Posted by jn69 > 2014-05-21 09:01 | Report Abuse

http://www.nanyang.com/node/622373?tid=704

Posted by taciturn > 2014-05-21 09:38 | Report Abuse

@jn69: Thanks for the link. For someone who can't read Chinese it was interesting to run that through google translate and read it. :p

Posted by flower > 2014-05-21 10:39 | Report Abuse

taciturn, since your have read the link. Any possibility to buy some more. Pls share, share so that all prosper together

Posted by flower > 2014-05-21 10:40 | Report Abuse

I have bought it at a very high price. If it is worth to go in to average. Need advise.

Posted by taciturn > 2014-05-21 10:55 | Report Abuse

Flower: I'm probably not the best person to ask on if this is the best price to buy at.

What I can tell you is that I'm still holding a decent amount of shares in this company. My average price is quite near the all time low but in all honesty, I don't see myself selling out at the current price.

Fundamentally speaking, I'd have to say that the share price has run a fair bit ahead of current earnings. (I don't believe the upcoming quarter's earnings will be too exciting)

However, I'm still bullish in the company's prospects for the long term. If you're the type who can buy, hold for at least 1-2 years more and not be bothered by daily price fluctuations, then yes it might be worth it to average down. If not I'd suggest you wait to buy on weakness (1.00-1.05 might be possible).

Of course all the above are assumptions and not facts. And bear in mind that I'm not a professional investor.

Best to ask for the opinion of others who are more experienced to get a consensus view.

Posted by jn69 > 2014-05-21 11:05 | Report Abuse

Another opinion here, at this price now, benalec is still undervalue. For me, the company worth around 1.35-1.40 without the tanjung Piai and pengerang project.

Posted by flower > 2014-05-21 11:19 | Report Abuse

Thank you guys for your opinion. Due to myself not an expert in the market but trying to make some dough.

Posted by jn69 > 2014-05-21 11:19 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1627833

Posted by nickfcng > 2014-05-21 11:40 | Report Abuse

I see the volume is quite high. It may be an indication of better things???

Posted by Stockman > 2014-05-21 11:57 | Report Abuse

Don't worry so much

Posted by GoGoBenalec > 2014-05-21 13:29 | Report Abuse

Very confidence with ben

Posted by air01557 > 2014-05-21 13:30 | Report Abuse

Looks like play over - sell

Posted by king7 > 2014-05-21 14:32 | Report Abuse

Play over? air01557 ??

Posted by danielcctan > 2014-05-21 14:44 | Report Abuse

Staffs bought cost lower and sell pressure come on tomorrow

Posted by GoGoBenalec > 2014-05-21 15:09 | Report Abuse

danielcctan: you have friend in there? how you know the staffs are going to sell tomorrow? inside news kah?

Posted by danielcctan > 2014-05-21 15:12 | Report Abuse

their cost is around 0.70, price now is 1.12, about 0.42 profit. Will you sell if you have 100 lots? profit 4200.

Posted by splendid_ignorance > 2014-05-21 15:13 | Report Abuse

unless they have more info than us and thinks that it can go up more. do not doubt that some will sell but if majority of them hold, it is a good sign

Posted by danielcctan > 2014-05-21 15:16 | Report Abuse

hopefully...

Posted by GoGoBenalec > 2014-05-21 15:26 | Report Abuse

thanks a lot, still waiting ben can bring us to next level...

Posted by NNNN > 2014-05-21 15:38 | Report Abuse

Pantech have bunch of ESOS every now and then, but the share price chart is contact with up trend.

Posted by powerwk > 2014-05-21 16:19 | Report Abuse

Usually staff won't sell at one shot they need the share to be vested first. Even if they sell is good for us to buy back at lower price, provided you believe the company is doing good in next two quarter and project is keep on coming in near future. If you are not sure and confidence then sell and stay away :-)

Posted by taciturn > 2014-05-21 16:29 | Report Abuse

@danielcctan: Staff bought at a lower cost... Can I ask where you got the figure of 70 sen from?

The all time low for the share price is 84.5 sen.

The cheapest ESOS for staff has an exercise price of 79 sen.

Assuming that you meant 79 sen, the latest ESOS listing announcement indicates that 113,000 shares are to be listed tomorrow.

Feel free to explain to us why you believe thiis amount (1,130 small lots) is going to be a decisive part in the selling pressure tomorrow vis a vis to the daily average traded volume of 13 million shares (130,000 small lots) for the past month.

Posted by Intuition > 2014-05-21 16:57 | Report Abuse

@taciturn ...... i am back.

Posted by tshwong > 2014-05-21 17:33 | Report Abuse

taciturn, no need to concern too much on what other formers' saying. There are a bunch of idiots out there. They just want to buy on the rising stock, to take part for the free lunch. Any pull back, they'll scream like a sissy girl, run like a horse or cut loss and cursing the stock. They're born to be a loser though.

Posted by GoGoBenalec > 2014-05-21 17:50 | Report Abuse

tshwong, beh tahan, must give you a "Like"

Posted by tshwong > 2014-05-21 19:44 | Report Abuse

haha. Got some humour, cheer up.

Posted by Yunnan > 2014-05-21 19:53 | Report Abuse

Not to worry, the stocks seems well supported at 1.10. Will soon surge pass the resistance level at 1.18

Posted by taciturn > 2014-05-21 20:56 | Report Abuse

tshwong: I know I shouldn't allow myself to be egged by these kind of statements, but really it's hard when they flat out force me to *facepalm* when I read them.

Next up, I'm expecting someone to tell us something along these lines:

"My wife's sister-in-law's third cousin's uncle has a friend who knows a clerk in Benalec. The clerk sold 2,000 shares of Benalec today. Obviously it's a sign that there'll be strong selling pressure tomorrow since the staff are all selling."

Posted by king7 > 2014-05-21 21:29 | Report Abuse

Is this real..? Taciturn ... Sell! But as u said little volume.

Posted by jenson68 > 2014-05-22 06:50 | Report Abuse

Buy with your own confident, hold tide as this counter has a good fundamental and will fly for next few month.

Posted by powerwk > 2014-05-22 07:20 | Report Abuse

Already mention much much earlier that consolidation stage is a must like a pit-stop before move further. Could be up and down depend on news, project, management structure and many more. If up happy and down sad then don't touch stock market because everyday it will give you different feeling and emotion. Don't live like that and become happy investor.

This is not a short term counter and need time to adjust to make money and get rib of the impression of last incident.

In short if buy and hold for long term as education fund and etc this counter still look promising as per current position and project on hand. I will only sell when really bad thing happen and impacted the company a lot even that I will confirm the impact first before sell. A lot of people sell base on news or rumor and they did not even sure what that mean to a company and what the real impact are :-)

If today up again those sell yesterday will say - 'aiyah' should not sell first haha......

Good luck all.....

Posted by JT5774 > 2014-05-22 07:27 | Report Abuse

Good Morning, Benalec Investors, Happy Trading!

Posted by king7 > 2014-05-22 12:24 | Report Abuse

RM 1.08 , any idea the trend for next few day?

Posted by Alexofb2b > 2014-05-22 12:29 | Report Abuse

Benalec, support is now at 1.08, bleaching it, , it may expose 0.9500 next. It is now bearish , going southwards

Posted by king7 > 2014-05-22 12:39 | Report Abuse

Over bought ?? where are the new substantial share holder?? 80Mil share??

Posted by Lai Yin Keat > 2014-05-22 13:57 | Report Abuse

Tweezer top

Posted by splendid_ignorance > 2014-05-22 17:33 | Report Abuse

92 cnts? slowly wait

Posted by powerwk > 2014-05-22 17:34 | Report Abuse

haha.... it possible to get there but should not be now....let see what happen tomorrow :-)

Posted by gladius55 > 2014-05-22 18:54 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1630617
bad result

Posted by tkteoh80 > 2014-05-22 19:05 | Report Abuse

we look into the future, not past earnings

Posted by tkteoh80 > 2014-05-22 19:08 | Report Abuse

Extension of the Term-Sheet duration

Spektrum Kukuh Sdn Bhd (“SKSB”), a 70% owned-subsidiary of Tanjung Piai Maritime
Industries Sdn Bhd , had on 12 March 2013 entered into a binding term sheet with The
State Secretary, Johor (Incorporated) (“S.S.I”) and 1MY Strategic Oil Terminal Sdn Bhd
(“the Purchaser”) to undertake the reclamation works and sale of approximately 1,000
acres of land off the coast of Tanjung Piai, Johor Darul Ta’zim (“the land”) for the purpose
of constructing and operating a crude oil and petroleum storage facility together with a
private jetty (“Project”).

(SKSB, S.S.I and the Purchaser are collectively referred to as “the Parties”.)

Further to the announcements made on 12 March 2013, 12 June 2013, 17 June 2013, 11
September 2013,12 December 2013 and 19 March 2014 with regards to the Term Sheet,
the Parties are in the midst of finalising the terms and conditions of the Sale and
Purchase Agreement.

Posted by henry142 > 2014-05-22 19:52 | Report Abuse

this quarterly result is extremely disgusting

Posted by tkteoh80 > 2014-05-22 19:54 | Report Abuse

kuah.. either from chart or fundamental, benalec also show bullish sign... why are u so pessimist on this counter?

Posted by splendid_ignorance > 2014-05-22 19:58 | Report Abuse

before you invest please do your own homework. benalec is in a business of reclamation/construction. if you know the industry you will know how profit recognition and billing is like for these companies. it will most probably be through percentage of completion. we all know there was a long lull in the business' activities and the scandals definitely did not help. the orders have only started picking up of late and it is ridiculous to expect it to be recognized in this quarter. based on the lull in activity i don't think one should expect record earnings this quarter. For example, this announcement for RM200 mil will probably be reflected only in the next FY.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1614029
take a look again at the balance sheet. there is a huge jump in deferred revenue (sales done but work not completed hence cannot be recognised in profit and loss) from 150mil to 420mil. it means when work is completed a proportion of that will go into profits. acc receivable also jumped, so when the amount owing is collected the cash position will very likely be good.

Posted by fortunebullllz > 2014-05-22 20:24 | Report Abuse

Hah ! If the 200mil will only be reflected in next FY, then wait until next year only start put your money in. There are still 7 more months before come next year!

Posted by staind86 > 2014-05-22 20:24 | Report Abuse

splendid_ignorance. give you one like.

Posted by splendid_ignorance > 2014-05-22 21:01 | Report Abuse

yes fortunebullz it is your money and of course you can do that. as can anyone else. some may decide to invest now that the company seem to have turned a corner, especially with the potential tanjung piai deal, and put more emphasis on future earnings. some may instead wait like you. it's your choice as long as you do your homework. i am just explaining what the balance sheet numbers mean instead of having people jumping the gun just looking at one number

Posted by taciturn > 2014-05-22 22:19 | Report Abuse

Thought I might as well repost this here. This is what I wrote to a couple of friends who are also invested in Benalec (but don't follow forums/read announcements heh). I'm not going to polish up the language, it should be understandable as is.

A. Okay, just spent some time reading Benalec's third quarterly results (Jan-Mar 2014). Going to try and list out all the pros and cons that I see. If I miss something, blame it on the fact that I'm still down with the flu. Hard to think straight.

Quarterly results were what I expected it to be, profitable but weak and unexciting. All this is of course due to revenue/reporting timing.

Yes there were a lot of exciting announcements of land sales, but most of them happened in March (with one in May):

May 5 - 415 acres reclamation work / RM203m+ (still wonder how much rock revetment works will be worth) from Oriental
Mar 20 - 128.52 acres sale / RM235m to Ultra Harmony (the popiah king! :p)
Mar 13 - 23.01 acres for sale / RM48m to Teobros (this is the land they got back from the two brothers and spun it off for resale for a much higher profit)

As Benalec's one of those companies that join the herd mentality (like 99% of all bursa listed firms) for releasing their quarterly results near the end of the 2 month limit (okaylah, releasing it today on the 22nd is better than right to the last minute either on the 29th or 30th) we'll always get the information late. Things may be very the exciting right now for the company, but hell we'll only find out the details sometime near the end of August (for the 4th quarter results).

Putting it bluntly, you can sure expect a lot of price weakness in the short term. The fellars who never read quarterly/annual reports will be screaming, "DIE LAH! Only RM2M profit! Where is RM500m+ of revenue that's supposed to come in?!?!?" As per usual, not a single one of them will use their brain (or at least attempt to do so) to try to understand what's happening.

Okay let me put a caveat, bet you the weakness only shows on Monday and not tomorrow (Friday). You know how typical retail investors are, fairly slow on the uptake.

So does that mean you should arbitrage tomorrow? I don't dare say so, because for sure it'll be a case of sell all, and end of the day, announcement that 1MY SOT gets signed. XD


Okay highlights from the quarterly report.
B. Under the notes to the report.

Item 18 - Prospects
I like the opening line, "The Group feels entirely justified in maintaning a very positive outlook in terms of prospects for the next several years."

Overall they wrote a very glowing future outlook, not going to reproduce it here, you guys for once go read the damned thing lah. :p

This is in contrast to so many other company reports that I read. "The Board feels that this will be a very challenging year" or "The Board feels that due to the economic difficulties in current times, the results will not be encouraging although we will endeavour to do our best". Liked the last one especially. XD

Now this is of course assuming that Benalec themselves aren't bullshitting us when they wrote that, but overall I think it's a pretty fair assessment of the future.


Item 22.2 - 1 Malaysia Strategic Oil Terminal
Standard spiel here, nothing new. I swear I should go and contact that Affin analyst and pin him down on his statement that he's expecting them to mobilise their equipment come June. Term sheet expires on June 11.

If they announce another extension on June 12 of course it's going to be hell of a disappointing.

In the meantime I'll see about contacting Benalec directly to get confirmation. I don't think they've hired a new IR manager as yet though.

Anyway because the timing is so short and let's just assume that the Affin chap actually knows what he was talking about, and also assume the forum posters who claim to be in the know were actually telling the truth (or at least not being the victims of bullshit themselves), I'd suggest to hold until then. If it extends again, you want to cabut then would be the time. (If they sign immediately after, don't scream at me ah :p)

Posted by taciturn > 2014-05-22 22:20 | Report Abuse

C. Balance Sheet (comparing previous quarter (Oct-Dec 2013) vs this quarter (Jan-Mar 2014))
1. Trade and Other Receivables shot up by almost RM180m, but of course this is in tandem with similar increase in Deferred Revenue from the land sales.

2. Cash at bank dropped from RM16.7m to RM4.9m. At the same time Fixed Deposits increased from RM24.7m to RM38.6m. Quite prudent but to be expected. Cash which was downpayment from land sales not yet recognised (this is probably from popiah king) is parked there pending recognition/EGM approval.

3. Borrowings were all reduced, for long term borrowings from RM9.5m to RM8.5m, long term trade and other payables from RM56.7m to RM46.8m

Now I thought this was just a question of reclassifying them from long term to current, but man, even current stuff was reduced quite well. (which is good!)

I.e. current trade and other payables from RM100.7m to RM68.2m (pretty good!), current borrowings from RM18.3m to RM13.0m. The only thing that naik is current tax liabilities (which is a good thing under the circumstances XD) from RM1.7m to RM14.9m.

They're definitely an extremely prudent chinaman company (not the Keck Seng style lah, keep growing cash and cash equivalents until the day you die) who pays on time (reminds me of Sunrise's accounts payable department, that good!). Good in terms of image, PR and also working with any future subcontractors/suppliers.

Balance Sheet wise, extremely stable.


D. Profit&Loss
Nothing much else to add except that net profit for the quarter is so low also because of an unrealised forex loss of RM2.8m (assuming this has to do with some of the work they've done in Singapore? Need to check). Keyword here is unrealised so theoretically it could turn around as well in following quarters (doubtful though). Need to find out how they're exposed and how much and for how long more.

Head aching so can't really research this at the moment.


E. Share buyback
Okay told you guys that someone on one of the forums I read claimed that Benalec had authorised a buyback of RM50m which has so far proven to be untrue. Don't want to say that he's a liar but rather that he may have been misinformed (or hell he could be right and management just doesn't want to do continuous buybacks - for some reason).

I was right about the amount though, I guessed RM10m, and it was pretty close at about RM9m. Who's buying me drinks? :p


F. EGM issues
Company said they wanted to call an EGM sometime in May for two things.
a) shareholders approval for the RM235m land sale to popiah king
b) ratify the heads of agreement with the other two brothers

So far nothing has happened (and am always worried something will derail item b)). Was wondering about that and realised that the problem lies with Bursa. For some reason they still haven't issued the damned circular to the shareholders for item a) hence no EGM. Ugh, gotta remember to call and ask what's going on there.

I think being a prudent chinaman firm, Vincent Leaw doesn't want to waste money in calling two different EGMs one to approve a) and one to ratify b). Probably thinks that b) is virtually in the bag, and I don't blame him.

I guess nothing to worry on that point although I just want b) to be over and done with so that chapter can finally be closed permanently. For now, no worries on the horizon for this issue.

Anyway that's it for this update lah.

Posted by splendid_ignorance > 2014-05-22 22:29 | Report Abuse

good write-up taciturn. my sentiments exactly. gotta read the whole damn report before jumping the gun!