By this FY ending 30/6/15, the retained earnings should be more than 100% of share capital. The issue for such companies is all about the quality and priority of its management , whether management and major shareholders centric only or to take care of all shareholders. In this case, I am not sure whether management has minority interests at heart.

Eltonooi, I said management should follow Matrix Concepts or do some corporate exercise. There are no news on this matter, hopefully management should not sit idly. Very boring stock .

Management should consider rewarding shareholders by following Matrix Concepts with bonus and free warrants. High time to consider some corporate exercise. Highly illiquid although PE is so low and NTA 2X share price. Profit on increasing trend. GDV in the billions . Might as well take the company private !! Major shareholders and Board should ask themselves, what is the purpose of continuing with the listing ???

http://www.theedgemarkets.com/en/article/malton-bintai-kinden-integrax-tnb-redtone-fitters-diversified-bcb-and-sapurakencana

MOU between Help University & BCB

https://www.facebook.com/BCBBerhad/photos/pcb.897323006954393/897322183621142/?type=1

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1893525

Quarter results out today, much earlier than last year, drop compared to last year's quarter.
Revenue 74 mil vs last year of 83 mil, YTD revenue 198 mil vs 119 mil
PAT 8.4 mil vs last year of 10.3 mil, YTD 19.1 mil vs 14.3 mil
EPS 4.2 sen vs last year 4.4 sen, YTD 8.5 sen vs 6.4 sen
NTA at rm 2.00

Based on last year, should be out after CNY, last week of Feb. Should report another strong quarter.

https://www.facebook.com/BCBBerhad

Park Residence preview at Traders Hotel Puteri Harbour

https://www.facebook.com/BCBBerhad/photos/pcb.876276369059057/876274782392549/?type=1

Good to have British school next door. The French school is about 200 metres away.

https://www.facebook.com/BCBBerhad/photos/a.439151692771529.99321.433384110014954/874713732548654/?type=1

6 months to completion.

PIVB ‘overweight’ on property; sees prices holding

http://www.kinibiz.com/story/corporate/133926/pivb-overweight-on-property-sees-prices-holding.html

Property : The Confidence Game

http://klse.i3investor.com/blogs/PublicInvest/68080.jsp

2. Financial Performance
The Group’s five years performance (as can be
seen in the five years financial highlight) has been
on an upward trajectory.
In last financial year, the Group posted a turnover
of RM281.95 million compared with RM164.58
million achieved in the previous year. Group
profit before tax also increased to RM43.81
million compared with RM20.92 million achieved
in the previous year while Group profit after tax
increased to RM32.51 million compared with
RM16.10 million achieved in the previous year.

Since last year, the Group has also retired off
more than RM100 million in various bank loans
from its improved cash flows. A first and single tier
dividend of RM0.03 per share was also proposed
to its shareholders in respect of the financial year
ended 30 June 2014. This proposed dividend
will be subject to approval from its shareholders
in the coming Annual General Meeting on
18 December 2014.

b) Park Residence @ Medini
Is located on a 7.81 acre land in Medini,
Iskandar Malaysia and is wrapped around
a park – hence its name. It is located right
in front of the Gleneagles Hospital. It is also
within walking distance to Legoland and
commands a view of Singapore.
The Group’s recent decision to buy into Medini
is expected to buttress its income stream in the
coming years. As mentioned earlier, conducting
business in Medini will entail a lot of incentives.
The Group was recently granted “Approved
Developer Status” by Iskandar Regional
Development Authority (IRDA), the regulator in
Iskandar Malaysia - which exempts it from having
to pay corporate tax on profits derived from its
Medini project.

The Group foresees minimal risk in investing
in Medini as the growth potential in Iskandar
Malaysia is still generally strong. Any slowdown is
anticipated to be short term in nature. Medini, being designated a special
economic zone by the government has a
lot of incentives to offer to both developers
as well as end-purchasers. In Medini, there
are no restrictions on foreigners buying or
re-selling properties. First tier end-purchasers
are also exempted from the Real Property
Gains Tax (RPGT) when they re-sell their
properties.
This high-end project will have 6 tower
blocks and a GDV of about RM1.2 billion.
It will be developed over 5 years. Phase 1
comprising 2 tower blocks is ear-marked for
launching sometime in the early part of year
2015. Most of the 600 plus units in Phase 1
will be in the built-up region of 400 plus s.f.
(studio units).
It will be priced at about RM800 per s.f.
and is expected to generate considerable
interest from locals as well as foreigners as an
average unit will be priced in the RM350,000 region.

a) Bandar Putera Indah
This 390 acres township is an up-coming
satellite suburb of Batu Pahat. The proposed
high speed rail linking Kuala Lumpur to
Singapore is expected to have a station
nearby thereby increasing the township’s
appeal. Double storey terrace houses are
reasonably priced below RM500,000 per
unit.
Total GDV is about RM1.1 billion. To-date
about RM100 million worth of properties
have been sold.

Sorry, land size about 4,500sf and built up 4,900sf. Please visit the sales office for more info as what I know may be a bit sketchy.

BCB launching Home Tree Phase 2 this Saturday, 6 December. 3 storey bungalow from about 2.5 to 2.6 million. Built up min 4,500sf land about 4,900 sf.

https://www.facebook.com/BCBBerhad/photos/ms.c.eJw1z8kNADEIA8COVhwJ2P03tgrHc~_QQDE4w7Bjipio~_lN2umyfvWL3yk20lymFjUEm5ctdaeXKcbayj93H3hbz542dyr~;dm~_175~_lCw1toHH4tXbjMvjJqPdfeL7Sfdz7afpFVuc49Etvdex~;sf4A8l4T6F.bps.a.846767125343315/846960671990627/?type=1

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1807885

Again record revenue for latest quarter, revenue 123 million with profit after tax of 10.7 million. Dividend of 3 sen ex from 16 Jan 2015.

Agree. Management should look into improving liquidity and consider the various options available ( some of which may not be popular ) such as stock split, bonus issue, free warrants , engaging market makers ( is this legal ? ) , placing out new shares, declare dividend policy, distribute the 6 million treasury shares, share buy back etc.

BCB should improve their IR and engage openly with potential investors, fund managers, research houses etc.

Imagine the company has been in existent for 25 years and listed for almost 18 years and yet the investing community hardly know of it.

Yes, if you follow Concerto and Home Tree progress, you will know the next few quarters will be very interesting. According to past trends and Bursa records, the results will be out latest by Friday, 28 November.
Incidentally , both projects won some awards from iProperty.com readers. See the FB.

BCB facebook : progress of HomeTree bungalows.

https://www.facebook.com/BCBBerhad/photos/pcb.841889002497794/841887875831240/?type=1

BCB announced Audited FY 14 accounts : PAT up 102 % to 32.5 million.

Top line revenue up 71% to 282 million from 165 million .

PBT up 109% to 43.8 million from 20.9 million.

Margin improved to 15.53 % compared to 12.67% of FY13.

PAT up 102% to 32.5 million from 16.1 million.

EPS up by 94% to 15.33 sen from 7.89 sen

NTA Rm 1.91

Results will be out in the next few weeks. AGM in December and dividend should be ratified then.
Hopefully, results as good if not better than preceding quarter.

Extracted from Annual Report - One of BCB's pieces of land in Batu Pahat - cost RM 5.43 psf

H.S.(D) 43069-43075 Being developed as Freehold 370 Acres RM 87.755 mil
P.T.D. No.18607-18613 Bandar Putera Indah
Mukim of Linau,
District of Batu Pahat, Johor

Canal City - south of Kota Kemuning, RM30 bil GDV by IJM Land, Eco World & Tropicana in Focus Malaysia

Tropicana sold 308.6 acres to Eco World for RM 471 million at RM 35 psf

Kota Kemuning Home Tree land acquired by BCB in 2011 for RM 20.67 psf

Lot 73478 & Lot 73479 Proposed residential development Leasehold 151.27 acres RM 136,526,000
(H.S(D) 69603 & 69604)
Mukim Klang, expiring 18.04.2101)
Selangor

KL-S'pore High Speed Rail work to start in 2015

TOKYO: THE construction of the high-speed rail (HSR) link between Kuala Lumpur and Singapore is expected to start at the end of next year.

Land Public Transport Commission (SPAD) chairman Tan Sri Dr Syed Hamid Albar said the project’s feasibility study, carried out by the commission, had been submitted to the Malaysian and Singaporean governments and a meeting between the two governments would be held early next year to finalise the details.

“We have been given the timeline (to complete the project) by 2020 and our target is for the construction to begin next year.

“Construction will likely begin in the third quarter of next year,” he said after attending the International High-Speed Rail Conference: High-Speed Rail Accelerating Toward the Future here yesterday.

Syed Hamid said the exact date would depend on the outcome of the meeting between the two governments.

He said both governments were expected to ink an agreement on the project, reportedly to cost RM38.4 billion, which includes the purchase of locomotives and high-speed bullet trains.

“Two committees — Technical Committee and the Joint-Ministerial Committee — have been established to oversee the project.”

Syed Hamid said seven stations in Malaysia had been identified: Kuala Lumpur, Putrajaya, Seremban, Ayer Keroh, Muar, Batu Pahat and Nusajaya.

“We have informed the state governments through the Economic Planning Unit and have received their approvals,” he said, adding
that the state governments had
given their feedback and SPAD would ensure that adjustments were made.

On the link’s system, he said both governments had yet to decide whether to adopt the European or the Japanese HSR system.

“We have been approached by several countries, including China, Japan, Spain, France, Germany and South Korea.”

The project is one of the entry point projects listed under the Economic Transformation Programme aimed at improving the economic dynamism of Malaysia’s capital city and liveability ranking relative to other global cities.

The goal of the HSR is to reduce the travel time between Kuala Lumpur and Singapore to 90 minutes.

At present, it takes up to eight hours by train between the two cities, around five hours by bus and car, and 45 minutes by flight.

The link is expected to benefit both countries economically and ease traffic congestion at the intercity rail network.

Current demand on the Causeway exceeds capacity by 33 per cent.

In February last year, Malaysia and Singapore reportedly agreed, in principle, to build the HSR link between the two countries, with a target completion date of 2020.

In April, Malaysian and Singaporean Prime Ministers Datuk Seri Najib Razak and Lee Hsien Loong reiterated that the project would be completed in 2020.

It was reported that several Malaysian and foreign firms had started talks to form consortiums to bid for the project.

They include MMC Corp Bhd, which may team up with Gamuda Bhd and Chinese and European system integrators, and YTL Corp Bhd, which partners Spanish bullet train maker Talgo or CAF.

Other firms are UEM Group Bhd, which is working with Ara Group to form a consortium with European companies that may include Talgo, and Global Rail Sdn Bhd, which is talking to Canada’s Bombardier Inc and Chinese firm China Railway Group.

http://www.theedgemarkets.com/my/article/spad-chairman-confirms-location-seven-stations-kl-singapore-high-speed-rail

Yes, Batu Pahat is the Tans' home town.

High Speed Rail hotspots in spotlight - Focus Malaysia

Singapore government announced 9 stations in Singapore and 6 stations in Malaysia (not announced by Malaysian government yet) The Malaysian stations are :

Gerbang, Nusajaya ( BCB planning 1b/room and 2b/rooms costing Rm 500k and Rm700K in Medini )

Batu Pahat-Kluang ( BCB bread and butter projects mainly in Batu Pahat & Kluang)

Muar-Pagoh

Melaka-Ayer Keroh

Seremban

Bandar,Malaysia

Please refer to BCB Annual Report. There is a concentration of land in Batu Pahat & Kluang, valuation stretching back to 1991, lowest Rm 3 psf.

Note that the Malaysian government have not made any announcement yet. It may still be very early for any play on HSR related stocks, but at least be aware of all the options available.

Good luck.

So much fear in the market. Maybe its time to step back and review why we bought BCB in the first place.

4th quarter ended 30 June 2014. Historical high revenue ( 100 mil ) , PAT ( 13.5 mil ) and EPS (6.61 sen)

FY 2014 ended 30 June 2014 Cumulative EPS 15.85 sen. Historical PE is 7.6 X. NTA RM 1.91

The growth from quarter to quarter has been trending up.

With unbilled sales from Concerto, Home Tree and Johore landed linked homes, hopefully the best performance in the 4th quarter ended 30 June 2014 will be repeated for the quarter ended 30 September 2014 which should be announced latest 30 Nov 2014.

What do have in November & December 2014 ? There is the Annual Report, AGM and ratification of 3 sen single tiered dividend and probably launch of 2nd phase of Home Tree as well as Medini small units apartments.

A lot of faith have been badly shaken by the sell down and as pointed out above, very small volume wiped out so much market capitalisation.

PAT for FY14 ended 30 June 2014 doubled ( 108 % ) from 16.1 mil to 33.5 mil. EPS 15.85 sen. NTA Rm 1.91. Revenue up 68% from 165 mil to 278 mil. Annual Report out next month with AGM in December ( based on last year's schedule ). First ever dividend of 3 sen should be approved at AGM.

Hopefully, 1st quarter 30 Sep 2014 for FY 2015 will chalk a record similar to 4th quarter 30 June 2014 of revenue 100 mil and PAT of 13.5 mil.

Time to grill BOD at the AGM for company's future plans, dividend policy, land banking and investors' relations exercise etc.

Happy investing & Good luck.

With the 4th quarter at historical high of revenue RM 100m and PAT RM 13.5 million and first ever dividend of 3 sen per share, hopefully BCB will improve further from hereon.

Concerto, Mont Kiara with GDV of 575million is at the topping up stage, slightly more than 1 year to completion. Progress billings should intensify now.

Home Tree, landed properties, GDV 1.8 billion almost sold out for Phase 1. Phase 2 will be launched soon. Show house almost completing and will help to show buyers the quality of work and materials. On going progress billings should build up.

Medini Iskandar, small apartments of GDV 1 billion plus should be launching soon, too.

On going housing projects at Johore have always been the bread and butter of BCB.

Hopefully, management emulates other very successful small-cap developers like Hua Yang and KSL by being proactive and engage more with fund managers, analysts and the investing public. Loyal shareholders should be rewarded accordingly.

Good luck !

BCB seems to be moving in the right direction. I mentioned earlier that in my view there are 2 main negatives ie zero dividend and too many family members on the Board.

Now that dividend is declared after a lapse of 13 years ( since 2000, as per Bursa website ), hopefully the company will bring on board more professionals.

Dow could be weak, war could be on going, Argentina on technical default ( they want to pay the 500 million bond interests but a US court banned the payment until certain so called " vulture hedge funds are paid first. Argentina not paying the vulture funds because it will trigger implication on other bond holders )

But if you have a medium to long term view, it will be easier to shut out the noises. There are always opportunities if you take a bottoms up approach , notwithstanding macro weaknesses.

However, your target may not be achieved if the company does not actively engage with the investing public.

Top 30 shareholders control more than 75% of shares. Liquidity tight, except yesterday.

4th quarter results will be out soon, latest 31 August 2014. Interests seemed to be building up. Hopefully, this last quarter for FY 2014 will surprise on the up side.

Investors' activism is a healthy phenomenon which should be encouraged. It is good to promote this to convert passive shareholders to active ones. We have seen so many cases of companies being defrauded by management/directors and there were hardly any action taken to bring these people to book.

We have also seen many good solid companies where the management/directors hardly do anything to promote the companies thereby trapping investors under the "value trap" investments.

I am encouraging investors to question the Board as to why there were no dividends declared, why are there so many Tans on board, what is the company doing to raise the profile of the company, what is their plan to reduce the loans, what are the plans to improve liquidity in the stock etc etc. It will be very enlightening for the Board to shed some light on these matters.

4th quarter results will be out next month. Hopefully, results will be strong.

BCB is not for short term play. I think we need to be able to hold for at least 12 months to see better results. The GDV is quite impressive. We should attend the next AGM, probably within the next 6 months and grill the Board to reveal more details and be more proactive with the investing public, be it analysts and funds.

It's going to be just a formality.

As mentioned earlier, in my view there are two main negatives on BCB ie no dividends have ever been declared and there are too many family members in the Board. In addition, there seems to be a lack of engagement with investors/research thereby resulting in BCB not being in the radar of any research houses. Hopefully this will change soon.

Coming AGM, shareholders should raise these issues for the Board to answer.

Please note that these info are available in Bursa website and do your homework before investing. This is not a recommendation to trade. The purpose is to invite constructive criticism/feedback/response/support/viewpoints and to share info and point out any other positives or negatives factors for further discussion.

Financials from Annual Report + Quarterly Report

Consolidated Statements of Profit or Loss as at 30 June for the financial year

2009 2010 2011 2012 2013 9M 31/3/14
RM‘000 RM‘000 RM‘000 RM‘000 RM‘000 RM 000

Revenue 93,079 91,074 118,560 123,890 164,578 178,219

Profit Before Charging Depreciation
and Interest Expenses 14,834 11,278 19,532 23,326 33,230 36,499

Depreciation (2,028) (1,847) (2,041) (2,033) (2,257) -1896
Interest Expenses (6,650) (5,806) (7,580) (8,993) (10,049) -8214

Profit Before Taxation 6,156 3,625 9,911 12,300 20,924 26,389
Taxation (2,551) ( 1,504) (3,929) (4,567) (4,822) -6355

Profit After Taxation 3,605 2,121 5,982 7,733 16,102 20,034

Adjusted Weighted Average
Number of Shares in Issue 201,860 201,847 201,058 200,238 200,236 200,236

Basic EPS (sen) 1.79 1.05 2.98 3.99 7.89 9.24

Figures from Annual Report ++++

Consolidated Statement of Financial Position as at 30 June for the financial year
2009 2010 2011 2012 2013
RM‘000 RM‘000 RM‘000 RM‘000 RM‘000

Share Capital 206,250 206,250 206,250 206,250 206,250
Treasury Shares (2,252) (2,299) (3,113) (3,114) (3,115)
Non-Distributable Reserve 6,744 6,769 6,788 6,788 6,788
Retained Earnings 112,264 114,384 120,366 128,442 144,246
Non-Controlling Interests - - - 6,518 6,816

Shareholders’ Equity 323,006 325,104 330,291 344,884 360,985

Represented by:
Property, Plant and Equipt 48,680 48,640 51,621 50,021 65,191
Investment Properties 27,417 27,417 27,417 35,294 24,876
Land Held for Development 61,880 106,856 113,423 47,264 96,766
Other Non-Current Assets 3,056 3,019 118 195 44

Current Assets 313,157 301,497 371,870 581,683 595,985
Current Liabilities 103,248) (88,037) (126,306) (207,458) (254,499)
209,909 213,460 245,564 374,225 341,486

Non Current Liabilities (27,936) (74,288 ) (107,852) (162,115) (167,378)

323,006 325,104 330,291 344,884 360,985

Total Assets 454,190 487,429 564,449 714,457 782,862

Number of Ordinary Shares of
RM1.00 in Issue (‘000) 206,250 206,250 206,250 206,250 206,250

Net Assets Per Share (RM) 1.57 1.58 2.74 3.46 3.79


I believe the sharp increase in Current Assets from 371m/2011 to 595m/2013 with corresponding increase in Current Liabilities and Non Current Liabilities from 234m/2011 to 422m/2013 is due mainly to property development costs largely from Concerto, Mont Kiara project and other Johore housing projects.

About 12 % up, illiquid stock, you will not be able to collect much at lower price.

No, BCB Berhad, mainly Johore projects.

I believe the NAV is before deducting loans/borrowings whereas the NTA is net of borrowings. Therefore, when you analyse the quarterly reports, you need to be careful because there do not seemed to be consistency in reporting for some other companies. BCB's NTA is 1.85 while the NAV is 3.79 ( per the 30/6/13 AR )

Take for instance Daiman, I think the NA in the quarterly report is after borrowings whereas SBC NA is before borrowings.

BCB has good potential but you must have holding power. No contra. Look at the GDV of the launched projects as well as impending launch at Iskandar. Check the locked in sales and impending recognition of revenue in the coming quarters on progress billings.

Look at their revenue and profit from 2009 to 2013.

Two negatives to note is that company does not pay dividend and there are too many family members on the board.

Over the past 2-3 years , the borrowings have gone up ,I believe mainly due to the increased activity at the Concerto project as well as land banking for the Kota Kemuning bungalow project as well as the Medini Iskandar project.

Current FY 2014 PE is about 8.3 X

( if 4th quarter PAT is similar to 3rd quarter PAT ) . How do you get 23 X ?

I think there are more to come. In the earlier press report, launching of Medini small units , GDV 1B plus as well as launching of second phase of Home tree , GDV also 1B plus. This is excluding Concerto, GDV 575 million and other housing estates in Johore.

9 months FY14 PAT already 18.5 million. Hopefully, last quarter at 5.6 million, similar to 3rd quarter will give total of 24.1 million giving EPS of 11.7 sen. NTA RM 1.85.

The issue is why there are still no coverage by research houses ??? Any logical comments , please ? Is it too small for research to be interested ? How about SBC and Huayang ? They were very small , too until they started launching more projects like BCB.

Good results. Subsequents quarters should be better with strong progress billings from Concerto and Home Tree.

What about the bread and butter Taman-taman projects in Johore ?

How about the impending launch of small units condominium in Medini, Iskandar ?

9 months FY2014 revenue at RM 178m vs 12 months FY2013 at RM 165 m.
9 months FY 14 PAT at 18.5 m vs 12 months FY13 PAT at 16.5m

Net Asset at RM 1.85

If your approach to investing is bottoms up stock selection, then you will be able to ignore the noises and chatters. Most of the time, these noises are from people with self interests.