Posted by choop818 > 2014-04-15 16:45 | Report Abuse

Ahya...why leave so early, the game only just starting lah!

Posted by Invest123 > 2014-04-15 17:05 | Report Abuse

Above RM1.20 tomorrow

Posted by special4u > 2014-04-15 17:09 | Report Abuse

y so sure tomolo RM1.20?

Posted by Valueseeker > 2014-04-15 17:30 | Report Abuse

My view is this is not a short term play. If you are a value investor, please go through the latest AR , especially the Chairman's report and you will hopefully realise the strong potential of BCB. Look at their land bank at the end of the AR. Check their more than 20 years experience/record. Do not blindly follow. Do some homework. Nothing comes easy. Good luck.

Posted by unclelim > 2014-04-15 21:05 | Report Abuse

BCB only paid RM 16.50 psf for their land in Kota Kemuning compared to Ecoworld's purchase from Tropicana for RM 35 psf near Jalan Kebun.

I believe BCB's land is in a more mature and established location than IJM's Rimbayu and Tropicana /Ecoworld's parcels of land. Furthermore, BCB managed to get approval to built only bungalows on their land.

Their JV to build 2,000 luxury condos in Medini Iskandar later this year will increase BCB's profile with Institution investors and secure solid future earnings and growth. Remember, new RPGT rules and capping of RM 1 million for overseas buyers don't apply in Medini.

Posted by splaw > 2014-04-15 21:16 | Report Abuse

Co has not been paying div since 2000. Directors shld also take care of interest of minority shareholder instead of their peronal interest only.

Posted by tengcherng > 2014-04-15 21:44 | Report Abuse

yeah...I'm still around...will sell if touch 1.20 tmw

Posted by tjhldg > 2014-04-15 22:55 | Report Abuse

huat aarrrrrr

Posted by unclelim > 2014-04-15 23:30 | Report Abuse

splaw,

Your comments are indeed spot on. Up until 2013, probably fair to say BCB has been a so-so small to mid-size player principally developing properties in the Kluang/ Batu Pahat areas.

Since their foray to Klang Valley , namely Concerto and Kota Kemuning, things are turning around. Not sure if they'll pay any dividends in the near future as their debt level is a little high and the cash would be used for working capital for the Medini project perhaps.

For me , happy to trade off dividends for higher share price appreciation.

Posted by splaw > 2014-04-16 11:51 | Report Abuse

@unclelim. Noted your comment.Hopefully with better profit this year,director can give sholder some div juz like Eupe which hv not been paying div for more than 10 years finally paid 2 sen this year despite profitable.Directors have the responsibilities to their minority shareholders.

Posted by choop818 > 2014-04-16 13:12 | Report Abuse

To me, price appreciation is more important than dividend. Sometimes, the dividend is so paltry it is an insult. Case in point, if I had held on to DKSH in anticipation of the dividend, I would have been 70 plus sen poorer per share. When taking into account the opportunity lost, like switching to Harison for example, the monetary implications are huge..

Posted by Valueseeker > 2014-04-16 14:18 | Report Abuse

Dividend is always welcomed, but agree that the amount has to be reasonable, say at least 20%-30% of PAT. However, I noted that BCB have been using funds to do land banking which has turned out to give better returns to SHolders. Their past few years land banking was of course the Concerto Monk Kiara land and the Kota Kemuning bungalow land. The most recent was the Medini Iskandar 7 acres plus land.

I think the most exciting has to be Medini land where the focus in on small units, 600sf to 70 sf in floor area, all less than RM 1 million which I believe will have faster take up rate. Based on recent press report, launch will be 3rd quarter 2014.

Posted by valueinvestor > 2014-04-16 21:44 | Report Abuse

This counter will fly like SBC and Brem Holdings once there are research houses initiating coverage on this under-researched company.

Posted by Valueseeker > 2014-04-17 18:45 | Report Abuse

Collecting at this level, and looking forward to May results. Should be interesting.

Posted by Valueseeker > 2014-04-18 11:05 | Report Abuse

Slow and steady. Seems to be BCB approach to have Chinese partners for their recent projects.

Posted by dragonking > 2014-04-18 11:24 | Report Abuse

bcb,,,high nta backup

Posted by tjhldg > 2014-04-20 16:15 | Report Abuse

kjikikikiii ... ada 20 % lagi

Posted by camel > 2014-04-20 17:08 | Report Abuse

anybody knows why bcb is obviously pushing up by someone purposely, for what aim?

Posted by tjhldg > 2014-04-20 17:48 | Report Abuse

FA not bad ma : )

Posted by Valueseeker > 2014-04-21 09:27 | Report Abuse

Fundamental is sound. Read up the quarterly results before you buy.

Posted by heng88 > 2014-04-23 14:40 | Report Abuse

but heard that there will be land revaluation?

Posted by Valueseeker > 2014-04-23 14:56 | Report Abuse

Stock price does not moved up and stay up without any basis, unless there is something cooking.....could it be the May results for 2Q 31 Mar 2014 ? Or impending announcement of Medini's launch Or any others ??

Posted by Invest123 > 2014-05-02 19:43 | Report Abuse

Shoot up very soon

Posted by tomtom8388 > 2014-05-03 11:49 | Report Abuse

Are you sure will shoot up?

Posted by tomtom8388 > 2014-05-06 21:07 | Report Abuse

Why BCB so quiet this few day?someone make it hot ?

Posted by tomtom8388 > 2014-05-07 19:58 | Report Abuse

Rocket coming...

Posted by leemz96 > 2014-05-12 16:48 | Report Abuse

stay tunned

Posted by valueinvestor > 2014-05-23 21:49 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1630969
Latest 9 months' profit has exceeded last full year's profit.

Posted by Valueseeker > 2014-05-24 15:35 | Report Abuse

Good results. Subsequents quarters should be better with strong progress billings from Concerto and Home Tree.

What about the bread and butter Taman-taman projects in Johore ?

How about the impending launch of small units condominium in Medini, Iskandar ?

9 months FY2014 revenue at RM 178m vs 12 months FY2013 at RM 165 m.
9 months FY 14 PAT at 18.5 m vs 12 months FY13 PAT at 16.5m

Net Asset at RM 1.85

Posted by choop818 > 2014-05-24 20:22 | Report Abuse

Valueinvestor, if projected PAT for FY14 is at least +50% more than that of FY13 (which is more than likely), what will be the likely TP then?

Posted by valueinvestor > 2014-05-26 22:22 | Report Abuse

Let's the research houses to set the TP when they initiate coverage on this company. I will just keep this counter for next 6 to 12 months to ride on its growth story. This may be the next Hua Yang which was also under-researched about 3 years ago.

Posted by choop818 > 2014-05-27 12:28 | Report Abuse

This counter is currently ideal for day trading - morning down, afternoon up back.

Posted by camel > 2014-05-27 13:35 | Report Abuse

already up 100% from 45sen,good news all known and reflect in market price,upturn space is limited.

Posted by Valueseeker > 2014-06-03 18:08 | Report Abuse

I think there are more to come. In the earlier press report, launching of Medini small units , GDV 1B plus as well as launching of second phase of Home tree , GDV also 1B plus. This is excluding Concerto, GDV 575 million and other housing estates in Johore.

9 months FY14 PAT already 18.5 million. Hopefully, last quarter at 5.6 million, similar to 3rd quarter will give total of 24.1 million giving EPS of 11.7 sen. NTA RM 1.85.

The issue is why there are still no coverage by research houses ??? Any logical comments , please ? Is it too small for research to be interested ? How about SBC and Huayang ? They were very small , too until they started launching more projects like BCB.

Posted by brendonyeap > 2014-06-16 23:51 | Report Abuse

PE ratio 23.....very expensive

Posted by Valueseeker > 2014-06-17 08:22 | Report Abuse

Current FY 2014 PE is about 8.3 X

( if 4th quarter PAT is similar to 3rd quarter PAT ) . How do you get 23 X ?

Posted by brendonyeap > 2014-06-17 09:38 | Report Abuse

It appeared on my screener for the PE.... btw, i realized that it has a borrowings of rm304mil vs rm194mil in 2012....any idea what the figure is for 2013?

Posted by Valueseeker > 2014-06-17 10:44 | Report Abuse

Over the past 2-3 years , the borrowings have gone up ,I believe mainly due to the increased activity at the Concerto project as well as land banking for the Kota Kemuning bungalow project as well as the Medini Iskandar project.

Posted by brendonyeap > 2014-06-17 10:48 | Report Abuse

But i observe the NAV is abt rm 3.57....Quite good for its value. What do u think of it?

Posted by Valueseeker > 2014-06-17 11:09 | Report Abuse

I believe the NAV is before deducting loans/borrowings whereas the NTA is net of borrowings. Therefore, when you analyse the quarterly reports, you need to be careful because there do not seemed to be consistency in reporting for some other companies. BCB's NTA is 1.85 while the NAV is 3.79 ( per the 30/6/13 AR )

Take for instance Daiman, I think the NA in the quarterly report is after borrowings whereas SBC NA is before borrowings.

BCB has good potential but you must have holding power. No contra. Look at the GDV of the launched projects as well as impending launch at Iskandar. Check the locked in sales and impending recognition of revenue in the coming quarters on progress billings.

Look at their revenue and profit from 2009 to 2013.

Two negatives to note is that company does not pay dividend and there are too many family members on the board.

Posted by brendonyeap > 2014-06-17 11:12 | Report Abuse

Is BCB a stock related to the Kedah state government? or is it BDB Bhd?

Posted by Valueseeker > 2014-06-17 11:26 | Report Abuse

No, BCB Berhad, mainly Johore projects.

Posted by brendonyeap > 2014-06-17 12:29 | Report Abuse

At what price did u buy BCB?

Posted by Valueseeker > 2014-06-17 15:01 | Report Abuse

About 12 % up, illiquid stock, you will not be able to collect much at lower price.

Posted by brendonyeap > 2014-06-17 20:38 | Report Abuse

I am doubtful abt its debts of so much, wondering what are they doing with the borrowings..

Posted by QQ12 > 2014-06-17 20:45 | Report Abuse

They are doing quite well with their current project...foresee sure better result ahead....

Posted by brendonyeap > 2014-06-17 20:59 | Report Abuse

But why are they taking so much loans of abt rm 194 mil when their project doing well?

Posted by Valueseeker > 2014-06-21 22:11 | Report Abuse

Figures from Annual Report ++++

Consolidated Statement of Financial Position as at 30 June for the financial year
2009 2010 2011 2012 2013
RM‘000 RM‘000 RM‘000 RM‘000 RM‘000

Share Capital 206,250 206,250 206,250 206,250 206,250
Treasury Shares (2,252) (2,299) (3,113) (3,114) (3,115)
Non-Distributable Reserve 6,744 6,769 6,788 6,788 6,788
Retained Earnings 112,264 114,384 120,366 128,442 144,246
Non-Controlling Interests - - - 6,518 6,816

Shareholders’ Equity 323,006 325,104 330,291 344,884 360,985

Represented by:
Property, Plant and Equipt 48,680 48,640 51,621 50,021 65,191
Investment Properties 27,417 27,417 27,417 35,294 24,876
Land Held for Development 61,880 106,856 113,423 47,264 96,766
Other Non-Current Assets 3,056 3,019 118 195 44

Current Assets 313,157 301,497 371,870 581,683 595,985
Current Liabilities 103,248) (88,037) (126,306) (207,458) (254,499)
209,909 213,460 245,564 374,225 341,486

Non Current Liabilities (27,936) (74,288 ) (107,852) (162,115) (167,378)

323,006 325,104 330,291 344,884 360,985

Total Assets 454,190 487,429 564,449 714,457 782,862

Number of Ordinary Shares of
RM1.00 in Issue (‘000) 206,250 206,250 206,250 206,250 206,250

Net Assets Per Share (RM) 1.57 1.58 2.74 3.46 3.79


I believe the sharp increase in Current Assets from 371m/2011 to 595m/2013 with corresponding increase in Current Liabilities and Non Current Liabilities from 234m/2011 to 422m/2013 is due mainly to property development costs largely from Concerto, Mont Kiara project and other Johore housing projects.

Posted by Valueseeker > 2014-06-21 22:54 | Report Abuse

Financials from Annual Report + Quarterly Report

Consolidated Statements of Profit or Loss as at 30 June for the financial year

2009 2010 2011 2012 2013 9M 31/3/14
RM‘000 RM‘000 RM‘000 RM‘000 RM‘000 RM 000

Revenue 93,079 91,074 118,560 123,890 164,578 178,219

Profit Before Charging Depreciation
and Interest Expenses 14,834 11,278 19,532 23,326 33,230 36,499

Depreciation (2,028) (1,847) (2,041) (2,033) (2,257) -1896
Interest Expenses (6,650) (5,806) (7,580) (8,993) (10,049) -8214

Profit Before Taxation 6,156 3,625 9,911 12,300 20,924 26,389
Taxation (2,551) ( 1,504) (3,929) (4,567) (4,822) -6355

Profit After Taxation 3,605 2,121 5,982 7,733 16,102 20,034

Adjusted Weighted Average
Number of Shares in Issue 201,860 201,847 201,058 200,238 200,236 200,236

Basic EPS (sen) 1.79 1.05 2.98 3.99 7.89 9.24

Posted by Valueseeker > 2014-06-21 23:08 | Report Abuse

As mentioned earlier, in my view there are two main negatives on BCB ie no dividends have ever been declared and there are too many family members in the Board. In addition, there seems to be a lack of engagement with investors/research thereby resulting in BCB not being in the radar of any research houses. Hopefully this will change soon.

Coming AGM, shareholders should raise these issues for the Board to answer.

Please note that these info are available in Bursa website and do your homework before investing. This is not a recommendation to trade. The purpose is to invite constructive criticism/feedback/response/support/viewpoints and to share info and point out any other positives or negatives factors for further discussion.