According to MSWG, using Black Scholes model to calculate OSKProp-WC, the fair value is 2.05. This mean OSKProp fair value should be around 3.05. Forward PER of 7.6 which is still lower than market norm of < 8.00 times.
Thank you for putting up such a good report in the Nanyang newspaper about our forum held with MSWG today. So now the public & our small shareholders will realised the actual price of our OSKP & PJDEV worth. so please hold on tight to our shares now. and bargain for Rm3.00 for OSKP & rM2.60 for PJDEV.
Record profit and revenue. EPS 42 cent. This year will be maintain with recurring income from Atria Shopping Gallery. Fair value shall be more RM3.80. OLH must raise offer..
I talk with facts and figures. I do not plug the figures from the sky. Unfair offer for OSKProp and PJDev. I am not a person like to bad mouth anyone, I just want to talk about fair deal. Please understand our feeling when a deal is structured in such unfair way. All minority shareholders are suffering. Truth will prevail. Thank you.
Now than ever before what OLH has cooked up maybe be having a problem with SC
With OSKP at around 1.90 and PJD at around 1.49 now.. vs the offer price at 2.00 and 1.60... OLH may well be held guilty of injecting directors/shareholders personal assets into OSK at over valuation
SC may just instruct OLH to reduce the offer price to 1.90 and 1.50
HaHaHa...... And the minorities will cry again... louder.. Where got justice!! Where got justice!! Where got justice!! Oh lord Where got justice!!
This is not a merger... it is a related party transaction involving injection of directors/shareholders ie OLH's personal assets into OSK
In a related party transaction involving injection of directors/shareholders personal assets SC would be more mindful of over valuation...
PJDev and OSKProp has been traded higher before the announcement and their net asset is definitely higher than the share price. Certainly not overvalue but deeply undervalued instead.
If thete is no over valuation of his personal assets to be injected into OSK... then this would be a done deal
Complain as you like..... but think in today's disclosure based regime... it is not likely SC will interfere on the offer price
Posted by r°Moi > Mar 8, 2015 11:02 AM | Report Abuse X
I think.. the most SC can help the minorities of OSKP and PJD is to impose a condition asking OLH to disclose the most current valuation of OSKPs and PJDs properties... SC is unlikely to interfere beyond this
In a related party transaction involving injection of directors/shareholders personal assets SC would be more mindfull of over valuation... that is not the case here
Another tycoon is trying to take Hunza private. Offer price is RM 2.50 for a company that is worth (RNAV) RM7.50 per share. Minorities must say no to this kind of bully, taking advantage of small shareholders. If u r interested, pls go to comments on Hunza in i3.
The NTA of RM3.50 per share are based on the prices when the properties were bought years ago which was much lower than the current prices. The properties had appreciated substantially especially since 2009.
Based on the research by Alliance Bank analyst, Bernard Ching dated 15/5/13, the RNAV was RM6.55 per share in May 2013.
Please go to Bursa Malaysia website, type Hunza and u can find the research report.
The current NTA should be even higher than 6.55/share bcos the land prices and Gurney Paragon has appreciated a lot since the report was written. The current NTA should be more than RM7.50/share.
Furthermore, 10% of the share has already been bought back by Hunza, the NTA should be even higher.
The controlling major shareholders know the actual value of the company very well. They know that it worth more than RM7.50 a share. That is the reason they want to take it private at RM2.50. It is like buying your terraced house worth RM750,000.00 at the price of RM250,000.00. Do you want to sell your house at RM250,000.00?
Their intention is to relist the company again few years later at RM7.50 a share and they will be 3 times richer. We as small shareholders are in the dark and fortunately thanks to the analysts' research papers n informations that are available from the annual reports and internet, we can find out the actual worth of the company.
I will not accept the offer price of RM2.50. I will be present to cast my vote.
In the circular, it said that PRIMA will buy RM374 mil worth properties (RM56 mil land + RM318 mil houses). This work out to be RM 268,000. Believe that they will make around RM40,000 per house, assuming 15% profit, and total profit will amounted RM56 mil. Their profit can be higher if we take account low land cost when they acquired BPJ land. However, I would not dare to buy their Prima Houses judging from response of BPJ house owner.Search their Fb
Anyway, Atria Shopping Gallery will be opened officially end April. Mall tenancy have reached 80%.There will be 1700 parking lots for mall and Atria SOFOs.
in The Edge today, there is an article in regard to their Atria Shopping Gallery. Slated to be opened on May 28, instead of this month, Atria is expected to draw big crowd from surrounding neighbourhood. Targeted to mid to affluent, Atria has Net lettable area of 470,000sq.ft in which 82 % has been occupied. Rental income will be more than RM1 million/month.
Never mind, win some lose some. Likewise, he also wins some and loses some later. Presently, he wins a lot. He will also lose big without him realize it later.
Fate is like stock market, sometime you win sometime you lose. Make sure you win big and lose small.
Posted by Ooi Teik Bee > May 12, 2015 07:43 PM | Report Abuse X
Never mind, win some lose some. Likewise, he also wins some and loses some later. Presently, he wins a lot. He will also lose big without him realize it later.
Fate is like stock market, sometime you win sometime you lose. Make sure you win big and lose small.
Thank you.
Ans : I can afford to lose some, many of investors are crying foul play. I think it over, I hope justice is done on this unfair act. Thank you.
Am i right to say that the plans have been approved by SC but the proposed voluntary take-over offer may or may not succeed bcoz it depends on the rate of acceptance ???
rikki you are right, shareholders of PJD and OSKProp still need to decide whether to accept or not.
Currently, a company that is subject to a take-over offer is required to appoint an independent adviser to provide comments, opinions, information and recommendation on the take-over offer in an independent advice circular. The independent advice circular is subject to the SC’s review and has to be cleared by the SC before it can be issued and despatched to the offeree shareholders.
The take over rule not applicable here? Where is the independent advice circular?
Example: I got 5000 share of PJD, right now OSK is offering RM 1.56 of 5 share to exchange with the new share of OSK Holding of RM 1.95 for 4 share.
Based on current price of OSK Holding (~RM2.2) then if the deal sucessfully approved by all the shareholder then PJD holder is enjoying the deal by exchanging the OSK price at RM2.2.
Moreover: May have free warrant of every 4 OSK share and special dividend of what I heard is 15 cents per share.
The future of new merging OSK Holding is very bright!!! Based on blog below:
It is better to buy OSKH rather than buying PJD. Post injection of OSKProp and PJDev, OSKH will be more valuable since it can include OSKProp and PJDev result into their profit and loss.
After the proposal have been approved by SC, next all OSKH/OSKProp/PJDev will appoint independent advisors to advise minority shareholders. These independent advisors will advise minority shareholders to reject or accept the proposal. These companies will publish circulars to shareholders and call for EGM to vote. Let say the proposal have been approved by EGM attendees, then it is up for minority shareholder to convert their shares to OSKH or received money (RM1.95 for OSKProp/RM1.56 for PJDev). For me I think better convert to OSKH for future benefit if OSKH sells their stakes in RHB Cap.
I believe OSKProp intentionally released their result yesterday and showed a good one so that independent advisors will advise to reject the proposal. Believe that OSKH wont increase the offer price, but OSKProp will definitly being absorbed by OSKH. As for PJDev it depends.. You know OLH game is very dirty.
The EPS for Q1 is 19.85 sen. The full year EPS could be between 50sen to 60 sen per share because the development projects are in quite advance stage. The share price should be at least between RM4.00 to RM4.80 based on 8 times PE. Basing on 10 times PE, the share should trade between RM5.00 to RM6.00. I think the EPS of 50 sen to 60 sen is achievable because the projects in Cyberjaya, Atria Sovos and Mirage KL are in advance stage of developments and more profit can be recognised.
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....
Ooi Teik Bee
11,303 posts
Posted by Ooi Teik Bee > 2014-11-06 23:42 | Report Abuse
According to MSWG, using Black Scholes model to calculate OSKProp-WC, the fair value is 2.05. This mean OSKProp fair value should be around 3.05. Forward PER of 7.6 which is still lower than market norm of < 8.00 times.