https://klse.i3investor.com/blogs/Jaks%20resources/226058.jsp

Nikmon,

Thanks, I just hope readers here can be properly informed when making their decision.

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Nikmon Thumb up to DK66, really appreciate your effort sharing genuine information.

This topic on Joint venture has prompted me to write my next article " An excellent joint venture deal with CPECC "

Allow me to clarify on the ownership of this joint venture, JHDP.

JHDP is at this juncture a 50:50 joint venture between Jaks and CPECC. Jaks has 3 out of 5 board seats. This relationship must be maintained up to 3 years after the commercial operation date of the power plant. Why ?? This is to avoid violation of the investment certification issued by Vietnam government.

After the expiry of the 3 years period, CPECC will convert its RCPS and gain 70% control as well as 3 out of 5 board seats. Within this 3 years period, Jaks has the option to purchase a portion of RCPS at carrying cost such that Jaks will increase its effective interest in JHDP to 40%.

Despite the current 50:50 ownership, it is agree that Jaks' economic interest in JHDP shall only be 30% including distributions, if any.

Only sharing of profit/loss of joint venture will be recognised in Jaks' group account.

Jaks is equity accounting its joint venture investments. Hence, revenue of joint venture will not be taken up.

Practice of proportionate consolidation of Joint venture accounts is rare in malaysia.

The current regime of high US$ exchange rate to Chinese Yuan as well as lower interest rate is benefiting Jaks' power project. Power plant equipment and construction materials are denominated in Yuan. As FOMC is lowering interest rate, borrowings denominated in US$ benefit from lower interest expense.

CPECC is a very experienced power developer in China. In Vietnam, after completion of Vinh Tan 1 power plant in Nov 2018, it has 2 on going power plant projects. One being Hai Duong power plant and the other is Duyen Hai 4. Duyen Hai power plant is 40% owned by Janakuasa, another Malaysian company under MMC group. Duyen Hai just begun construction not long ago. All these 3 power plants are around 1200MW in capacity.

extended till 30th September

My study was based on the construction schedule of Vinh Tan 1 and Mong Duong II as well as my knowledge of the industry. As the construction schedules may defer for different projects, the timeline can only serve as an estimate, not conclusive. Of course, could either be earlier or later.

Nikmon,

My study was based on the construction schedule of Vinh Tan 1 and Mong Duong II as well as my knowledge of the industry. As the construction schedules may defer for different projects, the timeline can only serve as an estimate, not conclusive. Of course, could either be earlier or later.

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Nikmon CK66, from previous CPECCC project, seems like once the turbine setup completed, series of testing will be carried out until commission within 6 months only, I Guess it might able to complete by Feb 20
21/09/2019 11:06 PM

Dear Sslee,

I m well aware that the revenue from associate companies will not be taken up in Jaks' book as revenue.

However, I m unsure whether revenue is the only criteria used in sector classification. Are distributions from associated considered ?

Please enlighten.

Thank you

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Sslee Dear DK66,
JAKS will not be reclassified as power generation company. As associate company no revenue is recognised in JAKS book. Jaks only book share of profit/loss from associate company. The cash flow will base on dividend income received from associate company.
Thank you
21/09/2019 9:45 PM

https://klse.i3investor.com/blogs/Jaks%20resources/225929.jsp

9月10日凌晨1:28，由中国能建投资公司投资建设的越南海阳燃煤电厂项目#1机组一次扣缸顺利完成，这是该项目继#11和#12锅炉水压试验和#1发电机转子穿装后又一重大里程碑标志，为项目#1机组年底前吹管奠定了良好基础。

The progress is much faster than my anticipation. If Unit 1 manage to carry out steam blow (吹管) before year end as targeted, then Unit 1 could potentially achieve Commercial Operation (COD) in March/April 2020. Unit 2 will follow 3-4 months later.

当地时间9月10日1时，公司总承包的越南海阳2×60万千瓦燃煤电厂工程1号机组汽轮机本体扣缸一次成功，为汽轮机首次冲转打下了坚实的基础。

　　为确保1号汽轮机扣缸工作顺利完成，总承包项目部提前策划，精心部署，扎实推进，顺利通过了汽轮机扣缸前的质量监督检查；扣缸过程中，全程旁站跟踪及监督，确保了整个扣缸过程顺利进行。

The plant has been put into commercial operation since 2015, providing 5.9 billion kWh in 2018 and is expected to be about 6 to 7 billion kWh in 2019.

https://enternews.vn/emagazine-giai-bai-toan-an-ninh-nang-luong-theo-cach-cua-mong-duong-ii-156956.html

Pacific Star

https://klse.i3investor.com/blogs/Jaks%20resources/221356.jsp

8月20日16时58分，公司承建的越南海阳2×600MW燃煤电厂工程发电机穿转子工作圆满完成。
　　本次施工利用汽机房两台行车，配合厂供专用工具共同完成。为了确保发电机穿转子工作顺利完成，专业科技术人员制定了详细的施工方案，并积极协调EPC、OE、BOT及厂家检查穿转子前电气、热工试验及安装工作完成情况，同时对定子内膛、转子进行了全方位检查，防止有杂物遗留和灰尘污染。
　　经各方确认现场环境满足条件后，专业科技术人员对现场施工人员进行了详细的安全技术交底。施工过程中，起重人员、安装人员分工有序，密切配合，不断调整转子的穿入量和中心位置，整个穿入过程转子无一处碰撞、刮伤。经过七个半小时的辛勤工作，发电机转子顺利穿装就位，为后续工作奠定了坚实基础。

The link is correct. I think the website is down now. try again later.

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Thanos DK66 how is the progress because i can't enter the link

PB acknowledged that they cannot quantify the potential of the power plant due to lack of information. So, without the most important piece of information, how to fairly evaluate Jaks. The power plant is only 12 months to completion, any responsible analysis must include the prospect of the power plant.

Status of the Vietnam power plant as at 31 July 2019

http://jaks.com.my/powerplant-progress.php

Good attitude !

Ask yourself what do you hope to achieve from investing in stock market. Can you take volatility and losses? Is ikan bilis all you want or you want to make enough to retire early? If you are confident with Jaks' Vietnam Power Plant, do all the research you can and wait for the plant to operate. If you got it wrong, too bad. But if you got it right, congratulation ! That simple only !

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Windy1974 I owned JAKS for almost 18 months now and it's a stock that punished contra players. Forum that's quiet suddenly become active just because JAKS is in top volume page. Typical traders mentality in Malaysia. Thank goodness there are not many day traders nowaday in Malaysia meaning that Malaysian are progressing towards either no money to invest or matured investors. I have lost tonnes of money in stock market and the question one got to asked him/herself. Did you learn from your mistake? It's ok to make mistake in life if you learn from it. Otherwise, you are destined to be a loser and loser always blame others for their demise. Such easy PE5 or 10 or whatever calculation and what's not. If stock investment is as easy as ABC, probably i would be billionaire by now. I spend average 5 hours a week on investment/finance related topics since i was 19 years old and i am still an amateur. Stop chanting and start reading if you wanna be an investor. If you wanna be a gambler, hey, you get better perks for going to Genting.
22/08/2019 3:04 PM

Just a reminder, Jaks Vietnam Hai Duong Power plant Unit 1 is less than 6 months to completion and less than 12 month to power generation and commencement of operation. Unit 2 will follow 6 months later.

Yes, at least

8月13日，历时50余天，越南海阳项目凝汽器管板九万多只焊口全部焊接完成，PT检测一次合格率达99%以上，为后续汽机安装施工打下了良好基础。
　　本工程凝汽器焊口总数为91608只，自6月22日正式开焊以来，项目焊接科在项目部和专业公司的指导下提前策划，编制作业指导书，与热动专业排定施工计划，协调现场人力资源、机械资源，有效掌控施工进度；并开展每日站班会，对焊工进行安全技术交底。
　　凝汽器管板焊接对管板洁净化要求非常高，由于越南当地气候炎热，空气湿度大，出现了管板孔清理完成后，大面积出现返锈现象。为确保管板焊接质量，专业科积极与EPC、OE沟通协调，确定在焊接之前，对凝汽器管板进行推拉清洗，按照当天清理一块区域，当天胀、切，同步焊接，确保焊接质量一次成优。

Mong Duong II distributed US$55m in Q2

I m asking;

Is it logical to assume that the authority will exempt the controlling shareholders to cross the threshold without MGO ? What is the basis for exemption ? Insas is not in any form of financial difficulties.

If no exemption, will the controlling shareholders exercise the warrants and give the MGO ?

If the exemption not granted, will Insas manage to get MGO wavier for share buyback ?

:-)

https://www.hellenicshippingnews.com/vietnams-may-coal-imports-rise-57-on-year-to-3-86-mil-mt/

https://uk.reuters.com/article/vietnam-energy/vietnam-will-face-severe-power-shortages-from-2021-ministry-idUKL4N24W1YV

7月26日，公司承建的越南海阳燃煤电厂工程2号机组主厂房44.70m层楼板混凝土顺利浇筑完成,共计浇筑240m³，混凝土强度等级为C30，标志着2号机组主厂房楼板施工工作已全部完成。

7月28日，越南海阳项目循环水泵房第一根钢结构立柱开始吊装，标志着循环水泵房正式进入快节奏的安装阶段。
　　循环水泵房施工作为当前制约项目履约的关键路径，项目部给予高度重视，首先，项目部成立了循泵房专项施工小组，每日对剩余工作进行盘点，并进行一日一报，有效加快循泵房施工进度。其次，部门和专业之间紧密配合，有效提升基础测量验收效率，加快推进土建交安顺利完成。再次，热动专业科管理人员提前筹划，积极准备，及时跟踪设备到货情况，为钢架在土建验收合格后迅速开展吊装工作提供条件。循泵房具备安装条件后，技术人员对作业人员进行了钢结构吊装前的安全技术交底，交待安装工序，交明危险点源，为循环水泵房上部结构及设备安装进提供技术支持和安全保障。
　　接下来，项目部将在保障安全、质量的基础上，加快推进循泵房安装施工进度，有效解决关键路径制约问题，为项目履约提供保障。

Dear Sslee,

It seems like you are not willing to discuss insas anymore.

It is ok

Thank You.

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Sslee Dear DK66,
Repost my comment on we are trapped.
Hahahaha
deMusangking, I am trapped in Insas because I see Insas in the image of Inari.
Philip is trapped in QL because QL had given him high ROI in the past.
And you are trapped in Jaks because ALP brain wash you with IPP and get away with mismanagement.
Hahahaha,
DeMusangking thank for the praying. The Jaks trapped is not about your entry cost but taking ALP to task and holding him accountable.

Thank you
22/07/2019 10:21 AM

Dear Sslee,

I think you are confident that Insas is cheap in every sense and waiting for the value to unlock. The easiest way to unlock value is to strip off the company. However, this is not going to happen.

You are unsure of controlling shareholders' mindsets. Is there any ulterior motives ? The answer seems to relate to the impending expiry of the warrants.

Unlike Jaks which has to wait for its power plant to shore up its hidden value, Insas is much clearer of its asset valuations. So, what is keeping the price down ? Insas is just a smallcap, it doesn't take much effort for the big boss to bring the price above RM1 to make the warrants alive. I find "the boss can't buy anymore" story hard to buy.

Anyway, I believe insas will have interesting developments 6 months down the road.

At this point, I think it is dangerous to let the boss gains absolute control of the company without extending MGO. Insas has sufficient cash, it is best to let ALL warrants expire unexercised. Do you agree ?

Thank you.

Dear Mr Sslee,

I applause your effort in your detailed research on Insas. Despite many differing opinions, I m sure many will agree with you.

If I may ask a question, what is your opinion on the issue raised by the Edge on MGO due to the exercise of the warrants by the major shareholders which resulted in their ownership crossing the threshold. The MGO will be done at RM1 unless the major shareholders are willing to offer more.

Thank You

7月6日，公司总承包的越南海阳2×60万千瓦燃煤电厂工程项目2号发电机转子顺利抵达工程项目现场，标志着该项目第五批大件设备全部抵达工程项目现场，为确保机组按期投产赢得了时间。

　　第五批大件运输设备包括2号发电机定子及转子、1号主变压器、2号主变压器。在运输过程中，总承包项目部克服了国内外物流运输环境、法律法规、海关审批等困难，结合项目实际，提前制定大件设备运输专项计划，最终顺利完成了大件运输工作。

Mong Duong II is a solid proof that investment in coal power plant in Vietnam under the BOT scheme is profitable, save and attractive.

If one worries about the execution risks, you can only wait until the plant commences operation before investing.

I only have one very simple question for the management;

"What is the agreed capacity payment per Kwh for 1st year after COD for both units ?"

The answer will be "IT IS CONFIDENTIAL"

Those who don't believe can ask.

I hope the management will reply the emails from Sslee and edkfc with substance.

管理层说，待越南海阳省发电厂竣工后，届时能源业务每年可贡献超过1亿令吉的营运盈利。

https://app.sinchew.com.my/amucsite//pad/index.html#/detail/1768693/2002

管理层说，待越南海阳省发电厂竣工后，届时能源业务每年可贡献超过1亿令吉的营运盈利.
https://app.sinchew.com.my/amucsite//pad/index.html#/detail/1768693/2002

Few points to wonder ;

1. is the figure provided by the management based on 30% or 40% profit sharing ?
2. management had mentioned more than RM100m earnings from vietnam during the 2018 AGM, why different now ?
3. does RM80 - 100m profit concur with 8 years payback period provided by the management ?

I remember the management mentioned "more than RM100m" earnings from vietnam plant during the 2018 AGM. It was reported by a chinese media.

Mission not accomplished yet. I will appear when there is more information to share.

Market sentiment is bad. It is a buyers' market. It is not easy to do PP with the trade war in sight. You need to give big discount to entice buyers. At least Jaks got it done.

On behalf of the Board, UOBKH wishes to announce that the Board has resolved to fix the issue price for the Private Placement at RM0.70 per Placement Share.

The issue price of RM0.70 represents a discount of RM0.06 or approximately 7.89% to the 5-day VWAP of JRB Shares up to and including 14 May 2019, being the market day immediately preceding the price-fixing date, of RM0.76

edkfc, Affin's report "Jaks Resources - a Great Start to the Year" is on the headline of this forum.

https://www.theedgemarkets.com/article/jaks-inks-mou-acquire-solar-power-plant-vietnam

LQT Solar Power Project

LQT Solar Power Plant, invested by LICOGI 13 will come into operation at the end of June 2019 in the central province of Quang Tri, Vietnam. The plant has a total capacity of 49.5 megawatts and average generation of 67.960 megawatts per year.

The plant is located at Gio Linh district, Quang Tri province, Vietnam. The Power Purchase Agreement for the LQT Solar Power Plant was executed on 23 October 2018 and this project has a life time of 50 years. Presently the plant is completed and awaiting connection to the national grid.