Posted by hng33 > 2022-07-19 16:49 | Report Abuse

haha, just go search yourself in bursa, check yourself in Jaks Q result and on its final Q make impairment and private placement cash decreasing on each Q due to local business

Posted by hng33 > 2022-07-19 16:50 | Report Abuse

Jaks is good if can get rid of local business

Posted by hng33 > 2022-07-19 16:52 | Report Abuse

Toyo already achieved financial close on power plant, it mean all document in regard to project China deliver partner, time to COD etc already satisfy, allow financier to release funding now.

Posted by Just88 > 2022-07-19 16:54 | Report Abuse

Jaks only owns 51% of its property business, you cannot count the losses of the MI. Local businesses losses is only around RM10m per quarter and majority are depreciation and interest charges.

Posted by Just88 > 2022-07-19 16:55 | Report Abuse

If you don't think Jaks is worth holding, you can forget about toyoven

Posted by Just88 > 2022-07-19 16:57 | Report Abuse

There is still at least 5 years before toyo power plant, if successful, can achieve commercial operation.

Posted by Just88 > 2022-07-19 17:06 | Report Abuse

Vietnam BOTs especially those awarded earlier on are very lucrative. That is why toyo's major shareholders willing to risk personal funds to get the BOT signed before end of december 2020 in order to avoid the changes due to the new laws on BOT.

Posted by Just88 > 2022-07-19 17:11 | Report Abuse

Now that it has secured financial closing (pending vietnam approval), it means everything is set to go. Still waiting for details on delivery partner. Whether there will be any changes to the MOU is still unknown.

Posted by hng33 > 2022-07-19 17:19 | Report Abuse

You seem forgot that jaks best EPS record was when power plant is at construction stage. The profit margin from construction stage is as high as 28% for period 3 year. Jaks share price get booster at that time, and everyone eyeing for its Viet lucrative power plant, but keep drag back by its local business.

Now, COD finally achieved, but EPS continue drag down again by local business, jaks share price also dampen to current lowest level.

Toyo have none of above problem, it will recognized massive construction profit during 3 year construction period and subsequent COD later due to

1. none of loss making local business to offset Vietname lucrative profit
2. Small capital base, just 5% of share volume if compared to jaks over side share base
3. Larger power plant capacity, almost 2x higher 2100MW compared to jaks 1200MW
4. Toyo to retain 40% stake in power plant if compared to jaks 30% (although jaks have option to increase to 40% if exercise its option to buy additional 10%)

Posted by Knilaobu > 2022-07-19 17:21 | Report Abuse

@Just88, my parents and my family are still holding on , they invested quite a substantial amount to buy toyoven shares at RM1 & above level. We are still wating eagerly for the light in the tunnel soon, is Toyoven can officially announced soon their current status. This project is dragging for too long already,

Posted by teareader818 > 2022-07-19 17:59 | Report Abuse

Valid reason for delay (by two weeks) in financial closing. Sing bank (instructed by Sing gov?) finally did not allow bank account to be opened because of ESG issues. Bank account opened in Malaysia, no problem.

Posted by hng33 > 2022-07-19 19:10 | Report Abuse

Global ESG leader, Germany already abandoned green energy policy, resume coal fire power plant

More EU countries are following to resume coal fire power to meet power demand

Posted by Just88 > 2022-07-19 22:14 | Report Abuse

Knilaobu, while toyo has announced that it has achieved financial closing, it is still subject to Vietnam approval. It is important to know that Toyo has very substantial borrowing from its major shareholders for the power plant project of which it has no mean of repayment. Hence, if the power plant project fails, toyo is worthless. Its tiny ink business is not worth mentioning. If the project gets the green light to go on, the debts owed to the major shareholders will be converted into equity resulting in huge dilution for minority interests.

Posted by hng33 > 2022-07-19 23:16 | Report Abuse

hahaha, major shareholder already abandon debt settlement via ICUS issue at RM 1.20, 5 year, 0% plan. Therefore, no dilution issue.

Toyo currently have warrant have exercise price RM 1.50, if fully exercise by next year can raise cash to partly settle debt. Toyo previously did 10% private placement at RM 2.35 to fund initial power plant expense, it can now easily do another round of private placement to partly settle major shareholder debt.

In additional, once construction profit start recognized next year, assume similar profit margin 25% for ancillary civil work contract RM 3 billion, toyo stand to profit massive 600m over 3 year construction period, easily payoff major shareholder total debt RM 350m.

Alternatively, if major shareholder wanna to increase stake in toyo via ICUS again, it is no harm at all as ICUS is for 5 year period, 0% interest, convertible at RM 1.20/share for total 250m volume share. The dilution profit only occur 5 year later in which toyo power plant already COD, produce massive recurring profit at least 350m pa based on 40% stake for power plant 2100MW. Therefore, even massive dilution occur 5 year later from current 110 share volume to 360m share volume, it can still easily making toyo EPS above 100sen/share.

Posted by Just88 > 2022-07-19 23:33 | Report Abuse

It would be naive for anyone to believe that the major shareholder who currently owns only 16% shareholdings willing to lend more than RM300m interest free to toyoven for the power plant project, risking its entirety only to be paid back later after the project successfully gets off the ground. Judging by the aborted ICULS plan, the major shareholder is aiming for just under 60% ownership, if not more.

Posted by hng33 > 2022-07-19 23:38 | Report Abuse

Yes, major shareholder stand to control at 59% if ICUS proceed. It is good option for major shareholder to get rewarded handsomely. Minority shareholder stand to win-win as profit from both initial construction period and thereafter COD is big enough to cover any dilution, EPS still too attractive at 100sen/share on fully diluted basis

Posted by wallstreetrookie > 2022-07-20 00:01 | Report Abuse

Until today, I still have no idea what Toyo Ventures do or sell or what their business is about

Posted by teareader818 > 2022-07-20 01:13 | Report Abuse

Wallstreetrookie, unbelievable comment from you!

Posted by hng33 > 2022-07-20 10:51 | Report Abuse

bought more toyo at 75sen

Posted by ValueInvestor888 > 2022-07-20 10:56 | Report Abuse

unless power plant cannot be approved and proceeded, current price is still very very cheap with potential 5x return...

Posted by Knilaobu > 2022-07-20 12:16 | Report Abuse

@hng33, thanks for the updates, based on your comments, Toyo's Financial Closure is a done deal. We are hoping for Toyo to make the next big announcement , when they are having the ground breaking ceremony and starting construction. Till now, Toyo has not announced yet who is their appointed main contractor, we are all waiting for this big news!

Posted by hng33 > 2022-07-20 12:57 | Report Abuse

Financial close mean banking satisfy all preconditions given in documents on BOT, business viability and Vietnam government legal support etc. Banking now agree to offer funding to buit power plant project worth RM 13billion, likely in 20% equity :80% bank borrowing

It is now pending toyo JV China partner to accept the banking offer. At the same time, toyo also need to seek shareholder approval to divest 60% stake to china partner in coming EGM, in which toyo plan to use these proceed from divestment as initial funding portion to fund its equity share to start power plant construction

Posted by hng33 > 2022-07-20 13:01 | Report Abuse

The next step will be award of contract. It will follow step like jaks in which china partner with grab main EPC contract cover main construction, whereas toyo will get EPCC 2 cover ancillary civil work, which later subcontract back to china partner.

Posted by hng33 > 2022-07-20 13:07 | Report Abuse

The structure will be 2100MW project owner is toyoink, toyo control 40%, china partner control 60%

Posted by ValueInvestor888 > 2022-07-20 13:42 | Report Abuse

@hng33, how confidence are you that this financial close will get govt approval? I believe project partner is still CEEC and they want to be very low profile this round.

Posted by hng33 > 2022-07-20 14:21 | Report Abuse

Vietnam government need increasing power supply to support its growing economy. Among all power tyoe, coal fire is most economic viable and most reliable source of power if compared to solar, gas, wind etc. Hydro even is cheaper but limit by natural resources.

However, due to limit budget, Vietnam adpot BOT model to facilitate and expedite power development.

The key success is available support funding from private to offer financing, if without funding, gov support is useless.

Therefore, if power plant owner able to find funding, Vietnam gov is more than happy to support and prompt fast delivery as soon as possible.

Posted by Knilaobu > 2022-07-20 21:34 | Report Abuse

@hng33, though we hardly can understand what is EPC contract, EPCC2 contract, sub-back to Toyo thingy, we are now more concerned of our recoupment of our investment in Toyo shares. We are all hoping for the best if the project can kick off.

Posted by Just88 > 2022-07-20 22:13 | Report Abuse

This is the final attempt to get the project going failing which will be devastating for Toyo. While I m optimistic, I always take care of the downside before counting my upside potential gain. My opinion is that the upside potential is huge and the downside is almost total loss, unfortunately. Without much details from the management, I remain skeptical of the success rate of the deal as the project cost is gigantic RM14 billions. Can Toyo realize a project which is 200 times its current size ? I believe many of you are skeptical as well. But I m still hoping for the best.

Posted by Just88 > 2022-07-20 22:16 | Report Abuse

Normally, a formal JV with a delivery partner is signed before securing financial closing but not in Toyo's case.

Posted by Just88 > 2022-07-20 22:22 | Report Abuse

Also, did Toyo seek further time extension to secure financial closing ? Why wasn't it granted further time extension ?

Posted by hng33 > 2022-07-21 09:16 | Report Abuse

hahaha, don coward head, do own homework, free to raise query direct to Toyo to address your concern

HEAD OFFICE (INVESTOR RELATION)
For inquiries relating to stock & company's information please reach the IR team at:
Toyo_IR@toyoventures.com.my
603- 8942 3335

Posted by ValueInvestor888 > 2022-07-21 09:37 | Report Abuse

i also think chance is very high to get final approval for the financial close esp when their Prime Minister also visited the site lately. Now Euro faced great problem for gas fired power plant. I don't think gas power plant is a good option now.

Posted by ValueInvestor888 > 2022-07-21 09:39 | Report Abuse

Toyo did ask for extension of time. Just they keep very low profile esp CEEC, project partner.

With reference to the Company’s announcement made on 29 December 2020 on the execution of the BOT Contract with the Ministry of Industry and Trade of the Socialist Republic of Vietnam (“MOIT”) and the Government Guarantee (“GGU”) with the Government of the Socialist Republic of Vietnam for the investment and development of “Song Hau 2 Thermal Power Plant Project” in Vietnam (“the Project”), the Board of Directors of TVHB wishes to announce that the Company’s wholly-owned subsidiary, Toyo Ink Group Berhad is in the midst of preparation of the relevant documents to meet the financial close which was extended to 24 June 2022 by the MOIT vide their letter dated 21 March 2022. The meeting of the performance of the financial obligations would need MOIT approval.

TVHB will make the necessary announcement on the progress of the Song Hau 2 Thermal Power Plant Project to Bursa Securities in due course.

This announcement is dated 24 June 2022.

Posted by ValueInvestor888 > 2022-07-21 10:45 | Report Abuse

Probably they choose not to announce details coal power plant is very sensitive as coal power plant is very sensitive politically and environmentally (avoid environmental lobby groups from making noise). If i were the mgt, i will choose to be low profile

Posted by hng33 > 2022-07-21 11:57 | Report Abuse

Of course need low profile now as major shareholder yet to control 59% company through 5 year, 0%, ICUS, which form part of its capital advance for toyo. It need to implement as fast possible before power plant start COD.

Without controlling stake, toyo is gold mine for other to take over due to small capital base.

Major shareholder already advance RM 400m, 0% to toyo, which itself capital outlay 130m to secure these mega project. The generosity major shareholder needs to be awarded handsomely. Even with fully diluted share base still extreme small if compared to massive profit to be recognzied during construction period and concession period

Posted by hng33 > 2022-07-21 12:04 | Report Abuse

The original plan is toyo issue ICUS to settle major shareholder advance capital via issurance ICUS at 1.20/share, convertible only after 5 year with 0% interest, enlarge major shareholder stake from 13% to 59%. Major shareholder willingness to accept toyo share at 1.20/share if compared to current market price and willingness to wait another 5 year later + earlier 10year, all come with 0% indeed is respectful major shareholder integrity

Posted by hng33 > 2022-07-21 12:08 | Report Abuse

The solid toyo major shareholder integrity is upper class if compared to jaks major shareholder. Jaks reward major shareholder himself with free 30% jaks share through incentive share grant, benefit owe at expense of all minority shareholder

Posted by Just88 > 2022-07-21 17:23 | Report Abuse

Coward head, if you don't know, do you homework properly. Don't mislead people. Where got 30% free shares for Jaks major shareholder. Total LTIP is 15% of which only 60% can be given free. The rests are ESOS where recipients have to pay at certain prices.
*************************
hng33

The solid toyo major shareholder integrity is upper class if compared to jaks major shareholder. Jaks reward major shareholder himself with free 30% jaks share through incentive share grant, benefit owe at expense of all minority shareholder

Posted by Just88 > 2022-07-21 17:25 | Report Abuse

I mean whether Toyo applied extension beyond 24 June 2022 as the financial closing was only secured on 6 July 2022.
*************
ValueInvestor888
Toyo did ask for extension of time. Just they keep very low profile esp CEEC, project partner.

Posted by hng33 > 2022-07-21 19:13 | Report Abuse

Hahaha, undet jaks 30% incentive plan, be given as share option via cheap esos or share grant via free share, all are considered expense incur by company, eroding company profit at expense minorities.

After 5 year later, it can have another round of new 30% incentive plan to benefit jaks major shareholder, all at expense minorities.

Through these selfishness incentives plan, jaks major shareholder can gradually increase it stake at minimum cost as possible, pose huge dilution to minorities

Such low class tactics is sharp contrast if compared to toyo major shareholder. It unselfish and generosity to advance capital without interest cost, greatest and patience effort to ensure successful power plant is highly respectful. Toyo even further willing to settle its advance through 1.20 share price, 50% higher than currency market price and willing to wait further 5year until COD to avoid dilution earning which will offset once massive profit start recognised from power generation.

Although the plant have yet to commence if compared to jaks, but toyo mega power plan is 2x higher capacity than jaks, gestation period now finally come to fruition pending confirmation later, and construction should start by early next year.

Posted by Just88 > 2022-07-21 20:28 | Report Abuse

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2669600

Posted by Just88 > 2022-07-21 22:35 | Report Abuse

greatwall, I hold more Jaks than Toyo. As of now, Jaks is low risk while Toyo is high risk simply because Jaks' power plant has already began commercial operation and Jaks will have consistent RM150m to RM200m profit sharing annually for the next 24 years, while Toyo is still waiting for Vietnam approval and a formal JV partner to take on the construction of the power plant which will take 48 - 54 months to build. If you are referring to potential return on share investment, toyo which has much higher risk will have much higher return if it is successful in getting the project going failing which your investment may suffer total loss as Toyo has sailang everything on Song Hau 2 power plant project.

***************************
greatwall

Just88@...which is better toyo or jaks?

3 minutes ago

Posted by Knilaobu > 2022-07-21 23:13 | Report Abuse

For those who have bought Toyo shares, so are we, at RM1 and above will be in suspend mode, with no clear direction, which way Toyo is heading to, is the project still on, if it is, how much longer to wait. @Just88, the Toyo sailang everything scenario is worrisome, if it happens, hell gonna break loose.

Posted by ValueInvestor888 > 2022-07-22 10:33 | Report Abuse

The Song Hau Coal Fired Power Plant II is 2,120MW coal fired power project. It is planned in Hau Giang, Vietnam. The project is currently in permitting stage. It will be developed in multiple phases. The project construction is likely to commence in 2023 and is expected to enter into commercial operation in 2025.

The project is being developed by China Energy Construction Group and Toyo Ink Group. The project is currently owned by Toyo Ink Group.

It is a steam turbine power plant. The power plant can run on dual-fuel. The primary fuel being used to power the plant will be coal. In case of shortage of coal the plant will run on Diesel Oil.

The project cost is expected to be around $3,500m.

Development Status

The project construction is expected to commence from 2023. Subsequent to that it will enter into commercial operation by 2025.

Posted by ValueInvestor888 > 2022-07-22 11:13 | Report Abuse

The beauty of this power plant is it can run on dual-fuel. The primary fuel being used to power the plant will be coal. In case of shortage of coal the plant will run on Diesel Oil. This is a good power plant and high chance govt will approve. Many Europe gas power plant covered to oil power plant due to shortage of natural gas.

Posted by hng33 > 2022-07-22 11:22 | Report Abuse

:D)

Posted by Knilaobu > 2022-07-22 12:27 | Report Abuse

@hng33, thanks for info :)-
HEAD OFFICE (INVESTOR RELATION)
For inquiries relating to stock & company's information please reach the IR team at:
Toyo_IR@toyoventures.com.my
603- 8942 3335

will drop them an email to seek further clarification and updates of the project status. We are all hopeful to recoup our investment.

Posted by hng33 > 2022-07-22 12:44 | Report Abuse

What is your cost? I only bought last week 2 batch, at 70-71sen and 75sen

Posted by hng33 > 2022-07-22 12:47 | Report Abuse

All we need to know is awaiting toyo EGM notice, to divest 60% to china partner, formally start JV and accept banking facilities offer to start construction begin next year.

All become fruition in a matter of few nonth

Posted by Knilaobu > 2022-07-22 14:46 | Report Abuse

@hng33 Bought in price from RM1 - RM1.20 in multiple transactions, equivalent to a unit of Bentayga V8 version.