听了，感觉就像他在脱裤子放屁一样。。。

freetospeak, 抱歉，让你误会了，我之前提出的不是针对你，而是对VT的‘对股东负责’感到厌恶而已...

freetospeak, VT back to be answerable to stakeholders? That's a BIG joke!

我是听这里的说在股东会议里VT儿子说1年内就能有贡献，又加上我看重整业务挺不错，就在今年又加码了，后来看股价没什么动静就去股东会议里听听，有点失望。。。现在觉得明年年中之前还不太能有显著表现，除非是什么突然性的惊喜公布，那我就不敢说了。。。

hippoyin 股价上，没有看法，因为这有关系到投资者和投机者对VT的眷顾和对他儿子的眷顾不一样。业务上，不觉得会有什么差别。股东会议上，我问了以下问题：

1. Ritz-Carlton Residences 的进展，主要担心销售状况和有关建筑已经延长太多时间导致现金被压挤。所幸的，被告知已经完工在销售中，已抵达30%销售额（很可笑的是 EDGE 杂志隔几天后的广告提出的反而是快50%的销售额-不知道那个是胡扯？！？） 另一个压挤现金的日本FOUR SEASON已经建设完毕，所以我就没提问了。

2. 中国的 GREAT WALL 脱售进展，主要担心收回余款有问题。所幸的，被告知没问题（希望没瞎扯或我没听错。）

3. JEJU 诉讼案进展，主要希望能尽快处理完毕好降低不带现金流的停滞业务。不幸的，被告知有关诉讼没法能在短时间内解决。

4. VIETNAM TOTO 的业务，什么时候可以看到盈利贡献，这个提问不是因为担心现金流而是希望了解能提振公司盈利的业务在什么时候能够体现。可惜的是，VT的儿子提出 3-5年后才能开始体现。希望有关估算是保守的，而实际盈利贡献能在1年后体现到。

其余小股东提出的，有几个是相对有趣的：

1. SPORTS　TOTO　的goodwill 和 intangible 折损拨备为什么那么高？集团采用 9%的利率来推算。这也就是说，目前的估值，TOTO 是能提供年均 9% 的回酬。另，个人感觉政府最近对付地下赌博好像比较积极了，希望能够稍微改善 SPORTS TOTO 的盈利状况，毕竟赌球的趋势感觉很难抵挡。

2. bukit jalil 和 bukit Kiara 的被发展潜能？有关2个地段每个超过100英亩都是公司持有的，目前虽然没有发展，但可盈利潜能还是有的，就只是目前市况不宜发展而已（VT儿子提及的高尔夫球场的会员利益，我基本忽略了，VT那么自私的人凡是以自己利益为主，那会考虑会员利益，哈哈）。


个人觉得 BJCORP 的业务不振很大原因是近期的投资都是失利的，从中国GREAT WALL， 韩国 JEJU，越南 房地产到直销 cosway。 占据资源但没贡献又霸占人力资源。感觉在逐步改善，希望我的猜测是对的。

stockraider, VT is and has been all the time behind BJC, back or front...

err... hope its not return of j died...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5590069

Date of change 01 Nov 2017
Name TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN
Age 65
Gender Male
Nationality Malaysia
Designation Chairman
Directorate Executive

VT cares about his empire and family, but we minorities are neither his family nor members within his empire. We are just powerless minorities awaiting his handouts...

9% is used to value it's intangible and goodwill(?) lah... the higher the percentage the lower the present value of it's intangible and goodwill in the balance sheet, meaning higher impairment. It's raised when asked about the impairment cause bjcorp is making 1-2% on it's equity according to one asking question

Visited Ritz Carlton Residences, still not handed over to buyers, wonder poor sale or stupid construction progress...

chanky50, thanks for sharing your technical analysis view

was I wrong, notice the past 2 weeks, when bjcorp down, bjtoto up, when bjcorp up, bjtoto down

chonghai, I will vote NO to TRIPLC deal for all shares that I am holding on Puncak whether the deal will go through or not. So long that I can generate positive return on my holdings, I will trade accordingly just to that my cost of investment will be recovered. Thereafter, I will never touch any company associated with Rozali.

boring but safe with increased dividend from a new boss?

Biker2b, thanks. Its indeed crazy for BJToto to invest in non core, particularly HR Owen...

Well, I would be happy to see BJCorp price between 0.60 - 1.00, a level not seen since 5 years ago...

any mention about the Vietnam Toto and its contribution towards BJToto? Thanks...

sharing responses from BJCorp on my questions:

1. FY18 1st quarter report

MY: In this quarter report, there's asset(s) held for sale amounting to RM 516 million and I can't source any description about this in the quarterly report (Only RM 43 million of asset(s) is held for disposal in FY17 annual report. Could you kindly help in identifying as to what assets in particularly that's being placed for disposal. Given the huge sum, it would be great if minority shareholders reading the report could have some idea as to what it is.

BJCORP: The increase in the “assets held for disposal” is due to management having identified certain assets which the management has intention to dispose of, according to FRS 5:Non-current assets held for sale and discontinued operations. No announcement has been made thus far as no definitive agreement of sale and purchase has been entered into. When such sale and purchase transactions are consummated, the appropriate announcements will be duly made to the Stock Exchange.



2. FY17 4th quarter report

MY: In this quarter report, the financing cost amounts to RM 126 million (vs FY16 4th quarter report's RM 102 million) when the debts in FY17 4th quarter is less than FY16 quarter. Compared this to FY18 first quarter's RM 91 million while debts have not reduced significantly. Kind enough to share what's causing the sharp rise in financing cost during the FY17 4th quarter?

BJCORP: The increase in the “financing cost” in Q4 of the FYE 2017 mainly relates to the effect of discounting the amount receivable for the disposal of the Great Mall Project (as disclosed in Note 15.2(3) of BCorp’s annual report for FYE 2017). This “discounting effect” is a non-cash effect and it is required under the accounting standards to present receivables fairly. It represents an opportunity cost, calculated based on the risk profile of the debtor, to the Group.

I believe I have done my best in trying to provide my view from a minority shareholder's perspective. Given SC's responses thus far, there's little point to pursue through this agency given genuine doubts over its transparency, accountability and fairness (neither doubt I will ever approach SC going forward, shitty experiences whether SC will eventually offer any fair judgment protecting minorities!). Neither am I keen to sell my stake at such a cheap valuation.

Probably will either trade like hng33, exit little by little with every possible chance existed or hold till a fairer market valuation on this company.

easier, blackmail Genting, allowing the casino or a HUGE cemetery will be planned on that land next to Genting, haha... see if Genting business will be affected?!?

Malaysia actually needs more housing development, just not those priced in the millions, but those Malaysians can actually pay for. Unfortunately, those most Malaysians can afford are not built or too far from work and deemed expensive after transportation cost is considered. Those Malaysians can't afford are built but not occupied. Guess this is just phenomenon commonly seen throughout the world now.

calvintaneng, VT family members can collect huge paychecks from BJCorp and its subsidiaries and flying jets (hopefully not paid by BJCorp and its subsdiaries) even when not a single cent of dividend is declared, can we minority shareholders enjoy this 'special privilege'?

If yes, then there's an apple to apple comparison on the cost of VT shareholding in BJCorp, otherwise, its nonsense talk!

angiess no, refer to this for newest update

http://www.bursamalaysia.com/market/listed-companies/list-of-companies/plc-profile.html?stock_code=6807

Think sluggish share price has nothing to do with asset value, it has more to do with trust in the majority shareholder and willingness/ability of relevant authorities assuring retail investors interests are protected/defended

could it have something to do with the 500+ million assets held for sale? I emailed BJCorp and has yet to receive any answer...

Actually, based on BJCorp's most recent quarter report, its debt is not much.

Long term borrowing 3,137.5 million
Short term borrowing 3,004 million

Deposit with financial institutions 723.8 million
Cash and bank balances 994.7 million

Net borrowing excluding irredeemable convertible loan stocks is 4,423 million

Meanwhile, BJLand has a net borrowing of 2,965.9 million

Long term borrowing 1,819.4 million
Short term borrowing 1,924.8 million

Cash and bank balances 778.3 million

Excluding BJLand's debt, BJCorp's net debt is only 1,457.1 millions. Meanwhile, BJCorp has a net asset (516.2 - 184 = 332.2 million) held as assets of disposal. That would mean BJCorp's net debt should be only 1.1 billion, which is close to what Ritz-Carlton Residences' gross development value.

Meanwhile, while BJLand has a net borrowing of 2,965.9 millions, it stands to collect 600+ millions from the disposal of China property project and a court case pending claim on Jeju project development project. What's more, I suppose BJLand's net debt includes BJToto's net debt of 700.5 million (523.5 + 601.3 - 424.3)

Hard to understand why's BJCorp still not able to recover from its business operation. Start to wonder if Cosway is that bad a deal?!?

what can I say? A well-dressed educated mafia-run company that SC can't or wont' do a thing? Investing in Puncak made me felt like putting money in JJPTR...

alas, wait for the Ritz-Carlton residences being completed and sold, let the Jeju case closed and compensation paid, let the sold China project money paid soon, that's easily an at least RM 3 billion cut in total debt, with a savings of at least RM 100 million a year.

angiess, the seller is Rozali himself, that's why its a related party transaction.

OceanSky,

1. Your 524 million Menara Bangkok Bank has been completed last year, don't think its the one. Ritz-Carlton Residences is supposed to be a 1 billion project, just not sure the percentage sold and there's no way to know the cash flow from this project until the percentage is revealed.

2. Most of BJCorp debt is a result of debts in BJLand and BJLand's cost of financing is actually lower during 4QFY17 but BJCorp's for the same quarter has actually risen.

Anyway, I have emailed BJCorp seeking clarification. Thanks.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5557369

Pursuant to Paragraph 10.08 (1) of Bursa Malaysia Securities Berhad’s Main Market Listing Requirements (“Listing Requirements”), the Board of Directors of PNHB (“Board”) wishes to announce that Puncak Niaga Management Services Sdn Bhd (“PNMSSB”), a wholly-owned subsidiary of the Company, had on 28 September 2017 entered into a sale and purchase agreement pertaining to a related party transaction with Puncak Alam Housing Sdn Bhd (“PAHSB”) to acquire a piece of leasehold land held under Title No. PN 80453 located at Lot 19255, Mukim of Ijok, District of Kuala Selangor, State of Selangor Darul Ehsan, measuring approximately 8.413 hectares (“Land” or “Property”) from PAHSB for a total cash consideration of RM40,732,956.00 only (“Purchase Price”).

anticonman Why don't you read my posts on Puncak Niaga. They are still there... It's my worst investment ever, and it felt like JJPTR scheme than an investment in equity market!

I have come across the following two concerns when comparing the two most quarterly report. Anyone has any idea?

1. FY18 1st quarter report

In this quarter report, there's asset(s) held for sale amounting to RM 516 million and I can't source any description about this in the quarterly report (Only RM 43 million of asset(s) is held for disposal in FY17 annual report. Could anyone kindly help in identifying as to what assets in particularly that's being placed for disposal.

2. FY17 4th quarter report

In this quarter report, the financing cost amounts to RM 126 million (vs FY16 4th quarter report's RM 102 million) when the debts in FY17 4th quarter is less than FY16 quarter. Compared this to FY18 first quarter's RM 91 million while debts have not reduced significantly. Kind enough to share what's causing the sharp rise in financing cost during the FY17 4th quarter?

Thanks.

err... why's John taking down his posts?

Think Cosway is doing a very poor job, this should be the largest entity outside BJLand's portfolio of businesses that BJCorp is also pursuing...

Felt sorry not doling out dividend FY2017 and decide to give 0.02 dividend this round? That should be good...

err... Puncak board and management are making losses quarter after quarter, proposed a plantation deal that's far more expensive than a similar deal from the same seller that's later closed at over 200 million discount without reasons, attempt to complete a TRIPLC construction company at a hefty premium where its (TRIPLC) key management people/board member selling at discount to offer price. Yet, all I see here is fighting/quarrel over trading Puncak for profits?

BJLand is reporting a 11.5 mln profits vs 27.3 mln losses same quarter last year. Hopefully BJCorp will show a profit instead of a loss tomorrow of day after in its quarterly reporting...

My ass... Will vote BIG NO to TRIPLC no matter what share price it's then.

I have called SC on why TRIPLC can have a go when there's no ruling yet on my complaints.

Consumer & Investor Office
Securities Commission Malaysia
03-62048999

I have not gotten the person in charge's approval to post his name here, but I believe there's only one person in charge of liaising with concerned Puncak Niaga investor

Have I stopped pursuing the issues with SC? NO...

I am still calling SC almost every 10 - 14 days on the following:

1. Why's it taking so long to investigate and conclude a ruling on the Level 3 financial asset placed on long term asset but liquidated within 6 months? Has the fund in anyway associated to the Sarawak plantation deal?

2. Why was the Sarawak plantation been allowed to be concluded, given the deal has short-changed shareholders, particularly minorities? If SC couldn't find reason to uphold the revised deal, have the board and management mismanaged shareholders fund, given the revised deal is more than 100 million cheaper? Have and what SC will do to protect investors fund/interests.

3. Have SC investigated into the consecutive losses over past 7 quarters?

Unfortunately, the person in charge of the matter can only disclose to me that the matters are still under investigations.

I suppose with more minority shareholders call SC to raise concern and won't stop calling until a verdict is reached, it will help even I don't know if it will.

So, Roger, if you are minorities and would like to seek fair treatments, you can do what I and some others are doing (a few others are still pursuing this through SC) and start calling SC. And so does it apply to other shareholders reading this. Other than that, I have no clue on how to pursue it further.

angiess, no, not yet. Probably with more of us calling will help.

SC should have required Puncak board taking measures that would strengthen shareholders' trust (reflected through share price) before approving the plantation deal... Now, everything SC has done merely suggested measures taken NOT to protect investors' interests BUT to clean after the trails that have shown BODs just shitted on their investors!

roger, I don't know if SC can help, but if I don't approach SC seeking better treatment for minorities with subsequent actions against these type of majority shareholders, I might as well gambling in Genting or participating in money game.

calvintaneng, that's a big joke... doubt he would even care what's his shareholders think or if we, the minorities, are pissed off...

angiess was told by SC the ruling will come up soon, and asked for patience cause they can't reveal much the progress. Based on the plantation ruling, I have to wonder if the process is to protect minorities or majority. Sincerely hope for a favorable ruling for minorities...

roger, best not to tell if I'm averaging or not, not wanting to be criticized for what I did...

firehawk, Puncak is not my baby, but I'm still holding awaiting SC ruling, even if it means I have to wait for 5 years...

firehawk, so, are you a Rozali running dog? or you just admit barking nonsense earlier? And, what's wrong for posting that?

my earlier post is as follow:

Jun 19, 2017 04:03 PM | Report Abuse

I am a minorities of Puncak, surely I'm trying to oppose what went wrong in Puncak and trying to fight for minorities interests, cause its in my best interests. It would be a shame if I try to mislead others into buying or selling Puncak shares to benefit myself or if I try to force unreasonable deal to Puncak's board to benefit only minorities. Of which, I believe I didn't in both counts.

I take my time analyzing the balance sheets/annual reports of companies and purchase those I believe are heavily undervalued. If I made mistakes in my analysis, I try to learn from them. If I didn't and someone tries to con me which I can identify the con scheme, surely I will try to fight to defend what's right.

sabahan, not sure why would you like to have me on your board cause the first thing I can think of if I were to hire someone to sit on my company's BOD would be those with experiences in the field and can offer insight into the operation and direction of the company.

firehawk, sincerely can't understand why are you enjoying so much spending endless time attacking me here?!? If you have bought shares on my post and made losses, most likely in Puncak given your attacks have mainly in this site, my sincere apology. I could easily bleed more than you on investment in this company. So, it would probably make you feel better if you were to assume I lost more than you and post these comments than trying to ridicule me in this fashion that most others would assume you are either a Rozali running dog or some nonsense barking here and there...

I myself am still holding on to my investment in Puncak. While trying to seek justice in how CIMB Research House had posted irresponsible yet incorrect analysis on Puncak, I am also trying to fight for a capital repayment/privatization possibility in Puncak because I have lost my faith in Puncak's board and management team. Unless there's a need to sell to improve liquidity in my portfolio, I will most likely hold on to fight what I believe is terribly wrong. Well, can't help either knowing Puncak is still holding on to 2.30 cash per share and 3.10 net asset per share that would cushion my maximum losses in the company. Partly, didn't want to let go to avoid the possibility of some scammers trying to push down Puncak share price so they can rip huge profits pushing up the shares later. A recent example would be Airasia.

Firehawk, these were your posts earlier:

Jul 14, 2017 03:18 PM | Report Abuse

I hope civilized person keep his words, don reply my post ... i don know how many times i hv to say this!

hv a bit shameful feeling pls!

Jul 14, 2017 03:32 PM | Report Abuse

I think some ppl make huge losses in this ctr .... may be i'm wrong! :-)

Jul 14, 2017 10:39 AM | Report Abuse

the chance of declaring capital repayment, especially @2.50, i think the chance is 0 ... even declare of dividend of 10sen, i think the chance is less than buying dai /sai ... may be i'm wrong :-)

Jul 6, 2017 09:09 AM | Report Abuse

rzl and son are very kind and generous type of ppl ... always provide cheap and worthy entry price for investors ...

Jul 4, 2017 05:17 PM | Report Abuse

Puncak is for brave, knowledgeable, civilized + no shame feeling ppl ... others do not have these characteristics should think twice, trice .... before touching it!

Jul 4, 2017 04:55 PM | Report Abuse

Only person ate chilly who will feel heat .... .

Jul 4, 2017 04:39 PM | Report Abuse

Pls read the posts of civilized person ... this is why he can accuse others as not civilized! :-)

just like a bitch son behave noble ... no offence, unless is e=really a bitch son :-)

Jul 3, 2017 10:46 AM | Report Abuse

finally get traded ... but is a sell down to lower price, these type of unknowledgeable ppl + short sighted not worth to get the great fortune, no need to pity them! they only worth to envy other knowledgeable + far sighted ppl .....

Jul 3, 2017 10:26 AM | Report Abuse

today trading vol even 0, nobody buy ... huge fortune awaiting also no one wants! many are lazy and timid ppl, only those contribute great afford and far-sighted ppl will get rewarded!
Jul 3, 2017 10:10 AM | Report Abuse

2.50 -0.92 = 1.58; paid 0.92, get 1.58 in return, ~172% gain .... HUGE GAIN is extends to every shareholder who's watching the above message .....

when shareholders get the HUGE fortune, pls do not forget to do some charities to help the poor! is very noble act ... not everybody is lucky to get the HUGE fortune! must think of the unlucky ones .....

Jun 15, 2017 10:19 AM | Report Abuse

is very keen to fight for own interest + minority interest ....


Those already in mud, deepen and deepen ... can't get out, the only way is putting up hopes + hopes + hopes of getting out! this is something for those who r not sinking to think it over!


Jun 2, 2017 11:13 PM | Report Abuse

oooh ... still on going, they can't stop it ....

May 22, 2017 04:16 PM | Report Abuse

pls be more civilized .. this Puncak forum is not like others, is very emphasized on civilize ....

May 22, 2017 04:11 PM | Report Abuse

hope rzl becomes a more civilized person and declares 2rm dividend .....

Mar 29, 2017 09:43 AM | Report Abuse

civilized --- repeatedly declare TP= 2.50, and no other ppl should question it, otherwise, is not civilized! and should be more civilized!

over civilized --- buy @2.94! (is this a joke?)

Mar 29, 2017 09:29 AM | Report Abuse

don joking ... how can yr buying price higher than civilized person!

don try to be over civilized, no good ...

Mar 23, 2017 09:34 PM | Report Abuse

although some ppl hv high avg buying price price ... but they can set the TP=2.50, when rise a little they sell and buy back a few cts lower, after doing this for many times, they recover their loss .....

this method is applied by civilized person!