In closing, so that investors are aware of the facts, at NO TIME did KLK's Tan Sri Lee Oi Hian state that he had concerns or was aware about any introduction of a windfall tax for palm oil companies.

Others may want to cite this information as rumour, however I'd consider their motives VERY dubious and possibly actionable.

The end.

Priceless.........you of all people are teaching me about the correct use of English!!

Have you ever re read any of your blogs and the deplorable use of English you deliver?

Wow.........simply WOW....

Time for you to move on. My time interacting with you is done. You are a total waste of space, time and internet data!

What does this have to do with palm oil companies and more specifically, your comment about KLK's Tan Sri Lee Oi Hian?

Where did you hear about a windfall tax on palm oil companies, or was it a figment of your imagination?

Odd, you address my comments to you with a flood of posts, none of which address your comment about a windfall tax, which was the only question in point.

As I glanced through your flood of company extracts, I did notice the total lack of any company making statements about a bull run in palm oil prices, which seems to be your current flavour of the month.

But it appears that you know a lot more about palm oil pricing than industry players, especially the large capped companies who have a department that work full time on accessing the pricing and hedging of their palm oil production.

Oh well~~~~~~~

I am totally baffled and confused by your response to my original post, which was the summary by the KLK CEO of his thoughts on palm oil for the remainder of 2023. Keeping in mind, the CEO Tan Sri Lee Oi Hian lives and breaths the palm oil business and is one of the most highly regarded figures in the industry by his peers.

He cited his tangible reasons why he was uncertain about palm oil this year and at no stage did he even hint at the slightest concern that the government may introduce a windfall tax.

There has also been no other palm oil company CEO mention this either. I put it to you that if there had been any whispers of this happening, that the palm oil companies would be putting their lobbyists into top gear to diffuse the matter.

It appears, to me anyway, that it is only you who engaging in this windfall tax commentary.

To cite your backup reason that a previous government did it to glove companies could mean it could happen to companies such as KLK is pure folly.

Glove companies such as Top Glove and Harta were making massive quarterly profits in the regions of Rm2 Billion to RM4 Billion due to a worldwide pandemic, which has absolutely no relation to the profits of palm oil companies. To attempt to compare both industries is totally reckless, imo.

It might be advisable to stop shooting comments out from the hip on matters that should be left to the real professionals in the palm oil business, such as the very highly respected Tan Sro Lee Oi Hian.

It appears you may have missed my question, so I will repeat it.

What windfall tax are you talking about?

What windfall tax are you talking about?

Perhaps the KLK CEO's opinion may hold more weight than some others.
An extract from him in the very recent quarterly:

"Prospects
Current palm oil market appears to remain uncertain, influenced by trade policy changes in
both consuming and producing countries, lingering geopolitical tensions that could still impact
commodity prices and concerns on global economic performance. Notwithstanding its
discount to soybean oil, palm oil prices have eased considerably from the historically high
levels seen recently. Profitability contribution from plantation segment is expected to soften
for FY2023.
The Group remains focused to boost productivity and improve the fresh fruit bunches and
crude palm oil (“CPO”) yield to mitigate the impact of rising costs."

Hi Deekay, correct as we are mere pawns in the bigger picture, so have to ride the waves.

One mildly interesting point, since the release of the quarterly there has been very little shorting.......48k on Tuesday and 100 shares yesterday.
Prior to that there had been very little shorting, perhaps a few days of 10k or so but they were never added to the net short position, as they were shorted and covered on the same day. For 8 trading days prior to the quarterly there was no net change to the overall short positions.

Not earth shattering news but I find it mildly interesting.

I'll be a bit happier if it breaks above 9.44 and heads to 9.62 in the short term. Ex Date should be around the 30th March, imo.

Tenaga's financial year is the same as the calendar year.

FY22 ended on December 31, 2022.

Ong Hang Ping is not reinventing the wheel. I'm sure to many readers and or investors in solar companies they would have known all this quite a few years ago.

What does his company have that differentiates it from other players in the solar energy market? I'd like to know your answer to that, as I can only see similarities and nothing exceptional about this company in comparison to its peers.

Well, if that's the case then you'd better start entertaining us :)

A tip, it will take more than your usual tut tut out of the backside sketch.

Yes, as stated by the Ministry and Tenaga Execs..

Spot on, Tony......and thanks for the backhanded compliment :)

LOL.

So are we allowed to discuss with you some of the comments you have stated? If so, let's look at some of your most recent comments.....

"Touching on the subject of electricity subsidy, my view is that the government should encourage the residents in Malaysia to install the Solar Energy with one of the Solar Energy experts such as SUNVIEW , starting from small scale in order to save electricity costs."

So with "small scale" costs initially starting at Rm16k to Rm20k, how much of that should the government subsidise?


"I think the government is quite likely to encourage the residents to utilize the Solar Energy which is readily available almost the whole year except during the rainy seasons and is much cheaper comparing to the electricity."

With a small scale installation cost of around Rm20k, how long will it take to recoup the initial cost?
How many in the B40 group can afford the initial cost? How many of the B40 group live in a property suitable for solar instillation?

Likewise, the same questions might be asked of the M40 group.

I look forward to your thoughts, Mr. Chon.

I am definitely not against solar projects, however the savings are far more compelling to commercial and industrial applications, along with the associated Capex tax benefits. However, the electricity costs in Malaysia for the residential customers are far more accommodating than MANY other countries in the world, where prices are massive in comparison to Malaysia.

@BursaFollower ........you're a fast learner :)

I assume by your response that you do not have any solar panels on your property.

As you are so keen to continually promote Sunview, I'd suggest you give then a call to arrange for a representative to cll on you. Then you can advise all of us about the costs and benefits.

I look forward to the results......oh, and have a great day.

Chon,

How many solar panels do you have on your roof?
How much Kw of power do they produce?
What was the total installation cost?
How much has your Tenaga monthly account reduced by?

Thanks.

Analysts see TNB’s receivables at peak, recommend ‘buy’ on improving cash flow.

https://www.theedgemarkets.com/node/657121

The quarterly came out yesterday, delivering a bit of a mixed bag,

A few weeks ago I posted my thoughts on what I had hoped as a minimum from the report:

Revenue Rm160 million
Net Profit: Rm12.5 million
EPS: 1.4 cents
Declare a Final Dividend of around 1 cent

What was actually delivered in the quarterly:

Revenue: Rm165 million (good)
Net Profit: Rm11.24 Million (!Rm1.1 million below, due to increased interest costs)
EPS: 1.27 cents ( same reason as above)
Dividend: 1 cent (in line with my expectations)

Although revenue increased, the NP was lower, something that needs to be addressed fairly quickly by reducing interest costs blowout. Yet again, as in FY2022 they plan to increase Warehousing space in 2023, so that should be a sign of confidence and their ability to fill the extra planned space.

Sentiment neutral. Although it could possibly be trading at a slightly higher price than currently, I doubt we'll see much interest in the stock in the short term. I may use further price weakness to top up marginally until I see more positive signs in the price movement.

Sticking with my original plan of a 6 to 12 month horizon on this company before we see any substantial changes.

No thanks, M55555......we have already been through that cycle and I'm not keen on going back there :)

As I said buddy, it was a total headf*ck going through the report but once I started I couldn't stop. Perhaps I should have had a bottle of wine next to me as I tried to work it out !!...lol

Many will just look at the bottom line and EPS and decide that it was a poor quarterly. For me, there are just too many moving parts to say definitively that it's a fail. The ICPT payment deliveries with related interest costs and Prosperity Tax really cloud their actual performance, imo.

Anyway, let's see if it can bounce off that 9.44 Fib point, at least for the short term.

As for the technical, the 9.62 resistance/support seems to have now been blown out of the water.

A new cycle begins :)

For me, the result was not what I was hoping for this quarter. I expected a higher net profit but ICPT, extra interest payments and various tax payments have softened the end results.

The dividend is higher than I thought, around 4 cents more than my expectations.

In a word, lacklustre, but certainly not fatal.

Hi KimSua, I can understand your confusion over the top line numbers, as I was in the same position last night. I decided to dig deeper into the quarterly (BIG mistake), eventually going round in circles looking for definitive answers.

I got there in the end but it was a headf*ck tryinf to balance up numbers. There is no point in me trying to explain most of the numbers, as it will just add to the confusion. What I'll do is lift some quotes from the quarterly that address your queries.

"Performance of the current quarter (4th Quarter FY2022) against the preceding quarter (3rd
Quarter FY2022):
The Group reported lower profit after taxation of RM807.9 million in the current quarter as
compared to RM972.7 million in the preceding quarter, a reduction of RM164.8 million. This was
mainly due to higher operating expenses recognised in the current quarter under review."

My note: Revenue is actually marginally higher than the previous quarter. The big variance you mention is in regards to how the ICPT is reported. In the previous quarter the ICPT was included in the total revenue figure of Rm19.071 B, whereas in the current quarterly it's reported as Revenue Rm12.915 B with a separate line entry for ICPT of Rm6.397B.

Re another query you had........

"TNB has fully recovered RM5.8 billion from the Government as at the end of the financial year for
the 1H 2022 ICPT. However, the continued high fuel prices in 2H 2022 has resulted in TNB carrying
higher receivables and borrowings balances. The recovery of the receivables will be subjected to
the next ICPT cycle, in which the Government has agreed to fund the rebate and the surcharge
amounting to RM10.8 billion."

@Novice296,

The Ex Date and Payment Date will be announced in mid March, so in just over two weeks time.

The Ex Date will be late March.
The Payment Date will be the middle of April.

A record quarterly net profit.
A record annual net profit.

If people can't see investment value here at these current prices, well move on.

A nod's as good as a wink to a blind horse.

Dividend 25 cents.
10.2% net profit increase QoQ.
EPS 18.24 cents.

Very pleased.

Now, will the price rise, that is THE question......lol.

Excellent quarterly.

"In the budget speech by Prime Minister Anwar Ibrahim on Friday, the ministry was allocated RM970 million. Of this amount, RM250 million was earmarked to promote tourism."

Spend the money wisely and stop complaining.

Perhaps there should be some consideration given to the type of tourists you want to attract. If it is Westerners and modern thinking Asians from places such as China, South Korea or Japan, then it might be time to have a serious chat with your Islam dominated states to review and reconsider their current dress codes.
Whether they want to welcome people with a fistful of cash who are keen to dress in suitable attire that suits the hot and humid weather that the country is dominated with doesn't need ANY money spent on it.

I would suggest that many would prefer to visit Thailand where there is no restrictions in attire and what they want to eat or drink.

Below is a copy and paste of the post I made on the 13th February of the Fib. points.
I'm reposting them as I believe they are still relevant and currently in play.

Current Fib. points.
To the upside:
9.62
9.68
9.72
9.77
9.91
10.05

To the downside, retracement points:
9.62
9.53
9.44

If you look at the above price points you will see how relevant they actually are (to date) when you look back at the daily prices of Tenaga since the date of posting, Feb.13. If I was to add two more price points to the above Fib prices, they would be 10.15 and 10.29 if the price was to continue to move upwards.

Let's see what the quarterly delivers on either Monday or Tuesday and whether Tenaga can make a formidable attack on RM10 to move forward.

My current sentiment is positive and remain mildly hawkish that this will move forward. Having said that, the quarterly may make a fool of me and be lacklustre and poorly accepted....lol.

Anyway, let's see. All the best to holders.

@prudentinvestor, I agree.......current pricing seems absolutely crazy to me.

Even if the quarterly came in at 10% BELOW either the same period last year or on the previous quarter, the annualised EPS would still be in excess of 60 cents. Obviously I'm NOT expecting a 10% drop in net profit, in fact I'd be thinking of an increase in EPS.

The only thing that comes to my mind causing this current pricing is because of the selling of EPF.
I don't believe any of their selling is based on RHB fundamentals, merely them moving funds around. Their selling is insignificant in regards to their total 40.6% holding in this bank.

Tony, can you please explain why you are sceptical of their new business venture.
The company have been offered a business opportunity that will add diversification to their current business model, not detract from it. They have clearly looked at the opportunity, and more to the point, the numbers around this opportunity and decided it was worthy of adding to the group.

With limited current information on this new venture to the general public I can't see why anyone needs to be negative on its prospects, particularly when nobody apart from those within the business knows how much profit and margin the Group will make.

Me, being Mr. Joe Public, will accept that they have made a prudent business decision by taking on this new venture and will wait to see the outcome.......that being how much it adds to Perak Transit's bottom line.

As I mentioned before, I had believed that someone was taking a position in PTrans, merely on the trading activities in recent weeks/months with the Warrants. That has come to fruition, so let's see why these guys are so keen to have taken positions in the company.

I'm not having a go at you dude.........but perhaps it's sometimes better to sit back and look at things in perspective, perhaps from the heights of a Tree Top View :)

Best wishes, Tony.

lol.......ah, Tony.

No matter what PTrans announce you always look for a negative :)

If they said they had won Rm100 million on the Lottery you'd be concerned if the cheque was written in blue or black ink.

https://www.forbes.com/profile/danny-tan-chee-sing/?sh=7b30e28e116d

New Sub. Shareholder.


Direct (units)
45,252,500
Direct (%)
6.36%


TAN SRI DATO' TAN CHEE SING
Company
[PTRANS]: PERAK TRANSIT BERHAD
Name
TAN SRI DATO' TAN CHEE SING
Nationality
Malaysia
Gender
Male
Age
64
Role
Shareholder
Qualification
"O" Level
Working Experience
Tan Sri Dato' Tan Chee Sing ("TSDT") is a businessman and entrepreneur having a wide spectrum of businesses with extensive experience in property development, resort management, restaurants and leisure through his investments in public and private limited corporations.
Directorship of Public Companies
1. Tropicana Golf & Country Resort Berhad
2. Tropicana Foundation

Net profit increases yet again with PTrans delivering the fourth record quarterly net profit in a row.

It was also a bit of a surprise to me to see any income from their new business venture in this quarterly, as they only inked the deal on December 7th. Revenue from the tower construction operations only came in at Rm201K but the positive I take from that is that they have swung into action almost immediately once the ink on the deal had dried.

Good job, Perak Transit.

It's about time the reporters at these sham press conferences started asking straight forward questions.

Was the Rm6.9 million transferred into your company's account?
If so, why?
If it was a political donation, why wasn't the money transferred into your party's account.?
Why the need for you to act as a middle man?

But no, they sit and listen to these people spew their political reasoning and appear to be almost frightened to ask a very relevant question(s).

I hope it doesn't close below 9.62.

Currently falling on relatively small volume, so I'm hoping it will bounce off the 9.62 price point. Looking lacklustre, though.

As it follows the overall market down, the 9.77 Fib. point has been broken and it's currently floating around the next lower Fib. point of 9.72. Considering how the KLCI has performed over the past week it's probably not surprising it's sitting at current levels.

No fatal damage done to the chart yet. Let's see if the budget and the quarterly can put a bit of gas in the tank and move it in the direction most of us want to see it going.

Good luck.

MMAG HOLDINGS BERHAD ("MMAG" OR "THE COMPANY") SUSPENSION OF DIRECTORS

The Board of Directors (“Board”) of MMAG Holdings Berhad (“MMAG” or “the Company”) wishes to announce that the Board had on 19 February 2023, received a letter from M Jets International Sdn Bhd ("MJets") stating that the Malaysian Anti-Corruption Commission ("MACC") has raided the office of MJets on 13 February 2023 for information and documents pertaining to a report made to MACC. It was stated in the letter that due to MACC's investigation, MJets' bank accounts have been frozen.

MJets is an 80% owned subsidiary of MMAG and 20% owned by JT Aerotech Solutions Sdn Bhd (“JTAS”). MJets is fully managed by both Mr. Gunasekar A/L Mariappan and Mr. Philip Phang Kin Ming from JTAS with MMAG having limited access.

MMAG is in the midst of seeking further clarification in detail from both Mr. Gunasekar A/L Mariappan and Mr. Philip Phang Kin Ming as they are the personnel in charge of executive functions and day-to-day running without MMAG’s involvement.

MMAG wishes to announce that to protect MMAG, the business of MJets and to ensure business continuity, the Board of Directors of MMAG has decided both Mr. Gunasekar A/L Mariappan and Mr. Philip Phang Kin Ming be suspended from their executive functions at MJets with immediate effect, pending outcome of investigations by the MACC.

Further announcements shall be made in the event of material developments on this matter.

This announcement is dated 21 February 2023.

Chon, you said...."I am glad to note that you have a positive view of SUNVIEW' s prospects. "

If you read my post at no time did I say I was positive about Sunview.
I made no opinion of the company.

Please don't put words in my mouth.

Thank you.

Mr. Chon99.......or perhaps I should maybe address you as Ms.Chon99, as you appear to be more polite and gentile in comparison to some others on i3 :) . No offence intended if I've got it wrong.

Anyway, onto business...........I have spent a few hours going through the IPO details (filtering out all the repetitive crap) and came to the conclusion that it doesn't vary too much, if at all, to some other names in the Malaysian solar industry. I didn't expect there to be any glaring differences, so I wasn't surprised with the information they provided.

One item that did jump out at me though (and it has been mentioned briefly in here before) was their order book at the time of the IPO publication. The IPO cites an order book of Rm558 million (that's fine), however a delivery of Rm513 million by FYE23. Let's be clear on that, they expect to deliver Rm513 million by the end of March 2023.

With that in mind, their current 6 month revenue is at Rm110 million (rounded), so implies that for the remaining 2 quarters they will deliver Rm403 million. That is quite an anticipated hike in revenue by anyone's standards.
The last quarterly delivered revenue of Rm79 million, so to achieve the IPO forecast for FY23 it would mean that the next quarter should post another 100% increase over the last quarter, then the following quarter to deliver around 50% on top the the 100% for the upcoming quarter. That would be impressive growth!

With the quarterly due by the end of the month you don't have long to wait to see how their performance matches up to their forecasts.

Let's assume they deliver on the IPO forecast, so you now need to decide on a net profit margin to estimate an annualised EPS on that revenue. For safety I still anticipate profit margins to be at the lower end for most of the players in the solar industry. That may change as the industry grows and you get the benefit of scale, however for now I remain doveish on profit margins.

I'll look out for their quarterly in the coming week and see what they have delivered, particularly the revenue top line.

Good luck with your investment.

chon99 , yes, I can do that when I have the time and the inclination to go through the IPO in detail.

chon99, you are sounding more and more like a preacher.

You may consider it prudent to cool your jets a bit.

The suggestion given in a friendly manner.

@unicornbirde, I just checked, last years payout was 62.9%. Not the "around 64%" I suggested in my last post.

@unicornbird, it has increased over recent years due to the strength of the bank. It was only as recent as 2019 that their payout ratio was at 30%. It was much lower in the proceeding years to 2019.

Last years payout ratio was around 64% from memory, imo, due to capital strength and the liquidity of the business.

I'm expecting the upcoming dividend to match the last FY2021 payout, meaning a 25 cent final dividend payment = 40 cents for the full year.

I'm guessing there will be a DRP component to the upcoming dividend with this amount of selling by EPF.
Even with this current selling they still hold over 40% of RHB.

The timing of this selling does confuse me though as the Ex Dividend date won't be until around May. although having said that, the ins and outs of EPF in many stocks leaves me scratching my head at times.

As with most blue chips we pawns are left to the mercy of the big Funds and any price rise will depend on their motives. Frustrating.....but such is life :)

I still believe their selling is not due to any unforeseen weak news in the upcoming quarterly. Also, the following quarter Q1 2003) could also be better re net profit, as it will not be lumbered with the current Prosperity Tax, as long as there is no curve ball in the upcoming Budget regarding that particular tax.

Who are the promoters of this stock you are talking about, as I have seen very little or to be more exact, no IB reports on this company recently?
Care to enlighten me?

Cheers.