Net debt rm170m. Avoid

Back to 30 sen incoming months. No dividend.

Buying mega steel was for transferring huge money out from lionind and losses in from mega steel. Expected.

The darling of Kyy and otb a few years ago.

There’s no right track. Nobody wanna watch Encore Melaka for rm70 a pax. Properties also have no meaningful buyers. The huge borrowing will kill the company.

The fall should continue till 60sen or below.

A grand vision that doesn’t survive contact with reality. It is heading towards 10sen or below before preference shareholders can convert into ordinary shares.

Dlady is affected by bubble milk brown sugar drinks! Normalised annual profits may sink to rm1 to rm1.20 a share.

When the preference shareholders start converting to ordinary shares, the share price may plunge towards 10sen.

This counter was rm0.40 a share before Vietnam venture. It went up to rm1.60 on expected accounting profits and now down to rm0.80 even after booking good accounting profit. A few months ago, the ceo awarded himself 25m free shares. They hoodwinked you with good profits while booking accounting profits and printing money with new issuance of free shares to themselves. Next, they may ask money from you despite the good profits.

Tony said some time back that this year would be the best year yet for AAX.

Big profits reported but it’s not cash profit. This counter depends entirely on whether Vietnam power plant can bring in cash or not. The company didn’t pay much to acquire the stake in the power plant and neither has any meaningful cash profit got into the company’s bank accounts. The fear is that it’s just an accounting and paperwork exercise from beginning till the end.

I think in 2007, this company was worth rm5 a share.

The results are good and consistent. Net cash increased to rm65m. Fair value should be rm1.50.

Ambik duit keluar mainly through purchase of equipment. It has been very obvious for decades.

Kyy quietly accumulated Dayang shares at 60-80sen.
Kyy 1st phase on i3 blog: saying clever investors are buying up Dayang n laughing to the bank.
Kyy2nd phase: saying target price is easily rm3 because eps per year will easily be 40 sen, as affirmed by otb
Kyy 3rd phase: when Dayang price corrected from rm1.7 to rm1.3, blaming analysts reports.
Kyy 4th phase: saying those buying 60-80sen r still making profits
Kyy 5th phase: to be watched with fun.

Super-investor wor. Haha

I have forewarned that Dayang isn’t worth anything more than rm1.

The rm170m intangible asset is very jarring and even fishy.

Very volatile earnings indeed

Target price of rm3 is no longer mentioned now. History repeats again.

Paper profits were used to pay for share grant to management when the company is still high in debt. Interesting.

Obviously, management pessimism is about ongoing and coming months. The latest quarterly report is up to March 19 only.

1.7sen eps per quarter

The company distributes dividend out of retained, not current earnings.

Dividend cut to 4 sen

The company will have spent rm150m capex in 5 years by end of 2019, only to produce net loss after tax for most of the years, but it cried cash stringency and bad economy when it came to paying the supposedly routine rm10m dividend last December. Dividend was skipped last December, and the coming December 2019 may continue this new trend of zero dividend.

The company’s future looks uncertain with declining results. Their services are not seasonal and may fall out of favor faster than the shareholders know, maybe permanently. Not easy.

It should go towards 90sen soon

A sign of very intense competition

USD 4.14, back up. Export counters would benefit .

Start up cost is one-off. Commissioning should b completed in the next quarter. Superln have more than 50% of Msia n Vietnam markets. EPS should go back to 2-3 sen a quarter soon.

Kyy is writing an article a day pouring optimism on Dayang beyond the current price of rm1.39. Previously he said he didn’t need you to support the market price. He longer wrote so. He boasted too much in the past he now finds himself trapped and he doesn’t want you to laugh all the way to the bank now by selling. He looks desperate and funny, and may be starting to lament his simplicity in assuming that increasing profits in coming quarters automatically means it’s worth RM3, and not rm1, given its huge debt now being refinanced and the oil price uncertainty and availability of lucrative projects in distant future.

Dividend is mediocre.

I forewarned a few days ago that this stock would fall like a house of cards and I don’t see any value beyond rm1. Golden rules may turn golden roast in coming days. Anyway the believers in this company should buy more now that it’s cheaper if they really trust themselves or the simplicity of kyy’s approach of stock selection that invariably fuels emotional buying and quick exit. All the best.

It’s better to unlock yourself from Insas, judging by the attitude of the controlling shareholder towards minority shareholders in the past decade.

Minyak goreng has spilled everywhere. Once Dayang’’s fire is doused, other related counters will fall like a house of cards. Beware.

Privatisation of some civil service will affect this company.

Net cash is rm25m, not rm70m.

Look at note 18 of quarterly accounts for forex differences. I think dividend is one sen, not two.

Rm13m profit increase in FYE2019 from FYE2018 was due to forex differences and gain on asset disposals.

Rm200m bet today! Played so big! Love is over, and congratulations to those who have profited and cashed out.

EPS rose from 7sen in 2016 to 40sen in 2018, or 470% increase. Dividend rose from 4sen to 4.5sen or 12% in the same period. The extra profits didn’t benefit you. This company serves the controlling shareholder, not the minority shareholders like you.

Rm100m wager a day! Dayang may or may not make 10sen a quarter in coming quarters but it certainly isn’t worth anywhere beyond RM1, given its huge debts.
Just my opinion.

Dividend doesn’t rise with earnings. Thus, it is accorded a low pe multiple.

The ongoing loan restructuring scheme may result in significantly increased interest rate on its loans after the loan rescheduling, and/ or in a dilutive cash call to shareholders or worst, banks taking over the company.

That the company reduced its borrowings by rm200m in 2018 on the back of good results was a good thing. You should be aware that the huge profit improvements on big contracts may be an assistance from Petronas to the company to tide it over temporarily as the loan restructuring is ongoing. Or it could be a genuine turnaround due to vastly better operating environment. Insiders should know. If the 2018 profit trend continues the company may turn into net cash company in 6-7 years depending on capital expenditure.

No meaningful dividend in the next few years, if any. Those betting on Dayang need the loan rescheduling to be successful and it’s profit to be maintainable in the coming years.

All profits in the past decades have gone into capital expenditure, and the company continues to ask money from shareholders. Any investor worth his salt has long known this very serious issue.

How could free shares be even legal? It’s very seriously shortchanged the minority shareholders.

Ang is giving himself 25m free shares?

Most arguments led to QL, Insas, Carimin, etc nowadays!

Some observations:
1. A major investment in a small capital by a big investor has not triggered the 5% disclosure threshold yet?
2. Risks involved are totally not mentioned for a balanced analysis.
3. Perhaps rushing for redemption or time, binge-buying this company’s shares was based just on one quarter results, instead of two as propagated previously by Kyy, himself assuming funnily that the latest eps can be sustained for many years to come. This oversimplification presumes an unbelievable reversal of fortune of the company from struggling with recurring losses to a superstar, ie from a relatively micro company to a half-billion company. The godsend really has been handed in by Petronas, just like that?
4. Liquidity risks are real as it is impossible to unload lots of shares without crashing the share price, especially when one of the coming quarterly results disappoint.

Anyway the bets have been placed. Let’s see how it ends.