Posted by chiahau90 > 2015-08-26 19:40 | Report Abuse

Yes, 17 sen eps.... We r right.....

Posted by rica7894 > 2015-08-26 19:49 | Report Abuse

1Q net profit 79.128 million (increased 1201.88%)

The better results for both revenue and pre-tax profit in the current quarter was mainly attributable to the completion of the sale of two parcels of leasehold land in Seri Kembangan coupled with higher revenue recognition and profit contribution from da:men mixed development project in USJ, Subang Jaya.

Posted by hng33 > 2015-08-27 09:25 | Report Abuse

Sold back all at 46-47.5sen

Posted by davidkkw79 > 2015-08-27 10:07 | Report Abuse

haha.. I don't think so that you managed to sold at 47.5 sen.

Posted by hng33 > 2015-08-27 10:41 | Report Abuse

hahaha, i not only manage to sell at 47.5sen, 47sen, 46.5 and 46sen, but also now managed to buyback at 45sen

Posted by Lee Chee Cheong > 2015-08-27 11:28 | Report Abuse

46sen was last done at 9.13am but hng33 only tell the whole world at 9.25am...why ah?

Posted by hng33 > 2015-08-27 11:33 | Report Abuse

Hahaha, of course, busy selling, as price change too fast, where got time? only after all sold out then only have time to post here. I'm boughtback at 45sen and q some at 44.5sen now :D)

Posted by eddy888 > 2015-08-27 13:21 | Report Abuse

hng33, u r smart..that's why money is yours..cheers

Posted by kancs3118 > 2015-08-27 13:54 | Report Abuse

@ hng33, congrats...my uttermost respect to you...
Just asking, got time to analyse symlife quarterly results?
This quarter, result still not good...

Posted by hng33 > 2015-08-27 17:04 | Report Abuse

kancs3118 and eddy888

I'm just a trader only, trading stock for living.

Posted by hng33 > 2015-08-27 17:06 | Report Abuse

kancs3118

I've check, symlife still yet to deliver good earning due to slow in progress billing, but it have secure RM 700m unbilled sale, should ensure 2 year earning visibility. In the meantime, its 5sen dividend still commendable, at least shareholder get some cash back if share price unperformed

Posted by kimssiat > 2015-08-27 18:09 | Report Abuse

I think EPS 17 cent is too low with the land disposal. The loses are covered.

Posted by hng33 > 2015-08-27 21:48 | Report Abuse

Agreed, gob should record higher earning, but will just keep it for its next catayst, Completion and operation of Daman mall, recurring income from mall is addition profit on top of its property development

Posted by kancs3118 > 2015-08-28 06:59 | Report Abuse

@ hng33,
i just attended the AGM for GOB on 26th Aug. Will be posting shortly on the key takeaways from the AGM. There is a high possibility that Da'Men will be disposed off.

Posted by hng33 > 2015-08-28 09:24 | Report Abuse

kancs3118

Yes, i think so, Da'Men should dispose to Pavilion REITS. It could be next year after Da'Men open for operation and in full occupancy for better value, worth i think at least RM 400m

Posted by Fly888888 > 2015-08-28 14:14 | Report Abuse

Huat ah ~

Posted by hng33 > 2015-08-28 16:40 | Report Abuse

Bought more GOB at 44-44.5sem

Posted by Fly888888 > 2015-08-28 18:02 | Report Abuse

I buy match 0.44 ^^ huat ah ~

Posted by hng33 > 2015-09-03 11:53 | Report Abuse

Bought more GOB at 43.5sen

Posted by hng33 > 2015-09-03 12:25 | Report Abuse

kancs3118

Can update on what you gather in AGM. Thanks

Posted by kancs3118 > 2015-09-03 13:27 | Report Abuse

@ brother hng33,
ok - will update by this weekend for GOB.
Also, do you have any questions for SymLife?
I will be attending the AGM for SymLife on 9th Sept.

Posted by hng33 > 2015-09-03 15:39 | Report Abuse

kancs3118

Thanks in advance. About Symlife, you can ask management not to icnrease start Tower 2 too aggressively compared to tower 1...if no mistaken, tower 1 sell at RM RM 1500 (early bird) - to up 1750 psft now.....but take up rate remain at 85-90%.....tower 2 price if fixed at RM 2300 psft, afriad take up rate may be lower....still have tower 3 pending for sale next year....its better to lock in sale and increase take up rate rather than try to maximum profit margin in current property glut. Star residence is consider very high rise, but alos high density development, more discount should be given if compared to other more prestigious apartment which fetch to RM 2500-3000 psft.

Posted by hng33 > 2015-09-03 16:53 | Report Abuse

hahaha, closed at 44.5sen :D)

Posted by tailwagsdog > 2015-09-04 11:25 | Report Abuse

Cleared the last of the substantial sellers? Volume 5m yesterday.
Persistent accumulation by those "in the know" over last 3 weeks. Watch if the volume thins out.

Posted by kancs3118 > 2015-09-04 19:17 | Report Abuse

Hi hng33, just need your help...
what do you think of buying the warrants?
what do you think of this strategy? if say you have 100 free warrants from the rights issue, do you think it is a good move to buy an additional 100 warrants @ RM0.13?
I think RM130 will be spread to 200 warrants (100 that you bought and 100 that is free) whereby the average price per warrant is at RM130/200 = RM0.065.
Thereafter, you have about 2 warrants to cover the losses for 1 mother share.
What do you think of this move?

Posted by hng33 > 2015-09-04 21:21 | Report Abuse

Kancs3118

Gob warrant have conversion price 80sen, but still have 5 year lifespan. The gearing for warrant to leverage underlying share is about 3.5x, but gob have yet to payout dividend so far, so, holding warrant is still ok. Therefore, if you want to recoup your loss in underlying share, warrant can be use as cheaper alternative and to ride on faster once gob have positive catayst next year like gob going to divest Da'men for handsome gain.

Posted by kancs3118 > 2015-09-05 20:12 | Report Abuse

Below is the write up for GOB:
Unbilled sales:
The average take up rate from the ongoing projects namely
- Villa Heights (Phase 1B),
- Galleria,
- SpringVille, and
- the two towers of service apartments and shop offices at Da’mein USJ (excluding the retail mall)
is approximately at 90% and is expected to be completed by the end of 2016.
Total unbilled sales accrued from the above (excluding sales of Da’mein retail mall) is approximately RM430M (give and take), thus giving an earnings visibility until the end of 2016 (not sure whether this is calendar year/ financial year).

Posted by kancs3118 > 2015-09-05 20:12 | Report Abuse

Below is the write up for GOB:
Da’mein retail mall:
Highly likely to be opened for business sometime in Nov’15/ Dec’15 (before Christmas) and is expected to be disposed during 2016/2017. The expected disposal price is in the vicinity of RM400.0M to RM450.0M.

Effect of disposal – will turn GOB into a net cash company.

Cash flows arising from disposal of Da’mein:
Expected selling price: RM400.0M (to be conservative)
(-) Company tax rate: 25% (RM100.0M)
We expect this disposal will attract corporate tax rate 25% instead of RPGT due to the nature of property developers who develop land and eventually selling it to earn business revenue as opposed to outright disposal which attracts RPGT.
(-) Payment to land owner: Revenue Concept: (RM28.0M)
(-) Borrowings: RM260.0M ~ Total borrowings in the balance sheet (as at 31/05/2015): RM260.0M
This borrowing is largely the credit facility granted for construction of Da’Mein.
= net cash proceeds: RM12.0M

<The computation above does not take into consideration the disposal of the 2x parcel of leasehold land on 1st Apr’15 and a subsequent disposal on 11th Aug’15. The cash proceeds will be used to pare down loan and as a working capital for Lembaga Getah JV @ Jalan Ampang>

Posted by kancs3118 > 2015-09-05 20:13 | Report Abuse

Below is the write up for GOB:
Lembaga Getah JV @ Jalan Ampang:
GDV = RM1.0B
Considered a very good deal because the consideration accrued to Lembaga Getah is RM268.0M ~ thus the cost price per sqf: RM1K
compared to the acquisition cost for German Embassy & British Embassy (which is located opposite to GOB’s project) at RM2,000 per sqf (at least).
Land cost at 50% discount.
Profit accrued to GOB = GDV RM1.0B – RM268.0M (entry cost) – financing costs (coupon rate)/ allocation of development profit accrued to a capital provider.

Posted by kancs3118 > 2015-09-05 20:16 | Report Abuse

Below is the write up for GOB:
The land at Batu Kawan, Penang

The Batu Kawan land is located just 20 minutes (tops) from the Penang 2nd link.
Batu Kawan land size per the Annual Report 2015 is 229.3 acres carried at RM108M.
The rest is held as a right to purchase the land (145 acres) at a cost of RM19.3M from PDC Penang. Please refer to the notes to the accounts Note 42(b) (ii).

Total land size: 374.3 acres carried at RM127.3M
Cost price per sqf = RM7.80 compared to the recent land transactions whereby price per sqf is at RM40 (at least).

Assuming the land at BK is disposed off at RM40 per sqf; total EPS to shareholders
= RM1.15 which is 2.5x the current share price of RM0.45.

Posted by kancs3118 > 2015-09-05 20:17 | Report Abuse

Below is the write up for GOB:
F&B Business:
This year, GOB expanded its F&B business into Dalian China. The Grandmama store in Dalian, China is located at Pavillion Dalian.
Currently, GOB has 3x Grandmama stores located at Pavillion Dalian, Pavillion KL and KLIA.
http://www.grandmamas.com.my/locations.php
Expansion: Add 1 more at the end of this year and 3 more next year.

1x bakery store at Dalian China – sales/ turnover very good with about 200,000 buns a day.

2x Grand Harbour Restaurant:
Grand Harbour Restaurant, Farenheit 88
Grand Harbour Restaurant, Mid Valley Megamall
http://grandharbour.com.my/about_us
Expansion: Add 1 more at the end of this year.

F&B business is currently bleeding and is expected to recover by the end of 2017.
Spike in OPEX from RM60M FY2014 to RM80M FY2015 is mainly due to expansion into the F&B business and PNT trading business.

Posted by kancs3118 > 2015-09-05 20:18 | Report Abuse

Below is the write up for GOB:

PROPOSED DISPOSAL OF A PARCEL OF LEASEHOLD LAND BY PERTANIAN TAMAN EQUINE SDN BHD FOR A CASH CONSIDERATION OF RM43.30 MILLION

Concern that the parcel above is sold at a cheaper price compared to the earlier 2 parcels at RM142M.
Reasons for lower disposal price (when comparing in per sqf terms):
The above parcel is located at a hilly terrain and the cost to develop the land is prohibitive given that DBKL has placed a number rules to comply with for hillside development. In addition, this parcel of land is categorized as residential land (not commercial zoned) and is located further away from established commercial hub.
Furthermore, an independent valuation was carried out by an independent land valuer.

Posted by kancs3118 > 2015-09-05 20:21 | Report Abuse

Below is the write up for GOB:

Future impetus (beyond 2016):
- Low cost landbank at Batu Kawan. 374.3 acres carried at RM7.80 per sqf. By developing this piece of land, hopefully, GOB sales price will be at par with Tambun Indah. Furthermore, Tambun Indah does not have the below "armaments".
- JV with Lembaga Getah – low cost of consideration paid to Lembaga Getah: RM1K per sqf: GDV RM1.0B.
- Remaining 27 acres of land at Seri Kembangan: GDV RM255M (give or take)
- 2x parcels of land purchased from Malton at Sungai Long??
- To earn recurring income = 30% of total sales revenue:
F&B Business at Dalian + local = Grandmama + Grand Harbour
Trading business: PNT trading - 100% wholly owned subsidiary and will be headed by a Finance director from Malton (previously in charge of Evelyn and Crabtree)

- Concerns over possible asset stripping following the slew of disposal of 3x parcels of leasehold land is largely unfounded.

Posted by kancs3118 > 2015-09-05 20:25 | Report Abuse

Please perform your own due diligence/ research and do not rely on my work above on deciding whether to buy or sell or hold on to your shares. Reliance is solely at your own risk. Do not blame me if things go sour/ go south.

At the time of writing, i am still holding on to my GOB shares and is bleeding rather heavily.

Need tonnes of Kotex/ Laurier/ tampons to stop the bleeding.

Posted by hng33 > 2015-09-07 10:45 | Report Abuse

kancs3118

Thanks for your comprehensive analysis.

Posted by Eric Wong > 2015-09-07 15:46 | Report Abuse

Are these all the write up for GOB's AGM?

Posted by tailwagsdog > 2015-09-08 12:01 | Report Abuse

I don't see the rationale to dispose of the shopping mall. Unless it is a failure but then nobody would want it anyway.

Assuming just 70% take up at a conservative average rental psf of RM10:

420,000 x 0.70 x 10 x 12 = RM35,000,000 gross yield p.a.

Allowing 20% costs gives a net yield of RM28m or about 5 sen per share. This is recurring income, worth at least a PE of 10 times. The yield from the mall alone is worth least 50 sen per share.

What is the share price now?

Posted by tailwagsdog > 2015-09-08 12:22 | Report Abuse

Seriously, why would they sell the mall? To me it is the jewel in the crown. At least worth 50 sen if not 70 sen per share.

This is the kind of recurring income that can bring about a re-rating of the stock.

Posted by Eric Wong > 2015-09-08 15:06 | Report Abuse

I have been holding this share since before right issues. Now waiting to add more at lower price..

Posted by davidkkw79 > 2015-09-10 11:54 | Report Abuse

market sentiment really weak

Posted by hng33 > 2015-09-10 15:57 | Report Abuse

GOB share have now stable already

Posted by kancs3118 > 2015-09-10 17:32 | Report Abuse

both GOB + symlife shares have found their floor

Posted by hng33 > 2015-09-14 16:05 | Report Abuse

Sold off all GOB at 45sen, realize slim paper profit, free up capital, swap to buy more Puncak

Posted by kancs3118 > 2015-09-17 13:16 | Report Abuse

Da'mein is now ready for sale...to Pavillion REIT

Posted by YOLOOOO > 2015-09-17 13:33 | Report Abuse

haha later gap up

Posted by kancs3118 > 2015-09-17 13:36 | Report Abuse

Damn good news for GOB -
Da'mein is ready for disposal - selling price = RM488M

OTHERS PROPOSED SALE OF A SHOPPING MALL AND CAR PARK BAYS BY EQUINE PARK COUNTRY RESORT SDN BHD TO PAVILION REAL ESTATE INVESTMENT TRUST

GLOBAL ORIENTAL BERHAD

Type Announcement
Subject OTHERS
Description PROPOSED SALE OF A SHOPPING MALL AND CAR PARK BAYS BY EQUINE PARK COUNTRY RESORT SDN BHD TO PAVILION REAL ESTATE INVESTMENT TRUST
The Board of Directors of Global Oriental Berhad ("GOB") is pleased to announce that Equine Park Country Resort Sdn. Bhd. (“EPCR”), a wholly-owned subsidiary of Taman Equine (M) Sdn Bhd which in turn is a wholly-owned subsidiary of the Company, had on 17 September 2015 entered into a conditional sale and purchase agreement with AmTrustee Berhad, acting solely as trustee for Pavilion Real Estate Investment Trust (“Pavilion REIT”), for the sale of a 5-storey shopping mall with a lower ground floor known as “da:men USJ” together with 1,672 car park bays which form part of the mixed development project currently undertaken by EPCR in USJ, Subang Jaya, Selangor for a total cash consideration of RM488 million (“Proposed Sale”). The sale proceeds arising from the Proposed Sale will be utilised to settle bank borrowings as well as to finance working capital of the group.

As the Proposed Sale undertaken by EPCR is in its ordinary course of business as a property developer, the approval from the shareholders of GOB would not be required. No other regulatory approval is required for the Proposed Sale.

None of the directors, major shareholders and/or persons connected with any of them has any interests, direct or indirect, in the Proposed Sale.

The Proposed Sale is expected to be completed in the first quarter of 2016.

This announcement is dated 17 September 2015.

Posted by kancs3118 > 2015-09-17 13:38 | Report Abuse

based on my earlier computation, if GOB is disposed for at RM400M, net cash will be RM12M.
At RM488M, net cash from the sales proceed is RM78M.

<The computation above does not take into consideration the disposal of the 2x parcel of leasehold land on 1st Apr’15 and a subsequent disposal on 11th Aug’15. The cash proceeds will be used to pare down loan and as a working capital for Lembaga Getah JV @ Jalan Ampang>

Posted by kancs3118 > 2015-09-17 13:45 | Report Abuse

notice the wordings "Proposed Sale undertaken by EPCR is in its ordinary course of business as a property developer"...ordinary course of business of a property developer - this means standard corporate tax rate of 25% applies and NOT RPGT...

Posted by 778899 > 2015-09-17 14:18 | Report Abuse

Bro, How many eps can get from this disposal?

Posted by NoPainNoGain > 2015-09-17 14:29 | Report Abuse

Omg..the buy queue at GOB now quite intriguing..hope it's not a fake queue..can't wait noon session to reopen.