Bought by Spore Far East/ Sino Land for over Aud 1.2m per room! Based on that Intercon Sydney must be worth at least Aud500m!! It is also undergoing a refurbishment to be ready next year when hopefully international travel resumes!!

Also the Intercon Sydney has the best views of Opera House, sea and the Royal Botanical Gardens. It is carried in books at Aud 200m for a 509 room hotel bought in 2004 or Aud400k per room. Westin Sydney was bought by East t

Mulpha owns the ultra luxurious Hayman Island resort where the 168 rooms go for AUD1k per night. Mulpha can easily sell it for AUD300m today against its book value of just over AUD110m.

There is no reason why the company's shares cannot trade above the price of the rights issue of RM2. 50 after 5 years given that most of their assets are in Australia and the property market there has been growing for past 2 years. Also is a very good hedge against the issues in Malaysia. But perhaps not many people are aware!!

If the earnings momentum in 1H continues into 2H and add EP disposal gain, EPS this year will be RM1. 70 vs share price of RM2. 16.....not to mention estimated RNAV of around RM12-13!!!

No dividend ever paid I believe but company assets looks fundamentally good. Abit like Berkshire Hathaway where there is no dividends!

2Q results 10cts earnings! NTA almost RM10 per share not to mention the super profits fr EP sale to be completed in 3Q.Alsp most of Australian assets acquired many years ago so plenty of potential revaluation surpluses!

Meanwhile write to MSWG to lobby company to pay dividend from the disposal since it has not paid dividends for more than 10 yrs!!!

Very good analysis above. I estimate major shareholders probably own 60%+ based on companies linked. A share buyback likely increase this to 70%. Should delist here and relist in ASX!!

Also the market cap now only 700m and hence max buy back is 10% or 70m leaving 400m for some Div distribution like Pelikan. Pls write to Co as well as MSWG or Bursa....

Finally investors are waking up to the deep value in Mulpha! Read in Annual Report they also own a hotel in Auckland NZ and in Mayfair London 5 star!!!

Moreover when u consider that 85% of their assets is in Australia and only 15% is in Msia they are shielded fr the economic and political issues in Msia and their big asset in Msia ie Leisure Farm was acquired in the early 1990s so very undervalued against present prices and very close to Spore.

Pls write to company to ask for some of proceeds to be used to pay dividends...

Missing news of big dividend!! Everyone likes that!!

If they use the proceeds to pay dividend only then stock will move

Just announced sale of stake in an online education bizness in NZ to PE fund KKR netting profits of over RM400m or RM1. 34....tomorrow limit up!!!

Another under valued counter as they own 3m shares in Great Eastern Life alone is worth more than their market cap and the rest of the assets incl cash come for free!

Most of their land bank was acquired very cheap and long time ago. The lands are next to the ones that had recently seen UEM Sunrise and SP Setia selling to AME and Scientex at values easily 3x more!!

Super value company as RNAV is RM13 of which RM4.1 is net cash. Per share. Less share price of 5.2, remaining RM1.1 is against almost RM8 of assets! Also diversified asset base beyond Msia and Div yield exceeds 3%.

Very good results and NTA close to RM10. Most assets are in Anzac so shielded fr Msia problems. Not many people know that....

Yup yup

Remember to Vote YES to both resolutions

With TAE shares now only 56 makes even more compelling to support the proposals as this would likely trigger an MGO at 65.5

Vote for Both resolutions and let him have the company. TAGB shareholders also go for cash for he can have both companies!

That is only way to exit both companies as minorities are not well treated by Dtk TT.

And we must also approve the issuance of new shares to Dtk TT so that this will also trigger an MGO for T
A

TAGB shareholders will likely opt for cash than TAE shares and trigger MGO for TAE. Otherwise shares will drop as this is Covid times so hospitality industry is badly affected.

Yes you should vote Yes for both resolutions

Every Yes vote counts! Pls vote!! Don't abstain

Pls vote For by 30 Nove. 2 days if via proxy. Not later than 28th

Mostly FX and investment due to weak market in 1Q. Should reverse in 2Q

Hotel is a long term bizness and no doubt will face better times. As minority shareholder shall we hold it for long term knowing that Tony Tiah doesn’t treat us with respect. As a seasoned broker her can always manipulate the price downwards unlike Robert Kuok where Shangri la Asia is traded highly. He is always trying to squeeze us and even don’t want to pay any dividends for last year. After holding TAGB shares for nearly 10 years I am fed up as he TT is a leapard that won’t change his stripes. When he tried to take over TAE he triggered a GO also for TAG but that time 2 years ago price was 31ct. He doesn’t even have decency to offer 31ct but knock down by 10%!

Don’t trust him that over next 10 years things will change.

Anyone know when is the EGM? The takeover of TAGB is a non brainier at 28cts as dirt cheap and no reason for anyone to reject.

I agree as shareholder of TAE it makes sense to buy TAGB as it is such a steal at 28cts per share vs the RNAV of between 110cts to 117cts.

You can’t lose at that bargain price Covid or non Covid as markets will recover eventually as can be seen right now as countries are opening up and the TAE Group has more than RM1bn cash to weather this through.

However even that there is deep values in both TAE and TAGB Tony Tiah does not have a good reputation in treating minority shareholders so it is best to get out as he will continue to try to squeeze them.

This is very sad and perhaps the MSWG should look into and attend the EGM of TAE to speak out on their behalf.

Sell to TAE at 28 cash as share exchange not worth it.

Vote for takeover and TT will be forced to go MGO for TAE at 65.5. At this market most minorities will opt for cash and not TAE shares under the VGO.

TT made money in the boom times in Msia in the 90s and use the monies to buy cheap assets outside the country.....can google easily...

Impossible as they have a lot of cash

A company with more than RM1.2bn cash won’t go bust.

As TT has tried to privatise TAE and TAG twice thru the various exercises then SC should allow him!!

In 2019 TAE had earnings per share of 8.58 cts yet pay only 1 ct dividend. So stingy despite got almost RM1.2bn cash!

TT has bad reputation in market and with authorities.

Hotels will open up eventually. Company got RM800m cash so can survive

Minorities should write to SC to request as reason is not strong as TABG is already a sub so results are consolidated anyway and payment is mainly in shares. TT is just stingy and don’t want to increase price and doesn’t want to come up with cash....

Should write to SC, Bursa and MSWG to reject as no real reason to abandon VGO. TAG already a sub and PAC receiving shares so cash outlay is zero as TT subscribing to new TAE shares....