Thursday, December 31, 2009

SELPROP ... Dec09

Results Review & Earnings Outlook
 Selprop’s FY09 (Oct.) results were above our expectations with a
strong showing in the final quarter that pushed its net profit to
MYR32.3 mln for FY09 from a net loss of MYR3.2 mln for 9MFY09.
The variance was due mainly to higher-than-expected contributions
from property development, which jumped 154% QoQ to MYR27.5
mln in 4QFY09 from MYR10.8 mln in 3QFY09. Selprop reported a 9%
YoY rise in net profit to MYR35.8 mln in 4QFY09 from MYR32.9 mln in
4QFY08 (+7.5% QoQ from 3QFY09’s MYR33.3 mln).

 The strong property development profit came mainly from its two
property projects, Bukit Permata and Selayang Mulia, which are
located in Batu Caves and Selayang, respectively and also a 50%-
owned shopping mall/apartment project in Perth, Australia. Selprop
also benefits from the turnaround in the exchange rate of Australia
dollar (AUD) and its overseas investments in 3QFY09 onwards.

 With demand for properties still strong, especially high-end properties,
Selprop is likely to launch its major development project in Damansara
Heights, a 107-unit high-end condominium project (Gross
Development Value (GDV): MYR240 mln in 2010.

 Due to the turnaround in the exchange rate of the AUD and also
higher property development profit for both local and Australian
property projects, we revised our forecasts FY10 net profit upwards by
28.6% and introduce FY11 net profit.

Recommendation & Investment Risks
 We maintain both our Buy call and 12-month target price of MYR3.90.
Our target price is based on a 20% (unchanged) discount to NTA and
includes projected net DPS. Our target 0.8x P/NTA multiple is
consistent with our normal valuation metrics (0.5x-0.8x P/NTA) for
small- and mid-cap property companies.

 We expect Selprop’s share price to be well supported by the market
value of Selprop’s assets, especially its landbanks and buildings in
Damansara Heights.

 The main risks to our recommendations and target price are: (i) a
drastic and prolonged slowdown in property demand in Malaysia; (ii)
an unexpected rise in interest rates, which would depress house
buyers’ sentiment; (iii) a delay in the launch of its projects in
Damansara Heights; and (iv) lower-than-expected rental income and
gains from sales of investments.

Wednesday, December 30, 2009

HELP ... Dec09

Results Review & Earnings Outlook
• HIC turned in better-than-expected results with 4QFY09 (Oct) net
profit rising 20% YoY and 105% QoQ. FY09 net profit of MYR15.5 mln
exceeded our previous projection of MYR13.9 mln.

• 4Q performance is seasonally stronger, with more classes conducted
for courses from institutions in United Kingdom and United States.

• FY09 revenue and net profit were 12% and 31% higher YoY at
MYR96.6 mln and MYR15.5 mln, driven by growth in both student
population and number of programs offered, as well as better cost
management. Consequently, FY09 net profit margin rose to 16.0% vs.
13.6% in FY08. We note that this was the highest net profit margin
achieved since HIC’s listing.

• Meanwhile, the group’s balance sheet remains robust, with NTA/share
increasing to MYR1.05 as at end-October compared to MYR0.90 a
year earlier. Similarly, net cash/share too strengthened to MYR0.99 in
FY09 from MYR0.83 in FY08.

• Given the solid results and positive outlook, we upgrade our FY10
earnings estimate by 13% to MYR17.3 mln. We also introduce our
FY11 net profit projection of MYR19.1 mln, which assumes modest 4%
and 8% growth in student population and tuition fees respectively.

Recommendation & Investment Risks

• We maintain our Buy recommendation and raise our 12-month target
price to MYR2.00 (from MYR1.60).

• We derive our target price by assigning a target PER multiple of 10x
(from 9x) against FY10 earnings (unchanged), inclusive of a projected
dividend. The higher target PER multiple, a 25% premium over its
closest peer, SEG International Bhd (SYS MK, MYR0.95, Not Ranked),
is justified, in our opinion, given HIC’s superior profit track record.

• We continue to like HIC for its healthy earnings growth, underpinned
by the steady rise in student population (approximately 12,000) and
programs offered, as well as its overseas expansion via franchise and
licensing arrangements. We believe HIC’s prospective FY10 PER of
8.9x is undemanding when compared to the expected double-digit net
profit growth in the next few years. The group posted an average 25%
growth in net profit over the last four years.

• On Dec. 28, 2009, HIC proposed to acquire 1,112 sq m of freehold
land, together with the erected building known as HELP Residence, for
a cash consideration of MYR50 mln. HIC shall pay the vendor in halfyearly
installments over five years. We do not expect any funding
issue, given the group’s high cash holdings and positive cashflow
generation from its operations.

• Risks to our recommendation and target price include unexpected
changes to the policies and regulatory framework by the Ministry of
Higher Education which could affect student intake.

PJI Holdings Bhd ... Dec09

PJI Holdings Bhd is eyeing a contract to provide mechanical and electrical engineering services worth RM400mil to RM500mil at the new LCCT Terminal.

It plans to fund the job through private finance initiatives (PFIs), a method that provides private funding for partnerships between the public and private sectors.

Next year, it will also explore water-related projects.

PJI was waiting for details of the 10th Malaysia Plan (10MP) as it saw many opportunities in relation to its core business of electrical and mechanical engineering services.

Also, the government is going more into financing public projects through PFIs. PJI will work with the Government through Economic Planning Unit or the Treasury.

The company had tendered for jobs worth RM500mil since June, mainly in mechanical and electrical engineering services and water infrastructure.

PJI now has an orderbook of about RM150mil and hopes to add RM150mil to RM200mil by June 2010.

Tuesday, December 29, 2009

TSM Global ... Dec09

Results Review & Earnings Outlook
• TSM’s 3QFY10 (Jan) results exceeded our expectations, bringing
9MFY10 net profit to MYR17.0 mln, or 88% of our previous FY10

• 3QFY10 revenue declined marginally by 1.2% YoY to MYR65.1 mln,
as sales gradually recovered to pre-crisis levels. Meanwhile, net profit
for the quarter was 4% higher YoY at MYR6.5 mln, largely boosted by
a lower effective tax rate of 9.3% vs. 21.3% a year earlier.

• Revenue rose 4% QoQ in tandem with the continued recovery in the
automotive sector. Despite the higher sales, net profit was
nevertheless 2.3% lower QoQ, hurt by the appreciation of the JPY
against MYR and higher copper prices.

• While 9MFY10 sales and net profit were still down 11% and 19% YoY
(MYR185.0 mln and MYR17.0 mln respectively) as a result of the
economic slowdown, we believe TSM’s prospects are improving,
judging from the sequential increases in sales and net profit over the
last three quarters. We expect the uptrend in performance to prevail
into FY11, underpinned by the gradual revival in the automotive
industry. As such, we raise our FY10 and FY11 net profit estimates by
15% and 16% to MYR22.0 mln and MYR24.3 mln respectively.

Recommendation & Investment Risks
• We maintain a Buy recommendation on TSM but raise our 12-month
target price to MYR2.30 (from MYR2.00) on account of our earnings

• Our target price is derived by ascribing a target PER of 5x against
FY11 earnings (both unchanged), inclusive of a projected dividend.
Our target PER multiple is at the lower end of the 5x–10x PER
valuation range for autoparts companies under our coverage. This
reflects the higher uncertainty in our projections, as our attempts to
meet with management for an update have been unsuccessful.

• We continue to like TSM for its resilient earnings delivery and swift
recovery from the economic downturn. We expect TSM to benefit
further from the liberalization initiatives under the recently revamped
National Automotive Policy. Valuation appears to be undemanding at
prospective 4.5x FY11 PER. The current share price is also lower than
its NTA/share and net cash/share of MYR2.53 and MYR2.26
respectively as at end-October 2009.

• Risks to our recommendation and target price include a slower-thanexpected
recovery in consumer spending and stronger-than-expected
appreciation of JPY and USD against the MYR.

BJCORP ... Dec09

BCorp released its 2Q FY10 results.
Overall results were within expectations. The group has been recently
undertaking a few major corporate exercises. We have upgraded our fair value of BCorp to RM2.24

Revenue for the quarter increased over both preceding and corresponding quarters by 0.4% and 0.6% respectively. Net profit was substantially stronger as well and was 29.2% higher than the preceding quarter while increasing 400% against the corresponding year quarter.

Revenue was marginally higher attributable to higher revenue contribution from the consumer marketing segment especially from Cosway both locally and abroad.
The stock-broking segment had also registered higher revenue. This in turn attributed to higher PBT and net profit.

BCorp has sold its 90% stake in Cosway (M) Sdn Bhd to Berjaya Holdings (HK) Limited (BHK) for a consideration of RM900mil. This would be settled by a combination of cash, exchange of shares and issuance of ICULS. As a result of the exercise, BHK has changed its name to Cosway Corporation Limited (CCL) and will continue to be listed in Hong Kong. The effective stake of BCorp on CCL would be slightly under 75% after the exercise. CCL had also purchased the remaining 10% stake in Cosway (M) Sdn Bhd from Madison Country LLC. Under the exercise, CCL had also purchased and acquired
eCosway. The exercise will provide BCorp with stronger cash positions and cash flows while providing a channel to realize greater valuations in Cosway. Cosway is currently performing very strongly internationally especially in Hong Kong and Taiwan. We are positive with the longer term developments.

Berjaya Retail Bhd. To recap, the group has planned to list Singer and 7-Eleven through Berjaya Retail Bhd. BCorp has also proposed to distribute a dividend-inspecie
on the basis of 1 Berjaya Retail share for every 10 existing shares of BCorp of RM1.00 each. It is proposed that a minimum of 71.9mil up to 101.9mil shares of
Berjaya Retail together with 5mil Berjaya Retail ICPS be offered for sale. The offer price is RM0.50 for both.

7-Eleven is geared to grow strongly. It plans to open 2,000 stores nationwide in 3
to 5 years. This large push will be made possible by its new franchise scheme which would free capital for 7-Eleven to push for supernormal growth over these few years. Initial stores which were franchised recorded a 20% growth in sales in a matter of days. It is expected that even higher efficiencies will be achieved over a longer period of time. With the large store growth, 7-Eleven will be able to achieve even greater economies of scale in terms of distribution
networks, marketing and purchases.

Berjaya Land.
Bland has been recently launching its projects in Vietnam in Thach Ban, Hanoi
and Bien Hoa, Dong Nai. The recent launch in Bien Hoa has been fully sold while the Thach Ban launch has almost sold out within a short period of time. The developments indicates promising future launches moving forward. Locally Bland has launched several projects as well and has been well received as well.

Berjaya Media.
The group had previously proposed dividend-in-specie of ordinary shares of RM0.80 each in Berjaya Media Bhd to the shareholders of BCorp. The exercise has been approved while the group has submitted the application to Bursa Malaysia Depository Sdn Bhd. We expect the exercise to be completed at the end of December or January.

The group is set to perform better with the H1N1 scare being over. The hotel and
resorts business will be the key sectors benefiting from this. Meanwhile the overall property market has been stronger industry wide. Moreover the group’s property divisions had reportedly done very well over the past few months. We expect the consumer marketing segment to continue to grow moving forward.

Risks to the performance of BCorp would be a reversal of the recovery of the economy.
However, parts of the group are relatively resilient to such downturns.

Recommendation. SJ Security maintain our buy recommendation on BJCorp with a fair value of RM2.24. This is based on a discount of 35% on the fully diluted RNAV per share of RM3.45.

Taliwrks ... Dec09

It has proposed to issue RM395 million of secured bonds 2009/2024 which would partly finance the early redemption of its convertible bonds will expire in 2012.

The 2009/2024 bonds would be issued via its special purpose vehicle, Destinasi Teguh Sdn Bhd, which would act as a funding conduit to raise funds for the group. This funding exercise will better suit the group's long-term financing needs and mitigate the early redemption risk of the convertible bonds which will arise by end of 2010.

Funds raised from the proposed 2009/2024 bonds would be used to redeem 50% of the RM225 million nominal value of 2.25% convertible bonds 2007/2012.

It had on Dec 17 entered into a bond purchase agreement with the holders of the 2007/2012 bonds to purchase 50% of the bonds. The purchase of the sale bonds at RM119.36 million prices at approximately RM1.065 million for every RM1 million nominal value of the convertible bonds will be undertaken on Dec 23 2009.

Part of the proceeds raised from the proposed bonds issue was to redeem 50% of the 2007/2012 bonds. However, due to a possible delay in the implementation of the proposed private debt securities (PDS), it had offered to purchase the bonds to reduce the financing costs.

When the proposed PDS is implemented, Taliworks would create a cash security for the outstanding RM113 million nominal value of the convertibles and deposit RM125.74 million in an account in favour of the trustees and for the benefit of the bondholders.

As at Sept 30 2009, about RM180.07 million remained unutilised from the proceeds raised from the issuance of the convertible bonds. It would use part of the unutilised proceeds to purchase the convertible bonds.

Monday, December 28, 2009

明年起信用卡持有者 须年缴50令吉服务费







文告指出,轉賬卡(Debit Card)、汽油卡(由石油公司發出的卡如“汽油特惠卡”(fleet card)及SmartPay)、在職場、學校及俱樂部使用的社區賒賬卡、忠誠客戶卡(如Bonus Link)及電子現金(如一觸即通卡)無須繳付服務稅。




Support ... Dec09

Standard and Poors

Results Review & Earnings Outlook• SIHB’s 3QFY10 (Jan) results were below our expectations, with
9MFY10 net profit of MYR5.1 mln reaching 41% of our previous FY10
projection. The deviation was mainly due to lower-than-expected
contributions from both the manufacturing and property divisions.

• 3QFY10 revenue and net profit fell 39% and 35% YoY to MYR18.9
mln and MYR1.5 mln respectively, in the absence of contributions
from the discontinued production of cables, connectors and interphone
products in September 2008. In addition, the manufacturing division,
which produces audio speakers, toys and other plastic products, also
suffered an 18% YoY decline in sales.

• 3QFY10 earnings were largely supported by the manufacturing
segment, as contribution from the property development arm was
negligible in 3QFY10. We understand SIHB’s maiden Aman Bayu
property project in Butterworth, Penang, has a 50% take-up rate.

• We lower our FY10 net profit estimate by 17% to MYR10.4 mln after
factoring in smaller contributions from the manufacturing and property
divisions. We maintain our FY11 net profit projection of MYR23.8 mln.
The earnings jump is premised on increased manufacturing sales
supported by expected new contracts and maiden contributions from
the property division.

Recommendation & Investment Risks
• We maintain our Hold recommendation on SIHB but raise our 12-
month target price to MYR1.30 (from MYR0.90).

• Our target price is raised on assigning a higher PER multiple of 12x to
our CY10 earnings, which is approximately a 30% premium to the
blended PER of 9x which we had assigned previously. This premium
largely reflects SIHB’s recent move into China, which, if successful,
opens up the potential for an alternative earnings source.

• On Nov. 23, 2009, SIHB entered into a Strategic Cooperation
Agreement with Digital China Advanced Systems Services Ltd
(DCASS), a subsidiary of Digital China Holdings Ltd (00861 HK,
HKD9.54, Not Ranked) to appoint DCASS as the technical adviser for
the Citizen Card and Mobile Electronic Business Project (CCMEB) in
Hunan Province, China. We believe SIHB is also working to secure the
concession from the local government as the operator of the CCMEB,
which would provide for enhanced revenue if successful. While its
potential growth in China is exciting, we believe the recent price run-up
has already factored in this positive development. At a prospective
CY10 PER of 11.5x, the stock appears to be fully valued at this
juncture, in our opinion.

• Risks to our recommendation and target price include the failure in its
China venture to take off and weaker-than-expected contributions from
existing businesses.

Petra Perdana Bhd ... Dec09

Petra Perdana Bhd’s (PPB) executive director Shamsul Saad has obtained an ex-parte injunction to stop the sale of the remaining 29.59% stake in its associate Petra Energy Bhd (PEB).

The order was addressed to PPB, the company’s executive chairman and CEO Tengku Datuk Ibrahim Petra, his wife Datin Che Nariza Hajjar Hashim, two other board directors — Wong Fook Heng and Tiong Young Kong — as well as TA Securities Holdings Berhad.

According to the documents, an inter-party hearing for the case at the Kuala Lumpur High Court is set for the middle of January 2010. Shamsul is also a shareholder of PPB.

In granting the ex-parte injunction, the court ordered that the sale of the block be prohibited until PPB convenes an extraodinary shareholders meeting and/or until the disposal of the suit, whichever is earlier.

The legal suit follows PPB’s recent disposal of its interest in PEB that has resulted in the company now owning 29.59% of PEB.

Sunday, December 27, 2009

笑死人的12星座宝 ... 双子座




Saturday, December 26, 2009

笑死人的12星座宝 ... 金牛座




Friday, December 25, 2009

Merry Xmas!

Merry Xmas and Happy Holiday to all my readers.

Thursday, December 24, 2009

Touch 'n Go top up

Now you can top up your Touch 'n Go card @ ATM, Petrol Station (Shell, Petronas), or selected Toll branch office.

Top up at selected Toll branch office:-
- No additional changes.
- Only selected branch accept Credit card.

Top up at ATM:-
- Each transaction with RM0.50 charges.
- Only selected ATM (Maybank).

Top up at Petrol Station:-
- Each transaction with RM0.50 charges.
- Top up with cash.
- You only can top up RM100 maximum per transaction.

If you would like to top up RM250 in Petrol Station, you need to pay RM1.50 charges.
Do you think this is ridiculous? Which method you will choose to top up?

Related post:-
Touch but cannot GO!
Touch & Go Card expired

Salcon ... Dec09

Water and wastewater solutions provider, Salcon Corp Bhd, sealed its seventh concession in China following the award of a 30-year concession by the municipal government of Yizheng to its joint-venture (JV) company Jiangsu Salcon Water & Environmental Development Co Ltd.

The concession relates to the transfer of treated water in the central region of Yizheng city.

Under the concession agreement, the JV company will implement the Yizheng water integration scheme, which includes the integration and consolidation of water and wastewater works within the Yizheng city.

The new concession agreement is a key stepping stone for the group to further expand into the Jiangau province.

Besides the new concession in Yizheng, Salcon currently owns three water concessionaires, one wastewater and two raw water concessions in various cities in the provinces of Shandong, Fujian and Zhejiang.

Wednesday, December 23, 2009

Touch 'n Go, e-statement

Now you can view/check your Touch 'n Go statement at here.

You need the "Touch 'n Go Card MFG No", which is stated behind of your Touch & Go card, and personal details for user registration. You will able to to access it in the next 3 days.

You allow to view and download the statement in csv (excel) format, this is not an online statement, you only able to view 3 days before transactions.

With this you can check and verify your Touch & Go transaction. And count whether you reach 80 transaction to entitle for 20% discount or not....:)

Related link:-
Touch but cannot GO!
Touch & Go Card expired

YNH Property ... Dec09

YNH Property Bhd is seeking legal recourse against Kuwait Finance House (M) Bhd (KFH) for backing out of a commitment to buy a 45-storey office tower worth RM920mil.

It had been notified by KFH in writing that the latter would “no longer be proceeding with the formalisation of the sale and purchase (S&P) agreement as per the terms and conditions of the offer letter dated Jan 11, 2008” for the en bloc purchase of Menara YNH, located along Jalan Sultan Ismail, Kuala Lumpur.

The deal “went sour” because KFH wanted to purchase the property at a lower price than initially agreed. It was all an issue of pricing. The property market has softened by about 20% since we entered into the agreement nearly two years ago (2008). KFH wanted to buy at a lower price while YNHP wanted to maintain the original value.

YNH was seeking legal advice from its lawyers and was confident of a positive outcome. An option is to sell the property to the highest bidder and claim the difference from KFH. The agreement is legally binding.

Preliminary earthworks had commenced at the project site and actual construction was expected to begin in a few months.

In was reported in August 2009 that the deal with KFH “is basically firmed up” although the S&P agreement had yet to be signed.

KFH offered to purchase a 50% interest in YNH Land Sdn Bhd’s proposed 45-storey office tower in early 2008. YNH Land is a unit of Kar Sin Bhd, which in turn is a wholly-owned subsidiary of YNH Property.

Meanwhile, two property players – one local and the other foreign – are believed to be keen on purchasing the proposed Menara YNHP from developer YNH Property Bhd.

It declined to name the parties. Speculation is that Singapore’s CapitaLand group could be one of the interested buyers.

It has started talks with the two new potential buyers for the office tower project and hopes to seal the S&P within 12 months. The price tag could be lower than what had been agreed upon with KFH.

It had informed Bursa that KFH will no longer proceed with the purchase of half of Menera YNH for RM920 million, in a deal signed on Jan 11, 2008. No reason was given, it might be KFH refused to sign the S&P despite bargaining for a lower price which was agreed by KFh.

Nevertheless, it is learnt that YNH is considering several options to finance the project. The first would be to build the office tower, at a later stage once it has found a buyer.

The second option is to develop and sell the retail component to raise the necessary funds to construct the entire project. The retail component has been sold for MR300 million, which would be enough to help YNH finance the entire project cost of about RM500 million.

In the second scenario, YNH could find the leftover portion of RM200 million via bank borrowings and cash. Hence it may not be in a hurry to find a buyer for the office tower.

The positive thing which can see from this turn of events is that the uncertainty of the sale of Menera YNH to KFH has finally drawn to a close. Going forward, management will be at liberty to deal with the building, that is whether to sell it to the next highest bidder or construct the building first to xtract better valuations two or three years from now.

Tuesday, December 22, 2009

Bank scam...

This happened to my friend and colleagues. My friend almost lost all my saving to those thieves.

I often receive emails about those scams that access to our bank
accounts and steal all the money in it. i read and forward to friends,
but i never thought it'll happen to me, yes, to me, jay wong, in a one
fine morning...

9.03am, i was woken up by a phone call (no. 03-27188888, which i later
called back, really a Am bank number), at the other end i heard a
voice mail saying it is from "Am bank", and asking me to confirm a
large amount transaction going on in KLIA. the voice mail said
something like this: " you have a transaction at the amount of RM37XX
going on at KLIA. press 1 to confirm the transaction, press 2 to talk
to our officer."

given situation like that i automatically press '2', which later lead
me to the "Am bank" credit card dept. i roughly explained the
situation, and later the officer asked for my IC number and told me i
have a past due payment of RM5630, and my credit card was just swapped
with another transaction at KLIA at the amount of RM37XX. i was
puzzled, cos i never had a credit card with Am bank. the officer said
i personally walked into their Jalan Ampang branch and applied the
card myself with my IC. he even gave me all the card details which is
- "i" applied the card on 9th july 09, my 'card' number is 5455 1966
6653 7001, it is a master gold card, credit limit at RM12,000.

i strongly deny all the above, then the officer said: "we believed
this is a fraudulent case and someone used your ID to apply the card,
you may call to report this case at this number (which i forgot) or to
cut short the process, i can pass your line to the dept." without
hesitation i accepted his offer, later i was attended by a woman, whom
she address herself as Miss Ng. After explaining the situation to her,
she told me she need to set up the recording device in order for the
investigation, so asked me to leave her my HP number and she wound
call me back. very soon she called back, saying that the dept is from
Bank Negara. the ID showed on my HP screen is +6999, she sounded very
professional and often threw many 'professional bank terms' that
layman would take some time to understand, and the background had some
beeping sound that makes me believe that was the recording sound. she
said in order to investigate the case, they need to monitor all my
bank accounts, they way she spoke really make me believe she is a pro
to help me settle my fraudulent case. so i did gave her ALL my credit
/ atm card numbers. and later on she said she is only taking the
report, she will submit to the investigation dept, which link directly
to the high court, and an officer from there will call me in 10-15mins
time, lastly, she warned me NOT to tell anyone about this as it might
jeopardize the investigation. she even gave me a reference number:

later, a man called me with this number +999, he spoke in bahasa
m'sia, i requested him to speak in english as my BM is very poor, he
insisted to speak in BM and the reason he gave was all evidence and
recording must made in BM. he said he got the report from Miss Ng, and
again he confirmed with me ALL my credit / atm card numbers - i have 1
current account (which i don't have atm card), 1 local bank with atm,
and 1 HSBC with atm. he said for easier monitoring, i must withdraw
all my money and bank into the local bank account. i asked why? he
said because their system cannot link to the overseas bank system, i
must transfer all my money to the local bank so they will monitor if
anyone is accessing my account. i must admit i was pretty panic at
that moment, i did follow his instruction. i really planned to
withdraw ALL my money and do as he said. He said i must race with the
time and all this must be done in 35 mins.. i said: what?? i'm still at
home, the nearest bank is at taipan, the fastest i can get this done
is in 45 mins." he urged me to hurry up and again he asked me the most
important thing is - DON'T tell anyone about this, and after i bank in
all the money into the local bank acc, call him at 010-2594568.

while driving to taipan, within 5 mins time, that man called me twice
to ask me hurry up. i had a very uneasy feeling, but i still withdraw
all my money from that 2 banks (sorry, i must admit i was really a
low-guard person). i finally called up a lawyer friend, my friend
straight away mentioned it is a scam and i should proceed to lodge a
police report. i called up the man, i told him i have withdraw all the
money but i decided not to bank in to the local bank acc. i can
imagine he was jumping there, he insist i must do so. i asked for his
name and his office number, he was a bit panic, told me his name is
Alan Chow, and the number should appear on my HP screen, i said i only
see +999, he said that is d number, i said i will proceed to lodge the
police report, he quickly hung up! at the moment my legs was numb. how
close was that i almost lose all my money to these thieves!

i quickly call up all my banks to cancel all my credit / atm cards
while driving to the nearest police station. later when i went to
collect a new atm card from HSBC bank taipan, the officer told me many
of their customers experienced the same as me in a same week! and all
victims started the whole nightmare by receiving this voice mail from
Am bank, and the story goes exactly as i mentioned above. sigh... i
called up Am bank to report this case, they apologized and advice me
that no bank will ever start a conversation with a voice mail.

these 'intelligent' thieves play mind games very well, they like to
throw lots of unfamiliar terms at your face first, and give you a very
difficult situation and make you believe you are in deep shit. i hope
everyone else is more alert and smarter than me, honestly, even at
this moment when i recall this incident, i still have the chill at my

JMI ... Dec09

The Securities Commission (SC) had approved its proposed asset injection and rights issue exercises.
The proposed asset injection entails the acquisition of China-based Be Top Group Ltd and its subsidiary, Top Textile (Suzhou) Co Ltd, for a purchase consideration of RM393.2 million.

Meanwhile, the proposed rights issue will involve the issue of up to 307.08 million rights shares on the basis of 10 new rights shares, for every one JMI consolidated share held at an issue price of 20 sen per rights share.

The two proposals are still subject to JMI shareholders' approval at an extraordinary general meeting to be convened later.

JMI has also proposed to change its company name to, "Sinotop Holdings Bhd", to reflect the switch in the company's business.

With the SC's approval, they are now a step closer to transforming JMI into a China-based textile fabric manufacturer.

Tanjong ... Dec09

Results Review & Earnings Outlook

 Tanjong’s 3QFY10 (Jan.) net profit rose 83.0% YoY to MYR177.8 mln,
driven by improved contribution from its overseas power plants, lower
business and development costs, the absence of windfall levy for
Powertek, and a turnaround at Tropical Island (TI) (EBIT of MYR0.9
mln). This was despite a slightly higher effective tax rate of 21.4% vs
18.6% in 3QFY09, as well as lower contribution from the gaming
division due to higher operating expenses, though prize payout was
maintained at 65%.

 Overall, the results were at the high-end of our expectations. This took
YTD net profit to MYR550.7 mln, accounting for 80.7% of our FY10
forecast of MYR682.2 mln.

 Note that contribution from its overseas power plants would have been
better if not for the gas curtailment affecting the Sidi Krir power plant in
Egypt. For TI, agreements have been entered with third parties for the
construction and provision of vacation homes to capture the growing
European market and to improve its average revenue per visitor.
Nevertheless, the impact may only be reflected in FY12 results.

 We maintain our profit forecasts with a two-year recurring net profit
CAGR of 7%, driven by steady growth in gaming and power earnings.
Tanjong has declared a 3rd interim dividend of 17.5 sen (less 25% tax)
(unchanged from the preceding year) payable on January 15, 2010.
We maintain our FY10 gross DPS forecast of 95 sen/share.

Recommendation & Investment Risks
 We downgrade Tanjong to Buy (from Strong Buy) following the rise in
the share price. Tanjong is well-managed and offers relatively
defensive earnings and a decent gross dividend yield of about 5.8%.

 The stock has underperformed the broad market with a YTD gain of
23.6% vs 43.7% for the FBM KLCI. At current levels the stock is
trading at FY11 PER of 9.3x, which is below the market and its peer
group. Potential share price catalysts include (1) earnings accretive
acquisitions, (ii) spinning off its gaming arm, (iii) approval for new
games, and (4) a sustainable turnaround for TI.

 We have raised our 12-month target price to MYR19.00 (from
MYR18.00) after rolling over our valuation period to FY11. Our
valuation continues to be based on a 10% discount to our estimated
sum-of-parts (SOP) value. The main components of our SOP valuation
are the power and NFO businesses, which we have valued on a DCF
basis. NFO cashflow is discounted using a cost of equity of 12% to
13%, and assumes terminal growth of 3%. Valuation for the power
division is based on a combination of DCF and PER.

 Risks to our recommendation and target price include: (i) changes in
gaming and power regulations, (ii) inefficient utilization of its excess
funds, (iii) stronger-than-expected forex fluctuations and (iv) lowerthan-
expected results from TI.

Incorporated in England in 1926, Tanjong is
listed on both Bursa Malaysia and the London Stock
Exchange. The group has three core businesses, namely
power generation, gaming and leisure. It is part of Tan Sri
Ananda Krishnan’s Usaha Tegas group. The stock is a
component of the FBM KLCI and FBM EMAS.

Monday, December 21, 2009

CSCSTEEL ... Dec09

CSC STEEL HOLDINGS recorded Net Profit of RM38.8m for 3QE Sep 2009 compared with RM27.3m - an improvement of 42% from same quarter last year mainly due to the absence of the inventory write-downs.

In the Company's EXCHANGE filing Nov 13, 2009, the Company said that Revenue was RM261.4m, down 31.4% from RM381.1m a year ago. EPS was 10.42 sen compared with 7.29 sen.

" .... The significant drop in revenue is due to lower selling prices of our steel products although sale volume improved marginally ...." it said. " .... Despite the lower revenue, PBT increased by RM25.1m or 88.2% to RM53.6m. This is mainly due to the absence of the write-down of inventories to Net Realisable value amounted to RM30m made in the corresponding quarter (a year ago) ,,,," it added.

When compared with 2QE Jun 2009, the Group's Revenue rose 61.9% from RM161.6m to RM261.5m in 3QE Sep 2009. PBT increased by RM41.1M or 328% from RM12.5M in 2QE Jun 2009.

CSC STEEL said the better performances in Revenue and PBT were driven by both higher sales volume and favourable selling prices of its steel products. " .... The improved sale volume was supported by the timely increase in supply of hot rolled steel (HRC) from our ultimate parent company, CHINA STEEL CORPORATION, to make up for the delay in local HRC supply ...." it added.

For 9ME Sep 2009, Net Profit was RM54.0m compared with RM100.8m the previous corresponding period. Revenue also fell to RM596.1m compared with RM1.16 bil a year ago.

On the current year prospects, it said the local steel market has slowed down since Oct 2009 after a series of price increases since second quarter 2009.

CSC STEEL said overcapacity and high inventory which caused steel prices falling in China since August 2009 was the main factor that made local buyers cautious in re-stocking activities.

Steel prices in China have, however, started rising since mid-Oct 2009. CSC said the Group expects steel market to recover by end of 2009 or beginning 2010 as the stimulus packages introduced by many countries, especially China, with forecast GDP growth of above 8.0% 2009 kicks in.

In Malaysia, domestic steel demand was increasing as projects under the stimulus packages, are being gradually implemented. " .... Coupled with the current low inventory level, we expect greater re-ordering activities to take place once international steel market starts to recover ...." said the Company.

Mudajaya Group ... Dec09

Recent Developments
• Mudajaya announced that the group, in a JV with Bina Rezeki Sdn
Bhd, has received a letter of intent (LOI) for an MYR241.3-mln
contract to design and construct the Boulevard Plaza Development at
Putrajaya. The project is expected to be completed by Dec. 31, 2011.
Mudajaya has a 51% interest in the JV while its partner, Bina Rezeki,
holds the rest.

• With the new contract, Mudajaya’s outstanding order book stands at
MYR5.5 bln, where the Indian IPP project accounts for about 60%.
We can expect positive newsflow for local and overseas projects
ahead: we understand the group is actively negotiating for two or more
local jobs and is bidding for USD500 mln worth of infrastructure and
building works in Vietnam and some MYR500 mln in Saudi Arabia.

• On its IPP India project, the plant is scheduled to commence
operations in 2012, with construction profits kicking in significantly over
the next two years. Mudajaya’s associated company, RKM, has raised
a total of MYR1.8 bln in external financing so far (for Phase 1 and
partially for Phase 2) and is at an advanced stage of securing the
remaining loan of MYR1.9 bln for Phase 2 to achieve financial closure.

• While we keep our 2009 earnings forecast largely unchanged, we
increase our 2010 forecast by 4% to incorporate the above newly
secured construction project in Putrajaya. We have also assumed
MYR400 mln worth of jobs wins in 2010.

Recommendation & Investment Risks
• Standard and Poor's maintain our Buy recommendation with a higher 12-month target
price of MYR5.60 (from MYR4.90). Although the share price has risen
by about 40% over the past three months, the stock deserves
consideration, given that its valuations are still attractive, in our view.
The group, which is presently trading at projected PER of 9.4x for
2010, has yet to reflect its near-term growth potential (2-year forward
EPS CAGR of more than 50%).

• Standard and Poor's have increased our target PER multiple to 11x (vs. 10x previously) to reflect the group’s strong order book replenishment prospects and
the positive outlook for the construction industry on the back of further
rollout of government sponsored projects. Our target price also
includes a projected net DPS of 3 sen.

• Standard and Poor's believe Mudajaya’s fundamentals remain intact, with strong
earnings visibility supported by a record-high order book, recurring
income prospect of its IPP India project and healthy balance sheet (net
cash of MYR149.9 mln at end-September 2009, zero gearing).

Earnings Outlook
• Risks to our recommendation and target price include delays in the
execution of new contracts, in particular the Indian IPP project and in
the construction progress of existing contracts. Other risks include
higher-than-expected volatility in construction material prices and fuel

Mudajaya Group (Mudajaya) is an investment
holding company with subsidiaries engaged in civil
engineering and construction, property development, and
manufacturing and trading of construction materials. The
stock is a component of the FBM EMAS and FBM 70 Index.

Sunday, December 20, 2009

Ex President George Bush

Ex President George Bush has a heart attack and dies.

Obviously, he goes to hell where the Devil is waiting for him.

I'm not sure what to do,' says the Devil.

You're on my list but I have no room for you. But you definitely have to stay here, so I'm going to have to let some-one else go. I've got three folks here who weren't quite as bad as you. I'll let one of them go, so you can take their place. I'll even let you decide who leaves.'

George thought that sounded pretty good considering the circumstances, so he agreed.

The Devil opened the first room. In it was Richard Nixon and a large pool of hot water. He kept diving in and climbing out, over and over. Such was his fate in Hell.

No!' George said. 'I don't think so. I'm not a good swimmer and don't think I could stay in hot water all day.'

The Devil led him to the next room. In it was Tony Blair with a sledge hammer and a room full of rocks. All he did was swing the hammer, time after time.

No! ' I've got this problem with my shoulder. I would be in constant agony if all I could do was break rocks all day' commented George.

The Devil opened a third door. In it, George saw Bill Clinton lying on the floor with his arms staked over his head and his legs staked in a spread-eagle pose. Bent over him was Monica Lewinsky, doing what she does best.

George Bush looked at this in disbelief for awhile and finally said, Yeah, I can handle this.'

The Devil smiled and said, 'Ok, Monica, you're free to go!'

Thursday, December 17, 2009

Changhuat Corp Bhd (Chang) ... Dec09

Its subsidiary, Arus Dermaga Sdn Bhd (ADSB), is talking with several companies to provide storage facilities for oil and gas (O&G) products and other related services.

The company was looking to secure at least two contracts within the next 12 months but declined to divulge more details.

The shareholders also approved Changhuat’s proposed disposals of the entire stakes held in Changhuat Plastic Industries (Senai) Sdn Bhd and Changhuat Plastic Industries Sdn Bhd to Wong Koon Sang and Lim Chung Kian for RM23.10mil and RM5.08mil cash respectively.

Set up in May 2006, ADSB is one of six companies approved by the Marine Department under the Transport Ministry for ship-to-ship transportation of oil within the Johor Port and Port of Tanjung Pelepas areas.

It has a five-year contract, expiring 2012, to provide an offshore facility for the storage of fuel oils or fuel oil blend stocks of 240,000 tonnes per month to commodity trader Glencore.

The profit margin in the manufacturing business had declined since 2002 due to the softening demand globally and increasing market competition especially from plastic injector moulders from China and Vietnam.

For the first quarter ended Sept 30, Changhuat’s net loss narrowed to RM207,000 from RM379,000 in the previous corresponding period while revenue grew 32% to RM17.65mil against RM13.39mil before.

Meanwhile its subsidiary Arus Dermaga Sdn Bhd has entered into a floating storage agreement with Noble Clean Fuels Limited for the provision of a 260,000-metric tonne very large crude carrier at Port Tanjung Pelepas, Johor, for storage of oil products for a minimum of 30 months starting Feb 28, 2010. The contract value is about RM170 million.

Wednesday, December 16, 2009

Silver Bird ... Dec09

One of the main players in Malaysia's breadmaking industry, will benefit from its expansion plans and new contracts.

Silverbird has secured two contracts to supply confectionary to Munchworld Marketing Sdn Bhd and Best One Food Pte Ltd, which supply their products under the brand name Munchy's and Best One respectively, valued at RM40 million.

Best One is a Singaporean company supplying bread to all the local coffee shops in Johor. Munchworld Marketing, on the other hand, will tap into Silverbird's extensive network as the sole distributor of Tiger crackers.

The new contracts in hand will boost revenue next year (2010).

Silverbird also has clinched two contracts for the supply of bread, buns and rolls from Singapore's NTUC Fairprice Cooperative and Singapore Armed Forces worth a total of S$14.7 million (S$1 = RM2.43).

The new contracts are expected to deliver profits next year (2010).

Silverbird is principally engaged in the manufacture and distribution of bakery products under the High 5 and Silver Bird brands, and the distribution of prepaid phone cards for Maxis Hotlink.

Malaysian bread and rolls consumption have been growing consistently at a range of 3.8 per cent to seven per cent.

Tuesday, December 15, 2009

CBIP ... Dec09

It is not ruling out the possibility of expanding its plantation operation by acquiring additional land in neighbouring countries using funds from its private placement exercise.

While the main reason for the private placement exercise is to repay its borrowing, they are still open to the idea of expanding our plantation division. Besides, there are plenty of growth opportunities for palm mill construction in these markets.

Better known as a palm oil mill contractor, the company debts were still at a manageable level.

The company has proposed to undertake a private placement exercise that is expected to raise gross proceeds of about RM40 million. The fund-raising exercise is expected to be completed by the second quarter of next year (2010).

As at the end of its second quarter on June 30, 2009 (2QFY09), CBIP had net debt of RM139.6 million or a net gearing of 62%. Utilising all the proceeds to repay debts will reduce net gearing to about 44%.

CBIP’s targets would naturally be plantation land and assets in either Kalimantan or Papua New Guinea (PNG), where the company has existing operations.

Greenfield plantation landbank in Kalimantan is estimated to cost between RM300 and RM500 per hectare (ha), while those in PNG will cost around RM3,000 and RM4,000 per ha. Assuming CBIP purchases 5,000ha of land in PNG, total cost of acquisition would be around RM20 million, based on the price of RM4,000 per ha.

The relatively small amount of funds that are expected to be raised could put a strain on any plan to expand via acquisition.

On the company’s venture into central America, while there was potential for growth in the plantation industry in that region, operations were hampered by low yield due to poorer soil quality and lack of management skills. Modipalm Engineering Sdn Bhd, a CBIP subsidiary, has entered into a contract with Nacional Agro Industrial SA of Guatemala for the supply of equipment and engineering for a palm oil mill worth US$4.48 million (RM15.2 million).

CBIP currently has around 14,500ha of mature plantation land. However, the group is still banking on its state-of-the-art Modipalm oil mills as a key revenue generator.

Modipalm uses the continuous sterilisation system that could boost palm oil extraction rate by 24%, besides lower maintenance and manpower costs. There were still many planters out there, in particular, smaller players in the industry which were still unaware of Modipalm mills advantages.

The turnaround seen in its plantation associate to a profit of RM700,000 in the latest quarter ended Sept 30, 2009 (3QFY09) from a loss of RM5.3 million in 2QFY09 was likely to continue into next year, with the recovering crude palm oil prices.

Going forward, CBIP milling business is expected to be the company’s main growth catalyst. It has secured palm oil mill engineering and construction contracts worth about RM300 million that could last the company for at least a year, and it is bidding for another RM200 million worth of contracts.

Currently, CBIP has the capacity to build around 15 palm oil mills annually. Each palm oil mill takes between 15 and 18 months to complete.

Some of the major plantation companies using CBIP’s Modipalm mills are Felda, Sime Darby, Tradewinds Plantations and TH Plantations Bhd, while overseas clients include Sinar Mas and Salim Group’s Indofood Agri Resources from Indonesia.

Monday, December 14, 2009

MYEG ... Dec09

E-government services provider, MY E G Services will allocate RM40 million for research and development (R&D) activities for its on-line tax monitoring system over the next two years.

Currently, they are doing a pilot test run for class C and D of the services sector, including restaurants and entertainment outlets. The system is 85 per cent complete. It hopes to roll-out the service by the first half of next year (2010) in the Klang Valley and recoup the investment in two years.

MY E.G. Services is expecting a double-digit growth in the current financial year ending June 30, 2010, due to strong demand.

Its latest online road tax and auto renewal service and auto insurance renewal services launched in 2008, contributed 10 per cent to revenue in the last financial year.

MY E.G. Services posted a higher pre-tax profit of RM17.315 million for the financial year ended June 30, 2009 compared with RM14.825 million in the same period in 2008. Its revenue rose to RM52.48 million from RM43.821 million previously.

Sunday, December 13, 2009

笑死人的12星座宝 ... 白羊座






Saturday, December 12, 2009

Don't Use Your Car Wiper If You Were Attacked With Eggs


如果晚上你在駕駛時受到雞蛋攻擊千萬不要起動噴水功能和開動 水掃~?
If you are driving at night and were attacked with eggs, do not operate
your wiper and spray any water.

Eggs mix with water becomes milky and block your vision up to 92.5%

You are forced to stop at road side and become victim of robber

This is new technique used by robber in Johor Bahru

Please inform your friends and relative


Friday, December 11, 2009

FMHB ... Dec09

It expects to continue recording positive growth in 2010 amid the global uncertainties.

Most of FMHB's growth next year will come from expanding existing businesses of sea and air freight forwarding, tug and barge services, and positive performance of overseas offices.

The group has not felt much of an impact from the US economic slowdown as volume of its sea and airfreight continues to rise. The haulage service, which commenced in January 2008, has been profitable and contributed significantly to the group's profit in 2009, with the total fleet of 30 prime movers and 150 trailers fully commissioned as at August.

The introduction of haulage service to existing customers have minimised profit leakage to third parties. In this respect, the group outsourcing of this service to third parties had also reduced significantly.

For the financial year ended June 30 2009, FMHB posted a net profit of RM13.6 million against RM12.2 million previously.

Revenue increased by RM7.4 million or 3.3 per cent as compared with financial year 2008, mainly due to growth in domestic and land transportation services namely warehouse and distribution, customes brokerage and haulage.

Despite the decline in seafreight, airfreight and railfreight services due to slower demand caused by the global financial crisis, they were able to register a pre-tax profit of 17 per cent.

This was achieved mainly through the group's diverse range of services and emphasis on efficiency and excellent customer service.

Thursday, December 10, 2009

Cheetah ... Dec09

Sports apparels and casual wear retailer Cheetah Holdings Bhd is prepared to sell four properties worth RM1.368 million. Earlier, the group through its subsidiary Cheetah Realty Sdn Bhd had sold its old headquarters for more than RM5 million.

Cheetah recorded a pre-tax profit of RM16.562 million for its financial year ended June 30, 2009, up from RM13.224 million in the previous year.

Revenue rose to RM118.563 million from RM103.337 million previously.
Besides Cheetah Realty, the group has two other subsidiaries, namely Cheetah Corporation Malaysia Sdn Bhd and Cheetah Marketing Sdn Bhd.

Cheetah Corporation is the main contributor to the group's revenue at around 98 per cent annually.

Wednesday, December 9, 2009

CENBOND ... Dec09

It sees Indonesia as the next economic power house with good business prospects for foreign investors as the country has charted encouraging economic growth despite the global economic recession.

The company would probably expand its business operations in Indonesia when the time was right and opportunities arise but he did not give any time frame for this.

Presently, Century Bond operates in Indonesia via wholly-owned subsidiary PT Prestige Packages Indonesia (PTPPI) which manufactures and markets cement paper bags in Medan.

As an independent cement paper bags maker, PTPPI supplied to mostly medium-sized cement producers.

Indonesia is unlike Malaysia, where cement producers produce cement and buy cement paper bags from independent bag makers. In Indonesia, major cement producers have cement paper bag-making facilities integrated with their operations.

PTPPI was the only independent cement paper bag maker in Sumatra and one of three independent bag makers in Indonesia, with the other two in Jakarta on Java Island. With only three independent cement bag makers in the republic, competition was less intense compared with Malaysia where there were at least 10 independent cement bag makers, he said.

Century Bond is the leading supplier of cement paper bags for cement manufacturers in Malaysia, producing about two millions bags monthly at its Senai plant.

80% market share in Malaysia and major clients include Holcim Cement, Lafarge Malayan Cement, Negri Sembilan Cement, Perak-Hanjoong and YTL Cement.

The company also produces packaging-related products such as paper, paper polymer bags, corrugated board, plastics bags, expanded polyethylene foam, sealing tapes and adhesive items.

Tuesday, December 8, 2009

Petra Energy/Petra Perdana Bhd ... Dec09

It seems the relationship between Tengku Datuk Ibrahim Petra and the Koh family, who formed the oil and gas group more than 20 years ago, has become strained. There is speculation that the two parities could split eventually, with one staying in Petra Perdana and other in Petra Energy Bhd.

Fuelling the speculation is Petra Perdana;s long expected move to divest to reduce its interest in 55% owned Petra energy . Industry sources say the corporate exercise could happen soon, something that has somewhat increased the tempo of manoeuvring among the shareholders of Petra Perdana.

The brothers Datuk Koh and Koh Poh Wat have a collective 0.92% stake in Petra Perdana while Tengku Ibrahim and his wife have a 12.94% equity interest. The Koh brothers are senior general managers of Petra Perdana.

Between Sept30 and Nov 3, 2009, the name Shorefield Resources Sdn Bhd appeared on the shareholders’ list of Petra Energy.

Shorefield Resources has two blocks of shares in its name – one block of two million shares and another 7 million, brining its total to 9.7 million or a 4.97% stake. As the stake is below 5% threshold, it does not need to make an announcement to the regulator.

Coincidentally, in that same period, TA First Credit disposed of 9.7 million shares or 4.97% stake, reducing its shareholdings in Petra Energy to 800000 shares as at Nov 3 2009.

Monday, December 7, 2009

SPSetia/Mahsing ... Dec09

PNM will not be incorporating S P Setia or Mah Sing in its plan to form a mega property company that could be listed.

When PNB first mooted the idea of consolidating three property companies in its stable – Pelangi Bhd, Petaling Garden and the I&P – speculation was rife that the merger would also include S P Setia or Mah Sing.

The rumour mill was further fed by PNB’s steady acquistion of shares in S P Setia and Mah Sing. Currently PNB owns almost a third of S P Setia and 8.44% of Mah Sing. It could also use the listing status of eitehr S P Setia or Mah Sing to get its newly consolidated property company onto Bursa Malaysia while creating the single largest property developer in Malaysia.

As the consolidation exercise nears completion, however, a source says PNB will be leaving S P Setia and Mah Sing alone and list its property company separately.

Sources say the consolidation will not include S P Setia or Mah Sing. There will be a new entity emerging from Pelangi, Petaling Garden and I&P.

This is a much better idea for PNB as well as S P Setia and Mah Sing because it would not dilute the brand of the latter companies or rule out the possibility of joint venture agreements.

A joint venture agreement would be a win win situation for Mah Sing, S P Setia and the new company as it would give the developers access to PNB’s landbank, which amounts to some 7200 ha.

PNB’s move to increase its stake in S P Setia and Mah Sing can be viewed as an attempt to have more say on the board, particularly in getting decisions made, perhaps in steering the companies towards joint ventures with the newly consolidated entity.

Moreover, it may not be sensible for PNB to take over a company like S P Setia and merge it because this may impair its attraction as a top niche property player.

Sunday, December 6, 2009


Have you ever你是否曾經
watched kids 看過孩子

On a merry-go-round? 玩旋轉木馬?

Or listened to 或傾聽
the rain大雨

Slapping on the ground? 打落在地上的聲音?

Ever followed a 曾經追著
butterfly's erratic flight?飄乎不定地飛著的蝴蝶?

Or gazed at the sun into the fading 或凝視著太陽在夜色中
night? 漸漸褪色?

You better slow down. 你最好慢下你的腳步

Don't dance so不要舞的太快

Time is short. 時間短暫

The music won't音樂不會

Do you run through each day你是否用飛的

On the 度過
fly? 每一天

When you ask How are you?當你問自己”你好嗎”?

Do you hear the 你有聽到

When the day is done當一天結束的時候,

Do you lie in your 你是否
bed 躺在床上

With the next hundred chores仍是滿腦袋思考著

Running through
your head? 上百件例行工作事項?

You'd better slow down 妳最好慢下來

Don't dance so不要舞的

Time is short.時間短暫

The music won't音樂不會

Ever told your child, 是否曾經告訴你的孩子

We'll do it 我們留到

And in your haste, 而在你的匆忙之中

Not see his sorrow?沒看到他的悲傷?

Ever lost touch是否曾因沒有聯繫,

Let a good而失去
friendship die很好的友誼?

Cause you never had time 就因為你總是沒有時間

To call and say,'Hi'撥個電話說聲”嗨”

You'd better slow down 你最好慢下腳步

Don't dance不要舞得
so fast.太快

Time is short.時間短暫

The music won't音樂不會

When you run so fast to get somewhere當你急著快點到達某處的時候

You 你
miss half the fun of getting there.也錯過了途中一半的樂趣

When you worry and hurry當你憂心並急著
through your day,度過你的日子

It is like an unopened gift... 像是一件未開的禮物

Thrown away 就這樣被丟棄 .

Life is not a 生命不是在

Do take it slower 確實的慢下來

Hear the 聽聽

Before the song is over. 在音樂結束之前。

Friday, December 4, 2009

SUNRISE ... Dec09

SUNRISE's Net Profit rose 24% to RM37.3m from RM30.2m a year ago as earnings were sustained by progress billings for its ongoing developments.

The Company said Nov 2, 2009 that PBT rose 17% to RM50.2m from RM42.8m while Revenue was RM190.3m compared with RM198.2m a year ago. EPS was 7.52 sen versus 6.37 sen a year earlier.

" .... The Company's earnings continue to be sustained by progress billings for our ongoing developments, namely 10 Mont'Kiara, 11 Mont'Kiara and Solaris Dutamas, as well as sales of 11 Mont'Kiara and the completed Mont'Kiara Residence bungalows. The YoY growth in profitability was also driven by lower operating costs ...." according to its EXCHANGE filing.

SUNRISE said the strong sales momentum continued into the quarter, with the Company chalking up RM147m in sale-and-purchase-agreement-signed sales.

As for sentiment for property, the Company said it was boosted by the global economic recovery, low interest rates and the global stock market rally.

Providing an update on its projects, SUNRISE said construction of ongoing projects was progressing well. Solaris Dutamas and 10 Mont'Kiara are due for completion in the current financial year and 11 Mont'Kiara in 2011.

It said Solaris Dutamas, its first integrated commercial-residential development, would transform the Dutamas area into an engaging and lively hub.

SUNRISE added the development, targeted for completion in stages up to mid-2010, would house an exciting differentiated retail offering which will open in end-2010.

" .... Going forward, the Company has substantial Unbilled Sales of RM870m as at Sep 2009, which will sustain earnings in the current and following financial year ...." said the Company.

SUNRISE plans to launch several new residential and commercial projects in the near future in order to sustain longer-term profits.

The Company declared a First and Final Dividend of three sen per share for FYE Jun 2009 which was approved by shareholders at the Company's AGM on Oct 29, 2009 and would be paid on Dec 10, 2009.

Thursday, December 3, 2009

Daya ... Dec09

Its first phase of international transformation has begun, kick-started by a memorandum of understanding (MoU) that will see the company recognising revenue from tank service ventures regionally, and eventually in the United States.

Daya Clarimax Sdn Bhd, has entered into an MoU with NCHO Engineering & Services Pte Ltd, a major ISO-certified tank repair and services company based in Singapore. The MoU is expected to materialise in a 60:40 joint venture in Malaysia, focusing on ISO-level tank repairs. Importantly, the joint venture will translate into a ready and sizeable customer base for Clarimax when it begins operations early next year.

NCHO is already operating one of the largest tank repair businesses in Singapore, servicing some of the biggest multinational tank owners in the world. With the signing of the accord, some of these multinational customers will instantly become Daya’s customers.

The attraction of this JV is that it is very scaleable and allows Daya to jointly participate in tank service ventures with NCHO in Indonesia, Taiwan, China and eventually the US, which are several times the size of the Malaysian market,” said Daya executive vice-chairman Datuk Mazlin Md Junid.

Clarimax, which has not yet contributed to the group’s bottom line, will make significant revenue and net profit contribution in 2010 and beyond with this JV.

Significantly, too, Clarimax is laying the foundation for its solvent recovery and waste-oil recycling business towards the end of 2010. It is believed to be one of only two or three players in Malaysia that have a licence from the Environment Department to undertake this business.

It is in a net cash position despite the acquisitions of 80% of Daya Proffscorp Sdn Bhd in April and 45% of Daya Clarimax in September, collectively valued at more than RM28mil.

With over RM30mil in cash, significant unused debt capacity and a further RM20mil coming in from strategic private equity fund CMS Opus Capital by end-November, the group was eyeing several acquisitions in the oil and gas (O&G) sector, especially in downstream services.

It is currently the largest supplier of downstream specialist chemicals in Malaysia.
It expanded into Brunei in the second quarter, and is aiming to penetrate Singapore and Indonesia within the next two quarters.

There is also a strong possibility of the group venturing into Western Australia, selling the same chemicals the group has been distributing for the past 10 years in Malaysia.

Daya is also in the midst of institutionalising its stock to broaden its investor base. To this end, Daya is looking to attract institutional investors, especially bumiputra funds, to be its long-term strategic partners.

For the third quarter to Sept 30, Daya reported a 70% jump in pre-tax profit to RM6.4mil from RM3.7mil previously. On a nine-month basis, Daya delivered a pre-tax profit of RM16.4mil.

The growth was achieved on the back of stronger performance at its oil and gas and technical services divisions.

Wednesday, December 2, 2009

D Bhd ... Dec09

It has proposed a corporate exercise that will see its parent, Jcorp, injecting Tanjung Langsat Port (LTP) and the company that develops the industrial area in the vicinity of the port in exchange for assets currently held by the property developer.

Under the exercise, D Bhd’s existing shareholders will be offered an option to migrate their interest in the property developer to IKSB through a share swap, whereby each D Bhd share is exchanged for 0.6 IKSB share. D Bhd shareholders will get 32 sen per share from the exercise.

IKSB – after assuming the listing status of D Bhd – will sell the existing assets to JCOrp for RM200 million, to be satisfied by RM80 million cash and Rm120 million by exchange of assets between Jcorp and IKSB. The assets that IKSB has proposed to acquire from Jcorp are TLP and TPM Technopark Sdn Bhd for RM303.85 million in exchange of assets between IKSB and Jcorp. TPM is the lead manager and developer of industrial land in Tanjung Langsat.

Jcorp – which currenrly holds a 33% stake in DBHd – will end up with 73.5% of IKSB and after a restricted offer for sale of shares, will reduce its interest to about 68%. Jcorp is seeking an exemption from undertaking a MGO in the new look DBhd (That will be IKSB).

The exercise will effectively see Jcorp inject its port assets into IKSB in return for the property projects that are currently under D Bhd. The shareholders of DBhd will get 0.6 IKSB shares and a 32 sen cash per share.

Financially, DBhd has been a laggard, with revenue of only Rm4.1 million and a net loss of rm3.27 million recorded in the second quarter ended June 30, 2009. It made losses Rm12.6 million and RM15.9 million in FY2008 and FY2007 ended Dec 31.

It has also experiencing a decline in shareholders’ funds for the past two years. Total shareholders equity fell to RM124 million and RM112 million in FY2007 and FY2008 respectively.

On the other hand, TLP is expected to be the catalyst for IKSB’s growth. The third port in Johor after Pasir Gudang and Tanjung Pelepas, TPL is dedicated to serve the petrochemical and oil and gas industry. Jcorp has invested about RM500 million under the second phase of the TLP expansion plan in 2009.

The 908 acre TLP will be fully completed by 2012. Its futures development will be backed by the 4000 acre Tanjung Langsat Industrial Estate. Tanjung Langsat is zoned for marine support facilities and the oil and gas industry under the IDR masterplan.

As for Jcorp, it will end up with 1200 acres of land in Pahang and another 90 acres in Johor that is currently under D Bhd.

For shareholders, they will get 32 sen per share and shares of a company that is into port operations that will ensure slow but steady and increased cash flow over time. The only setback is that port operations are capital intensive and have long gestation periods.

Tuesday, December 1, 2009

KSL Holdings Bhd ... Dec09

The four-year court battle between property developer KSL Realty Sdn Bhd and Danaharta Hartanah Sdn Bhd over parcels of land measuring 1,516 acres (613 hectares) that are currently under the stable of companies belonging to Tan Sri Syed Mokhtar Albukhary ended with the Federal Court shutting the final door on the Johor-based property developer.

KSL is a subsidiary of Main Market-listed KSL Holdings Bhd while Danaharta Hartanah is a wholly owned subsidiary of Pengurusan Danaharta Nasional Bhd which folded up in 2005.

Chief Judge of Malaya Tan Sri Arifin Zakaria, who sat with Federal Court Judges Datuk Mohd Ghazali Mohd Yusoff and Datuk Md Raus Sharif, announced the court’s unanimous decision to dismiss KSL Realty’s application to review a decision by a different panel on the Federal Court that disallowed the company from appealing the Court of Appeal’s decision in the matter.

To recap, the Court of Appeal on June 5, 2008 overturned a High Court decision in favour of KSL Realty against Danaharta Hartanah.

The dispute arose from a sale and purchase agreement (SPA) between KSL Realty and Danaharta Hartanah, dated April 11, 2005, for three plots of land in Mukim Tebrau, Johor Bahru. KSL Realty had paid a 10% deposit of the purchase price of RM264.1 million, which was subsequently returned when the deal failed to get the necessary approvals.

Monday, November 30, 2009

DNP Holdings Bhd ... Nov09

It is acquiring 9.4 acres of leasehold land in Pekan Penaga, Petaling Jaya district, for RM56 million cash to expand its landbank and contribute to future earnings.

The land purchase from Perniagaan Sanjung Sdn Bhd would be funded by bank borrowings or internally generated funds or both.

DNP expects to complete the purchase in three months.

Its net profit in the first quarter ended September grew 22.6% year-on-year to RM9.8 million, despite revenue slipping 12.8% to RM64.75 million. Earnings per share improved to 3.16 sen from 2.57 sen.

The lower turnover was due to lower contributions from its property development and manufacturing divisions. Going forward however, the group expects to see an improvement across the board as the economy recovers.

Sunday, November 29, 2009


神出鬼沒的蟑螂,最愛隱身於掌管我們民生大計的廚房裡。面對「打不死的蟑螂」,我的辦法是—— 將一塊浴用香皂切成數小塊,置於容器內注入清水,擺放在蟑螂出沒的櫥櫃內,不出數日,打開櫥櫃將令您訝異於蟑螂的無影無蹤,櫥櫃內還多了怡人的香味。想要效果持續,僅須定期補充香皂容器內的清水。

Saturday, November 28, 2009



Thursday, November 26, 2009

Perisai ...Nov09

It is in talks with parties in Australia, Indonesia and India to secure the first contract for its award-winning mobile offshore production and storage unit (Mopsu).

It looked forward to securing its first contract, which would keep it busy for “a few” years. He was not able to share any earnings or revenue projection from these contracts.

Mopsu is in line with Perisai’s strategy to grow in niche areas. The Mopsu TECHNOLOGY [ ], known for its cost efficiency and mobility versus typical drilling platforms, was suitable for shallow water and marginal fields. Perisai was recently awarded the “Excellence in Innovation” award by Frost&Sullivan for using Mopsu.

The Mopsu, with a life span of about 25 years, had the capability to operate water depths of 80 to 120 metres, depending on its variant or type. It costs about US$70 million (RM235.9 million) to US$80 million to fabricate a Mopsu.

To fund the deployment of the first Mopsu, Perisai recently raised funds via a US$10 million redeemable convertible bonds (RCB), which were fully taken up by a private equity fund in Singapore.

Noteworthy is that the RCBs are the first US dollar-denominated bonds issued and cleared in Malaysia, paving way for more of these issuances to come.

Perisai has tied up with Gryphon Energy (Asia Pacific) Sdn Bhd, the exclusive licensee of Mopsu, to establish a new company to market Mopsu in the Asia-Pacific region and will have the option to take up to 90% stake in each of the Mopsu units as well as the right of refusal on value-added services.

Perisai will hold a 49% stake in the new company and the rest by Gryphon. Mopsu’s intellectual property is owned by Kingtime International Ltd.

The company’s earnings would come from its vessels and corrosive control services.

The group’s net profit rose nearly ninefold to RM33.15 million in its first half ended June 30, 2009 from RM3.74 million a year earlier, while revenue rose 143% to RM66.96 million from RM27.64 million. Basic earnings per share rose to 9.02 sen from 1.80 sen.

Perisai attributed the increase in revenue and net profit to the execution of the existing bareboat charter contract for the Derrick Lay Barge and the lease of a portable saturation diving system.
The group’s successful track record and its proprietary technology put it in the forefront for securing potential new contracts in the region as oil companies ventured into marginal fields, deepwater and remote environments.

Unlike other systems, which relied on drilling rigs, wellhead platforms, pipelines or a floating storage and offloading vessel, Mopsu used modular drilling units, integrated storage and a detachable drilling template, with almost the entire system fully recoverable and reusable.

Gadang ...Nov09

It plans to bid for some RM4 billion worth of government infrastructure jobs in Malaysia in the next six months and expand its building and water concession operations abroad.

The diversified entity, which is also into property development and recently ventured into oil palm plantations, also intends to raise funds possibly via a rights issue, private placement of shares in the company or a bond sale next year (2010).

The money will be used to refinance the company’s existing bank loans and fund its oil palm ventures.

Gadang had been pre-qualified for earthwork jobs under the planned new low-cost carrier terminal near the Kuala Lumpur International Airport, besides the 300MW power plant in Kimanis, Sabah, a project jointly owned by Petronas Gas Bhd and Yayasan Sabah.

Gadang, which has also expressed interest in the Pahang-Selangor water transfer project and the central sewerage facility job in Melaka, is planning to participate in highway projects under the country’s public-private partnership initiatives.

Public-private colloboration will be a crucial theme under the 10th Malaysia Plan from 2011 to 2015 in line with policymakers’ intention to encourage private firms to play a bigger role in the local construction sector. This essentially involves privately owned companies financing and managing the construction and maintenance of government infrastructure projects.

Regionally, Gadang is negotiating with authorities in Vietnam to secure river dredging and highway projects in the Indochina nation where the Malaysian firm is conducting feasibility studies for a two-phase water supply project.

In November 2008, Gadang’s unit Green Water Investment Pte Ltd signed a memorandum of understanding with Vietnam’s Long An Province People’s Committee as initial arrangements for the Malaysian firm’s participation in the construction and investment in a water concession of up to 35 years.

The initial phase of the project was valued at about RM50 million and details of the water supply job involving a capacity of 300,000 cubic metres per day were expected to be finalised next year. For now (Nov 2009), Gadang already owns five water concessions in Indonesia.

Gadang’s foray in oil palm plantations is worth noting. The venture in Ranau, Sabah, would include upstream and downstream operations and income from its plantation unit was expected to be registered in the company’s books by the financial year (FY) ending May 31, 2013.

The upstream portion is expected to comprise two phases with a collective plantation land area of around 6,000ha (15,000 acres). Of the total, some 2,000ha will be developed under the initial phase, followed by the rest.

Gadang is committing about RM25 million as capital expenditure (capex) for the first phase where the money will be used to solely finance the cost of planting the trees. Gadang expects the oil palm trees under the initial phase to generate a yearly turnover of some RM20 million upon maturity.

In April 2009, Gadang via its wholly owned subsidiary Desiran Impian Sdn Bhd signed two agreements with two oil palm plantation landowners. The deals grant Gadang the right to develop 2,072ha in Ranau in collaboration with the landowner.

Talks for the subsequent 4,000ha are ongoing and the portion will involve a capex of around RM45 million. He said Gadang was seeking a licence to build an oil palm mill nearby within five years.

On the company’s property development business, the group was negotiating with landowners in the Klang Valley to expand its landbank. Gadang may either acquire the land from the owners or initiate joint-venture developments with them.

For now, the real estate developer with RM637 million worth of current and upcoming projects has 114ha of undeveloped land across Selangor, Johor, Penang and Kedah. Completed real estate projects in the Klang Valley by Gadang include the “Seri Aman Heights” residential job in Sungai Buloh and Prima Impian mixed development in Segambut.

Gadang’s financials have improved. Net profit rose by an annual pace of 51 % to RM3.85 milion in the first quarter ended Aug 31, 2009 from RM2.55 million a year earlier, as revenue climbed 10.3% to RM58.41 million from RM52.96 million.

While revenue had increased as the company undertook more construction jobs and raked in more real estate sales, its profitability was, however, stifled by costlier building materials.

Wednesday, November 25, 2009

ULI ...Nov09

It is bidding for local and overseas jobs worth RM140 million to supply cable support system (CSS).

The projects involve infrastructure, water treatment, power plants and commercial buildings in Malaysia, Australia, Singapore and the Middle East.

U-Li, which manufactures CSS, integrated ceiling system and light fittings at its two plants in Selangor and one in Perak, hopes to secure 75 per cent of the jobs in the current quarter and throughout 2010.

It hopes by securing the higher profit margin from CSS contracts, the company would be able to have a better compounded annual growth rate.

After falling to a net loss in 2005, U-Li posted profits during the last three years, but for the first six months ended June 30 2009, U-Li's net profit dropped to RM8.48 million from RM13.31 million in the same period a year ago.

The CSS market, estimated to be worth RM500 million, is becoming more promising as the government releases new projects to boost the economy.

Year-to-date, the company has secured contracts worth RM120 million, about 35 per cent more than last year.

Among its new contracts are supplying CSS to the new Istana Negara, the Lady Templer Hospital and Hyatt Kuala Lumpur.

U-Li is also supplying its core products to hospitals, schools, several water treatment plants and the Sungai Selangor Phase 3 development.

Going forward, they are looking to penetrate into the European markets. There are a lot of jobs coming up in that region and they want to gain a first-mover advantage for its CSS.

The company is looking to become a major original equipment manufacturer supplier for major players in Japan, Europe and Australia.

Tuesday, November 24, 2009

Redtone ...Nov09

It will expand its high-speed wireless broadband service coverage to Miri and Sibu by next year.

Miri will be able to receive coverage by the first quarter of 2010 while Sibu will be connected by the end of 2010.

For Kuching, it had covered most of populated areas such as commercial areas, industrial parks, business districts and shopping centres.

REDtone will stick to it core business target in Sarawak and Sabah by marketing its products to the corporate and business community during their expansion.

REDtone, which holds the 2.3 GHz Wimax licence for Sarawak and Sabah, launched its broadband Wimax service in Kuching in April 2009.

In Sabah, REDtone's wireless broadband service is already available in Kota Kinabalu while plans are in the pipeline to provide similar coverage in Sandakan and Tawau.

The company had committed to invest RM20 million for Sarawak and Sabah with RM7 million having been spent.

Monday, November 23, 2009

Affin Holdings Bhd/Hong Leong Group ...Nov09

Malaysia’s Affin Holdings (AHB) says it is not in talks with Hong Leong Bank on merger.

AHB Group continuously looks at measures to further enhance the performance and value of AHB Group for the benefit of its shareholders.

However, at this juncture, the board of AHB is not involved in any negotiations on any potential acquisition or merger relating to the banking operations of the AHB Group.

Should Guoco take over Bank of East Asia, then there is a possibility that Affin may merge” with either Hong Leong Bank or Bank of East Asia.

Affin, Malaysia’s smallest domestic commercial bank by market value, is 36 per cent-owned by Malaysia’s Armed Forces Superannuation Fund.

Any success by Quek to take over Affin will depend on Affin’s biggest shareholder, Ang said.

Quek would want to run the bank and that may become a problem unless they come up with a compromise and jointly run it. Or they could jointly appoint a professional to run the merged bank.

Sunday, November 22, 2009



獻給各位一項無毒無污染又安全有效的妙招—— 整粒的新鮮檸檬,對切成兩半,在看
得到螞蟻的地方及其動線,擠出檸檬汁,並拿著切半 有果肉的那一面,沿途塗抹,

Saturday, November 21, 2009



俗話說「烏龜怕鐵鎚,蟑螂怕拖鞋。」,看到蟑螂在面前爬來爬去,若真的拿拖 鞋





Friday, November 20, 2009

Hup Seng ... Nov09

It was setting a dividend policy and splitting its stock.

It was adopting a dividend policy that would see it distribute annually a minimum 60% of its annual net profit as dividend starting from its financial year ended Dec 31, 2009.

The company also proposed a share split where the par value of every RM1 share would be divided into two shares of 50 sen each.

Hup Seng register a net profit of RM4.96mil for its third quarter ended Sept 30 compared with RM3.55mil in the previous corresponding period.

Pre-tax profit rose to RM6.33mil from RM4.91mil for the respective periods mainly due to the lower material input cost and the improved contribution from costs recovery exercise within the group.

Revenue declined to RM49.34mil from RM52.84mil previously but earnings per share advanced to 8.28 sen from 5.93 sen previously.

Thursday, November 19, 2009

MBSB ...Nov09

MBSB plans to expand its corporate financing portfolio next year as the country’s economy returns to growth.
Consumer loans grew significantly this year. Next year, MBSB planned to expand its corporate portfolio, primarily in the property segment by offering term and bridging loans. Retail financing comprised about 70% of its total assets of RM8.1bil as at end-September.

Personal financing, which was mostly distributed to civil servants, was expected to reach RM1bil by year-end, a significant jump from February’s outstanding receivables of about RM300mil. Its mortgage portfolio was about RM5bil currently.

Next year, MBSB planned to build another RM700mil to RM800mil in new receivables within the corporate segment. Contract financing would be introduced for companies with secured government related projects.

The company has achieved its target of nearly RM2bil worth of new receivables this year. Next year’s target would be “bigger” as it had aggressive plans to grow a well-diversified portfolio.

It is raising RM500 million following the securitisation of mortgages for business activities. Its total assets had grown 11.3% to RM8.1 billion as at end-September 2009, from December 2008, as net loans and financing rose 12.8% to RM7.7 billion. The RM500 million is the second tranche of its RM1 billion with recourse securitisation of mortgages and it will be signed with Cagamas Bhd.

MBSB’s second tranche of RM500mil would be used to boost liquidity to expand its loans portfolio.

For the third quarter ended Sept 30, the company’s net profit surged to RM52.7mil compared with RM7.9mil a year ago while revenue jumped to RM162.4mil from RM93.5mil. The improvement was attributed to Islamic banking operations, especially the rapid growth in personal financing.

Wednesday, November 18, 2009

Ireka ...Nov09

IREKA CORPORATION which has been relatively inactive in its core construction business for the past 3 years plans to make changes going forward.

IREKA which started out as an earth-moving specialist back in the 60s has since diversified into construction, property development, hospitality and IT. Core businesses remain in construction and property.

After the Company's AGM in Sep 2009, the Company told reporters tha t it had pre-qualified for RM2.5 bil worth of construction projects and was eyeing to participate in some of the Government projects expected.

IREKA had in the past several years focussed on projects offered by ASEANA PROPERTIES ltd - which is a London-listed property development company. The focus was due to the volatility of raw material prices and general uncertainty in the market.

The Management's perception has since changed due to stabilizing material prices and the property market showing signs of a turnaround.

IREKA has no land bank in the country.

In 2007, IREKA injected all its property assets into ASEANA, a Company that was initiated by IREKA and subsequently listed in 2007. IREKA holds a 23% direct stake in ASEANA and its shareholdings together with other friendly parties, add up to more than 40%.

IREKA was appointed the exclusive property development manager for ASEANA and receives a management and performance fee in return. The base fee is set at 2% of ASEANA's Net Asset Value. IREKA also benefits from dividend issues by the property company.

IREKA in THE EDGE FINANCIAL DAILY report dated Oct 19, 2009, the Company's directors and siblings LAI VOON HON and MONICA VH LAI said though IREKA's business model was unique in Malaysia, it was not that uncommon elsewhere (not having a land bank).

" .... The model is new in Malaysia, but not that unusual in other parts of the world. In fact, one of the big companies that come to mind and certainly someone we benchmark against is (Singapore's) CAPITALAND. It is a very asset light developer, but it does a lot of projects ...." VOON HON said.

Unlike CAPITALAND, IREKA does not have the balance sheet size to embark on a lot of prime projects with short turnover periods, thereby explaining the decision to inject its property assets into ASEANA.

The transformation has enabled the Company to focus on its core philosophy of working on projects with short gestation periods as opposed to the more traditional development model, which is to hold strategic landbanks for long periods of time.

There was a catch-22 to landbanking, VOON HON said. Land is either prime, thus expensive to hold, or it's cheap but might take a longer time to turn over, that is to say a longer gestation period. " .... We are very conscious about doing projects that have the shortest gestation period to market .... We want to get to the market as soon as possible, so we can catch the right cycle ....".
" .... It's been our philosophy to not engage in landbanking ...." MONICA added. " .... In fact back in those days, we couldn't list on the KUALA LUMPUR STOCK EXCHANGE (KLSE) as a property developer because you needed a 1,000 acre landbank. This was subsequently reduced to 500 acres ....".

For that reason, IREKA then shopped around the various bourses to find a suitable listing destination for ASEANA, and ended up at the London Stock Exchange because there was a market for developments in Vietnam and Malaysia there.

" .... If you look at various markets at that point in time, the London market was very attractive because there were investors who understood companies like ASEANA PROPERTIES, and who were willing to put money into it ...." MONICA said. " .... The investors wanted to be part of the Vietnam and Malaysia emerging-market story, and we saw this as an opportunity to tap into the market ....".

IREKA couldn't have timed it better. ASEANA was listed in 2007, just as the bull run was coming to an end right before the onset of the crisis. It built up its war chest and picked up assets at depressed levels in 2008 and 2009 when the financial storm swept across the globe.

Although IREKA initiated the formation and listing of ASEANA, IREKA's assets were not injected into it as part of the deal, but were subsequently sold to ASEANA.

With a Share Capital of USD250m (RM845 million), ASEANA is better poised to purchase and flip property and land than IREKA that has a market cap of around the RM114m, she added.

Using ASEANA as a development company, which for all intents and purposes behaves as a property fund, also spreads the risk out because IREKA would not be weighed down by a project should it be caught in the wrong development cycle.

" .... If IREKA used the same amount of money (for the development of a project) and put it into a pool of funds that have other shareholders, we can do eight or 10 projects with the size of the funds and we will have spread the development risk and increase our potential of higher return ...." VOON HON said.

This is precisely what happened with IREKA's WESTIN HOTEL development, which was one of the experiences prompting the transformation of its business model to spur greater growth.

IREKA recognised its stature as a small company, both MONICA and VOON HON said, which meant that its ability to hold debt on its balance sheets was limited.

" .... The Westin was actually an experience in the process of figuring out how to grow our property business ...." VOON HON said. " .... When the downturn came our gearing went up even though the project (The Westin) generated positive cashflow .... Although the debt versus its value is low, the debt versus the Company's Share Capital is very high because we are a small company holding a large asset. From that experience, we learned that if we continued to invest heavily in large capital assets, our balance sheet will suffer and will not be attractive ....".

In 2006, IREKA's Total Borrowings, prior to the business transformation and the sale of the Westin, stood at RM563.1m compared with Total Shareholder's Equity of RM140.4m.

Since the transformation, IREKA is now on sounder financial footing, returning to the black after posting respectable earnings following three years of consecutive losses.

Going forward, Vietnam will be one of the key drivers of earnings for ASEANA and IREKA, with a number of projects already mooted there. Understandably, progress there has been slowed by the economic crisis, but VOON HON is positive about prospects.

" .... Vietnam has seen its worse; but whether it's out of the woods yet, the jury's still out ...." he said. " .... They're doing well now. The Government's stimulus plan is working and it is revising the GDP growth to 5% to 5.5% growth, among the third highest in Asia ....".

The construction arm of IREKA will be expected to make some big pitches for upcoming projects, including the construction of the new low-cost carrier terminal in Sepang.

One of the major components of the project will be earthworks and IREKA, with its expertise in the area, expects to be considered for the project.

Maxis IPO status

For those who apply the Maxis IPO and yet to know whether you strike or not. You can verify your application in MIH now.

Select the IPO issue no: 475 - Maxis Berhad.
Key-in your IC no: 999999-99-9999 (with -)
Click Search.

If you strike, your IC and total shares application will be display there.

Crest Builder Holdings Bhd (Crebld) ...Nov09

Its unit has secured a RM145.3 million contract to build the superstructure of a 35-storey office tower along Jalan Ampang in Kuala Lumpur. The contract, awarded by Khor Joo Saik Sdn Bhd, is for 24 months and it is expected to be completed by Nov 11, 2011. The contract is expected to contribute positively to the earnings of the group for the financial years ending 31 December 2009 and onwards.

Tuesday, November 17, 2009

Transocean Holdings Bhd (TOCEAN) ...Nov09

Its chairman and managing director Datuk Mohd Nadzmi Mohd Salleh has launched a takeover of the loss-making logistics company by offering RM1 per share.

The takeover of Transocean will be undertaken by Kumulan Kenderaan Malaysia Bhd (KKMB), which is controlled by Nadzmi.

It had proposed to acquire 100% stake in Lengkap Suci Sdn Bhd, which owns 11.6 million shares of Transocean or 28.29%, for a cash consideration of RM2. The shares in Lengkap Suci are to be acquired from Zaharah Ibrahim and Reena Nizma Zuhdi.

Upon completion of the proposed sales and purchase agreement (SPA), KKMB and parties acting in concert would see their collective shareholding increase to more than 33%.

Accordingly, upon the SPA becoming unconditional and in compliance with the Malaysian Code on Take-overs and Mergers, 1998, KKMB has further informed the company that KKMB intends to make a take-over offer to acquire all the remaining Transocean shares not already held by KKMB and the parties acting in concert at a cash consideration of RM1 per share.

Mohd Nadzmi indirectly controls 100% or 45 million shares of KKMB while the direct stake in KMMB is held by Nadicorp Holdings Sdn Bhd.

Transocean posted net loss of RM1.19 million on the back of RM10.43 million in revenue in 4Q ended May 31.

For the financial year ended May 31, its net loss was RM2.53 million on the turnover of RM45.18 million. Its net asset per share was 64 sen. It had borrowings of RM18.16 million.

Monday, November 16, 2009

AZRB ...Nov09

Sources say it is the favourite to bag a RM310 million design and build job for Compleks Kerja Raya 2, which will be built in Jln Sultan Salahuddin, KL.

Although the letter of award has yet to be given to AZRB, industry players say it is quite likely to to AZRB. It is said some small details need to be ironed out before AZRB secures the job formally.

Be that as it may, the job will likely be a boon for AZRB. For its six months ended June 2009, the company posted a net profit of RM10.05 million on the abck of RM192 million in revenue.

Among the more prominent jobs AZRB is undertaking are Federal Road 3, which stretches from Pekan to Kuantan and has a value of RM202 million.

As at end June 2009, AZRB’s order book at about RM1.11 billion in total. The Komplexs Kerja Raya 2 job would nudge this up to R,1.4 billion.

It is said that AZRB is also likely to win a RM50 million contract for the initial works of the Hule Terengganu Hydroelectric project, which will entail clearing works and the building of roads, being negotiated with state controlled utility TNB.

As at end June 2009, the company had cash and cash deposits amounting to Rm177 million while its trade receivables stood at RM302 million. It had short term borrowings of some RM44.85 million while its long term borrowings were RM156 million. The company had trade and other payables of about RM272 million.