I also revised my target PE from 5 to 7 due to latest positive development in CRC industries (Malaysia & China)

Based on my projection of future profit for Mycron, the following are estimated:

30/9/2016 - 5.34
31/12/2016 - 6.44
31/3/2017 - 6.53
30/6/2017 - 4.29
Total = 22.6 cents

I will release my calculation & projection at the coming CRC Part 4 article.

My understanding is this:
1. Company is running at almost full capacity, it happen to CSCsteel as well. (Please refer to last QR of Mycron & CSCSteel, both already running at very high capacity)

2. Increase in price of imported CRC due to anti-dumping duties AND price increased in China produced CRC

3. Profit driven future expansion plan, I will think Mycron & CSCSteel will try to boost its production capacity via acquisition or building of new production lines.

http://klse.i3investor.com/blogs/wealth123/106099.jsp

Management has replied my email to rectify the sales volumes & confirm on the average selling prices for the last 4 quarters.

Spoken to one of the important officer that the company is now looking at the various options to tap into the import-substitution market in Malaysia due to constraints of existing production capacity.

Management has replied my email to rectify the sales volumes & confirm on the average selling prices for the last 4 quarters.

Spoken to one of the important officer that the company is now looking at the various options to tap into the import-substitution market in Malaysia due to constraints of existing production capacity.

At current price (RM0.965), forward PE for Mycron is expected at 4.12times, any price goes down lower than RM0.90 will attract bottom fishing activities,

If the prospect remain good & strong, market may re-rates to higher

It will normally be ranging at PE6-8 for a good cyclical company, PE8-10 for a leading company.

By looking at the article & all comments, am I too conservative?

CSCSteel = PE7
Mycron = PE5

http://klse.i3investor.com/files/my/blog/img/bl2751_table_2_1.jpg
http://klse.i3investor.com/blogs/wealth123/103812.jsp

Good article with good analysis, thank you for sharing, Chelsea

Yes, moneySIFU, following on the good progress of CRC industry since september, I am working on Part 4 which is focusing on Mycron's potential & financial projection.

Hope to have it done by this week.

China CRC price has increased 3.4% since my my first article was published on 5/9/2016, the price was RMB3,480 now it is RMB3,597.

Bright Future for CRC Steel Producers: CSCSteel, Mycron, Eonmetal & YKGI (Part 1)
Author: WealthWizard | Publish date: Mon, 5 Sep 2016, 11:02 AM
http://klse.i3investor.com/blogs/wealth123/103741.jsp

I retain my target price for Mycron at RM1.12, subject to revision to higher due to increase in China CRC price & weakening RM against China Yuan

I retain my target price for Mycron at RM1.12, subject to revision to higher due to increase in China CRC price & weakening RM against China Yuan

Thank you probability for sharing this link: http://www.sunsirs.com/uk/prodetail-318.html

China CRC price has increased 3.4% since my my first article was published on 5/9/2016, the price was RMB3,480 now it is RMB3,597.

Bright Future for CRC Steel Producers: CSCSteel, Mycron, Eonmetal & YKGI (Part 1)
Author: WealthWizard | Publish date: Mon, 5 Sep 2016, 11:02 AM
http://klse.i3investor.com/blogs/wealth123/103741.jsp

China CRC price was RMB3,480 when my first article was published on 5/9/2016, now it is recorded as RMB3,597, an increase of 3.4%.

Bright Future for CRC Steel Producers: CSCSteel, Mycron, Eonmetal & YKGI (Part 1)
Author: WealthWizard | Publish date: Mon, 5 Sep 2016, 11:02 AM
http://klse.i3investor.com/blogs/wealth123/103741.jsp

China CRC price was RMB3,480 when my first article was published on 5/9/2016, now it is recorded as RMB3,597, an increase of 3.4%.

Bright Future for CRC Steel Producers: CSCSteel, Mycron, Eonmetal & YKGI (Part 1)
Author: WealthWizard | Publish date: Mon, 5 Sep 2016, 11:02 AM
http://klse.i3investor.com/blogs/wealth123/103741.jsp

sharktank, it's good idea too

Just called Mycron office finance department & they confirmed received on my email, they will look into it & reply by this week.

Can anyone translate this to english? Thank you in advance :)
http://klse.i3investor.com/blogs/BursaInsider/105702.jsp

Letter from a shareholder to the Board of MYCRON STEEL BHD
http://klse.i3investor.com/blogs/wealth123/106099.jsp

Thank you for your sharing, moneySIFU. It will be long term good position for EKOVEST

Thank you, Jay, we are all small time investors, I don't think my articles can push up big company like Ekovest, just hope to get something back for our money.

Open up all facts & disclosing all figures will help to make informed decision. Rather than listen to newspapers where only a small portion of facts/info disclosed here & there.

Agreed, moneySIFU & Jon Choivo, thousands of people with different backgrounds, financial positions, moods, expectation of risks & rewards, etc.....

Not easy to predict, all we can do is understand ourselves, know what we want & what are we buying.

Before & during construction of Duke 2, the islamic notes were issued & the proceeds received has been put into investment fund.

Hi Jay, good to point out, my reply is as follows:

1. The interest for sukuk will be capitalised during the construction period of Duke 3 . You may refer to Ekovest account (past 2 years) in treating the construction of Duke 2.

2. Any target price is just a visionary target, market will be the final decider.

张天师除妖, it's my hobby & I am not working as analyst. Hope you like it. Thank you.

Thank you for your comments, moneySIFU, probabilty, 张天师除妖, ronnietan & williamloh928

EKOVEST: The Next Big Thing & Great Upside Potential (+84%) (Part 3)
http://klse.i3investor.com/blogs/wealth123/105946.jsp

Please read the page 47 of Kesturi Audited accounts about effective interest rate for Islamic Notes

http://klse.i3investor.com/files/my/blog/img/bl2751_kesturi_audited_account_page_47.jpg

Straight to the point & very important questions, well done, Filinstones, you will know all these after reading the audited accounts.

I can give some rough answers where you can verify with the audited accounts later.

1 & 2 are same question, the operating expenses for Duke 1 in year ended 30/6/2016 = RM18m

Q3, the effective rate is 4.78%. The interest charge for the note is about RM92.8m

Please take note that the islamic notes are for refinance of Duke 1 & construction of Duke 2, so there will be no new loan for Kesturi & Ekovest in term of Duke highways

Hi moneySIFU, half way through only, I will try to work it out to see if can finish by end of the day.

You are right, you won't see much details from Ekovest report as it has consolidated everything as Group accounts.

Yes, it did give clear picture of duke highways.

Hi Flintstones, the audited accounts of Kesturi is not available online and it is lots of pages, each page 1 file, need to combine into 1 file.

I am working on Part 3 now & will publish complete set of the audited accounts after that.

I am not promoting, I am just sharing. I started to look into Ekovest when EPF offer RM1.13 bil to buy 40% in Kesturi, the owner & operator of Duke 1 & 2.

Hi Flintstones, I guess you are mentioning the balance sheet of Kesturi, it was extracted from Kesturi's Audited Accounts for the year ended 30/6/2015.

Part 3 will be out by this week, thanks for support. Now busy buying everyday :)

Jay, I suggest you to state full name of the accounting terms used in your comments as normal people may not know what are these terms.

Thank you, Equityengineer, I believe figures will tell the story & sometimes we need cross checking from our fellow members to make sure the calculation is not far away from the facts.

Respect disagreement & ready to accept reasonably differences.

Please take note that I have just amended Table 5 incorporating the effect of 40% disposal in Kesturi to suit the purpose of title, changes in NTA.

Thank you, moneySIFU, my projection of revenue matches the one that said by the director, please stay tune.

The reason I presented in this way because too many people think that Ekovest is high debt company while it is common nature for all toll operators.

So we need to break it out to see the actual picture of Ekovest by referring to the balance sheets of Group & Kesturi.

I agreed with you, Jay, that's what I am thinking now

My intention is to show the movement of events, rather than discussing in technical things, not many will understand about it.

I think I need to move away the classification of investment in subsidiary to avoid any further confusion.

Also, I never said the gain will flow back to PL, it is the changes in reserves in Balance Sheet, so it is correct.

It's not false hope, I believe you know it, it is just my flow of thinking where the NTA should be calculated.

My main purpose is to show the cost of investment is right via the movement in balance sheet.

As I said in my earlier comments in my first article, it may be too technical in presenting the adjusted balance sheet.

I did highlight in the title at table 3 where the ratio is excluding toll business