Posted by thinkbig > 2014-11-04 14:12 | Report Abuse

pjdev is always slower than oskp. when did you observed oskp slower than pjdev

Posted by jackport > 2014-11-04 16:30 | Report Abuse

la la la la la la la ........

Posted by frankml > 2014-11-04 19:56 | Report Abuse

dear friends, i am new to this counter. please help - how does OSK's entry, or purchase of PJDEV, be harmful to an investor of PJDEV? any simple explanation will help. thanks much, and all the best to all of you in trading.

Posted by thinkbig > 2014-11-04 21:39 | Report Abuse

The only harm is OLH. You need to have the power and patience to hold in case of anything happens. I doubt a new investor can have such strong mindset to go through roller coaster. Piece of advice from me. Take it or not, up to you. Overall, this is a fundamental strong and undervalued share.

Posted by alibabacoming > 2014-11-04 22:17 | Report Abuse

Apa dah jadi?

Posted by kinkon > 2014-11-05 09:11 | Report Abuse

Down ?

Posted by frankml > 2014-11-05 10:37 | Report Abuse

thanks, thinkbig, appreciate the info and advice :)

Posted by ks55 > 2014-11-05 13:22 | Report Abuse

Friday is T3.

Posted by mikashearer > 2014-11-05 14:21 | Report Abuse

AGM notice.... 27.11.2014.... have 10item.... which you for, which you against....

Posted by happybubblepink > 2014-11-05 16:04 | Report Abuse

Minority Shareholders VS PJ Development (OLH) – David VS Goliath story



PJ Development background: October 2014
P/E : 3.17 (Price 1.57 /Basic EPS 49.6) – Price closing as at 31/10/2014 ...
P/BV : 0.62
NTA : 2.54
Dividend per Share : 0.05 (0.025 ex at 9 June and 0.025 ex at 2 Dec 2014 - annualized)
Dividend yield : 3.18% (Closed 1.57 at 31/10/2014) (payout ratio is 13.48%)

Current Ratio : 2.57 (12 months June 2014) - PASS
Quick Ratio : 2.06 (12 months June 2014) – PASS
Debts/Equity Ratio : 0.56(12 months June 2014) – PASS

OLH is doing a tri – party private agreement for OSK Holdings, OSK Property and PJD. Offering to buy PJD at 1.60 per share.

PJ Development NTA is 2.54, if we break it down and sell sum of parts we shall get 2.54 for every share we held. But the issue is, OLH is offering to buy at 1.60, which is 38% below NTA. Using our some our recommended financial ratios, we found that PJD is a good company but is a bad stock due to the offer.

OLH & Party Acting in Concern
OLH is a veteran stockbroker. Always do what he does best; to create more value for the company/himself. For our case study, Malaysia market average for taking over regardless of MGO or VGO for mid cap property related is around 6x~8x PE. He is buying from the minority at 50% market rate (PE 3.17).

But if you look at his point of view, PJD never traded above 1.60 (until early June 2014). If a party wish to buy his stake at RHB, of coz OLH will increase his grip at OSK Holdings to get more value from the shares swap. Plus, he is no longer playing an active role at the RHB entity. To surface the real value/profits of PJD to get a better swap for OSK Holding shares is an easy decision.

- Better grip on OSKH - 44% to 51%
- Higher OSKH shareholdings = higher value in RHBCap (will be more benefitted if CIMB/RHB/MBSB merged)
- To concentrate and build OSKH as a 1st tier developer (combination of PJD, OSKP, OSKH)

Just swapping the shares will automatically create a higher valuations/personal asset wealth in RHB Cap and much higher if RHB/CIMB/MBSB deal really kicks in. Difficult decision? Not at all.
We drill deeper for 2013 statements:

PJ Development background: October 2013
P/E : 7.23 (Price 0.94 /Basic EPS 13) – Price closing as at 1/7/2013
EPS : 0.13
Dividend per Share : 0.05 (no change compare to 2010, 2011, 2012, 2013)
Dividend yield : 5.3% (30 June 2013)

For the past 5 years, regardless PJD is making huge profits or flat, OLH still giving you 5 cents. As 2014, PJD did exceptionally well, STILL GIVING US 5 CENTS. We shall take out this ‘distorted 2014 year financial statement – put it as one off gain’.

2013 EPS = 0.13
2014 EPS = 0.49 (ignore)
2015 EPS = 0.156 (EPS 2013 + 20% EPS growth)

If you buy PJD now and to estimate 2015’s PE:
1.60 / 0.156 = PE 10.2, dividend yield 3.12%, if I am OLH, why I would want to pay you so high? I just want to surface PJD’s 2014 earnings just enough for me to swap for higher OSKH shares.

Total income 2013 = RM 61m vs total receivables 2013 = RM294m
Total income 2014 = RM 224m vs total receivables 2014 = RM 532m

See where is the numbers come from now?

Minority Shareholders

Our argument is quite solid. A company is offering to buy shares worth 2.54 from me for 1.60, PE at 3.5 and P/BV at 0.62. No need to ask, any pak cik/mak cik/ah kuai down the street out there will scold and turn this offer down.

Reason:
PJD offer is a VGO and not MGO, there is no time frame from a VGO to be concluded. Why want to sell when you are being given a bad deal? If, OLH fails to get to get the shares, this merger will be off and potentially PJD price will return to its true value. If OLH able to get the majority shares, a MGO will kicks in, then only we shall evaluate again.

OLH did his best to create value for himself. Sometimes, we might have forgotten, this company belongs to him. Company’s offer is always to take care of the major shareholders. This is what OLH did. Not surprising.

AS A MINORITY, WHAT AM I GOING TO DO?

‘Base on offer received, value it and react!’

1. If I have PJD shares:
Offer 1.60 to buy my 2.54 is not fair and not reasonable, REJECT the VGO offer.
Even if I bought much earlier from 0.5 to 1.60, why I want to sell cheap?
2. If I do not have PJD shares:
Buy. I will accumulate PJD shares at 1.60 +-.
VGO is not a major concern. OLH is likely not able to accumulate the majority shares for privatization.
3. If VGO fails, most likely price will recover. If VGO succeeded, you will end up holding OSKH shares which is first tier property stock! How bad can it go?

P/S: A veteran businessman once told me, OLH’s business sense is EXTREMELY SHARP! If you have the chance to meet OLH personally and shakes his hand, be extra careful, you might just get your HAND CUT AND BLEED!

Regards,

Humble Pie,
Invest Coach

Posted by tkg8 > 2014-11-05 17:35 | Report Abuse

Thanks happybubblepink.

Posted by learningtree > 2014-11-05 19:39 | Report Abuse

thanks

Posted by ks55 > 2014-11-05 21:33 | Report Abuse

If somebody has strong enough financial muscle, counter offer at 1.80. Perhaps this will make OLH pay 2.00. Check out how Hong Leong Capital game play.

Posted by stainlyho37 > 2014-11-06 07:57 | Report Abuse

yup..let keep pressure on this take over deal .. ..with support from MSWG...write more in forums & to SC....make sure the deal to be fair......tq for those to wrote to SC & MSWG....

Posted by Ooi Teik Bee > 2014-11-06 09:37 | Report Abuse

Below is the summary of the meeting.
According to MSWG analysis using Black Scholes model calculation, PJDev-WC should value at 1.57 and OSKProp-WC should value at 2.00. The offer by OSKH is even < 50%. Hence it is not a fair takeover, hence all minority shareholders are told to reject the offer.
These 2 stocks are good FA stocks, at such a low price of takeover, the minority shareholders will lose confidence on Bursa because any takeover is only favour major shareholders.
The minority shareholders want MSWG to bring up this case to SC and Bursa to force OSKH to offer a better price if OSKH is really interested to takeover these 2 company.
Thank you.

Posted by Ooi Teik Bee > 2014-11-06 09:47 | Report Abuse

This mean takeover of PJDev and OSKProp, the fair price is 2.57 and 3.00 respectively.
Thank you.

Posted by susuan > 2014-11-06 10:04 | Report Abuse

Thanks, Mr Ooi for the summary of meeting yesterday!

Posted by mhchai > 2014-11-06 10:20 | Report Abuse

What is the latest RNAV of Pjdev?

Posted by smalltimer > 2014-11-06 10:20 | Report Abuse

but at this price 1.62 - 1.65 its still cheap for olh to buy.

Posted by mhchai > 2014-11-06 10:25 | Report Abuse

I bot around this range as well

Posted by smalltimer > 2014-11-06 10:28 | Report Abuse

at this price range, olh hv strong argument that at 1.60 that is what the market perceive price. why one need to pay more when its at market price, right?

Posted by Ravi Kumar > 2014-11-06 10:35 | Report Abuse

It is this range because of that dumb OLH's actions

Posted by smalltimer > 2014-11-06 10:39 | Report Abuse

how can olh be dumb when able to buy cheap?

Posted by mhchai > 2014-11-06 10:40 | Report Abuse

In order to have a better reason to reject his offer, pjdev has to go up further, this happened to EURO, MAICAO, HLCAP . etc

Posted by smalltimer > 2014-11-06 10:43 | Report Abuse

spot on chai

Posted by smalltimer > 2014-11-06 10:46 | Report Abuse

we need the cooperation and a leader to push

Posted by smalltimer > 2014-11-06 10:47 | Report Abuse

so who is selling at low price eh?

Posted by smalltimer > 2014-11-06 10:57 | Report Abuse

so there is some amongst here is double speak

Posted by Steventeo > 2014-11-06 11:09 | Report Abuse

have the block at the price 1660, some body want to press down the price ??????????

Posted by smalltimer > 2014-11-06 11:15 | Report Abuse

i see the block at 1.65. there is a pusher here

Posted by Ravi Kumar > 2014-11-06 11:21 | Report Abuse

All those who are holding continue to hold. Those who see value, please buy.

Posted by Protectcap > 2014-11-06 11:22 | Report Abuse

Hi all,

Yesterday the Minority Shareholder Watchdog Group ( MSWG) organised the OSK/OSKP/PJD take over forum due to the 60+ ( fortunately??) complaints received. The news appear in Sinchew Newspaper today.

Suggest everyone write to the MSWG (web : www.mswg.org.my ) people in charge to "motivate" them to take the issue further. and keep the momentum...the more BEES,(see quote at the end) the better....Just my huimble thought...

Mr.Chong Chee Fern,
General Manager,Corp. Monitoring Div : chongcf@mswg.org.my

Mr.Lee Chee Meng,
Manager, Corp. Monitoring Div : chee.meng@mswg.org.my

Mr.Quah Ban Aik,
Head,Corp Monitoring Div : banaik.quah@mswg.org.my

RE: OSK/OSKP/PJD TAKE OVER ISSUE-COMPLAIN ON UNFAIR AND UNETHICAL PRACTICE

Thank you to MSWG for your concern and effort to orgainse forum on 5th Nov 2014 to look into our complains.
We hope you would take up this matter further and escalate to higher level of authority to investigate and rectify the matter for the benefits of minority shareholders, confidence and reputation of the market at large

We are sure upon successful restoration of fair practice, many retailers would join and support MSWG in many activities to come.

Thank you..


** you may edit your own words..


Also encourage to write to SC as follow:

Investor Affairs & Complaints Department
Securities Commission Malaysia
No 3 Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur
Tel: 603 6204 8999
Fax: 603 6204 8991
E-mail: aduan@seccom.com.my

*******************************************************************************************

Float like a butterfly, sting like a *bee. ..
Muhammad Ali

*as a minority shareholders ?? see how many bees he can tahan..

**************************************************************************************************

Posted by JamieLianTeng > 2014-11-06 11:36 | Report Abuse

OTB, Thanks


This has never been the merger that all of those who bought into PJDev before the announcement were hoping for. These people have come together and wrongly talked themselves into a frenzy.

It is a restructuring, no doubt about that, but the PERSONAL restructuring of OLH's personal assets, with the major aim to control OSK the jewel.


When pressured, it would likely mean OLH will just withdraw the VGO to the minorities and proceed to transfer his 30+% to OSK.... as the major aim is to control OSK the jewel.


After this restructuring, out of the 3 companies, PJDev will be the smallest and which OLH controls the least ie just 30+%..... I foresee OLH will focus on OSK first, OSKProp second and leaving PJDev to be the last.

In this process, PJDev will not see development in many more years to come and its share price will drop..... OLH will then make a VGO again, knowing him it will, of course, be at an even lower price than the 1.60.

Posted by Ravi Kumar > 2014-11-06 11:41 | Report Abuse

Wow you seem to know OLH very well. Nice try not convinced.

Posted by JamieLianTeng > 2014-11-06 11:44 | Report Abuse

The risk is....

Then...... these people have come together and wrongly talked themselves into a frenzy then before the announcement.

Now....... these people are coming together and wrongly talked themselves into a frenzy again now by wanting SC to do something.... when it is just a VGO.. IT IS JUST A VGO!!

Posted by JamieLianTeng > 2014-11-06 11:51 | Report Abuse

Just think, can you go and sue or get SC to force the buyers who have keyed in to queue to buy PJDev at 1.33 now??

Posted by Ooi Teik Bee > 2014-11-06 12:09 |

Post removed.Why?

Posted by LuvLuv > 2014-11-06 12:23 | Report Abuse

I am totally agree with Mr Ooi views that the purpose of OLH is not getting the ticket via the acceptance of his offer but rather he trying to accumulate more stake in open market once he created panic selling.

The value of PJDEV is should not be undermined taken into account of unbill sales and thus will create a higher NTA.Do you think we are that Childish to let him play the game.In US and HK,I had faced many those cases and I have seen even some of them being taken into court debate (i am hardly seen those case in Malaysia) thus we as a minority shareholders should unite.

For me less than RM 2.2 for mother and RM 1.2 (for son) within this 3 months,I will reject the offer (taking into account of those bought earlier at above RM 1) even though my cost is just approx 0.62.The price will be higher when next quarter result is reported.

For those who do not noticed,Mr Koon Yew Yin is now part of us in defending the castle.

For short term,current strong recovery in overall market as well as fast move of PJDEV WC is not healthy (maybe big guys buy up) but we should not hurry to enter.I will only buy when its back to 65-67.5 equilibrium price based on Vol avg,cheers

Lets us Unite and fight the game

Posted by JamieLianTeng > 2014-11-06 12:29 | Report Abuse

IT IS JUST A VGO!!

Just think, can you go and sue or get SC to force the buyers who have keyed in to queue to buy PJDev at 1.33 now??

Posted by JamieLianTeng > 2014-11-06 12:35 | Report Abuse

If you are one of those in the frenzy..... take a step back, take a KitKat and consider..... the meaning of the V in the VGO??

Posted by LuvLuv > 2014-11-06 12:37 | Report Abuse

Yes,is VGO (like previous OSKVI) but there are someone who willing to sell.Thus we need to educate those.cheers

Posted by JamieLianTeng > 2014-11-06 12:39 | Report Abuse

OLH is an exprerienced IB, stockbroker.... would he make this kind of blunder?? Not likely.... but according to plan.

Posted by JamieLianTeng > 2014-11-06 12:42 | Report Abuse

OLH will take his time to do something good for PJDev.... 3, 5, 8 years later, maybe

After all, he already has his hands full with OSK, OSKProp which he controls more

Posted by Ooi Teik Bee > 2014-11-06 12:45 | Report Abuse

He offered to take private OSKH at 1.60 +, did the price dropped further below 1.60 +. The stock price of OSKH is at 2.36 now.

Ekovert offered to buy Tebrau at 0.75, the deal did not get through. The stock price of Tebrau (Iwcity) is at 1.45 now.

Will the price of PJDev be < 1.60 in a year from now if PJDev is growing at 20% in 2015 ?

I am talking with fact and figure, not guessing work.

Thank you

Posted by JamieLianTeng > 2014-11-06 12:47 | Report Abuse

If OLH gets his way to control more % of PJDev.... PJDev maybe growing at 20% in 2015... else he put his efforts somewhere else.....

Posted by JamieLianTeng > 2014-11-06 12:48 | Report Abuse

Human nature....

Posted by ks55 > 2014-11-06 12:53 | Report Abuse

It is a fair game. Buy if you think it is worth, sell if you think it is overpriced. Why don't you complain when price was below 1 ringgit?

Posted by ks55 > 2014-11-06 13:11 | Report Abuse

To me, no other game is fairer thank the share market. It is always there. Got money, buy more. No money, buy less. Share cheap, buy more. Share expensive, sell more. PE low, P/BV low, DY high, then share is cheap, buy more. Otherwise share expensive, sell more.

Don't just keep on complaining OLH cheats. OLH never cheat. He said it right from beginning, he wants to reorganize and restructure what he already has. He never say he want to buy up all PJD shares. It is up to you if you want to sell your share to him, or sell it in the market. Probably you may have bought it cheap, before OLH became major share holder of PJD. If you buy expensive because you bet OLH may "privatize" PJD, that is your call. If you lose money on your bet, don't blame others.

Posted by Steventeo > 2014-11-06 13:13 | Report Abuse

OLH very stingy..

Posted by ks55 > 2014-11-06 13:16 | Report Abuse

He is IB