FYE2015 profit rm800mil. - Good for the company. Dividend 1 sen - bad for the shareholders. KLCI +21pts - Good. BJcorp share price 40.5sen (-0.05sen) - bad.

Who would invest in stocks and wait for 10 years with no dividend and price appreciation even when the company is profitable? If no profit, of course no dividend. Small profit small dividend. Big profit please give something better. This is for short term. The Net asset per share has also gone up so much to 1.50+ already. For every 1 sen dividend, the company pays out 44m only. If the small shareholders want to eat some meat, better speak up in the AGM.

I think the big boys like Institutional investors are selling. This is what happen when you do not think of your shareholders.

A decent 5sen dividend would have attacted more investors and the price would have been 60sen or above.

Existing shareholders are selling. The banks that issue the call warrants are selling. No new investors because to them, the name should be BJcorpse or BJcon.

good one, traderman.

Ignissimia, I believe in long play but must also balance up with short term play. BJcorp profit RM800mil. Dividend payout RM43mil. Look at the share price. Cannot go up is one thing. Cannot even stabilized. Simply because investors don't like the practice of no dividend even with so much profit. Just sharing my view.

The Net Asset per share increased more than the earnings per share. NAPS 2014 is rm1.25. 2015 rm1.59. Up 34sen. EPS 2015 is 17.5 sen.

Apparently you are right about Bj dividend. There is no dividend policy. If there is profit and good governance, the share will go up even without declaring dividend. As it is for now, no dividend will put off investors because Bjcorp do not have a good track record or simply credibility. Look at some of the negative comments here. Some even call it Bjcon or bjcorpse etc. For sure the share price will be stagnant.

Eric Lim, the impairment loss is actually in BJland. I agree the loss should be in this year. But my concern is that why BJcorp invest another 200mil shares (rm150mil) in BJland this year when the same directors knew that there is going to be a rm400mil write off? BJcorp can invest in BJland now at 71sen only. Now cannot pay the BJcorp shareholders more dividend because no more cash which has been invested in BJland. Hope you see what I mean. Very tricky here.

fyh30, nowhere in my comment mentioned your name. I was sharing my experience in BJauto and for discussion about BJcorp profits and dividend. So now we know that there is profit but same old one sen dividend. No difference by making more money. Will the institutional and substantial shareholders do anything pressure the company for more dividend because of substantial increased of investment profits?

chrischan, thank you for the GST guide. But forget Calvin. He is like singing the same song over and over again. He is like selling BJCorp again and again. We don't need a salesman of Vincent Tan.

The question is how to group the genuine investors together. If nothing is done, next year will be the same story.

Dividend 1 sen means 43mil only. But the profit is 800mil. If not enough money, then why pay rm150mil to buy 200mil shares of BJLand? Now the management tell us economy is gloomy. Everyone here also know this lah. We should ask the management why buy 200mil of BJLand especially when thay already know that there will be a rm400mil write off. I can only deduce that we have been conned.

This is a nonsense company. Really conman. But as I said the investors here do not have a pressure group.

The problem here is that there is no pressure group to question the management's stupid action. Only MSWG can help the minority shareholders here. (Minority Shareholders Watchdog Group).

Now it is so obvious the Q4 result is a loss. With good profitable result, the share price keep sliding down. So what about when the result is a loss? You guess.

If Q4 loss 4 sen. FYE2015 will make 16 sen. Still good. What I am suspicious is BJCorp buying another 200mil shares (RM15mil) when they already knew there will be an impairment write off. Should use the RM150mil to pay dividend or pay off loan or both.

BJCorp's Q4 will definitely show a loss because of BJLand. Eventhough, BJCorp Q4 result show a loss, the NAV will increase because there is operation profit. The loss incurred by BJLand is writing off the goodwill account. Earlier this year, BJCorp bought another 200mil shares of BJLand when they already know they will be writing off RM400mil. No wonder BJCorp have no money to pay more dividend to their shareholders. This is manipulation.

BJCorp's Q3 2015 profit RM1.0bn and the NAV increased to 1.60, but the share price cannot go up. Why? Because BJCorp's profit and loss can be manipulated.

Why is BJCorp a penny stock? Because the management could have done much better for the company/Group and shareholders. Why buy BJLand when you know that there is RM400mil to write off. If BJCorp buy BJLand now, it is only 71 sen. BJCorp could have save some millions or give more dividend.

My question is why BJCorp invest another 200mil shares ( RM150mil) in BJLand when the management already know that BJLand was going to write off the goodwill account of rm400 mil for the year? RM150mil can pay another 3sen dividend to BJCorp shareholders or at least pay off the bank loan first.

Eventhough the accounts are genuine, the management can manipulate their accounts in this sense. When you make lots of profit, they can make you absorb some of the losses incurred elsewhere by increasing BJCorp stakes in the loss making company.

Instead of giving more dividend ( another 3 sen) to BJCorp shareholders, BJCorp bought 200mil of BJLand shares at 75sen ( Total rm150mil) in 2014. Why buy more BJLand shares when they know that BJLand is going to write off rm400mil in April 2015? Just because BJCorp makes 1bil in April 2015 accounts does not mean they have to sponsor rm400mil losses in BJLand. Now the profit of BJCorp will be reduced.

2014 Q4 was a disappointment.But I noticed some good things were not inside ( eg sale of land ). So management must have decided to make it bad. So that the future results can be better. So far Q3 2015 has been excellent. Do you think the management want to make Q4 results look bad? From what I know. BJauto and BJtoto Q4 results were better. Hope BJcorp also the same. Good to know the past trend. Is there any change in the trend for the better or worse? We have to decide. Invest or not. I vote Q4 results will be better. Please invest at your own risk. I am not GOD or Calvin. :)

I agree with posby. This time diff. Forget Calvin. He has over emphasized bjcorp.

Lewis, from your reseach that con king owns about 48%, I am not surprise if he buys the other 2% and offer a mandatory take over. Thats what Tan Sri Ninian of MBF Holdings did. Same situation. A company with high NAV but low stock. The minority shareholders pressured him to offer higher which he eventually did. Original offer was 1.50. Eventually paid 1.775. He did'nt even want to pay half sen more to make it 1.78. The NAV was 2,50 then. Another con man. He can sue me if he likes. Just to share my experience on MBF. The MSWG also helped the minority.

Lewis, if the profit is 1billion, and I think 9 sen for this year and another 5 sen for next year. Can be more depending on the 2016 results. The shareholders must ask for it. We don't ask, we don't get. What happened to the dividends BJCorps received from its subsidiaries and associates? 15 sen from BJauto, 2 sen from BJasset, 6 sen from BJfood and 22sen from BJToto? BJCorp only paid 1 sen (43mil) to their shareholders. All the dividends received should be redistributed to the BJcorp shareholders.

FYE Revenue Profit EPS DPS NAPS
2014-04-30 8,633,355 -160,422 -2.88 1.00 1.2404
2013-04-30 7,376,047 74,978 1.79 1.00 1.2735
2012-04-30 7,055,417 311,571 7.09 1.00 1.2705
2011-04-30 7,043,612 352,168 8.06 7.00 1.3953
2010-04-30 6,757,534 79,990 1.96 1.00 1.3978
2009-04-30 6,339,012 -53,383 -1.39 3.35 1.5235
2008-04-30 3,465,837 616,549 18.52 9.00 1.5945

If BJCorp owns 50% of BJauto and BJtoto, BJcorp should also received 50% of the dividends paid out by Auto and Toto. But the dividends received from the two subs were not distributed to the BJcorp shareholders.

In 2008, BJCorp declared about 9 sen dividend with EPS 19 sen. Will BJCorp declare the same or more dividend than 2008. Now EPS is 21sen. :)

Sad to say, the RM1bn profit announced for Q3 2015 is basically nothing to shout about. BJCorp can announced another rM2billion profit. So what.

Its better to take up the rights but we need cash. If not we can still sell the rights which will be listed on 25/5 for 5 days.

Today is the ex date for rights issue. Let us watch the price movement. People who don't want to take up the rights will sell on 15/6 to 22/6.

Yes good morning and evening star analysis.

I believe It's Now or Never. The price of BJcorp will go up before the Q4 announcement. After that, the price direction will depend on the P&L result.

I think the company with the new major shareholder, will be buying over Neata Aluminium 100%. This will be their major business. The telco business is slowing down or even dead. With Neata profit, Instaco will be back in the black.There is a pending JV business in S Africa. It is a good sign that there is activity in Instaco. No investors like rights issue. On the other hand, with rights issue, the company is better off with cash balance. Furthermore, I don't think SC will just approved a company's rights issue without a business plan for the cash raised.

Lewis Lee, lets learn the BJ con song by heart to sing when 10 sen dividend is announced. Only by declaring dividends, can BJcorp share price goes up.

In 2008, the EPS was 18.5 and the dividend declared was 9 sen. The Q4 2015 financial results will be out this month in June 2015. YTD 2015 EPS is 21 sen, what will the dividend be? The EPS is the best since 2008.

Ikenacon

The result for Q1 2015 is out. There is profit. Better than last quearter which was a lost. Another positive data is the NTA rose from 24 sen to 32sen, increased by 8 sen. Is this the up turn with Neata? I heard that soon Instacom will buy 100% of Neata. Thtis is even better still. All these are good indicators of profitability. Keep it up Instaco!

I am sure this year the dividend will be more than 1 sen. Let's wait for the Q4 result first.

If you guys noticed that somebody has been buying the loan stock and then convert the loan stock into shares. Why is this done when it is more expensive to convert loan stock to shares? So there will be more shares in the market. They start to sell down each time the price picks up as if trying trying to suppress the price.

Over reaction agreed. Price fluctuations are good for traders. Normally those who don't have or missed the boat will want the price to come down. So they will come out and ask you to sell. Those already bought and collected enough will ask you to buy to help push up the price. Even some banks and fund managers are doing that. So we have to be smart investors. Don't just read blindly without analysing.

No wonder share price cannot go up. With the bad news out, there is nothing to suppress the share price anymore.

BJCorp sold 110mil of BJAuto shares at rm3.20. Total value is only rm352mil.

It was announced that the profit is mainly due to remeasurement. So there is realised and unrealised portion of the profit.

As at 30 April 2014 the Net Asset per share is rm1.25. Earnings per share for the nine months ended 31 Jan 2015 is RM0,23. Therefore, the Net Asset per share as at 31 Jan 2015 should be RM1.48. But was actually reported as RM1.67. The RM0.19 was not reported as profit but was added to the reserve account directly. There is a lot of hidden value in BJCorp until the number is big enough to be eventually noticed. At that time people will start investing and the share price will go up due to demand.

If there is consistent profit from the operation year after year, then I agree with using the profit to reinvest even if fully utilised for reinvestment. The problem with BJCorp is that there is no consistent profitability. One quarter announced profit, next quarter have more profit, then the following quarter announced a big loss. How can the price go up? How to have capital gain? If you know accounting, you can see that even though BJCorp do not announced profit for a certain quarter, the NTA improved. The NTA has been improving. But calculation of price is based on EPS, PER etc...Certain investment profits which are not subject to tax and already added to the reserve account. Thats why the NTA has improved to rm1.60. So what? Share price not improving. In fact, it has come down. There are a number of ways to get the share price up. Its simply about demand and supply. Create demand for the shares by having a decent dividend policy is the best.

Some companies have dividend policies like 30% to 50% dividend payout from their profits. BJCorp don't have this dividend policy which is bad for the shareholders. So it is up to the company to decide whether the company should use 100% of their profit to move on to their next 8% income project or use 50% profit for dividend payout. If BJCorp's direction is to use 100% of their profit for new projects, we can kiss goodbye to the dividend which is suppose to be the shareholders reward.

From the nature of business, BJCorp has a lot of borrowing. So when BJcorp received cash, the first thing they do is to reduced the loan. So is the loan reduced? Property developers has plenty of borrowings. Just like us ordinary house buyers, our loan is 90 or even 100%. Correct me if I am wrong.