“We are initiating coverage on Engtex with a ‘buy’ call at a target price of RM1.60 based on FY18F earnings per share with a forward price earnings ratio of 10.2 times, based on industry peer average. This translates into a potential upside of 26% against its current share price,” it said.

JF Apex said that Engtex, being a leading integrated pipeline systems provider and supplier, is a beneficiary of nationwide piping projects from both the public and private sectors.


Read more at http://www.thestar.com.my/business/business-news/2017/11/11/engtex-looking-into-higher-dividend/#ECCztRIMO3X46GoM.99

“We have been habitually paying dividends, but around one sen per share. While we will always invest in our business to remain competitive, we are looking to reward loyal shareholders,” says its founder and managing director Datuk Ng Hook

Read more at http://www.thestar.com.my/business/business-news/2017/11/11/engtex-looking-into-higher-dividend/#LUcdyWaoPdKvl3lE.99

hpcp. any link to the updated analyst report?

Thanks taci for your detailed analysis of the financials. Happy Lunar New Year to you.

It seems to me that any catalyst for FY15 would likely come from any further development on the Tg. Piai project given the likely recognition of the bulk of the company's revenue in FY16. Given that there are other off-takers potentially interested in Tg. Piai, here's to hoping that it would give some positive pressure to the Mid Eastern off-taker to complete the deal. Does not seem fair to keep it on hold for such a long period with no likely resolution in the near future when there are other buyers waiting at the side.

i admire your patience taciturn for willingness to respond to people who can't offer any kind of rational arguments.

here's to hoping the overall market sentiment doesn't turn negative for this quarter.

things should be looking better for this stock from now. disclaimer on SHOULD. recognition of land sales should be coming in this FY and with the DOE, hopefully the MOU for Tanjung Piai can finally be completed. With those in the pipeline, perhaps mr ben has finally turned the corner. One can only hope.

Empty vessels do make the most noise (i.e. in this case number of irrelevant postings). chuckles

Hahaha PN17.....

That said with the impending extension of the term sheet I foresee some selling pressure this week. Any thoughts taciturn?

"Arguing with fools is like playing chess with pigeons..
No matter how good you are, the bird is going to shit on the board and strut around like it won anyway"

;)

Haha. taciturn I admire your patience. Somethings can be ignored. I'm sure you have better things to do than to fuel a keyboard warrior ;)

please read announcement on friday before treating this purely as a speculation counter. free warrants coming soon

lol drwarrant aka drkim. why no comments on limit-up reach

Up also complain down also complain haha. like that better put money in bank don't invest in stocks. Anyways the acquisition of 41% for 3 mil is really a very very good deal. Read below point 2.3 in the announcement:

"Basis and justification in arriving at the Purchase Consideration
The Purchase Consideration of RM3,000,000.00 for the Proposed Acquisition was
arrived at on a 'willing-buyer willing-seller’ basis after taking into consideration the
following:-
(i) The audited consolidated PAT of Exzone of RM5.92
Million for the FYE 31 December 2013; and
(iii) The audited consolidated Net Asset (“NA”) of Exzone of
RM26.57 Million as at 31 December 2013."

Purchase price of 3 mil, get PAT of RM2.4 mil (41% of RM5.9 mil). So P/E is only 1.25.
Purchase price of 3 mil, get NA of RM10.9 mil (41% of RM26.6 mil). So P/B is 0.28. Which is a really really good deal.
Means I pay 3 mil I get 2.4mil back in earnings and 10.9 mil of assets. I think if ppl read the announcement properly, they would see the reason for the movement previous few days.

Aiyo newman. conman with conman why u go tell ppl my secret to unload 10 lorries ;)

haha. at the end of the day decision to buy/sell must be own ma. this world if not kful where also got scam 1. go market also can get short-changed. today shark eat goreng pisang. so mny counters goreng. anyways what do u think of pesona? heard angin-angin since 0.56-ish. Strong collection at 0.62 and movement quite gradual so reckon got abit more to run. what say you?

come newman i layan you. hello! how r u? haha

nordi, understood. If you can time it perfectly, you would maximize your profits. As for myself, I am extremely bad at timing the market, i.e. when i sell it will fly when i buy it will fall ; )

So when I start selling, you guys know it is time to buy lol

DRwarrant just seeking for attention larh

haha nordi chill out. the mkt will crash when we least expect so dont stress yourself out with these so-called signals. when ppl thinks it will crash it will keep going up until everyone least expect it. then it will pop

hahah. pesona's action only happens at the end of trading day so heart must b steady 1 kikiki. now 6c6c market since sea quite red. happy trading!

morning tj. finally in pesona eh? heehee

seph, check out pesona. break-out a week ago and major collection the past 5 trading days, sustaining the price at 0.62 with high volume. I think there will be a significant break once collection in that range is finished. any thoughts?

joerakmo, to each his own indeed. My opinion is that measuring the potential of a stock based on its dividend policy isn't very accurate. A growth company (company with many capital intensive projects)do not pay dividends. Simple reason is that they need the money as capital for the projects. I do agree that it has underperformed previously but I see much potential with its steady orderbook and currently undervalued assets in its books. Hence, I reiterate that I do not believe paying a paltry dividend has any barring on how good the company is. Let's be clear AZRB is not a dividend play. Blue chips would serve that purpose better. Cheers

interesting counter. some serious collection is happening. previous 4-5 trading days huge volume collection at 0.605 - 0.62 level. Think once the collection phase is completed, pesona will fly as the 0.605 - 0.62 level will form a strong resistance to move up from

tj, pesona announced contract last friday after closing

im good. haha. enjoy world cup till forget about bursa haha. got what other counters u monitoring?
i ada encorp tampok. didn't manage to sell when it hit 1.85 that day. aiyaa. nevermind. wait next wave

hello tj. long time no see. good to see all huat huat here! tjtj what u think of pesona. gt wind that pesona mau datang d

should be able to hit 1.80 near term baring any unforeseen circumstances. A small free float will also be beneficial when the stock is on an uptrend

short term TP 1.80

Post removed.Why?

I think we misunderstood liangchai la. when he says limit down he means will go up a few bids.

Liangchai the great oracle

guys like i have already said. we should not be expecting a dividend. Paying a dividend right after raising capital through rights issue does not make sense. A company pays dividend if it has surplus cash with no good use of it. The company raised the capital to fund it's operations given that it has so many projects. Here is an analogy:

You have a project that will cost you 100 mil and will give you 500 mil.
In your bank you have 90 mil.
You raise 50 mil to help fund the project and also make sure you have enough money in the company to pay any other expenses.
Total you have is 140 mil to fund a 100 mil project.
Would you pay 40 mil dividend when you just raised 50 mil from the same shareholders? They might as well have just raised 10 mil instead of raising capital first then pay dividends.

http://www.chinapost.com.tw/international/americas/2014/06/26/411001/Johor-Strait.htm

http://www.thesundaily.my/news/1093914

thanks taciturn for the write-up. I for one am equally happy that the resolution on ratification went about with ease. The problem is finally done and dusted with and the company can concentrate on making money now. EIA approval should not be too far off. Was also wise for the directors to keep a distance from the Forest City affair until things are settled.

@taciturn thanks for the update. Any talk of the progress in the Tanjung Piai project?

Note, the land reclamation that is mentioned in the article has nothing to do with this company...

Drwarrant, you should change your name to DRBipolar.

Awhile say luster bankrupt. PRGHHHH. Awhile say luster fierce and furious.

don't think got dividend. the whole reason they have rights issue is to raise money for working capital. The balance is to reduce debt. Doesn't make sense to get the capital then pay them back. And then raise money again. There are costs associated with raising capital so it will not be a wise move. Sit back and relax. Enjoy the slow show. Think a good resistance point of 0.72 could be established these few days.

Kukuman don't need to have your defences all worked up. I don't attack people personally. Just stating my opinions. You can disagree if you want. Am not pointing a gun at your head. In the field means I am familiar with corporate disclosures for corporate exercises. I don't mind working for Mr Ben to be honest ;)

And the reason I referred to you being mistaken was from your reply to me initially.
Quote "splendid, regarding your reply on point (i) - It is Bursa's decision and NOT mr ben's. It seems you were misinformed. Not your fault. many spinners here caused that. "
There was no mention of Mr Koo there.

I state things with justification. I don't think that's being bias but again you are free to disagree. Don't need to resort to personal attacks. We are all adults here.

Another point, any fines imposed by Bursa would be on the directors (if Bursa finds any wrong-doings) and would not impact the company.

Anyways I am interested to know your lawyer from Skrine too! Have a couple of friends working there. Perhaps they would know you :)

Cheers

Hmm seems like the discussions are still ongoing. I actually value discussions backed up by facts which will likely lead to longer postings. I guess some would prefer just a "buy now" or "sell now". To each his own but I prefer to make my decisions based on a valid justification.

To reply to Kukuman. Firstly, a listed entity HAS to get shareholder approval via the EGM if it is a related party transaction. So the company is merely complying to the listing requirement. It is irrelevant whether the company initiated it out of their own accord. All listed firms need to follow the listing rules. That is it.

Secondly, you are mistaken about not needing to go for EGM if it is a related party transaction. On the contrary, the whole point of having a EGM IS because of the related party transaction. I work in the field and am quite familiar with the process. I do believe the approval for related party transaction that you are referring to is for the Recurrent Related Party Transaction, of which most companies will get approval every year during the AGM. This is not a recurrent transaction. If you do not believe me, please read the circular to shareholders where Chapter 10 (Related Party Transaction - RPT) of the Bursa Listing Requirement has been quoted. You would also realise that as part of the requirement for Chapter 10 - RPT, an independent financial advisor is needed to advise the shareholders. Part B of the circular is exactly the advise given my Mercury Securities. So, contrary to what you think, the EGM is precisely because it is a RPT and not because of Bursa not agreeing or what-not.

Now, the other concern is with the HOA. The process is quite normal. A HOA can be signed prior to shareholders approval because it is not legally-binding. For a comparison, note that Sona also recently signed a HOA before shareholders approval. Hence, there is nothing out of the ordinary here.

Lastly, we are all aware of the mess-up the company made. This has been reflected by the share price appropriately. I don't think anyone would argue with that. What I am interested in is how they deal with it and the turn-around story. For me, I think the HOA is a step in the right direction and hence I am invested. If you think otherwise it is of course your decision. Again, make your own decisions and for heaven's sake do your own homework instead of just believing whatever you read.

Kukuman, I for one would welcome discussions whether favourable or not to the company. We are all investors and as such information is good for us to make decisions. However, ironically, while preaching to inform the misinformed, I can't help but notice your previous post would only cause more confusion.

i) "the coming EGM is NOT mr ben's own initiative but it is a Bursa's directive" - you are partially right. But it is not exactly Bursa's directive. In that I mean a directive is an instruction. I doubt Bursa directed the company specifically. Instead, there are Bursa Listing Requirements that have to be adhered to if you are a listed entity. Every listed entity have to adhere to it

ii) "Bursa did not agreed with mr ben's explanation that the HOA agreement is a related-party-transaction" - not very sure what you mean by this. Why would the company argue that it is a related-party-transaction if what it is trying to do is not have a EGM. A related party transaction requires shareholder's approval and hence EGM

iii) "If shareholder did not approved it during the coming EGM, Bursa may reprimand the company and imposing fines. Be correctly informed and warned!" - as far as I am aware this is also not true. If shareholders do not approve of it, it just means the company cannot proceed with their actions. Correct me if I am wrong but resolutions get turned down quite often and there are no fines attached to them

I am not advocating a buy or sell. Make your own decisions but make an informed one.

nordi, liangchai said will limit down. limit down means < 65 cents. kiki
I think 0.70 strong resistance. And now going down with low volume so nothing much to worry about

Posted by DRwarrant > Jun 12, 2014 01:35 PM | Report Abuse

8.5 sen soon ......


If close at 0.115, drwarrant's prediction out by 26%. Must be proud of himself

azrb sloww and steadyyy. there is good support at 0.70. hopefully these few days the support can be at 0.72 also. It will then trend up gradually. I prefer that over a sharp rise which will likely lead to correction. Rest be assured that we will be getting a daily call for "limit-down" by liangchai the "oracle".

lets see how it closes today.

wongwee, i think dkwee was tellin you what he bought

1 SAR about RM0.83. So it's about RM77 mil

That's why they can win AhMoi. All their opponents distracted

2cents.

I think taciturn's write-up has been quite realistic and consistent. And he has been proven right in his prediction that given the short turnaround time to sort out the issues, the validity of the term sheet will be extended.

Think if people bothered doing their homework they will be aware that there was always a high probability that the term sheet will be extended given that the company has just recently been able to sort out their issues.

If it is true as what taciturn said, that the issue is on the EIA rather than an agreement in price, I do believe it is very probable that things could be settled in 6 months. Pricing is always a key determinant factor and it is good if that is out of the way. Now, the royalty has been quite edgy over the delay in EIA so I do think this would pressure the relevant department to try to expedite the process. How fast is anyone's guess. But please aware that the term sheet signed is binding. Hence, any cancellation of it will have legal consequences to the other party so this is unlikely. Also be aware that E&O's STP2 EIA took awhile before approval and look how the share price have reacted once they got it.

I would hold for now as I am terrible with timing. No one will know when they will get the EIA approval and I wouldn't take that risk.