at the moment market looks horrible......waiting for wallen bufalo students to surface...where are u all value investors?
this jaks not as bad as other fallen angels actually......company raised more than $ 200 m from asset sales and private placements....got bullet to flex one...just waiting for the right time......got to ask Andy....why he report drastic drop in quarterly Vietnam revenue from $ 90 million to $ 60 million to $ 30 million.....manipulation of accounts or what? Steven Ang is quoted by the press that Vietnam 41% completed but they choose to account for 30% only why?
got people manipulate accounts down ah? only hear of people manipulating accounts up.....but some times drastic times needs drastic action......to get cheapest price possible for warrants conversions.....and as above.....
seems the local stupid wild uneducated "sakai" indigenous Vietnamese people are smart and intelligent enough to complain that:- Quote "project is moving too slow and company appears to have financial problems" unquote.
////company much stronger than it was in early 2017.///
got people manipulate accounts down ah? only hear of people manipulating accounts up.....but some times drastic times needs drastic action......to get cheapest price possible for warrants conversions.....and as above.....
qqq3...you might be right that Ang might bring Jaks back to 'normal' again next quarter since now he can peacefully focusing on running the company and licking his wound, not to worry losing his company...
But... no one know the future... so I will buy when the trend is favorable...
Did anyone notice that in his latest article KYY did not once criticise the Vietnam power plant. That means his belief in the capability of the power plant to generate profits is still the same today as it was when he started buying Jaks.
The ultimate factor that drove KYY into investing > RM100 million into Jaks has not changed even at today's depressed share price.
I have verified Icon’s numbers to Jaks quarterly report. His calculated total revenue is also similar to The Edge’s new report. See below.
Extracted from The Edge (5 Dec 2018): As at October, the power plant was 41% completed. The overall construction works for the power plant remain on schedule for completion by the second half of 2020, Ang told The Edge Financial Daily in an interview here. The group has recognised a total revenue of RM590.6 million from the plant’s EPC Contract 2 since 2016.
Depending on exchange rate, the EPC contract has a value of approx RM1.85 billion. As at 30 Sept 2018, RM590.6 million work done is about 32% completed. Meaning 32% completion in 2.5 years.
I repeat. As at 30 Sept 2018, 32% completion in 2.5 years.
CFO Steven Ang said as at October (no exact date mentioned but let us just assume 31 Oct 2018) the construction has been 41% completed. That is 9% completion rate in 1 month. Earlier it took 2.5 years (30 months) to complete 32%. 9% progress work in 1 month is very unlikely. It is therefore very possible that revenue from Q3 2018 has been under-recognised. Significantly.
Will the said revenue be recognised in Q4 2018 then? This 9% revenue amount to RM166 million. At 25% profit margin, that works out to RM42 million profit.
Of course do discount that a portion of this 9% work done was actual work done in Oct 2018.
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Posted by Icon8888 > Dec 11, 2018 08:50 PM | Report Abuse
Vietnam project started in 2016
Vietnam 2016 revenue 150 mil, net profit 36 mil. Net margin 24%
Vietnam 2017 revenue 251 mil, net profit 55 mil. Net margin 22%
Vietnam 9 months of 2018 revenue 189 mil, net profit 49 mil. Net margin 26%
Total revenue so far 590 mil, total net profit so far 140 mil, net margin 23.7%
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