Dear Adamolittle, after many days you talk about integrity, now you said you don't understand the topic, Ha3. Well, i try to make it this way hopefully you can understand: is a man position in his job direct proportional to his integrity? means the higher the ranking of the post, the higher integrity he is. What say you? By the way, please write your opinion in one comment. Sequencing the sentence to several comment is a tactic of washing the comment board which always done by people who wish not want more people know what is talking previously. I guess you are not purposely did so, do you?
Ecoworld launch its Eco Santuary at the land beside SAB recently, all units fully sold.
Ecoworld manage to price the superlink house at RM1million, with total GDV of RM8billion on the 300 acre land. This price is almost 20% above the IJM Rimbayu price.
So, if next time (5 years later) SAB partner with Paramount to develop its Kota Kemuning land (640 acre), I think the Gross GDV can be more RM20billion. Let said SAB get to share 18% of the GDV, it is already equal to RM3.6billion.
happyman, in this type of JV project, the land owner will get full payment of its share.
In other word, it is equivalent to SAB sold the land at RM3.6billion. However, this RM3.6billion is not an one off payment, SAB will get paid according to the project phase.
Example, if the phase 1 project worth RM800 million and it was fully sold, SAB will get RM144million when the project complete.
Then phase 2 project worth RM1.5 billion, SAB will get another RM270million..
Let said the whole township take 10 years to complete, then SAB will get total RM3.6billion in total.
This is net cash, SAB no need to fork out any single cents on the construction cost.
The only risk SAB facing is what happen if the construction project abandom, and the land being caveat and freeze by bank...etc.
Yes correct, if SAB only contributes the land and get 20% of the property assets completed, say, in stages over 10 years. The developer will get 70% of asset to sell but will pay all the cost construction, but not the land. Normally it is 20 to 25% for land owner and 75% to 80% for the developer.
A medical doctor...? I'm most likely to be right that SAB is not about property development and all these discussion about JV, GDV etc is heading towards the wrong direction.
Over the past few years, hospital biz achieves growth yoy while palm oil income drop. It is time to rethink the strategy of the company given the extraction rate of oil now is getting lower in peninsular compare to Kalimantan while the land cost is higher in West Malaysia. Dr Nick is a medical personnel and has palm oil development exposure in Kalimantan. He is involving in two core biz of SAB. Hmm seen Tan Sri is carefully nurture Dr Nick to take over from him to lead the group. The land in Kota Kemuning is the jewel of jewel of SAB property and i wish the new management will utilize it well to generate good fortune for all shareholders.
Tp rm2. Overpriced share. PE19 now. Fair value should be only PE 10 which is RM2. Sell now or redget. Property price gonna skyfall as people say the market is crashing.
Malaysian 90percent people borrowing. Still build houses. People say stock market first to reflect before other market moved. Once the market crashed, property sector will folo. Beware!!
Stable keep on lossing profit. Hold long term u will continue stuck there. The share already fall from 5.xx. Soon the company will become loss company once the property commence. Collect more equal to throwing money in the sea. Beware!
After attending the AGM today, I can conclude that this is a company with "zero" corporate governance.
Too many hanky panky issue hide by the Board of Director, and all these issue never reveal to public, only those who attend the AGM will know (as some of the minority shareholder know the issue behind the scene, although Board of Director try to hide it from public).
Now I know why the share price keep dropping since last year.
My sifu always said, you must be very careful when invest in listed company, there are too many "snake" in the BOD. Once you kena "snake" bite, that you will regret.
What I observed is there is a rowdy trouble maker planted and very rude questioners among the public shareholders.
Now, we have a great promoter (likely to already have a big retail SAB shares position earlier) that has turned into a board hostile critic on this forum.
I feel that it is best we understand the company rather than we try and move the board and the company to serve our own needs.
Are we all not here to increase the value of our share portfolio?
If it is, then should we not try and understand the company, the businesses, the board, their challenges in hand, their plans and their intended moves.
or maybe I am wrong, maybe we are here to fight and wrestle with the board and to interrupt with their work and really irritate them, scold them, criticise them (with or without substance) and then thereafter sit down and have lunch with them and try to get more information to our favour from them.
Wah I also went to the AGM. Mainly for the food, but was so-so only. Didn't realize can be so 'happening' wan! I feel some of the more vulgar troublemakers should be planted by enemies of someone in SAB.
Albukhary, thx for ure insight. U might be right/ wrong about the BODs but price drop good for poor kacang puteh ppl like me hehe. Hope drop further then I can pump in more. I dunno how much u have invested previously, but if lose abit nvm la, u seem rich enuff and as long as ure other investments are making.
I believe in a long run I should be able to make money from investing in this counter!
The company has just came out of a long drawn sholder dispute. The residual directors is surely of the reputable & governance able type. if u want to ask info at agm, ask nicely lah...
Why on one hand try to get or force informations out of directors. And on the other hand, make insinuations and threats. The more u do press them, the more angry the directors & major shareholders get. Then the lower the price...(elementary la my dear Watson)
These are super strong major shareholders that u r dealing with. Maybe your intent is so that we both have plenty of time to collect more & more SAB shares at low prices. If that is the case, your tactic is damn cun!
let's put it in this way. Everybody know this company has great asset, and we know the actual value of the company can be more than RM10 per share.
However, if the BOD has no integrity, no matter how long you hold the share, how much you have accumulated, as long as they didn't want to make the share price up, you are getting nothing from them.
Even they sold the land, if they don't want to declare special dividend, what else you can do? Maybe then they will propose to take the money to invest in Indonesia land, how you know the land is worth the price?
You must remember, we just a minority shareholder, our wealth is depends on the share price. But the BOD is different, they already control the company, they have can do whatever with assets, they can give the land to other, they can sell it to their family member, they can appoint their son as director and get few hundred thousand director fee, they can award contract to their family member. But what can you do? Can you stop them?
Hi Albukhary.... you seems insistent on things being done your way. You comments like as though you are trying to undermine SAB. You seems to want to run SAB and not let the SAB BOD run the Co. Correct me if I'm wrong...
Yogibear, I just feel disappointed with the BOD, after I attend the AGM.
Before that, I'm still very confidence with the company, as I thought it is listed company, the BOD will run the company properly, and know the value of the Kota Kemuning land.
But after I attend the AGM, I realised this group of ppl are dishonest to the minority. I realised that no matter how much the piece of land worth in future (i.e. RM35, RM50 or RM100 psf), we as a minority shareholder will not have the opportunity to share any gain from it. The management will not benefit the minority shareholder.
P/S: If you have attend the AGM, I'm sure you know what is the issue raised by the minority shareholder.
This type of feeling is like you see someone claim he received few billion donation from overseas, and you know it is not a donation, but you can't do anything.
Dear Albukhary, come to think of it, value of potential land bank does not necessarily translate to per unit share price mah...Many property companies trade at a large discount on the NTA, no?
Are u so sure that the BOD did not hold the view that the current economic & political climate is not favourable to property development and is not willing to take that risk now.
If that is so, i personally think that they are being very responsible and they are protecting the speculative minorities...and wow! It's already 2 plus AM...gonna hit the sack! Good night my fellow investors!
@albukhary I think with the latest changes to the BOD lineup, especially the new and young No.1. This imho is a positive sign that the controlling/ majority party supports him and wants the company to move forward. It is a major decision and certainly requires balls to put a young medical doctor into a very technical palm oil business ahaha! This is something refreshing unlike a certain dear leader who still refuses to let go *winks*.
Aiyaa, in the end we kacang shareholders can only speculate and use our best judgement/ analysis to buy and sell shares. We cant dictate the company's direction or impose our ideas.
However I'm always positive about changes and revolutions, especially when it has just started. Let's just ride the wave and earn some pocket money!
Let see how la, hope the young guy can be more ethical. BTW, I still think that the BOD still owe all the minority shareholder a clear explanation on the land issue.
For those who didn't attend the AGM, I would like to share with you here on the land issue raised by minority shareholder.
One of the minority shareholder discovered that a portion of SAB Land in Kota Kemuning has been given to IJM to build a road access from Kota Kemuning to IJM Rimbayu site. This land is approximately 20 acre, and SAB just give it to IJM without any single cents.
Based on market value (i.e. RM50 per sqf), 20 arce freehold land can worth approximately RM43mil. The management has made this decision 3 years ago, without inform the minority shareholder. There is no single word mentioned in the annual report that 20 acre land has been given to IJM.
Although the management claimed that the piece of land is still under the ownership of SAB, but can you trust this management. When minority shareholder ask whether the management has signed any agreement with IJM, the management cannot answer.
Come on, you are public listed company, when you want to "donate" a piece of land to 3rd party, you no need to signed any agreement meh?
Then the minority shareholder ask is there any compensation will be received by SAB, then the answer is no.
If no compensation, why you want to donate a land to IJM? Why you donate without inform minority shareholder?
Everybody still thought SAB owned 650 acre land, but actually now it left 630 acre only!!
So again, do you belief SAB management donate the land for free? Or maybe something hanky panky behind the scene.. up to you to guess.
Dear squidoo, pocket money?!! What pocket money??? I have full intention to intend my future bentley to bear the number plate "S4B"! That is over & above my kid's uni fees abroad! Haha!
by the way @albukhary, i dont think got so simply "donate" la. Even me kacang puteh seller also can see through the logic of land value enhancement through having someone else to build a good road.
For eg, if my Beanly kacang shop got starbucks wanna come in and setup at a small corner, I double confirm plus chop kuku let them come in lo! Definitely will draw crowds to my shop and increase it's value. This is what I think la.
Dear Albukhary, based on your previous statement, I've deduced that :-
(1) "rent" or "given" lah. If "rent", the opportunity cost is only the old oil palm trees' harvest on the said area. I think only rent lah. I don't think that this board is that stupid
(2) If the management says that the land is still owned by the co, why would we not believe them? I in my own opinion, believes them. Who and what is provoking u to be so sceptical?
3) You seem to be hoping that they have "given" or "donated" the 20 acres land away so that you can pounce onto the board for wrong-doing. If this is your outlook or bad intention towards the board, let me suggest to u that there are many good counters out there for u to buy into which board decision will not make u angry. No need to be a minority and be so provoked and angry. I like happy fellow investors like squidoo. Not angry ones. Angry investors without substantial reasons are 'Bad' investors especially on issues regarding to our investments onto properly managed companies.
(4) 650 acres at 1,000,000 is 650,000,000. 630 acres at 1,300,000 is 819,000,000 with a well built road by IJM as access. That is a tangible 169 million value enhancement
(5) i think the road is the road SAB is supposed to build on the same 20 acres if/when it develops the land in the first place (i think)
(6) I do too think that the board have successfully attracted & build goodwill with names like IJM, ECO WORLD, gamuda land & Tropicana and built good will into this surrounding neighbourhood (that is further enhancement) with a wisely made decision.
(7) I think the board is brilliant by holding on to the primest piece of township land in this area (with a nice access built for them)
(8) I think that there is nothing irregular here but, there are impatient minority investors provoking others within their self vested selfish capacity, though unsuccessfully..
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 2962 views | 2 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Adamolittle
34 posts
Posted by Adamolittle > 2015-06-16 16:52 | Report Abuse
It is the foundation of good character for a person who holds high office.