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buy at your own risk but I will keep out from these counter.

CAPM is capital asset pricing model. I going to take some time to explained. I might start another blog to explained the basic of fundamental investing and some calculation in 2016 if the response is good.

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@Lacharsingh Is there anything wrong with my stock review. Kindly feed =back me which area. I always welcome opposite opinion. I am beginner in stock market need guidance from sifu as well

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I dunno I am just a normal investor.

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if you buy for dividend why dont u hold it. These counter give 8% dividend.

Thanks. I need more support to give me more motivation. If you find my blog useful kindly share with your friend and family. Got good thing we share together right.

Ya I try to share my stock review there but they don't allowed.

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@chinwh9176
Yes I agree with you IGB may roll over their loan. In my opinion they might roll over with a higher interest rate. The other way they might do is doing private placement to increase capital but it will dilute the shares.

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@ fast & @ KKP05
Don't misunderstood me, I did not say IGB cannot pay the debt in 2016. Let make it clear I just their current cash reserve is insufficient base on latest quarterly report. However there are many ways to pay the debt such as
1) roll over - might get higher interest rate
2) private placement - dilute the share price

@chabalang
Yes the loan is mostly owned by IGBREIT which 50% owned by IGB.
Around 60+% of the IGB 2014 profit is from the MVM and TGM are which is part under IGBREIT which means if IGBREIT is going to pay the loan indirectly IGB will had lower profit sharing from MVM and TGM.

As for Southkey mall will be a key catalyst from 2017, in my opinion it might not be. Looking at the property market in Malaysia this year especially in Johor has slow down. I might agree the shopping mall might attract Singaporean to come and shop in the future. However as for the hotel and office blocks in my opinion it might not be as good as Midvalley currently as Midvalley located in a strategic location. Malaysian would rather to work in Singapore than to work in Johor because is just a few kilometer away and can earn more in term of Ringgit Malaysia. Big multinational company will rather be in Kuala Lumpur.

As for the hotel, I think besides Legoland Johor might not have must attraction to attract tourism compared to Kuala Lumpur. Johor is also located far away from KLIA and Senai airport is too small to cater the tourism. The only tourism I can think of is either Singaporean or foreigner visit to Singapore and drop by Johor just to make a visit to Malaysia.

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I think private placement for further expansion is good but with the current world economy situation and might be even worst next year. I personally think the company shall stop expanding and to use the capital to eat up small company to increase their market shares.

With the private placement at these high price is definitely an advantage for the company. As long the company is not used the private place to pay off debt I am not worries about the dilute EPS. As for the dividend, the expansion might improve the profit after tax of the company hence more money to give back to owner.

10% of the shares is definitely a big amount of shares, the private investor will become major shareholder of AJIYA hence we need to see who is the private investor. These private investor is definitely have some control over the company in the future.

As for now, I will recommend to hold on AJIYA (with the stop loss at RM 4.00 with the limit of RM 3.70) before we knew who is the private investor.

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Thanks for sharing my article.

@god2305 no I have no money into these counter yet.

My advise to you is invest with your extra money and don't borrow money to gamble. We cannot predict the market.

These counter current NTA is RM 1.95, eventually it will reach there but not sure when maybe 1 months, 1 year or 10 years so be patient and invest with your additional money.

Take the dividend as your cash flow and don't go for capital gain as eventually the market will kill you one day.

@MirageHotelPD and @ocpd

Sorry my begs, I miss out that part that YTLREIT is leasing the hotel in Malaysia and Japan at fixed rate.

YTLREIT had increase its credit limit to 60% so that is not a problem. But the debt is going to expiring in 2017 is worrying me, anyhow the loan going to be repaid either by private placement or get another loan.

Yes currently these counter give high dividend yield when we use its past dividend record and compared to it current price. But no one know how is the drop in tourism industry in Malaysia these year will affect YTLREIT and hence the dividends. If you looking for high dividend yield there is another REIT, AMFIRST you might interest at (I have never done any research on these AMFIRST yet).

As for property valuation, I personally don't look much at its because it is just paper asset. Whether we can get a buyer that willing to buy the properties at valuation price is still a question mark.

For short term investor who is looking for the dividends (around 8% per annual based on previous dividend paid out) can still collect the shares but just be careful on the large debts which eventually need to paid back one day as for now is around November 2017(based on 2014 annual report).

@ocpd

I agreed with you to buy these stock to hedge again ringgit because it have operation oversea.

I also agree with you not to buy the stock these few days because the FBM KLCI is in deep red these few day and these stock only pass ex dividend date and the price might be still adjusting.

@ocpd thanks for your comment.

Let me show a simple example:

RM 800 mil new placement let assume it issued at RM 1.00 per share. which will increase 800mil shares + around 1,324 million shares currently is sum up to 2,124 millions. Earning per share for 2014 is around 14,73 sen. So total earning is around RM 195 millions. Let say all the RM 800 millions raise to pay the debt at 4,54 % the company can save RM 36 million on interest expense. So the total earning without RM 800 million debt is RM 231 million (RM 195 millions + RM 36 millions), and the new number of share is 2,124 million. EPS 231/2124 = 0.1088 which is 10.88 sen. So the EPS will decrease. However these company have asset in Australia and Japan, with the current Ringgit Malaysia depreciation the fair value of the properties lmight increase and hence the earnings of the company.

As for rolled over of the debt there is a rolled over risk. With the uncertainty of the raise interest rate in the US, I personally will not take the risk. From the YTLREIT 2014 annual report a increase of interest rate of 50 basic point (0.5%) will cause the interest expense on borrowing increase by RM 7.9 million while interest receive from excess funds in bank only 0.4 million.

From my point of view, shareholders can have no knowledge at the business at all since they are just the owner of the company and do not have to involve in the daily operation of the company just like bosses who can hire someone experience to run the company.

However an director of a public listed company is voted by the shareholders to oversee the daily operation of the company. Hence they shall have a certain knowledge of the business you cannot get someone run a F&B business to run an airline company the next day.

I am not saying that all directors must be in the field of the business. Sometime it is good to have accountant to sits on the Audit Committees to reviewed the accounts, an financial degree CFO to handle the cash incoming and outgoing or maybe a lawyer to make sure the business is legal in the place of operations.

From the MFCB 2014 annual report, I saw one director have the experience in property development who is Mr Goh Nan Yang the executive director. To make myself clear I did not state that other director is not suitable, they are all voted out by the shareholders hence they shall have some skills which able to contribute to MFCB which did not stated clearly in the 2014 annual report.

As for the positive cash flow, from the 2014 annual report you can see most of the revenue is come from the power generation plant. I am not an expert in power generation business but my view is power generation business is like passive income (renting out a house and collect rental). Everyone need electrical supply nowdays, we just need to pay the TNB every month to pay for the electricity no matter how much it cost. Of course our government have control on the electricity price. MFCB have these wonderful money making opportunity until 2017, unless they able to extend the contracts.