Posted by Lim Chee Chiang > 2015-08-06 14:54 | Report Abuse

not so good , monitor for few more days better .

Posted by Lim Chee Chiang > 2015-08-06 14:54 | Report Abuse

sell sell sell

Posted by greenninja > 2015-08-06 15:55 | Report Abuse

up up away..huhu

Posted by CaoCao > 2015-08-06 16:28 | Report Abuse

looks like bull to me!!

Posted by TAH > 2015-08-06 16:31 | Report Abuse

Good for long term investors

Posted by rizerlee > 2015-08-06 16:59 | Report Abuse

Does Benalec have enough cash to start reclamation work at Tg Piai alone ?
Current cash balance seems too low to conduct such amount of work.

Posted by JKing > 2015-08-06 17:09 | Report Abuse

once theyget the land titile for Melaka sell, they will get 500mil cash from the sale.
also with the recent ICUL sell of 200mil, benalec has 700mil in the next 2 years to capitalise on tg piai reclaimation cost.

Posted by taciturn > 2015-08-06 17:14 | Report Abuse

Growing interest in Benalec
http://www.theedgemarkets.com/my/article/growing-interest-benalec-shares

FYI, Q4FY15 results are out this month (probably closer to the end of the month). Based on the previous quarter's results and notes, I believe that this quarter will show a loss.

The quantum of any such loss is the big issue. Too big an amount and it will push FY15 into a loss.

Note, that this is purely my assumption based on what I have read. I could very well be wrong.

Caveat emptor, let the buyer beware.

Posted by vintan > 2015-08-06 17:44 | Report Abuse

spamming,spamming,spamming

taciturm, whatever point you want to say , say it straight
there is no point for you to post the above repetitively while forum readers wonder what the points you want to bring out
don't you think it is a waste of energy ?

Posted by happyvic > 2015-08-06 18:00 | Report Abuse

usually just ignore that kid... father didn't teach him... also ignored the few others like jjwong and happyvincent...

Posted by Vincent Tan > 2015-08-06 18:43 | Report Abuse

price stands firm despite market melt down, something brewing?

Posted by dnn78 > 2015-08-06 21:40 | Report Abuse

BUY call :)

Posted by hiroya > 2015-08-12 10:45 | Report Abuse

Bursa Malaysia has publicly reprimanded Benalec Holdings Bhd and its 3 executive directors for breaching the Bursa’s Main Market Listing Requirements in 2012, including the failure to appoint independent advisers and procure shareholders’ prior approval for related party transactions involving Benalec agreeing to sell land to a company related to some of the directors. The Managing Director Dato’ Leaw Seng Hai was fined RM50,000. Datuk Leaw Ah Chye and Datuk Leaw Tua Choon, executive directors that resigned in 2013, were fined RM100,000 each (Bursa Malaysia).

Comments: There was controversy surrounding this transaction in the past that led to a family feud and the departure of the 2 executive directors. The move by Bursa Malaysia will not have a financial impact on Benalec as only the managing director and former executive directors are fined in their personal capacity. But there will be reputation damage for the company with regards to corporate governance. Maintain Hold on Benalec with RM0.73 target price, based on FY16E PE of 12x.

Source: Affin Hwang Capital Research - 12 Aug 2015

Posted by sokowanda > 2015-08-13 07:21 | Report Abuse

Buy!

Posted by Ryanteh > 2015-08-14 11:47 | Report Abuse

Benalec Holdings Bhd managing director Datuk Vincent Leaw Seng Hai (pix), who has increased his stake in the land reclamation company on Christmas Eve denied that there is a boardroom tussle between him and his elder brothers.

"I better leave it to the Audit Committee to answer that (about the issue on the removal of directors), because I don't want this to be seen like a brother's fight," Seng Hai told the press conference after Benalec's AGM here last Friday.

http://www.thesundaily.my/news/916586

Posted by happyvic > 2015-08-14 13:32 | Report Abuse

why do you post something from 2013?

Posted by Ricky Kiat > 2015-08-14 14:49 | Report Abuse

some latest news, benalec may acquire land reclamation project from penang .

Posted by limko1 > 2015-08-15 14:22 | Report Abuse

Another shit counter or cheat counter.

Posted by where > 2015-08-17 10:34 | Report Abuse

All_Man_Are_Brothers ..... u sure not? Don't simply making accusation statement. Then now who manage the company?

Posted by where > 2015-08-17 10:53 | Report Abuse

All Man Are Brothers ...................... thanks for such useful info but mind your mouth for cursing people if what you said all lie just to tarnish people's reputation. Is normal for share price to drop even good stocks. Just patiently hold the shares !!!

Posted by where > 2015-08-17 11:28 | Report Abuse

childish

Posted by Kukuman > 2015-08-17 11:31 | Report Abuse

where is the great tariturn aka king of spinner ? he/she should come out to give some moral support to this company before the share price register another all time new low soon

Posted by where > 2015-08-17 11:39 | Report Abuse

u seems so firm the MD in hospital.

Posted by taciturn > 2015-08-17 14:08 | Report Abuse

Entertaining series of postings.

I have nothing to write about the company at this moment, so I have not written anything.

Unlike a few here who will constantly chime up with share price list lah, and insults.

Next posting from me (for the more serious investors) will come after the quarterly results are out and I have a chance to review it.

And as I have said in my previous postings, I am not expecting it to be a good quarter based on the previous quarter's announcements.

Posted by where > 2015-08-17 14:09 | Report Abuse

taciturn green ....... is it true that the MD is hospitalised? what sickness? fall down or chronic disease?

Posted by where > 2015-08-17 17:38 | Report Abuse

Is normal to have family feud for listed company http://www.thesundaily.my/node/154187

Posted by where > 2015-08-17 17:39 | Report Abuse

Eco Future family feud http://www.kass.com.my/news/family-feud/

Posted by where > 2015-08-17 17:40 | Report Abuse

Another family feud - http://www.nst.com.my/node/96259

Posted by where > 2015-08-17 17:41 | Report Abuse

Family feud - Robert Kuok http://www.fz.com/content/robert-kuok%E2%80%99s-children-seen-battling-hk300-billion-fortune

Posted by where > 2015-08-18 13:58 | Report Abuse

Hahahah.... All Men Are Brothers said the MD is in hospital. Sure he spread rumours.

Posted by Vincent Tan > 2015-08-20 10:16 | Report Abuse

macai-macai of LTC, just accept the fact that Leow Seng Hai is now in full control of the company.his being in hospital will not put your lord back in the control of Benalec

Posted by Vincent Tan > 2015-08-20 10:38 | Report Abuse

spreading hatred here will not change the fact in the world out there

Posted by Vincent Tan > 2015-08-20 10:41 | Report Abuse

amitabha

Posted by Vincent Tan > 2015-08-20 12:03 | Report Abuse

here come one macai

Posted by happyvic > 2015-08-20 12:27 | Report Abuse

hahaha... this one isn't a macai... this one is muhibbah macai... I have worked with them before in bakun and I feel it's a very badly managed company... hydroturbine cannot produce electricity... lol

Posted by JKing > 2015-08-20 15:31 | Report Abuse

that for all the bad new. whether it is humuor or real i sincerely thank you all that i can accumulate the counter at low price. Appreciate if you could continue to spread bad new on this counter.

Posted by Kukuman > 2015-08-23 00:34 | Report Abuse

Benalec: Bursa reprimands and fines 3 directors
http://klse.i3investor.com/blogs/hwangdbs/81174.jsp

Isn't what I have been saying is true? Only king of spinner aka taciturn said I am lying. I am enjoying the drama !

Posted by taciturm > 2015-08-23 11:23 | Report Abuse

posted by king spinner aka taciturn.

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Mar 14, 2014 11:00 AM | Report Abuse

jenabchen: Good point. Not insider trading though, more to do with unreported related party transaction / breach of fiduciary duties by a director.

I like (and am in favour of) the HoA simply because it clears up all _civil_legal issues between Benalec and all the other parties.

There is however nothing in the HoA that can prevent _criminal_ legal action to be taken against the two directors et al.

Whether SC / PDRM takes action against them is another matter altogether.

At the end of the day the HoA restores the situation (financially) for Benalec as if the illegal RPT never happened. (Assuming that there are no other illegal RPTs hidden there)

The damage that's left is image wise. Although with the two brothers out as directors and one (the bigger culprit) having sold his stake, it's one step towards restoring credibility.


Also as an aside, I note yet again with amusement comments stating that this company is going to go bankrupt / PN17 / die etc. It makes me wonder as to how on earth that's going to happen once you look at the financial figures of the company.


P.S: I do own shares in Benalec. If you consider me biased due to that, please diregards all my above comments and carry on!

Posted by taciturm > 2015-08-23 11:32 | Report Abuse

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Mar 17, 2014 09:00 AM | Report Abuse

Kukuman: It sounds like you're claiming to know more about what happened behind the scenes than is already known.

You claim that everyone that remains with the company is still guilty.

In that case, tell us. I would love to know more, assuming that you actually know something that is.

Thus far all I have seen is you denigrating the company with the standard spiel of "rubbish company" et al.

This is as useful as people who claim target prices for the company within the next day or next week. Utterly pointless.

I try to make a constructive (factual) post, and you give a snide reply instead.

It doesn't sound like you think that the company is going to go downhill as much as you want the company to go kaput.

If you can't at least try to back up your statements with facts then just accept that they're as good and qualitative as promises from our government of the day.

Posted by taciturm > 2015-08-23 11:46 | Report Abuse

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Apr 3, 2014 06:03 PM | Report Abuse

Whilst as a rule I now no longer waste time responding to trolls, I feel it necessary to correct the one-sided and misconception being put forward by one troll.

1) His comparison of Benalec with Tan Chong (TC) is entertaining. TC did not have a heads of agreement (HoA) ala Benalec to resolve all their disputes. The link by said troll above highlights the exact (HoA) which is going to resolve all these problems assuming it is ratified by shareholders.


2) As is per usual by trolls, they tend not to show all sides of the picture. His link above with regards to the edge malaysia's article whilst correct should be immediately followed by:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1513989

which does highlight the exact point The Edge was making. Granted this announcement was of course 5 days past the expected due date (10 Jan 2014 versus 5 Jan 2014). Whilst some trolls will consider this as a the end of the world for a company (doomsday, apocalypse, hari kiamat, the end of days), the HoA _was_ announced. It was not hidden, it exists, it is a reality and not a figment of someone's imagination.


3) Of course some trolls would like us all to believe that nothing else has really happened with the HoA since then. But the following announcements shows the updates on how the agreements progressed up till today:

13 March 2014
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1566201

and of course said troll's own link above (reproduced here which shows the finality of the proposal - talk about tembak-ing one's own foot, he wants to criticise the company but instead he's highlighting the proposed solution. Heh)

31 March 2014
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1580877


4) Some trolls (as per this one) again don't understand the concept of libel. You can only sue someone for libel if it's untrue and you have been defamed. Let's look at his examples of what the edge printed:

a) "deadline is over" - True. Benalec announced on 5 Dec 2013 that the were working towards a HoA and it was expected to take one month. The Edge article was printed on 7 Jan 2014. At that time the HoA was still not completed. So The Edge printed the truth here. No libel.

b) "accused of misconduct" - The following announcements should be read in a series:
6 Nov 2013 - Convening of EGM to remove the two brothers
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1454089

18 Nov 2013 (2 links) and 21 Nov 2013 - Lawsuits against the brothers and the son of one brother plus their separate vested companies
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1464433
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1464425
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1468997

Let me just quote part of one paragraph from one of these announcements by Benalec:
"...against Datuk Leaw Tua Choon and Datuk Leaw Ah Chye, for loss and damage and an account of all secret profits, arising from the breach of their contractual, statutory, fiduciary and/or common law duties and/or obligations as Executive Directors..."

Since Benalec themselves announced that the two brothers have breached their fiduciary duties, what The Edge printed here is true. No libel.

c) "it had sued" - I think even an imbecile after reading b) above agrees that Benalec did file a lawsuit against the brothers. One would hope that even a moron should be able to understand that. The Edge printed the truth. No libel.

d) "stripped the two brothers of their executive positions" - As what I stated above
6 Nov 2013 - Convening of EGM to remove the two brothers
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1454089

28 Oct 2013 - Leaw Ah Chye's redesignation from executive to non-executive director of Benalec
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1445473

4 Dec 2013 - Leaw Ah Chye's resignation announcement as a director of Benalec
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1483465

28 Oct 2013 - Leaw Tua Choon's redesignation from executive to non-executive director of Benalec.

4 Dec 2013 - Leaw Tua Choon's resignation as a director of Benalec
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1483461

Perhaps The Edge might have printed it as the brothers voluntarily resigning their positions. But the convening of the EGM stresses that there were strong moves to get them removed. You could theoretically sue The Edge, but most judges would probably kick you out of the courtroom for wasting their time. From a reasonable man test, no libel.

Posted by Kukuman > 2015-08-24 12:01 | Report Abuse

taciturm, your twin taciturn is licking his/her wound now. He/she is used to proudly claim this stock is for EXTRA long term and he/she is fully invested in mr ben

Posted by fortuneebullz > 2015-08-24 20:50 | Report Abuse

that kuku man is really a retard!

Posted by taciturn > 2015-08-24 21:50 | Report Abuse

Q4FY15 results are out.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4838749

Revenue: RM59.447m
Net Profit (attributable to shareholders): RM1.985m

My personal view:
1. Interestingly, the company managed to post a net profit after all for this quarter, although I had been fully expecting it to post a loss due to missing the deadline for the land disposal to Faithview Supreme Development Sdn Bhd (RM51.47m) due to the delay of issuance of land title.

Overall, the company ended the financial year with a small net profit (RM8.458m).


2. The convertible bond issue was completed and the draw down of funds has occured. Looks like they've drawn down RM180m out of the RM200m issued.

Benalec's in a strong cash position for oeprations, with cash and bank balances at RM185m as at the end of Q4FY15 (compared to RM4.6m at the end of Q3FY15).

Of course much of the cash is likely earmarked for the beginning of Tanjung Piai's Phase 1 reclamation works. (based off the reclaim first, then sale concept)


3. Inventories, receivables and payables, not much to comment about. Looks fine to me.


4. Outstanding sales/contracts and their timelines:
Based off the notes to the account, the following are points to consider (note that their accuracy can be viewed as caveat emptor, as there was a delay with the land title application for Faithview Supreme as I've stated)

Faithview Supreme - RM51.47m - expected completion is Q3CY15 (by end September 2015)

Ultra Harmony - RM235.13m - tranche 1 out of 4 is completed and booked (as per this quarterly result), leaving a balance of RM183.64m over three remaining tranches. Expected Completion is Q1CY16 (by end March 2016).

In the original EGM circular for this sale (dated 10 June 2014), Benalec stated they were targetting completion of all 4 tranches by July 2016. So they're looking at closing at least 4 months earlier then expected, which is good.

Jadex Land & Quality Paradise - RM107.26m - this was a staggered payment sale, i.e. several installment payments would be made by the buyer. The whole sale will _only_ be booked upon the last payment. They are looking at closing this sale by Q4CY15 (end December 2015).

Arena Progresif - RM128.9m - Same sale terms as Jadex, staggered payment. Completion by Q1CY16 (end March 2016).

A quick overview in terms of revenue gives you:

Q1FY16 (end Sep 2015) - RM51.47m
Q2FY16 (end Dec 2015) - RM107.26m
Q3FY16 (end Mar 2016) - RM128.9m

This does not include Ultra Harmony's three tranches, but if you assume it's divided equally into each quarter:

Q1FY16 - RM112.68m
Q2FY16 - RM168.47m
Q3FY16 - RM190.11m

This would be extremely commendable revenue figures for the company.


One interesting point, is that the company states that no part of the RM203m reclamation contract with Ultra Green Sdn Bhd has been recognised as revenue even though I have been told that reclamation works has already commenced for several months.

Have to admit being a bit surprised at that as since this is a cash contract, one would assume you'd be billing your client regularly. Anyhow, it should be interesting to see how much revenue is booked from this job.


Conclusion
The market is currently like shit and we here in Malaysia are getting the stiff end of things with incompetent politicians, external factors et al. Trade with caution at your own volition.

As always, any constructive comments, questions or the like will be appreciated. Trolls will as always be ignored.

Posted by Vincent Tan > 2015-08-24 22:37 | Report Abuse

Bently, your words are full of hatred. not good for your health

Posted by Mat Cendana > 2015-08-24 23:21 | Report Abuse

@taciturm - Do continue, and write what you know and think. It doesn't matter if anyone disagrees. The way I see it, genuine attempts are made to back the arguments. Really appreciate and respect your kind of comments. They add value to this thread.

Posted by fortuneebullz > 2015-08-25 07:18 | Report Abuse

101% agree! that troll, that deranged, that retard...that bacteria (kuman) just ignore him!

Posted by taciturm > 2015-08-25 08:42 | Report Abuse

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Posted by king of spinner aka taciturn on Jan 2, 2015 11:29 AM | Report Abuse
Whilst I stated that I'd ignore your posts before, I can't resist asking this one.

where: Please clarify where the MD insisted that there was no misunderstanding with his brothers?

You _do_ realise that the two older brothers were forced to resign or be fired. A Heads of Agreement had to be made and ratified (by minority shareholders) to undo the mess that they had caused, correct?

I hope this is not a case of katak bawah tempurung. You seem to be insisting all is well between the MD and his older brothers, la-la-la.

The older brothers are gone, finito, no longer serving with Benalec. You think that there is still no "misunderstanding" with them? This whole situation might have been swept under the carpet and never brought to light and we would not be aware of it. Instead Vincent Leaw stated, no cover up and everything came out and everyone's reputations (especially the two older brothers) took a hit.

From my perspective, the two older brothers are damned lucky that the AG's chambers have not hauled them up to court and demanded jail sentences for them. (I have not sought out the reasons for this, but it does not take a genius to figure out what has happened here)

The middle brother still retains a stake through their family holding firm, I've been told the reasons why he wasn't bought out, but I'm not going to put it up here. For me, said reasons were reasonably credible.

So please, do me a huge favour. Show me where exactly the MD stated that there is no misunderstanding between him and his brothers. I'd be delighted to read your source document on the matter... if it exists that is.

Posted by taciturm > 2015-08-25 08:43 | Report Abuse

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Posted by king of spinner aka taciturn on Jan 2, 2015 01:43 PM | Report Abuse
where: *facepalm*

Why were the brothers forced to resign? Because they committed CBT! Not because it's brothers fighting each other. It's not because one person says, "I want to be in charge!". Vincent Leaw is telling everyone that to make them understand that this is a more serious case of mala fide/CBT.

Can you please get that in your head? The brothers are out because they committed a CRIME. Faham tak?

And insider dealing? That is the biggest crap load of bullshit I've heard in a long time. Are you freaking kidding me? Tell you what, if you actually believe I've committed "insider trading" (which is the correct term) because I found out the reason why the second brother was not bought out, please do report me to the SC.

Holy mother of god. I am now reminded as to why I made a decision to stop responding to your posts. To call what you stated me to be (committing a crime, that's what insider trading is) imbecilistic would be the understatement of the century.

I try to limit myself from calling others names but seriously, kebodohan yang tidak boleh dibandingi.

Posted by taciturm > 2015-08-25 08:47 | Report Abuse

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Posted by king of spinner aka taciturn on Jan 8, 2015 06:27 PM | Report Abuse
@where: You again bandy insults against me.

I have highlighted whatever points are necessary in my previous postings, feel free to read them if you have difficulty in recalling them.

You have highlighted points that are irrelevant (van donation? Wow - has absolutely no point with respect to the company's performance)) or absolutely wrong (your points on legal issues) in my personal opinion.

"Reclaim land but cannot sale"
Teobros Development - 23 acres
Ultra Harmony - 128 acres
Jadex - 59 acres

These are the above lands that were sold ever since the criminally liable directors (LTC and LAC) resigned.

Of these three bundles of land that were sold, only one was fully reclaimed at that time (Teobros Development - this was the land that LTC and LAC secretly acquired for their own interests in a criminally liable unreported RPT).

Of the other two bundles, the lands were sold BEFORE they were even reclaimed. In other words, the buyers put 10% down for something that's still covered by the sea.

So do tell, I'd be delighted to hear how you can justify "Reclaim land but cannot sale".



The articles that you posted regarding Indonesia and Vietnam were done just around the listing time of Benalec (2010-2011). You may not understand this but plans do change. You may intend to do something but then change your mind. Did Benalec pump in money in setting up Indonesia and Vietnamese branches and staffing them? No, they did not.

Projects for Johor...what exactly does that mean? Tanjung Piai and Pengerang? It took Ngau of Dialog fame about 10 years from start to finish before he could even break ground on Pengerang.

It has been... 5 years or so since Benalec got the concession for Johor. When they receive EIA approval, they intend to break ground within a month or so (after getting the state developmental order). That's about half the time that it took Dialog.

Do explain how all this is "just talk and syiok sendiri".

Feel free to try to rebut any of the above points if you disagree (especially with regards to "Reclaim land but cannot sale". If you don't even bother (which is what is likely to happen), that will tell readers exactly how valid your arguments are.

Posted by taciturm > 2015-08-25 08:48 | Report Abuse

Stock: [BENALEC]: BENALEC HOLDINGS BERHAD
Posted by king of spinner aka taciturn on Jan 20, 2015 11:33 AM | Report Abuse
where: Okay, what's the "good news" which I displayed which is "in fact all false"? Please, do tell for all of us here.

Also, I am still waiting for you to justify your earlier statement:

"Reclaim land, but cannot sale"

I highlighted the land sales that have been made by Benalec since the criminally liable LTC et al have resigned. So how do you justify your statement?

I call your statement bad news which is in fact all false.

Till now you have refused to explain that statement. So isn't that an outright lie by you then?