Posted by tenmil > 2017-06-09 17:43 | Report Abuse

Puncak is a classic cigar butt play

Posted by tenmil > 2017-06-09 17:43 | Report Abuse

Sometimes end up as value trap

Posted by tenmil > 2017-06-09 17:45 | Report Abuse

What is the downside? Very limited. What is the upside? Quite substantial

Posted by tenmil > 2017-06-09 17:46 | Report Abuse

What is the probability of downside? Should be quite small in my humble opinion. Puncak has got more shocking bad news in one year than most company have in a lifetime

Posted by tenmil > 2017-06-09 17:48 | Report Abuse

Probability of upside? Very high and easy to do as a lot of value is hidden in the book. The key is when Mr Rozali want to move the price?

Posted by kahhoeng > 2017-06-09 23:57 | Report Abuse

tenmil, as much as i wish i can feel relieve, i can't... Puncak's past quarter reports since sale of water asset have suggested the management can't be trusted.

1. Why such a huge difference in pricing between the two announcements? Had there been a mismanagement and if anyone accountable for it? Moreover, has there been any corruption possibility, given the difference is huge, at least RM130 million!

2. Until today, Puncak's management has not been able to clarify the significance of the purchased level 3 financial asset that's classified as long term asset in 2016 Q2 financial report but disposed during 2016 Q4. I have thrown the question to SC. With the only exception that its still currently under investigation, I have received no further update. Isn't it strange, given that its simply a classification of asset?

3. Like I said, I don't know how to value a construction company like TRIPLC. Puncak is proposing to purchase at 210 million when the market cap of the company is not even 110 million when the deal is proposed. What's more, Puncak's management has demonstrated 0, ZERO, ability of risk management and cost control. How would minorities be able to know Puncak's management has 'mismanaged' after the purchase of TRIPLC and claimed risky nature of business (Tan Sri Rozali mentioned that in the AGM if I were not wrong!) FGV, in its early attempt to purchase Indonesian plantation at huge premium to market price, had to eventually abort the deal. Should something similar happens? Either way, to buy at premium or to abort the deal, I sincerely doubt I, including other minorities, should put our trust in the BODs and management to manage effectively and efficiently our funds.

Frankly, I am only hoping for a capital repayment option to minorities not trusting the BODs and/or management. Again, I am not asking for much, simply 2.20-2.30 per share, reflecting the cash in hand but not the net asset per share of approximately 3.10. Of course, if Rozali is kind enough to offer slightly higher price given the heavy impairments made in the last 6 quarters, it will be much appreciated. Meanwhile, he can pocket free assets (because the requested offer price is less than net asset per share) and laugh to the end simply because minorities can't appreciate the beauty of his plantation and TRIPLC deals, missing out the opportunity of the life time while he had been able to grab the 100% benefits.

Posted by tenmil > 2017-06-10 00:46 | Report Abuse

You are very passionate with your investment and brave to stand up for you right. I wish you will be the example for other young and educated investors.

Posted by tenmil > 2017-06-10 00:50 | Report Abuse

Investing long term can be very profitable. Look for company with higher barriers of entries, high ROE and good management. In the long term, the return will most likely mirror the ROE.

Posted by tenmil > 2017-06-10 00:55 | Report Abuse

Puncak might not be the best choice for long term investment. Not sure if the management care about ROE. Growth is still unpredictable as no core business yet. But if you are a believer of Deep Value Investing, even the most lousy company can be a good buy at low enough price. Just make sure we sell when it's closed to valuation.

Posted by tenmil > 2017-06-10 00:58 | Report Abuse

Selective capital return will be a dream come true for value investors. I will definitely support it if this option is on the table.

Posted by tenmil > 2017-06-10 02:52 | Report Abuse

You might want to forward the complaints with SC to KPMG International HQ. They typically commenced in house investigation immediately.
https://home.kpmg.com/xx/en/home/misc/international-hotline.html

Posted by tenmil > 2017-06-10 03:12 | Report Abuse

I have to admit that i have never see the plantation proposal from the angle of intentional fraud. Now that you mentioned it, it do seem plausible. Hard to imagine that Tan Sri will take the risk for such small amounts of money. He just has to announce some dividends and he will make many times that amount, both from dividends income and capital gain.

Posted by r°Moi > 2017-06-10 08:12 | Report Abuse

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Kahhoeng.... you are being inconsistent


Waiting for selected capital repayment... on the one hand

Wondering why people are buying now... on the other hand




You will not be the only one selected for the selected capital repayment


PUNCAK will shoot to 2.00 at the least if there is 2.30 capital repayment



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Posted by r°Moi > 2017-06-10 08:21 | Report Abuse

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PUNCAK and TRIplc prices have been depressed to very lowly



But



Soon... like TRIplc... from 1.50 to 1.90.... rosi..... subtly..... barely can see... will nudge PUNCAK minorities... to vote for the TRIplc RPT..... no iffy



At least 1.80





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Posted by r°Moi > 2017-06-10 08:32 | Report Abuse

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It is either... capital repayment to minorities.... special divvy.... or push up the price to at least 1.80


You are not the only pissed off minority

Status quo is not an option for rosi

If he want the minorities... to do the RPT



And...... looking at TRIplc...... Rosi...... long being ready......



Psychology



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Posted by rogers123 > 2017-06-10 18:08 | Report Abuse

No one will buy this lousy company, except me (bought it for AGM) and another ckk (Based on technical). But i have sold it for breakeven or very tiny profit. I m not wish to invest in this company anymore with no future and lousy management team with the lead of RZL's son. Cant we find anyone better to replace the lead? Now im only concentrated on Jtiasa and Carepls. Come to puncak, just to see the progress of Kahhoeng strike back.

Posted by rogers123 > 2017-06-10 18:09 | Report Abuse

1.80 is impossible anymore with no core business

Posted by rogers123 > 2017-06-10 18:20 | Report Abuse

If Kahhoeng listened to me earlier rather than Hng, He will let go all 2.80++ before dividend. Bec of special dividend and cash, he continue bought it alot. But cant believe that the post acq puncak profit is worse than wat i expected. Market is efficient, no frog is jumping on the street for u to catch, like wat happened to puncak pre acq. If the price cant move when the news released, then we should sell it immediately. When puncak cant break the record of 3.74 highest price after the disposal, then we should aware, mean there is something going wrong.

Posted by r°Moi > 2017-06-12 13:18 | Report Abuse

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Roger123... steady... missed the 25% from 1.50 to 1.90... on TRIplc.... still lousy... at reading rosi..


1.80... no worries... just leave it to rosi.... rosi... wants the TRIplc RPT.... badly....


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Posted by kahhoeng > 2017-06-13 08:29 | Report Abuse

The following is from MSWG newsletter.

PUNCAK NIAGA HOLDINGS BERHAD (“Puncak”)

Proposed acquisition of the entire issued and paid-up capital of Danum Sinar Sdn Bhd (Danum Sinar) by Danau Semesta Sdn Bhd (DSSB, Purchaser), a subsidiary of Puncak

(Reference to the announcements dated 17 October 2016 and 17 April 2017 on Bursa Malaysia’s website in relation to the Proposed Acquisition)

The Company announced that DSSB (Purchaser) and Shin Yang Holding Sdn Bhd (SYHSB) (Vendor) have entered into a second supplemental Sale and Purchase Agreement (SPA) to amend and vary the terms of SPA whereby the Purchase Price for the 100% equity interest in Danum Sinar has been reduced from RM446,505,690.45 to RM276,587,523.65. The revised Purchase Price of RM276,587,523.65 was arrived at on a willing buyer-willing seller basis and based on the revised value of the Land of RM604,370,399.85 (previously RM735,102,114.25) less the liabilities of Danum Sinar based on its management accounts as at 31 March 2017 of RM327,782,876.20. The Purchase Price is subject to adjustments in accordance with the provision of the SPA.
[Source: Puncak’s announcement on Bursa Malaysia’s website on 5 June 2017]

MSWG’S COMMENTS:
We understand that the shareholders of Puncak are generally happy to see that the Purchase Price for 100% equity interest in Danum Sinar has been reduced substantially from RM446,505,690.45 to RM276,587,523.65 and the value of the land has been revised from RM735,102,114.25 to RM604,370,399.85. The questions that we would like to ask, among others, are:-
Why was the Independent Valuer engaged after more than six months from the date of the first SPA?
Despite the market value of the land of RM800,000,000 based on the Independent Valuer’s report dated 26 May 2017 being about 9% higher than the original value of RM735,102,114 stated in the first SPA purchase price, the vendor was willing to reduce the price by 18% from RM735,102,114 to RM604,370,400. What was the reason for the vendor to agree to the revised purchase price of RM604,370,400 which would be about 25% lower than the market value of the land of RM800,000,000 given by the Independent Valuer?
What was the basis for the Board of Puncak to agree on the original value of RM735,102,114 when the first SPA was signed in October 2016?
Was there any due diligence done on the condition of the land, including soil testing and legality issue of the land? If yes, was the lower Purchase Price due to any unfavourable findings from the due diligence?

Posted by rogers123 > 2017-06-13 15:18 | Report Abuse

Kahheong: paper gain, nta appreciate

Posted by rogers123 > 2017-06-13 15:19 | Report Abuse

Same like post acq of triplc

Posted by rogers123 > 2017-06-13 15:20 | Report Abuse

Many directors already made noisy, if not lower the price, no one will approve.

Posted by Ckk2266 > 2017-06-13 16:04 | Report Abuse

Accumulate more @ 94.5

Posted by r°Moi > 2017-06-14 08:47 | Report Abuse

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Valuation report dated few days after AGM... coincidentally.... or rosi??? To depress price to lowly..?


Purposely?


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Posted by steveooikp > 2017-06-14 10:50 | Report Abuse

next QR will continue to lose money....
share price will further depress....

Posted by rogers123 > 2017-06-14 15:46 | Report Abuse

Hahaha. If out earlier, rzl son will kena tembak

Posted by angiess > 2017-06-14 20:41 | Report Abuse

After this incidence, SC should amend PN16 to avoid directors to take advantage of
Minority shareholders... how can a company operate after sold off its core business ... for sure it will be making losses... no income with all the expenses

Posted by sabahan > 2017-06-15 09:54 | Report Abuse

Dear Kahhoeng

If i ever run a listed company, I would certainly like to appoint you as a director to my company.

Posted by firehawk > 2017-06-15 10:19 | Report Abuse

is very keen to fight for own interest + minority interest ....

Posted by r°Moi > 2017-06-15 13:58 | Report Abuse

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Not fight..... just somebody... needs to oversee... rosi...


Lawyer... rosi... ironically... does not do much initial scrutiny... tons of litigations subsequently




But this round looks more like rosi strategy...............................


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Posted by steveooikp > 2017-06-15 15:43 | Report Abuse

everyday drop 1 sen oso cham....
another 89.5 sen ....

Posted by steveooikp > 2017-06-15 16:17 | Report Abuse

ckk2266 -- seems like you have a lot of money... to average down....

Posted by Ckk2266 > 2017-06-15 18:14 | Report Abuse

:)

Posted by steveooikp > 2017-06-16 10:14 | Report Abuse

so 94 ... 94.5... the cheapest?
continue to monitor closely...
see when RZL used up all his RM 1 / share of money...
then he will announce another round...

Posted by steveooikp > 2017-06-16 10:16 | Report Abuse

RZL used up very fast ....
he got many wives, many gf, ..... each of them buy them 20 karat of diamond.... aldy gone....
RZL son also mah.... many gf....
their lifestyle... same as our mr. tourism....

Posted by steveooikp > 2017-06-16 10:16 | Report Abuse

later they go pray pray... and they still doing those... hehehe

Posted by r°Moi > 2017-06-18 15:30 | Report Abuse

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1 or 2 more months to go.... end of the limbo.... caused by E- CEO


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Posted by angiess > 2017-06-18 16:06 | Report Abuse

1 or 2 months... delist ? Or the deals will go throug ?

Posted by steveooikp > 2017-06-19 15:46 | Report Abuse

92.5 ... u see...

Posted by kahhoeng > 2017-06-19 16:03 | Report Abuse

I am a minorities of Puncak, surely I'm trying to oppose what went wrong in Puncak and trying to fight for minorities interests, cause its in my best interests. It would be a shame if I try to mislead others into buying or selling Puncak shares to benefit myself or if I try to force unreasonable deal to Puncak's board to benefit only minorities. Of which, I believe I didn't in both counts.

I take my time analyzing the balance sheets/annual reports of companies and purchase those I believe are heavily undervalued. If I made mistakes in my analysis, I try to learn from them. If I didn't and someone tries to con me which I can identify the con scheme, surely I will try to fight to defend what's right.

sabahan, not sure why would you like to have me on your board cause the first thing I can think of if I were to hire someone to sit on my company's BOD would be those with experiences in the field and can offer insight into the operation and direction of the company.

firehawk, sincerely can't understand why are you enjoying so much spending endless time attacking me here?!? If you have bought shares on my post and made losses, most likely in Puncak given your attacks have mainly in this site, my sincere apology. I could easily bleed more than you on investment in this company. So, it would probably make you feel better if you were to assume I lost more than you and post these comments than trying to ridicule me in this fashion that most others would assume you are either a Rozali running dog or some nonsense barking here and there...

I myself am still holding on to my investment in Puncak. While trying to seek justice in how CIMB Research House had posted irresponsible yet incorrect analysis on Puncak, I am also trying to fight for a capital repayment/privatization possibility in Puncak because I have lost my faith in Puncak's board and management team. Unless there's a need to sell to improve liquidity in my portfolio, I will most likely hold on to fight what I believe is terribly wrong. Well, can't help either knowing Puncak is still holding on to 2.30 cash per share and 3.10 net asset per share that would cushion my maximum losses in the company. Partly, didn't want to let go to avoid the possibility of some scammers trying to push down Puncak share price so they can rip huge profits pushing up the shares later. A recent example would be Airasia.

Posted by crownford_bl > 2017-06-20 01:33 | Report Abuse

Good Job, Kah Hoeng

Posted by ysn8 > 2017-06-20 06:09 | Report Abuse

Kah Hoeng,appreciate wat u have done

Posted by steveooikp > 2017-06-21 14:48 | Report Abuse

puncak no more hope for at least another 1 year.

Posted by steveooikp > 2017-06-21 14:48 | Report Abuse

the price depress day by day...
1 day drop 0.5 sen is enough

Posted by kahhoeng > 2017-06-21 15:14 | Report Abuse

steveooikp, what's more interesting would be 'who's the sellers?' So long the balance sheet and cash in the company is well protected, the value of the firm is protected. Market action reflecting the share price could then be addressed separately.

Posted by steveooikp > 2017-06-22 16:50 | Report Abuse

kahhoeng

plenty of companies got cash, assets, lands etc.... look at their NTA can tell....
they are still very depressed.

Posted by kahhoeng > 2017-06-22 19:25 | Report Abuse

steveooikp yes, but except for those China companies, most were trading around cash per share. In Puncak's case, its not even half cash per share... in addition, why does CIMB's analyst has to lie about the cash per share level. What's more, after I wrote in, the coverage of Puncak is ceased.

Posted by kahhoeng > 2017-06-24 10:59 | Report Abuse

"GWGF is willing to assist Sulaiman in various aspects such as providing consultation to improve the group's performance and sustainability," said Rozali.

---- like how 'great' Puncak is for the past 6 quarters?
---- like telling minorities its willing buyer willing seller when the plantation is 'to-be-transacted' at 18,500 per acre but later 'to-be-transacted' at 16,500, and 'to-be-what' later?

Posted by rogers123 > 2017-06-27 10:05 | Report Abuse

Hahaha. Rzl is a joker. Very busybody, not even can take care his own puncak. Assist people to make more losses?