Posted by dabg > 2018-08-30 11:21 | Report Abuse

when qr?

Posted by uptrending > 2018-08-30 11:46 | Report Abuse

Today is THE DAY!

Posted by uptrending > 2018-08-30 12:08 | Report Abuse

Pavilion KL retail chief executive officer Datuk Joyce Yap said the mall, which would open for business in 2020, has received more than 1,000 registrations.
Read more at https://www.thestar.com.my/business/business-news/2017/08/26/the-power-of-two-in-bukit-jalil-city/#SIoEQFCwq1kfvIGp.99

With the disclosure made on 26/08/2017 by Pavilion KL retail chief executive officer Datuk Joyce Yap, it is highly that the BJC Mall would be a success.

Posted by YM Nic > 2018-08-30 12:16 | Report Abuse

Keep dropping.. Hope the qr is good

Posted by uptrending > 2018-08-30 13:06 | Report Abuse

I think this QR results can't beat 4Q17 results as the 112 Signature Shops were handed over in 4Q last FY. Earnings should remain decent. Hopefully this FY18 EPS is better than that of last FY17.

Posted by Ez Moni > 2018-08-30 13:37 | Report Abuse

Is it a good entry point?

Posted by uptrending > 2018-08-30 14:08 | Report Abuse

On valuation, it's dirt cheap.

If we can't trust our judgement, just think of TSRDL, why he converted his 29 million RCSLS to shares @RM1.00 instead of surrendering for CASH. And he did purchase from the open market B4 GE 14 In April this year, 3.2 million share between 75 to 80 sen and another block of 6.8 million share at the end of May @ 55-60 sen.

His new additional block of 39 million shares cost on average about 91 sen per share.

So what do you think? Could the boss of the company go wrong?

Posted by uptrending > 2018-08-30 14:17 | Report Abuse

The market price depends on the bankers, if there is any. But could the price be manipulated for long time?

Posted by uptrending > 2018-08-30 14:24 | Report Abuse

Ikan bilis like us, just dumb dumb hold loh.. and collect dividend, the yield of which is as good as FD mah, if not better (should the board declare better dividend going forward).

Posted by jordanmaggie61 > 2018-08-30 14:42 | Report Abuse

Time to collect profit, hehehe thanksss

Posted by l3ryan > 2018-08-30 14:44 | Report Abuse

Focus is so much on pavillion bukit jalil which is coming soon, but also don't forget about pavillion damansara heights which is smack in between one of the top address in KL..

Posted by uptrending > 2018-08-30 14:50 | Report Abuse

Yalor, that why I reminded that there could be potential big construction contract for Malton (Domain Resources Sdn Bhd). There are a few billion more to be awarded in the near future.

Maybe another a resolution would be sought for approval in the coming AGM for Related Party Transactions.

Posted by uptrending > 2018-08-30 15:13 | Report Abuse

Though I think this QR results may not be as good as the corresponding QR results last year, but there could be surprise on the upside. But pl don't hold too high an expectation..

My 2 cents..

Posted by chandra54 > 2018-08-30 15:31 | Report Abuse

so what mr sai got a first klass degree? results like buffalo sinking in a mudpool since last year. kowsai!

Posted by uptrending > 2018-08-30 16:01 | Report Abuse

The new MD, not only has a first class honours in Electrical Engineering (you must have the brain to win a First Class honours in Engineering Degree), he also has an MBA. With his 22 years experience in a worldwide organisation, his management experience is invaluable. Noted the profits and margins from the construction division improved substantially since FY 2016.

The company carried out Enhancement Initiatives and MQS (Management Quality System), cost savings, value engineering and IBS (Industrial Building System). Just see if the company can deliver more values to the shareholders.

Posted by wah168 > 2018-08-30 16:36 | Report Abuse

0.59 ????

Posted by 叶子 > 2018-08-30 16:44 | Report Abuse

MOTOROLA close shop in his hand?

Posted by SuperVegetto > 2018-08-30 16:58 | Report Abuse

whole market gg today.... 0.61 support die, now can wait at 0.52

Posted by dabg > 2018-08-30 17:08 | Report Abuse

qr should be gg

Posted by uptrending > 2018-08-30 17:47 | Report Abuse

Didn't hear from txfs for some time now..... :)

Posted by 叶子 > 2018-08-30 18:41 | Report Abuse

OMG

Posted by 1214258703 > 2018-08-30 18:54 | Report Abuse

Why result so bad?!

Posted by davidkkw79 > 2018-08-30 19:00 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5902785

Posted by davidkkw79 > 2018-08-30 19:01 | Report Abuse

Why earning so less? Work charity ?

Posted by digi2222 > 2018-08-30 19:03 | Report Abuse

wow...why result like this ?

Posted by uptrending > 2018-08-30 19:06 | Report Abuse

Cannot understand why the results so disappointing, suspect the Management hiding profits for next financial year to conserve cash and pay less tax, but the prospects of the current FY19 is optimistic.

Prospect of the current financial year (quoted from the QR).

"In the meantime, the on-going development projects of the Group namely, The Park Sky
Residence and The Park 2 Residence in Bukit Jalil, Duta Park Residence @ Jalan Kuching and
Rapid City Centre in Johor, with a total unbilled sales of RM1.03 billion as of 30 June 2018
together with the on-going construction contracts in hand and in particular Pavilion Damansara
Heights, The Pavilion hotel, Pavilion Ceylon Hill and Pavilion Embassy projects, will continue to
contribute positively to the earnings of the Group for the financial year ending 30 June 2019."

At this price, I will continue to hold. Afterall, the dividend yield is better than FD rate.

Posted by Jon Choivo > 2018-08-30 19:08 | Report Abuse

In all the years i've been an auditor, the only people trying to hide profit is private companies.

You know how hard to persuade management to take up an adjustment that will reduce profit?

You think management nothing to do but hide profit? You think they dont know high profit means high share price? You think the boss does not have most of his net worth tied up in the stock?

And the profit figure in the financial statement is almost irrelevant when it comes calculating tax, its the nature of your income and expense.

Sure, the tax agent starts with the financial statement, but they go through the transactions themselves. You can hide profit, you cannot run from tax.

===
Posted by uptrending > Aug 30, 2018 07:03 PM | Report Abuse

Cannot understand why the results so disappointing, suspect the Management hiding profits for next financial year to conserve cash and pay less tax for current FY, but the prospects of the current FY19 is optimistic.

Posted by uptrending > 2018-08-30 20:04 | Report Abuse

Hi Jon

Thank you for your comments.
What I meant was not to run from the tax, but to defer it. The Co may not take up all the sales for this quarter but defer it to the future quarters.

I checked Hohup's revenues from property development for the last 2 quarters and they are mainly from their 18% entitlement to the JDA at BJC as disclosed in their QR announcements.

Hohup's property development revenues:
Quarter ending 31st March 2018 was rm27.2million mostly from BJC implying Malton's revenue from property development @BJC about rm150 million.

Similarly this quarter, hohup's property development revenue is rm 21.44 million, also mostly from JDA @ BJC, implying Malton's BJC Property development revenue alone is rm119 million.

But last quarter Malton's TOTAL property development revenue was rm88. 44 and this quarter the TOTAL is rm128.4 million. I can't figure out why the discrepancy.

Your findings and comments are welcome.

It is good to have you here. I like to listen to your views.

Thanks.

Posted by nemesis > 2018-08-30 20:34 | Report Abuse

Very simple facts here...they announced bad qtr result so that u will feel disappointed n dump Ur Malton shares n the directors n owner will swallow Ur shares at cheap price...those feel bad n impatient will sell at low price n they will slowly accumulate Ur shares at dirt cheap price...I m sure directors wanna increase their stake in Malton but they will do it at cheap buying price...Those panic sell will only benefits the management...

Posted by nemesis > 2018-08-30 20:38 | Report Abuse

I will surely hold it for coming 2.5 sen dividend...We can't judge a company performance by just a qtr result, we must look at the big picture as a whole...1.03 bil of unbilled sales is sufficient to maintain steady growth profit for the next 3 yrs to come... share price might get selling pressure BUT long term it is a crying BUY!

Posted by uptrending > 2018-08-30 20:57 | Report Abuse

nemesis

Agree with you.

I will take out my FD to add more if the price dropped further. I believe big hands already accumulated quite a lot after GE 14, dropping from 80 sen to 70... 60... 50, and subsequently was ramped up with huge volume to 70 sen.

Posted by txfs > 2018-08-30 21:02 | Report Abuse

To me, it is unfair to say that Malton is not doing good because of a bad quarter. Rarely is corporate value depend on one quarter or two.

1.PAT figure is somewhat clouded by exceptionally high tax rate, which is eat up all the PBT. It could be due to deferred tax recognized but not cash tax payable on the quarter. What you should look is PBT figure.

2.They generally earn low margin from property development business because of sharing of 18% GDV to Hohup. However, since they did not pay for the land for Bukit Jalil shopping mall, they are going to earn high ROI on shopping mall. Think about it as short term pain for long term gain business model.

3.Property and construction company generally post fluctuating profit because of timing difference on progress recognition. A very good or bad result could happened in any quarter.

4.Construction margin is still ok, and even better as compared to construction company that focus on public project. It is going to be supported by ongoing Pavilion Damansara Heights, The Pavilion hotel, Pavilion Ceylon Hill and Pavilion Embassy projects.

5.My estimate is the Pavilion REIT collaboration with Malton will be concluded within 3 months time. In 1 year time at least 50 to 60% of the shopping mall will be completed. Looking across shopping mall with comparable size, this is still selling at the cheapest price.

6.My worst case scenario on the controversial TTDI project is that it will be scrapped and impairment be made, but it seems likely that it will be scaled down instead. A win-win scenario indeed.

Posted by txfs > 2018-08-30 21:04 | Report Abuse

I have pretty much covered all the major question, buy or sell decision is solely up to you.

Posted by wongkokmun > 2018-08-30 21:07 | Report Abuse

I bought at 60 sen. Will hold until dividend. If drop again to 55 sen buy again. If drop again to 50 sen buy again. Die with Malton.

Posted by txfs > 2018-08-30 21:14 | Report Abuse

Correction on taxation :
"The effective tax rate for the current year to-date (before share of results of associated companies)
is higher than the statutory tax rate due to the incurrence of certain expenses that are not
deductible for tax purposes and losses incurred by certain subsidiary companies which do not
qualify for group relief."

Posted by sjy88 > 2018-08-30 21:52 | Report Abuse

thanks to everyone who shared their views here. Next support is 0.55

Posted by uptrending > 2018-08-30 22:15 | Report Abuse

I checked with my friend who is also in the property development business. According to him, at the initial development stages, from S&P, foundation works and infrastructure, the costs are proportionately much higher as compare to recognition of sales on the progress billings.

The Park Sky Residence, the progress billings now maybe up to infrastructure only.

Park 2 only S&P and foundation works.

The Duta Park Residence, just starting with Marketing in May, only incurred costs, no sales revenue as yet.

These could be the reasons for the low PBT in this quarter apart from the timing difference on progress recognition as stated by txfs.

Thank everyone for your valuable insights and sharings.

Posted by 1214258703 > 2018-08-30 23:11 | Report Abuse

still can buy? today hentam so many @ 0.58

Posted by shpg22 > 2018-08-30 23:33 | Report Abuse

wongkokmun I bought at 60 sen. Will hold until dividend. If drop again to 55 sen buy again. If drop again to 50 sen buy again. Die with Malton.
30/08/2018 21:07

Don't overbought. Need to reserve some fund for Rights issue also.

Posted by nemesis > 2018-08-30 23:35 | Report Abuse

I guess it will drop back substantially to 0.52 but tat is a great buying opportunity...

Posted by sdu2775b > 2018-08-31 00:01 | Report Abuse

is malton going for right issue? @shpg22

Posted by nemesis > 2018-08-31 01:10 | Report Abuse

Malton will normally go for Private Placement...

Posted by uptrending > 2018-08-31 01:14 | Report Abuse

PLEASE READ ANNUAL REPORT 2017 NOTE 30

(RIGHT ISSUE -- I DON'T THINK IS REQUIRED AS MELTON HAS A TOTAL OF RM1. 545 BILLION CREDIT FACILITIES FROM LICENCED BANK AS OF 30TH JUNE 2017, PLS REFER BELOW)

THE MAIN POINT AT THE LAST LINE :
"AS AT 30TH JUNE 2017, THE GROUP HAS CREDIT FACILITIES FROM LICENCED BANK TOTAL RM1,545,004, 000 (RM1.545 BILLION)"

THE FINANCE OF MALTON STILL HEALTHY, GEARING IS ONLY 0.5 TIME.
PARK SKY RESIDENCE IS DUE FOR COMPLETION BY EARLY 2019. WORK PROGRESS AND PROGRESS BILLING WILL BE GAINING MOMENTUM GENERATING GOOD CASH FLOW AND PROFITS GOING FORWARD TO NEXT FY JUNE 2019.

======================================= EXTRACTED FROM AR 2017 NOTE 30

30. BANK BORROWINGS
The Group The Company
2017 2016 2017 2016
RM’000 RM’000 RM’000 RM’000
Secured:
Long-term loans 336,246 268,090 - -
Bank overdrafts (Note 34) 28,055 17,372 4,964 4,960
Revolving credits 169,864 85,437 62,000 34,000
Trade facilities 13,285 50,000 - -
Bridging loans 44,563 44,502 - -

592,013 465,401 66,964 38,960

Less: Amount due within next 12 months
(included under current liabilities) (484,640) (296,506) (66,964) (38,960)

Non-current portion 107,373 168,895 - -
The non-current portion is repayable as follows:
The Group The Company
2017 2016 2017 2016
RM’000 RM’000 RM’000 RM’000
Between 1 - 2 years 38,368 87,290 - -
Between 2 - 5 years 49,189 81,605 - -
More than 5 years 19,816 - - -

107,373 168,895 - -


As of 30 June 2017, the Group and the Company have the following credit facilities from licensed banks:
The Group The Company
2017 2016 2017 2016
RM’000 RM’000 RM’000 RM’000
Secured:
Term loans 742,000 677,000 - -
Bridging loans 414,968 379,968 - -
Revolving credits 223,000 173,000 90,000 40,000
Trade facilities 63,286 50,000 - -
Bankers guarantee 55,750 44,880 2,000 2,000
Bank overdrafts 28,000 28,000 - -
Islamic financing 18,000 18,000 5,000 5,000

1,545,004 1,370,848 97,000 47

Posted by uptrending > 2018-08-31 01:23 | Report Abuse

As of 30th June 2018, the company has total borrowings rm530 million only. Cash and FD total RM161.4MILLION. Net debt is rm368. 6 MILLION only.

There is more than RM1 Billion Credit Facilities standing by.

SURELY NO RIGHTS ISSUE

Posted by nemesis > 2018-08-31 08:24 | Report Abuse

Good to hear tat...Monday will buy more if price going down more...

Posted by uptrending > 2018-08-31 10:53 | Report Abuse

DON'T PANIC!!!!

UPDATED 6 YEARS TRACK RECORDS OF THE COMPANY :

Year Ended 30 June 2018 2017 2016 2015 2014 2013
Revenue (RM’000) 818,773 830,739 632,216 503,444 500,300 359,179
Profit Before Taxation (RM’000) 83,028 114,665 71,201 75,700 79,853 50,153
Profit After Taxation (RM’000) 55,649 63,181 36,315 45,847 52,043 35,387
Total Comprehensive Income Attributable
to Owners of the Company (RM’000)
56,482 63,286 37,272 45,906 51,884 35,567
Share Capital (RM’000) 528,552 528,176 448,416 448,416 422,550 418,104
Equity Attributable to Equity
Holders of the Company (RM’000)
913,709 870,142 738,497 714,677 659,326 612,424
Total Assets (RM’000) 2,638,493 2,596,316 2,101,400 1,575,576 1,298,096 1,006,757
Basic Earnings Per Share (Sen) 10.70 13.59 8.12 10.47 12.42 8.46
Net Assets Per Share (RM) 1.73 1.65 1.65 1.59 1.56 1.46

With the above track records and property unbilled sales of RM1.03 Billion as of 30th June 2018 (Source:QR 4QFY18), and the construction order book stands at RM1.8 Billion as of Nov 18, (source:http://m.thesundaily.my/node/505594) having secured six projects, including Pavilion Ceylon Hill, Pavilion Embassy, Pavilion Damansara Heights, Royal Pavilion Hotel and two others.

What do you think is the fair share price of MALTON?

Posted by LaksaBoy > 2018-08-31 14:27 | Report Abuse

buy on weakness next Monday

Posted by 叶子 > 2018-08-31 17:14 | Report Abuse

Hopefully Monday got above 4.5% FD, haha

Posted by uptrending > 2018-08-31 17:39 | Report Abuse

Yes!
55sen, 4.55 % FD
50 sen 5.0 % FD

:)

Posted by uptrending > 2018-08-31 18:10 | Report Abuse

Posted by uptrending > Jul 9, 2018 08:28 AM | Report Abuse

So cheap.....

5% dividend yield if last year 2. 5 sen annual dividend is maintained..

Bought on 9th July, 50 sen, 5% FD :)