Posted by smartly > 2016-10-19 15:14 | Report Abuse

in actual fact we are getting less than 1c dividend :(

3/100 * 0.325 = 0.00975

kns.

Posted by kahhoeng > 2016-10-19 15:56 | Report Abuse

don't worry, our BODs value those shares at 0.72 per share, we just need them to 'buy' from us....

Posted by cyphua > 2016-10-19 16:25 | Report Abuse

Is you buy RM330 now. BJCorp will give you Rm9.9 = RM3.30 x 3 at Dec 2016;
Or RM3300. BJCorp give RM99/=. At this RM0.33 share price.

Posted by Seong Zhi Lam > 2016-10-19 16:52 | Report Abuse

lol cyphua...

Posted by Duitlai > 2016-10-19 17:11 | Report Abuse

my calculation for dividen base on RM330. Bjcorp will give you RM 0.99

Posted by roundcateye > 2016-10-19 17:12 | Report Abuse

Can someone sifu let me know why there is a need to pay RM0.72 per share when the market price is RM0.330 or lower. Is the total cost just an estimate?

Posted by roundcateye > 2016-10-19 17:14 | Report Abuse

Can someone sifu let me know why the company needs to spend RM0.72 per share when the current market price is RM0.330 or lower?

Posted by Angielim9955 > 2016-10-19 18:35 | Report Abuse

roundcateye the stingy con man buat wayang tipu tipu money llol

Posted by posby > 2016-10-19 18:52 | Report Abuse

bjcorp management @ top level...
average buy 0.72...but giv out @ 0.33... good idea...
soon will rocket...

Posted by OceanSky > 2016-10-19 23:33 | Report Abuse

The RM0.72 was he average cost from day one the share buy back scheme started as early as FY2010, while share price > RM1,00. The accumulative of total share buy back up to 182 mil on FY-2014. Whole FY-2015 there is no share buy back. Then last 8 mil shares were bought back on June-2016, make up to 190 mil shares. On accounting purposes, the dividends declared is based on the cost have been spent on those treasury shares. Not the current price value in open market.

Let see another scenario, say BjCorp gone up to RM1.00 before the Ex-date, then the yield is 3c, not 1c as what smartly has calc'd.

Posted by OceanSky > 2016-10-20 00:04 | Report Abuse

One important signal from one of the big holder like Penta, who has jointly with TSVT to comvert total of 12% of BjLand shares, which is 600mil shares, value of RM0.70 on 01-June-2016, to exchange with BjCorp 350mil RM1.00 BjCorp-LE ICULs, plus 2 free warrants, BjCorp-WC, and extra RM70mil cash.
Penta has 50% shares on he said deal.

Means they are using 300mil of RM0,70 BjLand shares to exchange with 175mil of RM1.00 BjCorp-LE ICULs + 350mil of free warranty-WC + RM35 mil cash.
Immediately after the exchange exercise completed. Penta had converted most of their BjCorp-LE ICULs into BjCorp shares which only worth market value of RM0.33 now.

Penta has now hold total shares of
175 mil BjCorp shares at RM0.33 + 350mil BjCorp WC at RM0.085 + RM35mil = RM122.5mil
which were converted from 300 mil BjLand shares of RM0.70 = RM210 mil;
This give Penta immediate paper loss of RM87.5mil.

What is their strategy behind this conversion?
That's what we shall study and dig-out in order to see through the full picture.
We hope Fund Manager like Penta shall become our "indicator" for us to follow.
How soon the story will come to the end of the show, let see.

Posted by paperplane2016 > 2016-10-20 00:14 | Report Abuse

Wow,ocean sky you are damn good! I need to learn a lot from you

Posted by Ahbeng11 > 2016-10-20 05:56 | Report Abuse

Ocean good info

Posted by Ricky Kiat > 2016-10-20 06:07 | Report Abuse

thanks for sharing ,bro oceansky. (^-^)

Posted by tt101 > 2016-10-20 08:38 | Report Abuse

If investor continue holding B share, and if B each share making loss by 100 sen means this investment will make him suffer 100 sen loss or even more.

Now everyone knowing that B facing the big disaster in its oversea project. If the investor still look positively to the case, they won't try to escape. In the other hand, they know they should leave immediately but problem is they are unable to force sell their shares to open market, none will interested and the price will definitely very ugly.

...so, by switch to B's holding, the losses will pare down and they might only suffer 5 sen or even lower as the rest will absorb by other shareholders in the holding company.

take a note that the share exchange price is exercise before the B take in the result of failure in that dumb idiot project, even they are making some losses but better than suffer deeply.

...making loss they will share with you but when making profit, they will dispose the entity to generate cash in order to acquire any other related failure project's company.

if the project later on able to be recovered, the uncertain time is the killing factor as the time also a main factor in the gain or loss definition.

no eye see.

Posted by farinsight > 2016-10-20 09:57 | Report Abuse

PUBLIC INVESTMENT BANK BERHAD (20027-W)
9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718

Blog Headlines (by Date) Blog Index
PublicInvest Research Headlines - 20 Oct 2016

BCorp: Vmart poised to expand in China. Chinese retailer Vmart (Tianjin) Trading Co Ltd, a subsidiary of Berjaya Corp (BCorp), aims to hit an annual RMB10bn (RM6.2bn) sales in three to five years, from RMB1bn currently by growing its number of physical and online stores. BCorp founder Tan Sri Vincent Tan said China has great potential and he is targeting 10,000 Vmart physical and online stores by 2018. With 420 physical stores in 29 provinces now, Vmart is currently opening at a rate of 100 stores per year in China. (SunBiz)

Posted by kahhoeng > 2016-10-20 11:14 | Report Abuse

awaiting someone to share the details of the AGM...

Posted by roundcateye > 2016-10-20 11:34 | Report Abuse

Thanks OceanSky for the insights of the trading and also other for sharing.

Posted by roundcateye > 2016-10-20 11:36 | Report Abuse

I think BjCorp has the tendency of mismanaging their businesses, regardless whatever they do, even some are considered easy cash cows.

Posted by abv8888 > 2016-10-20 13:00 | Report Abuse

After AGM.....I feel no run no die...but go ICU

Posted by 10bagger10 > 2016-10-20 13:05 | Report Abuse

When u bye i buy?

Posted by 10bagger10 > 2016-10-20 13:06 | Report Abuse

So far i see bjtoto quite ok wa?

Posted by Seong Zhi Lam > 2016-10-20 13:06 | Report Abuse

any news from agm?

Posted by abv8888 > 2016-10-20 13:27 | Report Abuse

you all have medical card ? ICU very expensive Ooo

Posted by 10bagger10 > 2016-10-20 13:33 | Report Abuse

Expensive? Any sifu can enlighten?

Posted by profes_lms > 2016-10-20 14:30 | Report Abuse

so quite, this AGM no roller coaster? accumulate to go up ??

Posted by roundcateye > 2016-10-20 15:30 | Report Abuse

In AGM, any forecast on the forthcoming earning? Hope not to see red anymore.

Posted by roundcateye > 2016-10-20 15:55 | Report Abuse

I think the executive director was just giving excuses. Businesses do forecast, it is not a guarantee statement. Forecast allows stakeholders to plan ahead. Malaysia has a rather inaccurate weather forecast, but I haven't heard anyone being held accountable.

Posted by roundcateye > 2016-10-20 15:57 | Report Abuse

Jeju lawsuit is still ongoing, right?

Posted by kahhoeng > 2016-10-20 16:40 | Report Abuse

VT not good cook, what a joke! Anyway, based on share price after AGM, sincerely doubt anything good revealed by them...

Posted by Vivo > 2016-10-20 17:17 | Report Abuse

Any turnaround news? When BJ Corp can make profit again?

Posted by MuttonCurry > 2016-10-20 17:22 | Report Abuse

Haha confirmed value trap for VT to us BJ as the ultimate cost absorber for BJ group. Old timer know this counter very well.

Posted by Seong Zhi Lam > 2016-10-20 18:24 | Report Abuse

http://www.sinchew.com.my/node/1578794/%E6%88%90%E5%8A%9F%E9%9B%86%E5%9B%A2%E6%97%97%E4%B8%8B%E4%B8%AD%E5%9B%BD%E5%85%AC%E5%8F%B8%EF%BC%8E%E7%BB%B4%E8%BF%88%E6%88%90%E7%AB%8B%E2%80%9C%E7%99%BE%E4%B8%87%E4%BF%B1%E4%B9%90%E9%83%A8%E2%80%9D

Posted by takashi86 > 2016-10-20 19:01 | Report Abuse

I tot ppl attended agm will shout,swear,curse...none of this happen?lol...

Posted by takashi86 > 2016-10-20 19:02 | Report Abuse

Used up last bullet all in @ 0.325...God helps me

Posted by smartly > 2016-10-20 20:09 | Report Abuse

q-ing 32sen still...

Posted by takashi86 > 2016-10-20 20:12 | Report Abuse

Smartly...how many lots u gonna buy?

Posted by soon9913 > 2016-10-20 23:10 | Report Abuse

Anyone Can share more info about the AGM ? Thanks

Posted by Seong Zhi Lam > 2016-10-20 23:50 | Report Abuse

how many shares we have here? haha

Posted by OceanSky > 2016-10-21 00:00 | Report Abuse

Tonight let we all share some interesting data, accumulated from FY-2015:

1. 10/11/14

Posted by OceanSky > 2016-10-21 00:16 | Report Abuse

Tonight let share on some interesting data accumulated since FY-2015:

1. 10/11/14, Bj-Corp sold Bj-Auto, 100 mil shares, total proceed is = RM325.2 mil
2. 03/16~06/16, Bj-Corp sold Bj-Auto, 398 mil shares, total proceed is = RM789.4 mil
3. 05/07/16, Bj-Corp inject Bj-Auto, 9.09% shares to new SPV, to get 33% of SPV. (no-cash)
4. 20/10/15, Bj-Corp sold Sg Tinggi Land, 10,000 ++ acres, value = RM743.0 mil
5. 16/12/15, Bj-Land sold GMOC, China, in 3 payments, First = RM 33.4 mil (deposit)
6. Second payment (in escrow account) = RM677.9 mil
7. Say at 16/01.17 Last payment, 13mths after SPA signed, = RM677.9 mil
8. 10/11/15, Bj-Corp sold Magni-tech,12 mil shares, total proceed is = RM 43.6 mil
9. 11/01/16, Bj-Corp sold Magni-tech, 12 mil shares, total proceed is = RM 50.0 mil
10. 08/06/16, Bj-Corp sold Magni-tech, 13.7mil shares, total proceed is = RM 50.0 mil

Posted by OceanSky > 2016-10-21 00:29 | Report Abuse

Tonight let share on some interesting data accumulated since FY-2015:

1. 10/11/14, Bj-Corp sold Bj-Auto, 100 mil shares, total proceed is = RM325.2 mil
2. 03/16~06/16, Bj-Corp sold Bj-Auto, 398 mil shares, total proceed is = RM789.4 mil
3. 05/07/16, Bj-Corp inject Bj-Auto, 9.09% shares to new SPV, to get 33% of SPV. (no-cash)
4. 20/10/15, Bj-Corp sold Sg Tinggi Land, 10,000 ++ acres, value = RM743.0 mil
5. 16/12/15, Bj-Land sold GMOC, China, in 3 payments, First = RM 33.4 mil (deposit)
6. Second payment (in escrow account) = RM677.9 mil
7. Say at 16/01.17 Last payment, 13mths after SPA signed, = RM677.9 mil
8. 10/11/15, Bj-Corp sold Magni-tech,12 mil shares, total proceed is = RM 43.6 mil
9. 11/01/16, Bj-Corp sold Magni-tech, 12 mil shares, total proceed is = RM 50.0 mil
10. 08/06/16, Bj-Corp sold Magni-tech, 13.7mil shares, total proceed is = RM 56.7 mil
11. 28/12/15, Bj-Corp sold BEE-Fushan, solid waste TP, total proceed is = RM 76.7 mil
12. 05/10/16, Bj-Corp sold Tiaga at Toronto, wood business, proceed is = RM206.0 mil
Proceed shall be collected in Feb-2017.

Total Proceed back to Bj-Corp, as at Q3-FY2017 is of = RM3,679.9 mil

As compare to the total long term + short term loans of =(RM7.200.0 mil)

The actual debt balance is of =(RM3,520.1 mil)

I believe Bj-Corp has an very interesting story hidden behind the present asset clearing exercise,

After factor in the new Revenue from Vietlott from Vietnam & the newly opened Four Seasons Hotel at Kyoto on 15-10-16. We shall aspect bullish result from Bj-Corp.

Nevertheless, when is the time? Pls contact TSVT for better clarity.

Just like we should ask our No.1 man to confirm the time for next election.

Thks.

Posted by roundcateye > 2016-10-21 08:13 | Report Abuse

Dear OceanSky. The information provided is valuable. You are truly heavyweight. Thanks. Hopefully BjCorp can generate decent earning that helps to move its market price.

Posted by farinsight > 2016-10-21 08:43 | Report Abuse

Appreciate much the hard work and sharing by OceanSky, cheers!

Posted by Bullwinds > 2016-10-21 10:01 | Report Abuse

Just to share some of the relevant info and Q&As fr yday AGM:
from the cfo presentation
- some of the impairment made has chance to be written back particularly on currency loss.

- Vietlott is not expected to contribute for the first 12 mth.

key Qs to the C'man:
Q. what is your feeling n expectation for bjc share price?
A. C'man didn't answer well, only gave hawker's view in my opinion.

Q. pl clarify on vietlott Jv, are we the owner or just management agent?does it means after 12 mth time, the result will improve by leap n bounds?why no proper IR efforts to make clear this venture to shareholders?
A. the agreement singed is similar to Philippine's one but share all results with vietlott(meaning owner) but have to surrender the whole business back to the Govt after 18yrs.The current mkt size, usd 3bil(legal)+usd 9bil (illegal),and we r the monopoly legal operator for 18 yrs. can't disclose too much info to the public (intentionally withheld)coz sensitive to Vietnam govt. Contribution fr Vietnam is expected to be very significant in future and will be one of the backbone of the group.

Q.any intention to apply for sport betting license once opened up?
A. firm yes.

Q.any intention to convert some of the club assets to developmt to unlock valu?.
A.the most valuable is bkt jalil club,will consider in due course.

Q.how is the potential of Cosway in china?
A.is profitable now n very promising future.

Q.status of Jeju legal case?
A.will be settled.

Q.investment in Redtone has lost in share price what is the plan?
A.expected some corp exercise on the way.


my observation:
It is obvious that the investments in Vietnam n cosway are the two major projects that can bring big surprises in due course but patient is needed.

I was disappointed wt Robin's performance as a C'man who doesn't seemed to hv any grip of the grp operations but rather please with the CFO's capability.

Posted by kahhoeng > 2016-10-21 10:35 | Report Abuse

bullwinds, thanks for the update... Guess will have to hold at least another year to two before seeing any improvement in BJCorp's performance, earning-wise and share price-wise.

Posted by profes_lms > 2016-10-21 10:38 | Report Abuse

thank you Oceansky and bullwinds of your information.

Posted by kahhoeng > 2016-10-21 11:19 | Report Abuse

Berjaya, BJCorp share price going down has begun years ago, economic uncertainty and local issues clearly are only a small force behind it.... Failed property projects, from China, Jeju Island to Vietnam are the key reasons, delayed property projects in Malaysia (Menara Bangkok Bank/Ritz-Carlton Residences) and Japan (Four Season Hotel) are helping to squeeze the company cash flow, and high leveraging is not much help. Of course, the way BJCorp treats its shareholders exacerbate the situation...

Posted by roundcateye > 2016-10-21 11:56 | Report Abuse

My opinion is BjCorp is running pretty much like a SME, ad-hoc decision making, management oversight once a deal is obtained, exploit the deal (bend the contractual rule) for short-term gain without considering the risk, no long-term plan - pick up anything along the journey to whereever, lost interest when a business become stable. No sure the role of Robin Tan (no publicity, no share of vision). Only know he likes diving as hobby and also on the company share price. The top management consists of many auditors should be more financially conservative but not sure what is their contribution. My suggestion is to vss some senior top management who are seat-warmers, and replace them with more dynamic young team.

Posted by kahhoeng > 2016-10-21 12:02 | Report Abuse

Berjaya, yes, nobody is saying its easy to run conglomerate or big businesses, but those running are well paid and EXPECTED to be fired if businesses run south!