Posted by darwin999 > 2022-10-22 16:23 | Report Abuse

Hello, this is 2022 and you think people still believe in this kind of story of bumped up earnings to drive up share price? You think funds like EPF will believe in such story anymore, after what they have seen and suffered from SerbaDK?

Companies like SerbaDK can cheat on reporting very good accounting profits, but they cannot cheat on their balance sheet and cashflows lah. When a company's debts are increasing and it keeps asking money from shareholders by doing private placements or right issues, you need to be alert.

Posted by darwin999 > 2022-10-22 16:32 | Report Abuse

When you see no reason why the share price of Ptrans should run up from 60 sen to 90 sen, then just take profit as the directors are kind enough to support it.

It may still be a good company and I will take a re-look at it again when the share price slides towards 50 sen.

Posted by wallstreetrookie > 2022-10-23 13:51 | Report Abuse

Public Investment is sell-side. Buy-side only initiate internal reports.

Posted by TreeTopView > 2022-10-23 13:52 | Report Abuse

darwin999, I am sure you realise you are treading on very dangerous ground when in infer possible fraud and liken your research, I use that term very loosely, to a company such as Serba D.
Interestingly, although you infer possible fraudulent actions by the company, your final comment is....."It may still be a good company and I will take a re-look at it again when the share price slides towards 50 sen."

That comment is as bizarre as the many other statements you have made in your TWENTY ONE derogatory posts in two days on Perak Transit, the only company you have commented on since joining 3 days ago. Some people may believe you have an agenda and motive to be so frantic to post so may totally negative comments, some may even consider them potentially actionable.

Can you explain the need to change username and bring up the same derogatory comments that were made and addressed earlier this year on this thread?

Much of your commentary relies on taking figures from quarterly reports........which is a GOOD thing........however where you fall down badly is when you attempt to extrapolate those figures and compartmentalise those onto your own thought bubbles, leading you to make false conclusions. I'd advise that anytime you have misgivings or confusion about certain issues, then the obvious option is to call the company and ask for an explanation before you start using your imagination.

A simple example of that is your comment......"no mention of how much total capex Ptrans will spend on building the Bidor bus terminal which is scheduled to be completed in 2H 2023, but capex spent as of 30 Jun 2022 has already shot past RM133 million."

Oh really? You don't know what the Capex is for the Bidor Terminal? With all the research you have supposedly done? Come on, surely you can do better than that. I'd be more than happy to tell you.........but you deserve to learn a bit more about the company, so go and look for it, it's not difficult. There is also more than one ongoing project active during the last quarter, so don't go jumping to the same conclusions again that it was all allocated in the recent quarterly for Bidor Sentral.

As to your absolutely bizarre comment that I have not mentioned Perak Tansit's increasing debt, well, to be totally frank, you'd have to have the intellect of an ant to not realise that developing major projects either requires debt or cash and as you no doubt know the majority of companies tend to use geared debt for their development. Hence , Perak Transit's RM500 Million Sukuk Program facility.

I could go on berating more of your commentary, however the sun is shining and I'm in weekend mode, so have much more enjoyable things to do with my time than to carry on correcting your misinformed drivel.

Please feel free to advise me and the o0ther readers as to why you changed username and what the particular motive is to use that new identity to berate and defame Perak Transit. I'm sure we will all be interested.

Goodbye.

Posted by wallstreetrookie > 2022-10-23 13:53 | Report Abuse

Fraud or not, so what? It is not like US market where you can short-sell or buy put options. @darwin99 what can you do about it? Can you short and make money? Can you do anything? No

Posted by wallstreetrookie > 2022-10-23 13:53 | Report Abuse

You are just wasting your energy. Open a corporate trading account and then short.

Posted by wallstreetrookie > 2022-10-23 13:55 | Report Abuse

Public Investment Bank is sell-side. And yes, I don't respect equity research analysts. Morgan Stanley gave an overweight on Snapchat in 2021. Now the stock is trading 90% discount at 7$ per share. Who cares about equity research analysts' opinion in 2022? No one

Posted by wallstreetrookie > 2022-10-23 13:55 | Report Abuse

In conclusion, ceased coverage = Strong Buy

Posted by wallstreetrookie > 2022-10-23 13:57 | Report Abuse

Haha this is exactly why accountants make bad investors. They only focus on the past, hello brother. If anyone can make money from reading financial statements, then no need to work already. Just retire

Posted by VTrade > 2022-10-23 14:11 | Report Abuse

Perak berkembang baik

Posted by darwin999 > 2022-10-24 14:51 | Report Abuse

TreeTopView, what you could do was just to be-rate my comments? You are not able to come out with a single good argument to defend the stock, absolutely NOTHING!!!!!!

Yes, I do not know how much total capex for the Bidor teminal Ptrans is building if the company does not disclose it. We as retail investors can only estimate based on the reported quarterly results. Now as you seem to know a lot about the company, please tell us now how much total capex is budgeted for Bidor terminal. Do not simply act that you know a lot but in fact you know nothing!

Or even if you know the data, you will be afraid to disclose anyway. Lets face the fact lah, the capex for Bidor is definitely more than RM133 million, and the expected rental income from this Bidor terminal will be tiny, and not be sufficient to even cover the interest expenses.

Posted by darwin999 > 2022-10-24 14:54 | Report Abuse

Why are you so scared and panicked in jumping in to defend the stock??
Why would you care who I am? I have not changed any username, just first time registered.

Why have you been actively promoting this stock? What is your agenda?

You know very well this stock is not worth even 50 sen at current earnings, why are you still encouraging retail investors to buy in? bringing them to holland?

Posted by darwin999 > 2022-10-24 15:04 | Report Abuse

If you know the company well, why not disclose to us where the company earned the Project Facilitation Fee from? From which state, which state authority, which projects? Why most of these PFF were done through a private company which made a loss?
Who are behind this private company? Why didn't it make any profit but losses by being a middle man for these PFF projects?
How much of company revenue and earnings for Q1 and Q2FY2022 was from PFF?
How much PFF contribution can we expect more in remaining FY2022 and in FY2023?

How much earnings will be left in the company without PFF contribution?
What would be the valuation then when no PFF contribution anymore?

How much capex will need to be spent to complete Bidor? Where will funding be coming from for this capex? You mentioned above that there were more than one project ongoing at the company, what projects are those besides Bidor? How much capex is required for those other projects? What would be the expected returns and IRR for those new projects? How much more fund can the company draw down from the sukuk program? If the RM400m sukuk is fully drawn down, what would be the funding plans for all those other projects and the Tronoh terminal the company is planning for?

With all the existing projects and capex requirements, how much would the company operating cashflows be after accounting for these capex and higher interest expenses? How much cashflows will be left for dividend distribution? Looking at the operating cashflows, I think the company cannot even sustain a dividend payout of 3.0 sen per year until Bidor terminal completes in 2H2023 and rentals income kick in to offset against the higher debt service.

Posted by darwin999 > 2022-10-24 15:11 | Report Abuse

Of course we know that companies gear up for new projects, but don't you need to go one step further to know the capex requirement of any new project, the expected returns from investing in such a new project, where the funding should come from, how it will impact the company gearing ratio and debt servicing ability, how it will impact the company operating cashflows and its ability to declare dividends, and whether the project is feasible or not, how much IRR you can derive from such a project, is there any better project?

Don't just talk big and talk at high level, it only shows that you know NOTHING about the company and the projects!

I suggest you just hide away enjoying your weekend and not come out here and talk BLANK.

Posted by darwin999 > 2022-10-24 15:18 | Report Abuse

wallstreetrookie, what you said above just shows that you are just a rookie who knows nothing about stock investment, or just a gambler / trader who just listen to hearsay and trade on rising stock for short term profits.

I am not here to short this stock and there is no such instrument for me to short it here. I just wanted to give a timely advice for fellow retail investors to get out of this stock when it is trading at record high for no obvious good reason. The current share price rally is likely a manipulation by company directors with some other parties like TreeTopView to lure retail investors in or to push up share price for the company to do another private placement or right issue.

Posted by darwin999 > 2022-10-24 15:23 | Report Abuse

Vtrade, yes Perak may be in a good state for more development and this company started it well in Perak. It was its unique position in Perak transportation segment that has attracted me to study this company and its potential.

Unfortunately, things just went sideways with the company getting less transparent, especially after PFF had ballooned to half of total earnings in past 2 years, and the company share price defied market trend in a manipulated rally.

Posted by darwin999 > 2022-10-24 15:34 | Report Abuse

A 50% rise in share price from 60 sen to 90 sen in past few months is itself a remarkable achievement when the broader market went down.

It is dangerous to chase it high at this price without knowing the reason behind the current rally. It is equally risky to hold on for higher prices just bcoz you may know the company directors wanted to push it high.

My intention is noble, just wanted to give a timely warning to fellow retail investors to take profit while you can.

TreeTopView can launch personal attack on me just like what he has been doing here in this forum on anyone who criticised this company. But he may be just a puppet who knows nothing about the company financials. I bet he does not even hold any share in this company.

If you have something more substantial to debate with me on the company financials and valuation, you are welcome. But if you just want to do personal attack on anyone who sounds alarm on this stock, then you pls just save your time.

You need to do much better to convince us on why this stock is not over-valued.

Posted by wallstreetrookie > 2022-10-24 15:39 | Report Abuse

Ok after reading your comments, I will try to do more research. I am not buying Perak Transit

Posted by wallstreetrookie > 2022-10-24 15:47 | Report Abuse

But I am just trying to remind you that not a lot of retail investors own this company. Even if they push the share price up, no one cares and will buy. So I don't understand your rhetoric that management is trying to lure retail investors. Why buy Perak Transit when I can just all in Ong Choo Meng's company? You get what I mean. There is no benefit. It is just another small cap company.

Also, sell-side analysts cease coverage on stocks all the time. It is nothing new. Analyst ceased coverage on Annjoo Resources years ago. It ended up going up 200% in 2020 - 2021.

Posted by darwin999 > 2022-10-24 19:33 | Report Abuse

I do not know the intention of the company directors pushing up share price and why TreeTopView is so intense in defending the stock. I don't really know how many retail investors have bought this stock, but looking at the heavy volumes of this stock since it started this rally from 60 sen, I guess quite a lot of retail investors are in.

I just feel that something is not right, and there is nothing fundamentally good to support the strong price rally. I personally feel that it is a good opportunity to take profit after the strong run up.

Posted by darwin999 > 2022-10-24 19:41 | Report Abuse

When an equity analyst ceases coverage on a stock, the analyst either sees no near term catalyst for the stock, or he is not able to get positive response from the company management on his requested information.

In either case, I see red flags. Of course, there are stocks that go up after an equity analyst ceased coverage, but I think these are limited isolated cases.

I wont buy into this stock at current price and am glad that wallstreetrookie is also out of this.

The market out there is so so bad with many external uncertainties and locally GE15 coming up soon. We do not even know who will be the state government for Perak in November. Why risk putting your money into this stock at record high with no obvious fundamental news to support the rally?

Posted by darwin999 > 2022-10-24 19:53 | Report Abuse

Enough is said, no more time wasting here. Good bye

Posted by TreeTopView > 2022-10-25 07:13 | Report Abuse

" TreeTopView, what you could do was just to be-rate my comments? You are not able to come out with a single good argument to defend the stock, absolutely NOTHING!!!!!! "

I addressed all your bullshit earlier this year/.......remember?

Posted by TreeTopView > 2022-10-25 07:56 | Report Abuse

darwin, I've just re read your current offering of steaming cow dung and it is crystal clear that you don't have a clue about this company!

I could spend over an hour addressing each and every statement you made but I doubt it would be worth it, as it appears to me that you have some dubious agenda to berate this company. Either that, or you really have absolutely no idea of what you are talking about.

You state that I am a ramper/promoter of ths stock.....but in the same breath say I don't hold any shares in this company. Wow!
I made it very clear early this year that I was a buyer between 55 cents and 60.5 cents. FACT. I'm on record in here stating that fact. As for your comment that I am a promoter, well if the fact that I have called it with technical charting from 55 to 92.5 is promoting this stock, then it must be true........however, it therefore means that anyone on this site who uses technical charting on any stock is a promoter with dubious motives. Even when it rose to 65 cents I cautioned readers to look for a pullback to 60 cents as a buy in point. Surprise surprise, it followed that technical retrace!! For the record, technically it's current target points are 92.5 and 97.5 if it remains in an uptrend.

As for your comments on the Bidor Terminal Project cost, it clearly shows you know absolutely NOTHING about the projects. Have you seen the building plans of that project? Is it just a bus terminal?

It's like saying the Kampar Terminal project is just a bus terminal. Have you seen what they own there in that project? Are you aware there is a hotel, cinema, bowling alley, gym, shops, offices? Of course you don't know that.....because you have no idea what each project entails.

As for your comment about the Sukuk Loan, you keep saying it's Rm400 Million......no, it's Rm500 Million.

I could go on and on commenting about your bullshit.........but why should I bother.

Get the picture now? So, trot along and go and play with the buses.

Posted by TreeTopView > 2022-10-25 09:03 | Report Abuse

Oh, and before I forget, @darwin.
You made a comment in your drivel that I "attack" anyone who is negative about this company. I'd like you to show where I have ever done that.

The FACT is I lambasted one poster who continually ramped the stock with comments about it "going to the moon" and other similar nonsense.

If I lambasted a ramper, doesn't that make your theory about me being a promoter wanting to "take people to Holland" rather ridiculous and redundant.

A bit like most of your comments, I guess.

Posted by wallstreetrookie > 2022-10-25 09:21 | Report Abuse

No one cares about equity analysts anymore. Useless research

Posted by dragon328 > 2022-10-25 11:00 | Report Abuse

Notwithstanding a decent PE ratio, Ptrans has quite strong operating cashflows, i.e. RM52.2 million for 6 months ended 30 Jun 2022, annualised to RM104.5 million.

Interest expense for H1 FY2022 amounted to RM6.05 million, annualised to RM12.1 million. So interest service cover will come to 104.5/12.1 = 8.7x very comfortable.

Ptrans may need to accumulate some cash for debt repayment when the current sukuk expires, not sure when but at least 3 years away. Can consider partial repayment and roll over the sukuk for another longer tenor then.

Posted by dragon328 > 2022-10-25 11:03 | Report Abuse

Capex in H1 FY2022 indeed jumped up high to RM133 million, mainly for the Bidor bus terminal, I think. With strong operating cashflows expected for 2H FY2022, likely to be RM52m - RM6m (interest expense) = RM46 million which may be sufficient to fund the remaining capex for Bidor terminal, I hope.

Posted by dragon328 > 2022-10-25 11:06 | Report Abuse

Come 2023, the company should have spare cashflows to pare down borrowings gradually as capex slows to a normal RM20-30m a year:

Operating cashflows RM 104 m
minus interest expense (12) m
minus capex (25) m
free cash flows RM 67 m

Posted by TreeTopView > 2022-10-25 11:20 | Report Abuse

dragon323, you are wasting your breath giving any sort of facts to this "new" poster, as he just doesn't listen.
He claims fraud, then expects others on the thread to counter his allegations.......unbelievable!!!

If he had started posting on this thread and was asking for help to research the company then I would have gladly given my opinion, however when you commence posting and claim fraud and start using figures from the quarterlies to invent defamatory statements, then, quite frankly, I will not entertain him.

Since joining a few days ago he's managed to post 31 comments on Perak Transit, all negative, some derogatory and possibly libellous. And not a single post on any other company, so it's no wonder that I may think there is an agenda or motive here.

Anyway, let's move on, I won't be making any more posts replying to his misinformed garbage.

Posted by anthonytkh > 2022-10-25 11:42 | Report Abuse

Chill guys. Ptrans is a REIT in disguise. Their dividends are small but they still pay 3-4 times interims a year for the over 600M shares. Including during the several MCOs.

I invested quite awhile ago and I always trade my investment just like all funds do.

Personal points have been provided by both bulls and bears here. Digest, research and decide.

There’s no need to defend nor attack. We all want the same bloody thing…

Posted by TreeTopView > 2022-10-25 11:52 | Report Abuse

lol......ah Tony, you missed you true vocation in life as an evangelist :) . No offence intended of inferred, merely mentioning it as you said similar a few months ago. In essence, I agree with your thinking.......however........when a new poster joins i3 and states in his first post:

"run before it is too late. This stock is over-valued, will crash down soon to 50 sen or below "

Then subsequently starts claiming fraud, then no matter how much of a caring and nice guy I am, I feel the need to respond appropriately.

I hope you understand my point of view and have a great day.

Posted by skoh888 > 2022-10-25 12:11 | Report Abuse

@anthony....how are you doing bro? yes you made a great call when Ptrans was at the Rm0.5x level when we were all busy at TSH thread.

Posted by skoh888 > 2022-10-25 12:12 | Report Abuse

@treetopview....always enjoy your postings. Keep up the good work!

Posted by anthonytkh > 2022-10-25 12:13 | Report Abuse

Every investor have a right to defend their investment by providing valid points to counter anything negative posted by anyone. Icahn just blew Ackman out of the water way back then

I’m pretty sure this i3 forum exist for nothing more than promotions, defences and attacks by individuals that do nothing of the sort in person face to face. That’s the internet

I’m in a Telegram groupchat whereby a few ask me for my opinions on several stocks. I give my two sen but always say (paraphrased) “It’s the effing market, it’s your effing money and I’m an effing algae in a vast ocean of unexpected turbulence”

There’s really no need for any “warning” nor any “positives”. Folks regularly promote stocks they bought anyway (including those that purely contra) and that’s fine with me.

Coz I know what I buy and when I sell

Posted by TreeTopView > 2022-10-25 12:14 | Report Abuse

Thank you, skoh.

Posted by software guy > 2022-10-25 13:00 | Report Abuse

@kimpau must be rich now...his post on 5 May 2022 predicted ptrans can hit 0.96, ptrans-wb hit 0.32

Posted by TreeTopView > 2022-10-25 13:16 | Report Abuse

hi software guy, just to set the record straight his exact quote was........"By end of May 2022 (may reach earlier), PTRANS mother will reach RM0.79 1st TP, then RM0.96!!
PTRANS-WB will reach RM0.22 then RM0.32 !!! "

Unless I'm mistaken, today is 25 October 2022..................so "only" 5 months out.

I hope he had the wisdom to hold and not sell at the end of May.

Posted by cheeseburger > 2022-10-25 13:44 | Report Abuse

World Cup is around the corner, ball is round.

Posted by anthonytkh > 2022-10-25 16:08 | Report Abuse

Skoh, other than my dislike for liars, I’m ok

As for darwin and rookie’s comments about retailers in this counter… there is no way I know of that tells me how many units are bought/owned by retailers in any counter. I just wish Bursa can really expand on this on their site at https://www.bursamalaysia.com/market_information/market_statistic/securities . They only reveal total LF, FF and retail for the market as a whole (as well as a bunch of other interesting stats)

Posted by jluck > 2022-10-25 16:34 | Report Abuse

This is a good company. I'm holding this share since before they consolidated at 0.2x. There are paying dividends since.

Posted by kimpau > 2022-10-25 20:00 | Report Abuse

hi hi brothers and sisters, we are all the way laughing to the bank~

Posted by kimpau > 2022-10-25 20:01 | Report Abuse

congratulations to everybody here

Posted by wallstreetrookie > 2022-10-25 21:33 | Report Abuse

@anthonykh be careful. back office and equity capital market layoffs incoming since Bursa equity volume is dropping

Posted by wallstreetrookie > 2022-10-25 21:40 | Report Abuse

All of the stocks with anthonykh comments behaves in the same way
Perak Transit, Hengyuan, TSH Resources. A bunch of market makers and SBL.

Posted by wallstreetrookie > 2022-10-25 21:41 | Report Abuse

I think you really like high debt companies, anthonykh except Alliance Bank. Good luck with your investment, back office/Equity Capital Market guy

Posted by wallstreetrookie > 2022-10-25 21:45 | Report Abuse

M&A layoffs coming soon. Are you scared? @anthonykh

Posted by anthonytkh > 2022-10-26 08:05 | Report Abuse

Haha rookie :) I’m a salesman in the real estate industry

High debt companies are ok as long as they have cash and good leverage (equity exceeding liabilities)

Posted by cheeseburger > 2022-10-26 13:17 | Report Abuse

mini bus shoot to 39. Wao...those late to boarding hold on dont rush. u may injure urself when the bus is speeding..

Posted by TreeTopView > 2022-10-26 13:18 | Report Abuse

It's nice to see yesterday's rise consolidating today with a mild rise on lightish volume, at least so far (midday break). No indications yet that sellers are willing to drop their stock down to the bidders.

From the technicals I'd anticipated this current rise to play out last month, around mid September, but when the overall market weakened at the same time it obviously didn't eventuate. Now that we have a slightly more buoyant market it seems to be on the move.

As I mentioned about a month or more ago, 92.5 cents was a Fib point that needed to be broken with the next important break point around 97.5. Obviously it sailed through 92.5 yesterday, so let's see it it has enough gas in the tank to take on and break 97.5.

My current Fib. points are:
92.5
97.5
1.01................and if a turbocharger is installed, then 1.12.
That turbo price may require a very, very solid quarterly, in around 4 weeks time :)

Downside points if it breaks below 92.5 are:
89.5
87.5
82.5.

Just my technical thoughts, don't shoot the messenger.
If I'm right I'll be abused, if I'm wrong I'll be abused...........lucky I've got a suit of armour :)