The only concern right now is their depleting order book. It is good to raise the question in AGM about directors effort to secure direct contract rather than relying on RPTs.

For the injection of asset i.e factories and machineries/equipments, they only need to redeem RM12.5Mil, with the balance RM14Mil can be set off against receivables.

Based on circular on the proposed variation, they mentioned on additional 4 LOA, on top of 6 LOA that have been awarded to DSPI. This has brought the contract value to RM85 million from RM77 million, previously. The shareholder has also indicated more subcontracting works to be awarded to DSPI in immediate future, indicating that they are building DSPI capacities and capability to tender more jobs in future.

The management is also proactive in bringing down the borrowings, as observed from the balance sheet, to allow them to gear up for future job. Strong balance sheet would give confidence to client for awarding jobs, as seen in Kerjaya Prospek. Being in oil & gas downstream construction, is a plus point for Dynciate, as the nature of job is niche and only competent contractor would be selected.

dynaciate just got married to tatgiap.
Will take some time to get offspring. sigh =)

Hopefully TG would return to black as soon as this financial year, in which I am quite confident that Dyna boss would accomplish.

Current share price is depressed following the selling of 2nd largest shareholder, Arich which is already done, and now overhanging due to the conversion of ICPS and warrants. Based on record from their announcement, about 211 million of ICPS has been converted to mother share, from a total 689 million ICPS issued. Once the dust is settled, the share price would rebound in line with the improved earnings.

I believe Dynaciate, as the new Owner is a genuine shareholder that wanted turnaround the company, after few attempts by previous shareholder were unsuccessful. This is evident from the latest proposal whereby additional RM8 mil from RM40 mil ICPS proceed would be used to pare down borrowings (Total RM24 mil) instead of stretching their arms and legs to fund the industrial property development project. This would also bring down the gearing from 1.42x to 0.97x. They have also struck a deal with MMAG subsidiary to lease out the buildings for RM350k/month which translate to RM4.2mil/year for 2 years. A brilliant move since they would obtain instant return from their asset.

For the initiated, Dynaciate is one the emerging fabricator & C&S Contractor in Johor, with some presence in Gebeng, Pahang and Singapore. They are heavily involved in the construction works for Pengerang Integrated Complex, and became anchor civil/structural/piping subcontractors for few of the EPCCs there, and now doing job for Euro 5 Mogas project in Malacca. Oil & gas construction work require niche contractors such as Dynaciate, due to stringent requirements by Client. Many non O&G contractors have tried luck in Pengerang but were not successful due to underestimation of the requirements there, but Dynaciate have proven themselves there.

Taking over TatGiap, is probably due to the same nature of their business and also spreading their wings to northern areas, which Dynaciate currently does not have any presence. In the long run, expect more jobs to be secured and share price would reflect as well. Grab the opportunity while it is still cheap (at your own risk). Cheers!

looks like accumulation is almost done. the rest is sapu by individual investors. Bright future from earning growth from injection of RGT group.

20 cent is to cheap for the 6th biggest FPSO operator. The price could not stay low too long or else it will become takeover target.

It is wise if suitors like MISC or other FPSO operators to acquire their asset rather the company itself to avoid the debt covenant. TSAK is no small fry which would easily let go his prized asset and company. Believe that the sale of his private themepark last month is to support the refinancing of the loan.

Now the price looks good to enter, which is near to the previous support. to smallplayernia, price going up and down every day, in which long term investors need not to worry. Only need to focus on fundamental.

Based on the QR report, the result is commendable considering the foreign exchange between Euro/Rubbles/MYR, and they achieve about 30% NP margin. Not many business can achieve this, but niche IT company like Ucrest did it. It is a good strategy to specialize in medical IoT while it is new in Malaysia and the rest of SEA. On the other note, huge intangible asset is common for IT company, since it is dependent on the software license etc as explained by tkk1127. Next quarter earnings should be good judging from expanded receivables (about RM11 million), which jump more than 50% than the previous quarter.

Currently they have partnered Russian, Chinese, and Singaporean Hospitals and hopefully they can announce a deal with 2nd largest hospital chain in the world IHH Healthcare. The potential is huge considering IHH operates Parkways, Gleneagles, Abicedem & etc. Other potential is to rope in KPJ, TMC and Sime Darby Ramsay. These are all local companies which offers access to mid/high net worth patients which could afford their products. Most of their revenues are derived from Russia, which we hope that it can expand contribution from Singapore, Malaysia, China and possibly Indonesia & Phillipines fast enough.

Ucrest in their Annual Report have mentioned that their source of revenue comes mainly from IoT hardware which is would gradually be supported by software sales. Just compare with OpenSys which manufacture Cash Recycling Machine (ATM + CDM). Their revenue are derived from hardware which later overtaken by software sales.

In the long run, believe that it would surpass the previous high of 45cent, provided it is supported by continuous high earnings.

Cheers!

Good to see they finally completed their impairment programme.

However I guess Q2 would be weaker due to one off M&A expenses. They also need to spend some money to upgrade the banking system and integration between those two. I guess, price may be languishing around RM1.12 to around RM1.30 until they announced Q4 result.

One thing that is sure, is TSMAY want to strengthen his grip on the company. TH might be riding on the improving prospect of Symlife profit. However, we could not discard the possibility of M&A.

Nemesis, if you are holding the shares, you may keep it and subscribe the RI. If you don't hold any shares right now, better buy the right from the market, since it is cheaper.

If I am TSMAY, I would do the same as what is he doing right now. Before conducting any major M&A or disposal of land, I need to increase my position by increasing the stake or else my shareholding would be diluted. If I were to carry out private placement, it does not bode well with minority shareholders and limited to 10% of current sharebase (I am not sure if it can be expanded more than that). RI at very cheap price is more palatable for me and minority shareholders. My entry cost would be cheaper and more shares can be issued to me. Usually company offer RI at only slight discount so that they raise more money and not diluting too much the EPS.

After everything is settled, I would sell the Sg. Long land at market price instead of developing it due to long gestation period and poor property outlook, especially for the high end. Declare dividends from the proceeds and since I have more shares means I benefit more from the RI. hahahaha.

based on the volume today, look like EPF is mopping up the shares.

break already 1.17. last minute push. GE effect. kahkah

With strong earnings ahead TSMAY may want to strengthen his grip on Symlife, provided other shareholders did not take up their entitlement. However, the RI is offered at huge discount and may cause oversubscription. This is better than private placement, where minority shareholders have a chance to offset the dilution of EPS. For warrant holders, they are unlikely to convert for ordinary shares.

I would certainly subscribe for the RI and excited to see the next move by Tabung Haji, which lately opened their mouth and swallowed the 80 cent shares (sigh). Their persistent buying helps to support the share price.

In my opinion, the RI is just part of bigger picture, probably a pending corporate exercise. Symlife is small that it may be a takeover target by interested parties like LTH. Who knows if LTH may inject their unlisted subsidiary, TH Properties in exchange for shares. Cheers.

Yesterday volumes, I believe comes from EPF. and today from their founder. Believe that they would be reporting good number next week, underpinned by forex gain (as I said before they stand to gain about RM18 million from forex gain on loan) and also contributions from their recurring income of tower business. Usually their 4th Quarter would be the best.

Their market cap is only about RM300 million away from magic number of RM1 billion. EPF does not simply take substantial stake in small cap companies unless they see potential or any corporate exercise coming.

I have read somewhere that YTL has the highest no of tower around 5000 nos, Celcom, Digi, and Maxis have close to 4000 each and the balance from TM and U Mobile. Apart from Celcom, other telcos may divest their telco tower to OCK in return of some stake. OCK stand to gain due to their neutrality, unlike edotco which is owned by Axiata.

usually for the final dividend, the ex-date would be announced after AGM.

1. MBSB transfers all islamic asset to AFB
2. AFB renamed as MBSB Islamic Bank
3. MBSB Islamic Bank take over the listing status of MBSB

I guess this is the way forward for the MBSB. After completion of step 3, MBSB Islamic Bank would be appealing for syariah based fund to take position in the bank. EPF may divest some of their stake at premium then to these funds. RM1.50 would be the minimum price. haha

haha. At last, their provision is almost over. Based on MBSB's CEO statement, they will be on clean slate starting 2018 onwards. Guess that MBSB would be posting at least RM150 million net profit per quarter, with potential additional profit from writeback and disposal of NPL and conventional loan asset.

Only Macquarie is selling, pressing down the price. They would be in deep trouble if the price cross the RM1.25. haha

Their term loan approximately USD69mil

30 Sept @ RM4.23 = RM290mil
31 Dec @ RM4.06 = RM 272mil
27 Jan @ RM3.87 = RM266mil

Potential forex gain of RM18 million, which will offset the reduced income from the strengthening of MYR.
Usually the last quarter would their best result in the FY. Believe that the WA would fly back to 40 cent provided that mother share jump to RM1.

If not for the call warrant exercise price starting at RM1.25, the price would be RM1.30+ by now. If they posted good result, EPF & CMY push, Macquaire will be fried. Usually call warrant would be issued for less liquid companies with good fundamentals. Just like KSL. hahahaha

I remember that no one wanted to buy Comfort at 70 cent (early 2017), and price was consistently depressed at 67 cent. Luckily I bought at that price. Now the price is RM1.14. How time flies.

I believe the financing is for the RUMAWIP developers, not the end buyers. So the risk might be less. So far all RUMAWIP project are performing, however some projects might be progressing slower than the rest. And some projects are undertaken by different companies but same ultimate owner. I think they are confident to disbure another RM700million after disbursing RM1.17billion.

Understand that the Bumiputera take up may not achieve 100% as per allocation, however RUMAWIP is very affordable. Last year RUMAWIP had increased the maximum limit from RM8k to RM15k, so the pool of buyers will increase dramatically.

Last time they were hard hit by the introduction of GST, which dampened the consumer spending due to decrease in disposable income. And 2nd blow when ringgit drop to lowest RM4.40. Now that ringgit has recovered to RM3.97, their cost of importation would be reduced. However their would increase gradually, instead of V shape recovery since they need to mark to market their cost of inventory. Earlier purchases of goods at higher USD/MYR need to be cleared off quickly.

On Hai-O they were not spared but they are somehow insulated a bit since their raw material probably come from China instead of US, and the rest sourced locally. That explains the difference between Amway and Hai-O

TCMY is a well respected investors. He saw the opportunity during the selling down of MBSB shares during right issue (lowest 68 cent). His cost of entry, I believed in the region of 70 to 90 cent.
The shares is cheap considering that the earnings is depressed due to provisioning for preparing MBSB to become a bank. Now that the huge provision is almost over, earnings will soar and hence EPS. However bank stocks are usually measured by ROE, ROA, and BV. Believe that, MBSB would continue dish out at least 3 cent of dividend like last year or higher due to election surprise just like other GLC.

As long as the share price stay above RM1.10, the EGM would be just a formality. Believe that it is already a done deal. Haha.

EPF & TCMY are rarely making moves. So around 20% only available for trading (about 1.2 billion shares). Just enough for other shariah institutional fund. Weee..

MBSB will be more than RM2.00 by year end.

Currently MBSB had a portfolio of RM22 billion from personal financing. Although PF margin is the highest apart from Credit Card, it is unsustainable to continue expanding PF strategy considering that GST and reduction of disposable income. MBSB is a non-bank entity in which they could not collect deposits from individuals, and can only get source of funding from bonds/sukuk or other type of borrowings. This source of fund is not cheap and comes with high interest rate. That explains on why they focuses on PF to justify the margin they make.

But with the acquisition of AFB, they can now receive deposits from man on the street and hence cheaper cost of funding. Thus they can expand their offering to mortgage financing, SME, etc. There are only a few shariah compliant financial institutions, apart from BIMB, Takaful. Once they achieve full compliance, shariah based institutional funds will drove to buy their stakes and this would pump up the prices. The expected listing of Brunei Darussalam Islamic Bank would also be a pulling factor

Others pulling factors, includes:

1. The selling of about RM4 billion non-shariah portfolio probably at book value will reduce lift their CET and relieve some working capital.
2. Their non-core asset such as hotel may be disposed and they make book some profit.
3. The re-write of the provision for NPL from 2016 to 2017, will boost their profit!!
4. The Q4 2017 net income may probably higher than the previous quarter due to huge reduction of provisioning. For 2018, I predict that they would be posting net profit of RM150 million per quarter.
5. Status of 2nd biggest listed islamic financial institution will draw shariah based financial institution. Their market cap is just a shy few hundred millions from BIMB.
6. EPF is now holding close 70% MBSB and may pare down their stakes to interested local/foerign fund.
7. Potential expansion to Indonesia or Middle east or merger with bank backed Islamic subsidiary.

yes you are right. Thank you for highlighting it.

Key takeaway from Q2 result, eventhough slightly lower net profit.

1. Property development cost increase due to progress in KSL Mall 2 in Klang.
2. Inventory decreased from RM359mil in Dec, RM329mil in March and RM303mil in June. This is good considering that the property market is soft right now.
3. Cash jump to RM255mil from RM230mil.
4. Borrowing reduced from RM79mil to RM70mil

suddenly buyer volume increase a lot. Haha

just be patience. it would fly like nobody business once news comes out.

MBSB profit is returning to pre-provisioning level, which is expected to complete by end-FY17. Apart from that, the M&A with AFB would enable them to get cheaper source of funding by CASA which would allow them to increase their margin and profit.

Haha. You need to read my sentence twice.

Why wait for Pegaga when they already bagged the job for.... Go and read Upstream latest news. Haha

AhmaZaki of one MHB subsidiary, you must be the bravest top management to condemn your company, publicly. lol. I have met AZ few times btw. But believe that you know the pending announcement and wanted to collect cheap.

I had invested in Unimech before, but after the downturn of oil price, I had disposed the shares at a small loss. Yes, Unimech is among the biggest valves, fittings, etc in Malaysia however they margin is low as compared to smaller listed competitor such as Turbomech, Boilermech, etc.

I think they need to streamline and reorganize their subsidiaries and focus more on the higher margin product.

Looking at shareholders list, quite impressive

1. Ong Leong Huat (OSK)
2. LTH
3. Kwek Leng San (Hume Hong Leong Group)

Hurm, yes you are correct. It is management agreement only.

I think Tabung Haji is getting smarter nowadays. They increase their position in KSL, MMHE (pending announcement).

kancs3118, they mentioned Ascott in page 23.
"RT1 has seen a take-up of more than 95% and RT2 has sales and bookings of about 80%.
Star Residences also signed a management agreement with The Ascott Group, one of the
world’s biggest service apartment operator to manage a minimum of 250 units in RT3, which
will be named the Ascott Star Residences. We expect the demand for units in this tower to be
high due to this association with Ascott when we launch RT3 in the third quarter of 2017. "

Haha, I told you it would increase when nearing to iPhone and Samsung launching.

aiyoo. drop too small la. want to collect below 90 cent. Ringgit weakening again. Since they earn mostly in USD, the earning should soar. Haha

Their receivables made up 78% of their total asset! Since they won so many contract from Singapore, delaying the collection works in favour to them due to the weakening ringgit, and the same time it become a natural hedging for all their cost (for Singapore) contract. If the ringgit strengthen against Singapore dollar, you may see the collection of receivables would be faster to avoid the depreciation of their receivables value. However I personally think should collect the receivables and pay their borrowings to improve their cashflow.

Based on revenue and cost, looks like their margin is very tight. Yes, they have won many contracts but at very low margin.

'until mother also cannot recognize'. I can stop laughing when you say this. Haha

U Mobile would be terminating their network sharing with Maxis. Good opportunity for OCK, which may benefit if U Mobile wanted to lease tower from them. Even better if U Mobile take a stake in OCK. hahahaha

http://www.thesundaily.my/news/2017/06/28/u-mobile-terminate-network-sharing-and-alliance-agreement-maxis-broadband

Matrix is consistently distributing out dividends, and relatively great in public relation with investors, while KSL lacks of this two factors, eventhough KSL margin is marginally higher than Matrix. Matrix is a safer bet but KSL might jump exponentially in long term. I use the word 'might jump'.

Oo. Tesco land. Visible from MRR2. Yes, when I read the description looks like it is a lopsided agreement. The land must be good if its developed since it is located between 2 major roads. However not all is lost.

Symlife needs to sell from level 33 until 56. As for level 43 to 56, I believe they will rely on Ascott branding to push for sale. In the meantime, Ascott would receive some commission if they manage to sell some of the unit (from 43 - 56)

Too bad, I would bought all of OCK-WA if it fall to RM0.19. hahahaha

The sale would be concluded in Q2 (next quarter) I think. The deal is carried out at RM20psf or RM100psf if we include the rental income for the past 30 years. Based on the recent deal in the same locations, the land would be worth at least RM300psf.

I do not know the exact location of the land. Probably they have a good reason for disposing the land. Nevertheless, I hope they would launch RT3 in July as per plan.

LTAT owns more than 12% in OCK.

Based on movement today, looks like OCK-WA share price is intentionally being depressed for fund/operator to buy in. It is good that the mother share increase albeit slowly. Once the volume/ major news come, both mother and son would increase dramatically.

Wow, thank you for the info. In official Ascott website, they have yet to officially unveil their latest project. In the last quarter they have yet to book the unbilled sales, probably SPA not yet signed. Let us see in the current quarter. Nevertheless, the unbilled sales will grow to more than RM1.0 billion from the contribution of Union Suites.

What I understand is Star Residence RT3,

Level 1 - 6 (Parking)
Level 7 - 32 (Hotel - 252 units)
Level 33 - 42 (Public & reserved by developer - 119 units)
Level 43 - 56 (Serviced condominium operated by Ascott - 119 units)

So level 7 - 32 has been taken up Ascott, and they intend to promote the sale of 119 units by earning some commission and also leveraging their trusted brand. If they managed to cross the 75% uptake, the balance 25% would be all their profit.

May gap up a bit then down again due general market sentiment and subdued market for upcoming 2 days market close. DJIA down by 57 points last night. Last market correction before superbull due to GE. haha