Why do you mean it isn't going to cut it? So when the price goes up to rm2, suddenly it cuts it?

I am reminded of investors who won't touch anything .com related when it crashed, but were able to believe any story during its heyday.

Perception is everything.

Luckily, I have financials to meet the images.

Malpac63 doesn't have any shares in gkent. He is obviously risk adverse on gkent due to "old news". The fact of the matter is, gkent share price is beaten down to a low price due to the fact of najib golfing buddy rumours ( despite them bidding transparently on the lrt3 revert with them neither being the cheapest or the most expensive, just with the most complete solution). It is also beaten down with "old news" of lrt3 deployment delays and possible cancellation due to overpriced budget ( before the new government novation agreement).

The question now is: once you factor in the old news, is gkent now currently undervalued or fully valued at 500 million ( lrt3 16 billion, net cash 210 million, positive earnings yearly to pay dividend of 7%).

Unlike many government crony which are unable to stand without government projects, gkent has water meter business on top of rail contract.

And the fact is they have a huge rail contract worth 16 billion which is more than many major companies in Bursa order book.

Guaranteed payment.

Undervalued or overpriced? At 7% sustainable dividends, you make the choice.

In Howard marks mastering the market cycle, the question gets asked:

At what point does pessimism become absurd? When the horror story become overdone?

In times of extreme risk aversion, it will cause prices to be as low as they can go and no further, this the risk of loss to be minimal. The riskiest thing is to believe there is no such thing as risk, by the same token the best time to buy is when everyone is convinced there is no hope.

The point is this. In a negative environment, excessive risk aversion can cause people to subject investments to unreasonable scrutiny and endless negative assumptions.... At just the right time when they should be worrying about missing out on great opportunities.

For any other company, if:

The company has a 4 year major project worth 16 billion order book guaranteed by the government of Malaysia, with expected EARNINGS double market cap.
Pays a dividend of 7%
Bought back 5% of NOSH
Has a nett cash position of 210 million
Has international exposure project wins in Singapore and Hong Kong versus international competitors

You would give it a high multiple. But because it is assumed that they are ex golfing buddies with najib and the share price has dropped from the high of rm4 you assume the worse of gkent.

But hasn't Lim Guan Eng and Anthony loke signed a Novation agreement? Would golfing buddies ( like IJM) have received major government contracts? No?

So what is the problem then?

At what point does the limits of negativism become obvious?

Within the next 4 years I expect to see better resolution of assets and increasing profit margins compared to just 6% as PDP thanks to GKENT redesign and redeployment of sub contractors.

KUALA LUMPUR, July 9 — The light rail transit line 3 (LRT 3) contract worth RM1.12 billion earlier awarded to IJM Corporation Bhd has been terminated due to the project being remodelled.

The company said wholly-owned subsidiary IJM Construction Sdn Bhd (IJMC) received the notice of termination for the underground works from MRCB George Kent Sdn Bhd (MRCB-GK) yesterday.

“The termination was due to the project being remodelled from a project delivery partnership model to a fixed price contract model pursuant to the direction of the government. The new contractual framework has resulted in MRCB-GK’s employment as the project delivery partner (PDP) under the PDP agreement with Prasarana Malaysia Bhd being terminated.

What does this remodeling tell you? Prices must come down and all government cronies must go.

And the best news? Gkent can do as they see fit without relying on feeding any political groups.

If they complete lrt3 project in time and on budget by 2024, they will increase the reputation and name of gkent ( as well as PH as shrewd negotiators and costs reducers reducing project costs from 32 billion to 16 billion). They will get good background and skills in dealing with a MEGA project that NEEDS TO BE COMPLETED BY 2024.

That is why unlike many investors I do not wish for them to secure more projects that they are unable to complete as they already have their PLATE full as a main contractor with a 16 BILLION DOLLAR PROJECT.

For a company with market cap 500 million which is smaller than many major companies like gamuda, this project is already big enough that I wish them all the best, focus on completing the project as efficiently as possible, build that brownie points with the new government to show they are better than the old one, and grow from there. The rewards are already on the table.

Why hunt for more?

LRT3 PROJECT FIRMLY BACK ON TRACK, COMPLETION IN FEBRUARY 2024

Friday, 23 February 2019

Kuala Lumpur
KUALA LUMPUR, 22 February – The LRT Line 3 (LRT3) project, which has been a subject of huge debate in mid-2018, is firmly back on track as it marks a major milestone today with the signing of the Novation Agreement for LRT3.
Signed between Prasarana Malaysia Berhad (Prasarana), MRCB George Kent Sdn Bhd (MRCBGK) and nine Work Package Contractors (WPCs) at Prasarana’s corporate office in Bangsar here, the novation agreement is pursuant to the Fixed Price Contract that was signed between Prasarana and MRCB-GK on January 25.

The Novation Agreement will allow the WPCs to migrate from the previous Project Delivery Partner (PDP) regime to the current Fixed Price Contract regime where MRCBGK is now the turnkey contractor while Prasarana takes the role as employer for the project.

The Fixed Price Contract for LRT3 was drawn up in line with instruction by the Ministry of Finance on 12 July 2018 to reduce the project cost to RM16.63 billion.

The signing of the landmark Novation Agreement was witnessed by Finance Minister, YB Lim Guan Eng; Transport Minister YB Loke Siew Fook and Minister of Federal Territories, Tuan Haji Khalid Abd. Samad.

Prasarana was represented by its President and Group Chief Executive Officer, Dato’ Mohamed Hazlan Mohamed Hussain while MRCBGK was represented by its LRT3 project director Patrick Hwang.

The nine companies signing the agreement today are infrastructure WPCs. They are
Mudajaya Corporation Sdn Bhd
WCT Construction Sdn Bhd
Gabungan Strategik Sdn Bhd
APEX Communications Sdn Bhd
Rahimkon Sdn Bhd
Sunway Construction Sdn Bhd
Pembinaan Jaya Zira Sdn Bhd
SN Akmida
Trans Resources Corporation (TRC) Sdn Bhd

Connecting Bandar Utama to Johan Setia in Klang, the completion date for the project under the new agreement is set for 28 February 2024.

"I would like to clarify that Prasarana only has to pay RM760 million and not RM808 million as previously reported in the media last month," said Finance Minister Lim Guan Eng at the signing of the agreement. Work amounting to RM48.6 million had been rationalised, he added.

"From that RM760 million, Prasarana has already paid MRCB-George Kent RM504 million. The remaining RM255 million will be paid to the WPCs after (today's) signing based on the terms that have been agreed on," Lim said.

Meanwhile, Prasarana president and group chief executive officer Datuk Mohamed Hazlan Mohamed Hussain explained that payments had been made following the signing of the fixed-price contract for LRT3.

Lim said RM381 million had been paid before the signing of the fixed contract agreement and RM123 million after it.

Just as a further explanation to Jonathan choi yi kit,

Some info on the difference between pdp and turnkey contractor, the results for mrt2 should give further ideas on how much profit there will be on the table.

PETALING JAYA: The change in the terms of the contract for the MRT2 project whereby the consor­tium of MMC-Gamuda Joint Venture is to complete the works on a turnkey basis marks a shift away from the Project Delivery Partner (PDP) model that the government adopted for large projects.

MMC-Gamuda was initially awarded the PDP role in the MRT2 project in February 2014.

As a PDP, MMC-Gamuda had to ensure the project was completed on time and within the cost determined by project owner MRTCo Sdn Bhd.

In return, the PDP earns a fee of about 6% of the total project’s cost and reimbursed for some expenses incurred.

Under the turnkey model, MMC-Gamuda is the main contractor and is responsible for seeing that the project is completed and handed over to MRT Corp.

The turnkey contractor takes the construction risk and the returns are based on how well the project cost is managed and not confined to 6%.

The turnkey contractor also undertakes financing risks as it has to pay sub-contractors’ claims from the project owner later.

In the PDP model, the payment comes direct from the project owner, either MRTCo or Prasarana.

“The turnkey contractor model helps the government save money as it does not need to pay the 6% PDP fee on top of the construction cost,” said a contractor.

How bad does a company need to be before it becomes too cheap not too buy? If you are looking for tenders, they have already won Singapore and Hong Kong tender for 3 years running. Lrt3 is a 16 billion multi year project, and even without those tenders, they are still profitable and have big earnings without the need for a golfing buddy.

Time will come.

Stockraider have given up and replaced by insasman.

Netx not in ncfp1 fiberisation application licensee list sorry. So you are wasting my time with your incessant promotion.

On theb other hand higher feedstock prices leads to higher product seeking prices meaning increased revenue and earnings. Go see past results and tell me I am wrong.

More importantly PIC softstart starting this year q1. If all goes well and no production issues, full ramp up by end of the year.

Increase 3.3 mpta, and new products from da Vinci acquisition will show multi year increase in profits and revenue in the years to come.

Too bad Calvin always stays too long and leaves just when stocks are reaping the rewards from their investments.

He left carimin long before it went limit up. He says so himself.

He was embarrassed by investors in jayatiasa for claiming results which he did not even take advantage of:

/12/2019 9:04 AM

Tom I remember few weeks ago calvintanend said sell into strength, now he says 1.00 Chun Chun....lol what a nasty liar

If he knows 1.00 Chun Chun, then why he ask ppl "sell into strength"(his so called sell into strength)

See the logic? Lol

===
Posted by calvintaneng > Dec 11, 2019 1:42 PM | Report Abuse

Excellent rise

Jaya tiasa or Giant Treasure

Clap
Clap
Clap

Time to sell into strength and switch to Nfcp bull run stocks like Netx, Opcom, Redtone and sacofa(cmsb)
27/12/2019 10:25 AM

calvintaneng Oh yes I made a wrong sell call on jtiasa

Good for you guys still holding

So embarrassing always change story especially when his lies get caught.

If he stays put longer instead of promoting this and that every day he might actually make more money.

As to his real returns? You know I know la.

When a forum members report any posts by investors on the other side of their view, it stops being a forum and starts being propoganda.

In either case what is the use of deleting my posts? If netx makes money then it makes money,

But fact remains, netx is not in ncfp tendering lists, despite all of Calvin tan claims.

And worse, as a sub con, do you think netx will actually make money?

It never has.

Post removed.Why?

No insas? Talk sohai but no trust in your pick? Isn't it supposed to go to rm1 in February? 1.20 by end of year?

Sounds very believable until you look at the figures

If your goal is to be a fund manager then better to be invested in stock market otherwise what is the point?

If your goal is to hold cash, then you are not doing your job.

If you are not doing your job in finding alpha, so you think you should be taking millions of dollars of professional fees as Charlie munger likes to put it " sitting on your ass" doing nothing for the investors.

The share buyback scheme is impressive, especially when the is no private placement warrants or esos in the horizon...

So far in the past year it has reduced net outstanding shares from 555 million to 538 million outstanding.

Paid out 32,913,000 in dividends ( from net profit of 53,067,000 sustainable earnings),

Company also has 210 million in net cash, against a 524 million market capitalization.

In terms of margin of safety this company is solid.

On top of that it has partnrrer with Honeywell on the smart water meters which has already lead to more addressable market regions, expectations within the next few years is to increase the water meter sales from 90 million revenue/22 million earnings to double that amount in the next few years.

And we are still waiting the revenue and earnings from lrt3 which has started this year.

All we need is patience.

With a plantation profile of 50% aging trees (15 years and above) in need of replanting, they will be enjoying the increased cpo prices at absolutely the wrong time.

In addition to that 25% of their revenue came from a customer which decided to build and produce their own production lines to meet the demand.
They are scrambling to meet an entire year of bad luck.


Investhor if you want to buy and push this stock to i3 investors you really have to try much harder, this has been a bad company for years, and the cpo price runup is not going to be sustainable.

But the poor management capability is going to continue for the entire length of time that you hold this stock.

Id advise you to sell and avoid this stock.

Why be worried? When it happens it happens. If not q4 the 2020. The structure is already complete, Aramco has already started the charters to deliver oil to PIC.

When the revenue starts coming in, the discount year will be ongoing.

One thing it will never be is another lctitan. The production costs are too lucrative with such a large centralised production and refining center, the cash hoard too big for them to cut corners and be cheap, and the addressable market is too large to be ignored.

In investing patience is all that is needed.

Sell all NETX buy layhong

It seems sslee thinks I have made a mistake on my long term (5+ year timeline)investment into pchem and gkent based on 6 months results. We shall see as this year IPIC goes over and gkent starts to get visible claims from lrt3 engineering.


>>>>>

Posted by Sslee > Dec 15, 2019 9:52 AM | Report Abuse

Hahahaha
What a wonderfull change in one year. Now Koon, lcon8888, OTB reclaim back their stock god title and philip admit defeat in his Pchem and Gkent buy call. Congratulation

Yes, and stne is by far my biggest holding compared to my bursa counters.

Why hlb Vs pbb? Because it's a 1 year stock competition. Investors like to choose the smaller market cap stock with the hope of bigger growth potential versus the bigger stock.

Plus, in the cycle of things, public bank is fully valued, with a superbly efficient 25% and 13.6% roe. You know how I value roe? I also value net profits and growth opportunities.

Currently right now, Hong Leong Bank is performing admirably well on those fronts, and I expect them to grow as fast I thought public bank would do when I invested in them long ago.

Y zero picks for netx and so many picks for yinson? Oh no....

Sell all NETX buy t7 global

I normally don't go into such details first, quantitative study is usually only required when you have understood the business you are in properly and wish to investigate further.

Just a simple net profit / (assets-liabilities) should give you a quick ideas of the basic ROE for you to analyze further.

Everyone has a standard method of estimating good companies. Some choose margin of safety (PE), I prefer to choose production efficiency ( ROE).

But you have to note that you cannot simply use 1 metric to define everything, investing is no so simple as that.

Sadly klk and jayatiasa don't fit the outstanding company rule for me.

Also another key criteria that I look for in good business is a high return of equity.

In qualitative terms roe is basically the companies ability to generate profits based on the capital they have. The better the returns on capital, the more efficient they will perform over the long term.

A company that is net assets ratio with the net profit will give me a figure of how efficient the company can make a profit versus it's peers or similar companies.

Any company that has a roe below 8% I usually don't bother with.

Most investors use simple metrics like PE ratio to define if a good is stock or not, as I have written about in my previous articles blog, PE ratio is does not actually tell you if a company is any good or not, all it does is tell you how much investors are willing to pay to get the stock.

I prefer to look at the business first, and roe is a far better indicator usually to let me decide whether to spend more time understanding the stock.

K

I wouldn't call owning 22,000 hectares of plantations as well as owning boilermech to be side priority, but you are right, the synergy if ql is why I kept buying year after year.

>>>>>>>>

QL has a very small segment in plantations, and looking at it CPO is a side priority

Hong Leong bank is a very efficiently run bank which merged with eon bank term years ago and made a losing bank profitable with clean and strong loan portfolios ( similar to public bank). I believe hlb would a be a much safer and intrinsically strong bank due to smart deals and no bad loan portfolios.

The most interesting thing to learn is the founder and owner of hong Leong bank who is also a developer, even he does not want to borrow loans to developers. I am confident in their high quality of their loan portfolios.

And I see they will only grow further.

I wouldn't touch jayatiasa with a ten foot pole. Have you ever been to kapit before my young friend? O or visited one of their lumber mills there? If you have ever done so you would notice sibu, kapit and those surrounding areas have timer companies which have been double dealing and cheating investors for years. They invented the term double invoicing, the foochows, and when you notice Lorries and trucks coming in and out in the middle of the night then you realize how the management can lose money but still have busy full of workers.

I remember a very interesting fact, if you all any customs staff from Sabah and sarawak, the moment the declaration is done by a Singapore shipping company, an immediate customs tax is increased by 30%. Pay first appeal later.

This was because there Singapore companies would help underdeclare and create fake invoices for those companies to allow them to export out and make a lot of money from the trusting shareholders.

That is why one lesson I always give is to look beyond the financial report and balance sheet and try to understand the business itself before you look into the financials. I have never liked the tiongs or their management style, and I value management capability a big criteria in my investment analysis.

Do you know the sales is to pay for their yearly dues and upkeep for their foundation? They only sell that amount every year to pay for all the projects and upkeep for the foundation members, all week enjoy a bigger and bigger value for the share sold.

But how much disposed and how much kept? That is the big question to ask. How much shares does the chia family still hold?

Valuation is a very interesting subject in light of no concrete results and returns from the earnings of power plant generation.

You have:

1. irr and estimated returns from ALP.
2. Irr and estimated returns from CFO.
3. Irr and estimated returns from dk66 based on other managed power plants.
4. Estimated figures from kyy( when he was most confident and when he was most negative) otb, hlbank and other fund managers.

All seem to be different from low to high range.

I would love to balance the scale, if only I have the first quarter results from power plant generation to use as base performance valuation.

If we keep everything to jaks, we have the realities versus the estimates.

I think I prefer qualitative margin of safety to guide my estimates.

One lesson I did learn is how to tune valuations to meet the requirements.

Dk66, otb, other fund managers have positions in the stock, their valuations will always be rosy. I suffer from the same tinted glass view, the need to prove my thesis is correct.

ALP wants you to buy stock, he will give you good estimates.

Kyy has ego in being played out on this stock, bad memories, bad valuation.

CFO is in charge of the finances and cash flow, his estimates are based on his need to cover his ass from losses. He sold.

My valuation is based on whether I can get 20% growth continuously for the next 5 years, and risk I am willing to bear to hold the stock for multiple years through severe volatility.

I choose to sleep well at night.


>>>>>>>

lets not blindly discard the other side of the equation...the valuation part.


the balance weighing scale has two sides

In a way kyy did not say don't buy jaks. He said don't buy jaks now, but buy it when there is more clarity on the business entity jaks.

This part I totally agree.

Everyone who buy jaks now buys it on the certainty that the power plant will complete and handover and run handsomely.

At 85% completion, it will very well complete and run.

But my perspective from discussion with cfo is this.

The power plant is not a spin off or a stand alone company with clear cut revenue generation and dividend repayment to is shareholders.

The power plant is simply a revenue machine for it's owners, Jaks, which has many commitments and burdens and many unclear results. There profits and returns are all assumptions, and will only be clear when you finally see the earnings report, which will let in between the most positive projections and the most negative projections.

Kyy did not say don't buy jaks. I paraphrase:

" You should only start to buy when it can show increasing profit for 2 consecutive quarters from its power generation in Vietnam.".

This makes perfect business sense to me, Pacific Star, evolve mall, power plant up to today is all projects which generated zero positive cash flow or profits to the company. Why not reduce your risk and wait for completion as due diligence? Why go for big money when you do not have clarity on jaks the company ( instead of just power plant)?

I remember the old days as jaks when they were just a steel pipe supplier to gkent for the water projects in Sabah and sarawak. They were profitable for a while before alp father Ang kan seng doing water business lost the battles to WEIDA and gkent for the miri centralised STP project. They dropped the business and were quickly trying to find new ways to generate cash flow with varying success.

Many did not recall that the ipp contract was signed in 2011, and took a very long time to complete. Still uncompleted.

Many do recall that the star Pacific is 4 years delay. Still uncompleted.

Many do recall evolve mall is empty and quiet and they are looking to sell the entire mall to the first taker with interest. Since 2016 with zero takers and no cinema. H&m closed shop and moved. No about tenant other than Jaya grocer.

So, what kyy said is in a way correct.

When uncertainty abounds, remember lesson 1 and lesson 2. Never lose money

For those that won big from 0.49 to 1.25 I salute you for your courage and wish you make tons and tons of money in 2020. You are a far more brilliant investor than kyy or me. Let's see that cash pile grow every year.

Hope everyone has a big year ahead.

But when someone who has made money ( like kyy) comes out with his remarks, think and ponder and just educate yourself on the words instead of being angry someone is trying to bring down your stock.

You are neither right or wrong because people say you are, you are right or wrong when the business results return and earnings say you are.

In this case not the power plant you are buying when you invest in jaks, no: when you buy stock code 4723 you are investing in a CFO which sold his shares in jaks very early, a management which took 10 years to complete a 1200mw power plant, the liabilities and tribunal claim for star Pacific mall, the interest and loan coverage and repayments from banks evolve concept, and most of all the ability for current management to change its penchant for delays and problematic business activities into consistent production and multi year earnings growth in the years to come.

That is the key criteria when you want to differentiate between investing and trading.

Don't count your chickens before they are hatched.

That is all kyy is saying.

Haha, this year is the year of sustainable living, plus I think the plantation stocks have run far ahead of the price recently, even my QL was dismayed l speculated for a while to 8.60 before coming back down to earth.

Haha you think it should be higher?

Haha I will seek to grab your spot in return then. :)

Hi Mr tan, I have created my portfolio for you to monitor as per your rules and regulations for the game. I hope you can insert me into the most, even though you have closed all open slots as of now.

https://klse.i3investor.com/servlets/pfs/131145.jsp

Hi Mr tan, I have created my portfolio for you to monitor as per your rules and regulations for the game. I hope you can insert me into the most, even though you have closed all open slots as of now.

https://klse.i3investor.com/servlets/pfs/131145.jsp

Hi Mr tan kw,

My stocks for 2020:

Gkent 20%
Pchem 20%
Ql resources 20%
Hong Leong Bank 20%
Frontken 20%

The hallmark of a true successful investor is to be calm, level minded and unemotional in investing.

If you really did not create those ID to promote, then I truly apologize.

But in the end, it matters not what the crowd thinks about you.

It is the long term performance of your promoted stocks that define who you are and your investment philosophy.

If your goal is truly honourable in setting up WhatsApp numbers and constant incessant promotion of your micro cap stocks to mutual profit, then I commend you and salute you.

If your goal is to be similar to Jordan Belfort,

To buy stocks first, then promote the hell out of it to ask your WhatsApp numbers and forum community blog postings and Johor friends and sell at a profit and dump the stock to unsuspecting, trusting investors who soon learn what a shitty investment long term is of the many ( majority) of the stocks you promoted in 2019,

Then you have only to answer to God for this.

An I wrong?

You do not have an interior motive in writing articles and WhatsApp messages to get investors to buy into TALAMT, sasbadi, your maybulk and such?

If you can swear on your honour as a Christian then you have not once bought first then promote articles in your stock investment, pump, then sold the stock you promoted, and let your WhatsApp/i3 forum know when you sold it,

Then I will apologize, delete all my articles on you and keep quiet.

That is the CRUX of the matter.

If Bursa can do it for major shareholders ( for the benefit of us minority shareholders), why can't you hold to the same level of accountability and respectability?

Calvin tan is properly deleting and reporting all of my posts which is of intellectual and not of spam nature. So shameful.

>>>>>>>

Philip Greta You must also be honest and view the share buyback and the dividend yield which is growing with every dividend I collect at 7% which is sustainable and coming from profits and retained earnings.

You throw so much money into netx which is diluting shares and using private placements to generate " cash".

But it is a company which has never made a profit, losing money every year, with no cash flow and taking investors for a ride.

You buying netx alone shows your investment philosophy which is promote, market, pump and dump on unsuspecting followers.

Your portfolio alone shows the quality of your investment.

How can anyone with 40 promised stocks in 2019 alone enter be taken seriously?
29/12/2019 5:11 PM

Philip Greta Fyi before my retirement last month, the company I worked for was a new nominated subcon for gkent for the m&e control system.

As it is right now, the previous price was skyrocketing due to crony company selection, based on overly expensive specs.

You are right as a PDP they don't care as their profit is only a consultant of works, guaranteed percentage no matter how high the prices goes.

Today however is a different story.

A fixed price has been given, and gkent full leeway in choosing the best and most efficient subcons, instead of crony linked companies.

One of the best stories is :

https://www.thesundaily.my/business/ijm-terminated-as-contractor-for-l...

Which I thought was funny when ijm got the project for 1.1 billion ( which coated around 400 million).

Now as a main contractor, the fixed negotiated sum is 16 billion.

Gkent has cut and removed the additional lines, underground stations, redesigned certain aspects, as most importantly terminated bad contracts to more cheaper ones from their China partners.

I was there at the revised meeting, and based on the new design, profit aplenty for the 16 billion cost. Quite filthy actually, reduction from 32 billion to 16 billion without the need to pay LGE any pocket money. Everyone is happy now that work has started.

Again, the advantage of an engineer who is a clerk of works versus armchair analyst.

One important piece of info, last time they had to go through certain bumi companies who would sub the job to us. Now they bypass that and hire my ex company directly. If you don't see the profit margin expansion in that sentence alone I won't bother explaining further.

Post removed.Why?

This remark does not make sense.

If your fund manager is unable to achieve alpha, and he finds no good deals in which to invest in for an extended period of time I.e. he finds the market too expensive and risky, something is either wrong with the market or the manager. In either case, if he cannot achieve alpha he should do something similar to what wb did in dissolving the fund and returning the cash back to owners.

The owners could easily put the money into fixed deposit themselves without any need of a 3rd party professional fee.

Many shareholders would want to get back the money they invested in the business at market value, which would be achieved should the fund be dissolved and earnings returned.

As it is right now, it is simply a value trap where the fund manager is holding the fund hostage while bleeding the company slowly with losses from parkson, bousted etc ( whole charging fees for these costly mistakes).

It definitely should sell at a discount, I would not touch this stock with a ten foot pole unless a discount to par value was offered.

More importantly the discount arises because the "many" shareholders do not have a choice in the matter, therefore they are willing to sell it cheap to anyone who is interested in buying their share block from them.

Many many more investors are not biting unless more discount to nav is offered.

London was stupid to get in this mess in the first place. Now they are stuck and unable to leave hotel California.

Those who bought the stock in 2017 and 2018 received nothing for waiting except bitterness.

>>>>>>>

It is true that TTB has kept a large amount of cash for some time – but if I was running a business and I do not have productive use for my cash, do I keep expanding my plant or do I wait for a low-risk high return opportunity?I would wait – and so would many shareholders in ICAP.

Why think? Warren buffet has already won his bet of low cost index funds against professionally managed funds ( with the similar model of charging fees like icap).

Mutual funds are already known to be bad. Which is why we are here in this forum to learn how to do things better.

Why even bother posting in this forum if all you are interested in doing is putting your money and your fate in the hands of TTB?

Over 15 years, if you placed your money in vanguard index fund you would have done spectacularly well, with no need for professional management.

Warren buffet has proven it time and again.

If you want to invest, invest in the company or business.

Avoid gurus who preach and charge you fees for professional management.

Low management fee?I would say it is very high for asking someone to put money in fixed deposit. I could do the same thing for a fraction of the price.


>>>>>>

if you think ICAP fees are terrible, then think about all the billions invested in mutual funds. If you think ICAP performance is terrible, then again, think about all the billions invested in mutual funds.

Mistakes of omission are far more important.

I review my decision to invest in Pchem and it is still solid. Better choice than leaving it on public Bank which dropped even more.

I bought it pchem at a good price, and the dividend yield allowed me to buy more at the discount price offered whole waiting for IPIC.


Rule number 1: never lose money

My decision for Pchem has nothing to do with short term returns, as you know and I know I bought it with the full intention of averaging down or buying up until completion of IPIC where I will review my decision on investing in Pchem. So I will reserve any remarks on short term changes in price for Pchem until then.

Your investment thesis ( since 2018 I believe), was based on rcecapital is based on a fallacy that has nothing to do with short term price ( which you like to always say you are a long term investor, but seem to only look at share price models only).

Almost every penny stock in 2019 is downtrodden, anyone can make money buying and holding for the year. Even QL which you derided has gone up a lot this year ( pe 50 stock also double digit increase in share price).

So what is your point?

You seem to be very loose with figures recently, as shown by your recent article on Serba dinamik.

Also fyi, from share chart, beginning of the year your rce was 1.46, latest price is 1.66. do the math and let me know your returns again?

I'd dearly like to know how you achieved your 22% returns on rce again? Unless you included your dividends reinvested?

But then again, I thought you sold your entire position?

Which went up right after you sold it. Upon the advice of some old ex banker who told you how silly it was too but rce long term?

Then again, maybe you should charge USD5000 for someone to read your revised article on Serba dinamik again.

If you can't make good money in the stock market, might as well charge others to read articles about it.

Colinlim keysofkingdom, Michael Oblivion and joecool32 are all new users created by Calvin tan to promote him.

It is so obvious and amateurish.

All 3 have accounts created very very recently. All are posting with the exact same wording, phrase selection and language idiom as Calvin tan.

So sad. Just like city harvest church create fake followers and cheat unsuspecting new readers to fall into his traps.

Heavily promoting 4 or 5 stocks that have gone up tremendously, but unfortunately the other 40 stocks which he have promoted together and have done poorly.

It is the same with his Bible worship.

Taking words and phrases from the Bible out of context of the entire chapter ( selecting verse only) can make the Bible day anything he wants it to say ( instead of the original meaning of the whole sentence).

Fake city harvest preacher, trying to cheat investors but sadly, no one cares about his netx or buy any ( especially after he tries to capture increase sales of 10k shares at 2.5 cents at end of day just to make things look up).

Funny and sad. Sell a house, only get 50k. Sell 3 houses to buy 5 million shares of netx at 2.5 cents.

Embarrassing old man.

Stop cheating hardworking young investors!

You will meet your just rewards when you are finally judged for who you are.

Post removed.Why?

Does netx even have a cash flow??

No need to forget. This is Calvin tan portfolio tracked all the stocks he recommended in 2019 alone.

How come different story?

We tracked the dates of your promotion and the results YTD.

>>>>>>

https://klse.i3investor.com/servlets/pfs/123029.jsp

Most importantly:
3. Leverage. The main reason for the capitalization of a company is so that outside investors can fund the business to achieve scale, monopoly and take on major investments. Else there would be no purpose into it. The CEF takes on a fixed amount of money but with a large sum to maximize results and returns. However, if your manager tells you year in and year out of a incoming crisis, and keeps 280 million in fixed deposit year in and year without any method of mitigation,

I call it a mistake of omission.