After 4 years.... no more story on SKIN already.

Interest cost alone... 6% over RM800-900M ?

http://www.thestar.com.my/tech/tech-news/2017/07/27/singapore-slings-taking-on-alibaba-amazon-launches-prime-now-in-the-city-state/

I already told... they coming strong....no way Malaysia E-payment provider can compete with them.....they have complete.. Market place, product, purchasing power, prices, brands, delivery, payment systems, superior services...most important....deep pocket.

Large investment, huge debt and long gestation period is for KWAP, AIA not for retailer.

Kah kah kah curse like Pirate of Carribean? RSI already 24.

I think Geely will bring their chain of suppliers and these supplier will not only serve Geely but other S.E.A. market. A real threat....so forget about Cow leather price etc.

(July 26, RMI.96)
Maintain hold with fair value (FV) of RM2.08: We maintain "hold" on Prestariang Bhd with a a
higher sum-of-parts-derived FV of RM2.08 per share (previously RM2 per share) following our meeting with its management. We have t also revised our earnings forecasts t for its financial year ending Dec 31,2017 (FY17) to FY19 after making changes to the assumptions
for the Sistemn Kawalan Imigresen Nasional (SKIN) project.

After speaking to the team in charge of SKIN, we are more inclined to believe that the execution risks of the project are well managed.
We also note that payments from the government for SKIN are highly secured. Therefore, we lower our discount rate for SKIN to 8% from 9.5% to derive its net present value (NPV)by removing a 1.5% risk premium previously attached to execution uncertainties. In addition, after a more in-depth study of the project requirements, we lower our year four to 15 operational expenditure
assumptions to RM100 million per year from RM135 million per year.

Based on our channel checks, debt funders may be able to lend up to 90% of the project capital expenditure requirement RM800 million to RM900 million).

Might test 1.60-1.65 during bearish mode....no more story....we can see more stable Myeg(already expensive valuation @ PE 40) performance.

Aiyoyooo you certainly are not an Accountant.
Revenue Recognition set by GAAP are much more complex then your 101 Accounting.

There are different treatment for each industry. ..for example Construction and Software are different...futher this is not straight forward government contract....there are many issues...like transfer of control, VSOE, revenue separation, ability to transfer to customer the significant risk and rewards of ownership, recourse etc.

Without seeing the actual agreement there are no way we could know......there are risk that Auditor will not agree to revenue recognition at all.....i.e. does not meet revenue recognition criteria during the development.....so your calculation.....you just pluck from sky.

LEAP like crowdfunding no liquidity and low valuation.

I think game over for now, company fail to avoid death cross few days ago....now on bearish mode.....next announcement is whether they can raise RM1B funding (in material infact negative if they can't).....semua baju sudah buka....sudah nampak semua skin sahaja and ....itu 30% skin part pun sudah kena censored.

Already bearish mode.

If not mistake each settlers are given 800 shares during Ipo time. That all govt going to pay them back (loan).

There are also implementation risk...nothing is a sure thing.....can they deliver within a budget of RM1B? The original proposal was RM6B....after cut here cut there.....competition etc...they reduced to RM3.6B...futher USD was 3.8 then....now 4.3....after few more interest hike ...USD will be much higher....

It on today theedge and thestar.

http://www.thestar.com.my/business/business-news/2017/07/24/introduction-of-world-class-mobile-payments/

http://www.theedgemarkets.com/article/cimb-partner-alipay-develop-mobile-payment-platform 

E-pay need big muscle and deep pocket.

http://www.theedgemarkets.com/article/cimb-partner-alipay-develop-mobile-payment-platform

E-pay need big muscle and deep pocket.

CIMB's subsidiary Touch ‘n Go to launch e-wallet together with Alipay

Read more at http://www.thestar.com.my/business/business-news/2017/07/24/cimb-in-major-fintech-move/#XkX2xlCgxbtFH0DA.99

See I told already.......this business not lucrative...just a hype...trendy or gaya only that make you feel good or hope for innovation will give you big profit..........will be more and bigger player coming...

In announcing the incentives, Najib said the  Government will also help the settlers to clear off loans taken to acquire Felda Global Ventures shares.
Read more at http://www.thestar.com.my/news/nation/2017/07/23/felda-settlers-to-get-cash-incentive-scheme/#VBZ3ivLdtob3ru76.99

Habislah excuses.....why govt must prop up FGV.

Why would I want Mpay Mastercard...a none bank issuer... if I can get from Maybank, Bsn etc. Why would I need other card than Touch N Go?....even Touch N Go...I seldom use for parking...cause expensive.

http://www.thestar.com.my/news/nation/2017/07/23/felda-settlers-to-get-cash-incentive-scheme/

Cash is king! They don't have to prop up this stock to win over their vote. Money better spend to direct beneficiaries...

When you transfer the profit....govt will tax Presbhd.....
ShareRich....you don't read well.....sure profit for co...but what we talking now is valuation...price to pay.

They can franchise it and work with any currencies. I'm sure Maybank, Cimb have ability to take on it.....if and only if there are huge demands and acceptance from community.

Those 3 guys are technical personnel...there are better way to reward key personnel.....fact memang sudah kena kencing... MSC status only benefit those 3 guys and Pskin not Presbhd.

Can you believe this bullshits? They need this 3 guys to ensure they could deliver such important project to government.....and giving it FREE shares to them.....the whole RM1Billion must be borne by investors.....sheeeh!

70% not enough skin in the game. (Betul betul tinggalkan kulit to investor, meat dia orang sapu)

Why the poor response?
For starters, it is important to note that analysts concur Prestariang's profits should improve going forward, from the third quarter at least.A report by CIMB Investment Bank anticipates core earnings
to expand by 143% year on year to17 sen per share in FY2018. Even the more conservative estimates by AmInvestment Bank forecasts
core earnings per share to rise 80% Y-0-Y to 11 sen.

The trouble is,the earnings up side simply aren't enough to justify the stock's lofty valuations. As at
last Thursday's close, Prestariang was valued at a whopping 112 times earnings.Of course, this is expected to fall once the earning growth to trickle in.

The fact that Prestariang will only control 7o% of the SKIN project did not help matters either

For context, it is important to remember that back then when news first broke that Prestariang was bidding for the SKIN project, the expected value of the contract was much higher- as much as RM6 billion.

This helped to drive Prestariang's share price to over RM3.20 in early 2016.
However, uncertain over whether it could actually
bag the contract brought the share price back down to the RM2.2o level Over the past year.

The company's tumbling earnings could not have supported such a high share price either. Investors long in the stock at this point were largely betting on the upside potential of SKIN. Thus, it was a relatively nasty surprise that Prestariang only has a 70% stake in the concession.

Recall that the actual concession has been awarded to Prestariang SKIN Sdn Bhd a wholly-owned subsidiary of Prestariang Services Sdn Bhd. However, Prestariang only controls 70% of Prestariang Services. Another 30% of the company is controlled equally by Muhammad Nagib Gopal Abdullah, Raja Azmi Adam Nadarajan and Faisalludin Mohamat Yusuff.

When asked why a 30% stake was given to these three individuals, Abu Hassan simply says,
"These are the original founding members."
"They are not somebody else. They were actually physically with us from day one, and they continue to be with us to add value to make sure they deliver SKIN as part of their commitment to the
government."

Note that Raja Azmi is the CEO of Prestariang SKIN.

Whatever the reason however, the financial impact of giving away 30% of the project has not gone down well with investors. Not only will this dilute the earnings from the concession, but Prestariang is expected to bear the entire cost of funding the
project's construction,approximateIy RM1billion over 36 months.

Assuming the project is 80% financed by debt, a 6% interest rate translates into RM95 million in ac-
crued interest over the first three years of the project.

To make matters worse, the exact returns on the project are rather opaque since the internal rate of return (IRR) is not disclosed.

"We have signed a non-disclosure agreement with the govemnment. We are not allowed to reveal the project's IRR Abu Hassan tells The Edge.

Probably use to hedge for their future warrant. Macquarie is a snake... 
Big time cilaka bank.....

Money lending license is not a big thing......ALONG also got that license....lending money is not a problems but collection and managing risks...is not their expertise.

The thing about Mpay is....they have to retails it to consumer and merchant and that will take time....they have to go thru process of educating, promoting and selling.....that will take yearssss before you could see any meaningful profit....and that process need very big budget.

That why first mover....normally a small company...while have to battle with Authorities and market ....could be easily beaten by second or third player which are bigger and will have easier job.....co like Alipay, Tencent, Samsung, Maybank etc.

NETX another idiot stock.

Unlikely....millions waiting to sell their tickets...all the way to 11sen.

System can do so much only..... Thales group of france...so call their security expert also cannot help france from relentless ISIS attack........and our minister want foolproof systems?

My view on Ghl subject .....Alipay are hype...only going to contribute marginal to Ghl and others...in fact Alipay is a threat to all e-payment services providers....nothing to do with stock price....still there are always sucker willing to buy high valuation stock.....in hope future earning will justify.

Ghl is a merchant acquired and terminal rental on proven environment. Some banķ want to outsourced this function... especially on small and new merchant. They never being successful on internet payment...ipay88 are doing better. But Mpay ewallet etc is different....no other countries are really successful on micro payment......China is the only country leading.....but Alipay develop after they have billion transactions and user....and that also more on phone application.

Touch N Go has upper hand....and monopoly on all transport payment.....going to expand on other areas. ...but the progress are too slow.....because they facing the similar problems...like other more develop countries. ...transaction cost is too expensive...simply not viable (that why some merchant set a minimum payment of RM50) and retailer especially small retailers (since this is micro payment) do not want to invest on the systems hardware etc and for your information bank are very careful with who their merchants to avoid fraud....so not everybody can become bank merchant.

Go and visit US,Europe, Australia, Japan, Korea etc...they still use coins.

Contrary to prevailing beliefs, first movers into radically new markets rarely survive .....First mover will die first.

Draw blood already...who want to be hero?...

This is not a normal government contract. This one 100% public sector financing...government has no money....pay small sum over 12 yrs.. and to protect risk from cost overrun. ...Previously when they submit proposal. .....the USD was 3.8 now 4.3....mostly the equipments and systems in USD

Meaning people selling.

http://www.theedgemarkets.com/article/aminvestment-downgrades-prestariang-hold-fair-value-cut-rm2 

This will explain....and yesterday news is old news. The new news... insider sapu 30%....that the creams.

Wakaka Advance Con ...sure we can't catch up with it...

Habis...con job...as I said earlier it will go back where it started.

18-20sen.

Think not yet

http://www.thestar.com.my/business/business-news/2017/07/19/cimb-research-neutral-on-prestariang-skin-concession/

Uhh who steal the 30% ?

Will be where it started......

Took him 2 years....if you can wait for 2 year...any stock also can fly.

Mou just to goreng...any co can sign mou anytime. The same Singapore co fail to market XoX product few yrs ago...want to compete with free apps?

Milking investors again. Idiot A&P also need to do PP....the co has no money already...what can they do with 9.5M....before 12mth they will come back and do PP again...diluting shares....obviously this a tough biz to compete...with giants.....better for co to start diversify...while still can raise money... better switch stock....as I said a year ago.

Every bank also issued their own Master prepaid card, why would people bother to use ....a none bank card issuer...like Mpay?......people will have more confident with bank card...beside debit card are better....

Micro payment take up will be slow........because nobody want to invest on expensive hardware etc.....and transaction cost are expensive....that why in more advance countries...they still using cash.

Fair price 75sen.

Always suspicious if co sign up agreement with unknown oversea co.....small co....no history...or no track records. ...who own this co?.....why co has to share with this co?....if not mistake 50:50....why can't co develop on their own?

Da Vinci Code