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Dear Sslee,

You should direct the question to the BOD. Nonetheless, making doubtful provision is indeed in the ordinary course of business.

I take it as a package deal. As JIC is short of cash flow, it is logical that the 49% partner will negotiate to takeover the company on a NET basis without intercompany debts. Hence, I would rather take this as a net gain of 59m (89m-30m) from the disposal of JIC.

It is also my speculation that in the event the RM50m BG claimed by The Star is recovered, the doubtful provision will be written back. Logical ?

Anyway, appreciate if you could get the response from the BOD.

Thank you.

Sslee Dear DK,
Care to explain what is this accounting one-off gain?
The Property Development & Investment division achieved a revenue of negative RM3.2 million for the current quarter. However, a higher profit before tax of RM129.3 million in the current quarter was recorded as compared to a loss before tax of RM17.9 million in the third quarter of 2019. This was mainly due to the one-off gain arising from the disposal of the 51% equity interest in one of the subsidiary. The disposal resulted in a gain before tax of RM174.4 million and after taking into account the Non-controlling interest portion, the gain of RM89.0 is recognised by the Group.

With the need to make RM30.5 million allowance for doubtful debts in the current quarter, the Investment Holding & Others division recorded a higher loss before tax of RM35.3 million in the quarter under review as compared to a loss before tax of RM4.2 million incurred in the preceding year’s corresponding quarter. This allowance for doubtful debts are mainly in relation to the amount due following the disposal of the subsidiary above.

Is IR@JAKS misleading me when I wrote in to ask?
Refer Affin Hwang Research: https://klse.i3investor.com/servlets/staticfile/403027.jsp
JIC would still need to raise new funding to pay the buyers the LAD owed which is currently around RM165m (accumulated since 4Q16). Apart from that JIC also owes JAKS around RM35.4m, which JAKS had previously loaned to JIC for the construction cost and bank guarantee of the Pacific Star project
Question 4: Please explain how JIC will settle this RM35.4 m with JAKS?
Answer: Any amounts owing by JIC is to be settled in the ordinary course of business

So is making RM30.5 million allowance for doubtful debts an ordinary course of business?
27/11/2020 7:06 PM

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27/11/2020 12:40 PM

I like this !
------------------
deMusangking Journeyto Happiness
For days we have been marching on!
Though there are many against us!
Somehow, we keep marching on
Through scorching criticisms and naysayers!

Like Stockraider, who says Miss Jaks has bad history
Not knowing that his brain is devoid of gray matter!
Like i3furker,who blames others as con
Not knowing that he is a bad guy!

There are so many wars we fought on our way
There are so many things we're not
But with what we have
We promise you that
We're marchin' on
We're marchin' on with Miss Jaks!

For all of the plans we made
There isn't a flag we didnt wave
Don't care where we've been
We're marchin' on
We're marchin' on
We're marchin' on with Miss Jaks!

To land of honey and milk


haha
27/11/2020 11:15 AM

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you were already added long ago

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27/11/2020 10:58 AM

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26/11/2020 11:44 PM

Update - Unit 1 of Jaks Hai Duong Power Plant finally achieved Commercial Operation Date (COD) !

https://klse.i3investor.com/blogs/Jaks%20resources/2020-11-25-story-h1536613635-Jaks_Resources_Jaks_Hai_Duong_Power_Plant_Achieved_Commercial_Operation.jsp

Unit 1 of Jaks Hai Duong Power Plant finally achieved Commercial Operation Date (COD) !

https://klse.i3investor.com/blogs/Jaks%20resources/2020-11-25-story-h1536613635-Jaks_Resources_Jaks_Hai_Duong_Power_Plant_Achieved_Commercial_Operation.jsp

Unit 1 of Jaks Hai Duong Power Plant finally achieved Commercial Operation Date (COD) !

https://klse.i3investor.com/blogs/Jaks%20resources/2020-11-25-story-h1536613635-Jaks_Resources_Jaks_Hai_Duong_Power_Plant_Achieved_Commercial_Operation.jsp

Jian Bin Siew, you are welcome. I m glad that you find this article helpful.

-------------------
Jian Bin Siew DK, tqvm for your effort and study. Really make our life simple, i guess 100% potential upside is possible.

There was only one revised version to increase the min proceeds from RM130m to 200m.

in all fairness, the RI proposal did not specify the entitlement basis. It is all speculation by investors.

https://klse.i3investor.com/blogs/Jaks%20resources/2020-11-23-story-h1536548440-Jaks_Resources_Using_MFCB_as_Valuation_Guide.jsp

firehawk, I think I get the point you are trying to make. You are trying to say the company already predetermine certain parameters to be used in determining the ratio of additional WB. right ?

Thanks for the explanation

----------------------------
firehawk What i mean is, when the 3:1 RI announced, if we take the VWAMP at that moment, it will result the additional WB allotted more than the application made to Bursa! In the other words, big boss must interfere, to change something, to make it comply!

Those interested in the progress of JHDP maybe visit;

https://mp.weixin.qq.com/s/4yc6Ql7d79Ck9sQw-9zpBA

I believe this "C" is the 5 days VWAMP of market price before the announcement of RI proposal. Some use prior day's market price instead of 5 days VWAMP.

--------------------
firehawk just now checked, it does! The C
22/11/2020 11:21 PM

But TERP does not play a role in WB allotment as well

Yes, VWAMP is used to determine the TERP

In any case, Jaks should be issuing the circular to WB holders very soon.

You may refer to the circular to warrantholders of EA Holdings in 2014 as a guide.

However, the allotment of additional WB depends heavily on the basis of RI entitlement.

As far as I know, the basis for allotment of additional WB does not depend on the VWAMP.

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firehawk How about the 0.80? By the time I calculated this, I took the price around 09Sep, when the 3:1 RI announced, include the VWAMP. After all, this is an academic issue now, bcos it was later 34m LTIP was announced, I just want to show the discrepancy was already there!

I agree with firehawk on this, the announcement of WB allotment is NOT supposed to be done before the right issue subscription is finalised. This is because if the RI is not fully subscribed, the number of additional WB to be allotted will be less.

----------------
firehawk On 26Oct, it was announced that Ratio of WB allotment is 0.8964 : 1.0000, this is not following SOP. Many people know the RI would be fully subscribed or even oversubscribed (bcos it it cheap @0.22), but, after all, this is an assumption, just cannot announce before the subscription closed, this is not following SOP.

A lot of mess in this RI !
22/11/2020 10:16 PM

I believe the 5 days VWAMP of Jaks during price fixing dates was 0.91

firehawk, could you elaborate on "FYI, @0.75, the additional WB to be allotted pursuant to the RI is 153m, still more than the amount applied to Bursa! " Thanks

-------------------------
firehawk Quite shocked someone was teased because "act on assumption" ...assumption ..... :D :D

By the time 3:1 RI was announced (09Sep) , there was already a discrepancy there! The price then, was around 0.80, at this price, the additional WB to be issued pursuant to the RI would be 158m. According to announcement earlier dated 27Aug, the additional WB applied (to Bursa) for listing was 152m, So, how? Can allot more additional WB than the amount applied to Bursa?

FYI, @0.75, the additional WB to be allotted pursuant to the RI is 153m, still more than the amount applied to Bursa! The lower the VWAMP, the less additional WB would be allotted ..... Let everyone think of this and what it implies .... it is no good to make assumptions :D

######

Believe it or not, WB holders are the lucky ones, if use VWAMP @0.80, bought WB @0.50, assume 40% premium (refer to the point the WB bought @0.80), under the RI:
a) 1.6 :1 ; WB would earn around 8% ;
b) 3:1, WB would loss -43.45% !

so, the reverse of RI is actually "saves" the WB holders. and what happened subsequently (last 2 weeks), i think no need for me to talk much ..... :-)
22/11/2020 9:54 PM

Dear Sslee, regret to hear that you sold at a loss because of fear that Jaks will do a 3:1 RI. We should not act on assumptions. You do not have good opinion of ALP, that is why you presumed the worst.

I agree that Jaks RI proposal with undetermined entitlement basis is bad for investors as it is difficult to make decision based on the information given. It is worst for the margin account holders as huge price adjustment on ex-date will cause their accounts to face margin calls immediately.

Nonetheless, however imperfect the RI proposal is, It is my opinion that we should still only act on confirmed news.

You are already in the group. Please use i3 messenger to access the group
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seah9999 DK, pls add me too. Thks
22/11/2020 2:17 PM

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Ong Pls add me to the private group. Thanks!
22/11/2020 1:46 PM

Yes

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TQVM
21/11/2020 7:56 PM

VIN3133, your understanding is correct.

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Investar2862 DK, can you please add me in your private group chat?
21/11/2020 10:15 AM

MFCB is great. That is why Jaks is a rare opportunity now because it is only trading at half the valuation for MFCB.

Sslee, some may get burnt so bad that they may not have a second chance.
----------------
Sslee Haha i3 forum is a success because many newbies will get burnt badly and after this they learned and move on.
20/11/2020 9:49 PM

Windy1974, I agree that it is a mountain task trying to forecast the earnings of JHDP. Nonetheless, I believe my profit projection of RM196m for JHDP will not be far wrong. I m confident that it will be within +/- 20% range.

No wonder Kcchongnz mentioned many knowledgeable sifus have left i3 forum for good.

Anyway, I don't intent to hang around i3 forum after Jaks is back on stable track. Yes, I agree with you, social media is toxic and unpleasant.

If indeed what you said is true, then i3 forum is a total failure !!