Tuesday, September 30, 2008

Selamat Hari Raya Aidilfitri

GPacket/Redtone ... Sept 2008

Sources said the Penang state government has given WiMAX licensee PacketOne Networks Sdn Bhd (P1), a subsidiary of Main Board-listed Green Packet Bhd, the go-ahead to roll out the service in the state.

The WiMAX (or Worldwide Interoperability for Microwave’ Access) rollout is a component of Wireless@Penang, a state government-led initiative which involves wiring up the whole state with free access to high-speed Internet using WiFi technology. The second component entails a paid service for access in other areas using WiMAX for mobile users who require better speeds.

The WiMAX portion will be provided by P1, which is one of three players licensed to offer the service in the peninsula. The other two players licensed to serve this part of the country are YTL-e Solutions Bhd and Asiaspace.com Sdn Bhd.

According to the sources, P1 will foot the entire investment costs for the project, from building the infrastructure, including base stations, to providing the WiMAX services.

The state government, meanwhile, would support P1 via the local councils. They will be given priority for applications, regulatory approval and placement of their equipment on state government buildings.

P1 commercially launched its WiMAX services in mid-August 2008, the first operator to do so in Malaysia and the Asia-Pacific region. The company plans to extend coverage to major cities in Johor, Penang, Kedah, Perak, Negeri Sembilan and Malacca by year-end (2008), in line with its mandate to cover 25% of the peninsula’s population. Its services are currently available in selected areas in the Klang Valley.

P1 is spending some RM300 million under the first phase of its rollout programme, while another RM300 million is budgeted for the second phase, to cover 45% of the peninsula’s population by end-2010.

The Penang Free WiFi services would be rolled out without incurring any capital investment and operating expenditure on part of the state government. The project would be funded by the service providers — REDtone International Bhd and its consortium partner, Hotgate Technology (M) Sdn Bhd.

REDtone, which has a WiMAX licence that covers Sabah and Sarawak, has been selected by the Penang government to co-provide WiFi services under the Penang Free Wi-Fi project banner.

Hotgate will design, build, own and operate a WiFi network comprising 750 wireless access points linked by a combination of asymmetric digital subscriber line (ADSL) and WiMAX technologies.

Still, with P1 having already committed a relatively large investment to Wireless@KL, the question arises whether its extensive investments in WiMAX were financially viable for the company.

Given the high rollout costs as well as marketing and promotion expenses, the business will be loss-making in the near term. But the potential market is vast and mostly untapped. Only 920,000 of the six million households in the country had access to broadband services.

The company will most probably remain in the red in 3Q08 but should gradually turn around in 4Q08. We estimate net loss of RM16.2 million in 2008. Green Packet is expected to return to profitability next year. (2009) The pace of growth should then pick up steam in 2010 and beyond, when the broadband business reaches critical mass.

Monday, September 29, 2008

IPO Teo Seng Capital Bhd/Leong Hup

Farming operator Teo Seng Capital Bhd, a sub-subsidiary of integrated poultry company Leong Hup Holdings Bhd, wants to increase its market share in Singapore and Peninsula Malaysia through acquisitions, its chairman Lau Jui Peng said.

Its current market share in the peninsula is about 6%-7%. They are targeting to achieve a market share of 10%. As for its export to Singapore, it is currently 20% (of its total production), but they hope to increase that to 30% by next year (2009)

Teo Seng expects to raise a total of RM17.37 million, whereby RM7.5 million would be used to acquire Success Century. Another RM6.21 million would go to repaying loans, RM1.87 million for working capital and the remainder to pay listing expenses.

Sunday, September 28, 2008

Before & after marriage

Before marriage.
Darling here.. darling there...
After marriage.
Baling here... baling there..

Before marriage. .
I die for you. . .
After marriage.
"You die, up to you. "
Lagi lama married. .
You die I help you!

Before marriage. .
You go anywhere. . I follow you.
After marriage. . .
You go anywhere. . up to you.
Lagi lama married. . .
You go anywhere better get lost!!

Before wedding
You are my heart, you are my love"
After wedding
"you get on my nerves. "

Before wedding
"you are sweet and kind just like Cinderella"
After wedding
"you are worse than godzila"

Before wedding
Roses are red, violets are blue. Like it or not, I'm stuck with you
After wedding
Roses are dead, I am blue. You get on my head, I will sue you

Before wedding
Every makan he brings you to Shangri-La
After wedding
You want to go, he says you wait-la

Before wedding
She looks like Anita Sarawak
After wedding
Don't know whether katak or biawak

Before wedding
Weekends at Cameron, Genting and Fraser's Hill
After wedding
Furthest you go is Maxwell Hill

Before wedding
He opens the car door
After wedding
He opens his mouth and snores

Before wedding
She / he was your ideal
After wedding
She / he becomes your ordeal

Saturday, September 27, 2008


There were two nuns...

One of them was known as Sister Mathematical (SM),and the other one was known as Sister Logical (SL).

It is getting dark and they are still far away from the convent.

SM: Have you noticed that a man has been following us for the past thirty-eight and a half minutes? I wonder what he wants.

SL: It's logical. He wants to rape us.

SM: Oh, no! At this rate he will reach us in 15 minutes at the most! What can we do?

SL: The only logical thing to do of course is to walk faster.

SM: It's not working.

SL: Of course it's not working. The man did the only logical thing. He started to walk faster, too.

SM: So, what shall we do? At this rate he will reach us in one minute.

SL: The only logical thing we can do is split. You go that way and I'll go this way. He cannot follow us both.

So the man decided to follow Sister Logical.

Sister Mathematical arrives at the convent and is worried about what has happened to Sister Logical.

Then Sister Logical arrives.

SM: Sister Logical! Thank God you are here!
Tell me what happened!

SL: The only logical thing happened.
The man couldn't follow us both,so he followed me

SM: Yes, yes! But what happened then?

SL: The only logical thing happened. I started to run as fast as I could and he started to run as fast as he could.

SM: And?

SL: The only logical thing happened. He reached me

SM: Oh, dear! What did you do?

SL: The only logical thing to do. I lifted my dress up.

SM: Oh, Sister! What did the man do?

SL: The only logical thing to do. He pulled down his pants.

SM: Oh, no! What happened then?

SL: Isn't it logical, Sister?

A nun with her dress up can run faster than man with his pants down.

Friday, September 26, 2008

AISB ... Sept 2008

Steel pipe maker AISB expects overseas sales to contribute more than a quarter of its total earnings by 2010, driven by its newly formed joint venture (JV) with Singapore’s HG Metal Manufacturing Ltd.
AISB and HG Metal were planning to set up a spiral-welded (SW) steel pipe manufacturing plant in Nusajaya to cater for the water and infrastructure sectors in Malaysia, and especially Singapore.

While AISB’s steel products now catered mainly for the construction and engineering, and manufacturing industries, the new plant in Nusajaya would enable the company to widen its reach to the water and the oil and gas (O&G) industries.

For its second quarter ended June 30, 2008, AISB’s net income surged more than eightfold to RM10.76 million from RM1.32 million a year earlier, mainly due to higher steel prices coupled with the stronger demand for steel products.
Revenue rose 90% to RM65.02 million from RM34.14 million a year earlier, while earnings per share increased to 9.29 sen from 1.12 sen.

AISB has been actively buying its own shares. From February 2006 to this July 2008, the company collected about 4.9 million shares at an average price of 58 sen.

Its current NTA is at 87 sen per share.

Thursday, September 25, 2008

MIDF ... Sept 2008

It believes its strong financial results in 2007 will put the company in a good position to face the challenges faced by the banking industry this year.

MIDF saw pre-tax profit rise 33% to RM138.5mil for the financial year ended Dec 31, 2007 and said its focus on growing customer relationships, operational efficiencies, remedial management and cost rationalisation would provide the company with a strong base for sustainable and quality growth.

Nonetheless, MIDF has put into action an internal restructuring plan that aims to transform the company.

For this year though, MIDF’s investment banking division expects to conduct more debt and equity capital markets activities, backed by a suite of investment-banking related activities such as financial advisory, underwriting of equities and debt instruments, treasury activities and equity-broking services.

The investment banking division has been working to forge “smart partnerships and alliances with other market players as a means to enhance contributions from non-debt capital market related businesses such as corporate advisory activities and stock broking.

As for the group’s asset management division, MIDF was taking steps to enhance such activities by focusing on business and product development.

Opportunities for potential tie-ups with established foreign partners were in progress for the asset management business.

Turbulent times can also lead to more opportunities - MIDF’s development finance division recorded an increase in the number of soft loan applications from small and medium enterprises (SMEs) in the post fuel subsidy revision market. MIDF is a key provider of financing to SMEs. The interest rate on its soft loan schemes was reduced from 4% to 2%, and the ceiling for the margin of financing was increased to 90%.

With over 85% of SMEs are in the services sector, MIDF sees a lot of promise in this sector.

Wednesday, September 24, 2008

MAHB ... Sept 2008

It is confident the group’s long- overdue restructuring would be finalised by year-end (2008), pending certain outstanding issues that includes approvals from various government bodies.

The restructuring plan basically addresses payments to the government particularly in relation to the lease payments of RM826.7 million and annual lease rental charges. The restructuring is to match cash flow with the obligations of the operator.

MAHB posted strong net profit growth of 19% year-on-year to RM66 million in the second quarter ended June 30, 2008.

Higher growth is from its non-aeronautical businesses in the second half of the year on the back of increased retail space and better management of commercial opportunities.

On the outstanding airport charges settled by AirAsia Bhd recently, it declined to provide the actual sum. Allthey can say is that what was owing to us was fully settled by AirAsia and we are happy with the settlement.

Tuesday, September 23, 2008

Petra ... Sept 2008

Following SapuraCrest Petroleum Bhd’s (SapCrest) landing of a RM800 million contract from the Sabah and Sarawak operations of Shell, speculation is rife that Petra Energy Bhd could be next to win a major contract.

The maintenance contract that SapCrest obtained is part of a RM2 billion job that Shell is awarding. The other portions of the job are for hook-up and commissioning worth RM1 billion and acidisation worth RM200 million.

Expecting Petra Energy, a 60%-owned subsidiary of Petra Perdana Bhd, to be in a strong position to bag the contracts for hook-up and commissioning, and acidisation.
The original contract awarded to Petra Perdana at RM1 billion in 2005 was on a lump-sum basis.

*** SapCrest was awarded a RM800 million job for the provision of hook-up, commissioning and major maintenance services for offshore oil and gas facilities by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd ***

Monday, September 22, 2008


Sunzen Biotech Bhd, slated for a listing on the Mesdaq market on Oct 8, expects overseas sales to contribute 17% to group revenue this year (2008). his is up from 13.6%, or RM3.15mil, achieved in the financial year ended Dec 31, 2007.

It manufactures animal health products, made considerable headway in the overseas market last year (2007). They are currently exporting its products to Taiwan, Singapore, the Philippines, Thailand, Vietnam, Brunei, India and Pakistan. They also penetrated the Hong Kong market in the first quarter of the year (2009).

Sunzen aimed to venture into other markets in the region such as Indonesia and China as well as expand in India. They expect overseas sales to make up 30% to 35% of its revenue in the next three years.

While Sunzen already had a presence in India, it was experiencing some difficulties in marketing its products there due to the size of that country and the high import tariff.

Sunzen manufactures and markets feed additives, nutritional feed supplements, veterinary pharmaceuticals, animal vaccine and other animal health products.

It has also started exporting to South Korea and Iran in the second half of this year (2008).

Sunzen expects to raise RM8mil from its initial public offering exercise. It plans to use RM4.77mil for research and development, RM1mil for overseas expansion, RM43,000 for working capital and RM1.8mil for listing expenses.

Sunday, September 21, 2008


The IAS Interview

One young man went for an IAS Interview.

"When did India get independence?" He was asked.

"The efforts began a few years earlier and final result was in 1947" He replied.

"Who was responsible for our independence?"

"There were so many. Whom to mention? If I name one, it will be a injustice to another." He replied.

"Is corruption the number one enemy in our country?"

"Some research is going on the subject and I can answer with certainly only after seeing the report" He replied.

The interview board was very pleased with his original and thoughtful answers and asked him not to reveal the questions to others, since they were planning to ask the same questions.

When he went out naturally others were curious to know what was asked. He politely declined, but one persistent Santa would not leave him. "At least tell me the answers" he pleaded, and our friend obliged.

Then it was the turn of this Santa. When he went inside, since his resume was slightly illegible, the board member asked him." By the way, what is your date of birth?"

He replied, "The effort began a few years earlier and final result was in 1947."

Somewhat puzzled, they asked another clarification. "What is your fathers name?"

He replied, "There were so many. Whom to mention". If I name one, it will be injustice to another".

The interviewer was incensed.

"Hey! Are you mad or what?"

He replied. "Some research is going on the subject. I can answer with certainty only after seeing the report."

Saturday, September 20, 2008




鵑鵑保持她一貫的優雅從容,靜靜的說:「照顧媽媽是我的福氣。 」原本為她打抱不平的我們,聽了這句話,頓時沉默起來。


在我們這一群朋友中,開始流行一種句型:「 能多做一點是我的福氣。 」
「孩子不聽話,耐著性子引導他是我的福氣。 」 「擠公車沒位子坐是我的福氣。」





接著告訴丈夫:「你錯了, 他不是全郡最壞的男孩,而是最聰明,只是還沒找到發洩熱忱地方的男孩。」






老人反問道:「假如現在斬掉你一個手指頭,給你 1千元,你幹不幹?」 「不幹。」年輕人回答。
「假如砍掉你一隻手,給你 1 萬元,你幹不幹?」
「假如使你雙眼都瞎掉,給你 10 萬元,你幹不幹?」
「假如讓你馬上變成80 歲的老人,給你 100 萬,你幹不幹?」
「假如讓你馬上死掉,給你 1000 萬,你幹不幹?」
「這就對了,你已經擁有超過1000 萬的財富,為什麼還哀怨自己貧窮呢?」老人笑吟吟地問道。



如果你從來沒有經歷過戰爭的危險、被囚禁的孤寂、受折磨的痛苦和忍饑挨餓的難受 ……。

如果你的銀行帳戶有存款,錢包裡有現金,你已經身居於世界上最富有的 8%之列!





「哇!原來我是這麼富有的人! 」

Friday, September 19, 2008

Legal Issue on Contract Law in Malaysia - Good for us to know

This is something I like to share with you from one of my seminar recently.
If you find this informative, pls circulate. It was conducted by A/P Catherine Tay on Legal issues in E-commerce.

Notice that most of the time, the receipt / invoice you received from the merchant carries this exclusion clause or similarly worded statement:
"Goods sold are not returnable" or "No refund once sold".

The thing that I have learnt from her is that : "As long as your good is purchased for home use and not for business (i.e. to be resold), the above
exclusion clause is VOID.

That means, as long as the good is defective, regardless of what is worded, you CAN get back all your money spent. You do not have to accept a repair
on the good or an exchange. You CAN ask for a refund. AND you are LEGALLY right and entitled to! What a relevation!!

And most of the time the merchant will refuse to return you your money.

Her advice? >From her own experience (and no less than 7 and all successful!), she will threaten the merchant with four words: "SEE YOU IN

The court here refers to the Small Claims Tribunal Court.

However, you don't have to tell them what court! All you have to pay is RM10 admin fee and the loser (the merchant) will have to refund you the money
PLUS the admin fee!

She shared this with us because she felt that even educated people are cowed by such unfair wordings (which includes her jaded friends who are not

Pls try not to let the merchant fleece you the next time you have a defective good.

I know where to file this. On the 16th floor of Putra Place (The Mall opposite Putra World Trade Centre). The form cost RM5.00. The Tribunal will
settle within 2 months period.

Tribunal Tuntutan Pengguna Malaysia,
Tingkat 16, Putra Place,
100, Jalan Putra,
Tel: 03 - 40492300 / 40424181 Fax: 03 - 40424259

UEM Builders/CIMA ... Sept 2008

UEM Group Bhd had served notices of takeover on UEM Builders Bhd and Cement Industries of Malaysia Bhd (CIMA).

UEM Group, which owns 51.71% of UEM Builders Bhd, proposed to acquire the remaining stake at RM1.42 per share. The other shareholders of UEM Builders are Lembaga Tabung Haji with 5.7%, or 55.24 million shares, and the Employees Provident Fund Board with 44.856 million shares, or 4.65%.

UEM Group, which owns 50.38% or 71.19 million CIMA shares, also made an offer to acquire the remaining CIMA shares at RM6.26 per share.

Thursday, September 18, 2008

ICP/IJM ... Sept 2008

ICP, the country’s largest pre-tensioned spun concrete piles (PSC piles) manufacturer, deserved a higher valuation than the RM3.30 per share offered by IJM Corporation Bhd in the former’s privatisation exercise, given ICP’s promising earnings prospects.

IJM offered to acquire the remaining 36.56% comprising 134.39 million shares of 50 sen each in ICP on the basis of one ICP share for 26 sen cash and the issuance of 0.6 IJM share of RM1 each. This works out to a consideration of RM3.296 per ICP share.

Pursuant to its notice of voluntary general offer, IJM did not intend to retain ICP’s listing status. It said the further consolidation of ICP, with the intention of making it a wholly owned subsidiary, would enhance the group’s balance sheet, earnings and future cash flow.

Wednesday, September 17, 2008

Salcon Engeineering ... Sept 2008

It hopes to secure its first job in India next year (2009). They’ll be working with conglomerates like the Satyam Group and Tata Group.

Salcon’s order book has swelled close to RM1.1bil, of which RM787mil is the unbilled portion. Projects accounted for 85% of the order book while the balance is from long-term operate and maintenance (O&M) jobs.

O&M is an attractive segment as it gives recurring income. They’re looking at expanding in this segment. The company was in negotiation and tendering for new contracts worth some RM1.5bil both in Malaysia and overseas. The group hopes to achieve a revenue ratio of 40:60 between construction jobs and concessions.

Salcon, which currently operates in five countries, has the most concessions in China.

It has also made headway in Sri Lanka after securing three projects worth RM139.4mil. The jobs were funded via multi-lateral agencies such as the Asian Development Bank, which reduced payment risks.

Indonesia, on the other hand, will require some time before the projects would materialise due to the political situation in that country.

The company has taken a holistic approach to reducing non-revenue water (NRW), which is cheaper for clients while tackling the issue effectively. It’s expensive to change all the pipes. Its approach includes mapping out the entire pipe system and determining the problematic points and address them accordingly. There were many opportunities to tap the NRW segment as clean water sources become more scarce and governments strive to achieve higher efficiency.

Membrane technology is one way forward as less and less clean water is available.
The technology, which uses a filtration system, treats highly polluted water to make it usable again. While operational cost was high as electricity was used to power the pumps, the investment could be recovered in about two years. The capital expenditure would depend on the size of the plant and the quality of raw water. Such technology was widely used in the Middle East. They have secured the support of membrane suppliers and hope to set up at least a pilot plant within a year.

Its overseas contracts usually include a variation price claims clause, which help to defray the risk of rising raw material prices.

Now (2008) that the company had cleaned up its balance sheet and cleared most of the bad debts, it could maintain its focus on securing jobs that would sustain earnings.

Tuesday, September 16, 2008

Kulim ... Sept 2008

It will be looking at plantation REITs (real estate investment trusts) and a separate listing for its plantation unit as part of its effort to unlock the value of the group’s diversified portfolio.

Kulim is involved in four strategic core businesses – oil palm plantations, oleochemicals, biodiesel and quick-service restaurants.

The group planned to increase its landbank in Malaysia and Papua New Guinea (PNG) to ensure expansion in its plantation operations.

Its strong financial position allows it to explore acquisition opportunities, especially in PNG, but they are doing it cautiously due to the buoyancy and prevailing high prices.

The group is also committed to the Roundtable on Sustainable Palm Oil (RSPO) principles as they are cautious in opening new areas that will be regarded as unsustainable.

Kulim was also open to landbank offers in Malaysia although such opportunities were quite limited.

As at March 2008, the group has 31,422ha in Malaysia, 44,714ha in PNG and 6,594ha in the Solomon Islands.

PNG would feature prominently in the plantation division’s future expansion. Its PNG subsidiary New Britain Palm Oil Ltd (NBPOL) is in the midst of acquiring Ramu Agri Industries Ltd (Ramu), which is listed on the Port Moresby Stock Exchange. Upon the successful acquisition, we will be able to add 30,000ha of agricultural land in PNG.

Ongoing expansion into new areas adjacent to the group’s existing operation is also taking place at 2,000ha to 4,000ha per year.

NBPOL is also setting up an integrated palm oil refinery in Britain with a production capacity of about 200,000 tonnes per year. It is slated to be commissioned by end of first quarter 2010. The move will see NBPOL expanding into the European Union and will make it one of the first palm oil producers to offer fully traceable and sustainable palm oil product.

Kulim has a joint-venture with German-based Peter Cremer (S) GmbH to set up two biodiesel plants – one in Johor and another in Singapore.

As for the foods and restaurants division, QSR Brands Bhd (QSR) and KFC Holdings (M) Bhd (KFCH) have taken measures since early 2008 to stay ahead of competition while the market re-adjusts its spending as a result of the higher cost of living.
The success in securing franchise rights for Pizza Hut and KFC in Cambodia from principle Yum! Restaurants Asia Pte Ltd could see QSR emerging as a dominant force in the country’s food and beverage industry.

Meltdown in US finance system pummels stock market

Banking turmoil sends a shudder through Wall Street; Dow suffers biggest point drop since 2001

NEW YORK (AP) -- The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall.

The Dow Jones industrial average lost more than 500 points, more than 4 percent, its steepest point drop since the day the stock market reopened after the Sept. 11, 2001, attacks. About $700 billion evaporated from retirement plans, government pension funds and other investment portfolios.

The carnage capped a tumultuous 24 hours that redrew U.S. finance. Lehman Brothers, an investment bank that predates the Civil War and weathered the Great Depression, filed the largest bankruptcy in American history. A second storied bank, Merrill Lynch, fled into the arms of Bank of America.

It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government.

"We are in the middle of a deep, dark recession, and it won't end soon. Here it is, and it is pretty nasty," said Barry Ritholtz, who writes the popular financial blog The Big Picture and is CEO of research firm FusionIQ.

And the fallout was far from over. American Insurance Group, the world's largest insurer, was fighting for its very survival: New York Gov. David Paterson moved to allow the company to tap one of its subsidiaries for an emergency loan to stay above water.

"AIG still remains financially sound," Paterson said, even as the company's stock tumbled almost 60 percent. Almost $20 billion was was wiped off AIG's balance sheet on Monday.

In Washington, Treasury Secretary Henry Paulson, who refused to toss a financial lifeline to Lehman, was unapologetic as the Bush administration signaled strongly that Wall Street shouldn't expect more rescues from Washington.

The American people should remain confident in the "soundness and resilience in the American financial system," Paulson told reporters at the White House.

Six months ago, Paulson moved to prevent the collapse of Bear Stearns, brokering a deal for JP Morgan Chase & Co. to buy the firm at a fire-sale price with Federal Reserve backing. Earlier this month, he stepped in to help the government seize Fannie and Freddie in hopes of reversing the housing and credit crises.

It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government.

"We are in the middle of a deep, dark recession, and it won't end soon. Here it is, and it is pretty nasty," said Barry Ritholtz, who writes the popular financial blog The Big Picture and is CEO of research firm FusionIQ.

And the fallout was far from over. American Insurance Group, the world's largest insurer, was fighting for its very survival: New York Gov. David Paterson moved to allow the company to tap one of its subsidiaries for an emergency loan to stay above water.

"AIG still remains financially sound," Paterson said, even as the company's stock tumbled almost 60 percent. Almost $20 billion was was wiped off AIG's balance sheet on Monday.

In Washington, Treasury Secretary Henry Paulson, who refused to toss a financial lifeline to Lehman, was unapologetic as the Bush administration signaled strongly that Wall Street shouldn't expect more rescues from Washington.

The American people should remain confident in the "soundness and resilience in the American financial system," Paulson told reporters at the White House.

Six months ago, Paulson moved to prevent the collapse of Bear Stearns, brokering a deal for JP Morgan Chase & Co. to buy the firm at a fire-sale price with Federal Reserve backing. Earlier this month, he stepped in to help the government seize Fannie and Freddie in hopes of reversing the housing and credit crises.

It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government.

"We are in the middle of a deep, dark recession, and it won't end soon. Here it is, and it is pretty nasty," said Barry Ritholtz, who writes the popular financial blog The Big Picture and is CEO of research firm FusionIQ.

And the fallout was far from over. American Insurance Group, the world's largest insurer, was fighting for its very survival: New York Gov. David Paterson moved to allow the company to tap one of its subsidiaries for an emergency loan to stay above water.

"AIG still remains financially sound," Paterson said, even as the company's stock tumbled almost 60 percent. Almost $20 billion was was wiped off AIG's balance sheet on Monday.

In Washington, Treasury Secretary Henry Paulson, who refused to toss a financial lifeline to Lehman, was unapologetic as the Bush administration signaled strongly that Wall Street shouldn't expect more rescues from Washington.

The American people should remain confident in the "soundness and resilience in the American financial system," Paulson told reporters at the White House.

Six months ago, Paulson moved to prevent the collapse of Bear Stearns, brokering a deal for JP Morgan Chase & Co. to buy the firm at a fire-sale price with Federal Reserve backing. Earlier this month, he stepped in to help the government seize Fannie and Freddie in hopes of reversing the housing and credit crises.

But Monday, Paulson said he "never once" considered it appropriate to put taxpayer money at risk to resolve the problems at Lehman Brothers, which was saddled with $60 billion worth of soured real estate holdings.

The result was one of the most momentous days in Wall Street history since legendary banker J. Pierpont Morgan helped broker the rescue of financial markets during the Panic of 1907.

The Dow industrials dropped 504.48 points to close at 10,917.51, the first time since July they have finished under 11,000. It was the sixth-largest point drop ever and the worst since Sept. 17, 2001, when the average fell 684.81 points on the first day of trading after the terror attacks.

In percentage terms, the fall for the Dow on Monday was its worst since the summer of 2002. The index has shed nearly a quarter of its value since its record high last October.

Broader stock indicators also fell. The Standard & Poor's 500 index lost more than 4 1/2 percent, and the Nasdaq composite index lost more than 3 1/2 percent.

Financial stocks fell as investors worried about the strength of banks' balance sheets. Washington Mutual Inc. 27 percent to $2 a share, while Wachovia Corp. fell 25 percent to $10.71.

While Lehman Brothers was filing for Chapter 11 and AIG was scurrying to find financing to stay afloat, Merrill Lynch was avoiding a similar fate with a $50 billion transaction to become part of Bank of America Corp.

The deal would create a financial giant rivaling Citigroup Inc., the biggest U.S. bank in terms of assets. Bank of America has the most deposits of any U.S. bank, while Merrill Lynch is the world's largest and most widely recognized brokerage.

"It was an opportunity of a lifetime," said Ken Lewis, Bank of America's chairman and CEO.

Lewis made the announcement at a news conference where he was flanked by a smiling John Thain, Merrill's chief executive. The two put the deal together in 48 hours, while they were taking part in marathon discussions at the New York Federal Reserve over the weekend to save Lehman Brothers. Merrill stock rose a penny Monday.

One huge concern is that the Lehman bankruptcy will probably trigger even tighter credit -- making it more difficult for everyone from large companies to small businesses to American homebuyers to borrow money.

It was a dark day for Lehman workers, too. Many of them brought gym bags, shopping totes and Lehman travel bags to cart home personal files and pictures from their desks at the company's midtown Manhattan headquarters. Gawkers lined up behind metal barricades, and bystanders took pictures with their cell phones.

The failure of Lehman and probable job losses at Merrill are also a blow to the New York City economy, which is still trying to absorb a blow from shrunken tax revenues after the collapse of Bear Stearns in March. The city and its outlying suburbs rely heavily on taxes paid by workers in the financial services industry.

In marathon sessions Friday night, Saturday and Sunday, government officials and the chief executives of major U.S. and foreign banks huddled at the New York Fed's fortress-like building in downtown Manhattan, trying to work out a way to save Lehman.

They failed at that. But a group of 10 banks that includes JPMorgan, Goldman Sachs and Citigroup formed a $70 billion pool that banks or brokerages can tap to cover short-term funding needs.

There were also worries that Lehman's problems would infect other financial companies and spread to global stock markets, further harming the U.S. and global economies.

The Fed meets Tuesday to decide interest rate policy. It's widely expected to keep rates at 2 percent, but some economists believe it could lower them to soothe Wall Street's frazzled nerves.

The financial turbulence could also further derail consumer confidence in the economy just as stores prepare for the critical holiday shopping season. The upheaval in the financial system also means that those consumers with marginal credit history will have an even harder time getting loans, cutting into consumer spending.

"The backdrop even without this was tough. This certainly adds to the worry level," said Michael P. Niemira, chief economist at The International Council of Shopping Centers.

Republican presidential nominee Sen. John McCain assailed "greed and corruption" on Wall Street and promised to clean it up, while his Democratic opponent, Sen. Barack Obama, blamed White House policies and said his opponent would only deliver more of the same.

Obama called it "the most serious financial crisis since the Great Depression." McCain declared in a new TV ad that "our economy is in crisis" and that only he and his running mate, Alaska Gov. Sarah Palin, could fix it. McCain also told voters in Jacksonville, Fla., "The fundamentals of our economy are strong."

Sunday, September 14, 2008

幽默搞笑 ... 2




旁邊有一遺書:自誤入黑洞每天數次遭亂棒毆打,生不如死 !







Saturday, September 13, 2008


小姐: 你好,我在中山路口,我要搭計程車。








Friday, September 12, 2008

Engtex ... Sept 2008

Engtex, which manufactures and distributes steel pipes and building materiqals, has set its sights on expanding into regional markets, within five years. It also has plans to increase the production capacity of its manufacturing facilities plant.

It has already a based in Singapore, its sole overseas venture thus far. It will facilitate the entry’s of its products into Indonesia, Brunei and Vietnam.

In Malaysia, the company’s move into property development is also gaining momentum as Engtex seeks a wider income portfolio to safeguard its earnings.

However, it has yet to produce results from its property development business although it has made significant investments to spearhead its foray into real estate.

It owns a 4.07ha of vacant freehold agricultural land in Gombak and plans to develop residential properties there. It had also acquired 17 parcels of freehold vacant commercial land in Bdr Selayang, Gombak.

Thursday, September 11, 2008

Pantech Group ... Sept 2008

The group offers trading, stocking and manufacture of pipes, fittings and flow control products. It serves both new oil and gas exploration activities as well as maintenance of existing oilrigs.

What’s NEXT...

Pantech Group Holdings Bhd’s earnings outlook remains positive for the next two years as it moves up the value chain and rides on the oil and gas boom.

Maintenance contributes about 40% to the oil and gas business. Due to the scarcity of the resource, oil exploration has now shifted to deep sea with harsher environment. This provided a good opportunity for Pantech as such exploration required equipment with high yield stress and could tolerate very low temperature.

The equipment, which is mostly not available in Malaysia, has better margins. The high corrosive and yield stress piping comprised about 25% of total sales during the first quarter 2008.

While manufacturing output is close to maximum capacity, the company decided to hold back on expansion until it secures the approval from Saudi Aramco to supply pipes to Saudi Arabia. Demand would increase significantly if the company gained the authorisation. It is currently running at 90% capacity and expected to reach maximum production by second half of 2009.

Pantech, which penetrated new markets like Kazakhstan, Brunei and Sri Lanka last year, expects further exposure in these countries.

Meanwhile, the company has been able to pass on some of the rising costs arising from higher freight charges and electricity tariffs to its customers. Electricity cost, fortunately, only impacted a small fraction of the business as it constituted less than 3% of total operating expenses.

On its joint venture in Vietnam to set up manufacturing facilities, the group was evaluating the impact of inflation. The situation could be situational due to cyclical factors while the investments would be for long-term returns.

Pantech’s management keeps prudent in managing cashflow by using internal generated funds for investments and capital expenditure. As such, dividend payout would increase gradually.

Wednesday, September 10, 2008

Kwantas Corp Bhd ... Sept 2008

Financial Results …

OIL palm industry-based Kwantas Corp Bhd has reported a huge jump in net profit for its year ended June 2008, helped largely by higher crude palm oil (CPO) prices and better margins.
The group reported a net profit of RM191.87 million, a significant improvement from RM93.95 million recorded last year.

Its revenue was also higher at RM3.42 billion, compared with RM1.95 billion previously.

The group also attributed the good performance to the increased palm and soyabean oil processing volume in China.

The oil palm plantations as well as oils and fats processing activities continued to be the major contributor to the group's revenue and profit.

The improved performance was primarily attributed to the higher trading volume and selling price of palm products in the current financial year.

Revenue from its China operations rose to RM263.98 million, or 45 per cent, to RM851.68 million, compared with RM587.7 million in 2007.

Tuesday, September 9, 2008

BP Plastics Holdings Bhd ... Sept 2008

Financial Results …

The company posted revenue of RM60.4mil for the second quarter (Q2) ended June 30, up from RM46.7mil in the same quarter last year. Its net profit rose to RM3.2mil in the quarter from RM2.4mil a year earlier.

The higher operating revenue and profit achieved were mainly due to higher sales performance and better production efficiency achieved in the first half of 2008.

Going Forward …

It would continue to focus on exporting stretch films and other polyethylene products, such as shrink and lamination film, to food-related packaging industries that were recession-proof as well as other industries with fast growing packaging demand.

BP Plastics Holding Bhd plans to focus more on producing high quality metallocene-based polyethylene film that is thinner and cost competitive to meet the demand of the plastic packaging industry.

Packaging firms were now demanding the thinner and cheaper type of plastic bags and packaging films to cope with rising costs.

Monday, September 8, 2008

KSL Holdings Bhd ... Sept 2008

KSL Holdings Bhd sees strong growth prospects in the Iskandar Malaysia growth corridor and is looking to expand its exposure and landbank there.

The Johor Baru-based company currently has four ongoing integrated developments located in the corridor – Taman Nusa Bestari on 91.9ha, Taman Bestari Indah Ulu Tiram (283.3ha), Taman Kempas Indah (95.9ha) and KSL City (2.73ha).

Upon completion in eight to 10 years, there will be 18,300 mixed residential and commercial properties worth a total gross development value of RM3.7bil. These projects will contribute up to 70% of group revenue and earnings in the current financial year ending Dec 31 2008.

Despite the sceptical views by certain quarters on the progress and benefits of Iskandar Malaysia, they are confident that the corridor has great potential, going forward.

Iskandar Malaysia, formerly known as Iskandar Development Region before the name change in April 2008, would be two years old in November 2008. The growth corridor covers 2,216.3 sq km within the southern-most part of Johor covering Johor Baru city centre, Nusajaya, Pontian-Gelang Patah, Senai-Kulai-Skudai and Pasir Gudang-Tanjung Langsat.

Iskandar Region Development Authority has secured RM33bil investment, representing 70% of the total investment target of RM47bil for the period between 2006 and 2010.

KSL’s projects will be one of the main beneficiaries of the spillover effect of Iskandar Malaysia and Singapore.

KSL would benefit from Iskandar Malaysia in view of the company’s niche market and strong brand in the Johor property scene.

As of December 2007, KSL has over 809.371ha of landbank in Johor Baru, Batu Pahat, Kluang, Segamat, Mersing and Muar. Of the total landbank, 60% are located within Iskandar Malaysia. The land’s close proximity to the Senai Airport, the Port of Tanjung Pelepas, North-South Expressway and the Senai-Desaru Highway was a boon for the company. The airport, the port and the highways are touted to be interlinked and will be developed into part of the transportation hub in Iskandar Malaysia.

About 80% of the land are available for immediate development as they have been granted approval for subdivision. Together with the Maharani Riviera in Muar, the company’s projects in Johor have a combined gross development value of RM4.4bil, which will keep it busy for the next eight to 10 years.
Taman Nusa Bestari benefits the most, as the scheme is located just a few kilometers from Nusajaya where the Johor State New Administrative Centre is being built.
Nusajaya and its nearby areas are in for a boom as many development projects are being built and new ones in the pipeline.

Besides its traditional market in Johor, KSL is also looking to expand into the Klang Valley with the recent purchase of two parcels of land totalling 180.6ha in Klang, Selangor, for RM156mil. The land is located along Jalan Klang-Banting within the Blackwater Estate about 15km from Klang town centre. The company planned to develop its land in Klang into a mixed project with a gross development value of RM1.5bil. The project is targeted for launch early next year (2009) and will take eight years to complete.

The acquisition served as a platform for the company to tap into the Klang Valley property market.

Its land in Johor and Selangor will help us sustain its medium to long-term growth and profitability.

Sunday, September 7, 2008

Saturday, September 6, 2008







當然班長哥哥也不甘示弱的將手放在貂蟬妹妹胸部上,問說:「貂蟬妹妹,這是什麼啊 ?」



Friday, September 5, 2008

QL Resources Bhd ... Sept 2008

QL is an agriculture-based company, with business in marine product manufacturing (production of semi-processed raw fish paste surimi, fish meal and seafood), integrated livestock farming (egg farming and trading of animal feeds), crude palm oil milling and oil palm plantation.

Financial Results

QL also achieved a 40% growth in revenue for its palm oil activities in FY08. For its first quarter ended June 30 2008, QL posted a net profit of RM23.3mil, up 42.9% from RM16.3mil in the previous corresponding quarter. Revenue expanded by 16.1% to RM364.5mil from RM313.9mil previously. Earnings per share is 6.5 sen per ordinary 50 sen share.

Going Forward

It is setting aside RM170mil for capital expenditure in the financial year ending March 31, 2009 (FY09) to cater to its regional expansion.

The company would continue to enhance its overseas presence in Vietnam and Indonesia.

They will also be increasing our production capacity in integrated farming, involving breeder and broiler farming, in Kuching and parts of east Malaysia.

The company has recently acquired a poultry egg producer in Kulim with a daily output of 330,000 eggs. With this acquisition, the group’s total egg production is about two million per day.

Thursday, September 4, 2008

Fima Corp Bhd ... Sept 2008

Financial Results

For its first quarter ended June 30, Fima posted 129.3% jump in net profit to RM14.01mil and 59.05% increase in revenue to RM63.89mil compared with the previous corresponding period.

For FY08, Fima registered 12.4% increase in net profit to RM176.79mil and 11.04% rise in revenue to RM176.79mil. For FY08, it will pay total net dividend per share of 11.93 sen.

Going Forward

Currently, its production and trading of security documents division contributes 60% to the company’s revenue.

The company would continue to bank on the production and trading of security and confidential documents as well as its palm oil production to be the main revenue drivers in FY09. However, we expect higher quantum of revenue growth from the oil palm division in view of higher fresh fruit bunch production.

Fima, which has an 80% stake in palm oil-based Indonesian company PT Nunukan Jaya Lestari, also expected revenue contribution from its oil palm division to increase to RM60mil in FY09 from RM22mil in FY08.

On landbank expansion, Fima was in no hurry to expand now as it still had 7,500ha to be developed. It would, however, be eyeing Indonesia for future expansion.

Wednesday, September 3, 2008

MNRB ... Sept 2008

Financial Results

For the financial year ended March 31 (FY08), wholly owned unit Takaful Ikhlas Sdn Bhd’s gross contribution improved significantly to RM427.5mil from RM223.9mil previously, surppassing the company’s initial target of RM320mil. Takaful Ikhlas’ net profit also rose to RM11.4mil from RM1mil previously.

For FY08, MNRB posted an impressive 31.6% jump in net profit to RM170.44mil, compared with RM129.47milin FY07. Revenue rose 17% to RM978.6mil from RM834.1mil previously.

Going Forward

MNRB Holdings Bhd, which has 60% market share of the local reinsurance business, expects its takaful and retakaful businesses to drive revenue growth in the coming years.

The company was also looking to expand its overseas reinsurance business, which currently contributed about 18% of its revenue.

They are targeting a 25% revenue contribution from its overseas reinsurrance business by March 2009.

Tuesday, September 2, 2008

Toyo Ink Group ... Sept 2008

Toyo Ink Group Bhd will close the deal on its proposed 1,200 megawatt (MW) coal fired power plant project in Vietnam.

Toyo Ink’s proposal had received the green light from the Vietnam authorities, but he declined to elaborate, pending the award of the license from the government. The other two chosen investors were Vietnamese companies shortlisted for plants that have the capacity to produce 1,200MW and 2,000MW respectively. The approval includes its application for a license to build and operate the plant.

One of the companies was reported to have said that the power plant project would likely start next year if it wants to meet the target to operate by 2013.

The total cost for the projects at a combined capacity of 4,400MW was estimated at US$5.3bil.

This is a great opportunity for the company to diversify into a new business with steady income as an independent power producer.

Financial Results

Toyo Ink, a maker of printing materials, posted a net profit of RM4.18mil on revenue of RM104.5mil in fiscal year ended March 31, 2008. It derived the bulk of its revenue from local operations, and a growing presence in Vietnam.

Its borrowings as of 1QFY2008 ended June 30 at Rm39 million. Cash and cash equivalent at RM3.03 million.

Going Forward

TIGB’s core business is as far removed from power generation as can be. The bulk of its revenues comes from manufacturing printing inks for the publishing and packaging industries and the company itself admits that it has no track record or expertise in the power sector.

On the proposed coal fired plant, TGIB would ideally prefer to build and eventually own the plant. However, if the government offers them the built-operate and transfer option, they will comply.

TIGB apperas to have started tge ball rolling in forging government links in May 2008, it signed a MOU with EVN-owned consulting agency Power Engineering Consulting Joint Stock Company No 2 to develop a framework for thermal power plant projects in southern Vietnam.

However, sceptical about TGIB’s coal fired power plant due to its expertise and some foreign companies have already entered Vietnam via BOT models.

Financing the proposed power plant could be another hurdle for TIGB. It plans to fund the project via bank borrowings and possibly a rights issue. If they have 100% ownership in the project, they may divest some of the stake to institutional investors.

Printing ink manufacturing will remain its core business although the company expects significant revenue contribution from Vietnam if it takes off. The company concedes that the manufacturing business has not been a bed roses for TIGB.