Posted by MuttonCurry > 2016-02-26 15:42 | Report Abuse

babu .. come ... you and i q at 80 sen. maybe you can recover yur paper loss and i can make some money also ... hehe

Posted by babu > 2016-02-26 15:48 | Report Abuse

@muttoncurry, I got no more duit lagi so even if really drop to 80 sens no use for me !

Posted by kahhoeng > 2016-02-26 15:48 | Report Abuse

babu, Rozali sold his warrants right before the deadline for conversion... we are not the worms living in his brain, there is no way to tell what he think. But, given share price traded at SHARP discount to cash in hand, there is nothing great to talk about his INTEGRITY already!

Rozali may not want a low price to take Puncak private, there could be other reasons, but why should we care?!? So long share price is a DEEP discount to cash in hand and yet he is not responding as the largest shareholder, there are more than enough reason to doubt his personality and integrity!!!

Posted by babu > 2016-02-26 15:53 | Report Abuse

@kahhoeng, emotionally sometimes I am also tempted to think negatively of the controlling shareholder ..... but, truly it is not his "business" to "manipulate" or "control" the share price and neither is it his responsibility if existing shareholders want to throw away their "precious" shares at such an unholy price of 1.02 :(

Posted by babu > 2016-02-26 15:57 | Report Abuse

@kahhoeng, sorry if I in any way unintentionally offended you or any one else by my simplistic but realistic thinking of this inexplicable slide in Puncak's share price to a horrendous low of 1.02 today. It could be that I am not experienced enough, and hence naïve to think well of Rozali instead of cursing him for my loss.

Posted by MuttonCurry > 2016-02-26 15:58 | Report Abuse

kaoheng ... bullshit man ... this guy going to make sure massive impairment write down nxt QR... probably even the cash holding try to impair also. Then take it private at 80sen. That what the market senses now. So many occasion on the trip down i nearly bought. on hindsight ... luckily i did not ... So today the day traders again lost money ... and will loose all the way to penny stock level.

Posted by kahhoeng > 2016-02-26 17:58 | Report Abuse

babu, I am not offended by you, but Rozali. At 1.03, its 63% discount to its cash in hand, a ridiculous level, not to mention there are at least another 400+ millions worth of lands and buildings backing its asset. Meanwhile, analyst from CIMB has even offered bogus analysis (see my earlier post) without any party raising concern. Given scenario, so long Rozali didn't call for share buy back or offer shareholders future roadmap on utilizing the cash, it would be hard not for anyone to 'generate' conspiracy theories.

Muttoncurry, given huge impairment made in Q4,2015 and shrinking oil & gas balance sheet to less than 200 millions, guess there won't be much to write down, probably less than 50 millions. Furthermore, should there be operating losses, Puncak's cash per share should remain as is.

Posted by MuttonCurry > 2016-02-26 18:16 | Report Abuse

Kahheong / babu ... please be careful. I hope you dont get burnt in the process bcoz in the absence of meaningful statement on what they intend to do with cash hoard ... conspiracy theories will continue. Look at 1 month price drops and make your judgement is all i can advise. As for me i am guessing 80sen is when he will make his move.

Posted by davidtslim > 2016-02-26 18:29 | Report Abuse

I also hold some puncak share. I think the different of Puncak with FPI (also has a lot of cash) is its directors capability in maintaining the profit after the disposal of one china subsidiary and Acoutec shares. They even make more profit after the disposal (by increasing the export) and will make new acquisition with the cash received from disposal. FPI also distribute dividend every year (for the past 11 years). Puncak has to find a new business that can bring the profit to positive asap to revive the share price. I think I make mistake on too positive on the cash pile of Puncaj but market seem want profit it can show.

Posted by Ong Lie Chin > 2016-02-26 19:14 | Report Abuse

I hold puncak too...bt add fpi after hng recommendation....thank you...7sen divident by fpi which I think is very generous indeed...I will continue to add puncak all the way to 80sen....I believe rozali is an entrepreneur like tony and trust him to bring the company alive again...if he can't and make conspiracy to swallow the cash,then I will have total loss no pro...god will punish him...cheers...Kaehoeng you r a good investor...dun give up....gud luck!

Posted by hng33 > 2016-02-26 23:13 | Report Abuse

In the past few days, I have openly share similarly between Puncak and Fpi in turn of cash rich and assets disposal, and also highlight the difference in which Fpi have upper hand over Puncak due to Fpi retain core export oriented business which still enable it to deliver consistence profit, earning can capitalize on strengthen usd and to enjoy upcoming dividend. Therefore, I have decided to cut loss Puncak last week, incur loss -7.2 sen/ share and swap capital to Fpi as alternative for continue exposure to cash rich stock

Clearly, my strategy work, portfolio have avoid today slump down Puncak share price, otherwise, may incur even higher loss in Puncak. By swapping capital to focus on fpi, I have now much better chance to recoup back my loss in Puncak judging from Fpi excellent result and declare higher dividend of 7 sen.

Of course, my strategy did take risk as I need to cut loss in Puncak first and only hope to recoup back in other stock, but, apparently the odds now is in my favor.

In stock market, cut loss and reap profit is normal course of trading. There is no doubt people can make mistake, but it need courage to rectify and improve it next. But, sadly, seldom people willing to cut loss due to need to make painful decision and admit mistake to collective market force which is real time force that determine the daily stock price....fundamental aside, these market force must also take into account in investment making.......every trade can either incur loss or profit, but so long the net is positive and uphold capital protection as only rule no 1, then only we can continue survive in volatile stock market.

Posted by lcwin > 2016-02-27 10:06 | Report Abuse

Babu don't get emotional over remark made here. We are looking at why puncak is not performing. The major shareholder is extremely important in the running of a listed company. Most of them holds 30 to 50% shares but have 100% control of everything. Go figure...
The cpys with good strong founders also outperform parasite caretaker.
The latest one is OSK PJ boss. See what he does to screw the minorities ?
For ikan bilis investor just remember your greatest advantage is you can buy and exit fast. Take full advantage of that FACT!
For the controlling shareholder his greatest advantage is..He get to use your money to make money at no cost. Rojadi don't have to do anything and sit on the cash pile, take 10 million director fees and start thinking of how to use A Billion Cash. Just imagine the scenerio It is HEAVEN on Earth! He can't sell down as he have to report every time he sells. But then he still can sell using his hidden proxy accounts. Hahahaha.....screwed the minorities investor

Posted by speaking_up > 2016-02-27 22:42 | Report Abuse

lcwin I agree. Must sell on Monday before drop below RM 1. Jan-Feb'16 oil price lower expect higher losses from O&G business.

Posted by kahhoeng > 2016-02-27 22:45 | Report Abuse

Q4 financial report has posted a loss of 99.725 millions. Is this SERIOUS?!?

A breakdown of the major losses would show that the impact on its cash in hand is NOT. How so? Simple, impairment on asset (63.562 millions), concession asset (12 millions) and goodwill (25.24 millions) amounts to 100.802 millions already! (please refer to page 9 of quarter report for further details)

Actually, comparing Q3 and Q4 financial report shows that the cash in hand has barely changed at 1.3 billions before deducting the 71.182 millions long/short term debt (assuming special dividend are paid and convertible sukuk is bought back at Q3.) With a maximum issued shares of 452 millions after treasury shares are excluded, a NET cash of 2.73 per share is currently traded at 1.03.

Has Rozali been responsible with the company's business operation. I suppose yes and no. Yes, given that he has taken the opportunity to make impairment on oil & gas as well as its water concession asset without jeopardizing the cash built up through the water asset disposal besides buying back convertible SUKUK. No, shall be explained below.

But, has Rozali cared about small investors like US? A 100% NO! He had not even taken the opportunity of low share price to initiate share buy back, a prudent business operation that could enhance shareholders' value. Even assuming buying back approximately 52 millions shares (to reduce eventual issued shares to 400 millions after warrants converted) at 1.40 on average, it will cost only 72.8 millions, but NET cash per share will rise appreciably to 2.90 from current 2.73. This has not even taken into account the other asset per share that will see its value enhanced automatically due to share buy back exercise of almost 0.12 per share. In fact, net asset per share of 3.75 should rise to approximately 4.00. And, what's 72.8 millions, it's not even 6% of the CASH Puncak is currently holding! More importantly, the small money spent can enhance greatly shareholders' confidence on the company.

What's so funny? I have yet to see MSWG (minority shareholder watchdog group) said a word, and LTH being the second largest shareholder of Puncak is one of the four founding organizations of MSWG. What's even funnier? MSWG is SO FREE to question Shell's disposal of its own shares in Shell Refinery with a shareholder equity of 677 millions but too BUSY to check on Puncak with a shareholder equity of 1.67 billions. In a way, MSWG cares more about Shell's minority shareholders in UK than minority shareholders of Puncak in Malaysia.

Posted by kahhoeng > 2016-02-27 22:56 | Report Abuse

In the meanwhile, I have sent an enquiry to MSWG with the following content:

Puncak Niaga Holdings Berhad

After the most recent quarter report announced on Feb 25, the share price dropped significantly at 5.5% to 1.03.

But is the losses of 99 millions alarming? A breakdown of the major losses would show that the impact on its cash in hand is NOT. How so? Simple, impairment on asset (63.562 millions), concession asset (12 millions) and goodwill (25.24 millions) amounts to 100.802 millions already! (please refer to page 9 of the quarter report for further details)

Has Rozali, the majority shareholder of Puncak Niaga, been responsible with the company's business operation. I suppose yes and no. Yes, given that he has taken the opportunity to make impairment on oil & gas as well as its water concession asset without jeopardizing the cash built up through the water asset disposal besides buying back convertible SUKUK. No, shall be explained below.

But, has Rozali cared about small investors like US? A 100% NO! He had not even taken the opportunity of low share price to initiate share buy back, a prudent business operation that could enhance shareholders' value. Even assuming buying back approximately 52 millions shares (to reduce eventual issued shares to 400 millions after warrants converted) at 1.40 on average, it will cost only 72.8 millions, but NET cash per share will rise appreciably to 2.90 from current 2.73. This has not even taken into account the other asset per share that will see its value enhanced automatically due to share buy back exercise of almost 0.12 per share. In fact, net asset per share of 3.75 should rise to approximately 4.00. And, what's 72.8 millions, it's not even 6% of the CASH Puncak is currently holding! More importantly, the small money spent can enhance greatly shareholders' confidence on the company.

What's so funny? I have yet to see MSWG raise any concern, and LTH being the second largest shareholder of Puncak is one of the four founding organizations of MSWG. What's even funnier? MSWG is SO FREE to question Shell's disposal of its own shares in Shell Refinery with a shareholder equity of 677 millions but too BUSY to check on Puncak with a shareholder equity of 1.67 billions. In a way, MSWG cares more about Shell's minority shareholders in UK than minority shareholders of Puncak in Malaysia.

Posted by smartly > 2016-02-27 23:08 | Report Abuse

kahhoeng, mind to ask you ? puncak holds how many % of your total investment ?

Posted by smartly > 2016-02-28 00:12 | Report Abuse

look like there is no other choice but to keep holding this.
to get away with this, may be you need to keep trading this else it is hard to recoup your losses. you might need a long time to recover, i would say it is easily a span of 2 years at least.

Posted by kahhoeng > 2016-02-28 08:57 | Report Abuse

smartly, yes, with the most recent purchase, I have managed to lower my cost to 1.75 per share instead of 1.80. If Puncak shall drop to the crazy 0.80 level as some suggested, I will have to buy some more then.

Posted by Ong Lie Chin > 2016-02-28 09:27 | Report Abuse

Good job kh! I believe rozali will do something to protect us ms....like Tony f....

Posted by 4444 > 2016-02-28 13:57 | Report Abuse

1 qtr lose RM 100 million. 1 year will lose RM 400 million. Sell better. 50 sen coming.
http://klse.i3investor.com/servlets/stk/fin/6807.jsp

Posted by kahhoeng > 2016-02-28 17:06 | Report Abuse

Ong Lie Chin, unfortunately, if I am the one raising concern, whether its Bursa, SC, or MSWG, nothing much will be done. Only when there's sufficient number of shareholders raising concern will there be action taken.

Posted by Ong Lie Chin > 2016-02-28 18:58 | Report Abuse

4444,I hope u disappear from here if your word is discouraging like tat...here dun welcome you...here is the most genuine place for discussion ,which unlike other forum always bickering like fish market....we need positive element....see airasia as example....when it drop to penny stock,everyone curse Tony .....see now...the transformation....I hold AA too...if Rozali is a genuine entrepreneur ,he will figure something....Dun forget LTH is the shareholders as well....and trading volume now is not high...the game is not over yet....is the starting. Hopefully tmr is a good day!

Posted by kaikai > 2016-02-28 19:46 | Report Abuse

KH, OLC, if you have an investment horizon of at least 12-24 months. I am sure that the stock could yield 2-3 folds. I bought into the stock at 1.50 and average again at 1.17. I will continue to accumulate. With so many minority shareholders like yourself who are scrutinising the cash holding, I am confident that the company will be mindful that the money belongs to shareholders and not an individual. I will definitely attend the next AGM to voice out any concerns

Posted by 4444 > 2016-02-28 20:26 | Report Abuse

Ong Lie Chin I follow QR which indicate Puncak loss RM 100 million. Many cheaper stocks can perform better(make profit) even they are not RM 1 stock. Below RM 1 soon better cut loss.

Posted by 4444 > 2016-02-28 21:35 | Report Abuse

Q1 2016 also likely loss QR as well.

Posted by Ong Lie Chin > 2016-02-29 04:55 | Report Abuse

Count me in the Agm ....please let me know when is the agm date and I will attend as well ....thank q..I would like to know the direction of the company of my investment .

Posted by davidtslim > 2016-02-29 10:08 | Report Abuse

Musk ask for share buy back in agm to support share price. Must urge management to hv good relation with media to hv more coverage.

Posted by davidtslim > 2016-02-29 12:04 | Report Abuse

Must ask in AGM any further impairment on goodwill or not. As long as no further impairment and good use of the cash pile, then can have better prospect. So much cash in hand still don't want to have share buy back.

Posted by Ong Lie Chin > 2016-02-29 14:05 | Report Abuse

Dunno who is selling there ....something fishy....gosh!

Posted by Ong Lie Chin > 2016-02-29 14:06 | Report Abuse

I sell the batch 1.04 with 1.04 with loss of transaction fee.....leave two third of the total...must be closely monitor!

Posted by voon1900 > 2016-02-29 14:10 | Report Abuse

i have same thinkin with ong...sell a part first...wait clearer image...

Posted by Parkson > 2016-02-29 15:49 | Report Abuse

Don't try to buy now or you will get burn.

Posted by Parkson > 2016-02-29 15:49 | Report Abuse

Even Rozali dare not buy or give dividend or have shares buy back.

Posted by Parkson > 2016-02-29 15:50 | Report Abuse

Someone said 80 or even 50 sen better buy. Why cannot wait?

Posted by Parkson > 2016-02-29 15:54 | Report Abuse

Sell straight RM 1.04. More losses like RM 100 million last QR coming.

Posted by timing > 2016-03-01 00:46 | Report Abuse

cash rich company. what to worry

Posted by hng33 > 2016-03-01 11:51 | Report Abuse

kahhoeng

As told you earlier, my decision to swap puncak to fpi is to recoup back loss...it materialize today, sold the portion on swap volume, took profit in fpi at 97.5sen, offset the loss incur in puncak completely.

Now, i use these free up capital, swap again to Pm crop at 27-28sen....capital repayment of 8sen/share will seek approval on these Wed EGM, expect to realize profit above 10%.

Posted by kahhoeng > 2016-03-01 18:17 | Report Abuse

hng33, I wish I have your courage and decisiveness, unfortunately, I don't. Otherwise, would have followed your trading approach long ago. Sigh!

Posted by hng33 > 2016-03-01 19:09 | Report Abuse

Kahhoeng

I know you are fundamentalis, therefore, it's seem worth for me to offer you some help through my real time strategy in share trading on how to recoup loss and more by reverse back it into profit . But, i respect your decision.

However, please aware of opptunity cost......being retail investor, we can actually at anytime re- enter back on any stock if opportunity reemerge, it's a freedom of trading. ...these is my last advise to you. Ok

Posted by smartly > 2016-03-01 19:14 | Report Abuse

too deep to cut. :(

Posted by smartly > 2016-03-01 19:18 | Report Abuse

kahhoeng, you need other stocks to cover your loss in puncak else need to hold till cow come home, that probably may need few years..

Posted by r°Moi > 2016-03-01 19:20 | Report Abuse

HaHa... transforming kahhoeng....

Anyway..... what Puncak needed... is what Fpi has done.... Dividend!

Posted by r°Moi > 2016-03-01 19:29 | Report Abuse

HaHa..... kahhoeng.... why don't you get a margin facility..... however if somehow unfortunately.... just dont blame me : )

Posted by Ong Lie Chin > 2016-03-01 19:51 | Report Abuse

If no any direction from the puncak company, it will hardly show uptrend....I wonder why rozali and other shareholders will allow the company to go like this....

Posted by kahhoeng > 2016-03-01 23:55 | Report Abuse

ks55, agree, I didn't buy Puncak after I have received my special dividend initially. I have spent them on Petron (switch half to Shell and turned out to be another disaster, but return is satisfactory overall at more than 10%, not bad given less than 2 months' investment) and BJCorp instead. I have only switched back to Puncak after seeing Puncak trading at 1.14 and 1.03 respectively, believing that my valuation on Puncak's cash in hand is correct. Guess my quantitative valuation is right, except that market doesn't respond to what I believe in, cash in hand is heavily underappreciated, trading at less than 40% of cash value, worrying that there's further dilution of cash due to failed oil and gas subsidiary. That prompted me to write that all the losses in Puncak thus far in the Q4 is a kitchen sinking effort to clean the balance sheet. While its oil and gas operation is difficult, it didn't cause a huge outflow of cash.

I have always believed that market is imperfect. And its absurd trying to sell now given its undervaluation. Frankly, I don't mind waiting, just enjoy expressing my view and share my analysis here while listening to different voices (which is why I said I envy hng33, but having difficulty copycatting)

Posted by davidtslim > 2016-03-02 01:36 | Report Abuse

Without clear direction, Puncak price hard to move. Unless can get a new big water treatment project.

Posted by shazali6609 > 2016-03-02 02:04 | Report Abuse

lousy company, directors are taking free salary, and eat company money..at the end, company cash will slowly finish off...get out of such lousy mgmt asap

Posted by 10bagger10 > 2016-03-02 08:52 | Report Abuse

危机就是转机

Posted by r°Moi > 2016-03-02 13:52 | Report Abuse

Kahhoeng... from the AGM notice that I see there is no authority for Rozali to do SBB...

Posted by MuttonCurry > 2016-03-02 14:21 | Report Abuse

50 sen will be ridiculous ... but 80 sen is possible. Seeing how this share is tanking and no announcement. I could be wrong but make no diff to me as i have not bought anything yet. Meanwhile i fish at other counter. Even 5 sen counter also yield better return in terms of share price movement.

Also dont bother to compare Tony and Rozali. One worked his butt to make AA where it is today ... the other ... no need to elaborate lah. U all know what i mean