Great pick. But it depends very much on your investment appetite. This is the kind of stock where nothing can happen for a long time or even go down, before shooting up 500%.
If you buy this, prepare to hold for a long time and average down is needed.
I know, but or 300M is not that big. Its payable is property and cash. His house in UK also worth about 150M d. Just that house plus another and abit of cash enough d.
No idea, i bought pmcorp at 165, bought abit more at 160. Have not sold. But i think its best if people buy this with the mindset of being willing to wait and average down.
Instead of thinking it will limit up in 1 month time.
See on September 20th 2013 Calvin called for a buy on Pm Corp
Posted by calvintaneng > Sep 20, 2013 08:57 PM | Report Abuse X
DEAR friends at PM CORP. You are looking at the Best Of The Very Best Counter in BURSA! Why? What Are The Reasons? Let me give you the following reasons? Reason No.1. PM CORP(4081) has net Cash of 18.5 cts per share. When you buy PM Corp you are buying now (20th September, 2013) for Only 15 cts a Share. A discount of 3.5 cts per share. A Great Buy.
History of Pm Corp in i3 forum
Calvin on Sept 20th 2013, that memorable day Issued a Strong Buy call on Pm Corp at 15 cts.
As predicted chun chun Pm Corp later gave a nice Cash payout of 8 cts. So at current closing price of Pm Corp of 19 cts - Pm Corp is 27 cts
Less 15 cts original price there is a 12 sen profit or 4 cts for each of the last 3 years.
And by percentage gain it is a nice 80% or 26.6% yearly for 2014, 2015 & 2016
And Pm Corp Top Shareholder is Mui Bhd
Now tell me if Mui Bhd being the Ultimate Shareholder of Mui Group will perform less?
See how Mui Bhd's wealth is accumulated over the years. The wealth is there although Mr Market does not know its true value
But according to Warren Buffet's newsletter: Wealth is not destroyed but can only be transferred
See
Our efforts to materially increase the normalized earnings of Berkshire will be aided – as they have been throughout our managerial tenure – by America’s economic dynamism. One word sums up our country’s achievements: miraculous. From a standing start 240 years ago – a span of time less than triple my days on earth – Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers. You need not be an economist to understand how well our system has worked. Just look around you. See the 75 million owner-occupied homes, the bountiful farmland, the 260 million vehicles, the hyper-productive factories, the great medical centers, the talent-filled universities, you name it – they all represent a net gain for Americans from the barren lands, primitive structures and meager output of 1776. Starting from scratch, America has amassed wealth totaling $90 trillion.
It’s true, of course, that American owners of homes, autos and other assets have often borrowed heavily to finance their purchases. If an owner defaults, however, his or her asset does not disappear or lose its usefulness. Rather, ownership customarily passes to an American lending institution that then disposes of it to an American buyer. Our nation’s wealth remains intact. As Gertrude Stein put it, “Money is always there, but the pockets change.”
Note Warren quote these words, "Money is always there, but the pockets change."
And more of his words,
" If an owner defaults, however, his or her asset does not disappear or lose its usefulness. Rather, ownership customarily passes to an American lending institution that then disposes of it to an American buyer. Our nation’s wealth remains intact."
The Immense Hidden Wealth of Mui Group is intact.
And so Calvin and his Johor Buddies buy. And keep on buying while prices remain cheap.
It doesn't matter how how long it takes to unlock value. For that we can wait.
It may be this week, this month, one year or 3 years later.
This is good news for Mui Prop as Mui Prop has over 1,000 acres of Prime Freehold lands in Bandar Springhill which has a Book Value of about only Rm2.00 psf
And Mui Group should SEE activity as Pauline/Tan Sri KKP divorce has closure
Mui Bhd owns 70% of Mui Property. Bandar Springhill lands if revalued should rise from Rm2.00 psf to Rm30 psf today. And with Malaysian Vision Valley moving southward it will reach Bandar Sprilhill one day.
After selling MUI Bank, the proceed invested in mediocre businesses that guarantee lousy result and making small investor like Calvin emerged as Z1raffe!!!
shunfeng2032 great writing, forget about its 1 B loan, 2.6B accumulated losses. it is a great catch if operator push it from here. 10/04/2017 14:08
1 B loan is nothing if just one London Hyde Park Hotel can settle it. 2.68 B accumulated losses already all reflected in the share price as it dropped from Rm24.00 to less than 20 sen now.
And Laura Ashley shares alone if sold can generate Rm250 mil. Plus selling Corus Hotel KL can garner another Rm500 mil. So Rm700 mil - Rm355 mil for Pauline there is a surplus of over Rm395 millions
The Balance?
2 Golden Plots of Lands in Amapang near former British Embassy
9 More CORUS HOTEL in UK
6 Acres Lands in Tasmania
Buildings in USA
Factories in Penang, Shah Alam, Johor
Condo in Singapore
1,000 over Acres Prime Lands in Bandar Springhill
Stock Brokering Firm (Pm Securities)
Tours Related Business (Pm Holdings)
Chocolate Food Manufacturingin Pm Corp
Metrojaya, Reject Shop, East India shopping entities
Factory in Hong Kong.
Many other pieces of prime lands. You must remember that Tan Sri Khoo made his first million as a housing developer. The ultimate value for land use is Hotel, Commercial Complex & high value usage of space.
What is the TOTAL NET NET - TOTAL LIABILITIES OF MUI GROUP
KUALA LUMPUR - Malaysian tycoon Khoo Kay Peng, who owns the Laura Ashley brand, has been ordered by a British court to pay £64 million (S$112 million) to his former wife as settlement for their divorce in a long-running row.
Judge David Bodey said in his ruling on Friday (April 7) that Chai should receive the divorce settlement in the form of both cash and property, the Guardian reported.
The judge's detailed judgment on how the matrimonial assets would be split is expected to be released soon, said the report.
"Settlement in the form of both cash and property"
"The judge's detailed judgment on how the matrimonial assets would be split is expected to be released soon".
What is the interpretation?
Answer could be:
1) Tan Sri Give Pauline the 1,000 homestead in hertfordshire, Greater London. According to advertised land for sale in the UK around Hertfordshire the value of land is about 60,000 british pound an acre.
So 60,000 x 1,000 = 60.7 million pound
Since the awarded sum is 64 million pound
So the settlement could be 64 mil pound - 60.7 mil pound = 3.3 million pound outstanding or Rm18.15 million Cash.
Another route for settlement could be the disposal of Laura Ashley shares (Mui Bhd & KKP own 44% of Laura Ashley (There are more than 400 Laura Ashley Stores in 29 countries worldwide!
These are the figures for Laura Ashley share traded in London Stock Exchange
Latest traded price of Laura Ashley is 14.63 pence.
1 Pound = Rm5.50
So convert 14.63 to ringgit = 14.63 x 5.5 = 80.46 cts
Total paid up shares of Laura Ashley = 727,760,000 shares
So 804.6 x 727,760 = Rm585,555,696
Mui Bhd owns 44%
So Rm585,555,696 x .44 = Rm257,644,506
Less from Rm355 Mil owing to Pauline = Rm97.3 millions (Cash to be paid to Pauline)
If Selling Laura Ashley Plus 1,000 Acres Hertfordshire estate
Rm257,644,506 + Rm333.85 million (60.7 mil british pound)
= Rm591 millions
Less Rm355 mil to Pauline = Rm236 millions!
So there is a CASH WINDFALL OF RM236 MILLIONS AFTER DEDUCTING DIVORCE SETTLEMENT
TO PAULINE
And the 10 CORUS HOTELS ARE INTACT
2 MALAYSIAN CORUS HOTELS &
ALL OTHER ASSETS.
And there is a LOT LEFT For Distribution to Shareholders if Tan Sri Dr KKP call it a day and liquidate everything & distribute to all Mui Group shareholders!
1) Future Wealth is represented by a young graduate fresh from School. Usually a young man in his mid twenties.
He is still young and yet to buy his own house. He might own an affordable car or just a motorbike.
What his he got? HE HAS HOPE. HE IS FULL OF DETERMINATION TO SUCCESS & FULL OF IDEAS!! But he has yet to make any real monies. His Wealth is Yet in The Future!
This is represented by a very young company. Management is full of ideas, ventures & mergers. Full of energy & hope. Lots of enthusiasm during IPO. See how many write up to promote this newly listed company. Gullible people are chasing. But the stock is yet untested. Business yet to prove itself. All hype and hope for Wealth still in the future!
Calvin rarely invest in this type of company. Better avoid.
2) Present Wealth. Represented by Growing Companies with Proven Income. Usually healthy PRESENT Growth that is visible. This is like a mature man in his 30s to 40s. He has bought his house & car. But the bulk of his monies still invested in his growing business.
So his wealth is still being generated in the present.
This is popular growth stocks.
Calvin will buy some. On one condition. He looks for a fair price to enter. Best is during a market crash or overlooked by the market.
Stocks like kimlun at Rm1.28, Masteel at 65 cts, Insas at 65 cts & Prestar at 46 cts or Jaks when it was only 40 cts.
BUT CALVIN WON'T PAY A HIGH PRICE FOR THEM WHEN PRICES ARE INTO OVERVALUATION. IF YOU OVERPAY FOR ANYTHING. CHANCES ARE THEY WILL UNDERPERFORM THE MARKET FOR A LONG TIME TO COME LATER.
3) Past Wealth.
This is an old matured person in his 50s, 60s, 70s or even 80s
He once was a young graduate with Vision. He moved on to be a very successful businessman in his prime. So he has used his earnings to buy lots and lots of Assets like Lands, properties, warehouses, shophouses & other investments of Value. CASH OR EARNINGS CONVERTED TO REAL GOOD SOLID ASSETS - SO HIGH NTA REFLECTED IN BOOK VALUE.
As he is already old his slows down. He takes less risk. He looks for Capital Preservation First with a View to Growth. But usually things are more settled as he is no longer as hungry like he was a fresh graduate once.
In such slow dull stocks people start to lose interest. Stocks like MUI Bhd is sold down all the way from Rm24 a share in its heydays to about 19 cts now. IT WAS PRICED RIDICULOUSLY HIGH AT RM26 WHEN IT WAS IN GROWTH STAGE. AND IT WAS BOMBED OUT AND TOTALLY SOLD DOWN TO ONLY 15.5 CTS WHEN OLD & MATURED WITH DEEP HIDDEN VALUE. THIS IS ACTUALLY THE RIGHT TIME TO BUY. BUYING MUI BHD IS LIKE BUYING INTO PAST WEALTH. STILL ABLE TO BUY GOLD AT ONLY RM35 AN OUNCE?
But this old man stock has past wealth. Mui Bhd has 10 hotels in UK, Laura Ashley (over 400 outlets), 2 hotels & high value lands still at ancient book value.
Last time my parents bought Old gold 99% pure at only Rm35 an ounce!
So much past assets are locked up yet at Old Book Value.
Calvin specializes in buying into DEEP VALUE ASSETS COMPANIES SELLING FOR A SONG
The time for Mui Bhd is now as Divorce Settlements Force Asset Sale
Let's take a look at CORUS HOTEL HYDE PARK, London
This Hotel was built 200 years ago right in the hottest spot of London!
It has 389 rooms. Each room is tenanted out above Rm1,000 a night but goes from Rm600 to Rm800 per room after discount through online booking.
Let's take the lowest average denominator to work out its Intrinsic Value
Rm600 to Rm800 per room (Bargain price discount). The average? Rm700
So Rm700 x 365 (Yearly rental) = Rm255,5000
And for 389 rooms = Rm255,500 x 389 = Rm99,389,500 (That's Rm99.3 Millions Gross Income from Room Rental. Not counting Conference Room rental, F&B Sales, Wedding Reception & other incomes)
Now if we take a 10% gross yield
It would be Rm99.3 millions x 10 = Rm993 Millions
What if we increase it by another 30% for other incomes & walk in customers?
So Rm993 millions x 1.3 = Rm1.29 Billions
So the Value of HYDE PARK CORUS HOTEL is worth at least Rm1.29 Bilions if sold today.
What is the Book Value of This Hotel?
Let's look a Mui Bhd Annual Report
Rm264,261,000 or Rm264.3 Millions
Let's SEE how much its profit?
Rm1,290,000,000 - Rm264,261,000
= Rm1,025,739,000 (A COOL RM1 BILLION PROFIT! WOWEE!!)
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Posted by Jon Choivo > 2017-04-09 21:19 | Report Abuse
Great pick. But it depends very much on your investment appetite. This is the kind of stock where nothing can happen for a long time or even go down, before shooting up 500%.
If you buy this, prepare to hold for a long time and average down is needed.