Big Payment ~30 million for THE PEAKS project coming in, so should be reflected in the next quarterly with 8 to 9 sen/share profit surge and maybe 4sen bonus div

Intention to deal by insider during next quarterly reporting period. something is up.

China just banned all new company bond issues. Highly leveraged China developers won't be able to get refinanced now. Iskandar will be Johor's first GHOST CITY.

buy now and catch a falling knife, mulpha below 40 cents soon...

time to short BJ Corp.

With economy downturn, GST, increased petrol price BJ Corp holdings will be hit big time. UH OH! Bj Corp earnings will turn negative and lose money.

BJFood , BJ Auto all falling back down to $1

Interest rate increase, BJ Corp $6 billion debt JIALAT liao...

Better sell and run. Tide is going OUT...

coming soon BJ Corp 40cents

MOLG cloased down further at $8. Dead cat bouncing all the way. Their only business is epayment for game credits in M'sia which is very limited and only generating a few million profit. Paypal is already in malaysia and will expand in Asia leaving scraps on the floor for MOLG.

Overall BJ Corp major cash flow still sucks and it has very high debt levels. Any spare cash should be used for paying back it debts.

currently it is still a BLUE $hit with poor business fundamentals only worth a punt with spare cash.

Caveat Emptor

As I previously posted, MOL is lousy local payment business trying to list in USA so won't contribute to BJ Corp cash flow at all and now with sharp drop in price, wont contribute much to NAV.

Would not be surprised when share price drop below 40cents.

With the FED stopping the music in OCT, markets are already reacting.

Better hold cash in hand and own some good dividend paying shares with solid fundamentals.

Once again I will say,

Faced with a wall of debt and possible increase in interest rates, there is a very high risk in investing in Mulpha or any property stocks with Johor exposure in the short term.

Most people don't realise that with high debt/gearing and doing developments in bouyant and peaked property markets, this stock is just waiting to be shorted.

RISKS :
1) VERY High debt
2) Low demand / High Vacancy development
3) Interest rate increases

"Only when the tide goes out do you discover who's been swimming naked." -WB

-not vested-

Price has more or less bottomed at this level and does look very attractive for accumulation.

Insider moves seem to be still ongoing though. One would expect insider buying to taper off sometime in the future, so as not to look like "insider trading", the timing of the up move will be when the insider buying stops for a couple months???

Given that the recent land sales could act as a catalyst for a much improved report next quarter, if insider buying tapers off the chance of possible upside coming would be there.

sunztzhe,

Yoy top line has had good growth. However bottom line as we can see is very poor. Something must be losing money for BJ Corp, I have not had the time to delve into this, but just from the cash flows you can see that profitability at this billion dollar Corp is really too poor.

Just based on NAV, there are many companies also trading at large discounts with poor quality earnings which haven't had much move in the share price yet as well.

It is trading very close to its lows and will likely remain at this level until someone decides to pump it up or if there is a strong earnings recovery.

If you look at the $1.70 price reached in 2010 (not sure what the trigger was for that??) there is potential for sharp and fast rise. can just put on watchlist and collect on big dips if you are long. or for trading, wait till the next quarterly report and rebound in EPS.

For this stock the paltry dividends do not warrant me to buy and wait. I always prefer to buy stocks that pay good dividends to me whilst I wait for them to rise.


RAYVIN TAN YEONG SHEIK
01/10/2014
Disposed 5,000,000 Warrants

Indirect/deemed interest (units) 70,858,249
Indirect/deemed interest (%) 10.12
Date of notice 02/10/2014

Unexpected contradictory move to other insiders buy-in. As we can see not all insiders are buying in. One would expect him to keep the warrants if the share price was going to make a big move upward soon. Maybe move coming but not so soon.

Thanks for appreciation ganasai.

Indeed this counter is undervalued to NAV of 1.30

However on closer look of its books,

It has 20.754 Billion of assets with 9.510 Billion of liabilities(4.785 Billion which is coming due this year, no surprise why they are selling land to pay for it.)

High finance costs and income tax are also eroding earnings significantly.

Cash flow from operations is NEGATIVE.
Cash flow from investing activities mainly contributed by disposal of investment insubsidiary.
Cash flow from financing is also NEGATIVE.

Operating cashflow negative is a concern as this means the main supposedly very profitable operations like Toto betting operations and Marketing of consumer products and services(Cosway) are not bringing in the money. So either margins are very poor or there is very poor cost control.

Despite the supposed undervalueness to NAV, the "quality" of BJ Corp Holdings' businesses seems to be very very poor.

I highly suspect the Marketing of consumer products and services segment which has majority of revenue is being run properly.

In the short term earnings will be boosted by recent land sales (>15cents EPS coming in)

For longer term investors, better wait for earnings from operations to improve first before jumping in.

Gains from holdings will not show in earnings but will be reflected in the assets section and will also show as an increase in net asset value.

Unless BJ Corp decides to dispose of BJ Food or Auto, the gains will not be booked as income as no sale has occured.

Therefore calculation of PE ratio with these gains is INACCURATE.

However the corresponding rise in NAV will be there for the company, whether market reacts is another question.

BJ Corp is still pretty highly geared and can be impacted adversely by any downturn in economy as its many holdings will depend a lot on local economy. Interest rate hikes will also likely be negative for it.

However recent large asset sales are a welcome development.

0% ICULS buy in past couple months is probably so they can be converted 2 LS for 1 main share. This will also allow accumulation with minimal effect on share price.

MOL.com IPO will be worth about RM half a billion plus RM to BJ Corp. That is only if share price maintains after IPO, unlikely as MOL.com revenue/profit growth is very limited to M'sia only. Friendster has lost to facebook, not many ppl using now.

However the recent accumulation by insiders is a very tell-tale sign that this stock is very likely to be pumped and dumped.

The recent sale of plantation land for 700+m is very encouraging though, at least management is taking the chance to sell of assets at the peak of market.

Calvin I find your posting here full of propaganda and many things you said are false.

Inconsistency as below :

"And they are all fully booked by HK & Indon Tourists." UNTRUE, going to legoland hotel website and key in the dates, I can easily book a room for the rest of the month for many room types.

You are S'porean dun LIE to M'sian about KL history lah pls. Sungai Wang Plaza was built next to Low Yat Plaza which in turn was built on the old car park of Federal Hotel. There was no rambutan plantation there lah.
http://i109.photobucket.com/albums/n59/stimix/BktBintangin1960.jpg

The more BULL you talk, the more Malaysians here will laugh at you. Dun make yourself a laughing stock please.

Bukit bintang location in KL CBD is like Pelangi area to JB CBD. Comparing Leisure farm to bukit bintang is like comparing Durians to Rambutans. Different things lah bang'

High Speed train won't be built so fast, took them so many years to even agree on the Tuas link and today still bickering over the causeway toll.

Minyak naik, Mulpha tak naik lah.

Just drove down to Puteri Harbour and Iskandar area yesterday. Trader's hotel and Hello Kitty land are complete. There is some shopping now and the Starbucks facing the straits allows you to have a classy coffee with a view. Also a new small ferry terminal. Otherwise there are even more apartment construction going on everywhere. Unfortunately it is still pretty far from CBD and it seems they are just trying to replicate Putrajaya. Whole area is reminiscent of the "Ghost cities" in China as you drive through. This whole area is gonna be an empty tourist attraction in the future. In JB the current more happening areas are at Sutera Mall area and Bukit Indah areas.

There will be some value in Leisure farm for Mulpha but currently the whole area is just having an artificial boom from overseas investment which can dry up pretty fast.

Calvin you sound like a Joker buying only 20lots at 45c. Mr Lee is probably fictatious as just by looking at trading volume, don't see any 40million volume @ 46cents. Unless its a private transaction which would have been announced on the Bursa website anyways. Your value picks and analysis are quite good but only traders "SHOUT OUT" on the forums.

If property markets in China and Singapore both continue to cool into the new year, new project launches will start getting cancelled.

Iskandar is just a bigger version of the LegoLand theme park there. Pretty to look at but pretty much useless.

If you do your due diligence, you would already know that there have already been increasing numbers of cancellation of purchase for the many upcoming projects in the Iskandar/Danga Bay area these couple months. If you haven't done your DD yet, then you probably should stop speculating and come down to JB have a look first.

Iskandar tak boleh lah.

Crappy dividend, astronomical gearing, acres of plantation land in a property bubble region with no supporting fundamentals. Gelang Patah is a place you go makan mud crabs and play golf, not buy a house for your family. Lack of basic facilities like schools/shops/eateries. Gonna be another white elephant project.

The recent fast decline of almost 20% shows just how weak the stock is. This will be a classic value trap until the next property cycle comes around.

Good summary of projects in the Iskandar region.
http://www.propertylifestyle.com.my/buzz/johor-chokes-on-property

good summary of what is actually happening on the ground.
http://www.malaysiapropertynews.com.my/2014/08/property-slowdown-evident-johor.htm

The toll increase to RM16.50 round trip and SG's tit-fot-tat response of SGD6.5 which starts on 1st oct will be a drain on bilateral ties and pockets. It will be in the long-longer term, maybe >10 years before they can successfully arrange any new rail/causeway infrastructure, look at how many years it took for a simple Tuas Second Link to be built and the unsuccessful utilisation rates.

UEM Sunrise Bhd,( Mulpha's JV friend ) slashed its sales target for 2014 to RM2bil from RM3.2bil just recently.

The properties in Iskandar are just being traded like hot cakes with no fundamentals. Once they cool down and people find them not so yummy, in the bin they will go.

"We'll see"

Calvintaneng is pretty quiet now, about time.

Investors (mainly Singaporeans) are not buying in Iskandar anymore. CapitaLand has delayed construction (more like exiting) and Chinese developers are having their own liquidity problems back home (Country Garden recently had to do a right issue in HKSE.) Faced with a wall of debt and possible increase in interest rates, there is a very high risk in investing in Mulpha or any property stocks with Johor exposure in the short term.

Recent stock action is just a response in the wider market to macro economic happenings.

"Only when the tide goes out do you discover who's been swimming naked." -WB