just like maybulk, the steel industry had not seen its bottom yet.
the only positive reasons to hold to csc are for the dividend and also its net current asset of about RM1.40 . expect it to pay the same 7 sen per share as at FY2012 which translate to net DY of more than 5% at current price.

mr.koon

you used to be one of the largest shareholder in GUH.
may i know your reasons for exiting from GUH

thanks

i think the whole year earning is bump up by disposal of land in KL. without that one off gain, the earning for the whole year is less than previous year. Well, intrinsic value is quite subjective and the share price may never reach its intrinsic value. therefore might end up holding the share forever. what is your opinion?

kc,

i think the difficult part will be to decide at what price to sell plenitude? one part is the company nta is > RM3.30 excluding amy rev-valuation of its landbank.
on another side the earning of the company is no able to justify share prices of RM3.30 as it P.E will be high. As Plenitude doesn't have big funds such as Aberdeen, what is your opinion on the exit price?

the 1 billion GDV was from the star newspaper interview with the boss of GUH. you can search there
others from the anuual report

for those who are interested to hold GUH for long term;

- GUH property division in Seremban 2 will have potential GDV of RM1 billion. GUH still have more than 200 acres there and their land cost is negligible.
If use to built terrace houses, semi D or bungalow easily can get GDV of 5 million per acre.
The development there known as Tmn Bukit Kepayang very near to IJM Land Seremban 2 will not be affected by the recently announced RPGT as most buyers there are those who buy and stay. Also GUH practise built and sell. This reduce risk over over building and GUH had the advantage of building according to market needs.

-PCB division will need to wait for the better time ahead.

-water division is contributing more in the future. with GUH backing, Teknoserv can bid for bigger projects and under the conservative mgmt, investors can be rest assured that projects bid will be profitable if secured.

my comment.,

khoo kay peng had a history of making his shareholders poor.
he does not have any good records for all his listed companies in KLSE but personally he is still very rich.
To me, the moral of the owner of a company is a very important factor.

Hi dett,
can u pls email me a set of report.
my e-mail : mlg833@yahoo.com

thank you

if really happen the treasury shares distributed to shareholders is worth about 7 cents at current price. hopefully it happens before bonus ex date so ....

high chances that the treasury shares will be distributed as dividend in specie

The boss mr. Lim see Jin is one of the 30 largest shareholders of cscstel.

finally GUH decided to reward all its shareholders with a bonus of 1 new share for every 2 existing share. the company had also not decided what to do with its treasury shares of about 5%. GUH can cancel, re-sell them in open market or distribute the treasury shares as dividend in specie.
My opinion is they will will not re-sell them but the other two options. hopefully distribute as dividend.
the share prices had been too much discounted to its NTA and even at 1.30 now it is only value the company according to its net current asset only,
let's wait for more announcement .....

hot roll and cold roll steel prices is increasing in the coming months. it will be good for cscstel as they had write down 10 million from their stocks in the 2Q2013 . hopefully next year div will be at least 10 sen based on their history

balvin 71
from the directors guidance, this year earning will be flat with little growth which is not really bad as long as they continue to make profit.
we can safely assume the same amount of dividend for next september.

So for those who can held for long term (more than 1 year) , you will receive 2 dividends in 13 months (one this sept and another one next sept). Just dividend for the next 13 months will be much higher than FD rate.

if you minus out the treasury shares, net cash per share is = RM1.

tomorrow

hi kc,
can i have your excel template to learn more.
my e-mail is mlg833@yahoo.com
thanks

Hi KC,

it is interesting to see how you calculate the intrinsic value of MFCB but I still do not really get it.
As I had invested in GUH, it will be useful if you can show me how to calculate the intrinsic value of GUH.
thanks a lot

with the depreciation of the ringgit lately which is the worst performing currency in south east asia, this situation will be positive to tagb. tagb hotels in australia, canada, singapore and thailand will register higher earning due to the lower ringgit.

another bunch of PIRATES

tony tiah is accumulating ta slowly. he is short of about 3% to trigger a MGO as his holding now is around 30%.

totally agree with thenameis. if 2q report out on sept also equal q1, then ta will fly., so be patient

today guh up even though market down., good sign?

second day of fighting at 1.41

kcchongnz ., i agree with your explanation, as every investors had their own set of rules.
i do not know if it is to much to ask for you to post some of the companies that you feel had better investment prospects.
thanks for sharing

agree with you. can you share with us which companies that you had gwent through and interesting for investors,
thanks

kcchongz: come back again on your comment on cscsteel, what is your view if the 2Q2013 CSC eps is around 4 cents++ like 1Q2013 which make it 1H2013 earning already more than what they earned in 2012.
do you conside then CSC is a buy?

can the buyer break the big block of sellers at 1.42?

can it break 1.43 today?

kcchongnz,
can you please share your opinion on CSC steel?

RM1 might sound crazy at the moment. if what we speculate become reality than it is no longer crazy

from the price movement of ta and tagb, it is very obvious that ta will be disposing its securities business at the correct price.
lets wait for ta price to go to RM1

will guh close at 1.40 and above today?

tonight tony tiah will annouce to bursa that he had accumulated another few million shares for the past few days

holding steady at 1.36

if you are looking for safe flat steel stocks to invest, i think csc steel will be the best. balance sheet is strong and quite generous on dividend, even though they had a policy of paying not less than 50% of their net eps as dividend last year dividend was 100% of their net eps which was 7 sen.
their 1Q2013 earning was impressive which was more than 50% of their whole year profit of 2012. if they can maintain this, then investor can expect
1) good dividend for next year
2) capital gain

the problem is steel industries is still on down cycle mode like shipping., maybulk. investors need the patience for the next steel cycle to come.
based on their 2012 annual report, another catalyst will be their bio-coal fuel project which if successful will be earning enhancing.

balvin71., where do u get the news? GUH normally will declare one interim dividend every FY. They will announce it next month together with the 2Q2013 results.
for the past 2 years, they had been paying 6 cents per share minus 25% tax.
hopefully, there are better news apart of this dividend

i really hope alex is right as i will make good profits form this counter

tony tiah accumulate another 4 million shares. looks serious and something is on.........

kcchongz,

what do you think of GUH? the company have net cash per share of 90 cents and eps is roughly 3-4 cents per share lately due to much lower contribution from its main business of PCB manufacturing.

can plenitude go higher than 2.48 this round?

hopefully there will be some good annoucements soon

Up 7 cents yesterday with volume. No news. Good. Hopefully Monday will cross 1.40

that is why even though there are rich, they are nor respected by the people/shareholders due to their greed.

slow and steady plenitude is inching up

someone is slowly accumulating this stocks.

on the fundamental side, TAE earning for 1Q2014 is about 50 million ++ which is already >50% what they earned for the whole FY2013.
if they can maintain this performance for the next 3 quarters, it will be
beautiful.

this result will support TAE price, i assume unless some one inside knew that the coming current results will be bad.

i also had another assumptions to share with you all;
tony tiah have about 30% of TAE according to TAE 2013 annual report.

Tony Tiah is extremely lucky that he is in malaysia that we do not have manu aggresive/hostile funds that will prey on all this undervalue counters.
imagine if pnb or epf or any rich individual are interested to wallop up tagb properties, what they need to do is only offer RM1.10 for all TAE shares with the condition of receiving supports that is more than tony tiah and his proxies. if succesful, then they will then end up with 62% of TAGB that is so much undervalue(Tony Tiah purposely do not want to re-value all these properties that is why in hwang dbs report, they mentioned latent value.

after that, they can dispose the securities firm and there is no need for the Tiah's to main main the waiting game at the minorities shareholders expenses.

i agree with prudentialinvestor. at that time TAE had not separate the stockbroking and the property business which is TAGB. when TAE spin off TAGB, each shareholder was given 3 lots of TAGB and 3 lots of TAGB-PA free for every 5 lots of TAE.
at current price of TAE(0.70) and TAGB(0.315), the average price of TAE is only RM1.07 which is still more than 50% lower than its peak of RM2.40++.

After the spinning of TAGB, the performance of TAGB can be consider
good as it had acquired great hotels and great price and profit had been on the uptrend.

i am guessing that since TAE still control about 62% of TAGB, Tony Tiah will sure wants to have more of TAGB in the future. One of the way to fully benefit him is to sell TA securities and then distribute TAGB shares and cash or whatever left to all TAE shareholders. He and his family will be the one to benefit the most.

TAGB is the jewel of TAE and TONY TIAH will find a way to have more of TAGB shares.

Finally, he will have a REIT on TAGB properties. Only by this way he will be able to benefit maximum but this process will take time.

Look at hwang-dbs. Once the founder pass away, the family wants to sell off the broking firm. Tony Tiah is no longer young and i think he knows what is the real jewel in his company more than us.

What do you all think of my assumption?

She only mentioned not selling to kenaga but not to others.

my understanding on her statement is TAE securities is up for sale for the correct price and so far the price is not attractive enough for the husband and wife to cash out yet.
the question for shareholders are should we ride with them and wait for them to get a good offer if it ever come or abandon this counter.