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2021-11-29 09:55 | Report Abuse
The investment thesis behind buying BJCORP’s shares today can be described as being a turnaround. For the uninitiated, a turnaround refers to a corporate exercise where new capable management is brought by shareholders into a dying company to revitalize it, and breathe new life back into its desiccated corpse. For obvious reasons, being an investor in successful turnarounds can be extremely profitable, as the share price of the company prior to the successful turnaround is likely to be depressed. But at the same time, successful turnarounds are quite rare, as poor businesses tend to be poor for good reasons.
As such, most investors tend to shy away from investing in turnarounds as the uncertainty involved is usually high. If you’ve read my earlier report about Why Value factor investing > Growth factor investing, you’ll understand what I mean when I say that investors hate uncertainty - because it makes the future difficult to forecast:
Stock
2021-11-29 07:53 | Report Abuse
EQUITY
✨ Berjaya Corporation (BJCORP: 3395.KL) -
While I’m not trying to allude to the notion that Berjaya Corporation’s (BJCORP) outlook shines anywhere near as brightly as GEICO’s did then, it is most certainly the ASEAN security that I like best today. The current share price can only be described one way - mispriced - where the presence of the Efficient Market Hypothesis (EMH) is completely absent. The bid and ask prices of its shares today may as well be set by a 5-year old chimpanzee throwing darts at fish in a barrel, and this is a sentiment shared by others as well.
To be fair, this is by far the largest small-cap company I have ever come across, for the simple reason that this company is actually a conglomerate - but whose share price has since fallen to small-cap levels. BJCORP is actually the parent company of all the listed Berjaya subsidiaries owned by the founding Tan family (‘berjaya’ means ‘success’ in Malay), as evident by the mindboggling complexity of its ownership struct
The web of entangled ownership of the entire Berjaya Group (not only BJCORP) - taken from CLSA’s April 2021 report below (click this image to expand)
Reach out to CLSA Malaysia at the highlighted contacts above for the full report
As you can see from the chart above, this web of entangled ownership shared between all the listed Berjaya subsidiaries is an absolute nightmare to untangle. I’d like to take this opportunity to apologize to all my loyal readers for going MIA over the past two weeks - because the more answers I sought from this company’s financial statements, the more questions it begot; and I ended up tunneling into rabbit hole after rabbit hole trying to find answers for the new questions that kept cropping up.
In many ways, my learning experience when analyzing this company resembled my learning experience when I was first studying macroeconomics - visualized as trying to understand many individual pillars of knowledge, but where you needed to understand some parts of other pillars before you could fully comprehend the one you were currently on.
In the end, I decided that it was futile trying to develop an airtight comprehension of this conglomerate’s financials in a reasonable amount of time...
Stock
2021-11-29 07:52 | Report Abuse
EQUITY
✨ Berjaya Corporation (BJCORP: 3395.KL) -
While I’m not trying to allude to the notion that Berjaya Corporation’s (BJCORP) outlook shines anywhere near as brightly as GEICO’s did then, it is most certainly the ASEAN security that I like best today. The current share price can only be described one way - mispriced - where the presence of the Efficient Market Hypothesis (EMH) is completely absent. The bid and ask prices of its shares today may as well be set by a 5-year old chimpanzee throwing darts at fish in a barrel, and this is a sentiment shared by others as well.
To be fair, this is by far the largest small-cap company I have ever come across, for the simple reason that this company is actually a conglomerate - but whose share price has since fallen to small-cap levels. BJCORP is actually the parent company of all the listed Berjaya subsidiaries owned by the founding Tan family (‘berjaya’ means ‘success’ in Malay), as evident by the mindboggling complexity of its ownership struct
The web of entangled ownership of the entire Berjaya Group (not only BJCORP) - taken from CLSA’s April 2021 report below (click this image to expand)
Reach out to CLSA Malaysia at the highlighted contacts above for the full report
As you can see from the chart above, this web of entangled ownership shared between all the listed Berjaya subsidiaries is an absolute nightmare to untangle. I’d like to take this opportunity to apologize to all my loyal readers for going MIA over the past two weeks - because the more answers I sought from this company’s financial statements, the more questions it begot; and I ended up tunneling into rabbit hole after rabbit hole trying to find answers for the new questions that kept cropping up.
In many ways, my learning experience when analyzing this company resembled my learning experience when I was first studying macroeconomics - visualized as trying to understand many individual pillars of knowledge, but where you needed to understand some parts of other pillars before you could fully comprehend the one you were currently on.
In the end, I decided that it was futile trying to develop an airtight comprehension of this conglomerate’s financials in a reasonable amount of time...
Stock
2021-11-29 07:34 | Report Abuse
EQUITY
✨ Berjaya Corporation (BJCORP: 3395.KL) - Part 1
Radio show host: "What do you think BJCORP's shares are worth? Between RM 5.00 - RM 10.00?" CEO: "Yes. Closer to RM 10.00." Current share price: RM 0.25
Aaron Pek
Nov 27
1
Berjaya Corp's new 3-year plan sees reorganisation of 5 core biz segments
New CEO Jalil Rasheed poses in front of the Berjaya Corporation logo
BJCORP’s new CEO Jalil joined the company in March 2021, and has been public about how he thinks its shares are severely undervalued. The investment thesis for BJCORP is a turnaround thesis.
Despite looking like a conglomerate on the surface, >80% of BJCORP’s revenue actually comes from the Consumer sector - which dramatically increases the feasiblity of the turnaround, compared to a traditional conglomerate.
BJCORP was very badly run in the past - hence the base-case scenario is for them to simply return to industry baseline performance. No magic tricks are expected from the new management team.
If they can do that, the conservative 5-year CAGR estimate is north of 40%; while the optimistic 5-year CAGR estimate is up to 70%.
Did you know that BJCORP has listed long-term warrants? You can juice up the above returns even further, while adopting only marginal incremental risk.
In his short time at BJCORP, Jalil has demonstrated himself as a capable business operator, with a significant focus on prioritizing optimal capital allocation - arguably Buffett’s topmost key performance metric.
Stock
2021-11-29 04:35 | Report Abuse
EQUITY
✨ Berjaya Corporation (BJCORP: 3395.KL) - Part 1
Radio show host: "What do you think BJCORP's shares are worth? Between RM 5.00 - RM 10.00?" CEO: "Yes. Closer to RM 10.00." Current share price: RM 0.25
Aaron Pek
Nov 27
1
Berjaya Corp's new 3-year plan sees reorganisation of 5 core biz segments
New CEO Jalil Rasheed poses in front of the Berjaya Corporation logo
BJCORP’s new CEO Jalil joined the company in March 2021, and has been public about how he thinks its shares are severely undervalued. The investment thesis for BJCORP is a turnaround thesis.
Despite looking like a conglomerate on the surface, >80% of BJCORP’s revenue actually comes from the Consumer sector - which dramatically increases the feasiblity of the turnaround, compared to a traditional conglomerate.
BJCORP was very badly run in the past - hence the base-case scenario is for them to simply return to industry baseline performance. No magic tricks are expected from the new management team.
If they can do that, the conservative 5-year CAGR estimate is north of 40%; while the optimistic 5-year CAGR estimate is up to 70%.
Did you know that BJCORP has listed long-term warrants? You can juice up the above returns even further, while adopting only marginal incremental risk.
In his short time at BJCORP, Jalil has demonstrated himself as a capable business operator, with a significant focus on prioritizing optimal capital allocation - arguably Buffett’s topmost key performance metric.
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2021-11-25 20:55 | Report Abuse
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2021-11-25 20:42 | Report Abuse
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2021-11-09 12:23 | Report Abuse
正确的，跌的时候买，跌的再买，跌的再买。 .没钱买的时候VT说拜拜，是不是很眼熟？哈哈哈
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2021-11-05 11:08 | Report Abuse
正确的，跌的时候买，跌的再买，跌的再买。 .没钱买的时候VT说拜拜，是不是很眼熟？哈哈哈
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2021-10-19 19:25 | Report Abuse
已经第 4 季度了吗?
BERJAYA CORPORATION BERHAD
Financial Year End 30 Jun 2021
Quarter 4 Qtr
Quarterly report for the financial period ended 30 Jun 2021
Revenue
RM1,754,892,000
2 Profit/(loss) before tax
(RM208,104,000)
3 Profit/(loss) for the period
(RM272,322,000)
4 Profit/(loss) attributable to ordinary equity holders of the parent
(RM242,574,000)
5 Basic earnings/(loss) per share (Subunit)
(4.23 sens)
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2021-09-30 14:20 | Report Abuse
You only play with crooks if you understand their behaviour. If they ask you to buy or hold do the reverse instead :D
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2021-09-14 10:50 | Report Abuse
According to Sifu Calvin many has died betting on the wrong horse. Will the general be next?
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2021-07-22 10:37 | Report Abuse
同一个故事不同的演员？
Frankly Speaking: Same script, different actor
TheEdge Mon, Jul 19, 2021
In 2018, the founder of Berjaya Group, Tan Sri Vincent Tan, made a grand announcement of restructuring the group that essentially involved unlocking its undervalued assets.
As part of the restructuring, he mapped out plans for his flagship company, Berjaya Corporation Bhd (BCorp) to take over 7-Eleven Malaysia Holdings Bhd, privatise Berjaya Land Bhd (BLand) and list the hospitality assets within the group in Singapore.
Subsequently, BCorp sold its hotels in Kyoto for US$700 million (RM2.93 billion). But there was not much progress on the rest of the plans.
Now, Berjaya Corp CEO Abdul Jalil Abdul Rasheed is also talking about privatising the undervalued BLand as part of his plan to restructure and transform the group. He has also said that no timeline has been set for the privatisation but hopes it can be done “sooner than later”.
A strategic initiative in the corporate world calls for speed in decision making and obscurity in the level of information disseminated. If there is going to be a takeover, the element of surprise is key to the success of the transaction.
Any discussion pertaining to a privatisation exercise should be kept within the four walls of their discussions until the promoters are prepared to launch the initiative.
It is rare for major shareholders or their professional managers to talk about privatising undervalued companies within the group publicly. If a privatisation is on the cards, they should just firm up the finances and launch the takeover.
There really is no need to talk about it in public, unless they are really not serious about it.
Abdul Jalil also broached BCorp’s disposing of its crown jewel, which is Berjaya Sports Toto Bhd (BToto), as it operates in a highly regulated environment. It will be interesting to know if the major shareholder also subscribes to his views because BToto has always been the cash cow that has helped Tan anchor the growth of BCorp, which has interests in a diversified field of economic activities, ranging from retail and food to property development and telecommunications.
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2021-07-22 10:36 | Report Abuse
同一个故事不同的演员？
Frankly Speaking: Same script, different actor
TheEdge Mon, Jul 19, 2021
In 2018, the founder of Berjaya Group, Tan Sri Vincent Tan, made a grand announcement of restructuring the group that essentially involved unlocking its undervalued assets.
As part of the restructuring, he mapped out plans for his flagship company, Berjaya Corporation Bhd (BCorp) to take over 7-Eleven Malaysia Holdings Bhd, privatise Berjaya Land Bhd (BLand) and list the hospitality assets within the group in Singapore.
Subsequently, BCorp sold its hotels in Kyoto for US$700 million (RM2.93 billion). But there was not much progress on the rest of the plans.
Now, Berjaya Corp CEO Abdul Jalil Abdul Rasheed is also talking about privatising the undervalued BLand as part of his plan to restructure and transform the group. He has also said that no timeline has been set for the privatisation but hopes it can be done “sooner than later”.
A strategic initiative in the corporate world calls for speed in decision making and obscurity in the level of information disseminated. If there is going to be a takeover, the element of surprise is key to the success of the transaction.
Any discussion pertaining to a privatisation exercise should be kept within the four walls of their discussions until the promoters are prepared to launch the initiative.
It is rare for major shareholders or their professional managers to talk about privatising undervalued companies within the group publicly. If a privatisation is on the cards, they should just firm up the finances and launch the takeover.
There really is no need to talk about it in public, unless they are really not serious about it.
Abdul Jalil also broached BCorp’s disposing of its crown jewel, which is Berjaya Sports Toto Bhd (BToto), as it operates in a highly regulated environment. It will be interesting to know if the major shareholder also subscribes to his views because BToto has always been the cash cow that has helped Tan anchor the growth of BCorp, which has interests in a diversified field of economic activities, ranging from retail and food to property development and telecommunications.
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2021-07-13 13:19 | Report Abuse
扎里勒没有肉的时候那么多美谈有什么用？
https://youtu.be/bDdMRL9J4MY
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2021-07-13 11:33 | Report Abuse
jalil 你的谈话很美，但肉在哪里？
https://youtu.be/jU3WkLLgUPE
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2021-07-01 16:20 | Report Abuse
奋斗一生，见终?
https://youtu.be/dQxSn8aGkFg
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2021-06-21 17:02 | Report Abuse
扎里勒你听到人们唱歌了吗？
https://youtu.be/2_RjOJuwdq0
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2021-06-21 13:36 | Report Abuse
努力太少，为时已晚!這個股票上下太慢了尤其是今年最少要等幾個月到1年才有什麼長进,很多人死在她上的時候!
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2021-06-17 16:48 | Report Abuse
扎里勒你听到人们唱歌了吗？
https://youtu.be/2_RjOJuwdq0
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2021-06-15 14:52 | Report Abuse
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2021-06-10 14:31 | Report Abuse
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2021-06-02 09:43 | Report Abuse
卖空者当心教父反击加油!
https://youtu.be/OM8Y0_OnFgg
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2021-06-01 01:25 | Report Abuse
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2021-05-26 09:59 | Report Abuse
这个论坛上有很多变色龙..Happy Wesak Day..Amitabha..
變色龍 (Bian Se Long)
https://youtu.be/udKSZuWwEpw
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2021-05-25 14:46 | Report Abuse
让我们重温上海外滩的日子吗？Amitabha...
https://youtu.be/DA9njgp7Sog
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2021-05-20 11:20 | Report Abuse
超级英雄贾利勒，正在下雨，没有钱买面包!
https://youtu.be/b64TBX9MhI0
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2021-05-19 10:53 | Report Abuse
食住條水!
sik zyu tiu seoi!
grab the opportunity!
这取决于您是否还在18楼还是已经离开50楼！
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2021-05-06 02:05 | Report Abuse
为什么VT孩子今天要卖出股份？
Particulars of Director
Name TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN
Descriptions(Class) Ordinary Shares
Details of changes
No
Date of change
No of securities
Type of transaction
Nature of Interest
1
03/05/2021
500,000
Disposed
Indirect Interest
Name of registered holder Cimsec Nominees (Tempatan) Sdn Bhd
Description of "Others" Type of Transaction
Consideration (if any)
2
04/05/2021
1,000,000
Disposed
Indirect Interest
Name of registered holder Cimsec Nominees (Tempatan) Sdn Bhd
Description of "Others" Type of Transaction
Consideration (if any)
Circumstances by reason of which change has occurred Indirect interest held through child
- Disposal via open market.
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2021-05-04 21:17 | Report Abuse
为什么VT孩子今天要卖出股份？
We wish to inform that Tan Sri Dato' Seri Vincent Tan Chee Yioun, the Chairman of Berjaya Corporation Berhad ("BCorp") has dealings in securities of BCorp as set out in table below.
Ordinary Shares - Indirect interest held through child
Name of Registered Holder Date of Disposal Price Per Ordinary Share (RM) No. of Ordinary Shares % of Ordinary Shares
Cimsec Nominees (Tempatan) Sdn Bhd 04.05.2021 0.3650 500,000 0.0099
Cimsec Nominees (Tempatan) Sdn Bhd 04.05.2021 0.3700 300,000 0.0060
Cimsec Nominees (Tempatan) Sdn Bhd 04.05.2021 0.3750 200,000 0.0040
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2021-05-03 17:01 | Report Abuse
COVID-19的增加，经济和股市都不好？
https://www.klsescreener.com/v2/news/view/823385
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2021-04-17 11:57 | Report Abuse
不要在鹅下蛋之前将其杀死
Amitabha...ir's time to do good for future redemption? Blessings from Master Cheng Yen...
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2021-04-14 11:44 | Report Abuse
Amitabha...ir's time to do good for future redemption? Blessings from Master Cheng Yen...
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2021-04-14 11:19 | Report Abuse
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2021-04-12 10:14 | Report Abuse
Bjland在雪兰莪拥有871英亩的工业用地。它是在2016年以每平方尺RM4.085的价格收购的，那么到2021年，现在每平方尺RM28的土地价值是多少？
https://propsquare.my/2016/09/24/berjayaland-buys-871-acres-freehold-land-in-ulu-selangor-for-rm155mil/
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2021-04-11 13:38 | Report Abuse
JR同学和朋友。 VT很聪明
https://ibb.co/cCMxYR3
https://ibb.co/cytdbnB
https://ibb.co/YT2KNvV
Stock: [BJLAND]: BERJAYA LAND BHD
2021-11-29 09:55 | Report Abuse
The investment thesis behind buying BJCORP’s shares today can be described as being a turnaround. For the uninitiated, a turnaround refers to a corporate exercise where new capable management is brought by shareholders into a dying company to revitalize it, and breathe new life back into its desiccated corpse. For obvious reasons, being an investor in successful turnarounds can be extremely profitable, as the share price of the company prior to the successful turnaround is likely to be depressed. But at the same time, successful turnarounds are quite rare, as poor businesses tend to be poor for good reasons.
As such, most investors tend to shy away from investing in turnarounds as the uncertainty involved is usually high. If you’ve read my earlier report about Why Value factor investing > Growth factor investing, you’ll understand what I mean when I say that investors hate uncertainty - because it makes the future difficult to forecast: