no. 2, you sure kah? :-) All warrant holder will enjoy same entitlement if there is such corporate exercise.

Posted by Jeff Lee > Feb 24, 2017 03:15 PM | Report Abuse

chankp 7010, there are only 2 reasons.

1. Big dividend is coming. (warrant holder don't enjoy)
2. Bonus warrant coming (warrant holder don't enjoy)

Money, one more thing, they have certain quantity of slot machine target to hit every year. Seasonal higher delivery may happen depending on Casino operation. Say, before year end peak. My friend working in casino told me.

Posted by moneySIFU > Feb 23, 2017 08:22 PM | Report Abuse

Good sharing, interested to know more.

Any specific reason for the drop in revenue & profits on YOY basis? It was even lower than the same quarter in previous 2 years.

In 2014:
Revenue Q4 was 91% of Q3

In 2015:
Revenue Q4 was 81% of Q3

In 2016:
Revenue Q4 was 47.5%% of Q3

I'm not very familiar with CSCSteel, moneysifu and probability will know the business more than me.


Posted by KLCI King > Feb 24, 2017 09:50 AM | Report Abuse

It's like telling people dont worry about CSCSteel results, they have been doing very well, see, the average for past 3 quarters were very well.

KLCI King, you are very "chim".

riskabsorber, thank you for highlighting this..i will put a note in my excel sheet. You are very sharp. thank you

reported profit = 38,196
+Retrenchment expenses 7,365
-Net foreign exchange gain 3,798
-Gain on disposal of property, plant and equipment 34,528
-Gain on disposal of an associate 936

core = 6,299/ 144743
= 4.35 eps

The installation related fee are to be paid by government...
I advise my business friends to buy MyEG share to hedge the impact.
Just like to buy TNB share to hedge electricity tariff hike.

Make the life simple is the way to go. Cheers

If you refer to my previous post here, long term investment is a better way to go.
https://klse.i3investor.com/blogs/YiStock/115636.jsp

john1218 Hi Yistock, what is your projected price for RGB with this Q4 result?
23/02/2017 10:42

Money, in fact, when Q3 16 result was announced, the out of norm high Revenue is a caution sign to me already.
It is not Q4 16 too low revenue & Profit, but is Q3 16 revenue & profit too high.

If you average it on 2 quarterly basis, then it back to normal.

Hi volks, Frontken 好象时辰到？　我票有不少。

volks2：@Yistock, good sharing..i also follow you to enter RGB, how about Frontkn, last time i remembered you did share on the share, still can buy?
01/12/2015 09:07

Dead share price? just 时辰未到。。 时辰到来时， 你又不上车。。。时辰要过时， 你又跳上去？

yourview321: @YiStock, very long write up but no mention of the management. So what do you think of the management? Pay, stock options, dead share price, walk different from talk?

02/12/2015 21:15

jinhou, for importer who buy oversea and sell local like Masteel (vs those import & export), taking core earning you think appropriate? your opinion pls.

Thanks for the word but do not worry. Readers know how to pick up useful info. Do you?


Posted by Jay > Feb 22, 2017 12:29 PM | Report Abuse

kenanga is one of the dodgiest research house in town and CIMB reputation hasn't actually been great in recent years, before or after that vivocom incident. be careful of what you are promoting

Should be 3 numbers. 180 mil for 6 years ; RM500 mil per annum; 20% of GST collected on top of the base.

best quarter so far...really good investment

Very simple meaning: He has already fully invested for past 2 years. Time to push.

Probability, you are absolutely right. Investment is about buy low sell high.

Posted by probability > Feb 18, 2017 12:29 PM | Report Abuse

yistock...you should note that CB is till operating below ~ 45% of their rated Manufacturing capacity. Considering this Potential growth coupled with the already compressed margin currently...means it is a superb investment now.

the only question is liquidity...can you acquire it at the qty & price u need.

2016 full year:

cost of sales to revenue
Q4: 84.6%
Q3: 85.2%
Q2: 79.04%
Q1: 88.9%

2016 reported earning:
Q4: 7,482 (incld: net forex gain +2,673)
Q3: 4,428 (incld: net forex gain +42)
Q2: 9,953 (incld: net forex gain +588)
Q1: 2,852 (incld: net forex loss - 206

2016 Core earning (ex forex)
Q4: 4,809
Q3: 4,386
Q2: 9,365
Q1: 3,058

Note:
2016 achieve much better result compared 2015
Gross margin should have normalized after sudden spike in Q2

this is very good :-)

Posted by apini > Feb 15, 2017 04:00 PM | Report Abuse

what is art????? what is science????
science is straight line , can not turn back....
art is a curve, can turn back
so, what is art? what is science?
if you know the answer,then it is science
if you are not sure , then it is art

http://www.thestar.com.my/business/business-news/2017/02/15/berkshire-takes-huge-bite-of-apple-shares-ups-stakes-in-airlines/

I trace past 3 quarters report, i believe they include in the COGS. If so, then 30 Sept 2016 gross margin should touch 20%. Anyway, i also not very sure.

Posted by Up_down > Feb 15, 2017 11:22 AM | Report Abuse

Yistock. Inventory write off is normally charged to COGS if the amount small. Written off inventory RM 20 million is considered substantial so this amount included in Income Statement.

Can tonnage be a factor? I also not very sure. All amount shows are in RM figure without volume.

Posted by probability > Feb 15, 2017 11:20 AM | Report Abuse

thanks Yistock...
but i am unclear how you concluded it is from 'old stock'
Say throughput = T, market Selling Price = SP

COGS = T x SP of Raw Mat
REV = T x SP of Prod

Since COGS of Qtr 31DEC15 and Qtr 31DEC16 is the same, my assumption is that the Throughput-T was relatively lesser in 31Dec16 but at higher 'SP of Raw Mat'....

that could also be true right?
Really appreciate your inputs to see where i could have overlooked

Updown, 30 Sept 16 Quarter, the inventory write off should deduct from COGS. What you think?

Posted by Up_down > Feb 15, 2017 11:01 AM | Report Abuse

By looking at the gross profit margin trend in the past few quarters, I believe Ssteel will remain profitable in next QR. The profit may not be as high as what has achieved for last quarter but it would certainly better than QR 31Mar16.

SSteel's gross profit margin

31 Dec 16 - 14.5%
30 Sep 16 - 15.6%
30 Jun 16 - 15.2%
31 Mar 16 - 6.1%
31 Dec 15 - -1.4%

Probability bro, Y-O-Y, revenue increased but COGS flat. The older cheap stock will deplete one day. Be careful ya. cheers

Posted by probability > Feb 15, 2017 09:44 AM | Report Abuse

hmm...me too but at 1.45 :(...hope the results does not blind me * - *

My view is, that's exactly one of the key point.

When you look at those have "cheap" inventory, you can still take advantage of cheap inventory you have and sell at higher price now.

When cheap inventory depleted (depends on individual company), you need to replenish with "expensive" inventory, then margin will drop significantly.

Latest result of SS Steel clearly shows that. When the COGS remain flat, but higher revenue registered, they are using cheap old stock.

Once the old stock depleted, the profit margin should squeezed.

We do not have data of actual inventory in "tonnage". All are showing figures only.

This is something need to be very careful to consider.

Posted by leoting > Feb 14, 2017 04:10 PM | Report Abuse

A lot of peoples worry of China cheap dumping, but where you can source the cheap supply like 2015-2016. No more such cheap supply and now all expensive.

2015 & 2016 bull stock, bear market.

6.0

中国钢与(加运输费) 可以便宜到要被imposed anti dumping duty, 它们的竞争力超强。

Zeff, 在剧烈的竞争环境， 我觉得中国绝对有可能把钢铁直接运输过来。"一帶一路" 的路， 就是从钢铁开始。中国领导人的智慧，黄皮肤的骄傲。

We must expect some rotten days in our investment life. No point arguing.

cheers!

Duit, don't joke la..you know best person to seek answer is Mr KC for FA and Mr Ooi for TA. I wrote above article because i appreciate their knowledge. The fee i paid to exchange the knowledge is peanut. Testimonial is the best to reciprocal their guidance.

4) A reasonably good companies will eventually perform well. So long as you give them time.

I noted few important strategies:
1) Concentrate as fewer counters as possible. Do not try to spread the risk, because you tend to spread the reward too.
2) Must practice cut loss. This will protect your capital.
3) When one of the sector look bad, eg. oil & gas, do not try to buy them either to average down, or think it is undervalued. Because low can be lower. When the wave is big, a good swimmer will drown too.

calvin strategy makes money too. If i am right, he will distribute his capital to 100 counters where ordinary investors will go for probably 10. His concept is very simple, so long as the companies dont bankrupt/delist, one day he will make money. Most important is patient and go against the majority view. This make his way of investment unique.

no ordinary investor can beat you

Noted with thanks

I believe you try to say" previous year DID well is due to deferred tax liability."


Posted by Jon Choivo > Feb 7, 2017 07:13 PM | Report Abuse

Your're delusional. Its deferred tax.

If one goes by that logic, one could say that previous year quarter did not do well, due to gain from deferred tax.

What is important is the operational aspect of the company, not whether deferred tax go up or down.

Performance is not good at all. But I'm happy, if it crashes, ill be there to pick it up monday. Its still a good company.

Based on Q4 16 and Q3 16, deferred tax liability actually increased. So, the tax rate change carried significant weight.


Posted by Jon Choivo > Feb 7, 2017 07:13 PM | Report Abuse

Your're delusional. Its deferred tax.

If one goes by that logic, one could say that previous year quarter did not do well, due to gain from deferred tax.

What is important is the operational aspect of the company, not whether deferred tax go up or down.

Performance is not good at all. But I'm happy, if it crashes, ill be there to pick it up monday. Its still a good company.

I think the obvious impact is from higher tax rate. PBT quite good

Harry Teo is very hard working.

loan 100 mil?? waa...MIDA offer loan nowadays? I thought they only give grant

老梗最实用 :-)

Bluefun future stock god

God give everybody:
2 ears, so that you listen not only one side
2 eyes, so that you can see not only one side

But give only one mouth, which is to tell you to speak very carefully , only after you use both eyes and ears to listen and see.

It also give 32 teeth to assit you in filtering words coming out from one single mouth.

Use god's creation wisely. Do not abuse.

Happy 2017 every one

Zeff tan has shared below link.

Posted by zefftan > Jan 22, 2017 10:59 AM | Report Abuse

CIMB REPORT http://www.filedropper.com/tguancimb


Posted by chankp7010 > Jan 25, 2017 12:46 PM | Report Abuse

Thank you YiStock! Just wonder what date CIMB published projected profit for FY2016 of TGuan?
Thank you again for your kind gesture.

Thanks to excellence leadership of Tguan. They actually import 100% of their material from oversea using dollar. Read Harry's post again.
Local resin price went up (due to vigorous depreciation of Ringgit) did not impact them. On the other hand, it made Tguan even more competitive.

If my memory is good, TPP has not even started yet. So, there is no reason to fear of Trump gov became not interested with TPP final implementation.

easy...next agm..harry teo please ask this question and let us know. cheers

thanks Zeff, got the report from your post in main thread. Much appreciated

i think info is not wrong, but interpretation is different. For me, the price is more like fluctuation, rather than starting / ending of a bullish cycle.