the big selling won't come from Dato Harris, because from what we have seen in recent transactions, most of his big blocks are transacted off-market, which won't directly impact the market price

but still significant for a company so small

disposing a property for RM50m, but actual proceeds only around RM5m after settling payments

many property counters are undervalued on a long term view but to surge 10% in an industry downtrend does seem fishy (unless there's some insider news). will be interesting to see if the IBs will keep the price below 1.20 before the call warrant expires

every price run-up will have consolidation/correction, just like previously went up to 2.60 and corrected to around 2.20. if you are good in timing, then can maximise gains but if not, better just let it run its course. of course this only applies if you think it's a good stock fundamentally

warrant price just couldn't keep up with Ekovest so strong. seems like a lot of buying for the special dividend

"As the market head higher, there comes the risk of a sharp pull back which potentially can wipe out a huge chunk of your profits. Since Jan 2017, the market has rally in our favour and we promptly taken profit from Mycron, Hibiscus, Pesona and many more. This doesn't mean the stocks are bearish, we just felt our money should be reinvested in stocks moving upwards like MIECO, BPLANT and EKOVEST instead of sitting through a price retracement."

ChartNexus promoting to its subscribers...

"The share price barely budged even after the group announced that the government had given approval in principle for an RM6.32 billion ­inner-city highway project."

the reporter published it too early, lol

ksl has been undervalued for very long. first 2 points are valid but the last point doesn't make sense since bonus issue does not raise cash. unless they want to goreng up the price and do placement

mother's strong run should sustain at least until entitlement date for special dividend and share split. warrant should track mother's price

ekovest gives CNY angpau. this year if election ekovest will probably be one of the stocks for election punters. but that's more on speculation, fundamentals unlikely to change with or without election

there is no voting. UMWOG will extend a takeover offer to icon shareholders once Ekuinas completed their swap of icon shares for UMWOG shares

thanks. I only write when there are enough materials and it's something that others haven't picked up or are not writing about it. I don't like to produce just another generic article

good analysis, just a few points to consider

1. declining orderbook
this is where a lot of investors are concerned about, an analysis of historical order book to revenue to gauge the impact of the smaller orderbook on future revenue would be good. estimated PE would be more relevant than historical PE

2. use of cash
all EV measures looks low when a company has a lot of cash. good thing about FF is they are paying good dividend but they did mention for a long time that they plan to acquire other companies. that's why they set aside the cashpile. so if they do announce a sizeable acquisition, would the investment thesis change? and idle cash not used efficiently does not create much value either

DK66, yup they are supposed to make up their mind. but if they can't, they might just put a large chunk earmarked for working capital

I don't know about the others, but does anyone feel annoyed by how rMoi always leave his/her comments? you know, just because your content is blank doesn't mean you have to put in so much blank spaces to show it

@kahhoeng of course I get your intention, it's just not feasible logically or legally. same reason why minority shareholders couldn't get Vincent Tan or Tan Teng Boo to buyout the shareholders even though the price trade below market value/cash value

so despite your best intentions, I'm afraid you are wasting yours and others' time. the only impact is you will let puncak knows there is this small group of unhappy shareholders. just voice out in AGM/EGM would have achieved the same impact

hopefully more people can appreciate the potential of this company

thanks everyone for the kind comments

A new article by me on Ekovest before CNY
http://klse.i3investor.com/blogs/purelysharing/114785.jsp

when they sell call warrants, investment banks are not afraid that price will go up, but only if price goes up beyond a certain level, which means a margin of safety for them.

and recently I think one bank got fined for manipulation of share price to make sure the call warrants expire out-of-money. one got caught, but I would think that such practice is prevalent in the industry, so just be mindful what you are up against

investment banks are not dumb, there is a reason why they issue call warrants instead of buying them. statistics have shown that 95% of the time call/put warrants expire out of money, which means if you made good profit, sell and not greedy and hold until expiry. fast in fast out

@firehawk forgive me for being crude, but your so called knowledgeable person has no idea of listing regulations and the role of SC, probably just some young kid who got burned bad in Puncak

I already mentioned multiple times:

1. SC can't interfere with biz decisions unless there's violation of securities law, even those takeovers which are unfair SC can't block it but have to leave it to shareholders to decide

2. the build in safeguards are appointment of independent advisers and shareholders' voting. SC again can only interfere if you can prove these mechanisms have failed, which means a fundamental revamping of listing regulations is in order

3. no such thing as SC impose capital repayment, if got such thing, minority shareholders of BJCorp would have done it long time ago. the foreign funds who invested in icap also won't get frustrated so many times to get Tan Teng Boo to pay them off

most laughable of all, I don't think they realise Puncak's circular is supposed to go through SC anyway. which means whoever the junior guy that the Puncak shareholders met up with has no idea what he's doing. probably will get scolded by his supervisor cos it would be seen as interfering with other SC department's work

in recent cases, the only one who got 'tendang balik' by SC was Cliq, citing incomplete documents and so in the end they couldn't make it before the 3 years SPAC dateline. Puncak doesn't have a dateline like SPAC, if incomplete document they will just make it complete, SC can't delay them forever. those who observed OSK's case will know what I'm talking about

it is possible to propose dividend to make shareholders happy and vote yes, but how much will also be uncertain.

factors to consider is rozali hold on paper 20+%, so how many shareholders who are actually his proxies? and so far Triplc highest hit around 2.50, which means at 2.99, no one actually loses money so there are also shareholders who will vote yes.

it all depends on how confident they are in pushing through the 75% threshold. the less confident they are, then higher chances of good dividend

no company can declare dividend more than their retained earnings. but if the company really wants to pay, they can always go for capital reduction

yes the retained earnings may improve in coming quarters but probably not by a lot as Z1P3 just started work. more importantly is the intention of the board whether to declare dividend and by how much

don't know which stats you rely on but revenue and profit doesn't really seem to be growing over the years. so far in their best year they can achieve around RM8m PAT, now is much lower (current PE 20 times). even if bullishly assume profit double from last 12 months to RM10m a year, PE 9.5 times also hard to say it's attractive

very slim. based on proforma net assets, retained earnings after completion will only be RM137m or around RM2 per share. if they really want to distribute more than that, they need to go to shareholders and high court again for capital reduction (since they didn't announce capital reduction as part of the proposals). so if there is any dividend, it's more likely going to be below 50% of proceeds

it's still possible for them to announce a dividend but it's safer not to assume any at this juncture, just peg the share price at a discount to the RM2.99 cash value to decide if it's worthwhile to enter

just went to Puncak page and saw those sore shareholders still trying to write in to SC and complain. I won't correct the apparent flaws of the letter (not my job anyway) but any SC guy with a few years of capital market experience would toss the letter away after reading a few para

everyone can have different views, but if your optimistic view is not because you think the acquisitions are done at good prices or the rights issue is good for the future but because of PNB connections, then it's very flawed logic.

Government funds, even the most competent ones, are not fully independent in Malaysia. In this case, it is highly likely that PNB is just tasked to bailout Ekuinas on their poor investment in Icon

my friend invited me along for one of his free preview. fundamentals very shaky, some more got talk feng shui, I ching etc. that time I just assumed he was good in technical, but now seems like he was just lucky back then

unfortunately I think I know this guy. he did make some good profit last time trading call warrants and has been boasting about his results. I think his group he invited some famous sifus into his group for free and tricked other students into joining for a fee

plus drilling rigs and osv has no real visible synergies. with or without osv wouldn't be a major concern for oil majors to decide whether to charter your drilling rigs

umwog ipo price in 2013 was 2.80. even with o&g industry downturn in the past 2 years, umwog is still easily one of the biggest losers among all listed oil companies in malaysia.

pnb is only strong financially because they receive so much money every year from ASB. talent wise rather doubtful. if not their portfolio won't be so messy and has to ask wahid to come try to clean it up

bershire own rather same or more companies but never so messy like PNB.

time and time again people abuse warren buffett's quote without really understanding his approach and the stocks he invest. will buffett buy umwog today if he knows this company? just because price crashed doesn't mean it's a good company to invest in

http://www.nst.com.my/news/2017/01/205717/ekovest-duke-listing-schedule

betting on price will rebound above 80c just based on the issue price is flawed logic

80c is what ekuinas willing to take. no guarantee they can keep it above 80c when market is bearish over the proposals. that's why they already prepare rights issue for the scenario all icon shareholders taking cash

only problem is there could be delays in deal completion and also small risk of the acquisition may not be approved. meanwhile your capital will be tied up. but other than that, yes you could earn that 6-7% by hold and wait

that's one of the major downside of investing in warrants when company is generous with dividend. at least special dividend there's adjustment on exercise price, normal dividend there isn't even any adjustment. but investing warrants you get higher leverage, so pros and cons. warrant premium might expand once all dust and settled, after all it's still an uptrend stock with 2.5 years to maturity

that's the formula to reflect a smaller entity after special dividend. adjustment cannot be made 1 on 1 because 25 sen is 9.5% of 2.62 but is 18.5% of 1.35

just need to differentiate why is the dividend yield high? is it because of good cashflows and company generous or because share price has fallen so much because of poor outlook?

massive rights issue will always depress the price, bet on rebounding is risky and have to get in and out at the right time

ipo price was 1.85, but that's history. don't forget just a few weeks ago is around 35c

no irrevocable undertaking by major shareholder to undertake the rights issue, maybe they will add in circular, but now the lack of umw support is sending a bad signal

personally, I think umwog is just bailing out ekuinas on their bad investment in icon. ekuinas just throw in another profitable company to sweeten the deal. umwog is already deep in debt and buying icon who is also deep in debt.

rights issue even umw also don't want to get involved anymore, passing the burden directly to umw shareholders. shareholders really have to wait for long term until oil & gas support industry recover, which could lag o&g industry by 1-2 years

http://www.orientaldaily.com.my/business/cj200018150

for those who don't understand chinese, ekovest is saying margin could be even better in the future despite increase in price for some raw materials as they can reuse their current machines, equipment and building materials

just to help umwog shareholders understand the proposal

1. umw, the current major shareholder, will distribute their umwog shares free to their shareholders, so umw will not participate in the rights issue and will cut links with umwog
2. umwog is buying 42% of Icon from Ekuinas at 50c by issuing umwog shares at 80c
3. then it will launch a mgo to take icon private at 50c, icon shareholders can choose cash or shares
4.umwog is also buying another company from ekuinas
5. to fund all these, umwog will do a rights issue to raise RM1.8b, their current market cap is around RM1.9b, that shows the size
6. umw will not participate in the rights issue but the umw shareholders who get free umwog shares can participate if they want. ekuinas and icon shareholders who gets umwog shares for selling icon also entitled to participate

last time they con consumers by automatically tag in travel insurance with ticket sales, now disallowed by MAVCOM that's why their 3Q results was bad. coming quarters will see what is the "actual" demand for their travel insurance

he needs to average down his cost first

DCF is always very subjective. Plus it's a mandatory takeover, offerors in MTO doesn't want your shares so they ask independent adviser to advise reject