IPP is NOT paper profit, but is real profit as shown by Jaks last Q4 2022 result which indicate RM 71m dividend payout from JV power plant. Bear in mind, RM 71m payout is 25% retain profit payout after 2 year operation. The balance cash profit in JV still have about RM 190m, which is sufficient to capitalize for additional 10% equity funding which require RM 200m to subcribe

After 2 year Vietnam power operation, Jaks investment in 30% stake in JV have increase from RM 610m to RM 820m, mainly due to 2 year of share of profit about RM 280m (2021: RM 135m and 2022: RM 146m). Jaks have opt to receive first dividend payout RM 71m from share profit last year, therefore, the balance share of profit retain in JV investment is about RM 190m.

Jaks have another 1 year due to opt to subscribe additional 10% to up its share of profit from 30% to 40%. The cost to increase 10% is RM 200m. Therefore, Jaks no need to raise additional cash to subcribe these 10% portion as jaks retain profit in JV about RM 190m is sufficient enough to self feed its top up 10% equity, boots up its share to 40% now.

At least local loss making construction work have reach tail end, by just eliminate these loss making business will boost up jaks profit forward. Additional profit from 50MW solar power by next month will also contribute higher profit to jaks forward.

Jaks first 50MW solar power plant should be commissioning by next month, another steady stream of income for next 21 year.

Jaks share price affected by Malakroff loss making due to slump in applicable coal price, but, the factual is Jaks is different from Malakroff as all it coal price is cost pass through and payments are guaranteed by a take or pay PPA
contract (alike Malaysia first generation IPP award by M to YTLP, the most lucrative IPP)

Capacity payment is not subject to minimum
generated electricity. The calculation for capacity
payment is based on a formula and as long as we
produce electricity, the capacity payment will be
paid

1. The coal supplied to the power plant is entirely sourced locally, via the coal supply arrangement
signed with Vietnam National Coal-Mineral Industries Group, to ensure a stable supply of coal for
25 years.

2. Further, the coal price is pass-through to the off taker, and as such, JHDP is not exposed to the risk
on the global coal price fluctuations, and therefore, barring any unforeseen circumstances, JHDP should remain profitable.

3. JHDP will produce consistent earnings as most payments are guaranteed by a take or pay PPA
contract, therefore capacity income from the plant should remain as a stable contribution for
years to come

4. Capacity charge consists of approximately half of
the total revenue in year 2021.

4. The coal is supplied from Vinacomin on a preagreed price based on the coal supply
arrangement. We are not affected by the fluctuation as we are sourcing locally from
Vinacomin. Regardless of the coal price, it will pass through to EVN hence it does not affect our
profitability

Sold back at 70.5 - 71.5sen

Petron Corp Q1 result, the non-control interest profit is Peso 361m. The non-control interest profit refer to 26.6% non-control interest in Petron Malaysia. Therefore in total full Petron Malaysia profit should be
100% /26.6% = 3.76
3.76 x Peso 361m = Peso 1357m
Peso 1357m x conversion rate 0.08 = RM 108.6m (Q1 EPS = 40.2sen)

Estimate petronM Q1 Eps around 40sen

bought petron at 4.50

https://www.petron.com/wp-content/uploads/2023/05/Petron-Corporation_SEC-Registration-No.-31171_Quarterly-Report-1st-Quarter-2023_11-May-2023-1.pdf

https://www.petron.com/news/petron-reports-consolidated-net-income-of-p3-4-billion-in-q1-2023/

Apple Inc (AAPL) on Tuesday said it has entered a multibillion-dollar deal with chipmaker Broadcom (AVGO) Inc to use chips made in the United States.

Under the multiyear deal, Broadcom will develop 5G radio frequency components with Apple that will be designed and built in several U.S. facilities, including Fort Collins, Colorado, where Broadcom has a major factory, Apple said....bye to inari, all apple RF will be manufacture by boardcom manufacture plant in US to centralize US supply chain instead rely oversea supplier like inari

https://finance.yahoo.com/news/apple-inks-multi-billion-dollar-131328919.html

bought wce at 50sen

bought back msc at 2.02

bought last batch at 1.09

added more at 36.5-37sen

added more at 1.10

bought back annjoo at 1.11

Flour selling price will retain elevated, while input cost wheat price is tumbling.

add more mflour at 67.5sen, average down

Wheat futures in the US fell toward the $6.2 per bushel mark, heading toward the two-year low of $6 touched on May 2nd amid renewed expectations of abundant supply among the world’s top producers. After a long period of uncertainty, Turkish President Erdogan stated that Russia will extend the deal guaranteeing grain exports out of Ukrainian Black Sea ports for 60 days. Such developments will preserve Ukraine’s access to key foreign markets and increase price competition with other major producers. Adding to the bearish pressure, the USDA forecasted a drop in global demand for the upcoming marketing year due to lower feed and residual usage. Still, the body downgraded production from Russia and Ukraine due to the impact of the war between both countries, while lower yields pressured output forecasts in Australia.

Wheat feedstock price have tumbling, but due to forward contract, Mflour still unable to benefit from low input cost, lag time factor. The low input cost will likely only able to capitalize in next Q, widening profit margin.

Mflour just alike cement maker despite increase selling price but still only able to fetch small profit margin due to high input cost Mflour (wheat price) and for Cement (coal price). Recent Cement post leap up profit margin due to tumbling in coal price, its matter of time due for Mflour to post leap up profit margin due to tumbling in wheat price

bought ays at 38sen

bought masteel at 31.5sen

sold at 74sen, take profit first

PP fixed price done, time to focus on Q result, EPS growth

In Sarawak, CMSB is largest cement maker, but share price affect by power supply issue

Hume Panda cement only have small cement market share, whereas YTL cement and Lafarge cement command largest Malaysia cement market share

Hume limit up, when is YTL turn ?

YTL cement also export cement to Singapore, command higher SGD profit margin

Agreed, HSR if link up till thailand is much higher value and big enough to accommodate up to 4 winner cover southern, central and northern part of HSR civil work.

Although YTL may secure only southern part of HSR, but its cement division ill be biggest winner as all part HSR civil work need CEMENT, and YTL command largest cement market share under YTL cement and Lafarge cement brand. Hardly see any panda brand cement by Hume in the market.

YTL build HSR civil work+ CRRC supply HSR rail transit system and HSR train

Among all other contender, YTL have strongest track record and stronger financial capability to fund HSR under private fund initiative

YTL + CRRC = HSR

CRRC has built the world’s leading rail transit equipment technology platform and manufacturing base. Its world-class products like high-speed trains, high-power locomotives, railway trucks, and urban rail transit vehicles can adapt to various complex geographical environments and meet diverse market needs. The high-speed trains manufactured by CRRC have become one of the jewels in China’s crown to showcase China's development achievements to the world.

YTL has build KLIA1 + KLIA2 express rail and also build Gemas double track rail in Malaysia. YTL is also previous HSR winner for sourthern part HSR, Johor link to Singapore HSR.

Multibillion HSR is another wild card for YTL, with high potential to win back by its strong track record in double track train/Express rail and as previous winner for southern part HSR

YTLP need to stay back, swap to YTL to catch up

From 67sen to RM 1.00 still have many step to go, stay tune

It is YTL and Mcement turn now to outperform after YTLP

Just breakout 70sen only, still have at least 30% to breakout RM 1.00.

Historically, YTL and YTLP share price trade close each other. Recent laggard is due lag down by its cement division, which once recover, should resume similar share price pattern

Compared with its subsidiary YTLP, YTL have more upside potential now

YTL corp share price is most laggard conglomerate with all its subsidy on track for recovery

YTLP mulitbillion green data center is construct and built by YTL 100% subsidy, YTL construction.

YTL corp aside 55% YTLP, its 78% Mcement will be second most profit contributor

YTL 78% own subsidiary, Mcement will record massive earning record like Humelind.

Cut pohkong at 92sen

bought back mflour at 75-75.5sen

Commissioning 50MW solar power plant by next month will added jaks earning stability forward

sold tomei at 1.35

sold layhong, locked all profit at 31.5sen