Posted by LuckyG > 2017-07-21 16:31 | Report Abuse

dapat beli .... can rebound next week . kuat kuat

Posted by Aero1 > 2017-07-21 16:32 | Report Abuse

After you've have spent the 1 bil, the current system becomes obsolete cannot counter new security threats posed by advanced technology and new types of crimes. Then the government says you need to invest a further 500 mil. Si kiau kiau.

Posted by ayam_rocket > 2017-07-21 16:44 | Report Abuse

cut loss ady =(

Posted by ayam_rocket > 2017-07-21 16:49 | Report Abuse

this one laosai counter

Posted by Pavillion > 2017-07-21 16:54 | Report Abuse

System can do so much only..... Thales group of france...so call their security expert also cannot help france from relentless ISIS attack........and our minister want foolproof systems?

Posted by Farge168 > 2017-07-21 17:06 | Report Abuse

If you are a follower of prebhd,you should know it will rebound after sharp fall,this has happened many times before.Patience is gold!

Posted by hng33 > 2017-07-21 17:57 | Report Abuse

SKIN project is concession business via build, operate, maintain and transfer. Prestaring will first raise fund through sukuk insurance to fund the development, and then after completion 3 year later, gove pay prestaring with annual payment about RM 300m pa during the maintenance and technical operation phase.

Please bear in mind, in any form of concession back business, there will be profit margin even during the development stage. 'This is because, concession business is alike zero risk buiness, it enable company to issur bond to raise fund which is more than its cost of development, and the gap between these bond fund and actual cost will be company upfront profit margin during the development stage. The entire bond fund with coupon interest can later gradually repay back through steady gov annual payment during concession period

The typical example is power IPP, alike Malakroff derive construction profi; Genting banten IPP also derive construction profit even before plant is ready to generate power; triplc and crestbuilder under concession UItM also derive construction profit; Ekovest also derive construction profit under concession highway, but the repayment is back by its right to collect toll fee after highway is operating etc. therefore, similarly, prestaring will also will start derive development profit during the stage SKIN development for 3 year, thereafter derive maintenance profit once SKIN is ready for remaining concession period

Posted by LuckyG > 2017-07-21 18:07 | Report Abuse

i just think their CFO is qualified and their account and legal or adviser wont be stupid enough to take a lose making project . they study this case for last 2 year .... long enough to do all the costing and calculation . those who comment like expert say sure losing business might be super smart monkey . 48hours calculation as outsider vs 2yrs of prepare working inside .

Posted by zoomboom > 2017-07-21 18:23 | Report Abuse

at last got some sensible bros talking some sensible sense... thnks hng33 for sharing :-)

semut2 dah goyang panik... macam biasa laa...

ironic thing is, when before sign concession with gomen, all not confident cuz no certainty.
now that its sign sealed and delivered, with certainty, still panic and uncertain... go figure.

patience. calm. focused.

Posted by hng33 > 2017-07-21 18:33 | Report Abuse

In short, with concession granted and insurance of bond to fund cost, prestaring will have two stage in concession earning, first, prestaring is able now to derive immediate construction profit during 3 year development stage, secondly, after SKIN is completed, prestaring is able derive maintenance profit from remaining12 year concession earnings for SKIN.

The project internal rate of return for SKIN will be higher, as there will be more local content, and obtains MSC status to enjoy tax free for at least 5 year

Posted by zoomboom > 2017-07-21 19:54 | Report Abuse

hng33 bro, we know they oredi got MSC status for Prestariang Systems S/B:

New tax exemption effective this year. Prestariang Systems S/B, the main subsidiary of the company has been granted the Customised Incentive for its New MSC Malaysia activities. It will enjoy 30% income tax exemption on its statutory income from the approved business for 5 years, effective Jan 2017 to Dec 2021.

so technically, if they park all the SKIN works under this subsidiary, they should enjoy the tax exemption = higher IRR.... betul tak?..

Posted by hng33 > 2017-07-21 20:12 | Report Abuse

Prestaring control 70% in Prestaring service, a new subsidiary just acquire recently 13 July 2017

Prestaring service in turn control 100% Prestaring SKIN Sdn Bhd

Prestaring skin is granted concession SKIN by gov for 15 year.

Therefore, prestaring need to seek MSC status for prestaring skin in order to enjoy tax free incentive.

Posted by fong7 > 2017-07-21 21:04 | Report Abuse

anyone has RHB latest report after SKIN confirmation? Thanks

Posted by fong7 > 2017-07-21 21:05 | Report Abuse

If I am not mistaken, all those TPs did not include SKIN contribution. Please correct me if I was wrong.

Posted by nooramir > 2017-07-21 21:29 | Report Abuse

Don't understand why CEO/MD of company don't come out quickly and answer these financing queries? Need to respond quickly to stop the stock price freefall. Surely he should already have a concrete financial plan before the announcement of SKIN. Shareholders will lose confidence when a company has no concrete answers. Just like Marine & General, although sitting on a pile of cash, don't know know what to do with the money! No plans

Posted by Pavillion > 2017-07-22 12:19 | Report Abuse

70% not enough skin in the game. (Betul betul tinggalkan kulit to investor, meat dia orang sapu)

Why the poor response?
For starters, it is important to note that analysts concur Prestariang's profits should improve going forward, from the third quarter at least.A report by CIMB Investment Bank anticipates core earnings
to expand by 143% year on year to17 sen per share in FY2018. Even the more conservative estimates by AmInvestment Bank forecasts
core earnings per share to rise 80% Y-0-Y to 11 sen.

The trouble is,the earnings up side simply aren't enough to justify the stock's lofty valuations. As at
last Thursday's close, Prestariang was valued at a whopping 112 times earnings.Of course, this is expected to fall once the earning growth to trickle in.

The fact that Prestariang will only control 7o% of the SKIN project did not help matters either

For context, it is important to remember that back then when news first broke that Prestariang was bidding for the SKIN project, the expected value of the contract was much higher- as much as RM6 billion.

This helped to drive Prestariang's share price to over RM3.20 in early 2016.
However, uncertain over whether it could actually
bag the contract brought the share price back down to the RM2.2o level Over the past year.

The company's tumbling earnings could not have supported such a high share price either. Investors long in the stock at this point were largely betting on the upside potential of SKIN. Thus, it was a relatively nasty surprise that Prestariang only has a 70% stake in the concession.

Recall that the actual concession has been awarded to Prestariang SKIN Sdn Bhd a wholly-owned subsidiary of Prestariang Services Sdn Bhd. However, Prestariang only controls 70% of Prestariang Services. Another 30% of the company is controlled equally by Muhammad Nagib Gopal Abdullah, Raja Azmi Adam Nadarajan and Faisalludin Mohamat Yusuff.

When asked why a 30% stake was given to these three individuals, Abu Hassan simply says,
"These are the original founding members."
"They are not somebody else. They were actually physically with us from day one, and they continue to be with us to add value to make sure they deliver SKIN as part of their commitment to the
government."

Note that Raja Azmi is the CEO of Prestariang SKIN.

Whatever the reason however, the financial impact of giving away 30% of the project has not gone down well with investors. Not only will this dilute the earnings from the concession, but Prestariang is expected to bear the entire cost of funding the
project's construction,approximateIy RM1billion over 36 months.

Assuming the project is 80% financed by debt, a 6% interest rate translates into RM95 million in ac-
crued interest over the first three years of the project.

To make matters worse, the exact returns on the project are rather opaque since the internal rate of return (IRR) is not disclosed.

"We have signed a non-disclosure agreement with the govemnment. We are not allowed to reveal the project's IRR Abu Hassan tells The Edge.

Posted by Pavillion > 2017-07-22 12:20 | Report Abuse

Can you believe this bullshits? They need this 3 guys to ensure they could deliver such important project to government.....and giving it FREE shares to them.....the whole RM1Billion must be borne by investors.....sheeeh!

Posted by LuckyG > 2017-07-22 13:57 | Report Abuse

which mega project in malaysia dont need politic influence to get ? pavillion you malaysian ?

Posted by Pavillion > 2017-07-22 15:18 | Report Abuse

Those 3 guys are technical personnel...there are better way to reward key personnel.....fact memang sudah kena kencing... MSC status only benefit those 3 guys and Pskin not Presbhd.

Posted by kelvin1 > 2017-07-22 15:49 | Report Abuse

If benefit Pskin, sure benefit Presbhd also. Presbhd have 70% stake in Pskin. I believe Pskin will get the status

Posted by ShareRich > 2017-07-22 22:40 | Report Abuse

That's only one thing I believe 100% i.e.nobody will ever accept a losing proposition in business world 亏本生意没人做.

Posted by Pavillion > 2017-07-23 07:49 | Report Abuse

When you transfer the profit....govt will tax Presbhd.....
ShareRich....you don't read well.....sure profit for co...but what we talking now is valuation...price to pay.

Posted by PurplePain > 2017-07-23 08:12 | Report Abuse

SKIN really skinned long time investors here. 70% only and also RI

Posted by PurplePain > 2017-07-23 08:14 | Report Abuse

Should recognise SKIN profit like EcoWorld International

Posted by LuckyG > 2017-07-23 18:40 | Report Abuse

i will buy for rebound ... dont care wat ppl say . simple logic

Posted by Aero1 > 2017-07-24 09:22 | Report Abuse

PE too high to justify its valuation. It will normalise to a level ..

Posted by Aero1 > 2017-07-24 09:32 | Report Abuse

The 30% is most puzzling. You are not the first that applied the system. The system already exists for more than a decade. Lots of countries already adopted it. It is more of applying it here and doing certain customisation. The 30% cut does not make business sense at all.

Surely this transaction dents the credibility of the entire management team especially the MD.

Posted by bjgdila123 > 2017-07-24 10:46 | Report Abuse

1.95 buying yee

Posted by hng33 > 2017-07-24 11:03 | Report Abuse

bought prestaring at 1.96-1.97

Posted by kelvin1 > 2017-07-24 11:06 | Report Abuse

Me too 1.96

Posted by hng33 > 2017-07-24 11:23 | Report Abuse

Accumulated more at 1.97

Posted by hng33 > 2017-07-24 11:47 | Report Abuse

last batch of Prestaring at 1.96, also all match

Posted by hng33 > 2017-07-24 11:48 | Report Abuse

Total average cost about 1.96+

Posted by Aero1 > 2017-07-24 12:10 | Report Abuse

PE ratio of more than 100 times. Price you pay today equals to 100 years' profits .. technically.
It is not wise for the company to enter to support the price now, not until a level ..
Good companies usually only enter to support if the price falls more than 20% from it fair value.

Posted by hng33 > 2017-07-24 14:44 | Report Abuse

The selloff is more toward disappointment over prestaring 70% stake in skin instead of 100%. But even with 30% dilution profit, the selloff is overdone. However, its best to give opportunity for portfolio, to enter into Prestaring at much entry price, 1.96+

Posted by 2016v > 2017-07-24 14:46 | Report Abuse

the price already factor in skin project, that is why the PE is high

Posted by Pavillion > 2017-07-24 15:56 | Report Abuse

There are also implementation risk...nothing is a sure thing.....can they deliver within a budget of RM1B? The original proposal was RM6B....after cut here cut there.....competition etc...they reduced to RM3.6B...futher USD was 3.8 then....now 4.3....after few more interest hike ...USD will be much higher....

Posted by Aero1 > 2017-07-24 18:03 | Report Abuse

So many stuffs on the plate.
They need to borrow why spending money on the share buyback?
They are carrying big project isn't larger capital base is better ... at least to debts rating.
The share buyback definitely reduces its capacity to pay dividend. Good luck all.

Posted by Aero1 > 2017-07-24 18:10 | Report Abuse

You know is falling why not wait for another 20% fall to enjoy cheaper entry.
Never test the depth of the river with both the feet.

Posted by zoomboom > 2017-07-24 18:59 | Report Abuse

... waow... nampak macam sedih je...

patience.

Posted by newbie92 > 2017-07-24 19:25 | Report Abuse

hng33, how if price drop below RM1.9 tomorrow, cut loss?

Posted by Larrytrader > 2017-07-24 19:27 | Report Abuse

Why got SKIN still drop?

Posted by ShareRich > 2017-07-24 19:54 | Report Abuse

Tomorrow rebound!

Posted by hng33 > 2017-07-24 20:42 | Report Abuse

Prestaring alrdy under 4days consecutive down 41sen in total, or about -20%, recording almost year end lowest now, oversold.

With today entry price at RM 1.96+, I think further downside risk is very limited already. Awaiting for rebound sign next :D)

Posted by sunztzhe > 2017-07-24 20:43 | Report Abuse

Looks like nearing selling climax...due for rebound soon.

Posted by Pavillion > 2017-07-24 21:32 | Report Abuse

Already bearish mode.

Posted by sunztzhe > 2017-07-24 22:14 | Report Abuse

Selling climax occur in bearish phase followed by rebound.

Posted by ShareRich > 2017-07-24 23:32 | Report Abuse

Pavilion keep running down presbhd,what is his intention?

Posted by Aero1 > 2017-07-25 08:43 | Report Abuse

Even at the price now, the valuation is still expensive with more than 100 times PE.
There are very few companies around in the Bursa with this type of valuation.
If you are willing to invest, why not go to tech stocks like Facebook, Alibaba, Google and so on.
There are too many uncertainties during the implementation stage. SKIN is not about high tech but only system reconfiguration and customisation. The more share buyback the more the selling.

Posted by Pavillion > 2017-07-25 08:54 | Report Abuse

I think game over for now, company fail to avoid death cross few days ago....now on bearish mode.....next announcement is whether they can raise RM1B funding (in material infact negative if they can't).....semua baju sudah buka....sudah nampak semua skin sahaja and ....itu 30% skin part pun sudah kena censored.