@JacLow, that was the final settlement amount. initially IRB was asking for RM476.5 Mil

déjà vu 2017 - go to court then amicably reach mutual consent for settlement.

There you go. As per Maybank Research, NFO barely generate any profit from special draws due to additional tax.
https://www.thestar.com.my/business/business-news/2018/08/08/minimal-impact-on-btoto-magnum-if-one-less-special-draw-a-week/

There you go. As per Maybank Research, NFO barely generate any profit from special draws due to additional tax.
https://www.thestar.com.my/business/business-news/2018/08/08/minimal-impact-on-btoto-magnum-if-one-less-special-draw-a-week/

Though lesser draw will definitely mean lesser revenue, how much profit contribution from special draw is more important than revenue alone.

If not mistaken, heard during one of the NFO AGM, it was mentioned margin for special draw is smaller due to higher contributing tax to special draw permit. Anyone to comment ?

Though lesser draw will definitely mean lesser revenue, how much profit contribution from special draw is more important than revenue alone.

If not mistaken, heard during one of the AGM, it was mentioned margin for special draw is smaller due to higher contributing tax to special draw permit. Anyone to comment ?

Wondering where is that genius uncle came up with 2/3 revenue is from property development.

According to segment reporting in annual/quarter reports property segment only contributing :-
FY2018 : 22% of full year revenue
FY2017 : 21% of full year revenue
FY2016 : 23% of full year revenue

Sure you can.. it is shareholder's right to ask for clarification.

Sure, gearing is quite high. Interest Expenses is edging up YOY. It's all down to good debt vs bad debt. Bankers/Financiers are conservative in nature. I reckon they have done their due diligence and convinced about the risk/return profile before approving more loans to TNLOGIS.

@jibbie, there are many possibilities why directors decided to transfer shares from personal (direct ownership) to company owned by them (indirect ownership). May be due to tax planning, estate planning, corporate exercise, restructuring, etc. I wouldn't lose any sleep guessing what's the reason behind this move, as long as the major shareholders did not reduce his/her total interest in shares.

In addition, do not look at individual bursa announcement in isolation. Best is to compare multi-year annual report to get a better sense of ownership changes. For TNLOGIS, over the last 3 years, direct ownership of one of the major shareholder increased from 16.3% (2015) to 18.1% (2016) to 20.2% (2017). Whereas total indirect interest in share increased from 45% (2015) to 47% (2016) to 48.9% (2017).

I wouldn’t able to answer why they transferred from 1 entity to another. But the trend is quite obvious YOY.

Currently market cap for BJTOTO is RM3.4B vs Magnum at RM3.2B. BJTOTO undervalued or Magnum overpriced ?

Magnum was last traded around RM2.70 prior to GST on 1 April 2015. With 0% GST moving forward, research houses shall soon revalue TP to reflect similar price prior to GST level.

Sure... many sifu here. We will progress towards a better investor community if we are here to share factual information.

I agreed with @nnMM. This is part of growing pain in expanding Logistic and Warehouse Services Segment.

In fact revenue for logistics segment register steady increase QOQ. Quarterly EBITDA also see bottoming up in Q3FY18 & Q4FY18 after trending down QOQ since beginning of FY2017. While Investment & Property segment is still a wildcard. Logistic segment should see clearer sky ahead in FY19.

@JuniorR, I wished FY2017 EPS exceeded DPS by RM3.52 per share. :)
Correction: It was 3.52 cents instead of RM3.52 per share

BJTOTO was last traded around RM3.30 prior to GST on 1 April 2015. With 0% GST moving forward, research houses shall soon revalue TP to reflect similar price prior to GST level.

Mind to elaborate your assessment of lousy management ?

Was it due to they are growing the business by building new warehouses and adding trucks to expand its regional network between Singapore-Thailand route? Or was it they are still waiting for better timing to monetize and unlock their land/warehouse assets ?

Business friendly government will able to get higher income from taxes. New govt should accelerate the amendment of Gaming Act to allow online betting for legal NFOs. MoF should table this amendment soonest at 1st parliment sitting in June.

Business friendly government will able to get higher income from taxes. New govt should accelerate the amendment of Gaming Act to allow online betting for legal NFOs. MoF should table this amendment soonest at 1st parliment sitting in June.

RHB Research recommend "buy" with TP RM4.34, DY10%, 22% upside from ex-price.

https://www.thestar.com.my/business/business-news/2018/05/29/analyst-reports/

Did you notice, Tongher just reported highest quarterly revenue in their listing history ? Revenue breaks through RM200Mil in Q1FY18. Impressive!

In addition, the board also expressed optimism that the new factory is on time to start operation in Q1FY19, which upon in full production can expand up to 30% of current capacity.

Not sustainable only if paying out dividend more than earning on every quarters. Dividend for this quarter is partly making up temporary suspension of dividend payout in Q1 last year.

TSVT's long time sweetheart is the incoming PM. Right time for TSVT to bring back glory days of Bjtoto.

Nice read about dividend play highlighting attractiveness of Tongher DY.

http://www.theedgemarkets.com/article/dividend-yields-trending-higher

From left pocket to right pocket, paving way for REIT listing and other assets monetization?

Read the details my friend. There's reason why it is termed "interim" and "final" dividend. Dont get confused with it's expiry date.

@calvintaneng, that's incorrect. Based on recent trend, Tongher pays dividends twice a year. For FY ending 31 Dec 2017, total dividend declared was RM0.36 instead of RM0.18

Interestingly, forth largest shareholder Neoh Choo Ee and Company with 1.6m shares or 1.035% registered same business address as Dynaquest.

https://www.infobel.com/en/malaysia/neoh_choo_ee_company_sdn_bhd/taman_pulau_pinang/MY100165490-042611535/businessdetails.aspx

This is the 2nd time in a week I came across whisper about IRB lowering Magnum's tax penalty by half (1st from my agent, 2nd from @Goinvest88). Speculation or insider news? Last news update only mentioned IRB willing to lower the tax penalty to less than RM400m (from RM476m).

Drove from PG - KL today and spotted 14 TNLOGIS trucks/lorries/vans of various sizes along NSE. Some large trucks are quite new too. Looks like business volume is growing healthily. Hopefully this will help lifting the profit margin in upcoming quarters.

Anyone plan to attend the upcoming AGM? What will you want to ask the board in AGM?

In TheEdge Malaysia this week, TGUAN is reported as one of the cash-rich companies that can afford more share buyback :-
Market cap = RM356.6 mil, Net Cash = RM80.34 mil, Net Cash to Market Cap ratio = 22.5%

It's ok to hear from both sides as long as there is substance in sharing rationales instead of baseless rubbish.

Joker SBB with 1,000 units purchased. TNLOGIS's FCF was -ve for the last few years, cash is channel towards expansion and servicing loan interests. What's the Management/Board trying to accomplish by purchasing 1,000 units from market?

@xcu843 & @Pgraduate, mind share what valuation method/metric that you used to derive RM2 TP?

well.... do you think the board wants to face-off with angry shareholders in upcoming AGM for doing nothing about their undervalue share price? In addition, they better SBB before AGM else will get questions again what's the point of renewing SBB mandate year-in-year-out but not exercising while the cash is idling.

@ironcrowz
a) Regarding restructuring plan - Pay attention to major shareholders movement involving Berjaya group of companies i.e BJAsset, 7-11, BJGroup, etc especially after TSVT resuming Chairmanship
b) Regarding online gaming - At least it provides level playing field with illegal gambling and prevent BJTOTO board/management from continuously taking aged lame excuses for their non-performance.
c) Regarding monetization of non-core assets - Was mentioned during 2017 AGM. In addition, unless TSVT's lieutenants are sleeping, what's the rationale of having car, hotel and pizza businesses within BJTOTO, whereas there is BAuto, BJLand and BJFood which align better synergies ?

1. Is BJTOTO facing challenges - no doubt about it, but again which company does not ?
2. Is illegal gambling hurting BJTOTO - sure, but is this a new threat or potentially escalating ?
3. Is GST hurting BJTOTO - sure, but again this is not new and no sign of increasing

Is there any other downsides that has yet to factor in the current price in ?

On the other hand:-
1. Is BJTOTO undervalue - likely based on PE +/-10x and DY +/-7.5%
2. Is there catalyst for upside - yes, including potential restructuring plan orchestrates by TSVT for his Berjaya group of companies, upcoming amendment of online gaming act, monetization of non-core assets within BJTOTO, etc

at RM2.77 (last Friday's closing), Tongher is giving twice dividend worth about RM0.36 per year (June RM0.18 - announced, Dec RM0.18 - forecast). If one put RM277 in Tongher - after 1 year dividend is RM36 or about 13%, compared to RM277 in FD will return about RM11 (assuming 4% interest p.a). Will Mr/Ms Market willing to trade the share lower ? Maybe, but that will make the dividend yield exceeding >13%. I am not complaining :)

*Though share price will get adjusted after expiry of dividend entitlement date, but it will revert back to intrinsic value over times.

Great. would be nice if we can keep this forum strictly to constructive and meaningful sharing only.

Be patient. Gaming act should get amended after GE. Doesn't make sense still prohibited online gaming at this IoT age. Would be nice if toto kiosks are placed in all 7-11 outlets just like lottery can be purchased from convenient stores and gas stations in other countries.

There are 2 main operations from logistic player's perspective- transport and warehouse. Transport is pretty much everyone's cup of tea - small individual owner to last mile delivery companies. This space is quite crowded and cut throat. Warehouse is TNLOGIS's competitive advantage and it has very high entry barrier for competitors. In addition, I am also attracted to their strategic landbank which is pending right moment to be monetized.

US mid term election is coming, Trump needs to fulfill some of his campaign promises in order to please his supporters. He is a business man more than a politician. From business perspective, reciprocate is a fair practice. Eventually no one will win in any trade war. Once ego is over, all parties will sensibly come to negotiation table and walk away claiming victory to their fellow supporters.

To be fair, in addition to monetary dividend, BJTOTO also given out 4 times share dividend since 2005 (2009, 2013, 2014, 2015). All in all, adjusted cost rightfully should be lower than current price albeit profit might varied depending on entry cost throughout the years.

mm..."DJI coming to fierce dive, another thousand point gone"? That really show the credibility and reliability... Not.

The attractive dividend yield will provide cushion for further downside.

Read somewhere mentioning Amway is one of their key customer.

Transacted volume is obviously lower, should have weed out speculators.

This is called been opportunist while taking advantage of market mood swing to best leverage on company current asset. From management's proven prudence practices, doesn't seems like they are chasing share prices in the expense of business performance. Not all company has the luxury to do this when the opportunity presents itself. Better shareholder ROI then putting them in short term money market or bank deposits. Make business sense.

Major shareholders and Directors are taking advantage of Mr/Ms Market's mood swing. Management should also initiate share buyback now and consider distribute share dividend from treasury share in future.