Ah, I realized that may be the case. But that is actually very sad, because my experience with autistic children is the lack of rationalism ( they are usually very much governed by needs and wants) and are very emotional on their actions, although never by their expression.

This explains much. I should be more forgiving of the young child in the future.

Deepest apologies choi yi kit.

Some people need you to post your portfolio online before they will take you seriously.

Icon8888 is one such example.

He however would never post his own portfolio and his investing results publicly.

I deleted it as per icon8888 and i3value request.

I scared to be called throwing my weight around, idiot and stupid. So I'd rather just stay far away. I'm not planning to be a investor anyhow.

>>>>>>>
P/S I can't find Philip's comment as of why JAKS CFO sold his share

My simple terminal value for gkent.
1. Railway business in Malaysia is apparently going to be a 100 billion market, with railways in East Malaysia planning, ecrl, lrt3, KTM double track etc etc. Gkent has won lrt3 11.8 billion, 1b mrt2 etc. It is also currently bidding for Singapore mrt line contract.
2. Hospital and clinic construction under budget 2019 is 10.8 billion, of which gkent has 500 million in putrajaya and Selangor.
3. Gkent has order book around 100 million water treatment plant jobs, which is a 738 million under budget 2019.

The market size is far larger compared to opensys, so the growth possibilities also become far larger.

Of course I note the word possibility, because it is silly to give a fix intrinsic value, as businesses never always work out exactly like how you want it to.

There is a bearish case (choivo) which he doesnt see any value in a company like.
There is a big case which I see in the value.

In the end, arguing doesn't matter because only when the results come in someone will stop commenting.

But the reasons behind the investment should always be of some value.

I try to find the fast small fish in a big ocean, not the big slow fish in the pond.

This is why I use terminal value in terms of business sense. How does one evaluate growth? Its different for every industry, but let me try an example here for opensys:

1. It cannot expand beyond Malaysia.
2. It has 80% of total market in Malaysia.
3. That current market cap including maintenance is 100 million and 10 million net profit.
4. It has not shown any diversification into different organic markets.
Investing is about possibilities, if we use very generous projections, the terminal value will probably arrive at 200 million yearly revenue and 20 million net profits. That is 100% market saturation and relaxed everything into cash recycling machines. The most people will pay for a business like that is 300 million, using general market comps.

If you want to use stockraider hyper imagination and qqq3 exuberance, any number is possible I guess...

>>>>
However, i think the price is good enough, given the coming growth. I expect it to grow a lot in the next 5 years. and then kind of stop.

Choivo, it is not p&c.

mrcb is financial, gkent is technical.

I really wont bother on arguing for the sake of arguing. What would you like me to reply on your other points? Fact is, gkent win the lrt3 job. Revenue is confirmed, work is starting back next month.

So I will say it once. Lim Guan Eng awarded the job to gkent JV because the PH government felt it is the best company to do the revised job. They have the financial capability to do it, and they have the past project reference for a local company that has done it before.

Hi DK66, does it really matter if people listen to you or not or readership goes up or not? Personally I don't really believe in the idea of overselling a stock. If it is really a good stock, the returns from earnings and dividends will be magnificent enough without share price going up, and the long term results will be reflected soon enough. Why hurry the process. If prone don't buy, then don't buy, a good management will themselve reward your loyalty by doing stock buybacks and give out big dividends. Even Warren buffet purposely does not dilute his shareholdings because he prefers to work with long term partners instead of short term traders.

Having said that kudos and work hard! I respect you for not calling anyone who doesn't agree with you an idiot and stupid and other shameful names.

FYI, putting in your real name and portfolio history does play a part in increasing your credibility amongst i3 public. Publicly saying that you are a engineer cum investment banker cum sukuk specialist whilst investing poorly does not reflect well indeed...

If you compare both at the beginning stages, one is doing food industry with export arm, and the other one in ATM industry licensed from OKI that does not allow them to sell to other countries and compete with other OKI franchisers, which company do you think has a bigger chance to grow.

You need to read trade market journals once in your life.

Example:
The estimates for egg market in Malaysia is more than 20 million eggs a day back in 2011, ql estimate selling 2.7 million eggs a day. I have a hard copy of the trade journal I subscribed back then giving me a good idea of my investment terminal value.

I can't find the trade journal copy online, but maybe this will help,

https://www.theedgemarkets.com/article/choice-some-egg-players

Warren buffet describes terminal value as valuing the long term prospects of a business. I think that is an apt description.

I would advise you to buy and read the trade journals for o&g outlooks and finding costs to understand your sape better. Its only a few hundred a year to get the latest reports.
>>>>>>

Comparing QL Rm 6.96 mktcap rm 11.3b v Opensys rm 0.335 mktcap Rm 100m it is like comparing Goliath v David loh...!!

He had given me the PPA agreement details, and I know the reasons why he sold his position. Do you know why he sold it? Maybe you can ask him during AGM.

I happen to agree by the way.

>>>>>
Philips....when u drink drink with Jaks CFO, tell him Desa thinks he has made a mistake selling Jaks.

In my case terminal value is a term which I find interesting from Howard marks and Peter lynch in their books which crystallized my thinking.

There is no such thing as a business that you should buy and hold further. There is the entry point of the business into a market, the growth of the business in the market, the saturation of the business in the market, and the decline of the business itself. Every company goes through a similar phase.

Basically a life cycle of a business.

Whenever I look into a business, I try to understand what stage of the life cycle the particular business it is in, how big the market is, and how fast it can grow in the industry.

That's why I believe a business like QL can grow into many multiples, because of similar life cycles of business in the industry in breaking open other organic industries and the size of the market itself.

Similarly I know a company like opensys can never be a billion dollar company, simply because it's market size is so miniscule and it's competency has as yet been unable to break into new markets.

Terminal value basically is my estimate for the point of time in which a particular business will hit maximum size within its market share, how fast it will get there, and how big it will get.

Similar to intrinsic value, those change as the story( and time) changes. That's why I don't really see numbers and a few chosen metrics working for stock picking in the long term.

Investing is really more art than science.

You can try to calculate how much ml you need of each colour, how many days need to produce the work, how many different types of brushes etc.

But it doesn't always mean you get a beautiful picture.

The great artists stick to the type of paintings they do best. You know a Renoir the moment you see one.

A more detailed idea is in the blog I put before here.
https://klse.i3investor.com/m/blog/philip6/192498.jsp


>>>>>>

I have seen you mentioned this terminal value of a business a few times in your post. Can you be kind to educate me on this further?

Thanks in advance.

3iii

This is patently false and not very well thought of. As a maincontrwctor definitely some non essential works will be subcontract out, but management, supervision, project design and engineering, those are done in-house. The technical managers in gkent for hospital design, water treatment plants and other infra works some have been working for 20 over years since I first met them in Sarawak years ago. Maybe you should hop over to their hq and ask to interview some of their senior engineers, they know who Sabah Philip is. One is even a partner in my limited partnership.

Can you specify "widely known"?

Is this the same as your challenge to me about a company that has better prospects long term over 5 years than QL?

Some facts please.
>>>>>>>

And GKENT is widely known in the industry as not being that good in infra works, and they only got this contract due to contacts with rosmah and najib. How else would a water metering company get such fat pdp free management money contracts.

All their works are subcontracted out.

I've already outlined my investment criteria and the story If the confirmed growth of the business ( the confirmed award of 11.8 billion). As I am also involved in the subcon tender negotiations, I have a clearer idea of the new margins being discussed.

As for the "tiny division", I really don't know what we are reading the same company. Its tiny division generates 133 million in revenue a year and 26 million in earnings, which I believe is half the revenuess of RCECAP, at many multiples less implied risk. This is currently 1/3rd of its business, which will include hospitals, water treatment plants and railway tracks.

I also get 6% dividends every year.

But I digress, you probably know much more about the company you have than someone who has worked with its engineering team before. In fact many of its technical team that I worked together with on the Miri water treatment plant, the biggest in East Malaysia at the time, are still with the company today.

But even if I said that the project was open tender, and a good number of the work was done competitively and handed over on time and in good condition, and Penang was very happy with its WTP projects, many would not believe me.

But I guess time will tell on all the investments to see what works and what doesn't.

>>>>>>>

Phillip,

"Gkent competes SEA with its water meters and water treatment plants."

This is an extremely tiny division whose profit contribution is not worth talking about.

I'm not sure what you really see in GKENT beyond the sentiment punt to be honest. Do enlighten me.

In defensive investing it's probably not so important. But one of my main criteria in understanding growth investing in the first principle of understanding terminal value of a business.

Almost every single case of ten, twenty and thirty bagger in bursa stocks are of companies that can compete in the international market. So far I have yet to find a long term successful 10-20 bagger growing investment that only restricts itself to local markets.

I'm sure there are many ways of investing. But it depends on your risk appetite and your definition of the word successful.

The point I was trying to make was to find companies in Malaysia that has the capability to compete overseas. The are many companies in Malaysia selling at fair prices that do so:

YINSON competes internationally with its FPSO business.
Gkent competes SEA with its water meters and water treatment plants.
PCHEM competes internationally with its petrochemicals and aromatics.
TOPGLOV is 25% of the world glove market.
QL exports directly to Japan and Australia.

There are some others which I follow which are along the way.

Being able to compete on the international stage brings meaning to the word long term investing, at least for me.

Qqq3 favourite manufacturer VITROX is one of them ( at least until the tax incentives run out). If ever vitrox is able to compete fairly internationally without tax incentives, I'll be one of the first to add to my portfolio.

>>>>>>>
If you are the one building the parts for Dyson, you won't ever be able to catch up and overtake Dyson.

V.S. or SKP Resources?

>>>>>>>>

You are most likely right, as I'm sure you have far more coverage on these manufacturing stocks in the first place.

But the reason the big share price drop in the first place is because these manufacturers have majority of their orders under so few clients.

The revenue drop was due to happen.

It is something that has a VERY high probability of happening, and it just decided to come back and roost one day. The problem now is what those companies are doing to combat the shortfall.

Will VS do better in the long run? Will skpres? I believe the ones with more capital, more forward thinking management, more talented staff will do well in the long term.

I don't know who will succeed, but I do know that both VS and SKPRES has no business advantage that would allow them to compete internationally.

If you are the one building the parts for Dyson, you won't ever be able to catch up and overtake Dyson.

If we skip talking about my old successes, I prefer a concentrated investment portfolio.

My real investments for 2019,

1. Gkent ( rm1.12 march 2019).
2. PCHEM ( rm8.15 Feb 2019).
3. STNE: NASDAQ (usd19 Jan 2019).

I don't really know how to do defensive investing, as I believe defensive investing should be compared with fixed deposit ( which in this case I believe the comparison be made versus ASB which average 8% historically). With a guaranteed capital protection.

The higher risk from bursa stocks ( over the same period)tells me I should be averaging at least 12% returns yearly to be worth being an active investor.

Hopefully I can do well with my new 3 investments be the end of the year.

I remember the first article I read from kcchongz long long time ago, which I did not really agree with but I thought was interesting.

Understanding beta.

https://klse.i3investor.com/m/blog/kcchongnz/44336.jsp

For me, I believe understanding the concept of risk is of the utmost importance, especially investing in bursa.

Everyone who makes money thinks they are godly and great. They only know that the price is going up and things are doing well. Those like me who have been in the market for more than 20 years know that investing is about betting on probabilities.

Sometimes thing with low chance of happening happen. Just because something hasn't happened yet doesn't mean it won't happen at all.

Young investors like heavenly punter have yet to go through massive depression and shares that go down even when all the stars align. I personally have seen many cases where stocks that have no business of going up ( like hengyuan) can have crazy bull runs far beyond its historical earnings just because of market activity.

It humbles investors who think they know everything about PE, pB, ROE etc and skip looking at the overall picture, the business sense of it all.

The is a VERY fine line between defensive stocks (kcchongz), inactivity ( tan teng boo) and aggressive trading (kyy).

All I can advise is:

1. DISCIPLINE.
2. KNOWLEDGE.
3. PATIENCE.
4. CONVICTION.

Know your own investing, if you make tons of money then you are right. Everything else is a waste of time.

Skpres is another company that has majority of its revenue from 1 customer, Dyson. I really don't like that, especially since my wife made me buy that hair dryer for almost 2k. 2K!!!!

Luckily skpres is OEM manufacturing that wonderful detachable vacuum cleaner which I like a lot.

I'd prefer VS, which also has the same clientele. But they have first mover advantage, and have already foreseen the problem and expanded into making their own original design ( that coffee making machine thingy) products and more.

Scgm is actually in a very interesting place. Its an old Johor company that a friend of mine works in, which history has very good margins and pays dividends consistently every quarter. It is very shareholder centric. However with the new smart factory in kulai, they are going through a very tight teething phase where they bit off slightly more than they can chew on the short term but with a return to the 20+ million earnings a year they enjoyed before once they move over to the new plant in kulai after 30th April 2019. Having said that, my good friend didn't seem so confident. So I would expect end of the year before they go full run on its plastic lunch boxes.

In terms of growth, they have more competitors today than before (6 new manufacturers at last count) but with the new plant they should be able to produce far more product at much lower prices in the future and take back market share. SCGM did have first move advantage after all.

I think until our population grows up, there will always be a good market for their products.

Below rm1 is a very good time to go in, as the business profits reduction is temporary occurrence. But why only 10% KC? I would buy more. By end of December, this will definitely got rm1.35 at least.

SAM I have commented before, it's an ok company which does aerospace engineering support.... But also does hard disk parts. This seems to me a slow growing company with some niche but unfortunately in a small industry(aerospace maintenance), so the company needs to diversify into another source of revenue growth. It would have been better if they had gone into designing their own mini jet engines, but hey, what can you expect?

For magnitech, I simply don't like the business model of relying more than 80% of its revenue and earnings from 1 single customer, Nike. The only reason Nike buys their garments from you is because of the exchange rate, you are dirt cheap, your labour efficient and you are subservient.

Any deviation and it is very easy for Nike to just bring it business somewhere else where it is cheaper and more efficient to do business.

I would recommend you to watch the Netflix crowdfunded documentary "True Cost" to see how the garments industry works. And how fast fashion companies like h&m etc etc are taking advantage of 3rd world countries in the quest possible way.

I don't know what gtronics does and I don't even know how to begin estimating the market and it's growth potential or even its moat, if it has any versus the local and Taiwanese and Chinese competitors which seem to be able to do the same thing at any time. So I don't even bother.

FPI prosonic is an interesting company, it has a growing business ( if you start from the great decline of 2014 of 400+ million revenues and 7 million earnings) and ever since the majority shareholder of winstron, a growing dividend. In fact, if you had bought it at rm1, you would be earning 10% dividend yearly. Looking at the huge net cash position of FPI( zero debt?), I think the dividends will be sustainable as the business grows.

The issue now is growth. As it is an ODM and OEM for the cheap speaker knock-offs, it doesn't have it's own brand to build up market reputation. These need time to build up, but the rewards can be very good for revenue growth.

Having said that I don't like the speaker industry. Its a very competitive market where the revenue is high, but margins are squeezed so tight very few companies are profitable.

Even famous brands like Sonos, bang & Olufsen, creative labs, JBL, Harman kardon are all going through a cycle of boom/bust which leaves me out of investing in the speaker market.

If you really want to invest in something small cap that is revolutionary, I would look to investing in creative labs, the little Singapore company that could. It launched a new system X-FI that can play 3D sound that fools your ears, with a regular speaker. This caused its share price to jump from sg1 to sg8 in one year, causing the Singapore exchange to launch an investigation.

Hmmm, I don't appreciate you using my name in your goal for making fun of other people. But if this is really KC chongz stock selection, let me try to give my business sense understanding.

Comfort gloves I think is an attempt to buy into the next best thing that is a small cap with the assumption that small companies will have a chance to run up higher growth than the bigger company. Sadly it doesn't with that way. The most efficient companies are TOPGLOV and HARTA and they can produce at far greater volume and cheaper price and better management. In the future next 5 years you will still enjoy many multiples of growth while comfort earnings will stagnate at the lower 30s. They don't have the size to competeb lower prices. They don't have special product that only they have (nitrile equivalent). And being put on the FDA import list to begin with is a sign of poor management tactics in cutting corners. I'd stick to buying TOPGLOV at rm8+ lows, and HARTA. It has much better growth opportunities.

Oh god. Fintech startups in Singapore like numoni? Bye bye rm120 million...

I accept said apology. Especially since it has allowed me to purchase Gkent at rock bottom prices. If and when it goes up to its previously traded price of rm3.89 before the election, I will be sure to treat the management of Malaysia today a big thank you buffet.

And in terms of comparison to other mining companies, what I should have specified was not what they were mining, but how efficiently they are mining it. I used to look at cliffs(NYSE) before. The key metric for commodities has always been, how much did it cost them to dig it out of the ground and sell it, versus how much the market is willing to pay for it. Cliffs was usd1.5 in 2015, a 7 bagger today.

If you notice, this is also how Warren invests in his oil stocks and rewards his executives. The bonuses and compensation plans are based on reducing oil finding costs, not increasing profits and revenues ( which will be high when oil price goes up, and low when the oil price goes down).

I would try to find out something like this for grr and it's high grade ore competitors.

https://www.businessinsider.com.au/iron-ore-breakeven-rates-major-miners-macquarie-bank-2018-1

Some last thoughts.

For me, I'd rather a company that has core competency in iron mining and understands that market industry invest its extra cash in associates doing upstream activities, buy more efficient machines and automation systems, pay their workers better, increase headcount etc rather than venturing into investments they know nothing about ( like property development).

Hi, I think you don't analyse your company enough, to be honest.

As a minority investor, you will never get your "business" for free. The cash balance, cash in hand, assets and etc will not be something that you can be an active part in. As a minority, your only definite part of the company will be is share price increase, dividend yield and share buybacks.

Like your have previously said, other mining companies have bigger share price increase over the longer term. Why is that? Could it be due to rights issue, share buybacks, lower dividends, warrants, bonds etc?

A big part which is often overlooked is the quality of management. I understand it is 42% Chinese owned and managed. Is it shareholder centric? What are the returns on shareholder equity?(ROE) Is it growing it's equity organically in its core business, or is it taking the easy way out ( like many bursa companies) that venture into property development.

And yes you hit the nail in the head, estimating growth rates should be one of the key valuation before you buy the stock.

I like to practise the exercise of Peter lynch in this, which I think is a brilliant guy (read the book one over wall Street). First, SCUTTLEBUTT. Find out from friends or investor relations you know in the mining industry in who the big dog is in Australia. How efficient grr is in remain to that big dog etc. Is the management more capable or just so so.

Then you try to split the company into one of these groups, fast growers, slow growers, stalwarts, turnarounds, cyclicals, asset plays and be clear on the reason you are buying them. Each one has a particular strategy.

Never underestimate the importance of good management.

Hi amateur apprentice.

For me I try to understand the business that I'm in first and foremost. What industry is it in, what makes it special versus it's competitors etc.

I don't really like the mining industry, as it is more a boom bust cycle usually as the business goes up and down in uncontrolled ways that constantly surprise me.

But may I ask you, why did YOU invest in the stock?

Was it chiefly for the 7% dividends?
Its there any specific growth trigger in the near future that is accountable? ( I wouldn't use rough terms like demand and optimism as specific) unless it leads to firm big orders from some major clients.

Any particular reason you chose grr in terms of competitive advantage? I noticed there is a huge cash pile ( which as minority shareholders you will never see) but are they doing anything with it?

I usually benchmark growth rates with comps like vale, Freeport and Rio tinto n terms of how to imagine my growth triggers for mining companies.

The magic word always seems to be integration.

At least I AM an engineer, unlike fake engineer/ex-investment bankers/ retirees who talk too much story and make up so many ideas in their minds about points of views. And worse, any random guy who disagrees with them gets called stupid and idiot and all sorts horrible names.

Your comments are useless and add no value to the conversation. If you don't have anything constructive to add, the JAKS thread is to the top and left.

>>>>>>

con8888 Operation guy talks operation

They can't see things from vantage point of view
02/04/2019 8:01 AM

Luckily stoneco(Nasdaq) and stone master(bursa)huge difference

As an technical manager who does tenders all the time, I would argue that it is a redesign and cost savings project, and in many ways is almost an entirely new project. The costs are different, the goals of the project is different. Even the people doing it are different.

>>>>>>>>
its more complicated than that. ...its not a fresh contract.
01/04/2019 11:22 AM

As a project delivery partner before, the lrt3 ballooning costs to 31 billion for a 40 km track( light railway some more) is not part of their scope, as gkent was just monitoring all the other portions done by others. So when other companies like gamuda etc dropped from their awarded contract, you know for sure it was due to corruption. Yes you are right the value is smaller this time around. But I would argue the fixed price contract now is actually more profitable before, since they no longer have to absorb 24% taxes for others, and award bogus work for minister linked subcontractors. The cost savings from managing and doing the full works for entire project with proper run companies will actually be more valuable in the long run.

>>>>>>>>>>

Also i think much revised amount could be the "undertable for BN" or commission to third parties.

Ok Calvin. You win all also. No need to over promote so much. If you are right you are right. Why scold and cajole others to buy your stocks?

You can't force me to buy your crap.

If your investing works then it works.

Being angry at the world does not help

Bye bye icon8888, I delete my comments and CFO thought process so you win all. Let you win all your beloved JAKS. I'm sure you think it is a wonderful investment. Too bad the CFO doesn't think so.

Calvin bought at 4 cents. But luckily he only bought 4.5 cents, and 100 lot so losses not so much. So no dividend as yet.

This is called 自己讲自己爽. All looking for confirmation bias, not trying to learn something new every day.

You mean only investors in JAKS can comment in this thread? Okay, my apologies, I will delete all my queries.

>>>>>

i3Value Malaysian favourite past time - argue for sake of arguing.

Nothing also can find something to argue.

If you invest in Jaks, fair you make comment here. If you not invested in Jaks and have no intention to invest in Jaks, what you doing here?
01/04/2019 1:21 PM

Well, if they invited my boss for redesign tender negotiations instead of a GLC bumi company third party, they are in the right track.

Hi Tracy92,
I am under obligation(to my self) to inform you that you will earn rm3500 or 3% dividend of your purchase price of 1.17. but also note usually after ex dividend, the stock price will usually also drop by 3.5 cents in the short term after dividend ex-date.

>>>>>>
osted by tracy92 > Apr 1, 2019 11:14 AM | Report Abuse

Hi Philip, thanks for ur recommendation. I bot 100,000 units @ 1.17.

Fresh contract or not, gamuda gave up their "revised" contract because they know they can't make money off of it.

The fact that gkent signed off on the revised lower contract is because it is now a redesign and fixed price contract.

Only those who did not have to pay much under the table money will dare to take up this contract.

Hi Calvin, my bad bet into Gkent is paying me 3.5 cents dividend on my cost purchase of 1.12 next week. That 3% dividend.

My bad bet into PCHEM at 8.20 is paying me 18 cents dividend last week. That is 2.2% dividend.

All those are paid via earnings and profits from existing business.

Yahoo. Especially since I am reinvesting my profits into more shares.

How much is talamt paying you to wait? Buying it at 8 cents(or 4.5 cents, whatever) and holding until today, how much dividend are you getting? How much profit are you enjoying from your stocks?

I don't understand that remark. I do understand I'm getting 6% dividend per annum in existing business, plus guaranteed profit from LRT3 11.8 billion contract incoming.

Is talamt paying you dividend over your 3 years since you bought it at 8 cents?

>>>>>>>
Posted by calvintaneng > Apr 1, 2019 8:16 AM | Report Abuse

why buy gkent when

COST IS HIGH NOW WITH PETROL RISING?

Wow, one day stop heavy promotion on a stock also cannot? Calvin tan I really need to know, what is your angle? Even using religion and Christianity as a tool for you to sell stocks? Please don't mix those 2 together, it is really humiliating, like Jesus going into his Father's house and finding all the merchants buying and selling idols, livestock's for sacrifice and gambling.

Jesus wept.

Gkent also does not have a history of ever losing money in the last 15 years. Shockingly, gkent has enough projects and growing business that they do not need to venture into property development, which is going to cause a long term recession in Malaysia for many property developers in the housing glut( not really glut, but so expensive locals can't even qualify for loans anymore).

Did I mention Gkent has a history of having net assets of CASH? A liquid and stable currency? It has 200 million more cash than naim which it deploys carefully.

Naim is 400 million in debt, and most of its "assets" are in land held for development (which is worthless unless developed) and interests in associates (naim land sb etc 300 million).

Its funny you should name NAIM. I know them well. They are based in Sarawak, a Sarawak politically linked company, building property that local sarawakians can't afford to buy. Their assets are pieces of jungles that were raped of timber, and land that has a 70 year expiry date. Yes, did you know that houses in Sarawak have a 70 year lease as compared to freehold property in Peninsular? Most kids who cant qualify for housing loan won't even know this. Very sad.

Worse of all, NAIM still owes me money (technically, my boss) for projects completed and handed over and sold. 2 years impaired, lawsuit and delayed. They used their "associate" company to award, which then turned into a 2 dollar company, that lawsuits will not have an effect on.

2 metrics to compare a business is just plain silly.


>>>>>>
gkent history of EPS and NTA not as great as Naim.

So now LGE award lrt3 contract to gkent revision at 11.8 billion last month feb 2019 is also because is LGE golf buddy? Its an open contract, only the companies doing proper job get the works.

If not, why did gamuda give up the contract tender after price revision?
>>>>>>
Gkent awarded LRT3 previously bec Najib golf buddy?

I never said I hate econpile, I just said I hate property developers, which is 50+% of econpile customer base. The possibility of property developer delaying and stop payments will become higher as time goes on. Government is more reliable, but with LGE at the helm, the possibility of mega projects under new government compared to old administration will be much lower, for the short to mid term.

Why? Just because it is going up?

As a subcontractor, some costs cannot be "managed". I believe in the future there will be more and more lawsuits and payment delays for econpile property developers ( and government projects).

If I had to choose a company, I would rather choose a good developer/maincon over a good subcontractor.

They always seem to get the shaft.

Notice how I always stick to QL, WEIDA and TOPGLOVE. Best paymasters in the market. I have yet to see a property development project where my boss is not forced to contra a unit or 2, or 10.

My advice if you really want to invest in construction line? Try to stick to companies which have more business units in top of their core competency, like trading (gkent water meter and wtp operation and management contract), manufacturing ( scientex film wrap business and property development, operations and management ( cypark with is environment engineering... And landscaping).

Not that I am shamelessly promoting those stocks, but I just hate property developers with a vengeance.

I do not see a good end to property developers in the short to medium term.