@yttihs please add me back to the group!

Tks.

Looks very strong momentum technically from TA aspect.

Pse add me.Tks.

https://www.thestar.com.my/business/business-news/2018/03/21/sc-warns-investors-over-pump-and-dump-schemes/

Where is the forced sale coming from i3lurker?Tks.

Welcome back Raider and Probability(for yr insights).It is interesting to note there are many stakeholders especially IB with varying strike prices damming this counter.
It is also a useful lesson for those playing with margin to rocket up the share.....risk management from RM40 million to RM10 million portfolio the risk management is taken out from you...period!Even the ego has to have a bow.
For those who buy call warrants the risk management is controlled by IB because they have both the mother shares which were collected during the last 3 days' price declines and also the liquidity and buy / sell quotes which are wide ...which are volatile.
I support the call of one viewer SSLee? to propose a higher dividend .This would put this stock in line with other cash generating refineries to reduce the volatility.
Otherwise it is a trader's set -up for for a rollercoaster ride.
Enjoy the journey....you have to admit it.
Compare to all the other sectors in the Bursa which is positive cash generating and 2 months for upgrading works which is good and adds to future growth prospects but it is viewed as negative?(seriously?) by spindoctors ..the other sectors would have falling revenues or lower profit margins or in the worse case scenario both falling...look at the property sector would be good enough.

Warren Buffet once said he does not buy technology stocks because he does not understand the business.Today his company has a 3% stake in Apple shares as at November 2017.
Speaks volumes of the man who moves together with the dynamic market and cut his holdings in IBM.
Something to think about.

China exports jumped in November as import gains signal strength. China’s exports unexpectedly jumped
as global demand remained firm, while import growth in the world’s second-largest economy continued to
outpace sales abroad. Exports rose 12.3% in November, the customs administration said Friday. That compares
with a forecast of 5.3% in a Bloomberg survey. Imports climbed 17.7%, leaving a trade surplus of USD40.2b
Demand for Chinese products has proven robust as growth in major trade partners remains intact. (Bloomberg)

Something to think about as China's exports jumped....demand for industrial and commercial fuels will stay firm. HY 's regional markets will react as some refineries will plan shut-downs early next year...and will not take up for the slack due to the fire in Singapore as they are committed to their buyers.

Thanks to the good contributions by probability ,stock raider and otb.

Hope mr. market will wake up.

Good one rchi.Whah...you still remember the episode.If I am not wrong he died but he asked for Otb's forgiveness ..wonder what happened to his barking dogs?Think this issue was raised last year...same problem but different actors.
This is a forum lah..relax..chill out...why point at Otb...there are other forum bloggers promoting real estate down and stocks down south even there are some latest reports some RM32 billion value of completed properties looking for buyers.Sure all have intrinsic value and margin of safety....free cash flow?
Otb is just giving his views...you are free to decide lah...no big deal.

Congratulations to all those who believed in Hengyuan..especially to otb, raider, paperplane and probability.The results are out...Net profit margin of 12.2% which is a 28% jump over 9.53% for quarter 31/3/17.It looks like the crack spread is a very attractive margin...and the momentum is there for the regional refineries.With no shut down for maintenance for Q4 and the company has a tax relief...it certainly deserves a better PER than 6.

My thanks goes to all the various positive bloggers starting with Icon 888,otb and especially this time around for highlighting the refinery industry with valuations supported by industry data with a special shout out to probability and stockraider.
We are going into the last leg of 2017 and the Malaysian stock market has been on a dive for the last 2 months.It would be interesting to see which stock performs ABSOLUTELY well without being benchmarked to the KLCI as most mutual funds do.
Let us look at the coming 3Q results and see whether Hengyuan delivers.Hengyuan is a stand-alone refinery while the other 2 are supported by retailing.It is incumbent upon Hengyuan to manage the risk of buying crude oil (raw material) and selling the refined products (gasoline etc) by hedging risk and if it is successful in managing its risk the crack spread will widen generating wider gross margins.
Now here lies the problem.If it hits RM1.00/RM1.20 or thereabouts EPS for 3Q..it is line with the directional trade where the refinery sector industry is heading.Market will acknowledge that this stock has passed the execution really well and will rerate it accordingly.Does that mean we are all quarter data players and buy on momentum only?You mean that is the only way to stay in the race?Is that leadership or running in and out each time time the stock gyrates?
To buy into a stock and stay the course is leadership and if you are not sure stay out.There is an exit strategy the moment you trigger the buy call.It is very insulting to say the least we depend on quarter results which is tantamount to a very short term trading view or a 90 days extrapolated view from being a day trader.
To all the positive bloggers who contributed their resources on the forum please continue...as you can see some have come in and supported your views.

Congratulations to all strong holders...finally the eagle has landed.

Wonder if any of you remembered KYY promoting Mudajaya at one time ...he was very bullish on Mudajaya's venture into an IPP project in India? And the project was delayed...cost over-runs etc.And now JAKS ?...hmm...old poison in a new bottle? He never ceases to amaze me.

This year will be like any other way except more volatile.The ringgit has now no direct correlation with the price of crude oil even though OPEC has now reached production cut consensus.The direction of the ringgit is the key factor like it or not.FA alone can not be the only instrument to make profits.Bursa Malaysia is now no more the same animal we saw in the 1990s with the stocks making new highs on a daily basis.To have a 3 year time frame to make a hefty gain based on FA alone is way behind time.You need to use also FA to have timing and move in and out of the stocks ie. swing trading and I am not recommending day trading.

The odds are against one if you just wait for the market to collapse like our dear I Capital guru Tan Teng Boo who had predicted the market collapse some 5 years ago.Yet if you are smart enough you would have ride on the export related sector.Yet he kept his huge cash hoard and bought only some notable ones like Padini,Parkson ,Boustead because he claims to be a student of Warren Buffett.He missed out on the strongest swings on the strongest sectors!!!! and On the other hand if you buy on fundamentals if the market collapse you would have to wait for a 3 year cycle before you sell the stock because of expensive PER.In the meantime you collect dividends but if you are lucky if you buy British American Tobacco but hey have you heard they are quitting Malaysia and setting up shop in Indonesia?Where is the next BAT..take a bet on GLCs?

The dividends you collect in the meantime is just pittance.If you are retired you would claim tax set-off but now with the single tier dividends you are highly respected because you pay taxes to the government and not get any tax set-off.Which brings to the irony that it is better to beg for BRIM and that is a better dividend payout twice a year and on time without going through AGMs.

With high cost of inflation and shrinking value of ringgit going just on the FA way is just adding negative returns to you ringgit if you take a 3 year time frame.You just need to add another tool ie. TA which is relevant as Bursa Malaysia is now morphed differently now and not even an old bull..it should be retired and graze it the fields.Those who ride on the retired bull in the field are like the ones going for a joy ride..ie. TA players who go for the joy ride knowing that the momentum and play is only a small window to make money in the market.

Good analysis of characters.As you are rightly point out the emphasis is on growth stocks..more so 90% by definition Bursa Malaysia stocks are littered with small cap stocks and even the government has allocated some funds to invest into this pool of stocks.The stock market has shifted structurally and the growth stocks will dominate the scene.I remembered KC failed stock is Tien Wah Press and not Kuchai...and I did asked him on fundamental investing etc a long time ago but he replied with Big Caps ie. shouting and since then I never bothered to follow his blog.Icon 8888..pretty relaxed call ..masquerading as a chef :)showing photos of the sea cucumber he cooked on his blog..loved his original portrait of a man with golden locks of hair...made a good call on a stock..P something? or PMCorp..(not sure) and it was the beginning of his foray into sharing of his views.OTB..went for his seminar when he first started out as a trainer for TA .....loved his famous war cry"Miss Universe Stock"...and he is also giving back to society in his own way.
Agree that there are chaps out there who gave their qualified thoughts and draws satisfaction that their followers made it.
I do agree that growth stocks by its inherent nature suffers from limited free float ...what more if one were to purchase stocks on margin.So sell calls would result in disastrous consequences.
Keep up the good work and share your views.It is so refreshing see good material once in a while and you certainly did journey a long way to assess their dominant strengths and weakness.

Mr. Tan, There is something wrong on the arrangement.When I click on Stockwatch it comes out skyland's portfolio.I also have Gadang in the portfolio.Can you please assist? Thanks.

Good advice berry and your comments on the 2 personalities.I do agree that volatility is here to stay and more so about 90% of the stocks are small cap stocks by definition...worse still inside this universe are penny stocks.As they are less liquid and the free float is tight the price spikes are huge...a good example is one of the personalities sold off his shares days after the AGM.I was also in the Gadang AGM and gave my comments earlier.I do advice berry to look also into the technical aspects too, reason being the stock can be pushed up and dumped by operators.And stagger your purchase on the way up and not catch a falling knife.There are not many stocks to look at next year with the ringgit weakness,not all export sectors are bright due to Donald Trump's new foreign policy and local uncertainties.

Thanks for sharing and giving us the macro viewpoints.Just would like to add to your views.On the export sector there would be new headwinds approaching.I would sum it as the pull and push factor.The government has put the freeze on foreign workers and has lifted the ban on certain sectors like manufacturing.However there is the push factor at play...foreign workers now in Malaysia would have finished their contracts and would not renew their contracts.Consider the following...exchange rate US$ RM end December 2014 3.50 , end December 2015 4.29 and today about 4.35.The foreign worker is repatriating less now in terms of savings and it is not an attractive option as they would rather work in a country for 2 years with a stable currency and less inflation as he is taxed 6% GST also for buying cigges and maggi mee :(
So the plans for MyEg to go to rent out hostels to foreign workers would seem a daunting task now.Just my 2 sens (and shrinking) opinion.

Ageed.
We have created mini sifus along the way and it is not a healthy trend.I doubt seriously it can be done although the administrator has flagged down inflaming articles and comments.One way out is to disable comments but then it would defeat the purpose of a forum.
I think it would be wise for all especially not to disclose or reveal identity card numbers and also , be honourable, you are judged by your comments.
Once you have posted your blog the administrator should not delete the material although I notice some blog comments have gone out of the agenda ie. stick to stocks and investing and not political viewpoints.
Just like Donald Trump clarion call which we need to heed and adopt here perhaps on another forum...we need to drain the swamp of all lobbyists with hidden agendas and made-in malaysia sifus wanna bees ?
My condolences to the family of one of the form members who died a tragic death and who took an opposite position perhaps a reminder?....and it would be sad if this forum turns out this way .

Hi SJSoon, Good recap.
Were you the one wearing blue asking the questions?I certainly agree you presented yourself well as a young investor.I thought Miss Kok should clarify the questions raised by minorities rather than the independent director which is against protocol....I do admit there is an aha moment when you mentioned she is adorable....good taste.:):)

I do agree it was done in bad faith for him to sell his shares earlier for his pocket money as he has has First Insight.

Their industry ie. property development and infrastructure is cyclical ie. periods of troughs and highs due to the nature of the billings and it would be against the norm "to hide" the profits as suggested by The Special One.With the new accounting treatments in place to be inline with global best practices there is hardly any room for deviations.

I am not agreeable with the idea that independent directors are granted ESOS as highlighted by one minority speaker as it is not a best practice and not adopted in the United States and I voted against it.As you can see the independent director Mr. Boey acted as if he is a shareholder when fielding the questions.

Finally the door gift..wonder how a lady shareholder will react to a DIY toolkit?

You should be there the previous day at the Sime Darby AGM...with high gearing etc.and questions posed by MWG..the CEO was jittery and rambling on without much focus.Compare the quality of questions posed at the Sime Darby AGM and Gadang...this was pretty high standard and I was quite surprised.At least there was no singing!

Just sharing.Teck Guan's core business is in the manufacturing of cocoa-based bakery products eg. chocolates and chocolate related bakery items.It is probably the main player in Malaysia ie. manufacturer and trading.So it is not a pure palm oil plantation stock as the bulk of its earnings come from the above to cater for the growing domestic market.
Read an article a few months ago that it imports cocoa from West Africa to support its manufacturing operations and it was affected by the increase in raw material costs and margins were thin.
So you have to look at that component which is turning around but there are 2 risks here ie. price of cocoa and the exchange risk. You may have to look at Nestle to some extent as they share the same risk.It is also very thinly traded as it caters to a niche consumer market ie. baking products and not like Oldtown which has pure retail reach.Hope it helps.

Today is ex-price.So the price of Maybank will be adjusted less 20 sen dividend.Some can sell since they have the dividends in hand..also you have to look at the direction of the market as this stock can be "short" as it is allowed ie. short selling.
Hope it helps.

It is precisely what I had highlighted to Wealth Wizard earlier on although his article is good.I do agree with YiStock as he had taken the trouble to dissect the components into manufacturing and trading which bares all the profit margins from each component.

The Malaysian economy is weak and these steel companies are targetting the domestic market and not export markets.

What I like to raise are some thoughts for your consideration:
The government has inked already some of the construction jobs for MRT/Lrt extention lines with the usual suspects and these contracts are firmed contracts for the next 3 years.If the cost of steel escalates due to a combination of factors like the ringgit weakness against the US dollar or the renminbi...which is happening now ..and the steel component in these infrastructure jobs could be between 25% to 35% (assumption) and if it is out of whack...you mean the steel manufacturing companies will laugh all the way to the bank and the construction players will come in with less than 7% margins ?Will these construction players go back to the government and ask for variable adjustments even before the project has yet to start?
Worse still these construction companies can approach the Chinese steel companies if the local steel players refuse to mark down their cost?
If it happens the whole steel industry will be in dire straits.

Eversendai has secured new contracts to fill up its order books.What is its costing for steel works fabrication like?Would it be at mercy to the steel players?

Eventually......everything will revert to its mean.

Thanks WealthWizard for your interesting information on the industry.While the upside looks good , at least until the end of the year, was wondering what is your take on the exchange rate ie.US$/RM for the imported raw material now that Megasteel has stopped production.The current exchange rate favours more negative biasness towards the ringgit irrespective whether the Fed Chairman decides to increase the interest rates.
Also because of the competition in the CRC industry ie.oligopoly..can a major buyer of the stock lock in at rate for a 3 year time frame ie. like a futures contract.This is because the government's infrastructure projects will start kicking in next year ie. MRT and LRT and also Eversendai has received new order books for steel fabrication jobs.
I think there is a element of nice roe profits will come about rather than extraordinary profits will be realised as these are the factors which the risk management or the capital efficiency side will meet their respective challenges.
Thanks once again for the good write up.

Hi duit..sad to see you take leave which you are part of the community...yeah maybe some 3 years ago.Though I am a silent infrequent contributor I do follow your postings and your banter with Connie.
I believe you follow broad economic trends and cycles and there was a time you gave your views on some cycles and many viewers just wanted to be kept updated and gave their emails etc.to you...remember that time? I wanted to but I had a problem as I had no knowledge of Mandarin as you posted your comments in Mandarin also.
I also reminded of the passing away of ckwan11d and his contributions were equally compelling.
In moments like these I would like to cherish both your and ckwan11d contributions and to be thankful that there are some who bring joy to this forum.
Wish you well and I do hope things will work out well for you.
Cheers,

Mr. Tan can you assist me on updating on RHB Bank - distribution in species.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5102001

Thank you.

Mr. Tan can you assist me on updating on RHB Bank - distribution in species?http://klse.i3investor.com/blogs/kltrader/96946.jsp

Thank you.

Good write up Icon8888.
Yeah I am equally mystified with OTB's performance.No I am not a subscriber to OTB but results show.

I guess you need TA to meander through the noise as the stock needs to propel on a higher plane ie. higher relative strength or using momentum oscillators when the stock is about to take off. This is where his stock screening comes into the picture.

What is important and critical is cash in your pockets ie. sell on strength , again when the relative strength loses momentum.
For any given year when you get cash at 10% at ROI within 2 or 3 months you are a full fledged trader and you might hate to admit it.:):):)
Five years is a very , very long time in the Malaysian context to see true value emerges.

Even a moat like TNB has to contend with the Inland Revenue Department with over some RM1 billion in back dated taxes..so moats in Malaysia are fast disappearing...let alone a well known China based stock since its listing in Malaysia 6 years ago and with huge a cash cow(an illusive moat?) have not declared a dividend in the latest AGM...so where is the price discovery?

It is people like OTB who puts money in your pockets that makes the difference...call it what you want...he sees value by noticing the relative strength and momentum of the stock.No I am not a promoter...I follow the golden rule which most unit trusts employ ie. performance today is no guarantee it will perform in the future.:)
Hope to see more write ups from you.

invest88

I do hope you can contribute in other ways really...your thoughts and contributions for 2016.I am sure you will miss the actions if you stay out of the game...it is in your blood really....there is no denying that.With a hefty number of participants in the self managed category I will not be surprised a number of pink swans will emerge from this block.
Let the show begins.

Hi Mr. Tan,

Please all the balance into SKpetro.
Thanks.

Nice to have you on board.We hope to hear and learn more from you Uncle Koon.

Hi invest 88,
How are you doing?Sure miss your good stories about you making money on momentum stocks.Probably you are the first forerunner before OTB came into the picture.
It is good you are helping out for both 2015 and 2016 Stock Star Wars Challenge...thanks once again.
I like your argument with regard to the prizes for the top 3 losers which eventually OTB saw your way of thinking....I think that is a healthy approach and we should recognise players that try hard enough and not name the 5 stocks under the UMA banner :):)..it is no brainer it will be in the losers' pool.
You are in good company with Uncle Koon and OTB joining into the challenge although this time it is buy and hold strategy I thought it would fit into kcchongnz model.I guess he has his reasons.
One thing is for sure as I have invested into a leading local unit trust company the returns are nothing to shout about which was why I was out of the market.
But the top 10 guys in the recent concluded challenge who made astonishing returns despite 2015 being extremely volatile shows that they are better fund managers than one listed close end fund who is Malaysia's own Doom and Doom Guru Mark Faber.
It shows one thing...you gotta fish for yourself even if it is with a broken fishing rod.
Hope my stock allocation is ok since I was short.
Nice to hear from you again,
Retired?

There so many ways to skin a cat and finally it is the absolute returns that counts.Been following Uncle Koon's blog for some time..from the time the invitation to his talk in Ipoh some time ago.To be fair we have to look at the backdrop of his calls during that time and now...nobody wants to talk about the bad calls but it is the bad calls we are wiser from that experience and more resolute in filtering the stocks.
It is that experience we are better off at the game of stock-picking.
No I am not a fan of Uncle Koon or went to his talk in Ipoh but he shares his insights and approach.It is something which most of the members are yearning for...learning new approaches but we have to adapt and improvise to changing and fluid conditions of the Malaysian stock market.
Just to let you know the Singapore stock market is one of the worse performing markets for 2015 and it is on par with the Greece stock market.So the Malaysian stock market is not too bad really.So are expecting Singaporeans to add fuel and liquidity to the stock market this year?
The jury is out there.

Apologies Mr. Tan for short allocation.Probably caught in the excitement of rushing to be inside the cut-off entry.

Since I am short about RM7,000 plus excluding brokerage etc. put all the balance into Skpetro. Hope it is ok with you.

2016 will be a long year on crude oil price and exchange rate volatility besides the domestic issues.

Thanks and keep up the good work Mr. Tan, invest88 and paperplane.

Congratulations Mr. Tan for organising such an event..am sure the response for 2016 is overwhelming.Thank you also for bringing news and articles for our reading and keeping tabs on current economic trends.
You are the man....Happy New Year to you and also to thank another chap for helping you to organise 2016 Stock Stars Wars - Technical vs Fundamental? May the Force decide the outcome.

Mr. Tan , my stock picks are as follows:
RHB Capital 23%
Gadang Holdings Bhd. 17%
Tek Seng Holdings Bhd. 10%
SKpetro 16%
Aemulus Holdings Bhd. 5%
Matrix Concepts Holdings Bhd. 12%
Reach Energy Bhd. 10%

Thank you.

Ivan2222
To answer your question why there is so much volume on 1st. September...you have to look at the bigger picture...Maybank is of the few counters held by foreign funds...when the ringgit weakened drastically foreign funds will have to cut their holdings to protect their initial positions in US$ when they first bought.When they sell this was followed by strong support by local institutions like Amanah Saham, EPF etc to stabilise the counter otherwise if it breaks below RM8.00 many retailers would have snapped it...but I think the lowest it went was RM8.20.
Now the banking sector is not an attractive sector to look into as loans growth is stagnant due to tight Bank Negara policies as we have one of the highest household debts in the region.For it to come back to RM9.00 with a small window due to the expiry of the call warrants it would be challenging.So hope it answers your query why there is so much volume...there are sharks also at high end stocks not just the penny stocks.Hope it helps.

Good to hear that mr.murali.Koon has to pay his dues.A lot of families in the middle income trap would be grateful for his assistance.It is time to move on and I guess the stock market is not forgiving.Start anew with a fresh perspective.

Think you need to pay RM10.00 stamp duty if you exercise the share reinvestment plan.

Just sharing.Ever since the introduction of 6% GST which is charged on clearing fee and on brokerage with contract stamp excluded what are your views on this? Personally I have stopped trading unless some stocks approach the intrinsic values which are, relative speaking post 2008, are worth having a second look and "keep it" as you see "value" and not the price...as a cheap stock may not have the fundamentals to support it like consumer and retail stocks etc.

What I am noticing is the active trading on liquid stocks and call warrants and puts...sure one may earn free money on momentum play...just that this time around the government earns 6% tax both ways ie. buy and sell trading activities and I notice it is a kind of "soft" capital gains tax whether you make money or cut loss which gives unlimited upside to the government revenue as the government is grappling with low commodity prices of crude oil, LNG and palm oil but revenue collection from bursa trading activities bucked the trend.Ironic isn't it in a market with no fresh leads?

I believe if you trade in the United States there is a capital gains tax but this is offset against losses if any.

Hi Mr. Ooi,
Please add me to your mailing list.Tks.

cb.mong@gmail.com

Yes practice dollar cost averaging is a safer way because you are not timing the market.But fundamental stocks are relative in my opinion.For example the oil and gas and palm oil sector is having a challenging time now ie. prices are much lower now when you compare to 3 months ago and they are the strong sectors.
To take a 10 year wait or for that matter a 3 year wait will mean missed opportunities along the way to invest in other gems.
Finally it would be the push factor ie. your funds if you have in fixed deposits now will be in negative territory come 2015 as inflation is expected to be 4% to 5 % and will be higher than the present rates.
It will be a challenge for all of us and I think shorter time frame would be a better gauge if you think you believe in the management of the company.

Hi newman,

What about those who do not have what's app? Would emails help?
Thanks.

Hi Matrix, be strong for your sister-in -law.My prayers are with you.
Been following you but not active in the market. I guess I was spoofed by the events in Ukraine and the local happenings.I admire your patience to assemble your thoughts and give your inputs stage by stage on stocks queries and other volunteers helping you out.
It is good you put the caveat emptor...buyer beware.Trading momentum stocks require a high degree of patience and timing and I am just looking at palm oil sector and the export sector at the moment so I do not look now daily which explains my little or no contribution.

Thanks for the information.Will checkout the shoe store for the 30% discounts.Have a nice run this coming Sunday.
The stock market will see renewed interest by investors due to negative returns on fixed deposits due to domestic inflation and the weakening ringgit.I dare say your views will be followed closely.
I think stocks in the upper band of the ringgit will be easier to read from the charts and easier to guesstimate the direction.
Stocks and warrants on the penny side of the ringgit..swirling topography on the charts and it takes away your concentration and energy.That is why I admire your set piece and you follow a game plan.Good execution too.

Thanks matrixcool for your inputs and am learning more from you.
It is good to share with your insights as I may have not noticed it.
On an another matter what pair of running and walking shoes would you recommend for flat feet? I am not into marathon running but jogging for health reasons.When is your next marathon run?

Hi Matrix,
How are you doing?
What is your view on Caring?
Good volume built up hopefully good follow through.RSI hooking up and looks like a double bottom.

Happy CNY to everyone here..have a safe drive and may the Horse gallops your way to bring home your stock catch.We need to be Bravehearts to mount this particular horse 2014.

Happy CNY to everyone here..safe drive and may the Horse gallops your way to bring home your best stock catch.We have to be Bravehearts to mount this particular horse 2014.

#invest88 - Wishing you a Galloping Horse Chinese New Year.
I do follow your thread and it is fun reading the jovial postings from numerous names too many to mention though I must admit I am not a good code breaker for the counters you have designated for a "sting job".
On the other hand if I particiate by putting a little dot I would risk red carded and sent to the bin.Between the devil and the deep blue sea I choose to read the hilarious tit-a-tat.
Only the brave will take a risk this week ahead of the Chinese New Year and if the Horse gallops your way and bearer of good luck you saddle the horse and ride with the wind.
I am looking forward to the film "The Wolf of Wall Street"..it mirrors the time in Malaysia during the roaller coaster days of the 1990s where even the tea lady can ride on the wave. :)