I've just got a first ever post removal.

Time to stay away from hotel rooms again.

C'est La Vie

Post removed.Why?

SSLee,

The good news about HYC24 is that the actual price of .06 is lower than the theoretical price of 0.075

Hope it works out for you. Price of condo in SG is now over SGD2,000/sq ft.

------------ Aside on Insas WC ------------

Same cannot be said about Insas WC. It's theoretical price is 0.138 but is trading at 0.165

Had Mr HaHa sold his block of Insas WC at 0.53, his profit would have been 18,101,200 x ( 0.53 - 0.26 ) = RM4,887,324

Unfortunately, Mr HaHa did not and currently have unrealized loss of 18,101,200 x ( .165 - 0.26 ) = RM1,719,614

30th Sep 2022 Theoretical price of Insas WC using the traditional BSM model with dividend:

Stock Price ___ Theoretical Warrant $ __Time Value
0.32 _________ 0.003 _________ 0.003
0.42 _________ 0.013 _________ 0.013
0.51 _________ 0.034 _________ 0.034
0.61 _________ 0.066 _________ 0.066
0.71 _________ 0.110 _________ 0.110
0.80 _________ 0.163 _________ 0.163
0.90 _________ 0.226 _________ 0.226
1.00 _________ 0.295 _________ 0.199
1.09 _________ 0.371 _________ 0.178
1.19 _________ 0.450 _________ 0.161
1.29 _________ 0.534 _________ 0.148
1.38 _________ 0.620 _________ 0.137
1.48 _________ 0.708 _________ 0.129
.

Friend,

Best wishes on your HY-24

30th Sep 2022 Theoretical price of HY C24 WC using the traditional BSM model with dividend:

Volatility: 54.46%
Exercise Price: 4.15
Interest Rate: 3.00%
Warrants/share: 10
Days to Expiration: 83


Snapshot @ 4.11
Price 0.075
Delta 0.059
Gamma 0.02
Theta 0
Vega 0.001
Rho 0.001
Elasticity 3.23
Probability of closing ITM 39.70%


Stock Price ___ Theoretical Warrant $ __Time Value
1.75 _________ 0.001 ______________ 0.001
2.15 _________ 0.005 ______________ 0.005
2.55 _________ 0.011 ______________ 0.011
2.95 _________ 0.022 ______________ 0.022
3.35 _________ 0.036 ______________ 0.036
3.75 _________ 0.055 ______________ 0.055
4.15 _________ 0.077 ______________ 0.077
4.55 _________ 0.102 ______________ 0.062
4.95 _________ 0.131 ______________ 0.05
5.35 _________ 0.161 ______________ 0.041
5.75 _________ 0.193 ______________ 0.033
6.15 _________ 0.227 ______________ 0.027
6.55 _________ 0.262 ______________ 0.021

.

SSLee,

Had another look at HRC's Q2 2022 financial results

Implied cost per barrel was USD131 for Q2 2022 compared to USD67.8 for Q2 2021

Implied spread is USD20 per barrel for Q2 2022 compared to USD7.2 for Q2 2021

Manufacturing expenses declined by 22% although volumes increased by 25%


--->>> Brent did not average at USD131 for Q2 2022

--->>> Physical spread of USD20 per barrel can be wiped out by derivative losses

--->>> Manufacturing expenses do not look right


--- Numbers from Q2 2022 financial results ---

HRC RM Millions _____________ Q2 2022 ______ Q2 2021
Revenue ______________________ 6,894 _________ 2,501
Purchases ____________________ (5,981) ________ (2,262)
Gross profit __________________ 912.9 __________ 239.4
Manufacturing expenses _____ (43.3) _________ (55.5)

Ave product prices ___________ USD151/barrel ___ USD75/barrel
Sales Volume increase ______ 35%


--- Implied Variables ----------

_______________________________ Q2 2022 _____ Q2 2021
Average USD/RM ____________ 4.3 ___________ 4.15
Barrels sold __________________ 10.6M ________ 8.035M

Cost per barrel_______________ USD131 ______ USD67.8
Manufacturing exp / barrel __ USD0.95 _____ USD1.66


{ Barrels sold = Revenue / ( Ave product prices/barrel x USD/RM) }
{ Cost per barrel = Purchases / ( Barrels x USD/RM ) }

---

Posted by Sslee > 3 hours ago | Report Abuse

The product prices during 2Q 2022 and YTD 2022 improved from an average price of USD75 per barrel and USD71 per barrel for the corresponding periods in 2021 to USD151 per barrel and USD133 per barrel respectively.

So HRC is not so charitable selling their products YTD 2022 at USD 133 per barrel and Q2 at USD 151 per barrel

i3lurker,

Hin Leong, Noble Group and Petro-Diamond Singapore also have swashbucklers who clicked wrongly.

Baring's error account was £827M in January 1995, up from £208M in Dec 1994. Nick Leeson's short straddle (sell call and sell put with same expiration) on the Japanese market went into a tailspin during the Kobe Earthquake.

SSLee,

The derivative appears to be a combination of writing a refined oil call option and buying a crude oil call option. It is unclear if the sold refined call option has the same expiration date as the bought crude oil call option because there is a 1 month time difference during the physical production process.

In 2020, the Singapore Mogas 92 Unleaded Brent crack spread was generally low and was negative for the months of March, April, May and July.

In 20201, the same Mogas 92 crack spread was higher and was positive throughout the year and spiked to a year high in October.

However, by looking at HRC's financial results for 2021 and 2020, the comprehensive income was a loss of RM104.4M in 2021 compared to a gain of RM157.04M in 2020.

That's a bit counter-intuitive. Hedging was supposed to smooth out the financials during periods of negative spread and not result in losses during rising crack margins.

Is hedging the crack spread no longer all it's cracked up to be?

If the objective is to participate in a favorable price move, wouldn't hedges with buying put options be better?

By purchasing a crack spread put option, the two independent risks are hedge with one trade. More importantly, the expense is just the premium paid and simplifies the financial reporting.



HRC

RM Millions
_______________________________ 31.12.2021 ________ 31.12.2020
Revenue ______________________ 12,006 ____________ 7,176
Gross Profit _____________________ 1,044 _____________ 379
PBT _____________________________ 127.7 _____________ 255.7
PAT _____________________________ 82.67 _____________ 250.98
Cash flow hedge _______________ (126.62) __________ (125.79)
Cost of hedging reserve ________ (60.47) ___________ 31.85
Total comprehensive income ___ (104.4) ___________ 157.04

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=218092&name=EA_FR_ATTACHMENTS

https://www.tradingview.com/symbols/NYMEX-D1N1%21/

---

Posted by Sslee > 1 hour ago | Report Abuse

If you hedge the refining margin at USD 12 - 20 per barrel from month july onward till maybe beyond 2022 up to 2023

So when Q2 end 30/06/2022 the spot month and future month refining margin is now at USD 30 - 25 per barrel.

How you going to capture this unrealised loss in your Q2 account?

Is this unrealised loss a great concerned?

Unrated bonds? There will be substantial risk premium.

Like Mike-Contracted-Yucky-Chlamydia always kiu un-certified girls. Now contracted syphilitic meningitis resulting in brain damage and types in an incomprehensible manner.

---

Posted by Sslee > 24 minutes ago | Report Abuse

KUALA LUMPUR (July 6): Hengyuan Refining Company Bhd is planning to establish a RM5 billion unrated medium-term notes programme, according to the Securities Commission Malaysia’s list of corporate bonds and sukuk under the lodge and launch framework.

Notably, Aminvestment Bank Bhd and Maybank Investment Bank Bhd have been appointed as the principal advisers for the proposed corporate exercise.

.

First of all, I do not borrow to short.

And I do not short Armada.

Just stating facts for scenario analysis.

Why are you Heng-ing, Ong-ing and Huat-ing over oil price movements? Oil price does not impact Armada directly. Too much consumption of feng-tou pills?

---

Posted by bullmarket1628 > 3 minutes ago | Report Abuse

Don’t worry for those who is holding Armada shares by buying using own cash monies.. 


Another words , it’s the bad news for those who borrowing monies to do shorting Armada’s shares like PSAi3alert… 



So, this will create nightmare for them if interest rate keep on rising and hence their cost of do shorting will increased dramatically high ! 


.

Increase in USD interest rates will impact HRC.

Hibby will not be impacted because Bentong Kali gangsters don't pay taxes or interest.


HRC Borrowings
RM1,500.466M (denominated in USD)

Hibiscus Borrowings
Non-current: RM364.009M (did not state denomination. B+ USD?)
Current: RM193.75M (did not state denomination. B+ USD?)
.

BNM just increased OPR by 25 basis points to 2.5%

Bumi Armada Borrowings

Short-term
RM1,267.931M (denominated in USD)
RM30.915M (denominated in RM)

Long-term
RM4,841.746M (denominated in USD)
RM1,530.753M (denominated in RM)

.

BNM just increased OPR by 25 basis points to 2.5%

Bumi Armada Borrowings

Short-term
RM1,267.931M (denominated in USD)
RM30.915M (denominated in RM)

Long-term
RM4,841.746M (denominated in USD)
RM1,530.753M (denominated in RM)

.

SSLee / CharlesT,

Insas
RM Millions ____ 2002 ______ 2001 _____ 2000 ______ 1989
Turnover _______ 133.59 ____ 126.97 ___ 441.084 ___ 189.537
PBT ____________ (80.25) ____ (39.25) ____ 13.28 _____ 16.49
PATMI __________ (89.16) ___ (45.52) _____ 9.76 ______ 20.84
EPS (sen) _______ (14.42) ____ (7.35) _____ 1.59 ______ 3.67
NA (sen) ________ 87.5 _______ 102 ______ 109.6 _____ 109

.

Blue Sail has reported losses for the past 4 quarters

Excluding an other income item, Intco would have posted losses for the latest quarter

---

Intco
(RMB Millions) _____ 30/06/22 ___ 31/03/22 ___ 31/12/21 ___ 30/09/21
Total Revenue ______ 1,453 ________ 2,288 ________ 2,593 _______ 2,972
Gross Profit _________ 213 __________ 402 __________ 1,019 _______ 1,414
Net Income _________ 319* _________ 83 ___________ 488 _________ 1,064
* Included an other income item of RMB438M

Blue Sail
(RMB Millions) _____ 30/06/22 ____ 31/03/22 ___ 31/12/21 ___ 30/09/21
Total Revenue _____ 1,276 ________ 1,298 _______ 1,536 _______ 1,385
Gross Profit ________ 99.15 _________ 176 ________ 253 _________ 341
Net Income ________ -128 _________ -52 ________ -2,263 _______ -23


.

Steven Cohen would have learnt about strong form of market efficiency at Steinberg-Dietrich hall.

---

BobAxelrod

Sharks not biting the EPS >2.2 with PER 2.1.......

Only bilis swimming in 2 inches of waters.........

Time is a luxury you cannot afford.

1 minute ago

Probability,

I rationalized it by imagining hedge positions that are being closed for previous positions and being opened for future positions, on a monthly basis.

The marked-to-market derivative losses were high because the crack spread margins were very high on 30th June, and were above the contracted price to sell.

So, come July, Aug, etc, they will just deliver the products at those contracted prices.

However, there are just to many variables to consider.

MM might drive into the refinery in a car full of explosives. Suddenly the options become naked.

(Rare events can happen. The Kobe earthquake on 17 January 1995, took Nick Leeson's short straddle positions into tailspin and total losses were £827 million.)

.

Probability,

It's in the policy statements in the annual report.

Link in previous posting.


---

probability

@PSAi3alert, i have share the derivations on the article i made. You share to me where its mention they 100% hedge.

1 minute ago

Probability,

Where did you get the 20% hedging number?

If hedges economic relationship were to be 100% effective, the entire capacity will need to be hedge.


https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=215677&name=EA_DS_ATTACHMENTS
[In refining margin swap hedges, ineffectiveness may arise if there is a change in delivery date of crude oil, change in volume of hedged items or if there is a change in credit risk of the Company or the derivative counterparty. As all critical terms matched in the current and previous financial year, the economic relationship was 100% effective. There was no ineffectiveness during the financial year in relation to refining margin swap hedges.]

---

probability

@Bob, no...thats how hedging with futures works. They simply know they have refining ability to produce before the maturity. The hedging amount is only 20% oh their throughput.

Posted by BobAxelrod > Sep 6, 2022 8:08 PM | Report Abuse

In other words, they are Hedging without Goods......isn't that Gambling???

2 minutes ago


.

SSLee,

Anthonytkh thinks the fundamentals of Perak Transit are good.

The bulk of Ptrans revenue is from Maksima Timur, Rezeki Megajaya and Century Edge Group, and they are all fake.

The dividends are issued using bonds by UOB, not via earnings.

My postings are here:
https://klse.i3investor.com/web/forum/forum-thread/800005273?p=221
https://klse.i3investor.com/web/forum/forum-thread/800005273?p=222

p.s. I said that I will report to SC but kept procrastinating. Will do soon.

Posted by Sslee > 12 minutes ago | Report Abuse

Did anthonytkh follow PNB to invest in Sapura Energy Berhad in year 2018 since PNB increase it holding to 40% hence its fundamentals must be very good?

How can you be sure that Michael Tang is not dumping Hibiscus?

Hibiscus' price started tanking from late May after financial results announcement.

There were issues in the financials and I thought that Michael would have whacked Kenneth.

But no, he bought 20M more shares on 22nd and 23rd June.

That's when he crossed the Rubicon.

The latest results confirmed my suspicion.

(Michael and sister grew up in Persiaran Ampang and were raised by a single mother who worked 2 jobs tirelessly to support the family)

---

MoneyMakers

Never touch tech scam stocks @ sfptech/cnergen/coraza/lgms blablabla

Will totally collapse once syndicate dump

1 hour ago

Correct.

Got out this morning because of the spams.

8k profit 24 hours.

It's for charity. Agree?


---

Posted by UlarSawa > 5 minutes ago | Report Abuse

Dear Internet Cafe Boss. You like this do is not helping Sifu OTB leh. You know why or not. You spam the whole forum like this many investors or kakijudi tak mau invest or judi pasal see something very wrong on HY leh. You think they will buy or sell to get out more likely. Pakai lah otak to think lah. Unless you want the price drop more to collect then different story lah. You cakap lah. Correct or not. Haiyoh. Correct?

“Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes,” Franklin

---

On 27 December 2019, the IRB raised a Notice of Additional Assessment for YA2014 under the PITA against HML/PCSB/HMPM3/PVEP – Block PM3 CAA Production Sharing Contract dated 16 February 1989 as amended (“PM3 CAA PSC”) that is deemed to be a chargeable person under the PITA for additional tax and penalty amounting to RM95,641,365.08 (“Notice of Additional Assessment for YA 2014”), disallowing several PSC costs and sole costs of HML.
Of this total amount, the portion potentially attributable to HML and HMPM3
is estimated to be an amount of up to RM79,168,229.90.

On 9 January 2020, HML (on behalf of the PM3 CAA Partners) filed a notice of appeal (Form Q) to the Special Commissioners of Petroleum Income Tax (“SCPIT”) against the Notice of Additional Assessment for YA 2014. The next mention for this appeal is scheduled for 3 October 2022.

On 31 December 2020, the IRB raised Notices of Assessment for YA 2015 and YA 2016 under the PITA against the PM3 CAA PSC for additional taxes and penalties totaling RM166,282,868.93 (“Notices of Assessment for YA 2015 and YA 2016”), disallowing several PSC costs and sole costs of HML. Of this total amount, the portion potentially attributable to HML and HMPM3 is estimated to be an amount of up to RM16,446,882.48.

.

I can tell you now!

Mike Cheat You Crazy fooks only Mabel, not realizing that Mabel is not a girl.

Dragon's bird stopped functioning, so does not need partner.

qqq3333 and OTB may end up like the shootout in 'A Better Tomorrow II' movie


Posted by i3lurker > 3 minutes ago

PSAi3alert
thats why I wanna be Macai so can be Wohtai and also Rogue Macai

after That I will write a book called "Rogue Wohtai"
just like Nick Leeson punya "Rogue Trader"

I will tell all ...
how many girls Mike Cheat You Crazy fooked per night
Who is Dragon punya fook partner

and
also the ending to qqq3333 puppy love crush on OTB


Woonderbar !!!!

Posted by PSAi3alert > 3 weeks ago | Report Abuse

Bentong Kali, 04 gang, and Hibiscus don't pay taxes

Bentong Kali, 04 gang, and Hibiscus don't pay taxes


----
Masidi: Two oil and gas firms yet to settle unpaid SST with Sabah govt
Thursday, 18 Aug 2022

The two Hibiscus Petroleum Bhd-owned oil and gas companies with overdue state sales tax (SST) have yet to settle the outstanding amount with the Sabah government.

During the state assembly sitting in July, Masidi said the state government will cancel all work permits issued to the two companies if they fail to settle the overdue SST amounting to RM97mil.

At the time, he said notices were given to both firms on June 21, and the amount was supposed to be settled in full within 30 days.

He added that the state government reserves the right to take legal action against the companies.

Asked if the state government would proceed with revoking work passes to the companies, he said: "We will pursue, within our constitutional and legal power of the state, whatever (avenues are) available.This is being dealt with by the (government) side, with Petronas. We will update the media if and when the need arises,” said Masidi.

Masidi noted that the government had not encountered such problems with any other oil and gas companies.

https://www.thestar.com.my/news/nation/2022/08/18/masidi-sabah-will-collect-unpaid-sst-from-two-oil-and-gas-firms

.

Ranhill won the Kelantan pipe replacement project. Announced in March.


https://www.theedgemarkets.com/article/ranhill-secures-rm61m-kelantan-pipe-replacement-project

I suspect Hibi's oil fields are dry.

Numbers being fudged.

Attempting to reduce taxes by inflated admin expenses (RM165M) and other expenses (RM126M), which invariably be disallowed by LHDN.

Time bomb.

.

i3lurker,

That's my point.

Decommissioning has to be done.

Taxes have to be paid.

But, the swashbucklers are trying to evade sales taxes by running a pipeline from Sabah territorial waters to Labuan and self declare that taxes do not need to be paid.

https://www.hibiscuspetroleum.com/asset-portfolio/malaysia/

.

HRC listed hedges as:

"Items that will be reclassified to profit or loss:"

Petronas listed hedges as:

"Items that may be reclassified subsequently to profit or loss:"
https://www.petronas.com/sites/default/files/Media/Financial%20Report%20Q2%202021.pdf

The word 'Will' is stricter than 'May'.

Hibiscus also ought to state that there are RM2,345M worth of items that INVARIABLY WILL be reclassified to profit or loss.

--->>> Hibiscus is worth 0.05


---

Hibiscus
Items that will be reclassified to profit or loss:
Non-Current Liabilities
Borrowings: ________________________ 364.009M
Deferred tax liabilities: _____________ 581.189M
Provisioning for decomm costs: ___ 621.611M

Current Liabilities
Borrowings: ________________________ 193.75M
Deferred tax liabilities: _____________ 493.726M
Provisioning for decomm costs: ___ 90.720M

Total _______________________________ RM2,345M

.

SSLee,

It will make sense if the hedge positions are being closed for previous positions and being opened for future positions, on a monthly basis.

If the refining margins remain at USD40/barrel until end of the year, the gross profit will be high. But then again, the contracted derivative losses may well be over USD30/barrel. After subtracting other costs, interests, defaults, etc; there will not be much left.

Under the best case scenario, HRC can accumulate enough cash to close out all positions and settle borrowings, the cash is with HRC. Just like cash is with Ah Thong of Insas. Nothing to do with you.

On balance, I will issue a DNAA (discharge not amounting to an acquittal) for HRC from the 'Fat Kap Nar jumping in the street' list.


---

Posted by Sslee > 19 minutes ago | Report Abuse
...

Since the unrealised derivaties is marked to market on 30/6/2022. Thus a very high unrealised loss because spread margin is almost at peak of USD 40+ on 30/6/2022.

If this peak spread margin presist till year end then H2 will have huge realised derivative loss but then again the physical business of buying crude, refining to finished product and sold the finished product will earned you super super fat refinimg margin of USD 40 per barrel.

You can expect about another 21 million barrel for H2.
So do the math.

SSLee,

HRC has a licensed capacity of 156,000 barrels per day, or 56.94M per year.

HRC's annual report stated that they have 100% effective margin swap hedges. To achieve a 100% effective margin swap hedge, all items will need to be hedge in terms of value and timing. Not 10%, not 20%. Not a little pregnant. 100% match.

June 2022 margins were at record high and have come down substantially.

If the cash flow hedge and cost of hedging reserve were to be marked to market, they will be probably be less than RM1,079.600M.

But then, the operating profits will also take a plunge.

For Q2 2022, if the RM897.257M profits before tax were to be 'marked-to-pocket' but RM1,079.600M derivative losses were to be 'marked-to-market' - wouldn't that imply ineffectiveness in margin swap hedges policy?


Page 101
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=215677&name=EA_DS_ATTACHMENTS
[In refining margin swap hedges, ineffectiveness may arise if there is a change in delivery date of crude oil, change in volume of hedged items or if there is a change in credit risk of the Company or the derivative counterparty. As all critical terms matched in the current and previous financial year, the economic relationship was 100% effective. There was no ineffectiveness during the financial year in relation to refining margin swap hedges.]

Posted by Sslee > 4 hours ago

I do not have information on HRC hedge position nor the duration of hedged nor whether HRC overhedged or underhedged. But be objective and look into Q2 result.

SSLee,

Ok, agreed that HRC's directors' fees of around RM2M are reasonable. Actually low compared to Insas' directors' fees (over RM10M?).

Also, the directors are also unlikely to go to Jalan Alor to kiu kai like Mike-Catch-Yucky-Chlamydia.

However, those points are not germane at all.

If HRC were to fully hedge their capacity last year, their profits will be capacity x hedged margins.

Whatever crack spread now will be irrelevant.

Marathon does not hedge. They suffered losses in 2020 but are enjoying superior profits now.

HRC's latest quarterly gross profit of RM912.942M will be attributable to prevailing operating crack margins. The derivative losses will take out the difference between the current and previously hedged margins. Unfortunately, the losses of RM1,079.600M suggest that they have over-hedged and started gambling.

To suggest that the derivative losses will unwind themselves will give rise to an unlikely scenario - whereby a refinery company can be profitable during periods of negative crack margins, and have superior profits during periods of very high crack margins (that were hedged 12 months ago).

Sounds like a unicorn.

I would rather belief Mabel is a buxom blond.

https://www.tradingview.com/symbols/NYMEX-D1N1%21/


---

Posted by Sslee > 2 hours ago |

...

Just to be fair, do you see the China and Philipine boss of HRC and Petronm:
Draw millions and hundred million in CEO/Chairman/MD/director fees and bonus like Shahril and Tony and many others?
Cash call year after year like Jaks, Serba and many other companies?
Reward themselve with free share grant (LTIP), ESOS, warrant and etc?

The China and Philipine boss are doing a favor for Malaysians by taking up Shell and ESSO refinery in Malaysia because ESSO and Shell do not intend to upgrade their Malaysia refinery with huge CAPEX to produce low sulfur petrol and diesel. They prefer to spend their money on their refinery complex in Singapore.

Why can't they just present the Financial Results, Financial Position, Liquidity, Return of Capital and Outlook straight up like how other refinery companies present theirs.

No gazing into the 12-months or 24-months crystal balls, please.

Marathon Petroleum Q2 2022 results:
https://s2.q4cdn.com/142437514/files/doc_financials/2022/q2/MPC-2Q22-Earnings-Release.pdf

---

Posted by probability > 16 minutes ago | Report Abuse

the article was posted to explain this as i understand from a person with background in acc & finance (i am not)

ADDITIONAL EXPLANATION BY PROBABILITY:

The reason why HY shows large unrealized loss on Cost of hedging reserve (COHR) is because it has around 18 million barrels of refined products, e.g Gasoline crack spread that is hedged for next 24 months at 12.7 USD/brl margin.


This is the Refining Margin Swap Contract (RMSC) shown as USD 227 million (USD 12.7 crack x 18 million barrels hedged).

probability,

I have to admit that I'm least confident in putting HY in the "Fat 'Kap Nar' running in the street" list.

However, cash flow hedge and cost of hedging reserve jumping from RM -110M to RM -1079M in consecutive quarters is way too much. In addition, those hedges ought to be charged out before tax.

There ought to be explanations on how the hedge losses can be reversed, like how UPlant explained in the Q1 2022 notes.

If the boss is so confident that the hedge losses can be reversed, throw out a RM2/share dividend.

Unfortunately, it will not happen. The financial derivative liability and borrowings have swelled to RM2.8B.



UPlant Q1 2022 Notes:
[The year-to-date realised loss of RM182.1 million from commodities futures contracts was a result of hedging losses due to timing differences of raw material hedges versus delivery of finished goods as explained under Notes B1 and B2. The high hedging loss was because of the significant increase in CPO prices since entering into the earlier BMD commodity futures sales.

Upon buying back of the earlier entered BMD commodity futures sales there are immediate losses, however, these hedging losses had been and will continue to be reversed in the coming quarters through significantly higher contributions upon delivery of finished goods based on earlier purchased CPO at lower prices as part of the raw material hedge. ]


---

Posted by probability > 9 minutes ago | Report Abuse

@PSAi3alert, i had some respect on you earlier when you tried to expose Serba. But unfortunately, over confidence can make one blind to rationality...

suggest you spend some time going through the derivations, annual report on their refining margin swap, and understand how cost of hedging reserve works before commenting

HY is not the only refinery in the world that reported huge earnings.

.

Genuine Loans / Genuine Hedging / Original Cloned Rubber Stamps / Fat 'Kap Nar' running in the street businesses:
- Serba
- Air Asia
- Perak Transit
- MyEG
- Hibiscus
- Heng Yuan

Original Cloned Rubber Stamps / Fat 'Kap Nar' running in the street businesses:
- PentaMaster
- Greatech
- UCrest
- KeyAsic
- ARBB

.

i3lurker,

It's funny (actually not) that they stated foreign worker job matching service and Zetrix token as areas of growth; but RM216M of private placement are used in unrelated areas.

The RM89.0M for healthcare (aka covid screening) services can be written off by now.

The RM67M used to purchase fixed assets for e-government services is 'confuse-speak' for buying the Brooklyn bridge the 10th time.


"As at 30 June 2022, the status of utilization of proceeds raised from the first tranche of the
Private Placement I amounting to RM216.0 million are as follow: "

Development of foreign workers hostels
Proposed Utilisation (RM Millions): 94.5
Actual Proceeds Raised (RM Millions): 50
Actual Utilisation (RM Millions): 21.9
Balance (RM Millions): 28.1

Development of healthcare related services
Proposed Utilisation (RM Millions): 168.0
Actual Proceeds Raised (RM Millions): 89.0
Actual Utilisation (RM Millions): 89.0

Purchase of fixed assets for egovt services
Proposed Utilisation (RM Millions): 126
Actual Proceeds Raised (RM Millions): 67
Actual Utilisation (RM Millions): 67

Working capital
Proposed Utilisation (RM Millions): 9.1
Actual Proceeds Raised (RM Millions): 5.5
Actual Utilisation (RM Millions): 5.5

Expenses for placement
Proposed Utilisation (RM Millions): 9.4
Actual Proceeds Raised (RM Millions): 4.5
Actual Utilisation (RM Millions): 4.5

.

What the FUCuK are the explanatory notes trying to say?!

--> Aren't E-service by definition available online and available worldwide?
--> what's foreign worker job matching service? Match Mabel with Banglas? Where's the portal?
--> what and how is the Zetrix token contributing to sales?

--> If PAT is consistently above RM80M per quarter, why increase private placements and borrowings?!

----

[For the Quarter under review, the Group recorded a Revenue of RM161.79 million, a marginal decrease of RM0.02 million (0.01%) as compared to Q1 FY2022 Revenue of RM161.77 million.

The lower Revenue in Q2 FY2022 was mainly was due to lower demand for the quarantine services which was offset by the following Revenue contribution resulting in the increase in PAT of of 3.72% amounting to RM3.17 million:
(i) an increase in Revenue from the existing concession services as a result of the resumption of full operations of our E-Service Centers located nationwide;
(ii) contribution from the foreign worker job matching service; and
(iii) contribution from the sale of Zetrix token.]

.

Itochu Corp (Holdings company of Family Mart)

Market Cap: 6.08T JPY
P/E ratio: 7.24

03/30/2022 (JPY)
Total Rev: 12.54T
Gross Profit: 1.971T
PBT: 1.0727T
Net Income: 0.783T

.

Genuine Loans / Fat 'Kap Nar' running in the street businesses:
- Serba
- Air Asia
- Perak Transit
- MyEG
- Hibiscus
- Heng Yuan

Fat 'Kap Nar' running in the street businesses:
- PentaMaster
- Greatech
- UCrest
- KeyAsic
- ARBB

.

i3lurker,

Will be Serba type of propositions.

Vaccine, block-chain, etc.

All of which requires private placements, borrowings and Mabel services.

.

It's called magic.

Shell sold 51% for USD66.3M to Heng Yuan, and the company's profit jumps from RM335M in 2016 to RM909M in 2017.

Just like how Hibiscus buys assets from Repsol for RM580.967M (from initial agreement of RM890.396M); and voila, the same assets generate profits of over RM600M in the same year for Hibiscus.

Fat 'Kap Nar' running in the streets?

p.s. Shell has some of the best game theory scenario planners in the world. Repsol also have brilliant minds.


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Page 2 Shell Refining 2016
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=195215&name=EA_FR_ATTACHMENTS

Page 2 Heng Yuan Refining 2017
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=199650&name=EA_FR_ATTACHMENTS

Page 12 Hibiscus quarterly results
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=219788&name=EA_FR_ATTACHMENTS

Despite cumulative net profits of almost RM2B, margins of about 50% and hardly any taxes paid; why is MyEG doing frequent private placements and increasing borrowings?

Rubber Stamps business....?

Page 12-14
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=219203&name=EA_FR_ATTACHMENTS

.

I'm not thinking of the LSS4 bidders that put in 17.68 sen per kWh to as high as 24.81 sen/kWh. (People like ALP of Jaks do not make money by generating power, coal or solar)

During the gold rush, sell shovels.

Companies like Pekat are doing that by selling to LSS4 winners and other commercial and industrial; and consumers. Pekat's 12 megawatt-peak (MWp) grid-connected solar PV system at Proton is rather interesting.

Solar degradation is at a rate of 0.5% to 1.0% per year. Just need to wash the panels to remove dust build up. (But, Malaysia do not have a maintenance culture. Look at the dirty outlook of Istana Budaya and compare against the Sydney Opera House).

Ranhill just came up on my radar. Water tariff hike for non-domestic users is effective Aug 2022.

.

i3lurker, SSLee,

Should take a look at solar.

To meet the Paris agreement of preventing Earth's average temperature from rising more than 2 degrees Celsius above preindustrial level, the energy economy need to shift to 100% renewable energy using solar energy and other clean energy sources.

As at 2021, Malaysia's solar capacity was around 1,800MW, representing 2.4% of total energy consumption.

Malaysia's solar capacity will need to grow 30-50% over the next five years just to catch up in terms of W per capita.

Despite coal prices quadrupling from USD50/tonne to USD200/tonne, Malaysia's electricity price of 39.45 sen per kWh remains one of the cheapest in the region. And it will remain suppressed until end of 2024. However, a surcharge of 3.7 sen per kWH for non-domestic users from 1H22 has increased electricity for commercial and industrial users to over 43 sen per kWh.

Solar projects' levelized cost of energy is around 22 sen per kWh.

Makes economic sense to shift towards solar.

Most importantly, it's good for Mother Earth.

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2021 Solar PV capacity and W per capita

_____________________ Capacity (MW) _____ W per capita
China _______________ 306,973 _____________ 217
European Union ____ 178,700 _____________ 400
United States _______ 95,209 ______________ 289
Japan _______________ 74,191 ______________ 590
Australia ___________ 19,076 _______________ 742
South Korea _______ 18,161 _______________ 350
Vietnam ___________ 16,660 _______________ 171
Taiwan _____________ 7,700 ________________ 327
Thailand ___________ 3,049 ________________ 44
Malaysia ___________ 1,787 ________________ 55
Singapore __________ 433 _________________ 76


_________________ price/sh _________ mkt cap _________ PE
Solaredge _____ USD 287.93 ______ USD 16.02B _____ 112
First SOlar _____ USD 121.75 ______ USD 12.98B _____ 69
JinkoSolar _____ USD 59.78 _______ USD 2.96B _______ 39
Longi Green ___ CNY 53.06 _______ CNY 400.69B ____ 38
Sungrow _______ CNY 131.65 ______ CNY 195.53B ___ 120
JA Solar ________ CNY 65.03 _______ CNY 151.54B ____ 55

Solarvest _____ RM 0.83 _________ RM554M __________ 55
Pekat _________ RM 0.545 ________ RM348M _________ 19
Samaiden _____ RM 0.70 _________ RM270M _________ 24

Not considered
KPower !fake projects
Cypark !smell of rubber stamps

.

There's no short position for Serba. Zero. Telor gajah.

No hope for dead cat bounce.

Just flat-lining _____-_____-__________________

Sekian.

https://www.bursamalaysia.com/market_information/market_statistic/securities

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InvestorKING

Imvu,if the price remains the same like now for months, u think operator no need to collect back their shares that they have shorted?

1 hour ago

Forgot to invite you to the scammer's curtain call



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Posted by InvestorKING > 2021-11-13 16:14

Ya Mabel, me also very very itchy to really ALL IN again below 0.35

Mabel, PearlBlack, Conpipi and Unclear_Lim:

Please come to the stage for a final curtain call


.

MonkeyMakers,

Hibiscus is exploding downwards.

rr88 said it will trend down to 0.50

.

Major Customer's net margin: ~10%
SFP's net margin: ~40%

Logical?

.

SSLee,

Thanks for the link.

Between Q1 and Q2, the increase in levy and export duty is around 50%.

Is puzzling that TSH's payments for levy and export duty jumped from RM46M to RM100M.

The percentage of sales to Indonesian customers for Q2 was 64%.

Wouldn't Indonesian customers be classified as local sales and , as such, levy and export duty do not apply?

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Posted by Sslee > 10 minutes ago | Report Abuse

https://katadataku.com/indo-export-duty/2022-2/
Link to Indonesia 2022 period reference price, Levy and Export duty.

Is that you DickyMe[1-n]?

20 years ago, DickyMe worked as a laborer in a factory. Now, still the same coolie mentality....

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MoneyMakers

Aiyoyo psai3alert go bring ur childish thinking to Hib forum

Here focus TSH only

1 minute ago