Looks like TRC overcame its recent resistance at 36sen and now it is clear skies up to 42.5sen. 43.5sen also coincides with the 38% retracement of the downturn that started in Apr2019. Clearing this, 56sen is the next target.

Tomorrow TRC will be engaging Gear #2. Turbo saved for the finish line.

RM0.65-0.67 before any serious resistance on the price is my forecast. So up, up and away for now.

Start your engines.

They have been throwing the baby out together with the bathwater. Not sure who is vetting their investment decisions. But I am thankful to Urusharta for these opportunities to buy in cheap :oD

Average traded price was around 49.7sen. Likely it will rise again this Monday.

Very likely EPF will reverse the selling as they are starving for yields and MahSing fits the bill. If the closing at the end of the day is above 47.5sen, very likely the gap down from 52sen to 50sen will close next. Then 64-65sen.

We have to thank no other than Urusharta Jamaah for this opportunity to make money. They really threw the baby out with the bathwater when they overhauled their investment portfolio.

Another bullish impetus would be crossing the 200day Moving Average around 90-91sen.

Funds are moving out from Westports to MMC. 1/6th the market cap, better yields, much more predictable earnings with Malakoff and Gas Malaysia under its stable. First target is 94sen.

94sen is the next target. This coincides with the 61.8% retracement of the down move from RM1.25 down to RM0.45. 94sen also matches the last peak before it plunged.

In the recent report, KAF discounted the valuation by 60%. Even the cash component shrunk by the same percentage.That is simply illogical that RM44m went poof. Back in April 2019, they valued KAF at RM0.75.

Back in 2017, there were plans to list the ports. I guess it did not materialize then but this is a potential catalyst for MMC.

Westports market cap is RM12.2b vs MMC at RM2.2b. Either Westports is way overvalued or MMC is way undervalued.

Here is why I fancy TRC and why I think they are so undervalued:

1. They are sitting of a nett cash of 15.5sen. This is half of their market cap as of last Friday's closing.

2. Out of their RM224m borrowings(they have a cash position of RM300m), about RM84m(A$30m) is tied to the 4star Westin Elements hotel in Melbourne currently valued at A$50m.

3. They have more than RM2B worth of construction projects. Exact amount to be known in the FY2019 Annual Report due out soon.

4. They pay out dividends regularly. Last year they paid 1.9sen out of 4.34sen earned. That is a 43.7% payout. For FY2019, they made 4.13sen. Can we expect a 1.8sen payout to be declared soon and ex June2020?

5. Urusharta Jamaah has been disposing TRC (together with many other companies)shares since taking over from Tabung Haji in Dec2018. Me thinks they threw the baby out together with the bathwater. Their last declared shareholding was 23m shares left as of 23Mar2020. I think they have completed their disposal. With this price overhang gone, the true price discovery for TRC shares can finally begin.

God luck to all holders.

I agree. Very timely disposal.

Back in Mar28, I wrote the following on the GOB forum:

GOB also owns some land at Seri Kembangan. The 2 larger ones are at 52 and 56 acres with a book value of only RM3.34 and RM17.35 per sqft respectively. If you recall, Eksons recently concluded a sale of a 14.64acre parcel for RM140.27mil (or RM220/sqft). The land sold is within the vicinity of the GOB land. If those 2 parcels are revalued or sold at RM50/sqft, GOB is further valued at RM1.03/share. What if it is RM200/sqft? You do the math.

They did very well by selling a portion of the land (15.56acres) for RM142.35M which works out to RM210/sqft. Now they have a remainder of 92.4acres which if going by the latest market rate should be worth around RM845.2M or RM3.72/share. Not forgetting the other irons in the fire namely the DaMen, Batu Kawan and Lembaga Getah JV.

If base on current price for OSK at RM2.30, an exchange ratio of 4 PJDev shares for every 5 OSK shares, would indicate PJDev should be trading at RM1.84. An arbitrage opportunity of RM0.22 with PJDev's last price at RM1.62. A 7% premium would set the warrants to trade at RM0.97.

If base on current price for OSK at RM2.30, an exchange ratio of 4 PJDev shares for every 5 OSK shares, would indicate PJDev should be trading at RM1.84. An arbitrage opportunity of RM0.22 with PJDev's last price at RM1.62.

Kancs3118 - think positive and attract positive.

All aboard the train. :-D

OSKProp dropped more than PJD because OLH has a higher shareholding percentage in OSKProp. If he crosses the 90% threshold, minorities have no choice but to surrender their shares to him.

It could be somewhere between 20c and 30c depending on the exercise price.

The shareholders who sell out to OLH their PJD-wc will look very silly in the coming months. PJD has a small share base and with the upcoming fantastic earnings, they will re-rate and shoot up a lot higher than its previous high. OSK on the other hand will likely end up as a holding company owning close to 40% of PJD and it is a fact that holding company status will have a huge discount assigned to it. Case in point KFima and FimaCorp. Others include Boustead and its listed subsidiaries which it privatised in a fair manner.

The loss you have made is in paper unless you sell. If they put the rights at 50c, you need to fork out only 50c/share vs RM1/share since the previous prices which were hovering > RM1 for many months.

The shareholders who sell out to OLH their PJD-wc will look very silly in the coming months. PJD has a small share base and with the upcoming fantastic earnings, they will re-rate and shoot up a lot higher than its previous high. OSK on the other hand will likely end up as a holding company owning close to 40% of PJD and it is a fact that holding company status will have a huge discount assigned to it. Case in point KFima and FimaCorp. Others include Boustead and its listed subsidiaries which it privatised in a fair manner.

The shareholders who sell out to OLH their PJD-wc will look very silly in the coming months. PJD has a small share base and with the upcoming fantastic earnings, they will re-rate and shoot up a lot higher than its previous high. OSK on the other hand will likely end up as a holding company owning close to 40% of PJD and it is a fact that holding company status will have a huge discount assigned to it. Case in point KFima and FimaCorp. Others include Boustead and its listed subsidiaries which it privatised in a fair manner.

Well, it is going to be a short term pain for you but if you intend to subscribe the rights, you now need less money compared to when the share price was > RM1. I doubt they will postpone the rights because they may need it for DaMen.

kancs3118, the silver lining to all this carnage is that the rights price will be at a discount to the last reported price and the warrants also have a lower exercise price. More upside in the future if you ask me.

The very likely scenario tomorrow is going to be a plunge in prices for all 4 target companies and OLH will suppress the price so that he can mop up the shares. I will take this as an opportunity to buy more of the shares tomorrow. He may succeed in acquiring OSKProp but he will fail miserably with PJD like he did when he made a paltry offer for the remaining OSK shares.

Once the offer closes, you can bet which share will rise faster. OSK which has a really large share base or PJD which will be recording fantastic earnings in the coming quarters with a smaller share base. I think the latter will be the case.

Published: Friday October 10, 2014 MYT 12:00:00 AM
Updated: Friday October 10, 2014 MYT 8:34:04 AM

PJD-OSK Property merger ‘quite soon’, no privatisation of merged company by wong wei-shen

“If you have two companies doing the same thing, and if it can be consolidated into a bigger entity, you can have more power, more efficiency, and more economies of scale,” Ong (pic forefront) said. “It is not our intention to privatise but rather to synergise.”

“If you have two companies doing the same thing, and if it can be consolidated into a bigger entity, you can have more power, more efficiency, and more economies of scale,” Ong (pic forefront) said. “It is not our intention to privatise but rather to synergise.”

KUALA LUMPUR: A merger and consolidation exercise between PJ Development Bhd (PJD) and OSK Property Holdings Bhd is expected to materialise soon.

Veteran stockbroker Tan Sri Ong Leong Huat said the exercise “will be quite soon”.

Ong is chairman of PJD as well as the managing director and chief executive officer of OSK Property.

He added that once consolidated, the entity would be able to do bigger things and deliver better results.

“If you have two companies doing the same thing, and if it can be consolidated into a bigger entity, you can have more power, more efficiency, and more economies of scale,” he told a press conference after PJD’s EGM yesterday. “It is not our intention to privatise but rather to synergise.”

The consolidation will result in the creation of a first-tier property developer.

“At the moment, we are second-tier developers, but combined, we will be a first-tier property developer,” he said.

‘First-tier’ constitutes a company with an annual turnover of RM3bil, Ong said.

Talks of the merger first surfaced when Ong emerged as the largest shareholder in PJD in November 2013. Ong has a 21.4% stake and 62.65% in PJD and OSK Property respectively.

Meanwhile, he expects PJD’s net profit to grow by 20% for the financial year ending June 30, 2015. “This will be backed by the advancement of certain projects, with the majority of it coming from YOU City @ Cheras, among others,” he said.

He added that PJD had RM1bil in unbilled sales, which would be realised within the next two years.

The company, with total gross development value (GDV) currently at between RM5bil and RM6bil, is expected to launch a few projects in Kuantan, Gohtong Jaya, as well as the third phase of YOU City in the next few months.

PJD has some 1,000 acres of landbank, which will be developed over the next five years.

“We have got enough for us to continue launching projects, while not being over burdened by landbanking costs,” said Ong.

Yesterday, PJD received unanimous shareholder approval to purchase about 2ha of freehold land in Melbourne, Australia for RM432.1mil, equivalent to RM21,307 per sq m. The land, which is its first major project overseas, has been earmarked as a mixed development with a GDV of between RM8bil and RM9bil, said Ong.

He added that the project would comprise residential blocks, office towers, a retail mall and a boutique hotel. He expected development works to commence late next year and be completed within five to seven years

Ong said once completed, PJD would retain some of the commercial units to generate recurring income for the group.

He said PJD would be funding the acquisition primarily via internally generated funds while the remainder would be through bank borrowings. Ong said that historically profit margins were much higher in Australia. “In Malaysia now, they are between 15% and 20%. Margins are much higher there,” he said.

He added the company would continue looking for opportunities around the region.

“The movement of people is very fluid these days. Businesses have to follow where the demand is. We want to go to areas where we can get better pricing and demand for our projects,” he said.

Published: Friday October 10, 2014 MYT 12:00:00 AM
Updated: Friday October 10, 2014 MYT 8:34:04 AM

PJD-OSK Property merger ‘quite soon’, no privatisation of merged company

by wong wei-shen

“If you have two companies doing the same thing, and if it can be consolidated into a bigger entity, you can have more power, more efficiency, and more economies of scale,” Ong (pic forefront) said. “It is not our intention to privatise but rather to synergise.”

“If you have two companies doing the same thing, and if it can be consolidated into a bigger entity, you can have more power, more efficiency, and more economies of scale,” Ong (pic forefront) said. “It is not our intention to privatise but rather to synergise.”

KUALA LUMPUR: A merger and consolidation exercise between PJ Development Bhd (PJD) and OSK Property Holdings Bhd is expected to materialise soon.

Veteran stockbroker Tan Sri Ong Leong Huat said the exercise “will be quite soon”.

Ong is chairman of PJD as well as the managing director and chief executive officer of OSK Property.

He added that once consolidated, the entity would be able to do bigger things and deliver better results.

“If you have two companies doing the same thing, and if it can be consolidated into a bigger entity, you can have more power, more efficiency, and more economies of scale,” he told a press conference after PJD’s EGM yesterday. “It is not our intention to privatise but rather to synergise.”

The consolidation will result in the creation of a first-tier property developer.

“At the moment, we are second-tier developers, but combined, we will be a first-tier property developer,” he said.

‘First-tier’ constitutes a company with an annual turnover of RM3bil, Ong said.

Talks of the merger first surfaced when Ong emerged as the largest shareholder in PJD in November 2013. Ong has a 21.4% stake and 62.65% in PJD and OSK Property respectively.

Meanwhile, he expects PJD’s net profit to grow by 20% for the financial year ending June 30, 2015. “This will be backed by the advancement of certain projects, with the majority of it coming from YOU City @ Cheras, among others,” he said.

He added that PJD had RM1bil in unbilled sales, which would be realised within the next two years.

The company, with total gross development value (GDV) currently at between RM5bil and RM6bil, is expected to launch a few projects in Kuantan, Gohtong Jaya, as well as the third phase of YOU City in the next few months.

PJD has some 1,000 acres of landbank, which will be developed over the next five years.

“We have got enough for us to continue launching projects, while not being over burdened by landbanking costs,” said Ong.

Yesterday, PJD received unanimous shareholder approval to purchase about 2ha of freehold land in Melbourne, Australia for RM432.1mil, equivalent to RM21,307 per sq m. The land, which is its first major project overseas, has been earmarked as a mixed development with a GDV of between RM8bil and RM9bil, said Ong.

He added that the project would comprise residential blocks, office towers, a retail mall and a boutique hotel. He expected development works to commence late next year and be completed within five to seven years

Ong said once completed, PJD would retain some of the commercial units to generate recurring income for the group.

He said PJD would be funding the acquisition primarily via internally generated funds while the remainder would be through bank borrowings. Ong said that historically profit margins were much higher in Australia. “In Malaysia now, they are between 15% and 20%. Margins are much higher there,” he said.

He added the company would continue looking for opportunities around the region.

“The movement of people is very fluid these days. Businesses have to follow where the demand is. We want to go to areas where we can get better pricing and demand for our projects,” he said.

Highlight: PJ Development, OSK Property will merge soon, says Ong Leong Huat

Written by Liew Jia Teng of theedgemalaysia.com
Thursday, 09 October 2014 19:57

KUALA LUMPUR (Oct 9): Veteran stockbroker Tan Sri Ong Leong Huat is ready to merge PJ Development Holdings Bhd (PJD) and OSK Property Holdings Bhd in a move to create a first-tier property giant.

“We have that in mind. I think it will be quite soon. You will hear from me,” Ong told a news conference after PJD’s extraordinary general meeting here today. He opined that the consolidation of the property companies can create stronger financial power, higher efficiency and economy of scale.

Ong is the group managing director of OSK Property, as well as the non-executive chairman of PJD. He emerged as a substantial shareholder of PJD in November 2013 with a 21.31% stake, taking the place of older brother Wong Ah Chiew. He also controls 71.65% of OSK Property.

Ong also said PJD is expected to see a profit growth of 20% in the financial year ended June 30, 2015 (FY15), up from RM224 million in FY14. Earlier at the meeting, shareholders gave PJD the green light to acquire a freehold land measuring about 2.026ha in Southbank, Victoria, Australia from Dynasty Falls Pty Ltd for A$145 million cash.

Highlight: PJ Development, OSK Property will merge soon, says Ong Leong Huat

Written by Liew Jia Teng of theedgemalaysia.com
Thursday, 09 October 2014 19:57

KUALA LUMPUR (Oct 9): Veteran stockbroker Tan Sri Ong Leong Huat is ready to merge PJ Development Holdings Bhd (PJD) and OSK Property Holdings Bhd in a move to create a first-tier property giant.

“We have that in mind. I think it will be quite soon. You will hear from me,” Ong told a news conference after PJD’s extraordinary general meeting here today. He opined that the consolidation of the property companies can create stronger financial power, higher efficiency and economy of scale.

Ong is the group managing director of OSK Property, as well as the non-executive chairman of PJD. He emerged as a substantial shareholder of PJD in November 2013 with a 21.31% stake, taking the place of older brother Wong Ah Chiew. He also controls 71.65% of OSK Property.

Ong also said PJD is expected to see a profit growth of 20% in the financial year ended June 30, 2015 (FY15), up from RM224 million in FY14. Earlier at the meeting, shareholders gave PJD the green light to acquire a freehold land measuring about 2.026ha in Southbank, Victoria, Australia from Dynasty Falls Pty Ltd for A$145 million cash.

Got some more today.

With HP investing RM1B at Batu Kawan, this will spur demand for homes at Seberang Perai Selatan. And GOB is well positioned to take full advantage when they roll out their projects. Bear in mind they were suppose to launch the Phase 5 of the Batu Kawan terrace and semi-d's but to date have postponed it.

I think it would be cheaper and more efficient to use the internet to comb for recent transacted prices to work out the valuation.

Are you planning to launch a takeover of the company?

But you are right on the delay in delivery of the Wellesley Residence. OC supposedly by July2014. I heard OC to be obtained by Oct2014.

I think it is more of OLH not getting a plum deal from the RHB-CIMB-MBSB merger causing his PJDev-OSKProp-OSK merger to be postponed.

kancs3118 - Relaxlah bro.

I bought some yesterday and today.

Hello Icon8888. I'm good. And you?

Anyone hazard a guess on the rights price and warrant exercise price?

Symlife will be launching a retail mall at their Taman Tasik Prima project called the Wharf Retail Mall in 2015. The Star Residences in which Symlife has a 50% stake too will also have a mall in its development if I recall correctly.

Regardless of the price fluctuation in the near term for Symlife, I think it is safe to say within the next few years those who buy at around the current price will be sitting on a tidy profit.

LBS is in no hurry to sell the ZIC land. With the HK-Macau-ZhuHai bridge nearing completion end of 2015 or early 2016, land prices near the Zhuhai exit will boom. That will be the time LBS will reap the highest profit unless an offer that is too good to refuse is tabled to them right now. You can draw the same parallels to the Seberang Perai Selatan land price appreciation before the 2nd link was complete and after.

I held my PJDev-wc that I purchased sub 20c for a while and the results of holding them speak by itself today. The same strategy should work with Symlife. Patience will be rewarded handsomely if you hold it.

If I recall correctly, the racing circuit is not generating any profits. I doubt LBS will be build another circuit unless they are compensated in some form.

I doubt Symlife will revalue the land immediately because by doing so, it will show as a profit and they will have to pay taxes for it. This will be detrimental to the cash flow. With their land cost this low, future projects will have super profits. This will match their cash flow.

The book value of the land per 2013 AR is RM457.7m. The revised land value based on market research and latest transacted prices is RM2.92b. Sg Long land valued at RM100/sqft. Symlife has 310m shares. RNAV of land is RM2.92b/310m = RM9.42/share.