Posted by Ah Ha > 2015-04-16 14:57 | Report Abuse

Taciturn.
Very good saleman.
Only talk without facts and painting a very fantastic picture of the future.
Never give you negative news..

Read this lah if you are too busy..... will some more delay coming soon?
Benalec: Tanjong Piai job delayed on client’s request
https://www.nst.com.my/node/65123

Posted by Ah Ha > 2015-04-16 15:02 | Report Abuse

Why need convertible bond of RM200M if there is no cash-flow issue? why not use internal cash? Never ask never know...

Posted by Ah Ha > 2015-04-16 15:10 | Report Abuse

up to you to decide whether petronas link to benalac land sale.

The State of Johor is building several large-scale hub for downstream petroleum activities, amongst them:

1. Petronas RAPID Project Phase 1 and 2 (RM60 billion)
2. Pengerang Deepwater Terminal (RM5 billion)
3. Tanjung Piai Petroleum Storage Facility (RM21 billion)
4. Tanjung Langsat Petroleum Terminal & Support Services Hub (RM0.85 billion)
5. Tanjung Bin Petroleum Terminal (RM1.2 billion)

Posted by taciturn > 2015-04-16 15:16 | Report Abuse

Ah Ha: I try not to respond to idiots, but I cannot resist since it is a slow day.

1. What do you mean talk without facts?

The land sales I quoted above are facts.

The quarterly reports you can view are facts.

Cash flow is stable for its non-Johor operations.


2. You have declined to respond to my queries. I will reiterate it again.

a) RAPID has absolutely nothing to do with Benalec's Tanjung Piai. What is your point?

b) Petronas has absolutely nothing to do with Benalec's Tanjung Piai. What is your point?

c) RM485,000,000 loss for Benalec to go into PN17. Please elaborate how you came to this conclusion, do not chicken out like your fellow peers (where and ryanteh).

Since you love to talk about facts, please answer the above questions.


3. The convertible bonds are required because the requirements for Johor are above and beyond the company's internal cash flow.

If they were going for the sell first, then start reclaiming option (with 1MYSOT), cash flow is not an issue.

But as everyone knows, 1MYSOT is a dead duck in the water thus Benalec is going ahead to reclaim FIRST and then sell.

So they opted for a bonds issue instead of wasting time shaking their legs.

Is this because they have poor cash flow? Nope, it is because Johor deal is a complete game changer for the company.


4. Your link to the NST article is well known. As I will try to politely reiterate for you, the 1MYSOT deal in my view is kaput.

But this will likely shock and amaze you, but there are other buyers beside going through 1MYSOT. 1MYSOT is not the only option in the market.

Please, do not be like the infamous where, by declining to answer my questions above.


Tell you what, just answer my query on PN17 above. Everything else is secondary. I would _LOVE_ to see you justify your (extremely stupid, IMHO) statement.

Posted by CaoCao > 2015-04-16 15:18 | Report Abuse

ah ha your one is old news lah.

Posted by taciturn > 2015-04-16 15:18 | Report Abuse

See this is why I consider you a bit of a moron.

From day 1, it is known, Benalec's Tanjung Piai has absolutely nothing to do with RAPID or Petronas.

Petronas is not an investor. Petronas is not an advisor. Petronas has 0% input with how Benalec handles Tanjung Piai.

You on the other hand are trying to show that there is a link between them, whilst none exists.

You can read every analyst coverage on Tanjung Piai since day 1, nowhere is it mentioned that Petronas involved, in fact there are points made that Tanjung Piai is in fact a competitor to Petronas's interests (via RAPID - which again I will reiterate for those with less than able minds - has absolutely nothing to with Benalec.

Posted by Ah Ha > 2015-04-16 15:18 | Report Abuse

Anyway the most famous reminder.
Even "Might" have big profit. 99.999% "might" go to directors remuneration, shareholder have 0.3 cents dividend again.
It will forever in Mr. Bean Company records..

Once bitten, Twice shy

Posted by taciturn > 2015-04-16 15:20 | Report Abuse

Never mind about everything else lah (since you refuse to accept facts). Please, just explain your point on PN17. I am still waiting (with bated breath) for you to justify your point.

Posted by LaoLiu > 2015-04-16 15:30 | Report Abuse

Can accumulate, just the matter of time for Benalec to go up higher.

Posted by taciturn > 2015-04-16 15:34 | Report Abuse

Oh I notice I missed his earlier posting on remuneration.

I remember giving my explanation to you as I received it during the last AGM when I asked the board about it. I reproduced their answer here for you to see, as accurately as possible (as I recall, someone on this forum posted after saying that I had reproduced it accurately).

You were not happy with me even though I was just the messenger.

I will reiterate here, if directors remuneration goes out of control, then I believe the minority shareholders will scream bloody murder. But that is something that we will only know once the annual report for 2015 is out (which will only be out at the end of November 2015).

What I find disappointing is that you are alluding to that happening (for FY15) even though it has not been proven as yet. And the fact that you cast aspersions on the new CFO when he has barely started work is even worse.

You have probably never met the person (I have not) and you are already calling him a crook.

Pathetic.

Posted by rizerlee > 2015-04-16 15:41 | Report Abuse

Ah ha ,

the lower price of crude might accelerate / stimulate construction of Oil Storage facility.

What is the reason of crude oil price drop ? It is because of oversupply
Where to store those oversupplied crude oil ? dump to pacific or dump to river ? You need a storage.

USA's strategic oil storage capacity reaching bottleneck already
And china is storing their own strategy oil storage. China's phase 2 storage almost fully occupied and the phase 3 storage facility might only available few year later.

The world need storage now and here we come Pengerang and Tg Piai.
This 2 place located at world busiest crude transportation route. 1/3 of world crude oil transportation passby strait of Melaka.

Posted by rizerlee > 2015-04-16 15:43 | Report Abuse

Pengerang & Tg Piai project are trigger by commercial needs
it is a commercial project , not crooked bridge requested by politician.

Posted by Ah Ha > 2015-04-16 15:44 | Report Abuse

all your facts are just well play that the sale is done and $$ collected ontime and on the way back (sound like 1XXB). where it recorded the revenue in the audited quarterly report?
I am asking whether PN17 will realize or not. i am not saying it definately will.

If the bond is not approved, where to get the extra Rm200M to run the project.

Look at the cash flow, if cash not collected on-time, how fast can it burn ~ 6 months. After that, ask money from shareholder again.
Will PN17 happen - i don't know? You tell all the shareholder whether the risk is high or low....

I encounter company that change CFO when there is fishy things cooking on the way.....
since someone here know CFO very well. may be can give some convincing remark.

Hope with this discussion, it help small investor to think smarter... not like me. 2 cents only

Posted by rizerlee > 2015-04-16 15:48 | Report Abuse

Malaysia need a huge storage thus we may start Crude Oil Exchange & Petrochemical product within our country.

This is the industrial upgrade and huge business opportunity for Malaysia , Petronas , Bursa Malaysia & MISC.

So much of politician , local council and oversea support to protest at Pengerang project .
Does Dialog stop ?
Does Petronas stop ?

Dialog's port just welcome a VLCC to transport crude oil to their storage.
Petronas issued contract to build new power plant at Pengerang.

Does they stop ?

Posted by Ah Ha > 2015-04-16 15:49 | Report Abuse

for me, Since most of the BIG project in Johor reclaims land are targeted to sell to Oil&Gas related industry.. Don't tell me Benalec Tanjung Piar project sell for housing development... Ha..ha..

Posted by taciturn > 2015-04-16 15:58 | Report Abuse

Why are you even asking if PN17 if possible unless you have no damned clue what it even is.

RM485m in losses. If you had bothered to actually read up on what it is, you would know that is what it would take.And hopefully, you would realise that is an extremely stupid question. Is PN17 going to happen or not?

PN17 has absolutely nothing to do with cash flow.

Losses make up PN17.

RM485m, do you know how big that figure is? You obviously do not.

Hence, my point why I consider you to be a moron.


CFO changes
1. Pray tell, who here knows the CFO well? Since I have never met the new CFO,
nor do I know the old one well.

2. You know a company where something fishy was going on and then the CFO changed. Does that mean any time a CFO changes, it means something fishy is going on?

So if say the Public Bank CFO quit tomorrow after getting a job to become the CFO of Wells Fargo, that means that OMG, there must be something fishy going on with Public Bank know?

Career changes/advancement based on your statements are completely unacceptable. Because it might cause people to think that something fishy is going on.

This is why I consider you to be an even bigger moron.


Bond issue
_IF_ the bond issue does not happen, then Johor reclamation slows down a lot. Is that so hard to understand? Or work can even halt there.

Existing land sales have enough cash flow to keep the company running.

Posted by taciturn > 2015-04-16 15:59 | Report Abuse

I am reproducing one of my earlier postings for one less than stellar individual on this forum.

I doubt he will bother to read it, but who knows, maybe he will surprise me.

He said, "all your facts are just well play that the sale is done and $$ collected ontime and on the way back (sound like 1XXB). where it recorded the revenue in the audited quarterly report? "

1. Lumpy earnings
I need to go into a bit of detail here, so bear with me if your eyes start to droop as you read this.

What does it mean by lumpy earnings? It usually means that revenue is booked in bulk in one go.

To put it in comparison, a company with progress earnings (for example, a general contractor) would usually bill their clients on a monthly basis. A general contractor which does an average of 5% of the whole job every month would book 5% of their revenue each time they bill their client.

If the job is RM100m, 20% net profit, 20 month period, after 3 months (every quarter), the company would have booked RM15m in revenue and RM3m in profit. (This is a rough example)

Now in Benalec's case, here is an example of lumpy earnings [Note that this is just a theoretical example]. Let us assume a piece of land is sold on 31 Dec 2013 at RM60m with a 25% net profit.

The buyer pays 10% down as a deposit.

The land is partially reclaimed that will be fully reclaimed in 3 months time (31 March 2014). Once done, the land title application will be made to the land office. 6 months is usually needed for land title applications (30 Sep 2014).

Once the land title is issued, the title is delivered to the buyer's solicitors. The standard sale and purchase agreement (SPA) by Benalec states that the buyer is given 3 months from the title delivery date to pay the balance of 90% (31 Dec 2014). In the event the buyer does not pay up in time, they get an automatic 1 month extension (31 Jan 2015). However, during this 1 month extension they have to pay interest at the rate of 8% p.a on the balance.

If the buyer does not pay up, it is considered a default. Benalec keeps the 10% deposit and they part ways. This has happened before - buyers Highbond Capital and Gigayear Revenue defaulted.

[http://www.bursamalaysia.com/market/listed-companies/company-announcements/1555185

See item 10.1.a for details]

Of course as a caveat, if Benalec and the buyer so choose, they can come to an agreement (strictly voluntary) for any further extension.

Now when does Benalec book this RM60m as revenue? It is only booked when the final payment is made.

In other words, you have a land sale on 31 Dec 2013 (2QFY14). The 10% deposit is considered a liability (Deferred Revenue in the Balance Sheet) and is not booked as revenue during that period. Assuming that the buyer pays up after the 3+1 month period, 100% of the revenue is booked on 31 Jan 2015 (2QF15). In other words, such a sale takes over 1 full year before it is booked as revenue.

Why is it done this way? To comply with general accounting standards, and to keep the auditors happy. The auditors take the view that a default is always possible, and you only walk away with the 10% deposit. They do not want you to book the whole revenue and then have to reverse it upon a default.

Also not all buyers pay up at the very last minute. Some may choose to pay within the 3 month period (to avoid the interest on the 4th month).

Posted by taciturn > 2015-04-16 16:01 | Report Abuse

And I know this is hard for you to understand, but these are the requirements by the auditors, not Benalec. Not because their land sale announcements are "well play"

This is my final posting towards you. You are quite obviously a troll, not looking to learn something but to replace your missing master(s) on this forum, the anti-spinners.

Carry on with your half-legible garbage. Perhaps someone will actually believe what you write.

Posted by rizerlee > 2015-04-16 16:03 | Report Abuse

Tg Piai is facing Singapore toward singapore's Jurong
Jurong having plenty of existing petroleum refinery which need a larger Storage to store their raw material and finished product.

Reclaimed land will seek for Oil & Gas industry company invest but first priority is construct an Storage facility to serve Singapore Jurong's refinery.

just turn on your google map and search for Tg Piai and Jurang.

Posted by ymtan > 2015-04-16 16:03 | Report Abuse

Taciturn already answer ur stupid question . Now he still waiting your explanation on PN17. . Don't roti canai pusing kuat kuat la. Be a gentleman to confess if u have say something wrong ..

Posted by rizerlee > 2015-04-16 16:03 | Report Abuse

i'm speechless now ....
Who is invest for housing at Johor at time like this.

Posted by rizerlee > 2015-04-16 16:04 | Report Abuse

when crude oil price getting lower , not everyone in the industry get impact.

Look at our petroleum transporter - MISC
and you tell me what is their share price now , how many percent it raise and why it raise.

Posted by taciturn > 2015-04-16 16:05 | Report Abuse

ymtan: Lol, I choked when I read that. "roti canai pusing kuat kuat".

I have to remember that line for my own use in the future. XD

Posted by vintan > 2015-04-16 16:07 | Report Abuse

Ah Ha ,

on 9/2/2015 14:05 , you wrote:
"No more bad news.Hope to sell land faster to realize the income....sure go up... no u turn "

on 10/2/2015 10:14, you wrote:
"should be TP 1.2 without any issue.no bad news and reclamation land is fully supported by johor loyal's company.... correct me if I am wrong

You sounded like MR BEAN's 'supporter' then
and now you are cursing Mr Ben and those who believe in Tg Pial story

Which Ah Ha should we listen to ?

Posted by rizerlee > 2015-04-16 16:11 | Report Abuse

Maybe he is just trying to spread some news and hope he can press down price at this forum
so he may accumulate more share

Posted by vintan > 2015-04-16 16:15 | Report Abuse

rizerlee, he does not understand your posting with regard the need for storage in time of oversupply, and
certainly unable to see how low oil price regime is benefiting the downstream refinery players in way low rubber price it does to the glove makers

Posted by Ah Ha > 2015-04-16 16:20 | Report Abuse

albert einstein teacher always scold him moron, stupid because teacher never go to find out the answer, know little and can't explain in facts.
Whereas einstein keep on trying..
"Insanity: doing the same thing over and over again and expecting different results."

With these questions, it trigger small investor to think smarter before invest in this company (that have bad record in PE>300, divident =0.3 cents.

Rather than kill the topic like Einstein teacher... the real moron.

So mr. Bean supporter, show the investor with facts.
1. Facts - Petronas cut capex 20% for the next 2-3 years inclusive on RAPID project Cost Optimization. Are you sure you want to invest fix asset (in billion) for this temporary oil storage issue?
2. Facts - Benalac Bond not approved yet. When? Risk: if not approved what will happen to company cash flow for the next 6 months to support others project and directors expenditure? Monthly expenditure vs $$ Collection?
3. What is the new CFO profile? Junior & track record to manage company like Mr. Bean

Give you best shoot..

Posted by rizerlee > 2015-04-16 16:20 | Report Abuse

Vintan , he don't understand or he try to spread incorrect info on some purpose ?
you and i are not sure.

what is for sure , we are long term investor but not speculator.

Posted by taciturn > 2015-04-16 16:38 | Report Abuse

rizerlee+vintan: Sounds like sour grapes to me. Think rizerlee's got it right, trying to spread bad news hoping for a price push down to pick up on the cheap.

Posted by vintan > 2015-04-16 16:39 | Report Abuse

rizerlee, truly I am not sure, whether he is a moron or some small-time conman trying to " hit and go happy with small % margin "

Posted by Ah Ha > 2015-04-16 16:47 | Report Abuse

why stop discussion?

Conclusion: All of us are moron because we all only heard (News) and have own believe of the share future.. no one have all answer. Agreed?
Anyway. Always welcome for those who have insider news. e.g. Directors sell their share. CFO/CEO resigned etc...

Next time, be polite to all the forum.. all have their own view and opinion.
That is the spirit of this forum, right?

Posted by vintan > 2015-04-16 16:48 | Report Abuse

taciturn, I can only say I am speechless reading his replies to various posts directed to him today. It is like when people ask " what is your name " and his reply is " I am 18 years old "

Posted by zero > 2015-04-16 16:50 | Report Abuse

@taciturn - wow, i see Ah-bird Einstein here is challenging you to 'give your best shoot'

you've got to be careful here buddy - i'm wetting my pants already ;)

Posted by taciturn > 2015-04-16 16:55 | Report Abuse

vintan: Heh. This is why I tend to avoid replying to such persons.

zero: I know man, it seems Ah-bird Einstein's teacher (me) is a moron. I cannot disagree, since I do feel like a moron in wasting my time trying to explain and rebut his points.

It is a bit like replying to the two anti-spinner celebrities here. Masuk satu telinga, keluar telinga lain.

Slow day lah, what to do. :p

Posted by rizerlee > 2015-04-16 17:04 | Report Abuse

anyway , Benalec's boss need to speed up negotiation with 1MYSOT for land selling.
Else the share price will only remain at current stage.

Posted by vintan > 2015-04-16 17:21 | Report Abuse

I certainly hope the current price movement is not just a 'distribution by' some crocodile as one forum participant feared it this morning, and after completion of which is followed by negative spinning to drive the price down

Posted by happyvic > 2015-04-16 17:22 | Report Abuse

at least Ah Ha's got one thing right... he is a moron... he better keep quiet.... becoming more and more of an embarrassment to himself the more he speaks... LOL

Posted by syioksyiok > 2015-04-16 19:43 | Report Abuse

the more he speaks, the more he spills out shiit!!!! syiok syiok at the retard!!!

Posted by Koh Soon Kim > 2015-04-16 20:06 | Report Abuse

If selling lands how come drop from 1.3 to .8? All good news but share price show opposite

Posted by taciturm > 2015-04-16 20:49 | Report Abuse

be patience Koh Soon Kim this is the extra long term investment counter.....

Posted by latestinfo > 2015-04-16 20:54 | Report Abuse

The previous CFO has been promoted to executive director, something fishy? Yea, I know he is going to order big FISH dish to celebrate. Betul-betul roti canai pushing kuat kuat (ymtan, pinjam this)

Posted by MrNobody > 2015-04-16 20:55 | Report Abuse

what fishy? most CFO rise to MD level.

all over the world.

Posted by latestinfo > 2015-04-16 20:58 | Report Abuse

MrNobody, I'm referring to the sentence posted by Ah Ha, saying Ben change CFO is something fishy.

Posted by CaoCao > 2015-04-16 23:54 | Report Abuse

Oh now Mr. Ha claim to be the great einstein here. Well beside the look, i can't sense a similarity here. Pls don't insult the great einstein ok. I think you( Mr. Ha) is more of the teacher here where as he say "never go to find out the answer, know little and can't explain in facts" and become addicted to roti canai and learn the pusing khaw khaw tecnic. Why not go to us? there got tornado which is the master of the pusing khaw khaw? lol

Posted by Vincent Tan > 2015-04-17 06:51 | Report Abuse

where resigned from Roti Canai Naysayers Inc. , Ah Ha just took up the position , and betul betul pusing kuat kuat

Posted by Vincent Tan > 2015-04-17 07:04 | Report Abuse

tak malu dia write lengthy posts on matters he does not have any knowledge in

Posted by LaoLiu > 2015-04-17 09:06 | Report Abuse

Can accumulate more on Benalec shares, will go up higher soon.

Posted by Kukuman > 2015-04-17 09:20 | Report Abuse

Laoliu, will go higher soon? How high? 1c, 2c, 3c, 5c? The king of spinner said this is extra long term investment. See the caveat word - "extra". this king of spinner has been saying this more than 1 year ago even though trying very hard churning out feel good story after story. make no mistake, this is a rubbish company

Posted by adrian0229 > 2015-04-17 09:54 | Report Abuse

everyday 1 cent enuf...

Posted by LaoLiu > 2015-04-17 10:29 | Report Abuse

Patience needed..