Comments from PublicInvestment - Yee Lee Organisation, along with Dato’ Lim A Heng, Datin Chua Shok Tim, Lim Ee Young and Langit Makmur Sdn Bhd had recently announced their intentions to undertake an unconditional voluntary take-over offer to acquire the remaining 79.6m shares (41.6% of total issued shares) they do not own in Yee Lee Corporation Bhd (Yee Lee) for RM2.33 per offer share. It is interesting to note the involvement of Langit Makmur, a private equity fund linked company incorporated for the purpose of this exercise, one which is undertaking to satisfy the entire RM185m consideration of the Offer in cash. The takeover offer price represents a 20% upside from the current price and is slightly above our 12-month target price of RM2.28 based on our FY19 sum-of parts valuation. Whether the offer is fair and/or reasonable will be for the shareholders to decide ultimately (current book value of company as at 31 December 2018 is RM3.29 per share). It does however give shareholders the opportunity to cash out of a stock which has only traded above the offer price for a 6-month period in 2017 since listing.

- Langit Makmur Sdn Bhd was just recently incorporated on 15 April, 2019 as a special purpose vehicle for this exercise. Ultimate shareholders are Dymon Asia Capital Ltd, a Singapore-based fund manager licensed by the Monetary Authority of Singapore which manages alternative investment funds. Private equity funds the company manages invest in companies across South East Asia, concentrating on small and medium enterprises. Investment strategy is focused on companies with long-term transformational objectives, and typically has long term holding periods in its investments.

- Adjusted offer price on dividend entitlement. On 27 February 2019, Yee Lee proposed a dividend of 4 sen per share subjected to shareholders’ approval at the forthcoming AGM. Accepting shareholders whose names appear in the Record of Depositors of Yee Lee will receive an adjusted offer price of RM2.29 instead.

- Joint offerors do not intend to maintain the listing status of Yee Lee. In relation to the acquisition, the Joint Offerors intend to withdraw Yee Lee’s listing status if Bursa’s minimum requirement of 25% public shareholding spread is not met. In the scenario where they hold more than 75% or less than 90% of the listing shares, they will request to withdraw its listing application. If they own more than 90%, the joint offerors will delist the stock. The joint offers currently hold in aggregate 58.4% of the voting shares in Yee Lee.

Let's see when the audited report is issued. The 30 largest shareholders list to indicate whether they have owned more than 75% or not. Annual report should be out in these few days.

I'm not buying nor advise anyone to buy at this price. Even with 80sen is still too high in my view.

In Jan Wan Khalik bought 10% of DWL at 65sen under off-market transaction. Last Friday, Gadang bought 10% of DWL at 90sen also under off-market transaction. What does it mean to us? It could be due to (1) Wan Khalik sold his shares to Gadang at 25sen profit within 3months (2) DWL has always had the bad reputation to con investors, with the 90sen entry price will eventually go back to 65sen.

today close below 85sen. Next week will be 80sen.

next week will get. now no hurry to rush in to catch the falling knife

80sen is coming

Volume (buyer) is getting lesser, syndicates have sold most of their shares. It will continue selling until next quarter result.

All investors in this counters are goreng kaki. Don't you think the share price is overprice?

Current price is already over reflected on the current result. The share price has been hovering around 55sen to 70 sen. But due to recently the report of ECRL, the share price spiked to 96sen the highest. With this result, the share price cannot substance at this level.

Tomorrow will drop at least 10 sen due to poor qtr results

4.4mil shares wanted to sell and only with less than 1mil want to buy.

Please update for MISC, RM100 Petronas Gift Card

Seller is overwhelm

Be realistic, don't think it can substance at 80sen also.

impossible to limit up today.

Warrant is selling at huge discount 25%, high chance to con the traders. Sell before is too late.

buy before the announcement of quarterly result, sell after announcement of ECRL.

https://www.isaham.my/screener/agm-doorgift?page=1
refer to the link above, they did not update regularly but I would say quite good effort.

Share buyback does not mean anything. It just support the fall temporary.

Projection should not just consider based on past records. In analyze manufacturing counters, should based on the operating income exclude one time adjustment. Based on your analysis, I believe you are indirectly "promoting" Tguan. However, most of the investors are not stupid, the price has been depressing since 2017 til now and no improvement. Is like China dragon stock, you know they are fake money in the bank and hence the price cannot go up. During 2014~2016, Tguan posted 40sen EPS per year but still cannot go up, you may sense something is not right. The expansion plan is failing but no one is noticing it.

one day show finish.

No news mean consolidating. With the insurance compensation and new joint venture with one of the leading British technology company (Revenue more than $4.7bil), will definitely see improvement in the coming quarter and years.

The management disclose the insurance claim for business interruption losses closed to 20mil.

1. INTRODUCTION

Pursuant to Paragraph 10.09(1)(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("MMLR"), the Board of Directors of Formosa Prosonic Industries Berhad (“FPIB” or “the Company”) wishes to announce that FPIB Group has in the ordinary course of its business entered into Recurrent Related Party Transactions (“RRPTs”) with Wistron Corporation ("Wistron"), a company listed on the Stock Exchange of Taiwan, which is a major shareholder of FPIB. The collective consideration of such RRPTs has exceeded the percentage ratio of 1% for the period from 11 February 2019 to 26 February 2019.

Related Party : Wistron
Transacting Party : FPIB and/or its wholly-owned subsidiary, Formosa Prosonic Technics Sdn. Bhd. (“FPT”)
Nature of Transaction : Sales of speakers by FPIB and / or FPT to Wistron
Amount of Transactions : MYR5,636,744.80


Is that mean that the amount of transaction is exceeded by 1% from these 2weeeks (11 Feb -26 Feb)?

On the last page of the quarterly results.

today might have another revision copy of the results. spotted some errors.

USD is weakening against RM, lower profit margin since the management admit that they won't hedge the currency in last AGM.

big fish is coming in.

this quarter might not able to profitable due to no exceptional items like insurance compensation and high depreciation

not easy to push up due to excessive selling pressure

The problem is : if I got 5.6bil, why I need to care about others? put there forever low price.

As at 7 February 2019, total income tax refundable to the Group from IRB amounted to RM 18.81 million while GST refundable to the Group amounted to RM 12.96 million.

The Star top pick is more convincing than other IBs.

Few problems for Mitrajaya based on latest quarterly report
1) Net used from operation activity - negative free cash flow
2) Net debt - RM 330mil, Interest expenses closed to RM 10mil
3) Construction revenue dropped though have 1.2billion ourstanding book
4) Collection is slow, more than 120 days - closed to RM30mil

Not an easy task which always pass through the costs to the customers. I strongly believe their margin is further squeeze in Q3. Other than that, the food industry will have accelerate the depreciation due to written off.

still got anyone hope it will go up to 3?

coming quarter hard/impossible to go back to normal 11 sen per qtr. Please be more reasonable, the reduce in margin is not because of ad-hoc adjustment/provision.

the management know that the share price will keep on dropping until 2.50, that's why they stop share buyback

Since 20 years listed in Bursa, first time Share buyback to support the share price. Get ready my friends to further support until 2.50

No, based on the result reported, forex loss just 2mil or 1.3 sen. The drop in profit margin is not merely from forex. To be frank, the loss is mostly from new line of business which is organic food and restaurant. The franchise is not popular restaurant which needed extra publicity and advertisement. Rental in prime location at least 100k per month. Not easy for Tguan to break even as they are new in this industry. Few counters have this diversify business end up make 10 MIL losses. Reconsider for yourselves if you think they can successfully turn around.

I believe u can make judgmental decision when the revenue up but share price drop significantly. This counter is playing with shareholders emotion by publish misleading articles to the reporters. during the past few week already know the result by the insiders. that's the reason it drop before the announcement. from 4.19 to 3.02 lowest. As I mentioned before, those who did not sell the shares. be prepared for the worst.

PE is now 14, no longer undervalued. Rather, it has been overvalued. Tomorrow might drop another 10%! The management want to diversify the business, so called organic noodles export to China, still making huge losses and the new restaurant in golden triangle area is not doing good also. Not sure why they don't want just focus on the plastic business.

let's see what happens in this coming result. I still believe this dividend is due to poor result and lure investors

Divided announced only 5 sen. Usually report announced before the dividend. This year quite special, could be due to bad quarterly report. Announce the dividend to lure ppl to buy in.

For those did not sell a single share, be prepared to see RM3 and below.

I don't believe in any prediction on company profit will go up/down. 3 years later is too long and the director is mentioning the revenue for the next 10 years. With the current rapid change in technology, ppl might not use plastic in the next 10 years. Yesterday star might be tomorrow falling knife.

please refer to Sept quarterly result. only 24 sen as at Sept.

You will be surprised when they make losses on the newly operated franchise business which depleting their net profit to less than 10 sen. The diluted EPS could be lower than 30 sen, PE is more than 12.

Not the right time to buy yet. Today is good time to dispose before it go down further.