Posted by stkoay > 2016-02-17 15:55 | Report Abuse

Haha......kahhoeng is a very humble investor indeed......different from most of the rest. You have my respect.
Luck maybe is not with you now......so take a break and wait for the change.
If you buy my 2 sen, come back in 2018!!

Posted by Angielim9955 > 2016-02-17 17:29 | Report Abuse

kahhoeng this counter selling water sure got busineess

Posted by wonderboy > 2016-02-17 18:11 | Report Abuse

I think not yet 3 months since the special dividend... still waiting

Posted by kahhoeng > 2016-02-17 19:37 | Report Abuse

stkoay, I am not humble, I am just being frank about my decision. Now I can only hope Rozali will announce some good news soon.

Posted by stkoay > 2016-02-18 11:12 | Report Abuse

Ya, kahhoeng is frank, honest and humble.....and not boastful.
Wish you better luck for this Monkey Year.
Cheers..........

Posted by Parkson > 2016-02-18 21:22 | Report Abuse

BenBlurBlur I agree. If cash really exist why don't declare more dividend? Why no share buy back? Why Rozali not buying?

Posted by BenBlurBlur > Feb 18, 2016 08:58 PM | Report Abuse
Kahhoeng What is the worst thing that Rozali can tell next week in the quarter report Cash no more semua sudah telan is it? Thank u

Posted by Parkson > 2016-02-18 22:59 | Report Abuse

40 sen is better entry for their doubtful acct.

Posted by kahhoeng > 2016-02-18 23:02 | Report Abuse

BenBlurBlur & Parkson,

To Rozali, cash in hand is better than shares in hand, I guess. The recent dismay share performance could also be caused by Rozali and his associates (of course, that would be conspiracy hypothesis that not many can find out...) My guesstimate of Puncak cash is based on the 2015 3rd quarter report, it hasn't included any potential losses in Puncak's business during the 4th quarter, which is why I used +/- 0.10, assuming the 0.10 per share to be the unknown factor, given that losses may not result in lower cash in hand, or vice versa.

Posted by FAIRnREASONABLE > 2016-02-19 10:02 | Report Abuse

At this difficult time, it is best for Rozali to hold cash and wait for the right opportunity. I have not sold a single share and will be happy to double my holding if Puncak is pushed down to below RM1. Be careful of syndicate who hopes to gain by talking down the share.

Posted by hng33 > 2016-02-19 12:41 | Report Abuse

kahhoeng

Recently, i discover another gem stock with some similarity with Puncak: net cash position and recent disposal of some of its business assets, generate one off gain.

But, it possess much more appealing factors than puncak: Among the factos are: export oriented business to benefit greatly from stronger USD; Despite disposal some of its business assets (Winmax china and Acosutech), but still retain core earning generating business and is in the midst to further expand it to ensure higher recurring profit; undemanding PE < 8x; attractive dividend > 6.5% to be announce soon; debt free, net cash position = share price.

The stock name is FORMOSA PROSONIC INDUSTRIES (FPI).
Stock price: 91.5sen
Net cash position: 85sen/share
Expected forward EPS: 12sen pa
Expected dividend: 6sen/share

Posted by kahhoeng > 2016-02-19 14:29 | Report Abuse

hng33,

thanks, will go through the company. Formosa got so many exercises....

Posted by r°Moi > 2016-02-20 12:11 | Report Abuse

I added Puncak... you just can't keep a heap of big big cash down for long...

Posted by jacklintan > 2016-02-22 12:24 | Report Abuse

Replenish more Puncak now OR u get replenished with sorrows...LOL

Posted by r°Moi > 2016-02-22 13:58 | Report Abuse

Misery?? What could it be? Anyway am ready....

Posted by kahhoeng > 2016-02-22 16:54 | Report Abuse

hng33, I looked through FORMOSA, not much discount to its NTA or net cash, and it has mentioned about land acquisition already. Is the business good?

Posted by hng33 > 2016-02-23 11:19 | Report Abuse

Kahhoeng

Fpi alrdy complete acquire factory land and manufacture warehouse and machinery to expand its production capacity, alrdy reflected in its q3 result.

Therefore, the q3 result aldy take into account these capex, but yet to account divestment proceed from its China plant and associate acoustech stake which will raise combine additional cash RM 100m on top of its existing net cash RM 100m. Thus, in total Fpi will have net cash RM 200m, or about 85 sen/ share.

As, Fpi audio business is export oriented, it will greatly benefit stronger usd vs rm, alrdy reflect in q3 result when usd is 3.75. Therefore, I expect even stronger earn in its coming q4 result and expect higher dividend 6 sen.

Posted by hng33 > 2016-02-23 11:49 | Report Abuse

Kahheong, Frankly, I have alrdy swapping most of Puncak to fpi, realize loss in puncak - 7.2 sen/share, hope can recoup back from Fpi which is alternative for net cash stock exposure and yet retain recurring earning forward.

Posted by kaikai > 2016-02-23 13:34 | Report Abuse

Hi All, for those who are holding Puncak, you should continue to accumulate, the NTA is around RM3.XX while cash position is easily RM 2.XX (Well above the current depressed price). The only wildcard would be Rozali, whether he is a genuine business man who takes care of minority interests. Anyway, as minority shareholders, we shall always exercise our rights and attend AGM to voice our concerns on the excess cash.

For FPI, I had a chance to work with them on some projects. The company is owned by Taiwanese and they are known to be very prudent and honest. For them to realise the cash gains from the disposal is by declaring dividend. Another major shareholders emerged recently, I can't remember the name but it's one of the technology company owned by ex-Acer senior Management. Something big is brewing for sure and your money is in good hands.

Posted by kahhoeng > 2016-02-23 20:34 | Report Abuse

hng33, I wish I can swap too, but my holding cost is too high @ 1.80 (too painful to even think about it), and that's after purchasing additional shares @ 1.14 after selling my Petron (huge mistake!)...

Posted by hng33 > 2016-02-23 21:59 | Report Abuse

Kahheong

My swapping from Puncak to Fpi is taking chance also as Puncak net cash more than 2 x of its current depress price is too attractive and swapping will incur loss first. But, After take great consideration by comparing between these 2 cash rich stocks , decided to swap gradually since last week in order to optimize every single sen in portfolio.

Posted by r°Moi > 2016-02-24 08:17 | Report Abuse

r°Moi always hear chatter about this counter gonna fly that counter gonna go thru the roof... and have heard enough on Puncak KPS over the last few years.... but Puncak is oh so quiet now.. But just quite... not quite bad... now like nobody know what is going on... but r°Moi can feel people are still keen... huge heap of cash plus a positive something on its future from Rozali.. will do the trick

Rozali has paid off all his personal debts... and surely must be enjoying his life post special dividend.. but... yo Rozali.. time to do something man!!

Posted by kahhoeng > 2016-02-24 08:55 | Report Abuse

Puncak's share price is a real big joke and a slap on SC, Bursa Malaysia and MSWG. We have anal-ysts suggesting a selling price per share of 2.90 pre-special dividend, yet none said a word about net cash post sukuk bought back. CIMB's anal-yst even said the cash is only 1.80 post special dividend, and I have to wonder why?!? Emailing him, and the response I got is 'depending on assumptions'?!? MSWG is complaining about Shell Refinery being sold too cheaply when its NTA is about 1.90 and selling price is 1.80. Yet, MSWG had not said a word when Puncak has net cash of over 2.50 while share price is below 1.20, a far cry of less than 50%, not to mention that Puncak is owning valuable land suitable for property development. It's as if abuse by foreigners, 100% NO; any abuse by Malaysian company, 100% welcomed?!? In fact, recent hiring advertisement in the Star paper seems to suggest that Puncak is going to develop the Ijok land too.

Anyway, things will be clearer once the most recent quarter report is announced, hopefully within this week.

Posted by MuttonCurry > 2016-02-24 08:56 | Report Abuse

No announcement ... Wait for .80sen lah then the picture will be clearer. He will make his move then. Right now Rozali is laughing himself silly on the windfall ... Even though shareholders got shafted kau2 it look like his karma very bright loh.

Posted by r°Moi > 2016-02-24 12:19 | Report Abuse

HaHa

Rozali is a bit slow.. yes... but yet can be classified as "ABUSE" la

Yo yo Rozali.. time to be doing something my man!!

And... we are not talking about you looking for a brand new mansion with swimming pool....

Posted by r°Moi > 2016-02-24 12:23 | Report Abuse

and... of course... no abuse... there is a hint of pent-up anger already

Posted by r°Moi > 2016-02-24 12:26 | Report Abuse

and... no big fat fee or salary.... while waiting for opportunities....

Posted by r°Moi > 2016-02-25 07:49 | Report Abuse

kahhoeng...

High net cash and NTA stock is lenos cup of tea.... this is lenos conment on Puncak... a lot of people see Puncak like leno??


leno rMoi: how much is the TOTAL LIABILITIES. I might read a wrong balance sheet. Just wan to counter check with u niah. My calculation (cincai one) show cash minus payout = negative , and minus Total Liabilities is NEGATIVE BILLIONS. Do correct me if i am wrong.
24/02/2016 14:44

Posted by kahhoeng > 2016-02-25 08:54 | Report Abuse

rMoi, ?!? You have doubts over Puncak in net cash position?

Posted by speakup > 2016-02-25 09:17 | Report Abuse

http://www.thestar.com.my/business/business-news/2016/02/25/ecm-libra-managing-director-may-undertake-mgo/

ECM sold its IB biz become a cash rich company, now its MD going to take it private.
Puncak will be the same. Just wait for Rozali to take it private.

Posted by money888 > 2016-02-25 10:23 | Report Abuse

take it private with low cost.

Posted by r°Moi > 2016-02-25 11:54 | Report Abuse

HaHa not r°Moi.. but leno... and maybe a lot more others like leno..

Posted by r°Moi > 2016-02-25 11:57 | Report Abuse

Now 1.09

Posted by kahhoeng > 2016-02-25 12:31 | Report Abuse

rMoi, this is absurd. Based on the 3rd quarter 2015 report, Puncak has non-current asset of 575.491 millions (or 530.139 millions after goodwill and deferred tax assets are excluded). Excluding asset and liability held for sale which should bring 1,552 millions CASH, Puncak has a current asset of 530.331 millions, of which 403.547 millions is CASH or short-term investments, and a total liability of 403.824 millions, i.e., Puncak has more in current asset than total liability before water asset disposal. That has yet to include the CASH from asset disposal (actually, there is, 1 million deposit in the deal)!

What's more, Puncak's oil & gas exposure is ONLY an asset of 258.820 millions and liability of 214.159 millions! How's it possible that this exposure could threaten Puncak's balance sheet in a big way, as it would on other oil & gas players?!?

It's absurd for Puncak to trade below half of its cash in hand currently. And, its funny that there's still someone selling them on a gradual basis. For every seller, there must be a willing buyer, wonder who's those buyers?!? Of course, I am only a small shareholder and can't keep on buying or holding enough shares to prevent Rozali from lousy acquisition or share price from falling. I can only hope Bursa or SC to achieve that. Sigh!

Posted by r°Moi > 2016-02-25 13:42 | Report Abuse

Quite an anomaly.. yes

Posted by speakup > 2016-02-25 13:55 | Report Abuse

http://www.theedgemarkets.com/my/article/ecm-libras-potential-mgo-37-sen-confirming-edge-fd-report

ECM Libra has net cash of RM105 million equivalent to 36.7sen/share. MGO at 37sen.
So Puncak MGO by Rozali when? What price?

Posted by MuttonCurry > 2016-02-25 14:01 | Report Abuse

Yaya ... then do creative accounting like extraordinary impairment charges ...etc before take company private for a song.

Posted by speakup > 2016-02-25 14:39 | Report Abuse

another company like Puncak is FACBIND, both sold their core-biz and become CASH RICH! FACBIND only have a small mattress biz left after selling off their steel biz. PUNCAK only have a small O&G biz left after selling their water biz.

FACBIND net cash/share = RM1.80
now RM1.00 means it is trading 44% below its net cash.
PUNCAK net cash/share = RM2.50
now RM1.10 means it is trading 56% below its net cash!

If market were to give the same discount FACBIND is given to PUNCAK, PUNCAK would be RM1.40 (44% below net cash)

Posted by kahhoeng > 2016-02-25 15:00 | Report Abuse

If to MGO at net cash, it would be at least 2.50. Let me go through FACBIND

Posted by confuse > 2016-02-25 15:10 | Report Abuse

Agree. If yes why Rozali still not buying? Why QR not out? Loss making?

Posted by r°Moi > Feb 25, 2016 11:54 AM | Report Abuse
HaHa not r°Moi.. but leno... and maybe a lot more others like leno..

Posted by confuse > 2016-02-25 15:11 | Report Abuse

kahheong if really got RM 2.5 Rozali is the first to know.

Posted by speakup > 2016-02-25 15:26 | Report Abuse

ppl say "CASH IS KING", but market put a discount to CASH. this is not only in Puncak but also in FACBIND.

Posted by speakup > 2016-02-25 15:29 | Report Abuse

Mr Market is like saying:

IF YOU HAVE A RM1 MILLION HOUSE, YOU ARE A MILLIONAIRE!!!!
BUT IF YOU HAVE RM1 MILLION IN CASH, YOU ARE NOT A MILLIONAIRE, YOU ARE ONLY WORTH RM400k!!!

STRANGE! BUT TRUE!

Posted by kahhoeng > 2016-02-25 16:23 | Report Abuse

All I can say is a blatant abuse of market and a bunch of overpaid ineffective governing body

Posted by kahhoeng > 2016-02-25 18:44 | Report Abuse

Q4 financial report is out:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5011153

On its balance sheet, Puncak has
(1) Short-term investment of 922.146 millions
(2) Cash and bank balances of 347.549 millions
totaling 1300.695 millions

While, its debts include
(1) Long term borrowing of 31.979 millions
(2) Short term borrowing of 39.203 millions
totaling 71.182 millions

Thus, net cash is 1,229.513 millions. With an issued shares of 449.284 millions, per share CASH is 2.73, proving that I am RIGHT!!!

Posted by Ong Lie Chin > 2016-02-25 18:47 | Report Abuse

Then, kaehong,is still big loss rite? Tmr will be gap down for sure....

Posted by Mohd Fahmi Bin Jaes > 2016-02-25 18:48 | Report Abuse

net profit negative

Posted by Ong Lie Chin > 2016-02-25 18:49 | Report Abuse

I think many small investors when they see these figures..loss figures they will prepare to sell like no tmr! Gud luck!

Posted by kahhoeng > 2016-02-25 19:02 | Report Abuse

The losses are primary due to impairment in oil & gas (currently only asset of 189.707 millions and liability of 177.668 millions) and the repurchase of SUKUK (spending 200 millions to buy 161.5 millions SUKUK is worthwhile given the SUKUK can be converted into shares at 2.00/share - its not highlighted, but I think its crucial.)

More importantly, while reporting a huge LOSS, its operating cash flow is actually POSITIVE at 11.119 millions. This means PUNCAK current business, while LOST to depreciation and amortization, is actually earning CASH. This is the concern I early have (operating cash flow of the 3rd quarter had actually included the discontinued businesses) and putting a 2.70 +/- 0.10 CASH.

And, with net cash of 1,229.513 millions, PUNCAK is traded at less than 500 millions?!? LOL!!!

Posted by Ong Lie Chin > 2016-02-25 19:05 | Report Abuse

Gud anaylsis....hopefully tmr no big sell up...if there is,mean still got something we do not know except management themselves....

Posted by Ong Lie Chin > 2016-02-25 19:25 | Report Abuse

Overall I am feeling ok with the report....hope the management can do something with the cash and expand its business...make sure there is no fishy activities by the management and I am sure this counter will fly soon....please drop more tmr...I will be the buyer....wait you at 90sen...