Posted by steveooikp > 2016-12-07 15:40 | Report Abuse

stockraider...can disclose what is your buying price for puncak?

Posted by Up_down > 2016-12-07 15:46 | Report Abuse

Puncak no better than Triplc other than a bulk of cash sitting there waiting to be spent in new business until no more. It will become another high NTA company without cash.
Better Puncak stop acquiring Triplc lor... Don't need Puncak to buy over....

Posted by Up_down > 2016-12-07 15:55 | Report Abuse

If you like to see cash in piggy bank staying in the company for long long time....Better buy Kseng, Orient , SAB lor...they pay peanut dividend but at least happy to see cash keep in the bank.

Posted by steveooikp > 2016-12-07 16:19 | Report Abuse

I m still holding at 93.5 ...
anyone with me?

1. steve
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Posted by steveooikp > 2016-12-07 16:19 | Report Abuse

please copy and paste and put in your name

Posted by steveooikp > 2016-12-07 16:19 | Report Abuse

I m still holding at 93.5 ...
anyone with me?

1. steve - 93.5
2.
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5.
6.
7.

Posted by stockraider > 2016-12-07 16:34 | Report Abuse

Triplc....heavy borrowing...small profit...not worth...concession very small...UITM...not even to pay Rozali salary loh...!!

Posted by stockraider > 2016-12-07 16:36 | Report Abuse

Puncak with huge cash no problem....can slowly pick & choose loh...!!

Don have to overpay for Triplc....also Tabung Haji agst mah...!!

Posted by Ckk2266 > 2016-12-07 16:58 | Report Abuse

Buy Triplc!

Posted by Up_down > 2016-12-07 16:58 | Report Abuse

Puncak will have to spend at least 746 million in new plantation business...Its piggy bank will reduce to 350 million even though stop acquiring any new company.

Net Cash in Bank: 1,100 million
Less: Acquisition: 446.5 million ( 60% plantation business 33,400 hec )
Less: Plantation expenditure: 270 million ( estimate 450 million x 60% )
Less: Palm oil mill : 30 million ( Estimate 50 million x 60% )

Posted by voon1900 > 2016-12-07 17:05 | Report Abuse

steve u r scared tat u wan other same with u ..cheap

Posted by voon1900 > 2016-12-07 17:06 | Report Abuse

puncak is no more investment worth anymore...u guy juz hope it jump to 1.00n dump...tat is gamble!

Posted by voon1900 > 2016-12-07 17:08 | Report Abuse

i realy need to remind myself tat even pros cn fal in trap like tis shit..lost core business bt chairman n other jv do nothing n get paid handsomely n lost 4quarter

Posted by voon1900 > 2016-12-07 17:09 | Report Abuse

save ur money in bank la...when puncak break 80sen lower,then u wil fear

Posted by steveooikp > 2016-12-07 17:15 | Report Abuse

voon 1900
in fact, with such huge amount of cash.
Puncak is safe st this juncture to buy over other profitable listed companies.
Just like osk bought over oskprop and pjd.
this has to depend v much on the mgmt.

Posted by Up_down > 2016-12-07 17:18 | Report Abuse

What your main intention of buying Puncak? Are you able to wait for at least 3 years for the plantation business to bear fruits? Can you bear with potential Nil dividend for next few years?

Dividends payment track record:

- 2016 - Nil dividend
- 2015 Special dividend - RM 1.00 ( after disposal water assets )
- 2014 - Nil dividend
- 2013 - 5 cents dividend
- 2012 - Nil dividend
- 2011 - Nil dividend

Posted by steveooikp > 2016-12-07 17:21 | Report Abuse

up_down
u mean the mgmt will not do anything with those cash?
the mgmt just sit there to receive director salary?
once acquire those profitable counters. QR will turn black.

Posted by Up_down > 2016-12-07 17:25 | Report Abuse

Steve. Minority claimed that it's not worth to acquire Triplc so....temporary no other profitable business to cover its current operation other than plantation business....

Puncak will have to spend at least 746 million in new plantation business...Its piggy bank will reduce to 350 million even though stop acquiring any new company.

Net Cash in Bank: 1,100 million
Less: Acquisition: 446.5 million ( 60% plantation business 33,400 hec )
Less: Plantation expenditure: 270 million ( estimate 450 million x 60% )
Less: Palm oil mill : 30 million ( Estimate 50 million x 60% )

Posted by steveooikp > Dec 7, 2016 05:21 PM | Report Abuse

up_down
u mean the mgmt will not do anything with those cash?
the mgmt just sit there to receive director salary?
once acquire those profitable counters. QR will turn black.

Posted by steveooikp > 2016-12-07 17:29 | Report Abuse

hi up_down

the plantation business - is it already with ready to harvest palm oil?

By spending 746 million in plantation business? there is a lot...

with this amount, puncak can easily buy over a profitable plantation counter.

Posted by Up_down > 2016-12-07 17:32 | Report Abuse

Steve. It takes at least 3 years for the plantation business to start bear fruit la...Don't expect any profit from this segment in next few years. It should be OK if you are a long term investor.

Posted by steveooikp > 2016-12-07 17:32 | Report Abuse

puncak should learn from osk.

osk bought over oskprop and pjd at this time at this cheap price.

can see the profit immediately.

Posted by Up_down > 2016-12-07 17:36 | Report Abuse

Not easy to scout for profitable business nowadays. Triplc is able to contribute profit immediately but minority said not worth it so forget about the deal.

Posted by valuelurker > 2016-12-07 17:39 | Report Abuse

Ya true I agree rozali should offer rm1.20 for triplc like the price of a packet of nasi lemak, why want to pay himself so much money he should be more generous and let puncak shareholders benefit

Posted by Up_down > 2016-12-07 17:42 | Report Abuse

You think minority of Triplc want to sell meh? Triplc can standalone without any need from Puncak.

Posted by steveooikp > 2016-12-07 17:42 | Report Abuse

1.91 for triplc?

OSK only pay for 1.50 for pjd

Posted by Up_down > 2016-12-07 17:43 | Report Abuse

Peanut price so forget about the deal lor....

Posted by steveooikp > 2016-12-07 17:48 | Report Abuse

up_down

every counter like gamble now.

osk -- profitable but like tat

coastal - profitable but drop everyday

kssc - making good profit also drop...

so wtf...

Posted by Up_down > 2016-12-07 17:51 | Report Abuse

Steve. OSK and Coastal are not favored by the market..As I said it should be OK if you are a long term investor of Puncak.

Posted by Up_down > 2016-12-07 17:59 | Report Abuse

Plantation expenditure 15k per hec for Puncak is quite conservative figures. You see how much plantation expenditure for other companies in Sarawak:
- TSH - 20k per hec
- Jtiasa - 22k per hec
- WTK - 24k per hec



Puncak will have to spend at least 746 million in new plantation business...Its piggy bank will reduce to 350 million even though stop acquiring any new company.

Net Cash in Bank: 1,100 million
Less: Acquisition: 446.5 million ( 60% plantation business 33,400 hec )
Less: Plantation expenditure: 270 million ( 15k/hec estimate 450 million x 60% )
Less: Palm oil mill : 30 million ( Estimate 50 million x 60% )

Posted by steveooikp > Dec 7, 2016 05:21 PM | Report Abuse

up_down
u mean the mgmt will not do anything with those cash?
the mgmt just sit there to receive director salary?
once acquire those profitable counters. QR will turn black

Posted by Up_down > 2016-12-07 19:14 | Report Abuse

Puncak's plantation business will start contributing only after 3 to 4 years. The existing businesses are insufficient to cover the costs of operation ie directors and management salaries. They may explore potential synergy in the construction segment through acquiring Triplc business.

In addition, Puncak can fill up the empty gap for not having a profitable business for the next 3 years as Uitm construction could start contributing in year 2016 with a turnover between 100 million to 200 million per annual.

It's not easy to get the minority shareholders in the both sides to approve the deal at fair and reasonable price in the acquisition. Not sure whether Rozali would come out a special dividends to persuade Puncak shareholders for approving the deal.

Posted by stockraider > 2016-12-07 19:31 | Report Abuse

Must understand plantation is not expense....it is a very good long term investment loh.....!!

Some people want to twist around & say plantation as an expense loh...!!

The more puncak....spend on plantation the better...bcos good investment loh....!!

Posted by voon1900 > 2016-12-07 19:33 | Report Abuse

a bunch of self talk fools..soon puncak 70sen

Posted by stockraider > 2016-12-07 19:34 | Report Abuse

Uitm concession is useless...cannot even pays for Rozali's salary mah..!!
Some more got Rm 300 million borrowing loh...!!

Raider don mind...if they pay Rm 1.00 per share to takeover loh...!!

Posted by Up_down > 2016-12-07 19:38 | Report Abuse

I have never said that Plantation Expenditure (PE) is not an assets. Don't simply judge la... who don't know PE can't be capitalized...understood mah.

Posted by Up_down > 2016-12-07 19:41 | Report Abuse

Better forget about the deal with Triplc lor....not worth it to minority....


So we wait and see how Puncak pay Rozali salaries with the existing peanut business....don't think about Management and Directors salaries can be capitalized wor...See what kind of losses Puncak would suffer for next 3 years...

Posted by Up_down > 2016-12-07 19:54 | Report Abuse

Puncak's director alone costs 17.5 million a year... Piggy bank got so much cash so 50 million for 3 years only ma...sup sup suoi la. Better sit on the laurel burning cash. Triplc is just a peanut business...not worth to consider it.

Posted by stockraider > 2016-12-07 20:01 | Report Abuse

Ya lah....if buy triplc...worse loh....!!
Xtra Rm 300 million borrowing mah.....!!
Also the profit of triplc came down alot....now like peanuts loh...!!

Please take note...triplc make monies...also never pay div for many years loh...!!
Why leh ?
Very high debts mah...!!

Posted by Up_down > 2016-12-07 20:14 | Report Abuse

If you don't understand concession business, don't simply talk la.... make people laughing only....not a bad joke. Wakaka

Posted by stockraider > 2016-12-07 20:17 | Report Abuse

Very complicated meh....just build & collect...rental in return mah...!1

But return very low mah...!!

If don believe...just look at triplc profit drop so much mah...!!

Posted by Up_down > 2016-12-07 20:23 | Report Abuse

I have been talking Puncak by picking out figures from its report and announcement.....and do a bit calculation....at least I have done my job trying to understand Puncak business...not like....wakaka

Posted by stockraider > 2016-12-07 20:25 | Report Abuse

U think raider...no do homework on triplc meh ??
If not how raider can debate u leh ?

Just that triplc worth only Rm 1.00 per share mah...!!

Posted by hng33 > 2016-12-07 20:31 | Report Abuse

Triplc concession business is Build operate transfer under private and public finance initiative. For Puncak to acquire concession business from triplc, it need fed gov approval and bond holder approval as it involve senior medium term note worth (MTN) RM 240m, and junior term note RM 60m that fund triplc first concession construction and these funding is to be repay back by gov funding throughout 20 year concession period.

The approval is also needed from triplc another just newly secure MTN worth RM 630m to fund its another new concession which is still pending construction and involve even longer tenure 25 year concession.

As based on triplc first concession, that worth RM 266m, triplc derive handsome profit during the construction period from q1 2012 to q3 2014, triplc EPS have record attractive and consistent profit range EPS 10 sen to 16 sen every quarter, cumulatively give rise to massive increament in its NTA from RM 1.10 to current level RM 2.56. Its more than double increment in NTA throughout its 3 year construction period, and triplc share price also react in tandem, increase from 70 sen to double up RM 1.40.

It is after completion of its construction period, that triplc profit reduce significantly, as its now only derive fixed payment from fed gov throughout 20 year concession under maintenance period and these fixed fund is going to gradually repay back MTN bond.

However, with triplc secure also new concession RM 599m, worth double than its first concession, and have also secure new MTN RM 630m to fund its construction, a quantum leap in Triplc profit is expected to kick start again, a growth in profit and EPS is expected throughout next 3 year construction period.

With such attractive prospect ahead, triplc can standalone comfortable. But, if Puncak wanna to acquire triplc, it need to offer attractive price.

During construction period to kick start RM 266m worth of concession begin in 2012, Triplc record attractive every quarter EPS for consecutive 10 quarter attractive earning begin Q4 2011, ending Q1 2014, cumulative record total EPS = 100sen

5.12sen (Q4 2011)
15.36sen + (Q1 2012)
12.19 sen + (Q2 2012)
13.12 sen + (Q3 2012)
12.69 sen + (Q4 2012)
7.6 sen + (Q1 2013)
9.63sen + (Q2 2013)
10.03 sen + (Q3 2013)
8.90 sen + (Q4 2013)
5.52 sen (ending Q1 2014)

Remark: There is additional construction work on top of concession contract recorded july 2015, resulted additional EPS= 25.5sen.

What will be construction profit for 2x higher concession contract worth RM 599m, to be kick start now and for next 3 year construction period le !!

Posted by hng33 > 2016-12-07 20:35 | Report Abuse

In summary, Puncak need triplc to revive its construction unit and secure back concession oriented business.

Posted by Up_down > 2016-12-07 20:47 | Report Abuse

Puncak has not confirmed the offer price....immediately jump into a conclusion that investment in Triplc is a ' lousy investment ' ....this concession business is too complex....not worth to take a look into details.... Debt 300 millions and low revenue ...Puncak minority won't approve it....... Final conclusion....Triplc is worth only 1.00 in my eyes......

Posted by Up_down > 2016-12-07 21:01 | Report Abuse

Hng33. What you wanna prove with your findings....when I said not worth means 'not worth it ' . It's a lousy investment.. What NTA 2.56 la.... Concession contract 600 million la ...past EPS high la...all that craps ....all I can say it worths only RM 1.00 ....don't expect to change my mind.....dude

Posted by stockraider > 2016-12-07 21:02 | Report Abuse

Thats why raider says...the NTA increase of triplc is not due to real cash generation profit...it all due to accounting entries mah....!!

Thats why the concession just generate peanuts....just barely enough to cover expenses....and make little of profit loh...!!

Thats why raider see triplc....is worth rm 1.00 only loh...!1

Posted by Up_down > 2016-12-07 21:16 | Report Abuse

NTA ....it's correct not cash.... you said you read Triplc accounts...wakaka....you know what's the biggest portion of its assets ? What's positive cash flow generated from the operations for past 2 years...why so high NTA? Get an expert to explain to you to understand more la....don't be so stingy le...

Posted by stockraider > 2016-12-07 21:33 | Report Abuse

People measure concession based on cash flow loh....!!

If the positive cashflow is tiny....like the case of triplc.....the valuation cannot be good mah....!!

Raider think Rm 1.00 fair value appropriate mah....!!

Posted by Up_down > 2016-12-07 21:56 | Report Abuse

你有聽過'細水長流' 嗎? sedikit demi sedikit lama lama menjadi bukit

Posted by hng33 > 2016-12-08 00:47 | Report Abuse

Triplc is in BOT concession business, in which during 3 year construction period, it derive fair profit recognition from initial bond insurance, then, at later stage during maintenance phase, it derive fixed income from fed gov to gradually repay back bond and enjoy steady increment higher positive cash flow when bond obligation gradually pare down over entire 20 yr concession period.

The payment is in the form of annual available charge RM 42.5m + variable maintenance charge. The concenssion over entire 20 year maintenance phase is expected to generate, on average, annual free cash flow of RM54.3 million throughout the MTN tenure.These annual cash inflow will use to repay back MTN to gradually pare down these bond (total bond RM 240m) + interest, at the same time gradually increasing cash over the entire 20 concession. the longer it go, the lower debt burden, lower interest charge, the longer it go, the higher it retain cash.

In addition, the current going to be kick start BOT under FPI worth RM599m have even longer tenure of concession, total 25 year concession. The bond insurance aldy fully secure and triplc is expect to kick start these new construction and maiden fair profit recognition is expected to be record in next 3 to 6 month time.

Puncak have until another 2 more month to conclude the deal with triplc before triplc record another round of high Profit recognition throughout entire 3 year construction period.