Poor result, disappointed.

MFRS 15 is having big impacts on how and when (timing!) the revenue and earnings being recognized. Try google and spend some time to understand.

Net profit is flat compared to previous financial year Q1.
Refer to the explanatory note in the financial report, there are effects of adoption of MFRS 15. Last year Q1 earnings is revised to 11,967K, this quarter is 11,734K. Flat profit as stated in the performance review.

Be careful, result already reflected in the share price in advance and big shark waiting to unload. You can annualize its EPS and try to compare the PE among its peers, this stock is not cheap at current price.

BN kept OPR unchanged, good for property sector!

Daily 8, Titijaya is at their multi years low, it's clearly oversold. You can compare with other property developers with PE below 7. Their financial is at healthy level, they are expanding, they are in affordable housing sector, their unbilled sales is high and assuring profitability in coming years. Their share price movement is not tally with its performances. Currently market sentiment towards property developers are generally not very good, but property is a cyclical business, i foresee this sector is going to boom very soon.

Kawelegen you have to check the financial statement for details, their cash is about 200m, debt ratio is at healthy level, they are very well managed company won't let debt ratio gone up too high, and their business strategy besides holding land for development, they also partner/JV with other renowned companies. This can avoid holding too many undeveloped lands (capital holding cost) and also expanding business in more faster way.

Refer to the explanatory notes in the report, Rev dropped was due to the completion of H2O project, however as you can see the profit before tax is actually higher (suppose 32.7mil) than previous year, but drag down because of 8mil spent on their marketing activities (showroom & sales gallery for 3 projects in FY19). Their income tax expenses also higher than statutory tax rate of 24% due to under provision of tax liabilities in previous year and deferred tax assets not recognized by subsidiary companies. Excluding these unsual items, Titijaya is actually doing great in FY2018. Clearly the share price drop is just a knee jerk reaction from someone doesn't understand accounting, could probably just peep on the figures and having misperception that the result is bad.

And if you check on the other income, rental from LRT3 project hasn't kick in yet. That should be reflected in next Q report.

Whole year profit is consider sustainable, look at other property companies, most of them are having very bad result.

就是有这种黄金坑，0.34 继续加仓。

有些量是做出来的，用海量先拉跌，左手右手转，引起恐慌卖出盘，庄家再慢慢吃进，这种海量吸盘好过每天吸一点，何况这股平均量不大，慢慢吸太花时间，就来个海量吸盘。Q4 业绩出就是跳开拉升了，再配合九月房地产利好，这股得好好把握！

今天低位放盘的菲菜们肯定是后悔死了，这就是股市

0.35 再加吗，机会来临时必须把握，别人恐惧就是要贪心的时候！

仔细看看，庄在吸货，不要给表面的洗盘量给吓到，假象！这是典型的海量吸货拉升，下一个肯定是暴力跳开拉升。

今天业绩肯定创新高，配合下个月房地产利好宣布，这股可要好好把握了！

0.36 果断买入

这庄很厉害，海量吸货，应该是要拉升了

Don't sell your shares, they want to collect your shares. RI will expand their current share base and after the listing of Sapura E&P unit the share price will push up significantly, that's how they make money

By next week the new substantial shareholder will be announced

The theme in 2018, 2019 will be oil and gas. Don't easily let go good stocks. Look at all the oil and gas counters, no matter profit or loss the price are sustained at current level, invisible "hand" behind all these counters. Buying stock is looking forward, not backward. If you are buying stock based on results announcement, calculate the past PE and comparing the dividend you are getting, you must be doing pretty bad in stock market.

No matter how u guys shout here it's not going to affect the price movement. HY is cash generating machine and true value investors know that, IBs know that, the croc behind know that. Strong base formation at RM13, even a big correction in DJ did not alter the price, and croc pushed up to RM15 before result to absorb, similar trend observed in Hibiscus, don't hope for big price correction tomorrow, anything below RM14 will attract more buyers, and croc don't want that. It's going to sustain at current level of 14.80 to 15.30, for few days or even 1-2 wks before surge up again, typical game. Another possibility is they are going to push it up to RM16 level and keep it there for a while to absorb. PE5, don't know where to find this kind of stock already.

JN88, US president has not much influence over the stock market, FED committee is playing a key role here and they are independent from US president or congress (somehow), is not like Malaysia where PM can have a big influence.

Higher operating income is mainly derived from higher ASP and stronger demand, in Annjoo reports you can get more insights about the market sentiment and demand forecast. Generally market is good, ASP is high due to the supply cut from China and mega projects currently running. I foresee profit is sustainable for at least next 2yrs. I will keep this stock for long term, you can check my previous comments and you will know I have kept this stock for more than 1 year. My entry price ofcoz is much lower but I can tell you the true value of this stock is not revealed yet.

I am not too worry about the court cases, every company has this, and it normally taking years to settle.

As what I predicted, result out before CNY. Earnings are superb as what I forecasted, revenue slightly below my estimation 1bil, but still doing great. Half year EPS 28.59cents, conservative full yr estimate EPS 55cents. PE 7 = 3.85, PE 8=4.40, PE 10=5.50. As Ssteel is the leader in market in term of revenue, by right we should apply PE10, give a bit of discount due to misperceptions, PE 8-9 is normally being used for fair value justification. So you guys go and do your math, I would just SAPU whatever under RM3.

投資之神Peter Lynch:

在過去70多年曆史上發生的40次股市暴跌中，即使其中39次我提前預測到，而且在暴跌前賣掉了所有的股票，我最後也會後悔萬分的。因為即使是跌幅最大的那次股災，股價最終也漲回來了，而且漲得更高。股市下跌沒什麼好驚訝的，這種事情總是一次又一次發生，就像明尼蘇達州的寒冬一次又一次來臨一樣，只不過是很平常的事情而已。如果你生活在氣候寒冷的地帶，你早就習以為常，事先早就預計到會有氣下降到能結冰的時候，那麼當室外度降到低於零度時，你肯定不會恐慌地認為下一個冰河時代就要來了。而你會穿上皮大衣，在人行道上撒些鹽，防止結冰，就一切搞定了，你會這樣安慰自己—冬天來了，夏季還會遠嗎？到那時天氣又會暖和起來的！成功的選股者和股市下跌的關係，就像明尼蘇達州的居民和寒冷天氣的關係一樣。你知道股市大跌總會發生，也為安然度過股市大跌事前做好了準備。如果你看好的隨其他股票一起大跌了，你就會迅速抓住機會趁低更多地買入。1987年股市暴跌之後，道瓊斯指數曾經一天之內下跌了508點，那些投資專家們異口同聲地預測股市要崩潰了，但是事後證明，儘管道瓊斯指數暴跌1000點之多（從8月份指數最高點計算跌幅高達33%），也沒有像人們預料的那樣股市末日來臨。這只不過是一次正常的股市調整而已，儘管調整幅度非常大，但也只不過是20世紀13次跌幅超過33%的股市調整中的最近一次而已。從此之後，雖然又發生過一次跌幅超過10%的股市大跌，也不過是歷史上第41次而已，或者這樣説，即使這次是一次跌幅超過33%的股市大跌，也不過是歷史上第14次而已，沒有什麼好大驚小怪的。在麥哲倫基金年報中，我經常提醒投資者，這種股市回調不可避免，總會發生的，千萬不要恐慌。每當股市大跌，我對未來憂慮之時，我就會回憶過去歷史上發生過40次股市大跌這一事實，來安撫自己那顆有些恐懼的心，我告訴自己，股市大跌其實是好事，讓我們又有一次好機會，以很低的價格買入那些很優秀的公司股票.

For those who worry about the last Friday US market big drop, here are my view and advices:

1. First you need to understand the reason of that correction, US stock markets have surged significantly after election without even a minor correction, and this kind of minor correction (weekly 3.9%) is long waited by most of the analysts. As you know healthy correction is key to fuel the longer bull run. Never in the history any bull run without any correction along the way.
2. US economy is getting stronger as expected. Job market looks promising, wages continue to go up, that will eventually result in economy expansion. Never in the history crisis happened during this kind of economy booming.
3. Someone might worry about the bonds yield, if you check the bonds history, current yield level is still very low, it's not going to cause any real impact to economy, overall borrowing cost is still low, EU and JP still in QE, we are still "very far" from monetary tightening. US inflation is not even stay at 2%, JP still struggling to achieve their inflation goal. In short, cheap money still in glut.
4. The recent drop is mainly due to repositioning. Fund managers are getting out from bond market and get into stock, commodities markets. This is very common during economy booming cycle. Check the history, any market expansion will make bonds look less attractive and strong momentum in stocks and commodities.
5. The last time Dow dropped more than 600 points (and that's 3.4%) is during Brexit in Jun 2016, and the turbulence from Brexit is much bigger than current situation. What happened next? Dow bounced back strongly the next days, the next week. And what's the real impact from that big drop? If you are panic selling during Brexit time you will missed all the strong rally after that.
6. Most importantly, ask yourself before panic selling. Do you borrow money to buy stocks? Do you expect to get margin call? If you are real value investor and having adequate holding power, there's nothing to worry about. The only thing you may concern is where to get more money to buy stocks during such a great Sales time. Look back my post in 2weeks time from now and you will understand how ridiculous people react towards market turbulence.

For those who worry about the last Friday US market big drop, here are my view and advices:

1. First you need to understand the reason of that correction, US stock markets have surged significantly after election without even a minor correction, and this kind of minor correction (weekly 3.9%) is long waited by most of the analysts. As you know healthy correction is key to fuel the longer bull run. Never in the history any bull run without any correction along the way.
2. US economy is getting stronger as expected. Job market looks promising, wages continue to go up, that will eventually result in economy expansion. Never in the history crisis happened during this kind of economy booming.
3. Someone might worry about the bonds yield, if you check the bonds history, current yield level is still very low, it's not going to cause any real impact to economy, overall borrowing cost is still low, EU and JP still in QE, we are still "very far" from monetary tightening. US inflation is not even stay at 2%, JP still struggling to achieve their inflation goal. In short, cheap money still in glut.
4. The recent drop is mainly due to repositioning. Fund managers are getting out from bond market and get into stock, commodities markets. This is very common during economy booming cycle. Check the history, any market expansion will make bonds look less attractive and strong momentum in stocks and commodities.
5. The last time Dow dropped more than 600 points (and that's 3.4%) is during Brexit in Jun 2016, and the turbulence from Brexit is much bigger than current situation. What happened next? Dow bounced back strongly the next days, the next week. And what's the real impact from that big drop? If you are panic selling during Brexit time you will missed all the strong rally after that.
6. Think carefully, is there any real impact to steel manufacturers business? Not at all. Economy booming is real good things for commodities, and steel companies will be beneficial from there.
7. Most importantly, ask yourself before panic selling. Do you borrow money to buy stocks? Do you expect to get margin call? If you are real value investor and having adequate holding power, there's nothing to worry about. The only thing you may concern is where to get more money to buy stocks during such a great Sales time. Look back my post in 2weeks time from now and you will understand how ridiculous people react towards market turbulence.

For those who worry about the last Friday US market big drop, here are my view and advices:

1. First you need to understand the reason of that correction, US stock markets have surged significantly after election without even a minor correction, and this kind of minor correction (weekly 3.9%) is long waited by most of the analysts. As you know healthy correction is key to fuel the longer bull run. Never in the history any bull run without any correction along the way.
2. US economy is getting stronger as expected. Job market looks promising, wages continue to go up, that will eventually result in economy expansion. Never in the history crisis happened during this kind of economy booming.
3. Someone might worry about the bonds yield, if you check the bonds history, current yield level is still very low, it's not going to cause any real impact to economy, overall borrowing cost is still low, EU and JP still in QE, we are still "very far" from monetary tightening. US inflation is not even stay at 2%, JP still struggling to achieve their inflation goal. In short, cheap money still in glut.
4. The recent drop is mainly due to repositioning. Fund managers are getting out from bond market and get into stock, commodities markets. This is very common during economy booming cycle. Check the history, any market expansion will make bonds look less attractive and strong momentum in stocks and commodities.
5. The last time Dow dropped more than 600 points (and that's 3.4%) is during Brexit in Jun 2016, and the turbulence from Brexit is much bigger than current situation. What happened next? Dow bounced back strongly the next days, the next week. And what's the real impact from that big drop? If you are panic selling during Brexit time you will missed all the strong rally after that.
6. Think carefully, is there any real impact to steel manufacturers business? Not at all. Economy booming is real good things for commodities, and steel companies will be beneficial from there.
7. Most importantly, ask yourself before panic selling. Do you borrow money to buy stocks? Do you expect to get margin call? If you are real value investor and having adequate holding power, there's nothing to worry about. The only thing you may concern is where to get more money to buy stocks during such a great Sales time. Look back my post in 2weeks time from now and you will understand how ridiculous people react towards market turbulence.

投資之神Peter Lynch:

在過去70多年曆史上發生的40次股市暴跌中，即使其中39次我提前預測到，而且在暴跌前賣掉了所有的股票，我最後也會後悔萬分的。因為即使是跌幅最大的那次股災，股價最終也漲回來了，而且漲得更高。股市下跌沒什麼好驚訝的，這種事情總是一次又一次發生，就像明尼蘇達州的寒冬一次又一次來臨一樣，只不過是很平常的事情而已。如果你生活在氣候寒冷的地帶，你早就習以為常，事先早就預計到會有氣下降到能結冰的時候，那麼當室外度降到低於零度時，你肯定不會恐慌地認為下一個冰河時代就要來了。而你會穿上皮大衣，在人行道上撒些鹽，防止結冰，就一切搞定了，你會這樣安慰自己—冬天來了，夏季還會遠嗎？到那時天氣又會暖和起來的！成功的選股者和股市下跌的關係，就像明尼蘇達州的居民和寒冷天氣的關係一樣。你知道股市大跌總會發生，也為安然度過股市大跌事前做好了準備。如果你看好的隨其他股票一起大跌了，你就會迅速抓住機會趁低更多地買入。1987年股市暴跌之後，道瓊斯指數曾經一天之內下跌了508點，那些投資專家們異口同聲地預測股市要崩潰了，但是事後證明，儘管道瓊斯指數暴跌1000點之多（從8月份指數最高點計算跌幅高達33%），也沒有像人們預料的那樣股市末日來臨。這只不過是一次正常的股市調整而已，儘管調整幅度非常大，但也只不過是20世紀13次跌幅超過33%的股市調整中的最近一次而已。從此之後，雖然又發生過一次跌幅超過10%的股市大跌，也不過是歷史上第41次而已，或者這樣説，即使這次是一次跌幅超過33%的股市大跌，也不過是歷史上第14次而已，沒有什麼好大驚小怪的。在麥哲倫基金年報中，我經常提醒投資者，這種股市回調不可避免，總會發生的，千萬不要恐慌。每當股市大跌，我對未來憂慮之時，我就會回憶過去歷史上發生過40次股市大跌這一事實，來安撫自己那顆有些恐懼的心，我告訴自己，股市大跌其實是好事，讓我們又有一次好機會，以很低的價格買入那些很優秀的公司股票.

投資之神Peter Lynch:

在過去70多年曆史上發生的40次股市暴跌中，即使其中39次我提前預測到，而且在暴跌前賣掉了所有的股票，我最後也會後悔萬分的。因為即使是跌幅最大的那次股災，股價最終也漲回來了，而且漲得更高。股市下跌沒什麼好驚訝的，這種事情總是一次又一次發生，就像明尼蘇達州的寒冬一次又一次來臨一樣，只不過是很平常的事情而已。如果你生活在氣候寒冷的地帶，你早就習以為常，事先早就預計到會有氣下降到能結冰的時候，那麼當室外度降到低於零度時，你肯定不會恐慌地認為下一個冰河時代就要來了。而你會穿上皮大衣，在人行道上撒些鹽，防止結冰，就一切搞定了，你會這樣安慰自己—冬天來了，夏季還會遠嗎？到那時天氣又會暖和起來的！成功的選股者和股市下跌的關係，就像明尼蘇達州的居民和寒冷天氣的關係一樣。你知道股市大跌總會發生，也為安然度過股市大跌事前做好了準備。如果你看好的隨其他股票一起大跌了，你就會迅速抓住機會趁低更多地買入。1987年股市暴跌之後，道瓊斯指數曾經一天之內下跌了508點，那些投資專家們異口同聲地預測股市要崩潰了，但是事後證明，儘管道瓊斯指數暴跌1000點之多（從8月份指數最高點計算跌幅高達33%），也沒有像人們預料的那樣股市末日來臨。這只不過是一次正常的股市調整而已，儘管調整幅度非常大，但也只不過是20世紀13次跌幅超過33%的股市調整中的最近一次而已。從此之後，雖然又發生過一次跌幅超過10%的股市大跌，也不過是歷史上第41次而已，或者這樣説，即使這次是一次跌幅超過33%的股市大跌，也不過是歷史上第14次而已，沒有什麼好大驚小怪的。在麥哲倫基金年報中，我經常提醒投資者，這種股市回調不可避免，總會發生的，千萬不要恐慌。每當股市大跌，我對未來憂慮之時，我就會回憶過去歷史上發生過40次股市大跌這一事實，來安撫自己那顆有些恐懼的心，我告訴自己，股市大跌其實是好事，讓我們又有一次好機會，以很低的價格買入那些很優秀的公司股票.

Left pocket to right pocket, press down price so that they can absorb your shares at low price. They are not so stupid to really sell off their shares at such as low price. Warrants is another reason but it's not an issue anymore, if you look at the next batch warrants maturity dates it roughly tell you road block is clear for couple of months from now. Result and dividen are around the corner, they can't hide the good news, so they have to press down the price to absorb as much as they can before next surge

Annjoo 的股价被压到很低了，双底已慢慢形成，下一波行情应该就要开始了。二月业绩期应该会以南钢开头，给大家一个好的预期，钢铁板块要整体拉升了。

看来南钢过年前应该就会出报告了。来看看营业额会不会冲破10亿唄。

中国螺纹钢1805这两天强力反弹，看来冬储开始了。这波行情会延伸到春节后三四月的高峰，就看螺纹能不能再创RMB5000 大关。

That's why true investors like us make money from market turbulence. If everyone realize the value then how to buy low sell high?

Boss: sapu all at 0.79!
Operator: ok boss, all kena sapu at 0.97.
Boss (fainting): WTF? Wat 0.97? I said 0.79!! U idiot!
Operator: no boss, I am sure I heard 0.97!

While both still arguing, market closed. Bye bye 2017

Good analysis especially on the financial side. Just to add one point on the opportunity, raw materials cost is dropping around 12-15% since Sep, ASP is higher than Q3, that will ensure better profit margin for Annjoo in coming quarter.

China is contributing 50% of world steel output, their influence is even bigger than OPEC + Russia in oil market.

3r1cl33, not next 3 quarters, next few years will be good business for Malaysia steel industry (esp long steel). First look at China, people underestimated the determination of China government to conduct 供给侧改革, basically this will sustain the steel price at high level. You can check back my previous posts and you will understand more about the situation at China now.

Using trailing PE will mislead you in this steel booming cycle, as value investor you need to foresee the business situation and apply dynamic forward PE according to latest situation (assess on demand, evaluate on bottom line), that will lead you to the true value of this stock.

下个季度更恐怖，revenue >1bil !!! Profit margin sure higher than this quarter, we will see how Annjoo going to race with SSteel in the coming quarter.

And thanks for those dumping and let me bought A LOT.

As I always say, SSTEEL will be the biggest surprise among big 4. Revenue is 10% higher than my estimation, great job!

Shanghai steel rebar up again to RMB 4360!

Annjoo-PA is lower cause market is anticipated big dividend from Annjoo in next quarter. The difference tell you what will be the dividend looks like. In the range of 15-25cents I believe.

Day 1 or 2 after result announced is usually to clean out those gamblers and weak players, similar to last quarter result announcement. Consider next quarter min dividend to be declared 15cents, current price entry is CHEAP. Foresee price will be moving up pretty soon, today or tomorrow IBs will issue report.

The drop of top line in Lion also a bit worrying, with steel price uptrend by right revenue should increase even if no growth. But it may be explained by low inventories level Lion is having, mean output restricted by raw materials availability. That also explains the selling pressure on Lion mainly due to the revenue loss. Annjoo on the other hand is having strong surge in revenue, from their report we can understand the surge is mainly due to higher ASP and slowly pick up in demand, the prospect is very encouraging as we can already predicted in Q4 revenue will move up even higher, due to higher ASP, demand pick up from local + EXPORT.

High expectation on Lion is understandable, with steel price going uptrend, the player with higher output will gain the most. Average profit per ton for China players is about RMB 700-1000, the higher tonnage you sell will generate higher profit. Lion just need time to get on track again, people who thought it can make turnarounds immediately is not possible, when you restart operations in new factory it takes time to make adjustments, fine tune settings, and get the machinery stabilize to get the desirable output. Same thing goes to China players when winter time is over, those factories will need to take 1-2 months time to resume their optimum productivity, and Mar-Apt time is usually peak in demand, that will push the current steel price to even higher level.

Investors don't like uncertainties, during Q2 they are worrying about the low ASP, after Q2 result announced, that biggest worry erased and share price jumped immediately from 3.2 to 3.6. During Q3 we are a bit worry on huge surge in raw materials, although higher ASP offset a big portion of the uncertainties, but most still stay back and monitor first, that explains the share price didn't move a lot before the result. After Q3 result announced, the negative uncertainties are mostly gone now, and the bonuses to Q4 are strong ASP, big drop in raw materials cost and strong RM. It's really exciting to wait for Q4 result now. 70-80m net profit is very conservative estimation. Let's wait for IB reports, I expect some will revise their TP to higher level considering all the positive aspects ahead.

If you are amazed by Masteel result, don't forget SSteel is having higher price range products compared to Masteel (operating cost about the same). With its revenue level, you can imagine how much profit it can make. Not to mention next quarter will even more exciting as raw materials dropped 15-28% from peak while selling price remain the same or even higher towards end of the year and 1H 2018.