Posted by leelc70 > 2016-06-10 11:38 | Report Abuse

1day only and back to square?

Posted by latlut > 2016-06-10 12:26 | Report Abuse

hmmm. i am betting on it. also. they already started hiring for their vietnam operation. long term wise should be ok.

Posted by Eddysurge > 2016-06-10 12:27 | Report Abuse

@ kahoeng, u should ask ignissimia when the bjcorp day or comment previously.

Posted by Eddysurge > 2016-06-10 12:44 | Report Abuse

Why bjcorp share at this 37c? So far & such long yrs, 1% div given at token but the margin investor all paper loss. Do u think only bjcorp give good return? Unless ...

Posted by kahhoeng > 2016-06-10 14:37 | Report Abuse

Eddysurge, I bought bjcorp because 1. Improved property projects conditions - china closed to being sold, Korea in court case, and Malaysia/ Japan close to completion 2. Vietnam Toto to begin business soon 3. Improved debt position from selling assets. No intention to hold for long term investment, knowing well VT has never been kind to shareholders

Posted by Eddysurge > 2016-06-10 14:51 | Report Abuse

kahoeng,good for u. Buy low sell high. This is all investors are try to do. That why this is outcome, lower & lower.

Posted by Wing Destiny > 2016-06-10 17:10 | Report Abuse

who buy who die, bad fundamental.

Posted by Eddysurge > 2016-06-10 17:44 | Report Abuse

Good thought kahoeng & friend just post in. Anything can happen in Berjayaland but don't to over.

Posted by Eddysurge > 2016-06-10 22:25 | Report Abuse

@ kahoeng, to whom they sold to? According my brother said, at short term, this stock is on the edge to jump & possibility always happen. What u look, not always what u expect.

Posted by kahhoeng > 2016-06-10 22:29 | Report Abuse

eddysurge, this stock = bjcorp? jump = up, not down? your brother = technical analyst or fundamental analyst or insider information?

Posted by Up_down > 2016-06-11 20:03 | Report Abuse

kahheong. BJtoto dividends payout in cash was 16.5 cents or DY 5.6% at current share price. BJCorp's finance costs stood at RM 303 million or equivalent to 4.1% for the past 9 months. It's a wise move to dispose some of its stakes to pare down the borrowings since interest rates are expecting to rise in the near future. I don't know the interest rate for BJCorp's loan but certainly on the rising trend witness from the upsurge in FD savings rate offering by banks recently.

Posted by kahhoeng > 2016-06-13 16:20 | Report Abuse

Up_down, can't agree with you on this. Given BJCorp's current debt of around 7 billion and financing cost of around 400 million per year, the interest cost is less than 6%. Should Toto Vietnam project materialize, the value of BJToto should be more than current depressing level around 2.90, given that BJToto also has a stake in it. It wouldn't make sense then for BJCorp to dispose BJToto just to pare down financing cost. Disposing shares in BJAuto, Magni-Tech, BJFood, though, could be deemed reasonable, given that they are not core to BJCorp (BJFood is a bit judgmental if it should be considered 'core')...

Posted by Eddysurge > 2016-06-13 17:15 | Report Abuse

Sorry if ircorrect, are bjcorp management try to give away the bjcorp assets?

Posted by Up_down > 2016-06-13 20:05 | Report Abuse

Looking forward BJCorp to dispose shares in its associates:

1. Atlan - market value RM 312 million ( stakes 21.1% )
2. BJFood - market value RM 303 million ( stakes 42.65% )

Posted by kkgan > 2016-06-13 20:12 | Report Abuse

will this selling process consider in revenue income?

Posted by Up_down > 2016-06-13 20:15 | Report Abuse

Kahheong. BJCorp's borrowing stood at RM 7.386 billion. This amount is before deducting cash in Bank RM 1.951 billion. Net debt value will be RM 5.435 billion before minus Assets Classified As Held For Sale RM 1.155 billion.

Posted by Up_down > 2016-06-13 21:10 | Report Abuse

Kahheong. Minor mistake in date.

Final disposal of BJAuto shares for cash consideration RM 166.11 million in the announcement today.

Updated cash proceeds:
BJcorp - Disposal of shares and subsidiaries:
1 Feb 16 to 30 Apr 16 - RM 991.68 million
1 May 16 until now - RM 240.52 million

BJLand - Disposal of shares:
1 May 16 until now - RM 41.09 million

Posted by Up_down > 2016-06-13 22:24 | Report Abuse

Kahheong. You are sharp. Is it BJAuto did not announce the disposal of 48 million shares disposed? This is another RM 100 million cash proceeds that we have not taken into account.

Posted by Up_down > 2016-06-13 22:26 | Report Abuse

My figures are covered for that quarterly period only. Please take note of this

12-Apr-16
Repurchased of Phase 1 by JDC from BJ Resort
for a cash consideration 374.5 million ( 72.6% stakes )

Posted by Up_down > 2016-06-13 22:35 | Report Abuse

Kahheong. By adding up all together, disposal cash proceeds worth RM 1.373 billion. It's not a small amount. Robin is doing something interesting now.

BJcorp - Disposal of shares and subsidiaries:
1 Feb 16 to 30 Apr 16 - RM 991.68 million
1 May 16 until now - RM 240.52 million
Additional RM 100 million ( not yet announce )

BJLand - Disposal of shares:
1 May 16 until now - RM 41.09 million

Posted by kahhoeng > 2016-06-13 22:54 | Report Abuse

kkgan, the income statement will actually show a loss from selling equities of BJAuto and BJToto cause they were recorded in the book at a higher value. Though, with the disposal, the debt is reduced significantly, and there will be a minimum savings of RM 1.25 million interest cost (assuming 5%) every quarter for every increase in RM 100 million cash

The purchase of BJLand shares though, may actually increase the NA per share, given that BJLand is purchased based on equity valuation of RM 0.70 per share while its NA per share is RM 1.06 per share

Up_down, noted with thanks!

Posted by wonder > 2016-06-14 10:27 | Report Abuse

Wanna ask all the sifu here, what is the major component of the RM6bil goodwill? Is it mainly goodwill from acquisition or gaming license?

Posted by MamakKutty > 2016-06-14 10:37 | Report Abuse

kopi lui

Posted by smalltimer > 2016-06-14 11:21 | Report Abuse

anyone knows who bought the BToto shares?

Posted by kahhoeng > 2016-06-14 11:32 | Report Abuse

err.. bjtoto has a shareholder equity of RM 806 million while its equity already includes RM 786 million intangible. Meanwhile, BJCorp has a cost on its book of about RM 3.00 for BJToto, so I guess BJToto should account the most of intangible. Think at least RM 3.6 billion, but you better ask your accountant friend or write in to BJCorp to learn more.

bjfood has shareholder equity of RM 390 million while its equity already includes an intangible of RM 451 million. No idea how much BJCorp book value on BJFood, so no idea how much the BJFood's intangible should be on its book, but I guess should be another RM 450 million...

Posted by Eddysurge > 2016-06-14 11:50 | Report Abuse

From here, i know VT & family finacial rich.Bjcorp also play in his palm, but the investor will also in his hand. Buy only when they donate.

Posted by kahhoeng > 2016-06-14 18:19 | Report Abuse

From May 01 - Jul 31
Disposal of BJAuto raised approximately RM 184 million from SPV 113 million shares
Disposal of BJAuto raised approximately RM 100 million from selling 47.8527 million shares
Disposal of Magni Tech raised approximately RM 44 million from selling 10.2169 million shares
Disposal of BJToto raised approximately RM 70 million from selling 24.2 million shares
Totaling RM 394 million

From Feb 01 - Apr 30
Disposal of BJAuto raised approximately RM 463 million from selling 220.55 million shares
Disposal of Magni Tech raised approximately RM 13 million from selling 3 million shares
Disposal of BJToto raised approximately RM 31 million from selling 10 million shares
Disposal of BJFood raised approximately RM 66 million from selling 34.6 million shares
Totaling RM 573 million

Updating the missing 48 million shares of BJAuto and further sale of BJToto with recent announcement

Above include only proceeds from disposal of BJAuto, BJToto, BJFood and Magni Tech...

Posted by wonder > 2016-06-14 20:47 | Report Abuse

i just look through the intangible assets again, it was shown in the annual report that gaming rights is the major component, standing at 6bil. But when refer to BJtoto's balance sheet, intangible only 700mil. Does berjaya sports toto park its gaming license at Bjcorp? orelse what other gaming rights does bjcorp posses other than the one in Bjtoto?

Posted by kahhoeng > 2016-06-14 21:41 | Report Abuse

wonder, on BJToto's book, intangible is only RM 700 million and BJToto book value is RM 0.55 per share. Though, BJCorp and BJLand has paid a higher price for BJToto. From what's on the news lately, BJCorp's most likely carrying BJToto at a price of slightly higher than RM 3.00 per share. So, the intangible should be even higher than RM 700 million, at around RM 3.5 billion. My guess, best to consult any of your friend who's profession is accountant or email BJCorp for clarification...

Posted by Up_down > 2016-06-14 21:46 | Report Abuse

Gaming Right is a complex transaction.

Here's the information of Gaming Right RM 4.85 billion started recognizing in the accounts FY 2008. No cash involvement for RM 4.85 billion. To recognize this transaction, there were some adjustment in increasing of

1. Fair Value Reserve RM 2,068,343
2. Minority Interest arising from acquisition RM 2.362,754


Reason for recognizing Gaming Right:

10. SUBSIDIARY COMPANIES 
(vi) On 4 February 2008, BLand increased its interest in BToto to 48.96% due to BToto’s share buy back exercise and the purchase of 1,000,020, BToto shares by Gateway Benefit Sdn Bhd, a subsidiary company of BLand. Together with the equity interest in BToto which are held by other subsidiary companies of the Group, the total equity interest held by the Group exceeded 50% and as such, BToto is regarded as a subsidiary company of BLand as well as the Group. 

BLand had undertaken a purchase price allocation exercise that resulted in the identification and measurement of gaming rights which is provisionally estimated to be at RM4.85 billion included as intangible assets on the balance sheet (Note 12)


Note 22 Reserve:
This fair value reserve arose from the increase in equity interests of the Group in BToto as disclosed in Note 7(a) to the
financial statements that resulted in the identification and measurement of gaming rights which was provisionally estimated
to be at RM4.85 billion at the date of acquisition and included in intangible assets in the balance sheet (Note 11). This reserve
represents post acquisition fair value and other adjustments arising from the business combination.

Posted by Up_down > 2016-06-14 22:04 | Report Abuse

Kahheong. Amortization for Gaming Right is just a small amount. Closing Balance of Gaming Right remains RM 4.652 billion as shown in AR 2015.

Posted by Up_down > 2016-06-14 22:05 | Report Abuse

It won't have any effect to Profit and Loss even even though Gaming Right RM 4.652 billion is written off as this amount merely involved in Balance Sheet item adjustments.

Posted by paperplane2016 > 2016-06-14 22:09 | Report Abuse

Up down,, you are much smarter than me. May i ask what this robin doing??
He keep selling subsi for what? Take the cash what can it brings later on??? Earn 4% in banks? Or he had something in mind?
Sell bjfood, bjauto, even cash cow magni.,...... all these good company? What he trying to do

Posted by Up_down > 2016-06-14 22:12 | Report Abuse

It's better to show BJToto as an Associated Company instead of subsidiary so that BJCorp doesn't have to consolidate the accounts BJToto. Gaming Right RM 4.6 billion is really confused investors. People are worry of what would happen when Gaming Right is written off just in case.

Posted by Koon Bee > 2016-06-14 22:14 | Report Abuse

Maybe Robin follow paper put all his money into FD loh...lol

Posted by Up_down > 2016-06-14 22:33 | Report Abuse

Paperplane. You are pulling my leg again. BJCorp's stakes in BJToto was 50.74% as shown in AR 2015. It's likely that BJToto would be treated as Associate in BJCorp accounts after it had reduced its stakes recently. Robin wanted to take cash back to pare down its borrowings la. You see the amount of debt in few billion...dizzy.

Posted by paperplane2016 > 2016-06-14 22:42 | Report Abuse

Aiya, debts only, no issue for vt.....
They had lots of cashcows, bank willingly loan them! Look at starbucks, kennyroger, bjtoto, magni, etc..... so many cashcows!

Posted by paperplane2016 > 2016-06-14 22:42 | Report Abuse

Even airasia 10bil loan also can sleep well. What he need worry with so many cashcows.?

Posted by paperplane2016 > 2016-06-14 22:44 | Report Abuse

Unless..... they wanna buy something big????
Inject into bjcorp later on? What is it??? Umobile?

Posted by Up_down > 2016-06-14 22:50 | Report Abuse

Paperplane. You are very sharp. You have sense something big is going to happen soon...haha

Posted by paperplane2016 > 2016-06-14 22:52 | Report Abuse

They need money to expand vietnam also, but not tht Much at Beginning stage. Why the rush to sell so many assets????

Posted by kahhoeng > 2016-06-14 22:52 | Report Abuse

Up_down, I just read the 2015 annual report, there is an intangible gaming right impairment losses of RM 133 million during that year; in addition, there's a further RM 442 million goodwill related to gaming right being impaired in the same year... and if I were not wrong, it is what dragging down 2015 profit in the last quarter (I just check last year's Q4 report, there's a RM 444 million impairment on Goodwill on investment related expenses)

actually, I can understand a need to sell down non-core business to pare down debt level which is not sustainable, interest cost itself could balloon to more than RM 450 million had there been no exercises to sell non-core, including plantation, China's property project (which is a never ending project,) BJAuto, Magni Tech. Though, selling BJToto is hard to comprehend. No doubt, the sale so far will not change management control, but the price is too low at 2.85 - 3.10. Had BJCorp able to hold slightly longer until the Vietnam Toto is operating and growing, BJCorp can fetch a far higher price cause BJToto is owning part of the project, just not as much as BJCorp.

Posted by paperplane2016 > 2016-06-14 22:53 | Report Abuse

Up down, you sense apa?? Share share lah...... i not smart, only can guess guess....

Posted by paperplane2016 > 2016-06-14 22:53 | Report Abuse

If umobile injected, what happen?? Direct shot back RM1? Maybe???

Posted by kahhoeng > 2016-06-14 22:55 | Report Abuse

Up_down, I just read the 2015 annual report, there is an intangible gaming right impairment losses of RM 133 million during that year; in addition, there's a further RM 442 million goodwill related to gaming right being impaired in the same year... and if I were not wrong, it is what dragging down 2015 profit in the last quarter (I just check last year's Q4 report, there's a RM 444 million impairment on Goodwill on investment related expenses)

actually, I can understand a need to sell down non-core business to pare down debt level which is not sustainable, interest cost itself could balloon to more than RM 450 million had there been no exercises to sell non-core, including plantation, China's property project (which is a never ending project,) BJAuto, Magni Tech. Though, selling BJToto is hard to comprehend. No doubt, the sale so far will not change management control, but the price is too low at 2.85 - 3.10. Had BJCorp able to hold slightly longer until the Vietnam Toto is operating and growing, BJCorp can fetch a far higher price cause BJToto is owning part of the project, just not as much as BJCorp.

Posted by Up_down > 2016-06-14 22:59 | Report Abuse

BJCorp seems rushing to get rid of its subsidiaries to accumulate cash to bet something big. Umobile profitable or not? Many telcos share prices tank recently.

Posted by kahhoeng > 2016-06-14 23:04 | Report Abuse

Umobile not profitable yet, otherwise would have been listed long ago. Plus, there are a few majority shareholders in Umobile, VT is just one of them, and BJCorp has 0 ownership currently

Posted by Up_down > 2016-06-14 23:04 | Report Abuse

Kahheong. It could be part of the game to clean up its accounts by disposing BJToto. Investors prefer the accounts presented in a simple way.

Posted by Up_down > 2016-06-14 23:07 | Report Abuse

I am worry also if BJCorp become an incubator for Umonile...lol

Posted by kahhoeng > 2016-06-14 23:09 | Report Abuse

BJCorp core businesses include property development and investment (could be the reason to increase BJLand ownership - to eventual privatization), gaming (through Vietnam Toto and BJToto), direct sale - Cosway (thought a large sum was paid years back to privatize Hong Kong unit,) investments in others (insurance, F&B, brokerage, etc.) Gaming is a big contributor, which is why I find it hard to understand the sale...