Wow, wow, wow - The issue is the lack of consistency caused by the vagaries of world oil prices

waiting for the results with much trepidation

Interim dividend announcement around the corner

I dread to make any predictions after my last quarter 2018 disastrous way off on a tangent prediction. However from my superficial observation of the prices which inclined Jan to Mar 2019, it should be good. Unless of course the management said that they had hedged.

Share price is somewhat under-valued but buybacks may not be possible as it may breach the minimum public spread.

This stock is showing good support at 3.60

The dividend for the financial year has already been revealed at 20 sen per share.

If the share price is not performing then shareholders look forward to dividends but this co is under performing insofar as dividends are concerned.

Compared to other foreign-controlled company Petron is an odd company. Companies from Amway to Carlesberg to F&N & BAT all declare big dividends. At 135m shares, 20 sen only amount to RM27m which is a very tiny amount compared to RM1.53b in reserves.

Just when you think that it's safe and it can't get any lower ... it sinks to new depths.

What's the main underlying issue?

TQ Choivo

Agree with DickyMe - Try appointing a non-bumi as CEO, all hell will break loose. If academic results are any indication of ability, a lot of non-bumi have scored well but how many lead GLCs? Practically none. Good academic results implies that the person is intelligent, hard-working and disciplined - all the qualities required for management.

Hence for GLC stock, I would only buy if price hit rock-bottom & cabut the moment I make some gains because it will not have much upside like Nestle, Dutchlady, Public bank.

Koyee hi all, just joined @ 0.68 lets hope for the best =)

In your case, the late bird catches the worm haha.

There's a write up on The Edge on this - go to get a copy

Any idea if Petron had actually provided for the 110m legal suit or merely disclosed it?

TQVM Huat Low - for passing the important and relevant info!

So I guess this is where we say our goodbyes. No more KJ if it's delisted.

Your cheque is probably in the mail.

I called Tricor & told them to bank the cheque in for me

Received the $

You may get a good yield but it's more than offset by capital loss.

Cheques will be issued on 1 Apr.

That's why I think Tenaga's price went down despite being lowest in recent history.

This new ceo i understand is "half-past-six" - Icon is already bungkus. I understand this guy was planted by Daim & don't we all know Daim's track record. Notable examples being Tajuddin Ramli & Halim Saad.

Looks like it's game over as EPF has sold out

If you look at Can1 annual report, EPF is not in the top 30. Hence they have interest to ensure that they the get full compensation for their KJ stake.

Unlike us, EPF & to a lesser extent the Sees have the gravitas to squeeze more from this acquisition.

lionel messi - I am very surprised the See family and EPF were not able to stop this rip off exercise.

Likewise - i was wondering how come EPF & See did not team up & call a meet to clarify & discuss the strategy in response to this MGO. In my text messages with Anthony, strangely he just advised me not to sell but sign the form to save on brokerage - none of his usual protest.

zolasteven - By the way, why does other people wants to buy at Rm3.10?

If you read the announcement, Can-one is buying large amounts. Why? I speculate they want to get to the magical number of 90% & then forcibly takeover the balance 10% to make it wholly-owned. That means Can-one gets to pocket the full benefit of undervalued real estate.

zolasteven Surprise to see Kian Joo trading at rm3.10, same price as take-over offer price. Whats the reason?
If 3.10, better sell in the market ....can get money faster.

Sell at 3.10, you incur transaction cost. If traded at 3.10 may imply that the offer price may be revised to > 3.10

Can-one shares doing v well. What's a loss to KJ shareholders is a gain to Can-one!

With KJ undervalued, Can-one may try to mine its wealth through related party transactions.

if share price trade past 3.10, then market expects that the offer price will be increased

So the verdict by UOB KH is "not fair (because below their valuation of 3.35) but reasonable since it's above market price. It went on to recommend that we ACCEPT the offer.

If the shareholding remains between 50 - 75%, then the Offeror intends to maintain listing status but will not take any steps to maintain public spread. It also stated that non-compliance will NOT automatically result in delisting.

Right now, all we can hope for is either 1) a better competing offer or 2) that the Offeror will make a fairer ie better offer.

This is the CNY quarter so the results are expected to be better

Given that the properties are stated at cost, there's every possibility that if Can-one have secured way above 50% and if they have enough money, they might want to privatise the co and keep the potentially lucrative property all for themselves.

Any comments?

I expect the Mar 2019 results to be v good (unless they hedged their position) since dated brent has recovered from the start of the quarter at 54 to 64 today.

fourM Magnum price at PE 33.77 time while now TOTO at 13.59 time. anyone can advise keep Magnum? or sell Magnum buy Toto?

That's my strategy as well but some are of the opinion that the Magnum board has better integrity hence justified.

If it's any comfort, Petdag quarterly profit dropped significantly from RM280m to RM47m.

Like Petron they also weathered losses on inventory.

lionel messi - The UOB Kay Hian report is a matter of compliance to supposedly give minority an independent view. Like you I also suspect on their independence given who pays them.

I have more faith in EPF as I'm sure they have follow committee-based decisions. I actually had a chat with one of the See bros & he seemed strangely quiet about this buy-out instead of his usual style of protesting - I let you draw your own conclusions on this.

On the > 50% but less than 75%, your guess is as good as mine.

I'm curious to see what valuation UOB Kay Hian will give.

Are they going to tell fairy tales & dance with Can-one or be more objective about it.

lcng123 - If MGO unsuccessful, the price of KianJoo will go down to RM2.00 and KianJoo's future financial result will keep going -ve as what happen at this quarter.

Can-one has spent a lot of $ on investment bank fees and efforts so they probably want to ensure that it's successful.

Profits can be cooked to some extent but not cash (because KJ cannot cook $). Look at the latest cash flow from operations - RM199m! This is a lot.

Imagine a company that's been making decent profits for a long time but pay tiny dividends - Earnings exceeding dividends by far - What do you think will be the impact on its valuation? It's like eating 100 kg but defecating 40 kg. - in the long run you'll sure put on weight - likewise the company will become valuable. KJ has been doing just that for a long time and the long suffering shareholders should in all fairness be rewarded for their patience over the years. We only want our fair share - not a penny more or less.

lcng123 Posted loss in quarter result... 1st time in the history. If not because of MGO, KianJoo share price may drop below RM2.00

Yes 1st time in history! What a remarkable coincidence. I expected this. The management I believe is posting a loss so as to encourage shareholders to sell & be grateful with the 3.10 offer. In accounting, it's easy to massage the figures up and down. Don't forget they have a huge amount of properties that are stated at cost. If these properties were marked-to-market the NTA will far exceed 3.30. Do it and see for yourself!!!

I advice all and sundry DON'T SELL AT 3.10!!!!! That's a very very steep discount.

zolasteven - yes but they give the option to Can-one to acquire the shares at the offer price & also the 10% or less minority shareholders to sell at the offer price.

Fellow investors, 3.10 is way too low - so don't sign!

What a huge trading volume!

I thought they stated that dividend for this year = 20 sen

Looks like the answer to the question on profitability was A - Loss. What a total disappointment ! Looks like inventory cost which has a bearing on crack spreads has a huge bearing.

I'm curious as to what Pet-Dag's result will be. It should also be bad due to high inventory cost.

AlfI3 Sheldon, when can v expect UOB's advice comment?

You would have received the notification of conditional mandatory takeover dated 14 Feb. Independent Advice will be despatched by 24 Feb.

I believe that the final price offered will be higher than 3.10. Seow brothers & the fund managers are going to demand for more.

RainT - Good daily traded volume (liquidity premium), low PE, well-known brand, making good profits, decent dividends, foreign-owned, recession-resistant....

Need I go on?

There was a RM696m drop in AFS investment. It was clarified to me that the drop was due to decline in price of shares of a company listed on London Stock Exchange, invested by KLK.

cherry88 - then how come Sports Toto not going up by the same earnings multiple??

I'm willing to catch more if it falls.

Personally I feel that the offer is way too low.

If you use the textbook lowest or base case valuation which is NTA, the shares as at end of 2017, it's worth RM3.30. After 1 year of profit, it should be worth even more.

My feeling is that KJ probably has been talking down the earnings over the past quarters to portray a company that is ugly so that minority shareholders will just let go at the low price they offer.

Can-one wants to buy the company for a song.