:28 | Report Abuse

I must say if I dont remember wrongly this is the first time I see KCChong was beng hentam by facts n figures

Posted by bintang21 > 2016-11-29 15:30 | Report Abuse

You need not have to explain if you do not wish to because you indeed did not owe us anything. Other than this answer I do not think what else can you rationalise your negligence

Posted by sosfinance > 2016-11-29 15:37 | Report Abuse

Ok, got it. You raise a valid issue. (This issue is a bit tricky as they increases both the current assets side and liabilities side for RM140m for the JV in Cyberjaya, the balance increase of RM98.7m is merely purchase of Semenyih Land by cash). And I notice many other comments are without "economic substance" hence irrelevant. Example, some said Capital City has been substantially recognised, which on contrary, it was recognised less than 12%!!! (RM220m PAT to go)

Even without new contracts, Gadang results will do better than FYE2015, not because the management said so, it is because, it can be estimated with great certainty.

If we turn back time, if, Gadang smoothened its results, i.e. FYE2015, lower it by RM10m, the PAT will be about RM85m, meeting all analysts expectation, and FYE17Q1 add in RM10m, from RM17m to RM27m, do we think Gadang's economic substance has increased? Only speculators and traders are overly concern about quarterly results.

Sadly, you and I know, most comments are lack of substance (other than a few). Most are arguing about "price-action" instead of the "economic substance" on the Company.

Posted by ttwong > 2016-11-29 15:54 | Report Abuse

Just to add on more pointers to discuss about the "red flag" portion mentioned in this article.

Section 4.15 explain the definition of property development costs which mainly consist of (i) Cost related to Land (ii) Cost related to actual development activity.

In section 16, from the 2 tables (2016 and 2015), we can see the huge increase in total property development cost came from free hold land (

Free hold land 38.9 mil --> 273.3 mil
Lease hold land 65.7 mil --> 60.9 mil
Actual development cost 94.5 mil --> 150.6 mil

For 2016, actual development cost incurred is 153 mil while cost recognized is 96.6 mil. Is this ratio reasonable?


So is Gadang really unreasonably recognized huge property revenue first while leaving huge actual property developemnt cost to be capitalized later, as painted by this article?

I am just learning. I also getting confuse now.

Posted by tksw > 2016-12-01 11:12 | Report Abuse

SOS finance sifu, I've gathered some info on Capital21, probably your fund manager did not lie to you. I am trying to trim other stocks to accumulate Gadang when it is being sell down by market without any major changes

Posted by tksw > 2016-12-01 11:28 | Report Abuse

kcchongnz sifu, If the land is "under development" IMHO, it should be classified as Development cost. Only "Land held for development", ie, land bank, then it may be classified as non-current assets. As far as I know, Gadang projects sold well, and they are launching new projects in Laman View. First phase already sold, left 2 units corner lots, and first phase comprise of Prima apartment which the sales are restricted to certain buyers, hence lower margin, and semi PRIMA terrace house, which the CFO of he Company bought one. Now the 2nd phase is under soft launch, and they are free from PRIMA. Though the price range is below RM1 mil per unit, but the size is relatively small, and actually comparable to current market price, which means better margin than the PRIMA house

Posted by tksw > 2016-12-01 11:32 | Report Abuse

Laman View Cyberjaya is a township development. The potential is there

Posted by tksw > 2016-12-01 11:42 | Report Abuse

and kcchongnz sifu, I went through a table on the summary of payment to Gadang on by Capital 21. there will be around RM200 mil cash inflows up to 2018. Unless Capital 21 default, it is pretty sure. and on further fiindings, Capital 21 audited accounts is showing net profit in their June 2015 audited accounts, and I guess the profits will be in increasing trend as the project is going on smoothly. Capital 21 is now trying to do a Reverse Take Over in Singapore. I guess they are doing well at the moment which enable them to do so.

Posted by tksw > 2016-12-01 11:52 | Report Abuse

AS far as profits figures is concerned, so far I have not seen Gadang's report on substantial profits recognised from Capital 21.. it is to the tune of above RM200mil gain, if what shown in Icon sifu articles has not been change. In that article, Icon sifu has gathered the info that Gadang is entitled to around RM300 mil revenue, and the cost of the land is below RM50 mil if my memory didnt fail me. As the Capital 21 mall is schedule to be completed in early 2018, it is predictable that Gadang will report a decent profit figure in the coming financial year.

Posted by Whey Whey > 2016-12-01 11:54 | Report Abuse

@tksw wow bro u really rajin do your homework. Good good. Thanks for sharing.

Posted by tksw > 2016-12-01 12:01 | Report Abuse

Whey Whey sifu, shh... for the Laman View Cyber Jaya Maple House project, out of the 94+- soft launch units, 10 units has been reserved by early birds already, if the response is good after their official launching, price will hike 20%-30% for the remaining 100 units in 2nd stages of sales opening Si-beh pandai this Gadang do sales

Posted by tksw > 2016-12-01 14:23 | Report Abuse

dun need to guess the development cost so high, most probably SOS Finance sifu is right. Cos I called the sales offices directly, Bukit Sena phase 1A oso left corner lot. I think it because they wanna sale higher price. Phase 2 just launch few months ago, about 65% sold. Gadang is very conservative, they do it in stages, slow and steady. Company like that dun go bust

Posted by tksw > 2016-12-01 14:25 | Report Abuse

Bukit Sena project I think in Malay area. Website oso in Bahasa.

Posted by paperplane2016 > 2016-12-02 12:04 | Report Abuse

As much as I do not wish to break his rice bowl, I must tell you that about 4 years ago, I engaged him to look after my Rm 10 million account with CIMB. I am not sure what was the agreed fees for his work.

He started off by selling all my Latitude Tree and Lii Hen and bought Homeritz. He provided a complete financial analysis of all the furniture companies such as Latitude, Lii Hen, Poh Huat, Hevea and Homeritz.

He considered Homeritz was the best because it had the best return of equity.

As all investors know Latitude went up from Rm 1.00 to above Rm 8.00 within 30 months and Lii Hen went up more than 500% and it is still going up because 100% of its products are exported in US$.

I sacked him because he has no business sense at all. I am not telling you a fairy tale because many people in CIMB know this episode.

Posted by paperplane2016 > 2016-12-02 12:05 | Report Abuse

JOKES OF THE YEAR!
HE IS RIGHT ONLY AS HE PUSH UP SHARES HIMSELF

Posted by huat021 > 2016-12-02 13:09 | Report Abuse

http://klse.i3investor.com/blogs/koonyewyinblog/110760.jsp

Posted by tksw > 2016-12-02 15:21 | Report Abuse

whoaaa.. this time no more IC... but where work oso come out... KCChong sifu... take care. some ppl just can't be critisized. Gas Volume too small.

Posted by tksw > 2016-12-02 15:27 | Report Abuse

KCChong sifu, dun border, we know what you tok, laught die me super investor teach ppl see qtrly report dump shares... kakaka

Posted by tksw > 2016-12-02 15:28 | Report Abuse

clearly his wife knows how much damage he could do to the share price...