Posted by commonsense > 2019-04-29 11:26 | Report Abuse

A big portion of the company’s profit is actually distributed to the non-controlling interest of its subsidiaries. Even when the company managed to deliver a PAT of RM 19.4mil in FY18, shareholders of Bina Puri ends up with only a profit of RM500k.

This is due to the fact that most of its profitable ventures (in property development) are in subsidiaries where the company holds less than 60% interest. For the property development projects, most of it is park under Aksi Bina Puri Sdn Bhd a 60% subsidiary of Bina Puri. In addition to that, most of the development projects are based on JV’s. For example, Sumbangan Lagenda and Karak Land are profitable subsidiaries that are involved in property development projects. Both of these subsidiaries are parked under Aksi Bina. However the interest of Aksi bina in these subsidiaries are only 60% and 70% respectively. This brings the total interest of Bina Puri in these 2 subsidiaries to only 36% and 42% respectively. Hence why most of the profit attributed by property developments projects are actually distributed back to the non-controlling interest.

Construction projects which delivered 60% of the group revenue is still loss making mainly due to the high financing cost (PBT of construction division in FY18 was -RM19.2mil). The company has always had an issue with very thin profit margins for their construction projects which why some investors believes that they are actually undercutting competitors when tendering for projects by submitting very low bids. This is a risk to the company if they could not deliver on budget and on time (most of the cases they failed to do so).

Until the company can proof that they can be profitable in their construction projects, investors need to be prepared for similar level of profit to shareholders for FY19.

If you are looking to hedge your portfolio outside of Bina Puri (due to its weak earnings outlook), I would recommend you to look at MBMR. (https://klse.i3investor.com/servlets/stk/pt/5983.jsp)

MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 7.0x PE based on FY18 profit of RM166mil. PB is low at only 0.7x BV.

FY19 should deliver another profit growth year to the company driven by the performance of Perodua (via MBMR 22.6% holdings in Perodua) from the still strong sales of new Myvi and sales of the new SUV Aruz . 1Q19 result is expected to be better than 1Q18 given that Perodua managed to sell 60,670 cars during the period vs 1Q18 sales of only 55,570 units.

MBMR is expected to achieve a profit of RM200mil in 2019. At the current share price, the company is being valued at only 5.8x which is a lot lower than the industry average of 15x PE. As an example, UMW (another company with exposure to Perodua) is currently trading at a PE multiple of almost 20x.

Good luck.

Posted by tkl88 > 2019-04-29 11:59 | Report Abuse

commonsense, I don't understand it...
What actually you want to mean here?
So, you recommend a buy or a sell ?

Posted by birkincollector > 2019-04-29 12:03 | Report Abuse

every forum u will see commonsese writes long essay to promote MBMR

Posted by ramunia > 2019-04-29 13:34 | Report Abuse

Commonsense, it is better for you to promote Bimb. It is A Very good and powerful counter.

Posted by Tim2812 > 2019-04-30 05:25 | Report Abuse

Chow Tut fellow!!

Posted by Growth > 2019-04-30 10:27 | Report Abuse

Bored, no movement

Posted by fftrader > 2019-05-03 11:36 | Report Abuse

buy before too late....construction stocks on the move

Posted by ramunia > 2019-05-03 13:13 | Report Abuse

Be ready... Get ready...

Posted by fftrader > 2019-05-03 14:15 | Report Abuse

yes dont say bojio ah later

Posted by ramunia > 2019-05-03 14:18 | Report Abuse

Uptrend uptrend and finally uptrend.. May he today, or next week or next month or even next year... Come on baby..

Posted by InvestsucessTrader > 2019-05-03 14:25 | Report Abuse

Could be next year only uptrend,won't move much, Hopeless,

Posted by fftrader > 2019-05-03 15:13 | Report Abuse

lai liao

Posted by 88Tan > 2019-05-03 15:20 | Report Abuse

FAST FAST UP

Posted by 88Tan > 2019-05-03 15:21 | Report Abuse

project are coming

Posted by tkl88 > 2019-05-03 15:30 |

Post removed.Why?

Posted by AKM1 > 2019-05-04 12:55 | Report Abuse

Quite simple this stock. Buy and wait for 3 weeks. Sell

Posted by AKM1 > 2019-05-04 13:01 | Report Abuse

That is if you want to get exciitement in life and trying to outdo the market. If you are investing: Binapuri is welcoming yout to buy a stake in the company at whatever volume you want at a price of 21 sen. Looking at the company Portfolio, the jobs that it has undertaken and the clientele; this company is not a play play company. Let the management team run the company and we investors buy the company at whatever size of stake that we want. No drama no headache.

Posted by 88Tan > 2019-05-06 11:32 | Report Abuse

FOR LONG TERM?

Posted by AKM1 > 2019-05-06 13:03 | Report Abuse

Just think like this.
Binapuri invites us to be part owner of the company.
Say you buy 500 lots at .21 sen.
This means you own the company which someone else let go.
Then you look at the activities of the company: what projects it has in hand, the management team, the P/L.
Imo, the price ia cheap.
Keep your equity ownerhip and sell later when someone else wants to buy from you.
By thinking like this, you will not be stressed out to outdo the market; infact you are buying a company.
You dont hv to buy a shoplot, do proposals, execute the projects. The management team does this for you.
Of course better if this company is Amazon or McD,but the price will be different.

Posted by powerinvestor > 2019-05-06 13:35 | Report Abuse

keep skin lah

Posted by powerinvestor > 2019-05-06 13:36 | Report Abuse

better put my money under the pillow

Posted by ramunia > 2019-05-06 18:38 | Report Abuse

be patient..

Posted by Steven8882 > 2019-05-07 08:04 | Report Abuse

spike soon...

Posted by 88Tan > 2019-05-07 16:20 | Report Abuse

spike down soon faster run

Posted by Daily8 > 2019-05-07 23:32 | Report Abuse

Down again....

Posted by Thepainfultruth > 2019-05-10 09:23 | Report Abuse

MD pls resign

Posted by ramunia > 2019-05-10 14:04 | Report Abuse

MD please resign and replace by a fryer to goreng.

Posted by Bug62 > 2019-05-11 08:01 | Report Abuse

US stocks staged a massive 450 points reversal after President Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong.

Posted by Bug62 > 2019-05-11 11:46 | Report Abuse

https://www.cnbc.com/2019/05/10/the-trump-put-saves-stocks-as-investors-bet-the-president-wont-let-the-market-collapse.html

Posted by Thepainfultruth > 2019-05-13 11:30 | Report Abuse

Lowest price ever, pls resign if you are a man. Take responsibility!

MD pls resign!

Posted by powerinvestor > 2019-05-13 15:55 | Report Abuse

RESIGN!!!

Posted by Daily8 > 2019-05-13 20:53 | Report Abuse

Why resign when price is low? Market sentiment no ?

Posted by Thepainfultruth > 2019-05-13 21:53 | Report Abuse

Pls take a look at this s share price from 2011 until now.

Do you think any good management will be refelected by 8 years of continuous drop?

Posted by Thepainfultruth > 2019-05-13 21:54 | Report Abuse

MD pls resign

Posted by Daily8 > 2019-05-14 20:17 | Report Abuse

Thepainfultruth; u should write direct to the office.

Posted by Daily8 > 2019-05-14 20:18 | Report Abuse

Go AGM & sound your trumpet

Posted by Thepainfultruth > 2019-05-14 23:36 | Report Abuse

Me one small pawn no use

but if you gather a group, count me in

Posted by Thepainfultruth > 2019-05-21 11:01 | Report Abuse

MD pls resign

Posted by mikeann > 2019-05-23 17:31 | Report Abuse

Stock seems grossly oversold. Rebound imminent

Posted by powerinvestor > 2019-05-23 17:51 | Report Abuse

Time to send your resignation letter, Tan Sri

Posted by powerinvestor > 2019-05-24 12:26 | Report Abuse

Stock price down again!!

Posted by Thepainfultruth > 2019-05-25 08:40 | Report Abuse

Resign
Resign
Resign
Resign

Posted by 129055444514385 > 2019-05-28 10:53 | Report Abuse

huge compensation will be receivable :)

MATERIAL LITIGATION ARBITRATION BY BINA PURI PAKISTAN PRIVATE LIMITED ("BPPPL") AGAINST NATIONAL HIGHWAY AUTHORITY (NHA) - Conversion of existing 4-lane Karachi-Hyderabad superhighway into 6-lane motorway (M-9)
BINA PURI HOLDINGS BHD

Type Announcement
Subject MATERIAL LITIGATION
Description ARBITRATION BY BINA PURI PAKISTAN PRIVATE LIMITED ("BPPPL") AGAINST NATIONAL HIGHWAY AUTHORITY (NHA)
- Conversion of existing 4-lane Karachi-Hyderabad superhighway into 6-lane motorway (M-9)
Reference is made to the announcements dated 17 January 2012 and 18 December 2012.

BPPPL, a subsidiary of Bina Puri Holdings Bhd had on 23 April 2013 commenced an arbitral proceedings against NHA due to unlawful termination of the Concession Agreement dated 16 January 2012 (Concession Agreement) for the construction of the 136 km long motorway known as “Conversion of the existing 4-lane Karachi-Hyderabad superhighway into 6-lane motorway (M-9)” on a Built-Operate-Transfer (BOT)” for contract value of PKR24.93 billion (equivalent to RM864 million).

The High Court of Sindh on 23 April 2013 referred the dispute to two Arbitrators. The matter had been referred to the Umpire on 27 September 2018 upon difference of opinion between the Honorable Arbitrators.

BPPPL is pleased to announce that the Honorable Umpire had on 27 March 2019 held in its decision allowed BPPPL’s claims against NHA as follows:

(a) a declaration that the termination notice issued by NHA was unlawful repudiation and breach of the Concession Agreement; and
(b) BPPPL shall be entitled to the actual pre-development cost and actual development cost to be determined by Joint Auditor.

BPPPL shall apply to enforce the arbitration award and will make the necessary announcement in due course.

This announcement is dated 22 April 2019.



Announcement Info
Company Name BINA PURI HOLDINGS BHD
Stock Name BPURI
Date Announced 22 Apr 2019
Category General Announcement for PLC
Reference Number GA1-22042019-00014

Posted by 129055444514385 > 2019-05-28 10:56 | Report Abuse

Book order has been increased progressively too.

OTHERS ELECTRIFIED DOUBLE TRACK FROM GEMAS TO JOHOR BAHRU - SECTION 4 CIVIL WORKS SITE CLEARANCE AND EMBANKMENT EARTHWORK WITH ALL ASSOCIATED WORKS (SUB-CONTRACT WORKS)
BINA PURI HOLDINGS BHD

Type Announcement
Subject OTHERS
Description ELECTRIFIED DOUBLE TRACK FROM GEMAS TO JOHOR BAHRU
- SECTION 4 CIVIL WORKS SITE CLEARANCE AND EMBANKMENT EARTHWORK WITH ALL ASSOCIATED WORKS (SUB-CONTRACT WORKS)
The Board is pleased to announce that Bina Puri Builder Sdn. Bhd., an indirect wholly-owned subsidiary of Bina Puri Holdings Bhd. has accepted the letter of award from Syarikat Pembenaan Yeoh Tiong Lay Sdn. Bhd. on 15 January 2019 where an unincorporated joint venture, Bina Puri – Tim Sekata JV will undertake and complete the sub-contract works for the project known as “Electrified Double Track from Gemas to Johor Bahru (Project)” for sub-contract sum of RM251,531,225.50. The sub-contract works are expected to be completed by 30 April 2020.



With the latest award mentioned above, the Group’s unbuilt book order stands at RM1.145 billion as at to date. This Group anticipates this year to be a challenging year for the construction and property sectors and hopes that the roll out of projects as announced in the budget can be expedited.



The said Project is expected to contribute positively to the net assets and earnings of Bina Puri Group for the financial year ending 31 December 2019.



None of the Directors and/or major shareholders of BPHB or persons connected to them have any interests, direct or indirect, in the above Project.







Announcement Info
Company Name BINA PURI HOLDINGS BHD
Stock Name BPURI
Date Announced 22 Jan 2019
Category General Announcement for PLC
Reference Number GA1-22012019-00088

Posted by 129055444514385 > 2019-05-28 10:59 | Report Abuse

interesting news are coming soon , i think :)

TEE's FAMILY LOSING GRIP
Author: kokokai1993 | Publish date: Tue, 15 Jan 2019, 12:33 PM

BPURI - TEE's FAMILY LOSING GRIP

With the recent headwinds of Bina Puri unable to carry forward its special resolution due to failure of obtaining the 75% voting for the special resolution, we can suspect there is something fishy going on in the board.

Firstly, Bina Puri announced the proposal on 28 August 2018 which contains “Proposed Acquisition” and “Proposed Amendments”.

The proposal mainly sums up to tell us that Bina Puri is in consideration of purchasing 54.50% equity interest of Ideal Heights Properties Sdn Bhd (IHP) by issuing ordinary shares and new redeemable preference shares at an issue price of RM0.2498.

To let you readers to understand better on this proposal, I have done some summaries on the acquisition proposal.



1) In order to purchase 54.50% of IHP, Bina Puri has to acquire 2,477,108 ordinary shares of IHP

Ordinary Resolution - Proposed Acquisition – Required majority vote of 50% (passed)

Total Cost - RM 42,682,343



2) How to get their funding?

Special resolution - Proposed Amendments – Required majority votes of 75% (failed)

I) Issuance of new Bina Puri shares @ 95,112,573 shares which could help Bina Puri to gather a sum of RM23,759,121

AND

II) Consideration RPS at an issue price of RM0.2498 – a sum of RM10,110,565 (in details please refer to Bursa)

III) Retention RPS at an issue price of RM0.2498 – a sum of RM8,812,657 (in details please refer to Bursa)

TOTAL – RM 42,682,343

Take note that without both proposals approved, this acquisition would not be succeeded.



3) What’s the outcome of EGM?

The outcome of the meeting was unexpected, as the special resolution was failed to go through.

Below is the results of the EGM:



Well, this is something worth looking into it.

Let us go through the board ownership in the Company first….



If you calculate the directors and controlling shareholders ownership, based on the picture above, it will total up to 15.7%. Obviously, this indicates us that the Management do not have sufficient ownership to pass the resolutions themselves and they need other shareholders’ support.

Looking at a bigger picture, we believe that the controlling shareholders would have considered the success rate. Retail investors would have mostly thought that the acquisition will go through as they assume discussion had held within the board with the votes they had in hand for a win.

Unfortunately, the outcome was out of expectation. As the result, the special resolution for the company to obtain funding to activate the acquisition was not approved.

So what happened?

There were a few possibilities.

Retail shareholders did not agree to this acquisition:
This possibility is quite unrealistic as normal shareholders are hoping for wealth maximization. Moreover, we can see that this acquisition is a growth driver for Bina Puri– which is a good thing isn’t it?

Besides that, looking into the votes casted in the EGM, it didn’t seem like retail investors were rejecting the resolution. Retail investors normally do not attend general meeting, and now they are against both resolutions. Another point to take note, the 37million shares against the resolutions is close to 10% of total outstanding shares.

There is civil war happening right now in the board:
Why do I say so?

Well, looking at the votes involved in the EGM, there were about 85million of shares (22% of the total outstanding shares) being casted in the EGM.

Wow, the Management owns 15.7% shares and 10% of the total outstanding shares were against the resolutions. What does this mean?

We believe that there is a board tussle in Bina Puri right now! It looks like another party with substantial shareholding is emerging.



Tracing back to one to two months earlier, there were private placements which actually caught our attention. In this case, we see the placements could actually be related to the failed resolution.

There were total 3 tranches of private placements:



1st Tranche



2nd Tranche



3rd Tranche



For your information, the EGM meeting were carried out on 24th December 2018.

So, you can see that almost 16% of the new shares were issued prior to the EGM.

Doesn’t get the linkage yet?

Posted by 129055444514385 > 2019-05-28 11:04 | Report Abuse

anymore buying of shares by directors? :)

TAN SRI DATUK TEE HOCK SENG, JP 17-Jan-2019 Acquired 250,000 0.000 View Detail
MR NG KEONG WEE 13-Jun-2018 Notice of Person Ceasing 0 0.000 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 14-Jul-2017 Others 1,560,000 780,000.000 View Detail
TEE HOCK SENG, JP 21-May-2015 Others 1,430,000 729,300.000 View Detail
BUMIMAJU MAWAR SDN. BHD. 11-May-2015 Acquired 8,775,000 4,475,250.000 View Detail
BUMIMAJU MAWAR SDN. BHD. 11-May-2015 Acquired 100,000 57,751.010 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 16-Dec-2014 Acquired 30,100 0.512 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 15-Dec-2014 Acquired 20,000 0.505 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 11-Dec-2014 Acquired 10,000 0.545 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 02-Dec-2014 Acquired 5,000 0.600 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 29-Oct-2014 Acquired 7,000 0.630 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 21-Oct-2014 Acquired 33,100 0.590 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 14-Oct-2014 Acquired 20,000 0.615 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 10-Oct-2014 Acquired 50,000 0.650 View Detail
BUMIMAJU MAWAR SDN. BHD. 29-Aug-2014 Acquired 10,000 0.673 View Detail
BUMIMAJU MAWAR SDN. BHD. 11-Aug-2014 Acquired 13,000 0.685 View Detail
BUMIMAJU MAWAR SDN. BHD. 06-Aug-2014 Acquired 30,000 0.712 View Detail
BUMIMAJU MAWAR SDN. BHD. 04-Aug-2014 Acquired 30,000 0.677 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 04-Jul-2014 Acquired 10,000 0.680 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 19-May-2014 Acquired 10,000 0.675 View Detail
BUMIMAJU MAWAR SDN. BHD. 23-Apr-2014 Acquired 5,000,000 1.000 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 26-Mar-2014 Acquired 5,000 0.690 View Detail
TAN SRI DATUK TEE HOCK SENG, JP 24-Mar-2014 Acquired 5,000 0.694 View Detail
BUMIMAJU MAWAR SDN. BHD. 19-Mar-2014 Acquired 10,000 0.695 View Detail
BUMIMAJU MAWAR SDN. BHD. 17-Mar-2014 Acquired 5,000 0.700 View Detail

Posted by 129055444514385 > 2019-05-28 11:05 | Report Abuse

Shareholding Changes
Date of change Shares Director/
Substantial Shareholder
27 Mar 2019 Acquired
10,000 DATUK MATTHEW TEE KAI WOON
29 Jan 2019 Acquired
10,000 DATUK MATTHEW TEE KAI WOON
17 Jan 2019 Acquired
250,000 TAN SRI DATUK TAN SRI DATUK TEE HOCK SENG, JP
17 Jan 2019 Acquired
250,000 TAN SRI DATUK TEE HOCK SENG, JP
06 Dec 2018 Acquired
10,000 DATUK MATTHEW TEE KAI WOON
04 Dec 2018 Acquired
20,000 DATUK MATTHEW TEE KAI WOON
30 Nov 2018 Acquired
10,000 DATUK MATTHEW TEE KAI WOON
16 Nov 2018 Acquired
10,000 DATUK MATTHEW TEE KAI WOON
30 Oct 2018 Acquired
10,000 DATUK MATTHEW TEE KAI WOON
14 Jul 2017 Other
1,560,000 TAN SRI DATUK TEE HOCK SENG, JP

Posted by 129055444514385 > 2019-05-28 11:08 | Report Abuse

Net assets per share is 67.9sen.... now 17.5 sen is about 25% of NA per share

BPURI Financial Information
Market Capital (RM)
: 64.95m
Number of Share
: 382.04m
NTA (RM)
: 0.679
Par Value (RM)
: 0.500

* Calculated based on the net profit of the trailing twelve months and latest number of shares issued.

Posted by 129055444514385 > 2019-05-28 11:10 | Report Abuse

Huge profit + cash will be receivable... hold your breath, accumulate in stages now :)

Bina Puri subsidiary wins 2012 abitration case in Pakistan
CORPORATE NEWS
Tuesday, 23 Apr 2019

5:05 PM MYT
image: https://www.thestar.com.my/~/media/online/2018/01/18/08/03/corporatenews16jan2018.ashx/?w=620&h=413&crop=1&hash=0D230B40573BB02542793D7B458D003F1EC190C3


KUALA LUMPUR: Bina Puri Holdings Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png

’s subsidiary has won an arbitration case against the Pakistan National Highway Authority (NHA) over the termination of a concession agreement dated jan 16, 2012

Bin Puri said Bina Puri Pakistan Private Ltd had won the case involving the construction of a 136km motorway under the build-operate-transfer for a contract value of 24.93bil Pakistan rupees (RM864mil).

The contract was for the expansion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway (M-9).

To recap, on April 23, 2013, the High Court of Sindh referred the dispute to two arbitrators.

The matter was subsequently referred to the umpire on Sept 27, 2018 upon difference of opinion between the arbitrators.

In the latest development, on March 27, 2019, the umpire held in its decision to allow Bina Puri Pakistan’s claims against NHA with a declaration that the termination notice issued by NHA was an unlawful repudiation and breach of the concession agreement.

“With the decision by the umpire, Bina Puri Pakistan will be entitled to the actual pre-development cost and actual development cost to be determined by joint auditor.

“Bina Puri Pakistan shall apply to enforce the arbitration award and will make the necessary announcement in due course,” Bina Puri said.

Read more at https://www.thestar.com.my/business/business-news/2019/04/23/bina-puri-subsidiary-wins-2012-arbitration-case-in-pakistan/#dod8Bv4kHcjyw4KK.99

Posted by 129055444514385 > 2019-05-28 11:11 | Report Abuse

market cap only RM65mil, easy target for privatisation too :)

Market Cap: 65 Million
NOSH: 382 Million
Avg Volume (4 weeks): 1,691,000
4 Weeks Range: 0.17 - 0.205
4 Weeks Price Volatility (%):
0.00%
52 Weeks Range: 0.165 - 0.295
52 Weeks Price Volatility (%):
3.85%
Average Price Target: 0.49
Price Target Upside/Downside: +0.32