Posted by happy888 > 2018-03-23 19:22 | Report Abuse

Why force it to give dividend. It needs to use its money for the upgrade

Posted by ks55 > 2018-03-23 19:27 | Report Abuse

If you think Directors are not trustworthy, vote with your legs.
It will just mere waste of time expecting somebody to help you.
Remember Xinquan?
Remember CAP?
What did SC tell you ?

Posted by qqq3 > 2018-03-23 19:27 | Report Abuse

Apple shareholder activist forced them to pay dividends and share buy back...and Apple doubled in next 12 months....

sslee wants to repeat feat in malaysia

Posted by ks55 > 2018-03-23 19:29 | Report Abuse

Still believe red chip to declare dividend?
2 sen is already good enough.
Next year may be none.......

Posted by hollandking > 2018-03-23 19:30 | Report Abuse

be grateful a redchip willing to give 2 cents, next time they dont' want give, then u know

Posted by ks55 > 2018-03-23 19:30 | Report Abuse

Stock: [HENGYUAN]: HENGYUAN REFINING CO BHD

Dec 31, 2017 09:31 PM | Report Abuse

When did Hengyuan pay dividend for the last time? 2013?
When do you expect Hengyuan to pay dividend again? 2023?

Like all Red Chips, if you still think Hengyuan is making 5 ringgit or 10 ringgit a year, and expect windfall dividend, you might as well wait for Xinquan to declare a 10 sen dividend.

Sama-sama lah, all are red chips.

Don't believe, check CAP, Maxwell, CSL, Xinquan, Xinghe, Kanger, CNOuhua, all were PE 1.5x, and all cannot afford to pay dividend.

Later on fire will break out in their factories/ refinery.

Be careful, when major shareholders start to unload, it will be like Maxwell owner selling her share at 2 sen.........

Posted by ks55 > 2018-03-23 19:37 | Report Abuse

FY 2013 Xinquan made 41 sen per share, Directors gave you 2 sen.
Now HYR made 5.00 ringgit, Directors also give you 2 sen.

Next year, that 2 sen dividend also gone with the wind.........

Posted by Tom > 2018-03-23 20:26 | Report Abuse

lol，你真的是sochai

Posted by Tom > 2018-03-23 20:27 | Report Abuse

醒醒吧，你怎么还在发梦

Posted by TheContrarian > 2018-03-23 21:26 | Report Abuse

Mr Sslee, can we do the same for Insas?

Posted by Beary > 2018-03-23 21:32 | Report Abuse

Tom, let him lah, must be old man with too much time and nothing to do.

Posted by Alex™ > 2018-03-23 22:07 | Report Abuse

i used to be hrc shareholder...hmm....

Posted by lanjiolang > 2018-03-23 22:11 | Report Abuse

SSlee, Good Job. I support you.

Posted by lanjiolang > 2018-03-23 22:20 | Report Abuse

One Belt and One Road, Shorten the Route to Holland.

Posted by astalavista > 2018-03-24 00:19 | Report Abuse

SSlee..i fully support you

Posted by stncws > 2018-03-24 00:47 | Report Abuse

what u want? put a clear title !!!!

Posted by PureBULL . > 2018-03-24 03:59 | Report Abuse

At last there is 1 good man in i3.
Cheers, good action taken by dear Sslee.

Posted by limch > 2018-03-24 04:28 | Report Abuse

If still believe in Red Chips like HRC why not go for cheaper 1? Eg Xinghe only 6 sen.

Posted by abdulrahim > 2018-03-24 06:02 | Report Abuse

Now you know, all negative comment given to Sslee is a con man and trader, these guys will not support you but bs.

Posted by happy888 > 2018-03-24 06:34 | Report Abuse

Actually i had one more suggestion... suggest HRC to open themselves up to analyst. They have been avoiding analyst for 2 years.

Posted by GalGunAmmo > 2018-03-24 06:49 | Report Abuse

LOL. they own 51%!

Posted by soojinhou > 2018-03-24 07:16 | Report Abuse

Whatever the outcome of your challenge to the board, I applaud your effort to keep them on their toes.

Posted by Sslee > 2018-03-24 07:25 | Report Abuse

Dear Hengyuan Shareholders,
Good morning, a gentle reminder. Please look into the below blog and spare some of your valuable time this weekend to prepare and send in your Notice of Requisition. I thank you
https://klse.i3investor.com/blogs/Sslee_blog/151687.jsp

Dear ks55, pussycats, 3iii and all the naysayer.
Thank for your comments, I choose to attend the AGM and to voice out all your concerns with the BOD and the auditor. Please let me know if you have any other concerns or perhaps you would like to invite yourself to the AGM by buying 1 lot of Hengyuan share and ask the BOD and Auditor directly yourself. I thank you.

Dear Sadist,
I can only offer you the following advice:
Some live in the past: Anger, arrogant, guilt, regret, resentment, grievance, sadness, bitterness, pain, hate and all forms of non-forgiveness.
Some live in the future: Hope, expectation, unease, anxiety, tension, stress, worry and all forms of fear.
So please set yourself free from the burden of the past and the expectation of the future. Live in the present. “THE NOW”
Accept what you are now with no judgment. Acceptance does not mean give in or give up, it simply mean be aware and conscience of what you are NOW and take control of it. Act now. Free yourself from the negative emotion of the unconscious past (Anger, arrogant, guilt, regret, resentment, self pity, sadness, bitterness, pain, hate and all forms of non-forgiveness) and feel the positive energy flowing through your body (Courage, passion, compassion, determination, strength, joy, calmness and peace of mind) aware and conscious of what you are now, take appropriate action to change your life for the better. Plan and focus on what you can do now, a step at a time, a word at a time. Any action you take now may not bear fruit immediately but if you focus on each step you take now the future will take care of itself.
Never believe that you are fated to be a born loser. If you act now you are controlling your own destiny but if you let yourself to be influenced by your past failure/anger/bitterness/pain/hate/resentment/regret/self pity and fear of the un-known future that nothing can be done for the better then you are destining to be a failure.
I seek not to conquer other but to conquer my own self of the past anger/bitterness/pain/hate/grievance/arrogant/resentment and future worry/anxiety/stress/fear/unease. I choose to live in “THE NOW”. So can you.

Thank you

Posted by Sslee > 2018-03-24 07:42 | Report Abuse

Dear TheContrarian,
Yes we can do the same for INSAS.
If fact you can prepare an EGM requisition to appoint yourself as independent director and ask minority shareholders to sign up your requisition at the AGM. If not less than 10% paid up capital signed up and verified by the vote tally auditor present during the AGM you can hand over your EGM Requisition to the Company secretary and BOD present. The BOD will have to call an EGM within certain time-frame for shareholders to vote on your requisition.
Thank you

Posted by paperplane > 2018-03-24 07:43 | Report Abuse

So aggressive

Posted by Ricky Yeo > 2018-03-24 08:17 | Report Abuse

Great effort but in my opinion, unnecessary, unless you really have to become an activist because a big chunk of your wealth sits inside HY.

1. How can someone exactly know the dividend is the crux of the problem that cause the share price to nose dive? No doubt, there will be those that sell because they expect higher dividend but what is the % of those shareholders that contribute to the fall? 0.1%, 2%, 50%? No one knows. There can just as many other reasons that cause the fall. Or no reason at all. If HY declares the same dividend and the share price stays at RM15, would this letter be written? Most likely not. Because it is the share price movement, the almost 50% fall since the dividend date, that trigger this action, not because of the dividend itself. As a thought experiment, if HY declare 2 cents div, and the share price shoot up above RM20, many would come out and praise how 'generous' HY is. This requisition won't be written. I write this to emphasize the dividend is not the real issue, the real issue is people look at the share price everyday that creates panic in themselves. Share price is the cause, not the dividend

2. This is more on creating value and dividend itself. No doubt, dividend has been a main source that contribute to a big chunk of stock market return over past 100 years, not just the increase in share price. But given that if what all the predictions and countless articles written on HY is true, that HY is going to generate upward 40% return on capital. My stand will be opposite from you, I would 'sue' them for paying that 2 cents. Because they should reinvest everything back into the business. I can't and no one can find a 40% roc business out there, paying out dividend essentially lower my long-term return. Because all I can is take those dividend and invest in a 15% ROC business, worse, lower than 10%. So why should all these people that is confident of a business generating 40% ROC get so concern that HY is paying a pittance of dividend?

Posted by lizi > 2018-03-24 08:18 | Report Abuse

I prefer share price rm42 instead of dividend.

Posted by CharlesT > 2018-03-24 08:21 | Report Abuse

I prefer share price Rm8.24 (50% Strong FIBO support) instead of few cents div

Posted by martinam > 2018-03-24 10:53 | Report Abuse

@ Ricky Yeo, why pour cold water over this suggestion. What is your agenda? Is it wrong to ask for more dividend? For shareholders of HY, we welcome the efforts of SSlee. You, I and no one else know the outcome. So let's wait for the outcome.

Posted by okdoke > 2018-03-24 10:53 | Report Abuse

Thanks for this info. Something new to learn today. Share price of worldwide bourses has been volatile as a result of US president action. Inflation fear and trade war between US and China have impacted sentiment lately and it is natural to expect share price decline not just Hengyuan but other bluechip. Hengyuan is an Excellent company but BOD interst is not allign to shareholders interest ie small divident In summary, share investment is not easy. Decide if you want to be with this company or find other better company . My two cents

Posted by teoct > 2018-03-24 10:59 | Report Abuse

Mr Ricky Yeo, fully agreed with your take on the dividend. Mr. Lee, if you want dividend as an income then probably HY is not for you. As a business man, I would not pay dividend as the business need upgrade and these upgrades (Euro4 & 5) is not cheap, and in addition fraught with all kind of risks - implementation risk, DT (Donald Trump) risk, financial risk, interest rate risk, etc. And the China investor is no difference from Shell and no superman as some make them out to be.

Posted by teclausai > 2018-03-24 11:11 | Report Abuse

Now 7.8 still dreaming of RM 42? Maybe RM 4.2 will come next mth.

Posted by lizi > Mar 24, 2018 08:18 AM | Report Abuse
I prefer share price rm42 instead of dividend.

Posted by lanjiolang > 2018-03-24 12:02 | Report Abuse

Share Price=7.8
NTA=5.9
PE=2.57
ROE=51.34

Looks so attractive, but DY~0,

If a company earn big money but just pay little dividend (or almost nothing), then this stock is just a money game and what investor holding now is only a roll of toilet paper.

So, I will not surprise if it's drop to PE=1 (share price=3.03)

Posted by ks55 > 2018-03-24 12:32 | Report Abuse

Don't hold on to HYR.
Don't wait to attend AGM.
Donald Trump tsunami is now here.
Very likely there will be a Black Monday for World Market.
Equally probable another Black Tuesday for World Market ex NYSE if DJ can hold on Tuesday's trading.

To hold on to HYR will probably see you fortune halved by the end of Tuesday trading......

Posted by qqq3 > 2018-03-24 12:39 | Report Abuse

expected value of the exercise, zero

expected cost incurred , insignificant.

zero vs insignificant

Posted by Seek > 2018-03-24 13:50 | Report Abuse

Thanks SSLee. Very educational. Klse needs activist to shake the uncaring Bod of listed cos.

Posted by Sslee > 2018-03-24 14:32 | Report Abuse

Dear Ricky Yeo, teoct and drangonslayer,
Thank for dropping by and gave your comment and opinion. Yes different people have different taste and liking this makes this world more colorful and challenging. I can only offer you the speech by China Securities Regulatory Commission Chairman Liu Shiyu's at the 2nd Assembly of CAPCO Members' Representatives on the important of dividend.
http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwdd/201704/t20170408_314862.html.
http://www.csrc.gov.cn/pub/csrc_en/informations/phgall/201706/t20170608_318016.html.
By the way I am only a small part-time investor and Hengyuan only constituent less than 10% of my portfolio. (I sold Bplant and bought Hengyuan recently) INSAS is my biggest holding now. I am near my retirement age and as I grow older, I feel an inner calling inside me to serve Malaysia in whatever way I can and help to bring about social wellbeing/justices to all. Thus when I have free time, I attend AGM to get to know people, find out the true facts and figures from the people running the company and if I sense red flag of fraudulent, I will follow up with Auditor, independent director, Bursa and SC.
INSAS director told me during the AGM why not invest in INNARI (Dividend stock) instead of INSAS (Growth stock)? I beg to differ why can’t INSAS be growth stock and at the same time a dividend stock?
Yes during Bear market or downturn all shares will drop like no tomorrow because of fear factor, margin call and TA practitioners cut loss as their TA chart had triggered the cut loss set limit. (They are absolute right to cut loss and wait sideline to reenter when the TA chart tell them to do so.)
Dear Ricky Yeo, you are most welcome to ‘sue’ Hengyuan for paying 2 cents interim dividend because they should reinvest everything back into the business. Please ‘sue’ NESTLE too for giving so much dividend because if they had reinvested everything back to expense into upstream Palm oil plantation, Cocoa plantation, Sugar plantation, Palm oil refinery, Specialty fat, Cocoa crashing and refining, Sugar refining, cow farming and milk harvesting and etc, NESTLE today share price should be in the thousand instead of RM 150. I thank you

Dear all,
I had to admit that I have yet to read any of the investment books often quote by investment Sifus in i3 investor or attended any FA or TA training course. I will take up some of the courses after I had retired from my full time job as I feel guilty if I attend such course when I am still holding a full time job.
I had taken leaves and attended some AGM and the last one is INSAS AGM where I prepared 5 pages question, group under 3 subjects:
Subject 1: Financial report and Business outlook
Subject 2: Dividend
Subject 3: Share market price
I gave a hard copy to the BOD and spend hours questioning, arguing, reasoning, appealing and bagging for a better dividend to no avail. I learnt some lessons from that experience and felt BOD will most likely listen to the minority shareholders demand if the request for better dividend is by Official Notices of Requisition to move and vote on the proposed resolutions. (So please send in your Notices of Requisition, you only need to hold 1 lot to qualify as voting member)
Please do not take my intended action as a recommendation of a buy call or a hold call as I am definitely not qualified to make such call. You have to decide for yourself what to do with your holding. As for me I will attend the AGM, get to know the BOD and management team, ask as many questions to find out more about the major shareholder, management system, plant capability, financial standing, future expansion, cash-flow, business outlook, corporate governance and etc.
Thank you.

Posted by Ricky Yeo > 2018-03-24 15:23 | Report Abuse

@Sslee I don't disagree with what you are doing. I just think there other better things you can do in this scenario, but that's just me. And to clarify:

1. Depends on your definition of growth, like what constitute growth? Anything above o%, 10%, or 20%? To put something in context, I assume growth is defined as anything as above 10%, and a dividend stock as something that has a return yield of above 7%. That essentially mean you need a return on capital of 17% to do both. How many stocks in the universe consistently achieve more than that? not many. If Insas and HY can go more than that, they can be growth and dividend at the same time.

2. On Nestle. Why should I sue Nestle? They got a high payout ratio because they lack reinvestment opportunities. I would sue them if they invest in those businesses you just mentioned, because those biz would lower their return in the long-term. Nestle don't maintain their high ROC by investing in those 'commodity', but because they stick to what they know best. In contrary, investing in those biz will result in lower share price than what it is right now.

This goes to the core of your argument. Your argument is that fat dividend means higher share price, but that's only half true. Companies can have zero dividend yet with high share price, think Berkshire Hathaway. You probably prefer dividend because you are near retirement age, that's a valid point. But everything goes back to the future ROC of HY. Dividend is only a byproduct of quality business. It would be better to question the strength of HY than questioning when they'll be paying div.

Posted by Ricky Yeo > 2018-03-24 15:52 | Report Abuse

That's why a company that doesn't require much in capex over the long-term is better than one that require high capex. Capex light business can either reinvest or distribute earnings to shareholders while continue to earn a high ROC. Nestle share price continue to go up not because they can pay alot dividend, but because they earn a high ROC. It is high ROC that makes them valuable, not the dividend itself. But high ROC does enable long-term dividend growth.

HY can pay you a fat dividend but if the business is so competitive that ROC eventually come down, no amount of dividend can support the share price. Don't take my word for it. Look at Hengyuan from 2008-2012 when they are still Shell. The payout ratio is 50-100%, sometimes even more. Given such a generous dividend payout, share price should go up according to your assumption. But it didn't, the price stays flat all those year. When Shell decided to stop the dividend, given the poor/negative ROC, thus inability to sustain of such dividend payout, the share price moved downwards. That's why my opinion is understand the business earning power, that matters more than the dividend policy.

Posted by Sslee > 2018-03-24 17:35 | Report Abuse

Dear Ricky Yeo,
POINT TAKEN.
Thank you

Posted by NoPlayBall > 2018-03-24 20:02 | Report Abuse

@Ricky Yeo sorry,digress a bit..
any good dividend stk tht meet close to your 7% yield target ? (apart fm magnum, Bjtoto,digi, telcos,maybank and exclude reits) thank you in advance.

Posted by Aboveall > 2018-03-24 20:33 | Report Abuse

To all newbie, you are lucky my flight to Frankfurt is delayed so let me give more info, don't listen to sifu here, all got own agenda...I hav been giving out warning on Iwc , Jaks, csl on many occasions. Hengyuan is a very small company in China, may be top 30000 also not in the list ! May b top 1000 in shangdong, it has a very small out of date refinery in shangdong, about 1/3 the size of shell PD ! Dutch Shell had helped them to produce euro 5 diesel, later they request shell to transfer the know how to produce the euro 5 but their refinery is not easy to upgrade, instead Dutch offer them to take over PD shell with condition shell will transfer the euro 5 know how.........later you will see the huge transfer of euro 5 technology from shell to henguan costing billions of ringget ...euro 5 technology only few EEC countries can produce... even US can't match them !

Posted by OPMS > 2018-03-24 20:45 | Report Abuse

it is good to have logical comments like Sslee, Ricky & others.. salute !

Posted by OPMS > 2018-03-24 20:46 | Report Abuse

ah plane, long time no see..

Posted by joekit > 2018-03-25 11:42 | Report Abuse

Dividend no good lar...better propose a dividend reinvestment plan.... or best is give bonus share one for one...hahahaha.....

Posted by PureBULL . > 2018-03-25 12:33 | Report Abuse

868 in Aug 2017 was std 6
Excelled super high speed well to
1920 at pre-U.

Rightfully a true blue FA stock must not n never ever went down below 868.
Last Fri closed at 780, i.e. failed miserably n demoted to std 5.

Now technically a # 1 LAUGHING STOCK.
If till end of next week, there's no recovery, be prepared for the worst.
AWAS: knm returns, knm read in chinese

Posted by qqq3 > 2018-03-26 03:31 | Report Abuse

1. To approve a final single tier dividend of 43.5 cents per share in respect of the financial year end 31 December 2017

SsLee.....the accounts for 2017 already finalised already.

Posted by qqq3 > 2018-03-26 03:33 | Report Abuse

SsLee.....the accounts for 2017 already finalised already...or at least by the time of the AGM

Posted by Sslee > 2018-03-26 08:30 | Report Abuse

Dear qqq3,
Base on previous year BURSA company announcement recorded.
1. Q4 2016 announce on 28 Feb 2017.
2. Notice of AGM announce on 27 April 2017.
3. Audited Annual Report-2016 announce on 28 April 2017.
4. General Meetings: Outcome of Meeting announce 24 May 2017.
Thank you.

Posted by kennyyap1962 > 2018-03-26 12:50 | Report Abuse

MR. SS LEE taken Good action Thanks a lot.... not like other -ve people who just talk only without facts back-up just ignore them. Please 4 those who don't contribute info/facts in any forum & want 2 seek attention is better go 2 political site or at least do good to society!!!!!