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.

蟑螂怕香味？

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。

蚊子怕辣味？

蒜頭嗆退牠我家院子百花爭豔，誘使我常流連其中不忍離去，然而花多蚊子也多，叮咬得我腫包累累。一天，友人送了一袋蒜頭，媽媽留下夠用的量，其餘的分植於花壇四周，其特殊的辛辣味隱隱飄散。令人訝異的是，平日兇猛的蚊子不見了，連下雨過後會出現的超大隻蚊子，也銷聲匿跡了！所以，驅蚊除了打掃環境、清除枯枝爛葉，試植蒜頭絕對是上上之策！

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.

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.

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.

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.

螞蟻怕酸味？

家裡的甜食擺沒幾分鐘，螞蟻大軍立即來襲，讓人又氣又厭！


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，
神奇效果讓您再一次驗證大自然的奧妙！

螞蟻怕酸，蚊子怕辣，蟑螂怕香

千萬別拿拖鞋等東西砸蟑螂！

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

用力砸下去，雖可逞一時之快，卻也得承擔染上傳染病的風險，未必划算。蟑螂早
已在地球上生存數億年之久，其生命力之強韌可想而知，就算殺蟲劑噴了又噴，隨
時會在廚房、洗手間甚至客廳不期而遇。


台北醫學大學醫學系寄生蟲學科教授兼主任鍾文政提醒國人，「處決」蟑螂的方法

很多，可千萬別動氣而把它砸得肚破腸流。他解釋，蟑螂是筒線蟲的中間宿主，蟑
螂吃下這種寄生蟲的蟲卵後，孵化的幼蟲就在體腔內大量繁殖。一旦把蟑螂打得稀
巴爛，寄生其內的筒線蟲就會趁機外竄，污染居家環境、餐具及食物，進而導致人
類的感染。筒線蟲進入人體後，會寄生在舌頭、牙床、氣管及食道等口腔周圍組織
及器官，不僅牙床會潰爛穿孔，舌頭還可能被鑽來鑽去的成蟲搞得不成「舌」形。

提供大家一個妙招，在任何時候，任何地點，看到蟑螂，只要你身邊有可以『起泡
泡』的東西，要馬上利用，將泡泡倒在蟑螂身上過不久，蟑螂就一命嗚呼了，像在
浴室裡看到蟑螂，浴室裡有什麼可以起泡的東西呢？非常好，有沐浴乳、洗髮
精、洗面乳、清潔劑馬上加水起泡，想辦法把泡沫倒在蟑大哥身上，你就可以跟他
說拜拜囉！

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.

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.

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.

NO LAND BANK & INTEREST IN ASEANA
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.

ASSET-LIGHT DEVELOPER
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 ....".

REASON FOR LONDON LISTING OF ASEANA
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 PROPERTY FUND
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's ABILITY TO HOLD BALANCE SHEET DEBT LIMITED
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 ....".

BALANCE SHEET TRANSFORMATION
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
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.

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.

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.

永远不要浪费你的一分一秒

一个人所拥有的最好的东西是什么？不是昨天的辉煌，也不是明天的希望，而是现在。

永平寺里，有一位八十多岁的老禅师在烈日下晒香菇，住持道元禅师看到以后，忍不住说："长老，您年纪这么大了，为什么还要做这种事呢？请老人家不必这么辛苦！我可以找个人为您代劳呀！"

老禅师毫不客气地道："别人并不是我！"

道元禅师说："话是不错，可是要工作也不必挑这种大太阳的时候呀！"

老禅师说道："睛天不晒香菇，难道要等阴天或雨天再来晒吗？"

道元禅师一时语塞。

人们常说"今日事今日毕"、"自己的事情自己做"，话虽简单，但做起来却很难。人们总能找到各种各样的理由为自己开脱，但结果是不会欺骗人的，到头来欺骗的还不是自己？

人这一生有两件事情绝不能做：一是"等"，不能等明天；二是"靠"，不能靠别人，否则你这一生就算白活了。

日本净土宗的创始人亲鸾上人自小父母双亡。九岁时，他就已立下出家的决心，于是跑去找慈镇禅师为他剃度，慈镇禅师就问他："你还这么小，为什么要出家呢？"

小亲鸾答道："我虽年仅九岁，父母却都不在了，我因为不知道为什么人一定要死亡，为什么我一定要和父母分离，所以，为了探索这个道理，我一定要出家。"

慈镇禅师非常嘉许他的志愿，说道："好！我明白了。我愿意收你为徒，不过，今天太晚了，待明日一早，我再为你剃度吧！"

小亲鸾听后，非常不以为然地答道："师父，虽然你说明天一早为我剃度，但我终是年幼无知，不能保证自己出家的决心是否可以持续到明天。而且，师父，您都那么老了，您也不能保证您是否明早起床时还活着啊。"

慈镇禅师听了这话以后，拍手叫好，并满心欢喜地说道："说得好啊！你说的话完全没错，现在我马上就为你剃度！"

CSCSTEEL ... Nov09

CSC Steel Holdings Bhd posted net profit of RM38.89 million in the third quarter ended Sept 30, an improvement of 42% from RM27.32 million a year, mainly due to the absence of the write-down in inventories.

It said on Friday, Nov 13 that revenue was RM261.48 million, down 31.4% from RM381.17 million a year ago. Earnings per share 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, profit before tax increased by RM25.1 million or 88.2% to RM53.6 million. This is mainly due to the absence of the write-down of inventories to net realisable value amounted to RM30 million made in the corresponding quarter," it added.

When compared with the second quarter ended June 30, 2009, the group's revenue rose 61.9% from RM161.6 million to RM261.5 million in 3Q. Profit before tax increased by RM41.1 million or 328% from RM12.5 million in 2Q.

CSC Steel said the better performances in revenue and profit before tax 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 the January-September period, net profit was RM54.03 million compared with RM100.85 million the previous corresponding period. Revenue also fell, down to RM596.19 million compared with RM1.167 billion a year ago.

On the current year prospects, it said the local steel market has slowed down since October 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.

However, from mid October 2009, steel prices in China had begun to increase. CSC said the group expects steel market to recover by end of the year or beginning of 2010 as the stimulus packages introduced by many countries, especially China, with forecast GDP growth of above 8.0% this year, performed excellently.

As for Malaysia, it said 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," it said.

Mah Sing ...Nov09

The proposed development of the Icon@Mont Kiara project, which would have been undertaken by its unit, has been terminated following the non-fulfillment of conditions with the purchaser Prompt Symphony Sdn Bhd.

Its unit Maxim Heights Sdn Bhd had received written notice from Prompt Symphony about "non-fulfillment of the conditions precedent within the relevant timeframes" under the tripartite sale and purchase agreement and put and call option.

To recap, Maxim Heights had entered into the agreement with the landowner, Majlis Agama Islam Wilayah Persekutuan (MAIWP) and Prompt Symphony for the en bloc sale of a commercial building known as The Icon@Mont Kiara to Prompt Symphony for total cash consideration of RM285.38 million.

The proposed en bloc sale was conditional upon the fulfillment of the several conditions including Maxim Heights securing the development order from the authorities for the development of The Icon@Mont Kiara.

DNP ...Nov09

High-end property developer - DNP HOLDINGS is expected to benefit from a demand in high-end properties said HWANGDBS VICKERS RESEARCH on Oct 7, 2009.

The research house said that DNP's ".... RM1.5 bil launch-ready projects around KLCC puts the Company in a good position to ride the recovery in the luxury property market, adding that the Company can leverage on its Singapore-listed parent WING TAI HOLDINGS' blue-chip status, strong brand name, and global marketing network .... High-end sales are picking up. 75 units of Verticas condos at Bukit Ceylon have been sold to date, with average selling price rising to RM950 to RM1,000 per sq ft (psf) from RM850 to RM900 psf in Jul 2009. Including Tower C, sold en-bloc earlier, take-up reached 45% without tapping into WING TAI's Singapore stronghold ....".

HWANGDBS said that 70% to 80% of buyers were locals. DNP's upcoming launches include U-Thant condos which has 25 units with averge selling prices of RM1,000 to RM1,200 currently. Meanwhile, its 197 units of KLCC luxury condo units with average selling prices of more than RM2,000 psf are scheduled to be launched in 2010. DNP also recently roped in TESCO to its acquisition of 15 acres of Seberang Prai township for RM35 psf.

LOOKING FOR LANDBANK
The Company is also on the lookout for new landbank in the Klang Valley. This would be supported by its strong balance sheet with only 9% net gearing said HWANGDBS. DNP's investment property at Ampang, 'Lanson Place Condo 8' which sits on a piece of 3-acre land, has redevelopment potential following the recent relaxation on density limit in the area. HWANGDBS VICKERS said the estimated sales value could reach about RM300m.

" .... We recently brought WING TAI and DNP on a roadshow to Singapore and Kuala Lumpur. WING TAI expects non-Singapore operations to expand to 40% of total assets over time, from 30% currently (Malaysia: 12%) .... Meanwhile, DNP will transform ala WING TAI into a niche high-end developer, with RM1.5 bil to RM1.8 bil worth of projects in KL and RM600m in Penang. We understand WING TAI might consider rebranding DNP to WING TAI MALAYSIA soon ...." it said.

DNP TO EXIT GARMENT-MAKING
The research house also said that DNP aimed to exit the garment manufacturing business within three years, while it continues to expand its retail arm that has provided steady earnings and cash flow. " .... Valuation is undemanding at 33% and 31% discount to average midcap developers' price to book value ratio (P/BV) and price to revised net asset value ratio (P/RNAV) multiples ...." adding that DNP is trading at only 0.7 time P/BV and 0.4 time P/RNAV, versus mid-cap sector average's 1.1 times and 0.6 time respectively, despite having one of the strongest earnings growth in the sector, with three-year compound annual growth rate of 67% ....".

Ireka ...Nov09

IREKA Corp Bhd’s growth driver may come from either a real estate investment trust (REIT) or expansion of its development management services to other property markets.

Until it finalises its options, the construction group is now on an asset-light operations mode, keeping its balance sheet lean.

Incorporated in 1967 by Lai Siew Wah, Lai’s father, Ireka’s core businesses are construction, property development, hospitality & leisure and information technology.

It is not looking for new business opportunities for now (Nov 2009) but does not discount the possibility of launching a REIT when the time is right.

Its current asset-light business model was adopted when Ireka was restructured to cut its gearing after the 1997 financial crisis. It shed its weight among others by listing in London Aseana Properties Ltd where it holds a 23 per cent stake. It also sold The Westin Kuala Lumpur to an international investment firm and its entire property portfolio to Aseana to focus on construction.

The de-gearing move was also to diversify risks. Under the asset-light model, Ireka, through its wholly-owned unit Ireka Development Management (IDM) Sdn Bhd, is responsible for implementing the real estate investment strategy for Aseana.

IDM’s role as a development manager includes engaging, managing and coordinating third parties in relation to the development or management of properties and leading the negotiation for the acquisition, disposal or financing of real estate assets.

On plans to go international, Ireka will remain focused on Malaysia and Vietnam, where it is exploring infrastructure-related projects.

It does not rule out the possibility of looking into other Asian countries in the future.

Its construction arm, Ireka Engineering & Construction (IEC) Sdn Bhd, will remain the biggest contributor to its net profit and revenue.

IEC has three projects in hand, namely SENI Mont' Kiara and one Mont' Kiara in Kuala Lumpur and Sandakan Harbour Square with outstanding works of RM650 million.

It may get more jobs next year as Ireka has been pre-qualified to bid for more than RM2.5 billion worth of infrastructure and building construction projects.

IPO: Yoong Onn Corp Bhd ...Nov09

Home linen and bedding accessories manufacturer and retailer, Yoong Onn Corp Bhd (YOCB) will be set for a stronger overseas expansion trail after raising fresh capital from its initial public offering (IPO).

YOCB has 43 years experience in linen and cloths trading. Its products include bed and bath linens, pillows, comforters and curtains sold under 14 brands names, such as Jean Perry, Louis Casa, Genova, Diana and Cotonsoft.

The company is offering 25.17 million new ordinary shares of 50 sen each, at 88 sen a share, to raise around RM22.15 million in proceeds. Meanwhile, its existing shareholders has also offered for sale 25.23 million shares under the IPO exercise at a price of 88 sen per share.

Of the 25.17 million new shares, six million shares will be sold to the public through balloting, while 6.5 million shares will be allocated for sale to eligible directors and employees, and 12.67 million shares for private placement to selected investors.
The IPO and listing exercise are expected to complete by early next month.

Upon raising the proceeds from the listing exercise, YOCB will go on an expansion trail, which include strengthening its presence in smaller secondary markets locally and venture into new overseas markets.

YOCB is setting aside around RM6 million from the total IPO proceeds for its expansion purposes. At the moment, YOCB exports its products to over ten countries, including Singapore, Vietnam, Indonesia, Taiwan, Turkey and Australia.

Overseas sales contributed 21% of the company revenue for FY2009 ended June 30. Plans are in place to increase its overseas business contribution up to 50% of revenue with more aggressive overseas sales expansion. YOCB recorded RM130 million in revenue and net profit of RM13.9 million in FY09.

Part of the proceeds from the IPO would also be used for repayment of loans that would further lower the group's current gearing level of 0.1 time as at the end of June 2009.

Maintaining a low gearing level would give us leverage to borrow if there is a need to raise capital in the future.

Huaan 行家论股:煤炭需求与价格回扬 华安国际第3季料转亏为盈

随着煤炭的需求与价格回扬，加上低基数效应，因此分析员预测华安国际（Huaan，2739，主板工业产品股）即将在本周五宣布的2009财年第三季业绩，有望转亏为盈，取得介于1500万至2000万令吉的收益。

他说：“这个数据相等于按年增长介于30至70%，这将把其截至目前的亏损缩窄至1700万至2200万令吉（截至2009年首6个月的净亏损为3690万令吉）。”

他指出，由于出现供过于求的状况，因此中国的钢铁价格已从8月份的巅峰期，滑落了介于11至24%，预料钢铁生产商将会在2009年第四季减产，以稳定钢铁的价格。

他预计，一旦大型基建计划在明年开跑，将有助于推高钢铁的需求量。随着钢产量的增加，华安国际的生产量也从今年6月份的90%，增至目前的94%。

他说：“基于钢产量或会减产，这将降低对煤炭的需求，进而对煤炭价格造成压力，但我们相信这只是暂时性，因一旦各国的刺激经济配套开始进行，将可推高钢铁需求以及出口增长。”

因此，分析员维持给予该公司的“买入”评级，合理价格为每股0.77令吉。

Changhuat ...Nov09

Changhuat Corp Bhd, through its subsidiary Arus Dermaga Sdn Bhd, has received a contract worth RM96 million from Coastal Oil Singapore Pte Ltd for the provision of a 240,000-tonne Very Large Crude Carrier (VLCC) for the latter at the Port of Tanjung Pelepas in Johor.

The contract is for the storage of crude oil, fuel oil or alternatively fuel oil blend stocks over a 36-month duration. According to Changhuat, the contract will contribute positively to the group's earnings for FY2010 ending June 30 to FY2013.

The new contract was following the termination of a previous contract between Arus Dermaga and Glencore International AG that had been signed on Sept 7, 2007, for the provision of the same VLCC in Johor.

Both parties had mutually terminated the contract that was originally for a duration of 60 months commencing Nov 26, 2007.

IPO: XiDelang ...Nov09

It could fare better in its upcoming listing on Bursa Mlaysia compared to the other China shoe and apparel manufacturers owing to its cheaper valuations and attractive dividend yields.

XiDeLang has intended to pay out 30% of its net profits as dividends to shareholders going forward.

There is also a moratorium requirement on the part of the largest shareholder, HongPeng International, to not dispose of its shares within six months of the listing date, tentatively Nov 11, 2009.

XiDeLang manufactures and sells sports shoes, apparel and accessories catering predominantly to the China market.

Like the other two listed companies, XiDeLang is looking to expand capacity via the listing exercise, which was expected to raise RM58 million through the issue of 100 million new shares. Ten percent of the new shares, or 10 million shares, will be made available to the public at 58 sen apiece.

XiDeLang has a presence in 25 provinces and municipalities in China through a network of 2,338 retail outlets.

Presently, Xidelang is selling more than its internal manufacturing capacity can handle, and has depended on external supply to cater to the strong demand.

Sumatec ...Nov09

On Oct 21, 2009 the company announced a capital reduction exercise that will reduce the par value of its shares to 60 sen from Rm1, followed by a one for five rights issue. The deal comes with free warrants.

The price of the rights issue, which will be pegged at a later date, will not be below than 60 sen per rights share given the par value is 60 sen.

Should minority shareholders subscribe for the rights issue?

One option is that shareholders could leverage on the current low market price by buying up some shares on the open market to offset the dilution caused by the rights issue, instead of subscribing for the rights at 60 sen per share. By doing that, shareholders will not get free warrants, whose exercise price will not be lower than 60 sen as well as shares cannot be issued below par value).

But the money saved from purchasing the shares on the open market would probably be enough to acquire the warrants when they are floated on Bursa Malaysia. The warrant price may not be too high, assuming the underlying share price remained depressed.

Its major shareholder, Tekad Mulia Sdn Bhd is taking up a total of 17 million rights issue, which is equivalent to 46% of the 36.9 million shares that will be issued in the exercise. The min funds raised will be RM10.2 million.

Based on its entitlements, Tekad Mulia’s shareholding in Sumatec could possibly increase by up to 52.78%.

The question is that with the par value of 60 sen, its rights issue would also likely be at the price, which is way above its current share price of lees than 40 sen.

However, the undertaking of Tekad Mulia to subscribe to the rights issue could b seen as the majority shareholder’s confidence n the prospects of Sumatec.

The company itself appears to be repositioning itself. In Sept 2009, the company announced proposal of several subsidiaries to a newco – SISB – for RM77 million. Sumatec is proposing to be a shareholder of SISB. The other shareholders in the newco are Ethos Capital One Sdn Bhd, the EPF and a management buyout team comprising three individuals.

Following the exercise, SISB is expected to apply for a listing on Bursa by June 30, 2010. A point to note is that apart from its partnership with the EPF, Sumatec has also teamed up with Ethos capital One, a local private equity fund which is said to be politically linked.

Following the announcement of its proposed disposal, Sumatec then bought the entire stake in SISB, which is intended to be the investment holding company of the Semua Group, for RM2.00. Subsequently, SISB has to become a wholly onwed unit of Sumatec.

Another plus point for Sumatec is that it has reported improved earnings since it returned to the black in 4QFY2008 ended Dec 31.

It has an existing order book of Rm700 million, while project margins are expected to improve due to lower material prices.

The company’s proposed capital reduction and rights issue is expected to be completed by 1Q2010. But before that, it has to get shareholders approval. Until then, shareholders will have to decide whether they want to buy into SUmatec’s growth story.

Huaan ...Nov09

How many shares/percentages that LEMBAGA TABUNG HAJI (LTH) has accumulate HUAAN till now?


2009 April till November, LTH has accumulate Huaan of 10,788,600 shares, increasing from 5% to 5.96%.

Will LTH accumulate more? Will this push up Huaan price further?
Let's watch.

Notion ... Nov09

High precision engineering parts manufacturer could see a foreign player take up a part or the entire portion of its private placemen, which was mooted in Oct 2009.

Sources say three interested foreign parties have expressed interest in taking up the stock. Although no names were mentioned, it is understood that at least one of the parties if involved in the camera business. Notion is involved in the manufacture of parts for digital single lens reflex cameras, which is one of the biggest contributors to its revenue.

The source adds that the deal was done in principle, although the foreign player needed regulatory approval to complete the deal.

To recap, Notion announced in a series of announcements in Oct 2009 that it will place out 13.88 million new shares, representing 10% of its issued and paid up capital share capital. Bursa Malaysia had subsequently approved the corporate exercise.

Notion will price the shares through higher of a weighed average market price or at the par value of 50 sen per share. As Notion’s share has been trading around the RM2.50 mark, it will likely be priced much higher than the par value.

The placement exercise will reduce its gearing.

The money will be used for expanding its camera manufacturer operations into Thailand.

Meanwhile, Koperasi Permodalan Felda Bhd, the investment arm of the federal land authority, has been selling down its stake in Notion since Oct 13 2009. Felda gas disposed of some 85 million shares to date, bringing its stakeholding down to 1.53% stake. There was no corresponding filing indicating who had increased their stake.

Related:-
Notion ... Oct09

Muhibah vs Favco

Muhibah (1.15) vs Favco (0.84), which one is better?



Muhibah: (RM1.15)
NTA: 1.45
Estimate '09 EPS: 15.42
Estimate '09 P/E: 7.46

Favco: (RM0.84)
NTA: 1.04
Estimate '09 EPS: 11.02
Estimate '09 P/E: 7.62

At the current price, muhibah is more worth to invest.

How to choose a bride, Malaysian style

A mother was very concerned that her middle-aged son has not shown the slightest indication of getting married. So one day she called him over to her house. The son came home from work, grudgingly. Upon arriving, he found that his mother had gathered a few beautiful ladies at the house for him to choose as his future bride.

The first one was a well-endowed telephonist-cum-receptionist. He immediately commented: 'Aiyaa.... mother, they always say.... PLEASE HOLD ON, HOLD ON.....'

The second nominee was a leggy secretary. She was also rejected. Reason being: 'Aiyaa... mother, this one aaa..., secretary always fond of saying 'PLEASE SLOW DOWN, SLOW DOWN....'

By this time, the mother is nearing frustration. She called a sweet but plain-looking teacher. The son suddenly agreed!! The mother was surprised and asked: 'Why this one? The earlier two were a lot better looking!'

He replied: 'Teachers aaa.... teachers very good, very good, always say: PLEASE REPEAT, DO IT AGAIN, I want it done 10 times.... SOME MORE, SOME MORE..!'

Her youngest son (10 years old), was listening quietly all this while at the other end of the room. Suddenly, he shouted 'Brother.... female mini bus conductor much better laa.... they always say...'NAIK CEPAT, NAIK CEPAT... MASUK, MASUK.... MASUK LAGI, DALAM LAGI... DALAM LAGI LAAAAH, MASUK BELAKANG.... BELAKANG LAGI, BELAKANG BANYAK KOSONG!...........'

The mother fainted...

如何在朋友的情感銀行存款

1.傾聽他想要說的話
2.支持他想要做的事
3.當他有難的時候,幫助他
4.當他犯錯的時候,引導他
5.當他難過的時候,陪伴他
6.思念他的時候,就打個電話告訴他
7.三不五時,關心一下他的近況
8.彼此心靈交流
9.當有快樂好康的事,一定有他的份
10.把自己的喜怒哀樂,與他分享

IPO-Kelington Group Bhd

Kelington Group Bhd, which provides services in ultra-high purity (UHP) gas and chemical delivery systems, plans to focus on expanding its existing overseas market comprising China, Taiwan and Singapore.

The company expects to secure a contract worth between RMB50 million and RMB60 million from China in the coming months.

Kelington hoped to raise RM5.15 million from its initial public offering (IPO).
From the proceeds, RM2.64 will be allocated for working capital, RM0.50 million for capital expenditure, RM0.25 million for research and development (R&D), and the balance of RM1.76 million to defray the listing expenses..

With the IPO it hopes to be more confident in bidding for larger projects for better growth and garnering a higher international profile and market acceptance.

Kelington is scheduled to be listed by Nov 25, 2009, becoming the first listing on the ACE (Access, Certainty and Efficiency) Market since it replaced the Mesdaq Market on Aug 3 this year (2009).

Revenue contribution from the overseas market grew 43 per cent annually from RM9 million in 2004 to RM38 million in 2008, comprising over 60 per cent of Kelington's total revenue in 2008.

Its impressive overseas revenue growth was a result of the group's active participation in implementing our solutions in many high technology facilities in China and Taiwan.

Kelington has captured 18 per cent share of the Malaysian market and is aiming to increase its current one to two per cent market share in China.

Headquartered on Shah Alam, Kelington has established its footprint in Taiwan and China since 2002, building strong relationships with three of the world's largest gas companies, namely the Linde Group, Air Liquide and Air Products.

Its customers include global players such as Intel, TSMC, Promos, Winbond and Texas Instruments in the wafer fabrication sector, Hannstar Display and IVO in flat panel display, Suntech and Motech in solar cells, and Seagate in storage media.

SPSetia ... Nov09

SP Setia Berhad Group'S subsidiary, Setia Lai Thieu Ltd is teaming up with Vietnam's Investment and Industrial Development Corp (Becamex IDC Corp) to undertake a mixed-use project in Vietnam valued at US$16.26 million.

The project would be carried out in Lai Thieu, Binh Doung province. The site is 16km north of Ho Chi Minh City and an hour's drive from Tan Son Nhat International Airport.

The development will encompass shophouses, terraced houses, semi-detached houses, commercial centres, club house and apartments which will be for lease and for sale.

The project is expected to take six years to complete and has a gross development value (GDV) of US$250 million.

The site is 2.5km from Phase 1 of the Vietnam Singapore Industrial Park with 230 international manufacturers from 22 countries with investments of more than US$1.4 billion. The working population is more than 40,000.

The project will be SP Setia's third project in Vietnam after EcoLakes at My Phuoc Industrial Park, 40 km north of Ho Chi Minh City and EcoXanh at Saigon Hi-Tech Park in District 9 of Ho Chi Minh City.

SP Setia made its maiden foray into Vietnam in mid-2007 when it teamed up with Vietnam’s state-owned conglomerate, Becamex to develop EcoLakes, a 558 acre eco sanctuary, conceptualised after SP Setia’s award-winning Setia Eco Park in Shah Alam.

The success of EcoLakes has reinforced SP Setia's confidence in the Vietnamese property market - in particular that of the Binh Duong Province.

PublicMutual Funds (EPF) vs Bursa

Following are EPF Approved Public Mutual Funds vs Bursa performance:-

Redtone ... Nov09

It expects to increase its profit moving forward with contributions from several business segments including broadband services.

It posted a net profit of RM1.2 million in its first quarter ended Aug 31, 2009 versus net losses of RM3 million and RM354,000 in the preceding quarter and a year earlier, respectively. Earnings per share totalled 0.31 sen.

Revenue fell over 9% to RM19.4 million from RM21.4 million a year earlier, but was 4.3% higher from the preceding quarter’s RM18.6 million. No dividend was declared.

It also expected its China operations based in Shanghai to start making greater contribution to revenue and profit, reducing its reliance on its Malaysian operations.

The company’s broadband offering, which was launched in 2007, was beginning to gain ground among the corporate sector and its contribution to group revenue was expected to increase significantly beginning FY10, which started in June.

Its aim was to expand the corporate market. Its data and broadband customers are usually on mid-term contracts of two to three years, so the revenue and profit streams are sustainable.

It had more than 1,000 corporate subscribers on board for its data and broadband services.

They are also actively bidding for other projects including government projects.

It would continue to expand its WiMAX coverage and services in Sabah and Sarawak at a reasonable pace to serve the consumer, business and government sectors in the major cities and towns in Sabah and Sarawak.

Recognising that WiMAX services in East Malaysia may not be commercially viable, REDtone is looking into possible partnerships with the government who may jointly provide funding to facilitate REDtone’s WiMAX rollout, especially to the rural areas.

REDtone also has subsidiaries providing IPTV (Internet protocol TV) and mobile phone services. Although the voice segment had reached maturity, it remained profitable albeit its margins were now lower.

It was working with various telcos in China to offer discounted voice services and the business had been profitable since last October 2008.

REDtone would also be looking at possible acquisitions of complementary businesses for its China operations and it was also actively pursuing new areas of business to complement its core businesses.
It is projecting a 50 per cent jump in revenue for the year 2011, mainly coming from its data and broadband segment and a higher contribution from China.

In two years, the group also foresees China market contributing half of its revenue against 30 per cent now.

REDtone provides discounted call service and mobile Internet services in the country. It is also venturing into mobile Internet devices via 3G technology in China to tap growing demand for 3G services.

REDtone is looking at possible acquisitions of complementary businesses to expand in China.

REDtone wants to expand in new areas like Mobile Virtual Network Operator and Internet protocol television. However, broadband business still has strong growth potential and sees the segment contributing most to revenue in years to come.

REDtone will also continue to expand its WiMAX service in Sabah and Sarawak and is looking at a possible venture with the government to provide funding to facilitate its WiMAX rollout.

For the first quarter ended August 31 2009, the group posted a net profit of RM1.2 million against RM3 million losses before. Revenue increased by 4.3 per cent to RM19.4 million from RM18.6 million.

Related:-
GPacket ... Sept09
Redtone ... Aug 09
RedTone ... May 09
Redtone ... Feb 2009
OSK/GPacket ... Jan 2009
GPacket/Redtone ... Sept 2008
Redtone ... Aug 2008

Petra Group ... Nov09

It issued a circular to shareholders on the proposed disposal of three new vessels to its 55% owned subsidiary Petra Energy Bhd.

On top of this, in Sept 2009, PPB disposed of a 5% stake in PEB at RM1.53 apiece for Rm16.06 million to TA First Credit Sdn Bhd.

Are these moves a preclude to something more? Can shareholders expect further inter company transactions or dealings between the two?

Whatever it is, the two deals raise some interesting questions?

The sale of the vessels marks the first time PPB is disposing of new vessels. It usually sells old vessels – some more than 30 years of age – to upgrade its fleet.

The argument for the proposed sale is that PPB is disposing of new vessels to its 55% owned subsidiary and should thus be able to get back some earnings. But why does PPB have to sell off the assets? Why not simply lease the vessels to its subsidiary? After all, there is certainly in a leasing contract as it is a transaction between two connected parties.

One of the reasons for the disposal is that PEB has a RM1 billion contract with Shell that had tied up the only two offshore support vessels that the former has. As a result, PEB is in immediate need of additional vessels to facilitate the timely and efficient performance of the contract, which the company notes, is expected to consequently contribute positively to the consolidated earnings PPB.

Industry observers say the sale of the vessels ensures the commitment of the companies to the Shell project and therefore avoids disruption in execution. It also eliminates concerns that PPB is not chartering the vessels of PEB at an arm’s length pricing as well as removes the concern of related party transaction issues.

But considering that it is an inter company disposal, is the selling price fair?

The gross proceeds of the disposals come up to RM213 million. PPB will net RM58 million after stripping out costs. The sale will increase its gearing from 0.88 times to 1.07 times.

In addition of the disposal, PPB disposed of 10.5 million PEB shares or a 5.38% stake at RM1.53 apiece for a total consideration of RM16.06 million. PPB incurred a loss of Rm500,000 from the share sale.

The process from the divestment shall be utilized to pare down bank borrowings.

Sources are claiming that the sale of PEB shares was supposedly at a higher discount than was approved by PPB’s shareholders.

The 5.38% stake was sold to TA First Credit, a company linked to the TA group. TA First Credit then disposed of two million shares or a 1% stake on Sept 30, 2009, ceasing to be a substantial shareholder.

It is unclear who bough the two million shares but market talk is that it may be related to possible changes in the shareholding structure of PPB and PEB.

There is a possibility of PPB selling its stake of up to 60% in PEB to focus on its marine charter operations, provided there is an attractive discount.

The disposal of the vessels will need to get shareholders’ approval in a meeting.

PPB holds 55% of PEB. Skim Amanah Saham holds 6% and LTH holds 5%.

PPB’s short term borrowings fell 63% to RM133 million as at June 30, 2009. Its long term borrowings, increase to RM380 million over the same period.

SCIENTEX ... Nov09

Industrial packaging and property developer SCIENTEX reported lower YoY earnings for 4QE Jul 2009 due to a lower revenue.

SCIENTEX's Net Profit for 4QE Jul 2009 was RM14.3m which was 34% lower that the RM22.1m recorded same period a year ago. Revenue was 20% lower at RM134.7m from RM167.6m a year ago.

The Company explained the lower revenue was due to lower sales volume and selling prices for its Manufacturing Division.

4QE Jul 2009 results were, however, an improvement QoQ of 42%. SCIENTEX cited better sales and profit margins in all business divisions for the improvement in 4Q over 3Q.

UNAUDITED FULL FYE JUL 2009 NET PROFIT DOWN 21%
Based on SCIENTEX's Unaudited full FYE Jul 2009 results, earnings was down 21% to RM37.4m from RM47.7m compared with last year. Revenue fell 22.37% to RM509.7m from RM656.6m.

SCIENTEX said that the Operation Profit for FYE Jul 2009 was comparable with the preceding financial year as there was an Exceptional Gain the past year due to the realisation of Negative Goodwill. PBT for the Company came in at RM42.1m for FY09, as compared with RM57.4m in FY08.

OUTLOOK
The Company's Directors expressed confidence in the emerging signs of economic recovery, which contributed to better results in the last two financial quarters. They added that they looked forward to better performance as global business sentiments further improve.

PBBank ... Nov09

A rumour that has been swirling around in the banking industry recently is that PBB’s founder and chairman Tan Sri The is looking to sell out because of poor health.

Adding spice to this is that Tan Sri Quek Ling Chan of HL group and Datuk Seri Nazir are both eyeing PBB.

While speculation about the future ownership of PBB has surfaced off and on in the past, the rumour mill has been working overtime after news in July 2009 that Teh was admitted to hospital for an operation. These rumours have remained, up till now (2009), as mere rumours.

In the case of CIMB, a more plausible explanation for the strong performance in its share price is the group’s better earnings outlook.

For HL group, there has been talk of a special dividend payout and that the bank is close to finalizing an agreement to sell its insurance arm.

Going forward … PBB is still very much Teh’s main passion. And rumours of his health deteriorating are ungrounded is said to be recovering well from the operation.

While he remains chairman of PBB, the banking group is very ably run by Tan Sri Tay Ah Lek.

02/Nov update:
PUBLIC BANK BHD's non-executive chairman Tan Sri Dr Teh Hong Piow, who owns a total interest of 24.08% in the banking group, has no plans to sell his stake.

The bank said on Monday, Nov 2 that Teh, who is the founding and single-largest shareholder, has stressed that he has absolutely no intention of selling his stake.

"He remains fully committed to Public Bank which he founded and has so passionately built to its present stature over the past 43 years.

"The market rumours on Tan Sri Dr Teh Hong Piow selling out his stake in Public Bank are totally unfounded and absolutely without basis," it said.

Public Bank also said he has fully recovered from a minor operation which he had undergone recently. It added that he was in very good health.

BAT ... Nov09

BAT UPS CIGARETTE PRICES

BRITISH AMERICAN TOBACCO MALAYSIA revised the prices of its cigarettes after the Government increased the excise duty on cigarettes by one sen per stick.

BAT reported Oct 5, 2009 that the Government had in late Sep 2009 announced the higher Excise Duty and this had caused the Company to also revise the prices. The prices came into effect on Mon, Oct 5, 2009.

A box of 'Dunhill Fine Cut 20s' range will now cost RM10.00; Dunhill 20s range RM9.30; Dunhill 14s range RM6.90; Kent 20s range RM9.30; Kent 14s range RM6.90.

Pall Mall Plain 20s RM9.70; Pall Mall 20s range RM7.80; Pall Mall 18s range RM7.00; Pall Mall 14s range RM5.80; Pall Mall 25s range RM9.70; Benson & Hedges 20s RM9.30 and Benson & Hedges 14s RM6.90.

IJM ... Nov09

Sources say the US$2.5 billion investment vehicle set up jointly by 1MDB and PetroSaudi Intl Ltd on Sept 30 is looking at acquiring a strategic stake in IJM Corp. That will be the first JV’s first meaningful investment.

According to sources, the JV may acquire the IJM stake from Zeland Bhd, which holds 8.77% stake in IJM as of June 30, 2009. The stake was valued at Rm392 million,

It is not known whether the 1MDB-PetroSaudi JV will acquire more shares in IJM from other parties or on the open market. But sources say the JV’s intention for the acquisition is to tap IJM’s construction expertise, which could be useful for some of the projects it plans to invest in, and not to take over the construction outfit.

As such, the result of such an acquisition is unlikely to lead to a general offer for IJM.

Armed with a US$2,5 billion war chest, the 1MDB-PetroSaudi JV was set up to invest in strategic high impact projects in Malaysia and the region.

Nevertheless, the EPF has since been increasing its stake in IJM to 21.6% currently. Given that it has strengthened its position in IJM as the single largest shareholder, it is unlikely that EPF would want to divest its stake in IJM to 1MDB-PetroSaudi JV.

For IJM, having the 1MDB-PetroSaudi JV on board as a strategic investor apart from EPF, would certainly boost its prospects in terms of participating in more infra construction projects in Malaysia as well as the region.

如何在情侶的情感銀行存款

1.信任他所說的所做的
2.關心他的一切
3.包容體諒他
4.參與他喜歡的人事物
5.傾聽他想要說的話
6.每天都過得像情人節一樣甜蜜
7.不必把"我愛你"掛在嘴邊,但一定要放在心裡
8.偶而送送貼心小禮物
9.說不如作,但為他做事之前,還是要先說些貼心的話
10.多看他的優點,少計較他的缺點