Posted by Felicity > 2018-03-28 10:55 | Report Abuse

Only problem is with the cash call, for those that has no fund will be stuck. But one can still sell the excess.

Posted by LowChingHong > 2018-03-28 10:58 | Report Abuse

shit!

Posted by Felicity > 2018-03-28 10:59 | Report Abuse

Paperplane, let's call it this investment is for Felicity's future.

Posted by Jon Choivo > 2018-03-28 11:00 | Report Abuse

Felicity,

If it drops below 80 sen, i dont see much change, since the conversion price is not yet determined?

Posted by Felicity > 2018-03-28 11:02 | Report Abuse

Jon, they can't raise enough funds

Posted by Felicity > 2018-03-28 11:03 | Report Abuse

They need RM634 million

Posted by Jon Choivo > 2018-03-28 11:47 | Report Abuse

Possible. Have not done the calculations that deeply.

Posted by kahfiehlai > 2018-03-28 11:57 | Report Abuse

my only worry on this counter is the completion of the project!!! Delay or hanging on whatever reason :((

Posted by uptrending > 2018-03-28 14:16 | Report Abuse

No worries!
Highly likely that it will turn green at the close of the day.
:)

Posted by uptrending > 2018-03-28 17:01 | Report Abuse

Oops... not green yet but with a small hammer .. Sellers are seen sparingly..

Hopefully already bottom...

:)

Posted by Mar Yung Chern > 2018-03-28 19:48 | Report Abuse

lets say if i have 10000unit, but i have not extra fund to subscribe right issue, is it worth that i sell out 28000 unit on hand and go to subcribe the rigjt issue due to right issue provide 15% discount?

Posted by Jon Choivo > 2018-03-28 20:57 | Report Abuse

Probably i guess, but sucks for you cause drop 17% over the last 2 days.

Posted by CharlesT > 2018-03-28 21:01 | Report Abuse

Wait for iculs n wa. Buy n keep for 2 years.

Posted by Balan211072 > 2018-03-28 21:24 | Report Abuse

Looks like a reversal wit hammer formation candle

Posted by uptrending > 2018-03-28 23:49 | Report Abuse

Bandar RIMBAYU
From IJM LAND AR 2014, FY ending 31/03/2014, the land measuring 81,846,191 sq ft, the book value as at 24/01/2014 (at the date of acquisition /date of valuation) is only
rm1, 258,269,000.

It is only rm15. 4 per sq ft only in the book.

WOW!

The current land value if we take @rm35 per sq ft, WCE's 40% of the SURPLUS ONLY would be rm1.14 billion, more that its current Market CAP, (1.003 Billion shares x current share price of 0.93)

The Value of the West Coast Expressway due for completion by 2019, with 60 years concessions, is FREE woh...

Posted by sheep > 2018-03-29 09:31 | Report Abuse

hopefully greedy newbies not influence by so so bloggers. ... No. No.Then stake holders forced to lower the share price to attract more buyers for their rights.. they just need your money.. urgently...

Dont touch future issued warrants

wakakaka

Posted by Mar Yung Chern > 2018-03-29 09:56 | Report Abuse

share invest just same as doing business, just a common sense whether this highway business is a good deal to invest for, that's simple, everyone have their own judgement

Posted by uptrending > 2018-03-29 10:23 | Report Abuse

Those shareholders have no allocations or funds to take up their rights might have joined in the sell down over the last 2 days. This could be one of the reasons for sell down and the price is depressed temporarily. There might have invisible hands in play forcing the price lower to accumulate. This is share market and buaya-s are abound.

A good indicator that the price is undervalued is that the CEO and his spouse had been buying recently for about 300K shares at prices from rm1. 00-rm1.15.

Thanks to all the bloggers in i3 for the informative write-ups

One has to digest the contents disseminated and not to follow blindly.

Cheers!

Posted by Jon Choivo > 2018-03-29 10:23 | Report Abuse

Just bought a little to round up my number. Aih, sad. Went up today, had to pay more.

Posted by Flintstones > 2018-03-29 15:34 | Report Abuse

Why do investors like WCE? The same undervalued situation is happening in Ekovest where the market dismissed the value of Duke 3. Ekovest highway is proven and has secured funding. I think there is much more certainty in Ekovest in terms of traffic as well as construction progress

Posted by Mar Yung Chern > 2018-03-29 16:46 | Report Abuse

uncertainty create huge opportunity, chance loss when everything going smoothly

Posted by Jon Choivo > 2018-03-29 16:53 | Report Abuse

You have a good point.

This one is cleaner. For me at least. Eko is a decent investment though.


Flintstones Why do investors like WCE? The same undervalued situation is happening in Ekovest where the market dismissed the value of Duke 3. Ekovest highway is proven and has secured funding. I think there is much more certainty in Ekovest in terms of traffic as well as construction progress
29/03/2018 15:34

Posted by uptrending > 2018-03-29 18:29 | Report Abuse

Huge margin of safety in WCE because of its 40% stake in Bandar Rimbayu, the land value is about its market Cap now.

Posted by Jon Choivo > 2018-03-29 20:59 | Report Abuse

Can say the same for ekovest lah to be fair. The highways is worth more than the current market cap.

Posted by pakatan_harapan2 > 2018-03-30 04:25 | Report Abuse

GE 14 coming soon and Pakatan toll free pledge no supporter?

Posted by sheep > 2018-03-30 09:22 | Report Abuse

sell on strength.. dont look back...

Posted by Flintstones > 2018-05-07 13:20 | Report Abuse

Wow. 0.89.

Posted by tiptop168 > 2018-05-12 17:21 | Report Abuse

Dear Sifu,after changing the government, any impact to this toll company? Please advise. Thanks

Posted by tipumakan > 2018-05-14 18:41 | Report Abuse

If they really make plus toll free, then i think mostly WCE will die

Posted by newbie8080 > 2018-05-14 18:44 | Report Abuse

I'm wondering if they planning to abolish toll, will they continue with this project, since it's only 35% complete.

Posted by Mar Yung Chern > 2018-05-15 08:47 | Report Abuse

*Progress as of December 2017 : 43.97%

They must compensate or they will get sue if breach the contract. This is what we call rules of law.

Posted by Jon Choivo > 2018-05-18 11:57 | Report Abuse

Im perfectly fine if the government wants to takeover the toll. Just pay up. Id prefer if the toll is built and operated. But id take the money now too.

Posted by steady31 > 2018-05-18 12:03 | Report Abuse

Can Felicity and Jon Choivo give us your working estimate of what the Government would have to pay on a takeover of the company like what they did to Plus in 2012 in order to abolish all toll operators.would it be 1.20 or highest price done

Posted by Mar Yung Chern > 2018-05-18 12:43 | Report Abuse

look like the stock is gone? What is the TP if government takeover the WCE highway?

Posted by steady31 > 2018-05-18 13:58 | Report Abuse

Why 1.20 per share?It is the value of concession assets less the outstanding debts excluding deferred tax liabilities and ignoring future concession profits and works in progress not reflected in the financial statement as at 31/12/2017.It is one basis to take the company private and become a government entity.

Posted by Flintstones > 2018-05-18 14:42 | Report Abuse

Fund raising exercise still feasible?

Posted by steady31 > 2018-05-18 15:12 | Report Abuse

back in october 2010, PLUS was taken private at 4.60 at a premium of 14% over the average of past 3 months traded price.Using this yardstick, the offer price would be about 1.25 per share

Posted by Mar Yung Chern > 2018-05-18 19:46 | Report Abuse

share price drop like shit, any effect to the fund raising?

Posted by trulyinvest > 2018-05-18 20:07 | Report Abuse

Luckily sold all 1.09 with handsome profit

Posted by Jon Choivo > 2018-05-19 12:38 | Report Abuse

No idea how much they will pay as we do not have the contract. But in any event, highway also not yet finish build. I dont think this one is the problem.

But generally, it is cost of capital plus interest for uncompleted highways.

But i seriously doubt they will nationalize all highways. These highway is not maintain for free one. I can see the ones being owned by khazanah and epf, lowering their toll rates etc. But really, PLUS owes 28bil in debt, principle have not even start paying. Good luck lah.

But the rest, if they want, they are going to have to buy them.

With the price below 0.8, may need to change fund raising structure. Im hoping they forget about the fund raising and just get bank loan. Kao tim.

Posted by Mar Yung Chern > 2018-05-19 12:51 | Report Abuse

Is it worth to us if they just pay the cost of capital plus interest? In this situation, fund raising could be restructure, not sure whether bank allow to loan as the rumors of abolishment toll by PH. Just wish that they can follow the rules of law they mention, everything base on agreement

Posted by Mar Yung Chern > 2018-05-19 12:53 | Report Abuse

I do wish that felicity can analysts the latest situation in this stock

Posted by Felicity > 2018-05-19 13:15 | Report Abuse

https://www.thestar.com.my/business/business-news/2018/05/18/toll-dilemma/

as mentioned in the above article, to be correct the debt amount of bond which is outstanding for PLUS is actually RM30.2 billion. I wonder the government can pay this off even though it is not one off payment. On top of that maintenance is about RM1 billion per year.

The DAP government is way too eager to eliminate toll

Posted by Mar Yung Chern > 2018-05-19 13:39 | Report Abuse

Tun daim keep mention khazanaf and epf cash rich, is it possible they would like to use the epf fund to take over it?

Posted by Felicity > 2018-05-19 13:48 | Report Abuse

possible, but they cannot take away concessions without charging toll. One must remember that EPF is not government's money but people's money.

EPF has more assets than Khazanah by ratio of 7:1. Both are people's money.

Another fund which has funds is PNB. Similar, it is public's money.
They cannot and should not use people's money to take over toll and abolish it. In my mind, the compensation for PLUS is more than RM40 billion. Otherwise Abu Sahid would not offer it for RM36 billion last year. See below.

https://www.youtube.com/watch?v=fCYMmDzYEGo

By eliminating toll for PLUS, it will effect our EPF and Khazanah's fund.

Posted by Mar Yung Chern > 2018-05-19 13:56 | Report Abuse

Very nice analysis felicity

So what do you think the most probably outcome in next week?

Posted by Felicity > 2018-05-19 14:44 | Report Abuse

hard to say, there are obviously short term weakness. yesterday's sale was based on very small volume only 0.15% of total stocks and dropped 10 sen

Posted by trulyinvest > 2018-05-19 15:00 | Report Abuse

Not yet finish construct highway oredi kena. Realy bad luck. Kikiki. Somemore,need,to raise funds, siapa mau beli

Posted by Mar Yung Chern > 2018-05-19 16:32 | Report Abuse

WCEHB still own bandar rimbayu 40% stakes, which have 1880 acres * 40% , How much it should worth?

Posted by trulyinvest > 2018-05-19 20:10 | Report Abuse

Property only loh.. wat so big deal