Posted by KCChan2708 > 2014-08-04 23:37 | Report Abuse

waiting

Posted by zzzzz > 2014-08-06 10:59 | Report Abuse

Wait ... Sure can grab below RM0.90

Posted by TwinkleStar19 > 2014-08-06 17:54 | Report Abuse

It's been sleeping too long.. Will move soon, grab some before it's too late

Posted by sangharimau > 2014-08-06 20:11 | Report Abuse

Zzzzz

Posted by marcusngmunkit > 2014-08-06 20:39 | Report Abuse

coming soon

Posted by weijian > 2014-08-06 21:43 | Report Abuse

Yes. I agree. coming soon. Because dividend exdate drawn near. You grab at 0.9 in your dream or maybe after the dividend exdate.

Posted by TwinkleStar19 > 2014-08-06 21:51 | Report Abuse

Coming soon.. Investors with patience will be rewarded soon

Posted by another77 > 2014-08-06 21:52 | Report Abuse

Hope so. Waiting for a while for it to go up but every day macham mau mati!

Posted by AyamTua > 2014-08-06 21:58 | Report Abuse

seacera macam mau mati? ha.. ha.. ha.. tungguuuuuuu

Posted by zx08 > 2014-08-07 08:26 | Report Abuse

ayam tua sudah lari ke??? kikikiki..

Posted by rchi > 2014-08-07 10:35 | Report Abuse

it's time!

Posted by rchi > 2014-08-07 10:56 | Report Abuse

HANTAM DIA.

Posted by rchi > 2014-08-07 10:58 | Report Abuse

HUAT ARRRRRRRRRRR>

Posted by 1million > 2014-08-07 10:58 | Report Abuse

Ayam tua, balik reban lar. Kokokokokokok

Posted by Alfred Aun > 2014-08-07 11:08 | Report Abuse

so fast drop back??? dont play play...

Posted by tamarindo > 2014-08-07 11:09 | Report Abuse

ayam tua pergi site visit counter lain..

Posted by Best 168 > 2014-08-07 11:24 | Report Abuse

东南亚磁砖（SEACERA，7073，主板工业股）宣布，与中国Sinohydro企业有限公司、上海建筑集团及SPAZ私人有限公司达成谅解备忘录（MOU），成立联营公司，以竞投独立遗產大厦（WarisanMerdeka)项目。

在首相纳吉访问中国期间，该公司达成此项谅解备忘录。

至於联营公司的股权比重则为，Sinohydro及上海建筑集团持有60%股权，而东南亚磁砖及SPAZ则持有其余的40%。

Posted by F22Raptor > 2014-08-07 11:24 | Report Abuse

Raptor is back.

Posted by Best 168 > 2014-08-07 11:25 | Report Abuse

吉隆坡9日讯）东南亚瓷砖（SEACera，7073，工业产品组）宣布与两家中国公司以及一家本地土著公司进行合作，以联手竞标与数十亿计独立大厦（Warisan Merdeka）项目有关的工程，采购和建筑工程。
东南亚瓷砖向交易所报备的文告中称，该公司与中国水利机构（Sinohydro Corporation Ltd）有限公司，上海建工集团（Shanghai Construction Group Co Ltd）有限公司以及SPAZ私人有限公司签署谅解备忘录，以便设立一家联营公司来参与独立大厦“融资与工程，采购以及建筑”计划的竞标活动。
文告中透露，一旦成功赢获上述合约，将以SCG-Sinohydro-SEACera-SPAZ JV联营公司的名义执行相关工程。文告中也显示，这些公司在相关资产、负债，和盈利与亏损方面的权益百分比为上海建工集团/中国水利机构 60%，东南亚瓷砖/SPAZ 40%。
涉足制造、建筑，建筑材料供应以及产业发展领域的东南亚瓷砖提到，上述联营计划是配合首相拿督斯里纳吉的6天访问，在上月30日至31日间于北京召开多次会议后得出的结论。
文告中表示，中国水利机构涉足发电、基础建设、水务工程和建筑等业务。该公司在世界各地的70多个国家拥有400个项目，合约总价值达350亿美元（1千127亿令吉）。
至于上海建工集团方面则握有大约682亿6千万人民币（350亿令吉）的资产，而其年营业额则超过828亿6千万人民币（425亿令吉）。

Posted by Best 168 > 2014-08-07 11:28 | Report Abuse

东南亚集团有限公司（SEACERA，7073，工业产品组）宣布，派发3仙的末期免税股息。
股息除权日期在2014年9月9日，而截止过户日期是2014年9月11日，至于支付日期则在2014年9月26日。

Posted by AyamTua > 2014-08-07 11:41 | Report Abuse

a good counter no need promotion. handover pom pom girl status to my friend, f22raptor.. kikikiiii
im busy in esceram, kgb and axx - while holding seacera tight to my chest kekekekee

Posted by AyamTua > 2014-08-07 11:42 | Report Abuse

kepadamu seacera ku serahkan jiwa raga kikiki

Posted by Alfred Aun > 2014-08-07 12:09 | Report Abuse

miss the boat already.

Posted by skyland > 2014-08-07 13:27 | Report Abuse

good counter...just buy anything below 1.20 & wait 3 mths...TP above RM2...next yr 5.88

Posted by 2cent > 2014-08-07 13:32 | Report Abuse

Suddenly so strong

Posted by Equityengineer > 2014-08-07 13:55 | Report Abuse

Bila harga Turun Tak mau beli ... Sekarang sah naik dah ...

Posted by kambium > 2014-08-07 14:47 | Report Abuse

takpa saya beli harga lagi mahal dari sekarang..tengah tunggu cover losses.

Posted by kambium > 2014-08-07 14:48 | Report Abuse

turun pun gua tak goyang...kokokokokkokkkkkkkkkkkkkkkkkkkkk berkokok macam ayam tua china doll

Posted by tripleiii > 2014-08-07 14:48 | Report Abuse

loaded some based on klgemseeker, hopefully can help me huat!

Posted by Blieve2see > 2014-08-07 14:49 | Report Abuse

http://klgemseeker.blogspot.com/2014/08/seacera-too-many-catalysts-await.html

Posted by chameleon > 2014-08-07 15:05 | Report Abuse

Kambium..u bought last year ka rm2?

Posted by Best 168 > 2014-08-07 15:25 | Report Abuse

Seacera - Too many catalysts await?
I have to tell you that, I have actually completed 90% of my research yesterday. Seeing the price goes up a lot today, I do not have the answer why, probably you can get some answer here. Please read my disclaimer again on my blog.

Key recent events
(i) On December last year, Seacera sold its packaging business Seacera Polyfilms to Scientex Bhd for RM40m. Thus, Seacera, now will focus in Tiles/ Construction and Property divisions.
(ii) On January 2014, Seacera acquire SPAZ Sdn Bhd, a construction company for RM3m. This deal is pending completion within 2 months.
(iii) On June 2014, Seacera signed a MOU to jointly construct Menara Warisan Merdeka (118-storeys) with Sinohydro Corporation Ltd, Shanghai Construction Group and SPAZ.
(iv) On June 2014, Seacera entered into a MOU with Intelligent Fence (M) Sdn Bhd to participate in the tender to build, operate and transfer an electric security fence along the national border of Malaysia and Thailand which is approximately 506 kilometres.

We will talk about each event in more detail below.
TP: RM1.90
Current price: RM1.14
Market cap: RM191m
Upside: 66%

(A) Company Background
-Seacera was listed in Bursa on 1999, with its core business focusing on tiles manufacturing
-Today, Seacera has 3 different divisions:

(1) Tiles division
-Seacera is the only bumiputra of homogenous tile manufacturing company in Malaysia. Currently, their production capacity is 2million sqm per year.
-The company will shift to the new Kamunting Plant on 3Q2015 and its capacity will double to 4million sqm per year. With the new machineries, Seacera would be able to reduce reliance on human capital and this would result in more cost savings and economies of scale. AEON, Mydin, Maybank, University Malaya and Petronas Stations are clients of Seacera for it business segment.
-You think that 4million is the max that they can do? That is just only phase 1, with phase 2 and 3, capacity will quadruple to 8million sqm per year!

(2) Construction division
(i) SPAZ
Seacera has announced to invest RM3m in exchange of 60% new shares in SPAZ. SPAZ has a backlog of more than RM180m currently, mostly contributed by the job awarded by Malaysia Airports to design and construct its Academy. You could refer to the chart below, where I have generated potential revenue for FY2014 and FY2015. Assume also annual winning of RM50m worth of construction jobs, where I believe Seacera are tendering other construction jobs besides the Warisan Merdeka and electric fence project.

Posted by Best 168 > 2014-08-07 15:27 | Report Abuse

(ii) Warisan Merdeka
The whole project’s cost is about RM3-5b. According to internal sources, the part that Seacera is bidding together with its partner could range between RM1.5-2.0b. 60% will be shared by foreign partners and 40% will be shared by the local partners, set by PNB.

Ok, there are so many larger players in the lights of IJM, Sunway or WCT which might be bidding for Warisan Merdeka Project as well, what is Seacera’s competitive advantage then? I am pretty confident that Seacera will secure this project due to valid reasoning as follow:

a) Imagine our Prime Minister, on his visit to China on May, had signed multiple agreements to renew friendship between Malaysia and China post the MH370 incident. One of the agreements signed is this particular MOU!! Is Seacera politically-linked? Do take a look at the clients that awarded the projects to SPAZ, then you would know what I mean here.
b) Partnering with Shanghai Construction Group and Sinohydro. The former is one of the high rise building construction expert in China, with track record of completing more than 10 high rise towers in China, and one of them is the tallest building in China, the Shanghai Tower with 121 floors. Sinohydro, has more than 400 international projects with contract value close to USD35b should speak its fame itself. Even some of our MRT bored piles works are done by Sinohydro. It has also built a number of high rise in China, Africa and Abu Dhabi.
c) As you would know, China leads all the countries in the world in terms of cost competitiveness. The rivals from Japan/Korea would not be able to compete with China in terms of cost.
d) Seacera’s JV has the complete package. They can even provide tiles for the buildings! 118-storeys with more than 10,000 sqm for each floor, work out yourself how much tiles can Seacera sells! That is close to their current annual production volume.

Posted by Best 168 > 2014-08-07 15:28 | Report Abuse

Seacera’s stake
Assuming RM1.5b worth of project value, Seacera’s effective interest is 32% (12% through SPAZ) which is about RM500m worth of project value for the next 3 years, which will increase RM125m worth of revenue annually until FY2018.

(iii) Electric fence
The government apparently has lost more than RM5 billion of revenue from illegal smuggling on the Thailand borders. Intelligent Fence is the authorized distributor in Malaysia to market and install the intelligence fence technology derived from South Africa. Successful implementation of the electric fence will also open to much more opportunity in Sabah and Sarawak borders which can add up to 2,000 km.

Seacera’s stake
Assuming a project value of RM1b here, with potentially RM1m contract value per kilometer, at a 50:50 JV basis, the project is expecting to be completed in 3.5 years and Seacera will register revenue worth of RM140m annually for the next 3.5 years, assumed to start from July 2015.
http://www.intelligentfence.com/

(3) Property division
Seacera is not well known for its property projects. Previously, most of their projects are completed on a JV basis, where they will pull in other developers, like OCR Land or Duta Skyline for a profit guarantee, I would expect a margin of more than 10% GDV, where they will just sit back and do nothing. In this type of business model, Seacera would not be worrying about its cash flow to fund its project as it will be funded by its partner.

Posted by Best 168 > 2014-08-07 15:28 | Report Abuse

(i) Crown Jewel – Kajang Land (500 acres)
Seacera has purchased 250 acres of acres (cost at RM10/psf) so far with an option to purchase the remaining 250 acres in the future. Currently, they are exploring to either have an outright land sale or JV with an established developer on this piece of land. 2 scenarios can happen here:

A.Outright sale would result in an estimated cash inflow about RM275m before paying off their remaining payments, and Seacera will have a net gain of about RM175m based on land price at RM25/psf.
B. If they enter into JV for a mixed development project, which I expect to be RM6b GDV, Seacera could generate more than RM80m net profit per annum.

(ii) Sri Alai, Melaka (37.6 acres)
Seacera has announced to acquire this piece of land for RM32.8m to be satisfied by RM6m cash and the rest by shares. The planned development GDV assumed to be RM250m will consist of resort, hospital and service apartment. I expect this project to kick start end of next year or FY2016.

(B) Shareholders
Zulkarnin Bin Ariffin (CEO) – 24.4%, increase his stake on end of May 2014
Datuk Mansor Bin Masikon – 17.1%
Perbadanan Kemajuan Negeri Perak – 6.2%
Utusan Mewah Sdn Bhd – 6.2%, subscribed through private placement

Utusan Mewah, which is owned by Gan Hai Toh and Mohd Akil Mohd Yusof, took up a placement of 6.24% Seacera shares at RM1. This is a very positive indicator for the stock, where related parties are willing to take up shares at RM1.

Posted by Best 168 > 2014-08-07 15:29 | Report Abuse

(i) Revenue
Revenue has been largely contributed by tiles production and packing business, both contributing about 50% of the sales generated last 4 years. However, from the latest Q1 2014 result, RM13.7m only consists of tiles division. Therefore, it is understood that Seacera’s FY2014 revenue will decrease close to 50% without the contribution by SPAZ.

FY 2015 - With the completion on acquisition of SPAZ, MAHB project alone will generate more than RM50m revenue for the year and I am expecting another RM50m jobs win for FY2015. Here, SPAZ will generate about RM100m while tiles division is expected to contribute a minimum of RM70-80m revenue for FY2015. Thus, Seacera’s revenue is set to double or triple for FY2015.

(ii) PAT
PAT on FY2012 and Q1 2014 are one-off, that is why PE multiples might be distorted here. In actual, you have to look at EBIT to have a real glance at their operating profit.

FY2014 - PAT for FY2014 will certainly exceed FY2013, my forecast is about RM30m minimum (RM11.5m one-off gain by OCR Land and RM15m gain from Kayu Ara’s property development gain, the rest would be contributed by tiles as they have change their printing machine to save more cost). In terms of SPAZ, probably RM1-2 m contributions on Q4 2014 as the acquisition have not been finalized.

FY2015 will be an interesting year to watch. Without Warisan Merdeka Project and electric fence, I expect tiles division to contribute at least RM8m to the group as they move into the Kamunting Plant that will double their capacity, improve their cost savings, etc. while SPAZ will generate RM6m, which is only 6% PAT margin against their RM100m revenue for FY2015.

(iii) Dividend
Seacera has been paying 3 cents dividend, which works out to be about 2.9% yield. That is pretty consistent. The dividend will be ex on 9 September 2014.

(iv) Net Gearing or (Debt –Cash)/ Equity
Net gearing has been improving to below 20%. However, the Kajang Land has not been fully paid currently. As the transaction is about RM100m, I assumed half of it has not been paid, and Seacera might raise additional debt to pay, given that they had been planning developments on this piece of Land.

(D) Valuation
Since Seacera has 3 different types of business, Sum-of-parts (SOP) is a better choice to value this company.

Posted by Best 168 > 2014-08-07 15:30 | Report Abuse

i) Tiles: In Indonesia, Arwana could trade up to 20x forward P/E due to their position as the lowest cost producer and market leader. In Malaysia, you have peers like White Horse (9.5x P/E), Yi-Lai (14x P/E) and KimHin (40x P/E). Being fair, I am using 10x forward P/E here.
(ii) Property: Using estimated value of the land, and applying a 30% discount against RNAV as usual
(iii) Construction: Peers like Gamuda/ WCT/ Muhibbah/ Eversendai are trading at 10-14x forward earnings. A 10x forward P/E if justified for Seacera.

Without Warisan Merdeka, electric fence project and Kajang Land Parcel 2’s development rights, Seacera has a value of RM1.90. Of course, winning each of the projects would require more funding, thus, I expect a rights issue, with a potential of issuing 50% more shares from its current share capital should Seacera wins both projects and develop Kajang Land Parcel 1&2.

(E) Technical analysis
Seacera is on a short term consolidation mode now. As you can see, its volume has decreased significantly since the last huge rally happened last month. Look at the similarities boxed in red. It just shot up today based on this indicator, but I believe there are more to come.

Posted by Best 168 > 2014-08-07 15:30 | Report Abuse

Nevertheless, the stock is still riding on long term uptrend mode. I foresee RM1.24 to be tested soon, testing RM1.61 as more news flow comes. Given that the price has shot up, any small price correction is a chance to accumulate, please plan your entry/exit wisely.
(F) Risk reward ratio
(i) Upside return of 66% - As it is, using my SOP target, with my forecast of Seacera’s FY2015 earnings, it could trade up to RM1.90, not even factoring Warisan Project, electric fence and the remaining 250 acres land in Kajang that Seacera has the rights to develop.
(ii) Downside risk of 18% - 3% below RM1, which is also the entry price of Utusan Mewah Sdn Bhd (Do you think they will want to make a loss here? Certainly, they will be in the money, but question is when?)

R/R ratio: 3.7 times.

Mind you, this TP did not factor in the winning of Warisan Merdeka/ electric fence project! I expect each winning to boost another 20-30 cents to its fair value, and with the development of Kajang Land Parcel 2 coming in, maybe, my potential upside is RM3.

For reference only, as there are too many factors and catalysts that are in play now:
1 - 2 month TP: 50% discount to Kajang Land Parcel 1/Sg Buloh @ RM1.50
3 - 6 months TP: 40% discount on RNAV to Kajang Land Parcel 1/Sg Buloh @ RM1.70
6 - 12 months TP: 30% discount on RNAV to Kajang Land Parcel 1/Sg Buloh @ RM1.90

(G) Rerating factors/ Catalysts
(i) Winning the pre-qualification of Warisan Merdeka Project will boost up more than RM500m orderbook for Seacera and SPAZ, to be announced within Q3 2014.
(ii) Winning the intelligent fence project which might be announced after Budget 2014.
(iii) 250acres of Kajang Land Parcel 1 acquired at RM10/psf. Value it yourself.
(iv) No research house covers this stock yet at the moment.
(v) Tiles division to double capacity in Kamunting Plant next year. Potentially more than 20% cost savings and improvement in margins due to economies of scale.
(vi) RM6b GDV from Kajang Land (Parcel 1 & 2) where Seacera has the first rights of refusal

Cheers. There are too many information to digest for Seacera and I hope you understand Seacera better now. Seacera has an ambitious target to achieve RM1b market cap in 5 years that would certainly mean a price of more than RM5 assuming small dilution ahead. For me, it is too ambitious, but if they were to secure Warisan Merdeka/ Electric fence project, achieving RM1b market cap before the next election maybe, is not a dream. I will update more on Seacera if they happen to win those mega projects.

Posted by Hotrod > 2014-08-07 15:33 | Report Abuse

Anyone can share the link to this report ?

Posted by Best 168 > 2014-08-07 15:37 | Report Abuse

1 - 2 month TP: 50% discount to Kajang Land Parcel 1/Sg Buloh @ RM1.50
3 - 6 months TP: 40% discount on RNAV to Kajang Land Parcel 1/Sg Buloh @ RM1.70
6 - 12 months TP: 30% discount on RNAV to Kajang Land Parcel 1/Sg Buloh @ RM1.90

Posted by Best 168 > 2014-08-07 15:50 | Report Abuse

Blieve2see,
now can buy in RM 1.15?

Posted by cherry tomato > 2014-08-07 15:56 | Report Abuse

Thanks BEST168 for the valuable info.

Posted by zx08 > 2014-08-07 17:15 | Report Abuse

http://klgemseeker.blogspot.com/2014/08/seacera-too-many-catalysts-await.html

Posted by zx08 > 2014-08-07 17:16 | Report Abuse

anyone interested with seacera plz visit this blog for the report, awesome write up by alpha trader

Posted by sangharimau > 2014-08-07 17:43 | Report Abuse

Just follow wikileaks cukup makan already

Posted by jcn7030 > 2014-08-07 18:11 | Report Abuse

woi...so great, I hope everything is true. And I can make a big moneyyy. hahahahah. TK Mr Best 168

Posted by another77 > 2014-08-07 20:50 | Report Abuse

Ayam Tua, I just mentioned it and you are so "Keng", did you push it up to prove that not mati? Hahaha... so what is the first TP Ayam Tua? Or should I sell and buy back. My cost is 1.04-1.06.

Posted by skyland > 2014-08-07 21:23 | Report Abuse

TP 5.88 very soon

Posted by 1million > 2014-08-07 21:25 | Report Abuse

Sky land, how r u? long time not see u here. Keep the pace. Kokokokoko

Posted by another77 > 2014-08-07 21:47 | Report Abuse

Sky land, sure boh? I think will wait for dividend then sell, unless....