Simon_nick. Agreed with you. I dare not to buy LTKM when I saw the price had been rising high in the past few months. I did convince myself through buying a small quantity first. My still accumulating.

This is a low liquidity counter. It is not easy to accumulate more at cheap price. I used to own Teo Seng at the price 80 cents during the period of low PER but I sold 1.15 when its volume hit sky high. Now, the price stays at 2.30. what a joke!

Main raw material consumed in the poultry industry is corn and soybean. I would expect LTKM to post higher profit as the corn and soybean prices dropped between 20% to 30% in the past 3 months.

It remains the counter traded at dirt cheap price in poultry industry.

My friend told me to buy any counter below 5.00 during super bull run. It is still fresh in my mind. What a joke! Wakaka

Intangible Assets consists of Gaming rights, Goodwill, Computer software & patent rights.

Carrying value as at 30 Apr 2013:
- Gaming Rights 4,653,000,000
- Goodwill 809,343,000
- Computer software 1,619,000


BJCorp acquired additional shares of Btoto in order to turn the later become a subsidiary in year 2008. By recognizing revaluation surplus arising from the purchase price allocation relating to the block of equity interest prior to BToto becoming a subsidiary company of the Group, Gaming Rights 4.85 billion was taken in as Intangible Assets. If i am not mistaken, revaluation surplus comprises additional Fair Value reserve 1.17 billion and Minority Interest 3.37 billion.


Notes on GAMING RIGHTS extract from Annual Report 2008

10. SUBSIDIARY COMPANIES
(vi) On 4 February 2008, BLand increased its interest in BToto to 48.96% due to BToto’s share buy back exercise and the purchase of 1,000,020, BToto shares by Gateway Benefit Sdn Bhd, a subsidiary company of BLand. Together with the equity interest in BToto which are held by other subsidiary companies of the Group, the total equity interest held by the Group exceeded 50% and as such, BToto is regarded as a subsidiary company of BLand as well as the Group.

BLand had undertaken a purchase price allocation exercise that resulted in the identification and measurement of gaming rights which is provisionally estimated to be at RM4.85 billion included as intangible assets on the balance sheet (Note 12).

The increase in equity interests resulted in the recognition of a fair value reserve of RM1.17 billion which was recognised directly in equity (as disclosed in the Consolidated Statement of Changes in Equity and Note 22(b)), representing the revaluation surplus arising from the above purchase price allocation relating to the block of equity interest prior to BToto becoming a subsidiary company of the Group;

22. RESERVES (CONT’D)
(b) The fair value reserve arose from the increase in equity interests of the Group in BToto as disclosed in Note 10(a)(xi) whereby BToto became a subsidiary company, which resulted in the identification and recognition of gaming rights which was included
in intangible assets on the consolidated balance sheet (Note 12).

Notes on GAMING RIGHTS extract from Annual Report 2013
(ii) Gaming Rights
The costs of gaming rights (“Rights”) acquired in a business combination are their fair values at the date of acquisition. Following the initial recognition, the Rights are carried at cost less any accumulated impairment losses. The Rights comprise:

- a licence for Toto betting operations in Malaysia under Section 5 of the Pool Betting Act, 1967 (“Licence”) which is renewable annually;
- an equipment lease agreement, maintenance and repair services agreements of on-line lottery equipment with Philippine Charity Sweepstakes Office, Luzon Island, Philippines (“ELA”) expiring
in August 2015; and
- trademarks, trade dress, gaming design and processes and agency network.

The Licence has been renewed annually since 1985 while the ELA has been entered into and renewed/ extended since 1995.
The Rights with indefinite useful lives are not amortised but tested for impairment, annually or more frequently, when indications of impairment are identified. The useful lives of Rights are reviewed
annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis.

LTKM is slowly climbing up a staircase. It moves upward step by step in a very conservative manner.

Good timing in consolidation to wipe out weak holders bought on Friday before resume heading north again.

I remain focus on its high NTA not PER. :)

Time to top up at cheap price. wakaka

What a wise decision by converting profit into capital gain to avoid being tax. This is the beauty of high NTA for BJcorp generating 'recurring income ' because it owns plenty of lands and profitable business units. It all depend on VT whether he wants BJcorp's price to fly to moon or fall into longkang. wakaka

BJcorp is able to generate cash from 'recurring income' simply through disposing its lands, listing of new assets and dilute certain portion of shares in its subsidiaries every year. wakaka

BJcorp is an NTA play counter. PER is not much relevant so long as it doesn't make huge loss. Wakaka

Treatment for the gain on placement of BJ auto shares was announced in May. The gain was credit directly to the Reserve la. That's why the Reserve increased to 1.233 billion from 1.006 billion preceding quarter.

"The Placement Shares were acquired in 2013 pursuant to the share swap of Bermaz Motor Sdn Bhd (“Bermaz”) shares held by BGroup in conjunction with the listing of BAuto. Bermaz has been in operation since 2008. Based on the carrying value of the Placement Shares as at 31 January 2014 of about RM42.0 million, the Placement is expected to realize a profit of RM188.0 million, which will be taken directly to the BCorporation Group reserves (in compliance with current accounting standards) as BAuto remains a subsidiary after the Placement "

Goreng game has just started. 20% gain is insufficient for syndicates. It won't end so fast. let's wait and see. wakaka.

Up and follow by Down and vice versa is a cycle in stock market. It is natural for BJCorp share price to go up since it had been suppressed for years . One major selling point is BJCorp owns a lot of under valued assets, a good reason for syndicates to goreng. PER is not suitable to apply in this counter. If you sit there and do nothing to watch the price goes up day by day, you would probably vomit blood. Wakaka

Your TP RM 6 (PER 8.9) is slightly low. I would expect it to trade at 6.8 or PER 10 times.

You can make a comparison of the counters in term of PER.

LTKM - 7.1 ( No debt )
Cab - 8.3 ( high gear )
CCK - 10.5
Farmbes - 13.0
Huat Lai - 7.6 ( extreme high gear )
Layhong - 20.0
Mflour - 12.2
PW - 11.0
Teoseng - 14.3

It's a laggard and playing catch up now. I hope it would announce a corporate exercise such as bonus issue..

Ltkm remains a heavily undervalued company among poultry counters in term of PER. It started to head north after the break through in past 2 days.

Titus. Jtiasa is not really a good company if you look into its performance in the past 2 years.Uncle told us few stories about Jtiasa. At first, he was telling a fantastic story of Jtiasa would enjoy 30% CAG in FFB production for the next 5 years . This statement is not supported with factual. He later said Jtiasa was grossly undervalued by comparing Market value / hectare among its peers. All these gimmicks attracted attention of investors to believe in him. Some more he strongly encouraged investors to buy Jtiass by exploiting margine finance when the price hit 2.6.

Uncle has mentioned clearly to his followers that he treated investment as his personal business. As a businessman what would you do when the business is not doing well? Run or hide head in the sand ?

This is what we called plantation sector due for re-rating. Uncle standby profit generated from selling to ikanbilis and ready to squeeze more oil out from people using margin finance to buy Jtiasa.

RHB is really good at setting target price reflecting the situation of market. The target price is slashed by 40% in 2 months.

Target price:
10 Sep 14 - 1.81
28 Aug 14 - 2.41
3 Jul 14 - 2.95

It has been 2 years since Allan Lim subscribed the right issues at the price 15 cents. He has not enjoyed a good returns from this investment. Currently, He draws a small amount remuneration with less than 250k a year. It seems that his intention is to bring the company to the black.

Leon7. Thanks for your sharing. You know well in property sector. I'm more confident in this penny counter after reading your explanation about the situation of property market. Do you have information about the price of condos in Mont Kiara?

Leon7.
FD with licensed bank + cash = 6,545,000
Short and long term borrowing = 2,302,000
Net = 4,243,000

Is there is a good demand of condos in Mont Kiara? Many are afraid condos over supplied in KL.

Summary of facts:

Total Equity: 47 million
NTA: 18 cents
Net Cash: 4 million
Ordinary shares: 263,900,000
Warrants: 21,819,950 ( 2012/2017 )

Turnover:
30 Jun 14 - 4.3 million
31 Mar 14 - 2.8 million
31 Dec 13 - 0.9 million
30 Sep 13 - 1.4 million
30 Jun 13 - 1.5 million
31 Mar 13 - 1.4 million

Profit / (loss):
30 Jun 14 - 73k
31 Mar 14 - ( 527k )
31 Dec 13 - ( 677k )
30 Sep 13 - ( 137k )
30 Jun 13 - 22k
31 Mar 13 - ( 244k )

- Its operation returns to black on the back of higher turnover.
- 50 million contracts in supplying marble and granite just kick off
- Mont' Kiara project to garner an approximate GDV from RM 500 million (conservative).

Able group is a small cap with 264 million ordinary shares issued. I don't know the exact amount of GDV for its coming Mont Kiara project. The land value 28 million was injected into the company through subscription of Right Issues by new controlling shareholders in year 2012. If we take a reasonable amount GDV 500 million, we can work out the potential profits to be generated from this project. It provides an indication on the relationship between profits and EPS.

Scenario:
1. Net Profit margin 25% - PAT 94 million is equivalent to EPS 36 cents
2. Net Profit margin 20% - PAT 75 million is equivalent to EPS 28 cents
3. Net Profit margin 15% - PAT 56 million is equivalent to EPS 21 cents
4. Net Profit margin 10% - PAT 38 million is equivalent to EPS 14 cents

Currently, the share price is traded at 18 cents. Is it Ablegroup overvalued?

This is another turnaround company with high potential. Share price would shot up once launching its 500 million GDV project in Mont Kiara.

TSH should win in LT but hard to say in ST.

Uncle do charity for poor students and not for the investors in stock market lor..wakaka

I have stand-by 50 load truck to wait BJCorp to break through.

It may stage a rebound tomorrow to trap more long term investors.

Protecting capital is my first priority. I set a cut loss point of 10%.

No doubt it's a good counter in longer term.... few years ahead. We don't even know what would happen to the whole market in next 12 months. I prefer to wait and see since there are a lot of uncertainty in its business outlook.

There are a lot of negative news haunted the company.

1. Earning from property development segment static and bleak outlook in this sector.
2. CPO price dropped to lowest in 5 1/2 years.
3. Risk of changing regulation in Indonesia to cap 30% foreign shareholding in plantation company.
4. Lackluster financial results in last quarter due to foreign exchange loss.
5. Share price slides 25% since peak 4.4
6. Share price breaks moving average 200 days today.
7. Big players may lock profit due to low entry price. There was around 16 million shares traded at 2.4 on 2 Jan 2014

Price rebound before playing another round of sliding game.

LTKM seems attractive while comparing with its peers.

Poultry Industry PER (times):

LTKM - 6.6 ( No debt )
Cab - 7.24 ( high gear )
CCK - 10.25
Farmbes - 12.37
Huat Lai - 6.78 ( extreme high gear )
Layhong - 13.38
Mflour - 11.82
PW - 10.33
Teoseng - 11.75

How much emotion baggage do you carry in investment? wanna a better life? Just write off your investment by disposing it and buy back immediately so that your cost start from 51 cents. wakaka

Possible response of the investors.

51 cents - BJCorp is a conman counter.
60 cents - what a joke! A conman counter also can move up.
70 cents - I can't believe it. BJCorp must be crazy.
80 cents - My god! It seems VT no more conning people.
90 cents - Am I wasting my time to see BJCorp all the way up by 100%
1.00 - BJCorp is a good counter.....I buy

Wakaa

Laughnonstop. We are here just to give some comments based on the facts and figures. These input may not carry weight for their decision making. It's up to them to decide. People like to listen great growth story. People believed that one great supper investor were helping them to make money by driving the share price up. Our comments may not be relevant to them. Many did not know it is just half of the facts presented to them. It common to pay some tuition fee for learning an experience.

Market is full of unpredictable variables. I use my common sense to buy BJCorp on the back of high NTA and nature cycle.

It is simple. I don't buy much so I just cut loss and buy back at much lower price unless BJCorp suffer huge huge loss.

people bought at high high prices could not stand anymore for the past few months. They were complaining, shouting, cursing......final lose hope and disposed it off. It's time to take advantage this situation to make easy money. Wakaaa

My target price is at least 30% above current price. I would collect ticket gradually when the price trending upward. You would be surprised to see huge volume has been building up at this level for the past 3 months. Waiting something to trigger....

Buy at 51 cents got nothing much to lose since the price rebounded slightly from lowest level. Those people who get caught because they buy at much much higher price. Follow the simple nature of cycle up and down is enough to make money from this counter.

FGV' share price attained highest 5.55 since listed on 28 Jun 2012. No sign of price stop sliding.

CIMB's target price 1.95. If you take a discount of 10% and 15%, the price would be between 1.66 and 1.76. Good bargain.

Investors would take this opportunity to lock profit. Plantation segment was the main driving force to trigger re-rating since early 2014 when price stayed at 2.20. Right now, its plantation business is haunted with potential changing regulation in Indonesia and low CPO prices. It's still possible for the price to slide below 3.10.