Posted by gemfinder > 2020-03-09 22:01 | Report Abuse

Sakura, huge,loss.. prepare for worse to come

Posted by antoniomc27 > 2020-03-10 00:16 | Report Abuse

Tremendous bloodbath. When looking segment by segment:

Construction: while waiting for potential new govt measures that could boost infra spending (seems a longshot at the moment), it does not look good and losses could continue (not clear if last QR was kitchen sinking or not).
Airport: uncertainty from Cambodian govt, and hit by CoVid.
and now... Cranes: hit by oil price war.

My cost is 1.85... as @RainT and @Fabien, I would like to average down, but at the moment I do not dare. Perhaps at 0.75 (100% upside to 1.5 if two segments of the above 3 mentioned turned into positive outlook)

then again, other Energy stocks are in my watchlist and start to have very interesting prices, like PCHEM (4.40) and PETRONM (3.70)

... your thoughts guys?

Posted by Choivo Capital > 2020-03-10 11:03 | Report Abuse

@fabian & rain.

Hello, RM1.78.

But only very small position, have not started averaging down.

Posted by RainT > 2020-03-10 16:06 | Report Abuse

@fabien
@sakurako
@atoniom

pray hard this ship no sink soon.....

Posted by RainT > 2020-03-10 16:08 | Report Abuse

only company insider know what is happening going foward

we need wait quarter result out again to know:
*recent loss quarter kitchen sinking or .....?
*construction projects any new?
*Cambodia airport how much impact frm virus? how about other competitor want build another airport? effect?

Posted by Choivo Capital > 2020-03-10 16:56 | Report Abuse

i just mad, i wanted to buy again today, but it just kept going up zz

Posted by RainT > 2020-03-10 20:20 | Report Abuse

where is the foreign fund that support MUHIBAH price?

please come out to suppport

Posted by uptrending > 2020-03-11 07:53 | Report Abuse

From KHMER TIMES news last month

QUOTE
"Cambodia Airports and the Overseas Investment Corp (OCIC) have shown progress in discussions on the development of a new Phnom Penh International Airport which is expected to be finished next year.

Their cooperation has been signalled through a draft memorandum of understanding (MoU). Stating Cambodia Airports will join with the OCIC to develop a new airport in Kandal province, said Sin Chansereyvutha, a spokesman for the State Secretariat of Civil Aviation (SSCA), where the meeting was held on Tuesday.

Discussions focused on cooperation between Cambodia Airports and the OCIC on the development of the new airport, he said.

"The two sides agreed to establish the MoU, which will be used as the foundation in further discussions on how the SSCA would help with for the development of the new airport," Sin said.

Khek Norinda, communication and public relations director of Cambodia Airports, said they are at the very early stage discussions and they are currently deemed confidential.

Cambodia Airports has constantly expressed to Cambodian authorities a commitment to fulfilling its missions according to a concession agreement signed in 1995. This includes extending those missions to new international airports projects contemplated by the Royal Government (RGC), he stated.

"At yesterday's meeting, we reiterated our stance. Therefore, Cambodia Airports remains available and committed to a constructive dialogue on the new PP [Phnom Penh] Airport project under the guidance of the RGC and the SSCA," Khek said.

The project was announced in early 2018 and is projected to cost $1.5 billion under the investment company name Cambodia Airport Investment.

OCIC chairman Pong Khiev Se said last December that the construction of new the airport will be a 4F-class airport.

The airport progress is developing well. Sin said, adding the runway is being built, a study for the terminal is being conducted and compensation for affected landowners is being processed."
UNQUOTE

Cambodia Airports is the 21% associate of Muhibbah.

Cambodia Airport has the exclusive rights to the OPERATION of Airports in Phnom Penh. Looks like an amicable solution is on the way.

Posted by uptrending > 2020-03-11 08:10 | Report Abuse

Muhibbah's investment in Associates alone which is mainly the 21% holdings in Cambodia Airports, as carried in the book is RM688 million as of 31st Dec 2019, compared to the present market Cap of RM543 million @rm1.12

Posted by Choivo Capital > 2020-03-11 11:41 | Report Abuse

... thumb sucking is bad.

Posted by uptrending > 2020-03-11 13:12 | Report Abuse

https://urbanvoicecambodia.net/china-poaches-airport-contract/?lang=en

Posted by uptrending > 2020-03-11 13:14 | Report Abuse

Dec 2016 old news... talking of compensation for possible early termination of Siam Reap Airport Concession..

Posted by uptrending > 2020-03-11 17:45 | Report Abuse

https://www.khmertimeskh.com/50682943/sihanoukville-runway-to-be-completed-by-midyear

Posted by RainT > 2020-03-11 17:54 | Report Abuse

seem is trend reversal already

Posted by Icon8888 > 2020-03-11 18:52 | Report Abuse

Can buy ?

Posted by uptrending > 2020-03-11 21:48 | Report Abuse

Very strong buyers emerged the last 2 days.. Buyers queued accumulatively 500+ K shares @ 1 buying bit..

Posted by Fabien "The Efficient Capital Allocater" > 2020-03-11 21:50 | Report Abuse

maybe its Choivo buying

Posted by uptrending > Mar 11, 2020 9:48 PM | Report Abuse

Very strong buyers emerged the last 2 days.. Buyers queued accumulatively 500+ K shares @ 1 buying bit..

Posted by Icon8888 > 2020-03-11 21:52 | Report Abuse

Ok tomorrow buy some

Posted by RainT > 2020-03-12 12:02 | Report Abuse

another round mega sales

Posted by RainT > 2020-03-12 12:02 | Report Abuse

drop below RM1.00 buy more

Posted by Choivo Capital > 2020-03-12 12:22 | Report Abuse

Maybe i'm stupid.

But their stake in FAVCO is worth RM330m. And i think FAVCO shares is actually cheap at this price.

Muhibbah Enterprise Value (net of FAVCO's cash and debt) is about RM641.5m

Excluding the FAVCO stake, you are paying RM311.5m for their engineering dept and stake in cambodian airports, which provides RM150m in associate earnings to the company net of tax, and also grows traffic at 1X% per annum.

You're paying 2PE for the airport and engineering/construction dept is free.

Now, construction dept (net of profit from associate and NCI) is usually very low or loss making. 2018 its about RM3m profit, 2017 is about RM23m loss, 2019 is about loss of RM132m. That is average per year loss of RM50m for the last 3 years. (I need to count the long term trend, to include good and bad times, currently only include bad times)

This means now you are paying about 3PE for airport+engineering dept, at Rm100m net earnings.

Now, let's say, you expect the new JV airport with china being constructed nearby to not just take away the growth but also cut their current traffic by 30% (quite drastic assumption). Prorate leng leng because i don't have the numbers, is another RM 50m drop.

So now its 6PE.

Fairly decent price. One thing for sure, i definitely overpaid somewhat for my initial position given these assumptions lah.

Posted by Choivo Capital > 2020-03-12 12:24 | Report Abuse

Do note, the engineering dept, profit was very leng in 2013 and 2014. 2015 and 2016 was ok lah. But 2017,18 and 19 really shit.

Posted by Philip ( 2.3% fatality rate, 80% recovery rate age 10-40) > 2020-03-12 18:26 | Report Abuse

So choivo, you know you are buying a shit company and you about it. The only reason is because the shit still got some value left. This is how you do value investing?

How about stock XX or your other holding xx? Those have a better future and can do well, much better long term future than muhibbah? Why don't invest in that instead?

You are starting to become line Calvin tan buying 30+ stocks.

Posted by Icon8888 > 2020-03-12 18:30 | Report Abuse

Pchem is a shit company

Posted by qqq33333333 > 2020-03-12 18:32 | Report Abuse

30 stock is called the advisor / analyst disease.... they ate like that one.

Posted by qqq33333333 > 2020-03-12 18:33 | Report Abuse

in the environment we are in.... there is no way portfolio approach works.

Posted by Flintstones > 2020-03-12 19:27 | Report Abuse

This is another perpetual value trap. Before you buy muhibbah, ask yourself, how long it has been undervalued? This stock will not become fair value just because you bought it

Posted by Choivo Capital > 2020-03-12 19:30 | Report Abuse

I think it was overvalued at Rm3.


====
Posted by Flintstones > Mar 12, 2020 7:27 PM | Report Abuse

This is another perpetual value trap. Before you buy muhibbah, ask yourself, how long it has been undervalued? This stock will not become fair value just because you bought it

Posted by Philip ( 2.3% fatality rate, 80% recovery rate age 10-40) > 2020-03-13 01:01 | Report Abuse

Your abmb even more shit. Free fall drop from 4.2 to 1.99. more than 50%.

Icon8888 is shit company

>>>>>>>
Posted by Icon8888 > Mar 12, 2020 6:30 PM | Report Abuse

Pchem is a shit company

Posted by RainT > 2020-03-14 17:07 | Report Abuse

amid all red sea

MUHIBAH stay strong in green oh

seem not bad

Posted by RainT > 2020-03-14 17:08 | Report Abuse

want talk about PCEHM , all please get off to PCHEM forum ya

here is MUHIBAH ...

Posted by RainT > 2020-03-19 20:16 | Report Abuse

buy more

Posted by Keyman188 > 2020-03-23 14:26 | Report Abuse

Haizzz.....

I thought today can touch to 0.700....unfortunately standing above 0.75...


Long waiting que...

0.705...

0.605...

0.505...

0.405...

0.305...

Posted by KAQ4468 > 2020-03-23 14:29 | Report Abuse

berapa boleh kasi ??

Posted by WMS126 > 2020-03-24 17:26 | Report Abuse

Target at RM0.65; Sailang if RM0.60

Posted by KAQ4468 > 2020-03-24 17:28 | Report Abuse

60 cents ka

ermmmm

Posted by OrionIXL > 2020-03-25 08:04 | Report Abuse

Wa rm 3 to 0.8
Collect lo.. Wat to wait

Posted by freddiehero > 2020-03-25 08:17 | Report Abuse

wah lau eh... so early wan fly liao?

Posted by OrionIXL > 2020-03-25 08:27 | Report Abuse

Second calling today

Posted by OrionIXL > 2020-03-25 08:31 | Report Abuse

Calling 3 Rd. Limit up at 3 pm today.
Grab it

Posted by OrionIXL > 2020-03-25 08:33 | Report Abuse

Cambodia new air port on hold due to covid.
Muhibah competitor ease. Big shake swim in and eat all available today

Posted by OrionIXL > 2020-03-25 08:52 | Report Abuse

RM 1 by today. Grab before vol come

Posted by OrionIXL > 2020-03-25 08:53 | Report Abuse

Lai liao big shake 1000

Posted by OrionIXL > 2020-03-25 08:55 | Report Abuse

Many traders are aiming to goreng it today

Posted by OrionIXL > 2020-03-25 08:56 | Report Abuse

When vol come easy touch limit up for this small cap

Posted by OrionIXL > 2020-03-25 08:58 | Report Abuse

Hope shake won't come so fast

Posted by Keyman188 > 2020-03-27 14:08 | Report Abuse

Lai...Lai...Lai...

Today started to bet 1st round....0.80...(revised entry target price)

Long waiting que....

0.750...

0.700...

0.650...

0.600...

0.550..

0.500...

Posted by Keyman188 > 2020-03-28 15:02 | Report Abuse

Lai...Lai...Lai...

Orang tua tak greedy...

Long waiting to reload further....(holding right now @ 0.786)

0.700...(low a bit from previous entry level)

0.650...

0.600...

0.550...

0.500...

Posted by KAQ4468 > 2020-03-28 15:03 | Report Abuse

Waaaaaa

Posted by KAQ4468 > 2020-03-28 15:04 | Report Abuse

Margin call for FIL