Dutaland have been lying in a low price range for a long time mainly because of the management hoarding on to the cash pile and doing nothing for the past few years. in retrospect because of the pandemic, credit have to be given to them for being prudent for the past few years. Both Olympia ( JV partner & sister co ) and Dutaland are seeing some activities lately, there could be a good time for the management to finally kick start the Kenny Height project in this period of economic recovery. If the co do kickstart the project and start making money, it is not surprise to see it goes back to the NTA level. For the smaller cap Olympia, it may even easily reach 0.30.

Kingofsanichi, don't be fool by the accounting book value NTA of 0.37, the co is worth more than that. As per my comments above, if you take into account of the current market values of the Kenny Height land and the goodwill of the Sabah gaming business, the co is worth easily 0.80. If the boss wants to take the co private, how much is he going to offer us?

Yes Scrown, you are right. That's nothing new about this audit opinion. But the words Material Uncertainty related to Going Concern really scare the hell out of many people who don't understand. In the worst case scenario, if the co really go into receivership, the co do really have no problem to settle the debts as it has got DEEP values hidden in the financial statements. The 150m bank loan (the only threat the auditors are concerned about) will be easily offset and settled by forced selling Menara Olympia ( 295.7m). After that, the co will be clean with some small current liabilities and plenty of assets. Besides the 1400 acres of Seremban land (57m) Olympia is still left with 2 hidden deep values which are not reflected in the financial statements! 1) 42% ownership of 60 acres of Sri Hartamas Prime Freehold Land. Easily worth rm440m or rm400/sq ft but only stated at cost at only 140m or rm128/ sq ft in the balance sheet. Easily 300m are hidden and waiting to be unlocked by the receivers 2) Sabah gambling (Sabah88) license & business operations. How much does it worth? Duta Yap had a similar gambling set-up and operation ( Megaquest Sdn Bhd ) in Sarawak and sold it to Berjaya Assets for 17.5X of it's average past 3 years net profit for 108m in 2016.If we take Olympia Sabah88 average last 3 years net profit X 17.5 = 105m. This is another amount which is hidden in the book. This co has deep values. Shrewd players will be buying instead of selling at current prices even if the co goes into receivership.

https://www.thestar.com.my/business/business-news/2016/07/13/bassets-to-buy-over-numbers-forecast-firm

You just have to ask yourself is there any changes in the fundamentals of the co? if your answer is no, then you will be happy if it drifts lower so that you can buy more on weakness. Olympia quarterly results should be out in the next few days, expected to be bad as It's lottery business in Sabah ( Sabah 88 ) was badly affected by the MCO lockdown in Oct last year. But then, the lottery business has resumed it's operations now. The worst should be over for this counter, as evidence by some small weak hands who are selling in the market at the moment. For this stock to go up, the co has to launch it's property project in Sri Hartamas ( Kenny Height Project ). The management have repeatedly told us that they are waiting for the right timing to kickstart the project. The whole Bursa property sector sentiment has improved a lot recently, so hopefully it won't take long for the co to finally launch the long awaited project. Be patient, good things will come to those who CAN wait.

If you read the announcement in details, you will see that there won't be any profit from this disposal. In fact the co estimated to make a loss of RM21,880 from this transaction. What is more important is the co now have more cash instead of some dead assets. The cash also allow the co to breath during this difficult time. With most of the short term bank interests and liabilities taken care of ( liquidity risks ), it also tells you there is not much downside for this stock.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3139267

Related party transaction. 2 vacant and 2 low yielding rentals 4-storey town villas in exchanged for hard cash from cash rich Dutaland. Transacted closed to net book values of Olympia. Good deal for Olympia shareholders as cash is always better than fixed assets that are not creating values for the co. Bulk of the proceeds will be reserved to pay co short term interests & liabilities. With cash rich Dutaland backing Olympia, the co can survive & excel even in this pandemic. Thank you Dutalnd.

If you are wondering how such a small co like Olympia going to undertake such a mega size development project in Sri Hartamas ( Kenny Height Project)? Where do the co get the fund? The answer is the fund is already available. It is sitting in it's JV partner Dutaland ( sister co, same owner) bank account. A Whopping 520M CASH!!! Everything else is ready just waiting for a good market sentiment to launch the project.

If you have 100M what do you do? I will buy 100% Olympia shares assuming i can get all at rm0.10 and below. Then with 100m investment, i will gain control over

1) 25 acres of Sri Hartams Freehold land easily worth RM430M
2) Menara Olympia worth RM300M with bank loan of 120m. Net 180M
3) Sabah gambling (Sabah88) license & operations for free since it is not stated in the book.
4) 1400 acres of Seremban land worth 57M
5) 60M cash + 20M current assets which will be enough to pay all the co debts.

Super undervalued. It is a matter of time before the market discover it.

The company sold 9 acres of it's Sri Hartamas land to a 3rd party for 150m or rm380/sq ft back in 2016/17.....Now the co still have 60 acres ( 42% ownership ) left or effectively 25 acres left in the book. Is 25 acres of Sri Hartamas land worth only 140m or RM128/ sq ft which is stated at cost ( more than 10 years ago )in the balance sheet? Don't forget also this is a PRIME FREEHOLD land and will only get more and more valuable with time especially in this low interest rate environment. Don't forget also the management is actively working behind the scenes to develop this prime land and create values for the patient shareholders...The management repeatedly said that they were just waiting for a good time to launch the project. Yes, it is been a long time but believe me, It will be worth holding.

Our money is getting smaller with US printing and pumping in ridiculous amount of money into their system. The only way to preserve your money is to buy quality assets like Olympia with prime land at Sri Hartamas (Kenny Heights). This land is still stated at cost in the book. NTA will easily more than RM0.70 per share if we take into account of the current value of this prime land. Don't forget our bank interest is all time low and the Kenny Height project ( JV with Dutaland )is on the verge of launching their condominium sales anytime from now. Downside is limited but the upside with potential billion dollar gross development sale will be unlimited especially the market capped of Olympia is less than RM100m.

Yes, super undervalue. Take a look also at it's sister co, Olympia. It is even more undervalue as it's Kenny Height project land (60 acres left ) is still stated at cost. Once they relaunch the Kenny Height project next year when market sentiment is better, both Dutaland and Olympia will rocket.

Many people who bought the counter knew about the trap, but they just wanted to join the music simply because they were greedy. My mother is one of them. She will continue indulging in the music as long as it makes her money, but i can foresee she will be breeding in 2 weeks time. As long as it is her pocket small money and not big hard earned money, it is ok. So are you.