fajar going to launch the service apartment on 2 parcels of land, total land area 3.508 acres (land cost rm13.5mil as at sept 2010) in pulau melaka. according to fajar annual report 2013, they wanna develop 160 units (26-storey) and 467 units (30-storey) serviced apartment in pulau melaka. all the units are face the sea of straits of malacca. however according to mbmb website (melaka city council), announcement mentioned that fajar planned to develop 16-storey hotel. anyone here can make clarification on this?

mkh berhad previously knows as metro kajang holding berhad. they are based in kajang.

aero1, i am not talking about the cpo price, but the loan facilities mkh get in ringgit and usd to invest in kalimantan. look at the foreign exchange loss of rm66mil for plantation in Q4 2013.

look at the rupiah against usd and ringgit getting worse recently, i worry the loss in foreign exchange in plantation will be deteriorate in 2014. all the profit gain in property will be use to cover loss in plantation. don't know management got any actions to prevent it to be happen.

this is what i worry about, frank88. ksl is a good conter. it's excellent financial result will reflect in it's share price one day. it is too bad if ksl is privatise.

they didn't pay dividend probably due to need more fund to develop ksl city mall and ksl resort hotel. since these 2 properties have generated income about rm130mil every year and their cash flow is in comfort position now with rm112mil cash on hand, they will resume of dividend pay soon.

pintaras jaya will ex-bonus 1:1 tomorrow.

this is 1st interim dividend for FY2014, that means mkh may declare another dividend in FY2014. if the unrealised of rm50mil (foreign exchange loss) can be written off (after account audited) will be a good news for mkh.

i am worry major shareholder will privatise ksl soon. ksl is really undervalued at current price. currently, ksl 5 days average price is rm2.10, if major shareholder offer 10% on top of rm2.10, the offer price for privatise the ksl could be rm2.31. same thing was happen is kian joo can factory. rm2.31 is not a good offer if you looking at ksl's future potential of generate income.

i am thinking no dividend pay for this year but really unexpected, they still afford to pay such a high dividend at the last day of 2013 (new year angpow) amidst of high liabilities in property sector and plantation sector.

i am wondering why such a good company did not attract investors to buy in. what are the issues they worry about? who can tell me?

Definitely, ksl is worth to invest at current price. As i mentioned before, ksl city mall, hotel and car park only have steady contributed rm100mil revenue for ksl with profit rm58mil (58% margin) and eps 15sen. Besides, they have Giant complex in Nusa Bestari and Muar with book value 69mil and 62mil respectively. Their landbank in iskandar area mostly purchase in year 2002 and 2003, it cheap landbank provide a good margin for ksl. Their property business will keep boosting up coming quarters.

over the past 3 years, KSL retained earnings is rm395mil. most of profit they have invested in purchase of additional landbank and some are in property development cost, and trade receivable. as at 30/09/2013, they have cash about rm112mil. their financial status looks healthy, hope they will declare dividend in coming quarters.

ivory has postpone the acquisition of rakyat plaza for 3 months due to waiting for the authority's approval.

if you attend the AGM, please help me to ask the management how is the status of the lands purchased in Puchong and Sentul. the lands purchased almost 2 years and they keep saying these 2 project to build condo are waiting for authority's approval. why it need so long time to get approval? and for Pulau Melaka service apartment project, when they are going to launch it and how much the GDV for the whole project?

i am wondering why ksl is not in buying uptrend with such a excellent 3Q2013 financial result. at least they have steady properties investment (shopping mall, hotel and car park) income (about revenue rm100mil and profit before tax rm58mil) and excellent property development. what people out there worry about?

for sure 6sen dividend is not impressive, but then i am still waiting how the management going to utilise the huge cash (rm396mil) in account. hopefully a special dividend will be declare.

Fajar's AGM will be on 19 Dec 2013. anybody here will attend?

for me, i only look at the profit of the company. TDM's 9 Months 2013 eps=1.44sen. if Q42013 can get eps 1 sen, total=2.44sen, pe ratio=33 at 80sen. TDM yearly output for 2011 was ffb=625,764 cpo=113,915 pk=29,230 for 2012 was ffb=558,583 cpo=112,251 pk=29,514 for 2013 9 months ffb=339,190 cpo=69,577 pk=17,772. Q32013 output ffb=137,136 cpo=28,302 pk=6,927, if Q42013 output same as Q32013 output, then total for 2013 ffb=476,326 cpo=97,879 pk=24,699. the output keep decreasing year by year.

agreed with anbz. darren67, if you said that 4 years ago, i may agree with you, but at this moment, good prospect for property development in kajang and semenyih as 2 MRT station will be setup in kajang area. furthermore plantation business is going to shoot up. only one thing the management need to be cautious is foreign exchange rate.

plenitude's hotel started operation in Oct. the hotel name is four points by sheraton hotel. this is a four stars seaview hotel located in tanjung bungah, Penang with 220 rooms the rate starting from RM340. It is a sandy beach and modern style hotel. hope this will bring plenitude a excellent Q2 financial result (Oct-Dec 2013). you may go to the link : http://www.agoda.com/four-points-by-sheraton-penang/hotel/penang-my.html

for me the enter price is below 80sen (about rm4.80 before previous bonus issue and share split)

ccc5197, how much do you think the enter price? no point if you keep waiting. you have to set your enter price.

for 9 month 2013, kianjoo contribute rm31.3mil (42%) out of canone's PBT of rm74.8mil. without contribution from kianjoo, profit of canone cut almost 50%. for the long term benefit, cannoe must not sell off kianjoo. kianjoo's value keep increasing.

yes. it doesn't make sense canone give up kianjoo after a long battle in court. now they are major shareholder of kianjoo and kianjoo and canone can help each other in business. the dividend received from kianjoo (12.5sen/year) enough for canone to pay the interest for their debt (to acquire kianjoo).

if you read the financial statement under B5(i), out of rm63mil foreign exchange loss, rm50mil is unrealised. look at the asset of plantation sector, in Q3, the balance of asset is rm425mil, but is Q4 the balance sharp drop to rm387mil. this is some sort of asset fair value calculation with exchange rate conversion (rupiah to rm), and it's unrealised. this loss may turn to gain in next quarter if rupiah become stronger against rm and usd. in fact and frankly speaking, mkh doing business excellent in Q4 especially property development sector. we should support mkh.

the company said the loss in foreign exchange due to their plantation debt is in RM and USD currency (1usd = 9,700 rupiah in 1 Jan 2013 to 11,900 rupiah in 28 Nov 2013) . how about their sales of cpo and palm kernel ? what is the currency they are dealing with ?

unexpected... mkh was failed by weakening of rupiah, foreign exchange loss of rm63mil, it's was equivalent to eps 18sen. exclusive of this loss, mkh's Q4 PBT will be stood at rm89.6mil and eps will be more than 20sen, annualised eps more than 40sen

swot, what i mentioned here was a rough figures, used for reference only. of course there was some +ve and -ve gain and loss need to be considered.

i really not understand why hong leong investment bank set ksl target price at 2.04. with 9 months eps of 47sen and nta rm3.34, will it value at rm2.04? ksl recurring income/revenue from rental, hotel, car park and others was nearly 100mil for 9 months (annualised 133mil) and generate about 55% for profit. (about 75mil, eps14sen after tax). furthermore, property development contribution... even higher.

swot, i am sorry that i have forgotten to include the palm kernel production. by the way, i am a computer software developer.

Let me make a simple calculation for mkh's plantation business. if mkh's estate can make up to 24tons/ha. with 15,000ha, they can produce 15,000 X 24 = 360,000tons FFB. if all the FFB will extract to CPO internally by own oil palm mill (currently they have a 60tons/hour mill, will upgrade to 90tons/hour next year) with 21% extract rate, it cab produce 75,600tons CPO. the cost to produce CPO was about rm1,300/tons. if the CPO price stand at rm2,600, the profit for 75,600tons CPO was 75,600 X (2,600 - 1,300) = rm98.2mil (eps: 28sen) . if CPO price stand at rm2,800, the profit can increase to 75,600 X 1,500 = rm113.4mil (eps: 32sen) and if rm3,000, profit = rm128.5mil 9eps:37sen). if in the future, the CPO price can stand at rm3,800 (like in 2 years ago), profit = 189mil (eps:54sen). of course, the figure above are before debt interest expenses, tax and other misc. expenses. correct me if i am wrong.

as expected, KSL submit a excellent.Q3 result. hope tomorrow share price climb up.

haikeyila, not i am saying this, but alex chen, the executive chairman of mkh said during a press visit to company's plantation estate in kalimantan recently. you can refer to link http://www.mkhberhad.com under latest news column.

yes. agreed. mkh's plantation estate was excellent. they can matured in 22 to 24 months compare to others need 30 to 36 months. for the first 9 months maturity, they can hit 20mt/ha (25,996mt in sept 2013), kim loong was 24mt/ha. when mkh's plantation estate situated in peak harvest season, it may hit up to at least 25mt/ha per year.

i just came across with a link shows the statistic data of oil palm plantation companies 2012. i compared mkh and kim loong and found that these 2 companies about the same size of planted area (about 15,000ha). kim loong share price stood at rm2.6 now, how do you think the share price for mkh where they have 2 core business (property development & plantation) compare to kim loong has one only? rm3.50? rm4.00? or more? for me mkh worth above rm5.00 if their oil palm fully matured. at that time they can hit EPS 50sen (25sen from property development and 25sen for oil palm). furthermore 20,000ha oil palm estate join soon.

yes klinnsman39. don't try to regret if you sold out too early or didn't buy in at lower price. as well as market still exists, opportunities always there. i got many experiences. i bought cresendo at 1.2 and sold at 2.2 but then it climb up to 3.80 (now at 3.17). i bought favco at 1.35 and sold at 2.69 but it climb up to 3.66 (now at 3.00). be patient is important.

Q3 result will out these few days. hope good result.

good scene. plenitude is in uptrend. keep forward.

can-one offer to buy kian joo at rm3.30. kian joo's shareholders will cry.

ernieliew, you are no a "tokong". you won't able to forecast the highest and lowest price of a counter. if you missed 1.47 at this time, you may sell it at 1.60, 1.7 or even 1.8 near future. next time if you manage to sell at 1.6 and the price keep climb up to 2.00, you may regret and blame yourself why sell it too early. be patient friend.

i am aiming their cash. today plenitude up 12sen. any good news announce ?

thanks gark.

oh.. it quite a big size. thanks for your info. by the way, where you get the info? don't mind to share the links?

how about total size of unplanted area?

suddenly price shoot up from 1.99 to 2.09. any good news behind? good result ? dividend ?

Canone, Kianjoo and Boxpak suspended at 12pm. Canone going to privatised Kianjoo and boxpak ?

do you know the total size of planted trees so far?

沉睡中的巨龙=美景控股(MKH-6114)[上篇]

小郭已经有很久没有发布新文章,所以今天就发表一个我本身认为的一个好公司美景控股(MKH-6114),就如标题所说,我把他誉为沉睡中的巨龙,为什么说他是巨龙,因为MKH Berhad前称Metro Kajang Berhad,意味着这间公司以Kajang(加影)为基地出发,创立于1979年的美景控股(MKH-6114)在Kajang(加影)扎根,打造一系列的房产,甚至在Kajang(加影)创立第一座购物广场(Shopping Mall),一度成为Kajang(加影)家喻户晓的产业公司。但可惜的是这个年少得志的巨龙提早自满,开始减缓了自己发展的脚步,慢慢的就沉睡了。

但近年,美景控股(MKH-6114)终于发现自己的地位开始动摇,在Kajang(加影)已经开始无法呼风喚雨.俗语说[困龙于野-得水在天],这只巨龙并没有因此繁燥,反而一步一步重整自己的业务,时机一到,蛟龙必定能遇水乘雷欲上天。我们就回来看美景控股(MKH-6114)如何重整自己的业务,目前美景控股(MKH-6114)首要业务为产业发展,几乎全部的业务都是来自产业发展,同时也拥有目前最稳定的收入就是期下两间位于Kajang(加影)的购物广场Plaza Metro Kajang&Metro Point Complex,这两间购物广场每季都能提供稳定的盈利,而因为租金会随着时间越来越高,盈利也越来越好,这可以在其业绩报告中看出来。美景控股(MKH-6114)同时也拥有一座位于Kajang(加影),拥有102间房间的3星酒店Prescott-Metro Inn,但我发觉这座酒店似乎已经外包于其他业者管理,实际收入目前尚未无法正确查明,因为业绩报告中将酒店业务纳入与购物广场业务同时计算.

其实在2007年时,美景控股(MKH-6114)就已经意识到自己的地位受到动摇,就寻找如何突破瓶颈,因为美景控股(MKH-6114)相信如果单靠产业发展并无法让自己更上一层楼,终于决定进军种植业,让种植成为自己的另一稳定收入来源,最终在2008年1月成功收购位于印尼东加里曼丹(East Kalimantan)的15,942.60Hectares(39,395Acres)的可种植地,目前各大种植公司都积极往印尼发展,但美景控股(MKH-6114)就已经比很多大种植早一步,在印尼种植油棕,翻开年报可以看出,美景控股(MKH-6114)在2008年~2011年的业绩可以说是惨不忍睹,可以说是它的低潮,但工欲善其事,必先利其器,美景控股(MKH-6114)就是利用这一时间,铺排自己未来的道路,在这段时间,美景控股(MKH-6114)不论赚多少钱,都将它投放进油棕业,所以它的产业发展也只是一点点默默发展

根据美景控股(MKH-6114)执行主席拿督曾贵秋透露,他本身可以说在种植领域拥有超过20年的丰富经验,配合优良土壤和气候质数上等且购买的土地都相当平坦,是种植油棕的上等土地,届时收成相信也能高人一等,并放眼在未来,此业务将成为美景控股(MKH-6114)的主要盈利贡献,美景控股(MKH-6114)在2008年开始种植油棕,此年种植3,500Hectares,接下来2009年5,600Hectares,2010年4,700Hectares,2011年1,200Hectares，就这样忙碌是4年,种植的同时,美景控股(MKH-6114)也筹办建造自己的棕油提炼厂,在一切种植完毕后,每小时能够提炼60公吨鲜果串的提炼厂也在2011年10月全面投入运作,等待即将大幅收成的鲜果串提炼为棕榈油(Crude Palm Oil)为美景控股(MKH-6114)贡献高人的盈利.

随即美景控股(MKH-6114)才在2011年从先前的Metro Kajang Berhad转名为目前的MKH Berhad,意味自己将冲出Kajang,成为一个全新的集团。下一段我们再来剖解美景控股(MKH-6114)的业务,如何能让他成为一只即将腾飞的巨龙。

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即将腾飞的巨龙美景控股(MKH-6114)[中篇]

上篇说到美景控股(MKH-6114)即将成为腾飞的巨龙,在一步一步重整蜕变计划后盈利也在2012年就大爆发,全年更创下5亿4529万1945令吉的营业额,盈利更比去年增加了96.34%,将近一倍的成长,成功录得7463万7613令吉的盈利。虽然带领盈利创新高的产业发展项目Pelangi Semenyih 2 (Phase 1A and 1B),Hill Park Home2&Areca Residence的工程已经完毕,相信很多人都怕持续的工程是否能继续贡献更可观的盈利

但大家对此可以不必感到担心,下图我会列出公司的未入账销售每一季的更新表,同时也有美景控股(MKH-6114)产业发展的营业额走势线,可以清楚看到,美景控股(MKH-6114)的产业营业额和未入账销售走势是成正比的,意味着越高的未入账销售就能获得越高的营业额,盈利也会随着增加,翻开美景控股(MKH-6114)的季报,很多人都会发现,在今年截止31-03-2013的季报时,美景控股(MKH-6114)的盈利曾一度降低许多,但同时看回走势图,在前两季的未入账销售慢慢减少,同时也因为几项工程结束所致,但这点可以放心,但依然还有Pelangi Semenyih 2, Saville@Melawati,Pelangi Seri Alam,Saville@the Park&Mewah9 Residence工程进行着



而且刚在今年5月才推出的集合serviced apartments&boutique shop offices于一身的MKH Boulevard销量惊人,在推出的1个星期内,所有非土著单位都被人一扫而空,可以说是空前震撼,MKH Boulevard的总发展值(GDV)高达2亿2100万令吉,比计划初期预计的1亿7200万GDV多了4900万依然在销售没有受到影响,继续火热..未来更可以将美景控股(MKH-6114)的盈利推向另一高峰.

同时候美景控股(MKH-6114)的未入账销售已经在最新两季连创新高,截止31-03-2013的未入账销售已经从先前的RM392.6M增加19.39%至RM468.7M,最新的未入账销售更前所未有地来到RM518.5M,首度突破5亿令吉的未入账销售,且在印尼的种植计划全面完成后,美景控股(MKH-6114)已经没有任何顾虑,全面大肆发展自己的老本行,除了之前存有的土地提供发展之外,今年更频频购买土地,以做未来开发之用。而美景控股(MKH-6114)曾经在2012年的4月获得Puncak Alam Resources颁发总值6亿7500万令吉的建筑合约,是让美景控股(MKH-6114)设计和建筑位一片位于雪兰莪依约(Ijok)的550英亩土地,但相信是某种原因,这项计划一直没有任何进展,终于在上个月捎来好消息,美景控股(MKH-6114)终于以3060万令吉向本是商业高峰控(PUNCAK-6807)股东的丹斯里罗查里家族(Tan Sri Rozali Bin Ismail&Nur Dayana Binti Rozali)全面收购Puncak Alam Resources Sdn Bhd的100%股份,就是让自己能够全权掌握这片土地的发展权,美景控股(MKH-6114)对于这项交易的说法很简单,就是这篇土地预料的总发展值(GDV)可以超过10亿..

而美景控股(MKH-6114)今年的收购还有在今年2月,就是以1800万收购Budi Bidara Sdn Bhd的45%股份,而这间公司目前手握位于Kajang(加影)一片拥有截止2107年的99年7.41公顷土地,同时也刚在上星期公布最新收购计划,就是以183万7184令吉收购Achieve Acres Sdn Bhd的100%股份,这间公司也刚在7月以734万8736万收购位于加影士毛月的10.544acres土地,但尚有余额RM6,613,862.40未支付,未来将又美景控股(MKH-6114)来解决

但美景控股(MKH-6114)的计划还并非如此,下一段就继续探讨美景控股(MKH-6114)的计划,《易经》里有提到[潜龙勿用][飞龙在天]更是最适合现在的美景控股(MKH-6114),把自己的光芒收藏起来,时机一到就可以真正飞龙在天。

Aero1, if you understand chinese, i would recommend you to read the links below about MKH : http://ekstock.blogspot.com/2013/09/mkh-6114.html and http://ekstock.blogspot.com/2013/09/mkh-6114_17.html