6.45. no research on it and the share still can go up

6.54.

DKSH, BONIA

ok

In neighbouring Singapore, the government is expanding the capacity of
NEWater from the existing of up to 30% of the nation’s water needs to 55% by
2060, before the expiry of the second agreement in 2061 for water supply from
Malaysia. Engtex could benefit from the sizeable pipe orders in Singapore,
expanding its product range exported to Singapore, on top of the existing
ductile iron pipes and wire mesh supplies to Singapore.

Being: 1) an established pipeline system provider with integrated
manufacturing and distribution arm, 2) a dominant player in the domestic
market who is able to manufacture large diameter mild steel cement lined
(MSCL) pipe, as well as 3) one of two players in the duopolistic ductile iron
(DI) pipe manufacturing in Malaysia, we believe Engtex is poised to benefit
from the pent up demand for MSCL pipes in Malaysia. Despite the share
price appreciating 15.9% since our previous report dated 27 September
2013, we still see value in Engtex as it is trading at an undemanding
forward P/E multiple of 5.1x based on the current share price of
RM1.60/share. Based on target P/E multiple of 6.5x, we arrive at a fair
value of RM2.03/share for Engtex.

trends that Globetronics has bet on.

The current trend it has invested heavily in to build capacity is around the use of sensors in smartphone and tablets, especially proximity sensors to save battery life, and gesture sensors.

“New sensors such as gesture sensors are coming very soon and here we have a very good partner from Switzerland with whom we have co-developed the technology, and herein lies our competitive advantage,” claims Heng.

Globetronics is also claiming to be the first company in the world to integrate the proximity sensor and emitter into a single chip. Apparently, most companies cannot package this into an integrated chip due to limitations in sensitivity and limitations in technology to package it small enough.

But Globetronics has, with its sensor (pic: smart phone sensors on a 8" wafer substrate) being the smallest in the world.

“This is our competitive advantage and is not an easy technology for people to try and take away our market share. That’s why no one can replace us,” claims Heng.

Its efforts in research have not gone unnoticed. MIDA (the Malaysian Investment Development Authority) has granted it an RM20-million (US$6.3-million) Domestic Investment Strategic Fund in 2012, which is claimed via reimbursement.

MIDA is a government agency that promotes the manufacturing and services sectors in Malaysia.

The funding will likely used for enhancing Globetronics’ sensor technologies and smartphone imaging products.

It was not an easy journey. It took 15 months of convincing to get its Swiss customer to co-produce this sensor. Along with the global smartphone customer, “the process has been very demanding, and particularly in terms of them assessing our company systems and people,” says Heng.

But Globetronics has passed all the meticulous tests and is not resting on its laurels. Heng shares that it has a small war-chest of up to US$20 million for a ‘first bite’ to invest in interesting companies.

“So far, we have not seen anything that we have been unable to resist,” he says, eager to emphasise that Globetronics is still as hungry as ever. It will grow via the acquisition method or organically.

For now, with its focus on the LED and sensors market, Globetronics is looking at between 15% and 20% annual growth over the next three to four years.

“We are very confident that we have the right products in the right growing segments. Coupled with that, if we can translate all our major efforts in development and R&D to some new products, the next three to five years will be very exciting for us,” says Heng

http://www.globetronics.com.my/index.php?option=com_content&view=article&id=222:pioneering-semiconductor-player-globetronics-still-hungry&catid=35:press-releasecoverage&Itemid=123

see can reach 1.60

3.00+0.40 = 3.40

will star up or drop

One of the things which I like to do in investment is to do some comparison among the players and have a feel in the stock. Well, the word "feel" sounds scary as it is more of an art rather than a science. There is no PE or any other valuation methods involved. My "feel" is largely successful in picking DKSH and before this blog was up - Digi. When I said feel, DKSH was not going to be a RM200 million company with what they have done. So was Digi after Telenor took over and we started to see good management (especially the early very successful marketing strategy of the yellow man, if you remember), it was not meant to be a RM3 billion company when Maxis was much larger.

Now, that same comparison is I am going to do with Westport. What do I feel as in comparison against Northport (NCB) and PTP (under MMC Corp). What do I feel about it getting listed after so many years? Just note that the listing is a way for the current shareholders to sell part of their shares - parties such as Li Ka Shing's Hutchison, Gnanalingam's family etc.

On business perspective, I really like Westport as you can see from its financial results. I like it for its focus, maybe older (first generation) management. It has however a second generation whom dwells in the largely failed QPR initiative, selling some of their stocks (after first generation did not) but with a good follow through results. Its financial performance does say something as below:



At its market capitalization of around RM8.5 billion, it is trading at slightly below 24x PE and maybe a forward PE of around 21x.

The question is this - Westport with only port operations is worth RM8.5 billion. Against its competitors, NCB which manages Northport (at RM1.7 billion, while also owning Kontena Nasional) while PTP (among the group of companies under MMC Corp) which is now worth around RM7.8 billion). Just for your information MMC Corp besides owning 70% of PTP, these are what it owns.




With that comparison, should Westport be worth RM8.5 billion? Westport is handling around 7 million TEUs while PTP (around 7.7 million TEUs) and Northport (around 3 million TEUs). This shows that Westport is largely efficient as in managing a similar volume versus PTP and with its parent's other very significant holdings, Westport's value alone overwhelms MMC Corp.

One can argue, we should not look at MMC Corp as it never really bother to price its shares to market anyway. One should not look too far beyond the practice in Tradewinds Plantation where it was later delisted with very good delisted price for the buyer.

But what about Northport? It has been a company which has been largely unexciting in terms of share price although over the last few years, dividends were good. Between the management, I would however vote for Westport but should it be priced that highly against Northport?

The sale by owners

This particular IPO by Westport is quite unique as in they do not raise capital, but it was more of a partial sale by its shareholders. My question is that, why? Pump in more money into QPR? Or is it just that they are able to garner a very good price? If that is the case, then at RM8.5 billion, Westport is very fully valued.

Potential

There is still good growth to come out of port operations, but this business is still very competitive. On top of that, the business is also one which needs large capital expenditure which makes me wonder on the non-capital raising thingy through the IPO.




You know what is the other weird thing, the second gen (young - below 40s) sells more than the first gen...(much older - 70 year old). Or could it be not as simple as that?

Just a note, the last few large IPOs in which case the owners have been largely the ones selling rather than raising capital were underperforming against the ones mainly concentrated on capital raising. In investment, I believe in feeding the hungry rather than the fully fed

the question is if there is no revalution than how.

Albizia ASEAN Opportunities Fund - Acquired

01/11/2013


500,000

Notice Of Book Closure

Oct 29, 2013

LISTING'S CIRCULAR NO. L/Q : 69067 OF 2013

Final Dividend of 10% under single tier system for the financial year ended 30 June 2013.

Kindly be advised of the following :

1) The above Company's securities will be traded and quoted [ "Ex - Dividend" ]
as from : [ 22 November 2013 ]

2) The last date of lodgement : [ 26 November 2013 ]

3) Date Payable : [ 6 December 2013 ]

i think the share price will drop.

3.70

3.62

Fund accumulate again.

Kalau tak dapat than beli dari market

IF GHL Sys one day will be aquire by bank or by PNB because there are the backbond of Malaysian bank.

for GHL SYS to grow there need to know what the young needs. Young generation is savvy and require conviencent, ease of access, fast.

Indicative fair value of RM2.04; 46% potential upside
Assuming a 25% EPS growth in FY13 to 19.4 sen – which is realistic given that
1H13 EPS of 15 sen already accounts for 79% of the estimate and further
assuming 5-10% thereafter, we believe Engtex could deliver a FY12-15 EPS
CAGR of 11% to 21.4 sen.. Ascribing a 10x FY14 PER (which is consistent with
our target PER for Choo Bee), we derive an indicative fair value of RM2.04,
which translates into a potential capital upside of 46%. At current price level,
Engtex is trading at an undemanding 5.7x FY14 PER

Bonia - 3.40

Bonia one to 2 year from now will not at this price. It keep buying brand and expand. With Private Equity looking at it.

I agree and immediate term is RM8.00 if everything goes fine...

e-pay Asia Limited (ASX: EPY) has received an off-market takeover offer from GHL Systems Berhad for a cash consideration of A$0.40 per share - valuing e-pay Asia at around A$22.8 million.

e-pay Asia shares closed at $0.375 on Friday, with the stock trading as low as $0.135 in July this year. The offer price is a 6.67% premium. e-pay Asia shareholders have been offered an alternative to cash of 2.75 GHL shares for each e-pay Asia share held.

The major beneficial shareholder of e-pay Asia, Tobikiri Capital Limited (a company controlled by Simon Loh Wee Hian) (TCL) has entered into an agreement with GHL under which TCL has agreed to accept the offer in respect of 11,386,063 of the EPY Shares owned or controlled by it, subject to the terms of such agreement.

This represents 19.99% of the total issued shares of EPY. TCL has agreed to accept the scrip consideration in respect of these EPY Shares.

TCL has also stated that, assuming that it considers that no superior proposal has been
received, its intention is to accept the Offer for the remainder of the issued ordinary shares in EPY owned or controlled by it.

These further shares consist of 23,684,541 EPY shares (representing 41.61% of the total EPY shares on issue).

GHL Systems is a public company listed on the Main Market of Bursa Malaysia Securities Berhad, with the company involved in the electronic payment industry.

GHLSys broke above its strong horizontal resistance at RM0.50 this morning. This is a follow through of a bullish upside breakout of a triangle in August at RM0.38. With this breakout, GHLSys may rally to its next resistance at RM0.80.

there is always a question of US default. let say this time the US really mean it than all die

price is in

hope so . my top holdings since at 2.00

if DKSH Holding privatise the DKSH MALAYSIA than will be good

go for private placement

DKSH GIVE YU HUGE CAPITAL GAIN THIS YEARS FROM 2.00 TO 6.00

RM 8.00 - RM 12.00. Who know maybe one day like Amway since there try to be light asset.

maybe bull run is coming

will genting down or up tomorow

As long as fundamental if the co do not change than is alright. I just wonder why there want to maintain the DKSH malaysia listing. If is delisted than i think share price wil not be at this price.

See can break the RM5.80. bUT POSITIVE ON IT.

IJM Corp (BUY )
Kuantan expansion becomes a reality
 Following the MOU entered between IJM and Guangxi Beibu Gulf International
Port Group Co. Ltd. (Guangxi) earlier this year, the 40% stake acquisition of
Kuantan Port by the latter has been formalised for RM334.4m. Once all the
relevant approvals have been obtained, the deal is expected to be concluded
by 3QCY14.
 Higher offer… The finalised offer for Kuantan Port’s 40% stake by Guangxi is
7.9% higher than the previous offer of RM310m. Nonetheless, we believe that
the higher revised offer is still cheap as it translates to a P/E of 10.5x (based on
Kuantan Port’s FY13 PAT of RM79.8m). However, we believe that the potential
benefits from this partnership will be rewarding.
 Construction opportunities… The first benefit will be the potential
construction projects for the expansion of Kuantan Port worth RM1.5bn-RM2bn.
It will be a timely boost for its external outstanding order book which is slowly
dwindling. As of 1QFY14, its external order book stood at RM1.7bn, translating
to 0.86x FY13’s construction revenue. We expect orders from Kuantan Port to
materialise by 1HCY14.
 Lower profits for time extension… Despite lower contribution from Kuantan
Port going forward, the tenure of the concession which was supposed to end in
2027 will now be extended by another 60 years to at least 2072. Hence,
potentially boosting IJM’s overall valuation.
 Maintain BUY with TP of RM6.32 based on SOP valuation.

IJM's tender book mix is exposed to minimal risk of project sequencing. The WCE job packages should be rolled out after the financial closure in Oct, while contract flows are backed by upcoming in-house works.There is valuation upside from the listing of its concession assets.

Accumulate. IJM remains a blue chip laggard and is likely to dish out positive news in the coming months.

Management was quoted in a recent press article as saying that its stock is undervalued. Its plan to list its key concession assets (mainly highways) is still on the cards. We continue to view this positively but think that its execution is not likely to be in the near term. As an infrastructure conglomerate, IJM owns the largest number of highway concession assets in the country. The total DCF value of IJM's highway concession assets, including the WCE, is RM3.9bn, based on our estimates (refer to Figure 3). The highways constitute 67% of the group's total concession asset value and 37% of RNAV.

Maintain Outperform. The stock is a laggard and appeals to investors scouting for beneficiaries beyond MRT.

look like the company is going for light asset just to provide service. its a good move since so many property to rent. PROPOSED DISPOSAL BY DKSH HOLDINGS (MALAYSIA) BERHAD OF ITS 51% EQUITY INTEREST IN DKSH TRANSPORT AGENCIES (M) SDN BHD FOR A CASH CONSIDERATION OF RM30,600,000

Genting proposes a special interim gross DPS of RM0.50 and a nonrenounceable
restricted issue of up to 929.9m new warrants at an issue price
of RM1.50 each on the basis of 1-for-4. The two proposals are inter-related
and subject to shareholders’ approval. The exercise price of the warrants was
fixed at RM7.96. Upon full conversion, Genting could raise up to RM7.35bn
over the five-year exercise period. The special interim DPS will amount to
RM1.39bn, whereby entitled shareholders can utilize for their warrant
subscription. We see this as a sweetener to shareholders as the warrant
provides good option value to shareholders. At co level, Genting is in a net
debt position and such exercise would significantly strengthen its cash hoard
for future ventures, be it in O&G, power and/or gaming.

Pursuant to Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, AAX wishes to notify that the Company had on 2 September 2013 received a notification from Mdm. Noraesyah Yvonne Binti Abdullah, the principal officer of AAX, in relation to the acquisition of shares of the Company. Details of the acquisition are as follows:-

Name: Noraesyah Yvonne Binti Abdullah

Transaction Date: 29/08/2013

Price Per Share (RM): 0.88

No. of Shares: 100,000

% of Issued Share Capital: 0.004

This announcement is dated 2 September 2013.

Look like AAX share price will not be at current. Let it down. And Oil price is on the way up.

look like no rocket to go up

Why suddenly down like rocket

With the results coming in largely in line, we
make no changes to our estimates for now. Our SOP-based FV remains
unchanged at MYR2.51, pegged at a 35% discount due to inherent
political risks. Nonetheless, following the stock’s recent price weakness,
we upgrade our call to NEUTRAL (from SELL). The key re-rating catalyst
is potentially positive progress in moves to consolidate Selangor’s water
industry amid ongoing negotiations between the Federal and Selangor
State governments.

The water assets are worth RM2.17/share.

http://www.thestar.com.my/Business/Business-News/2013/08/30/Bonia-Q4-earnings-surge-three-fold.aspx
KUALA LUMPUR: Bonia Corporation Bhd’s earnings jumped more than three-fold to RM5.076mil in the fourth quarter ended June 30, 2013 from RM972,000 a year ago due to higher revenue despite that selling and distribution expenses had risen.



It said on Friday its revenue rose 11.9% to RM154.68mil from RM138.20mil while earnings per share were 2.52 sen compared with 0.48 sen. It proposed a dividend of 5.0 sen a share.



Bonia’s selling and distribution expenses rose to RM52.91mil from RM43.05mil while general and administrative expenses declined to RM30.39mil from RM33.88mil.



When compared with the preceding quarter ended March 31, 2013, its profit before tax was lower at RM13.0mil versus RM19.7mil.



The factors were mainly exceptional items incurred due to allowance for impairment losses on property, plant and equipment amounting to RM4mil and impairment loss on loan to an associate amounting to RM3.8mil.



Bonia said the group incurred an advertising and promotion expenses of RM2mil during the current quarter under review.



“Excluding these exceptional items and the advertising costs, the group would have recorded a profit before tax of RM22.8mil,” it said.



For the financial year ended June 30, 2013, its earnings edged up 0.6% to RM41.14mil from RM40.88mil in the previous financial year ended June 30, 2012. Its revenue rose 9.1% to RM632.32mil from RM579.81mil.



“The growth was driven by the better contributions from overseas sales mainly from Indonesia and Vietnam which contributed 14% and 16% of the increase in revenue as well as improved performance from Carlo Rino and Sembonia brands which contributed 20% and 27 % of the increase in revenue respectively,” it said.



Bonia said there were impairment losses made on property, plant and equipment amounting to RM4.0mil as well as allowance for impairment loss on loan to an associate amounting to RM6.1mil.

“Excluding these exceptional items, the group would have posted a profit before tax of RM81.6mil as compared to profit before tax of RM77.1mil reported in the previous year,” it said.



It added the business expansion plan in Indonesia and Vietnam has resulted in high initial investment costs incurred for renovation, advertising and promotion, rental and set up.



“However, the revenues generated from the new stores from overseas have been slower than expected, thus, affecting the profitability of the group,” it said.

KUALA LUMPUR: Bonia Corp Bhd's pre-tax profit for the financial year ended June 30, 2013 rose to RM71.5 million from RM66.9 million in the same period last year.

Revenue surged to RM632.3 million from RM579.8 million previously, it said in a filing to Bursa Malaysia today.

Bonia said the revenue growth was driven by the better contributions from overseas sales, mainly Indonesia and Vietnam, which contributed 14 per cent and 16 per cent of the increase in revenue respectively.

It added that the improved performances from Carlo Rino and Sembonia brands contributed 20 per cent and 27 per cent of the increase in revenue respectively.

Bonia said the group’s prospects for the coming year were expected to be challenging due to the uncertain economic outlook.

"In view of this situation, it is imperative for the group to strive for continuous improve to further increase operational efficiency while positioning the businesses and brands for opportunistic growth and recognition," it said.

Bonia said it would continue to explore new business opportunRead more: Bonia pre-tax profit rises to RM71.5m

DKSH