Rm70m to be paid as dividend. others kept for internal use. remaining division high debts and making losses so will be underwhelming for now. oil & gas support industry will only recover 1-2 years after oil price recover. at least the company manage to sell off a loss-making highway at a decent price

it's an easy guess, all proposals will be passed. who of sound mind will reject?

sorry my mistake, 165m is around 23.6% of GDV. I don't understand why EPF or Gadang doesn't fully utilise the land, it's huge and has MRT stations. selling property there shouldn't be a big problem

land entitlement of RM165m+5.5%GDV or RM204m is around 30% of the GDV, which is higher than normal projects around 20% but can be considered reasonable since gadang does not need to pay upfront for land.

but 21 acres land GDV only RM700m, will only launch in 2019 and need to take 6 years, that's very dissapointing

for now profit mainly will come from construction, highways still budding stage and property also not so soon.

the blue sky scenario will be construction orders keep them busy beyond 2020, highway spin off for separate listing and property along KL River City starts to contribute. share price will go ballistic, but this would be more like a 5 year plan

warrant premium now below 5%, even with special dividend coming, premium is still considered quite low with another 2.5 years to expiry

kingkoil is previously owned by Yeoh Jin Hoe, Can-One's boss, I think now sold to KPS already

don't forget exercise price will also adjust for split and warrant numbers will also increase

longer term it depends on what your expectations are. will the new contracts be signed? will the highway IPO be successful? if both really happen as planned, price could still easily double in a few year's time

it's normal for people to adjust their expectations, especially when new facts emerged

it is good for ekovest to grab all these contracts now, you never know when all these government contract flows will stop. those who don't make hay while the sun shines will have to eat dust when government contracts start drying up

welcome icon8888. after tomorrow EGM, next price catalyst will be the entitlement date for special dividend and when the new highways are signed.

hope they can get strategic partners instead of rights issue. now that EPF is on board Duke, should have plenty parties interested. highways have long gestation period , so sharing the pie with long term partners is not a bad idea. anyway, most of the construction work will go to ekovest in-house, orderbook will ballooned like crazy once all these finalised

now what KC previously talked about starts to makes sense, like building a 10bn company, need to find strategic partners etc.

if you watch the previous youtube briefing by ekovest, the company did mention something like linking all the highways in klang valley i think maybe the company proposed it to the government of the plan

for those who are sceptical, ekovest receives the letter from the government and it's a major news, so they have to announce it. even MOUs have to be announced, this is a letter of approval in principle, it's a step before the final contract is finalised and signed

for the sake of any readers who really think about investing in media prima

1. Media Prima don't have much land, just old buildings. you should do a comparison with nearby properties on gross floor area basis and get the revaluation surplus. but media has more than 1b shares, if revaluation adds say 100m, that only adds 10c to NTA
2. NST is certainly not innovative, and what Dr Neoh did was 2005, long long time ago seeing how much media landscape has changed since then
3.even normal investors take out these huge abnormal items, not to mention analysts, the fact is even at core net profit level it's making losses
4/5 these has been around forever, the problem is people are advertising less on traditional media if possible and the ad rates are falling.
6 they are net cash but nothing to shout about, only around 10% of market cap, plenty of companies have higher cashpile
7/9 this is true that they pay good dividends, but seems like it's falling in line with their poor earnings. better look at expected dividend instead of expecting it to remain
8 possible but speculative
10 lowest is 0.5c, there's no reason why it can't fall to 80c, 50c or below if it continues to underperform. it can always create a new low

overall a stock with poor fundamentals with no near term turnaround catalyst. only angle is possible speculation on election play or slightly higher dividend yield (while it lasts)

very very careless and misleading article

1. like what many have pointed out, DigiStar only own 40% of that subsi, so RM3m per month is more like RM1.2m per month
2. the RM1.2m/mth is revenue before deducting cost and more importantly finance cost
3. If take Rm1.2m x 12 less finance cost RM280m x 4% (lowest in the range) then that's RM3.2m before operational cost
4. since it's a concession and there's amount owed from customer, I thought there will be some finance income but recent quarter result show no signs of it
5. fully diluted number of shares around 630m, so take RM3.2m/630m shares or EPS around 0.5sen, so current PE should be around 32 times

If we really take RM98m as what they can get over 15 years (cashflow), discount it back, that's really nothing much

and they seems to have a very poor and volatile profit track record. even if there's dividend, most likely one-off until they finish paying off their bonds, which won't be so soon

unlike other furniture counters, pohuat has warrants. EPS need to factor in the dilution

looking really bad now. new stores are just starting but their existing performing stores will close down temporarily. which means profits will stay unexciting and PE remain high for even longer than people expect.

I'm still bearish on Komtar, it should contribute some profit but may not be as much as they hope. not to say foreign tourist can't afford the tickets, but they are not dumb, especially when they have spoil of choice in tourist destinations which could offer better value for money

high dividend yield stocks are often generalised with stable ones when in reality it may not be. especially some stocks which only pay 1 or 2 years of high dividend/dividend is expected to fall in line with earnings

dividend depends on that year's earnings and cashflow while price movement depends on market expectations on the company. good companies' price will rebound at least to the level before adjusted for dividend after ex while others the market will just let it slide, then at most will be like taking money from your left pocket to put into the right pocket

GBQARS contracts bidded mostly awarded already, now people are waiting to see if they can really deliver profit. short term won't have much major contracts anymore

Puncak will continue to be loss making until it successfully acquires Triplc, that could take some time, at least a few months. recent rally is just in line with penny stocks rally, don't expect much newsflow

a broken clock can also be correct twice a day. keep claiming market will crash without giving much context. higher valuation doesn't always mean bubble. at the very least, he should have the dignity of receiving less compensation when his icap is not performing well for the past years

the edge reported a disposal but I heard it's an acquisition instead

seems like most of his shares are disposed through private arrangement, probably to institutions

I don't agree with UOB on the SPE equity. if you look at last quarter balance sheet, net debt (excluding new debts for SPE) increased by around RM800m. I think that's new borrowings raised to inject as equity for SPE so that shouldn't be counted as part of the company's valuation.

that said, other parts valuation are not considered to be overly aggressive plus the 40% discount so I can live with that

it's good though for icon8888 to point out that net profit is not going to be explosive in near term. this will weed out trend followers who are only chasing short term profit momentum. but I think (at least I like to think) that most serious investors are looking at the intrinsic value of the company which is starting to surface

a proper way of valuing Ekovest is sum of parts, not PE. construction maybe PE, based on expected construction profit from orderbook. property ideally should be RNAV but considering it's only starting to ramp up, PE would be conservative way. highway should be DCF, but we don't have the inputs, thankfully EPF already done it for us, depending on your faith in EPF, you can also apply a discount to EPF valuation on the highway.

that should be more reflective of Ekovest's value, PE is too simplistic and too short term in this case for a diversified biz which has highways that require long gestation period

but now because Duke 2 is almost done and EPF's due diligence value it at about RM2.8b, new construction contracts keep flowing in and property development (which last time is almost dormant) is also starting to ramp up, it's these combined expectations that are supporting the price

that's the reason why last time Ekovest was not highly regarded because people see it as a construction company yet PE is very high

highway biz has never been and will remain unlikely to be a big profit generator due to high interest expenses and depreciation. that's why PE is typically high for highway companies because profit is not exactly what investors look at but future cashflows and the underlying concessions. profit and cashflows will only boom once borrowings are cleared, then it's high free cashflow all the way up to maturity which is why the longer the concessions, the more valuable the concessions because the time from borrowings cleared to maturity is longer

it's already announced the latest NAV is 1.378

gadand is still a decent company, it's just that they keep losing out construction tenders. as long as their profit mostly comes from property, the PE will remain low like most property counters

"You are not entitled to your opinion. You are entitled to your informed opinion. No one is entitled to be ignorant.” - Harlan Ellison

@kahhoeng
you are just crazy. it's your wounded pride talking now that you realise your so called net asset investing method doesn't work and your misguided optimism has mislead so many Puncak shareholders. not only losing your pants but caused many other as well

is pointing out the reality wrong or you prefer to remain in your la la land? in case you haven't noticed, my articles are the biggest obstacle and most possible reason for the deal to fail after I pointed out Triplc value. as it is, Triplc is more likely to reject Puncak rather than the other way round

besides, all my articles I presented different scenarios and the possible risks to let readers make informed decisions. can you say that you have done the same for Puncak shareholders?

if Puncak is worth RM3, why would Rozali want to share with you RM2.50 and only keep RM0.50 when he can control the whole RM3? plus go get your figures right, RM2.50 net cash is in the past, plantation deal doesn't need shareholders' approval, the ~RM500m cash is as good as gone. it's plantation land instead that you get

complain here and there without even knowing your facts or listing regulations. I already shared in the Puncak page that Rozali doesn't look like will privatise Puncak any time soon and there's no such thing as capital repayment to selected disgruntled shareholders. and keep complaining to SC won't work when you don't know what you are talking about. anyone in SC with half a brain will see that Triplc non-concession assets net of debt already close to RM210m, it's Triplc's shareholders that need protection not some childish Puncak shareholders that cannot look past the net cash and ignore the fact that market despise loss making companies

you can choose not to trust a word that I say. if so, go pick up some listing regulations or go research those companies with high net asset or high net cash and see why most of their share prices don't reflect it. in the meantime, all your complaints and grumbles are just barking up the wrong tree

ekovest had indeed established itself as one of the major highway construction players in Malaysia. hopefully they can break into infra projects as well for MRT 2, LRT 3 etc.

that's probably what rozali is betting on as well. if last minute in circular give special dividend even higher chances to pull the deal through

and please don't mislead others, it's almost impossible to have a cash-out options or SC to intervene

why no cash-out?

1. in case you have forgotten, when water assets were disposed, shareholders voted for it and it is clearly mentioned RM1 special dividend and the rest used for acquisition, you can't accuse rozali of not keeping his promise

2. all capital reduction or repayment has to get high court approval. minority shareholders can't just ask for capital repayment because they are unhappy. their right is just to vote no and if enough numbers, then can reject the deal. or if enough numbers, ask for voluntary wind up

and why SC won't intervene? it's simple, because they don't have grounds to. regulators can't just act based on whims and fancy

yes puncak board could have done more to address the share price decline but they are not legally required to do so. it's not SC's job to determine if a company is undervalued or teach companies how to run or pay dividend/do share buyback/ capital repayment etc.

it's also not SC's job to determine if the deal if fair/not fair. there are provisions in listing requirements. independent adviser make recommendations, SC merely review the documents to assess if the adviser's recommendations have valid basis. if they jump into conclusions, then the regulator itself would be contravening or bypassing the listing requirements. simply put, SC cannot block a deal unless there are clear wrongdoings on the company or advisers' part

Let's face it, Rozali is not going to privatise Puncak. Last time Puncak has RM2.50 net cash but after acquiring plantation biz and all the planting cost to be incurred, cash is depleting fast. and if rozali last time offer below Rm2,50, shareholders would be jumping claiming not fair. if he offers 2.50, then he gets back 2.50 net cash and loss-making biz, rozali is not so dumb

I can sympathise with puncak shareholder frustration but you must also think logically.

i know puncak previously has net cash of about 2.50 but at what price could have rozali privatised puncak? anything below 2.50 people will be screaming at him for not making a fair offer (especially previously when people are still hoping the price will rebound). anything close to 2.50 then basically rozali pay 2.50 to get 2.50 cash and a loss making biz. it just doesn't make sense

and it's clear as day by now that puncak will continue to stay listed. puncak has spent ~500m in buying a young plantation and will incur more for planting cost. the cash is depleting fast. so if it's clear puncak won't be privatised, then why not hope for a biz which will drag it back to profit?

personally I think triplc is worth more than 3.04 per share but unlike some other shareholders, I'm not all negative about it. as much as I dislike the stingy offer, I'm aware that it is the closest to a win-win solution. if the deal is completed, puncak will reap all the benefits I highlighted in the puncak article, puncak remains rozali's flagship company and triplc shareholders effectively get RM3 a share, still 25% higher than previous high of 2.40.

related party transactions need to take care of both sides and I think the deal is already skewed towards puncak's favour to appease frustrated shareholders

bursa is littered with loss-making company with high net assets. puncak is a lost cause until it can return to profitability. only way back now is to acquire companies like triplc which can provide immediate earnings boost

the price seems weak now, possibly a lot of traders selling because they know the deal won't be completed soon

if triplc price doesn't recover by then or no special dividend is paid, even higher chances that triplc shareholders will reject the deal. rozali and puncak will be the biggest loser if the deal fails. puncak will continue to bleed, after all the new plantation biz is also still loss-making

puncak could have pay some dividend with so much cash. but shareholders also should have expected that cash will be used to buy assets to generate earnings. Triplc fits that profile.

many people look at Triplc's current P/L and jump to the conclusion that it is a low profit, high gearing company. that's why you see Triplc shareholders jumping saying that Rm210m is too low while Puncak shareholder jumping saying that Rm210m is too high

brahmal is accumulating quite aggressively, kwap's fund managers also started buying, something brewing?

the disposal is progressing faster than expected, very efficient, special dividend may come in as early as Feb

you are correct. 12 months is just what the listing requirement states, they can always ask for extension. and another major difference with SPAC is you can't vote against the proposal and get back the cash value. the only protection is they can't touch the cash (90%), that's all

unfortunately minority logic is different from Puncak. minority can always buy 1000 Triplc shares from the market, but there's not enough volume to buy the entire company.

shareholders in fact should ask rozali to call off the plantation acquisition, it's much more expensive and gives very little for the next few years. After a few years, who knows what's the CPO price going to be? Puncak already considered getting a good deal from Triplc

I didn't follow CIMB report but if his target price is RM5.60 or market cap RM1.36b, 20.8 FY18 earnings, that means profit has to hit RM65m per annum (currently ~13-14m). even with new Komtar and Genting opening in end-16 and 2017, that seems on the high side. current PE >40 times has already priced in Komtar and Genting to a certain extent. btw, be careful with the analyst. that is the same guy for Vivocom who's now suspended.

none of my Penang friends recommend to visit that area (of course that's before OWG started) but previous attempts by the state to rejuvenate that area like One Avenue, Times Square, Komtar Walk etc. have all failed, so OWG is definitely fighting an uphill battle.

And when I saw the ticket price I was shocked. even for foreigners that's expensive (observation deck alone is ~USD30). I don't think foreigners are ready to pay that kind of price when they travel to SEA, it's suppose to be cheap for them. Only China tourists would pay, but then that area serves too many foreign workers and low end stuffs which China tourists don't like. only way is OWG has to pay the tour agents attractive commissions for them to bring their China tourists over to Komtar.

just to clarify, once it falls into PN16, PEB can't distribute the cash as dividend unless they don't intend to maintain the listing status. They can only pay dividend before they fall into PN16, which is if they suddenly u-turn and announce dividend out of the RM210m in the coming circular (they mentioned further details of the utilisation of proceeds will be in the circular) but it's safer not to assume that

It's very clear now that Rozali wants to keep the listing status. Most likely it will be one of the 2 scenarios.

First is a normal acquisition with cash and borrowings, if necessary. This would keep the shareholding structure intact. Second is acquisition with share issuance and/or cash, i.e. RTO. After the acquisition, the seller will become new major shareholder. If Rozali wants to benefit himself and sell the control of Triplc/PEB, then will be the second scenario.

In any case, PEB is under no obligation to distribute the cash back to shareholders. The cash will be locked up with the custody until proposed acquisition is approved. Only scenario of cash distribution is like Abric, after they fail to find target, they gave up and distribute.

Both scenarios can involved Rozali or others' assets. The regularisation plan will definitely need shareholders' approvals, regardless of who is the seller. On top of that, they will also need SC's approval. Just look at what Tecnic is going through now.

nobody foresaw Pakatan winning 2008 state election and certainly no one foresaw Pakatan government refusing to honour the water concession contracts. so not selling water companies back then may not be the wrong decision at that time. of course you can impute a worst case scenario where opposition wins coming national election and refuse to honour all concessions, but the probability for both events to happen is low

The biz is one of the easier one and the management already knows how to run it. In the future when it is run by Puncak then I'm not sure.

I didn't say it's a bad price, just not the best. I'm sure this is the price which they think have the best chance of getting approvals from both sides' shareholders. let's just see what will happen