sold back at 69-70sen

Malton may declare special dividend as it have completed divest its jewel of crown, Bukit Jalin Pavilion mall

https://www.thestar.com.my/business/business-news/2019/10/29/regal-path-secures-rm11bil-for-pavilion-bukit-jalil-mall

EPS 1.49sen, dividend 1sen

lower than expected result.

Pohhuat and Pohuat-WB trading at discount despite still have 1 year validity. Homeritz-WB although is newly listed, but it have only 3 year validity.

Compared to Pohhuat, Homeritz even have higher dividend yield, therefore, lower premium on WB is fair to compensate for absent of entitlement on dividend

Expect Homeritz to declare dividend, but warrant is no entitle

bought Homeritz at 73sen

sold back Homeritz-WB at 24sen

sold balance all at 3sen

sold partial, and keep balance to subscribe or sell at higher price later

WCE-WA have 10 year validity till 2029, and have 2 set of exercise price 39sen for first 5year, exercise price increase to 45sen after 5 year till end 10 year.

As WCE will start toll collection begin Dec 2019 for section 5, 9 and 10, therefore, WCE financial performance will getting better in future and pose exacerbate growth once remain 8 section complete and open for toll collection next 2 year, in 2021-2022.

The exponential growth of WCE will definitely serve as catalyst to propel WCE share performance much higher above warrant exercise price 39sen or 45sen. In short, WCE-WA is very valuable and leverage exposure to WCE

With purchase price for WCE-PR at 2sen + pay for 24sen for each RCPS. Every 4 RCPS subscribe entitle 1 free warrant.

Based on Trinomial option pricing model, the indicative fair value of the warrant is 21sen.

In summary.
total cost to buy right for right is 2sen x 4 WCE-PR = 8sen
total subscription for RCPS is 4 x RCPS x 24sen = 96sen
total subscription to convert into NEW WCE share = 4 RCPS x 4sen
Grand total cost = 120sen

total FREE warrant 1 x fair indicative price = 21sen

Grand total NETT cost to convert into new 4 WCE share
total cost 120sen - FREE warrant 21sen = 99sen
Therefore, each NEW WCE to be convert from RCPS is 24.75sen/NEW WCE share,

Market WCE price now is 31sen, potential gain is AT LEAST 25%. The higher the WCE share recover from bottom due to right issue, the higher the potential gain above 25% return.


Remark: RCPS once listed can be at anytime convert into new WCE share by topping 4sen for each RCPS to get 1 New WCE within 2 year tenure of listing.

The US first slapped a 10% tariff on furniture imports from China in September last year. The tariff has been raised to 25% since June 2019 and will be further increased to 30% from December. As furniture exports from Malaysia are spared the tariff, this translates to a tremendous price advantage for Malaysian furniture. Home grown furniture maker, homeriz has manage to sign on 8 new US customers so far in 2019. Malaysia furniture exports is expected to grow by 6.1% to US$2.7bil (RM11.3bil) in 2019, accelerating from a 3.1% growth rate registered in 2018.

If compared to last year, WCE share price RM 1.00 and share volume 1 billion, have market value RM 1billion is deem undervalue based on potential future cash cow highway, then , today, WCE share price RM 0.31sen with market cap only RM 310m need to compensate with higher new convertible preference share at 24sen + warrant.

The collectively new share to be converted and future warrant + existing share volume are about 3 billion share. and if based on today closing price 31sen, total market value of entire WCE is still about the same if compared to last year. Therefore, despite huge dilution of new share and warrant, but for NEW investor now, it will able to enjoy same stock value if compared to old investor whose invest many year ago.

In short, the right share and warrant offer great opportunity for NEW investor or late comer to enjoy similar stock value if compared to whose invest earlier or long term investor. While acknowledge long term investor are losing time value due to fall in share price and huge dilution if opt to no subscribe right, but, now, at least new investor can have equal benefit to join those early bird to enjoy WCE upcoming part of toll collection revenue begin December 2019.

The WCE share have been pressing down significantly, oversold. Once share rebound back, WCE-PR will be very attractive.

WCE-PR have will have 100% subscription rate.

Aside Major shareholder undertaking all + major shareholder also will apply excess up to 80% + RHB underwrite all balance 20% in the event retail shareholder unable to subscribe

It is worth of subscribing WCE-PR at 2 sen + subscribing price 24sen = total cost 26sen.

Every 4 subscription entitle 1 FREE warrant, 10 year period

bought homeritz-WB at 22sen

Bought WCE-PR at 2sen

add malton at 49sen

add myeg at 1.19

sold back at 96.5sen

sold back at 98sen

sold back all uzma at 1.13

bought back naim at 96-96.5sen

bought back uzma at 1.04

bought back jaks at 94sen

add ekovest at 79sen

sold back again at 43.5sen

bought back all armanda again at 42sen

sold back all armanda at 43-44sen

Northern North Sea: Thistle/Deveron, the Dons, Heather/Broom and Magnus assets, onshore Sullom Voe Oil Terminal

vs

Kraken field locate in the East Shetland basin, which is located 125km away from Noss

DIFFERENT LOCATION!!!!

Thistle platform, about 125 miles (201km) north-east of Shetland

Kraken field locate in the East Shetland basin, which is located 125km away from Noss


https://www.enquest.com/operations/north-north-sea

kraeken oil field is different LOCATION from Northern North Sea operations which include Thistle/Deveron, the Dons, Heather/Broom and Magnus assets, as well as the onshore Sullom Voe Oil Terminal (‘SVT’)


Kraken field in the East Shetland basin, which is located 125km away from Noss

https://www.enquest.com/operations/north-north-sea


The one evacuated is Thistle platform, about 201km north-east of Shetland, in a precautionary move on Monday evening. The company said 115 personnel were transferred to a nearby platform by helicopter


https://www.bbc.com/news/uk-scotland-north-east-orkney-shetland-50134399

bought armanda at 40sen

bought Gbg-WB at 36.5sen

sold back FP group at 49sen

Awaiting to buyback later

sold back naim at 1.00.

Naim offer Quadruple engine growth

1. Oil and Gas: Dayang + perdana
2. Property development: 3 flagship property project in Miri, Kuching and Bintulu
3. Construction: Orderbook RM 2.0 billion
4. Property investment: Hotel and Mall in Bintulu Paragon, Kuching Paragon, Miri for recurring income

To breakout RM 1.00 soon

1. Naim (95.5sen)
No of share volume: 514m
Market Cap: 491m

2. Dayang (RM 1.93)
No of share volume: 965m
Market Cap: 1862m


Naim have 26.4% stake in Dayang = RM 491.6m = whole Naim value. These Naim 26.4% investment in dayang already is its entire market value give rise to Naim core assets are essentially FREE.

Among Naim FREE assets are 2600 acre of landbank situated in 3 flagship property project in Miri, Kuching and Bintulu + construction orderbook (RM 2 billion including pan Borneo highway),

Despite, possess so many assets and investment in Dayang 26.4% stake + 10% stake in Perdana, Naim balance sheet remain very healthy with cash holding RM 310m, and short+long term borrowing RM 510m.

Naim now is severely undervalue stock.

Fairfield by Marriott, the first hotel investment by Naim is on track to open by end of these year.

http://www.naim.com.my/press-releases/tyt-visits-bintulus-first-international-hotel/

https://www.youtube.com/watch?v=UlToVcoys0k

http://naimproperties.com.my/bintulu/bintulu-paragon/

Naim offer more than dayang can get. Naim is replicate mid-valley concept in Bintulu, one of the biggest oil and gas hub in the region.

Next month is Sarawak state budget, many infrastructure project including coastal highway, trunk road are awaiting to be awarded. Naim is key highway beneficial in the state.

There have been talks that the Ministry of Transport are reviewing the road tax system by replacing the conventional sticker with radio frequency identification (RFID). We opine that the RFID will not change the need for a road tax renewal as well as insurance.


Actually, the fact is that (RFID) tracking will be embedded into road tax stickers, this will allow real-time monitoring of traffic conditions and help police track down criminals. These system will also integrate the workings of the gateless gantry system for electronic toll payment

In short, the RFID-in-road-tax system with tracker is set to feature a ‘smart code’ tag embedded into the road tax sticker. The code can be tracked by the relevant authorities and satellites. It will be designed to shatter at any tampering attempt, and can transmit an alert to the JPJ and police should one try to remove it.

Therefore, instead, myeg will increase value chain to introduce higher tech tracker embedded road tax, which should command higher profit margin. Once market realize these FACT, myeg share price will rebound back strongly

Added more naim at 93sen

15% foreign worker cap in Malaysia’s workforce by 2020. We are not perturbed by it as the 15% target has always been the case and current foreign worker of 2m is still below the cap of 2.2m, allowing a 10% growth. Our earnings growth is mainly attributed to higher job matching services thanks to the unfreezing of foreign worker intake since Jul 19. Consequently, we are expecting its first sequential growth in 4QFY19 since GE14 and a 20% earnings growth in FY20.

The tender of e-visa contract has been delayed for months, we gather that the management still believes the current visa system must go as the incumbent’s concession is expiring in Oct 19 as well as various security lapses of the system. Management is guiding for tender to be open in Nov 19.