梳頭大學問

每天梳頭是一件極為重要的事。
為什麼古人總是說要天天梳頭？
因為梳頭實際上就是在梳經絡。

有人說梳頭多了，容易損傷毛囊，那咱們把指甲剪平了，用10個手指肚來梳，這樣怎麼梳都損傷不了毛囊，而且還很有力量。
您看頭的側面全是膽經，有20多個穴位，您都不用找，就這麼一梳，哪塊有點疼，就證明哪塊有阻塞，您就反覆地揉它，不知道那個穴叫什麼名字沒關係。因為您一梳頭，膽經上的20多個穴位就全部"一網打盡"了。

開始梳頭的時候，您會發現，長期頭痛或者膽囊不好、有乳腺增生這些膽經阻塞方面問題的人，頭上一定有相應的阻滯點。經絡是連著的，下面有堵的地方，它上面也堵。
所以您這麼一梳，就會發覺某處有疼的地方，用大拇指一點一揉，會發現裡面還有一些結節、疙瘩的東西，這時，您一定要把這個東西揉開了。

每天梳頭多長時間為好呢？
堅持每天300次就非常好了。
有人說我有的是時間，梳3000次怎麼樣？
那當然更好。
頭不怕多梳，您就記住，梳頭好處大了。
頭為諸陽之會，所有的氣血都是奔著頭上來的，頭就怕堵住了，一堵住什麼心血管疾病、腦梗塞之類的問題就全來了。
您把頭一梳，頭部一清爽，這些問題就全解決了。
所以梳頭是能消百病的妙法。

有人說："我不敢梳頭，因為頭髮本來就少，還老掉"。
我說："越是這樣的人，越得多梳。
為什麼？

您別怕掉頭髮，因為，凡是用手指肚一梳就掉的頭髮，它根本就是在頭上面浮擱著呢！您不動它，睡覺起來後也是一床，您不如乾脆先給它弄下來就完了，剩下的頭髮就個個都是精英了。
這就跟種花似的，您得把那些枯葉剪下去，別讓它也跟著一塊吸收營養，最後剩下的那些才是茁壯的。"

還有的人說："我也不敢梳頭，我一梳頭就白花花的跟下雪似的，全是頭皮屑，沒法梳。"他覺得越梳頭皮屑越多。

其實，如果能堅持每天梳頭至少300次，連著梳1周，您再梳的時候就會發現已經沒什麼"雪花"了，而且梳完以後會看到滿手都是油污汙的。
這說明您把堵塞在毛孔上的這些黑油（中醫講的濕氣、痰濁）給梳出來了，這樣當然就不長頭皮屑了。

梳頭不但可以治療脫髮，還能治療白髮和頭髮無光澤。
當頭髮濃密起來後，就證明您的氣血越來越足，肝腎的功能提高了。

另外，有的時候我們想補補肝、補補腎，但往往直接補不到，效力達不到這個地方，怎麼辦呢？
"諸病於內，必形於外"，人體的裡面和外面是有通路的。
誰是它的通路？
頭部就是它的通路。
您經常梳梳頭，就跟肝腎通上了。
人不可能頭髮很濃密而肝腎卻很弱，這是絕不可能的。
頭髮濃密了，肝腎的功能也就提高了，這是一體的兩面，只要提高一方面，另一方面就提高了。

梳頭時，除了頭兩側，正面也要全梳。
頭的正面是膀胱經，是專門抵禦風寒的。
有的人經常容易感冒，就是風寒老進來的原因。
您把膀胱經多梳梳，就不容易患感冒了。

還有的人總覺得頭暈，腦供血不足，什麼原因？
是督脈堵塞住了。督脈這條中間線，下至尾骨，與腎經相通，上行巔頂百會穴，如果時時保持通暢的話，不但您不會得老年癡呆，而且會越梳越精神。

所以梳頭應該把頭部全梳一遍，每天梳得越多越好。

別小看梳頭這個動作，靠它就能打通人體的很多經絡，
是屬於給身體打地基的。
當打通經絡後，再集中看看哪個穴位有問題，特意去揉一揉，

這就是為身體添磚加瓦了。

笑死人的12星座宝 ... 双鱼座

爸爸给鱼鱼讲小时候经常挨饿的事。

听完後，鱼鱼两眼含泪，十分同情地问："哦，爸爸，你是因为没饭吃才来我们家的吗？"

（富含丰富同情心、不分情况对象的双鱼）

Talam ... Jan10

It is on track to emerge from its PN17 status, even as its debt regularisation plan was being delayed by prolonged negotiations on assets disposal.

Talam Corp Bhd, which had completed its financial regularisation plan, hopes to emerge from the Practice Note 17 status soon.

All financial instruments, which were part of its regularisation plan, had been issued. It will now submit the application to Bursa Malaysia for the uplifting the PN17 status. From the feedback they have from its meeting with Bursa 's representative, they are quite confident it will be successful.

As part of the revamp, the company had issued redeeemable convertible preference shares 2009/2014. The additional 60.13 million new shares arising from the conversion of the preference shares were listed on July 23 2009.

Other divestment plans to pare down the company borrowings, such as disposal of properties and land are ongoing. Talam is looking at disposing more than 3,000 acres of land, from its current total land bank of around 7,000 acres. The majority land to be disposed will be from the company's Bandar Bukit Beruntung developement.

After the completion of asset and land disposals, the company will have almost no gearing, and can start anew. Talam has around RM700 million in total borrowings, including outstanding irredeemable convertible unsecured loan stocks of more than RM300 million.

Talam will now focus on completing its outstanding projects, and aims to achieve at least 95% completion rate by the end of the year (2009).

There will be no new property launches by Talam this year (2009), but will start some of the joint venture projects such as Sierra Ukay, Sierra Selayang and Ukay Perdana next year. These projects have a combined gross development value of more than RM1.4 billion.

Pantech ... Jan10

S&P Results Review & Earnings Outlook
• Pantech reported a slightly disappointing 3QFY10 (Feb) net profit of MYR11.7 mln (-31.9% YoY), on a 30.6% YoY decline in revenue to MYR92.2 mln. This takes cumulative 9MFY10 net profit to MYR40.1 mln, making up 71% of our previous FY10 forecast. Pantech also declared a second interim DPS of 1.5 sen which goes ex on March 23,
taking total DPS declared to date to 3 sen.

• The miss was solely due to slower-than-expected revenue growth vs. our assumption: 9MFY10 revenue for the trading division was flat YoY, while manufacturing revenue was down 46% YoY. On a QoQ basis, 3QFY10 trading revenue declined by 36% on slower new orders, while manufacturing revenue gained 51% off a low base.

• While revenue growth was disappointing, overall operating margin at 18% was within expectations. Operating margin from the trading division impressed at 20.6%, its highest-ever level since listing. Volatile manufacturing margins are a concern (segment operating margin declined to 6.8% in 3QFY10, vs. 16.3% in 2QFY10), but we
note that the segment factors little to overall profitability for Pantech in FY10.

• We expect a stronger showing in FY11, on continued demand for PFF solutions in line with an expected increase in O&G capital spending as the global economy recovers. We expect Pantech to ramp up its manufacturing operations in FY11 as well, following the lifting of antidumping duties on its products in August 2009.

S&P Recommendation & Investment Risks
• We retain our Buy call on Pantech Group, with an unchanged 12-month target price of MYR1.10. We have also trimmed our earnings forecasts for FY10 and FY11 by 8.4% and 0.9% respectively, to take into account lower sales achieved to date.

• We continue to value Pantech on a sum-of-parts basis, pegging the value of its businesses to its trading and manufacturing peers, which now trade at an average of 5.2x and 7.7x calendarized 2010 EPS respectively. Our target price includes a revised 4 sen DPS for FY10 (from 3 sen), and implies a 6.3x multiple against its calendarized 2010 EPS.

• FY11 should see increased activities in the oil & gas services sector, judging from the flurry of contracts awarded by Petronas toward end-2009. We expect this, along with the opening up of new markets and a recovery in the export markets, to drive a recovery in Pantech’s earnings for FY11 onwards.

• Risks to our recommendation and target price include: higher-than expected costs and volatility for raw materials and crude oil, which would hamper contract awards and hit earnings through inventory pricing adjustments.

Zhulian ... Jan10

4QFY09 Results – within expectations

• Zhulian’s full-year FY09 results came in within our expectations with net profit of RM82.1m, which is close to our projection of RM79.7m.

• Despite a slow macroeconomic environment in FY09, the Group managed to registere a modest 3.9% yoy and 9.9% yoy growth in revenue and net profit respectively. Furthermore, we are also encouraged by its achievement in improving its net profit margin to 26.0% in FY09 vs. 24.6% in FY08.

• We attribute the robust results to successful rollout of new products, growth in distributorship,effective cost management and lower effective tax rate. In FY09, Zhulian introduced a number of new products, which included several gold-plated and rhodium-plated jewellery, the ISO 7 Mixed Fruits and Vegetables Extract Beverages, the Premix Coco Drink, as well as the new sanitary napkin range named WANISA.

• Meanwhile, Zhulian’s balance sheet continues to strengthen further, with NTA/share growing to 93 sen in FY09 from 81 sen in FY08. Similarly, net cash/share rose to 36 sen from 31 sen during the same period. We note that the Group’s net operating cashflow also increased 35% yoy to RM68m in FY09.

• Zhulian declared a fourth interim single-tier dividend of 3 sen, as well as a special single-tier dividend of 2 sen for the quarter under review. This brings total FY09 net dividend to 14 sen, which surpassed our expectation of 12 sen. At current share price, Zhulian offers an attractive net dividend yield of 7.5%.

• Prospects in FY10 remain bright for Zhulian. We expect the uptrend growth in revenue and net profit to prevail. The management has identified a number of growth plans, which amongst others, include expansion of manufacturing and warehousing floor space in Malaysia and Thailand (warehousing only), setup of new distribution centre in Sarawak and rollout of newproducts in FY10. Zhulian’s distributor force is growing steadily too, reaching 480,000 at present compared to 420,000 in early FY09.

• Against this positive backdrop, we raise our FY10 net profit estimate 3% to RM87.0m, which translates into an EPS10 of 25.2 sen. We also increase expected FY10 dividend payout to 14 sen from 12 sen earlier.


Recommendation:-
ZJ Research maintain our Buy call on Zhulian with a slightly higher fair value of RM2.27 (from RM2.21), derived from pegging its EPS10f against a peer average PER of 9x. Our optimism is supported by 1) the Group’s healthy earnings growth and cashflow generation, 2) management’s clear growth strategy, and 3) solid balance sheet. As such, we opine that its current valuation, at 7.4x FY10 PER, remains attractive. Zhulian also offers attractive net dividend yield of 7.5% which is on par with Amway, the industry leader in direct marketing.

UBG/CMSB...Jan10

The company and two of its subsidiaries have yet to receive any notice of takeover from PetroSaudi International Ltd (PSI), or its nominees, pursuant to the Malaysian Code on Takeovers and Mergers.

It was informed by shareholders, CMS Group and Majestic Masterpiece Sdn Bhd (MMSB), that the proposed acquisitions by PetroSaudi of stakes in UBG had yet to be completed.

It was given to understand through media reports that PSI planned to privatise and delist UBG once it has completed the acquisitions and to also take over and delist its subsidiaries, namely, Putrajaya Perdana Bhd and Loh & Loh Corporation Bhd.
CMS holds a 37.21 per cent equity interest in UBG through wholly-owned Concordance Holdings Sdn Bhd (28.29 per cent) and its 51-per cent subsidiary PPES Works (Sarawak) Sdn Bhd (8.92 per cent). Meanwhile, MMSB, a wholly-owned subsidiary of Abu Dhabi-Kuwait-Malaysia Investment Corp, holds a 52.62 per cent stake in UBG.

It was reported that PSI had on Dec 29, 2009, offered to acquire all the shares in UBG currently held by MMSB, Concordance Holdings and PPES Works for RM2.50 apiece.

The completion of these acquisitions would result in PSI holding more than 33 per cent of UBG shares and trigger a mandatory general offer for all the shares not already owned by PetroSaudi.

PSI had said the entire exercise, scheduled to be completed by first quarter of 2010, would cost about RM1.4 billion.

This investment is its second foray in the region after a US$2.5 billion joint-venture with 1Malaysia Development Bhd.

Meanwhile, UBG, through its subsidiaries, is involved in building and civil construction and mechanical and electrical engineering-related activities in Malaysia.

ETITech ... Jan10

It expects to see good contribution from its new gold cart battery business and rural solar power generation.

It signed an MOU with US electric vehicle maker, ZAP that proposes to integrate ETI’s higher powered lithium based battery into the California based company’s personal transport line that includes scooters and other vehicles. The deadline to finalize the deal has been extended several times, the latest to Feb 18, 2010.

While the ZAP deal is a potentially successful businesses in the long term, the company in the near term is banking on its green rural electricity generation system and its golf cart batter business.

Its existing own brand of mobile charging products and customised design battery packs were the main contributors to the group’s full year revenue in fy2009.

Emirates Investment & Development Co (Emivest) ceased to be a substantial shareholder after the Dubai fund sold its remaining 6.41% stake. Lee and executive director Dennis Chuah have also reduced their stakes to 15.13% and 14.53%.

YHS ... Jan10

The revenue from contributed by "Red Bull" products for the financial period Oct 1, 2008 to Sept 30, 2009 was RM99.6 million, accounting for 18.2% of the group revenue.

The operating profit was RM870,00 or 14.7% of the group's operating profit during that financial period. The revenue and operating profits of YHS group for the same period were RM547.2 million and RM5.9 million respectively.

To recap, YHS announced on Jan 19 2010 the termination of a business alliance between its unit Yeo Hiap Seng Trading Sdn Bhd and Allswell Trading Pte Ltd for the sales and distribution of “Red Bull” products in Malaysia will take effect on 1 April 2010.

The alliance between Allswell and YHS Trading was formed in April 2005 where the latter was appointed by Allswell to distribute “Red Bull” products in Malaysia through its extensive distribution network. However, Allswell terminated the agreement after the parties failed to agree on new distribution terms.

As the group would continue to focus and place greater emphasis on building its own food and beverage products under the “Yeos” brand, the impact of the termination on the revenue and operating profits of the Group is estimated at 10.8% and 7.8% respectively, for the financial year ending Dec 31, 2010.

Baswell ... Jan10

An individual Ng Min Lin emerged as a substantial shareholder in Baswell, after acquiring a direct interest of 5% or 2.4 million shares. He had made the acquisition on Dec 24 2009.

Ng upped his stake to 23% or 11.04 million shares after buying two tranches of 4.32 million shares each for a total of 8.64 million shares on Dec 31 and Jan 5 2010. Howeve, Ng had since pared down his stake to 21.9 million shares.

Ng could have acquired his stake from Dr Oh Han Cheng or Dr Oh’s spouse Khoo Yew Kheng, who have been trimming their stake in the furniture company.

Oh is the founder of Baswell, and its executive chairman, while Khoo is Baswell’s managing director. Khoo’s brother Khoo Yew Nean is an executive director of the furniture maker. For FY2008, the trio collectively control some 52% of Baswell. The only other substantial shareholder in the company is Wan Ismail Wan Nik who has 10.52 million shares or 21.91% of Baswell.

Two board appointments were also made in Jan 2010. Tan Beng Kheng, who is the managing director of Penang-based Seng Seng Construction Sdn Bhd, and Ng’s father- in-law, Datuk Wong Kam Hoong, were appointed to the board in non-executive positions. Wong was formerly deputy minister of culture, arts and heritage.

Seng Seng Construction is controlled by privately held Tan Kiew Seng Holdings Sdn Bhd, and Tan is a director of Seng Seng Construction.

Seng Seng Construction suffered a net loss of RM1.9 million on RM38 million in revenue for its financial year ended June 2008
Meanwhile Baswell Resources Bhd has secured a US$100 million sub-contract to manufacture and install furniture and fittings at the Al Reem Island.

It has entered into a memorandum of understanding with Hong Kong's Metroplex Resources Ltd to collaborate with the Al-Amry Group on the Al Reem Island mixed development.

Al Reem Island is a residential, commercial and business project to be built on the natural island of Al Reem Isle, located off the northeastern coast of Abu Dhabi city.

The company added that the MOU would remain in effect for two years and could contribute positively to Baswell's future earnings.

Going Forward … the new substantial shareholder wants to take it to Abu Dhabi in the United Arab Emirates.

Ng wants to position Baswell not only as a premium producer of furniture, but also as a company that provides services to building owners from design to manufacture and installation of furniture and fittings.

Baswell has rm48 million paid up capital and manufactures and sells wooden furniture and furniture parts to the domestic and export markets.

The company do not do well in FY2008, it posted a pre tax loss of RM10.13 million.

AE Multi ... Jan 10

It announced that it had the repayment capability in meeting all its debt obligations.

The placement price for the private placement was fixed at 50.5 sen and it was expected to be carried out in one tranche.

It was in the midst of finalising the details of the debt issuance which includes the terms for the conversion of the debt to equity and the basis in arriving at the conversion price.

Proceeds from the debt issuance will be utilised to reduce the company's bank borrowings and to upgrade its production facilities.

笑死人的12星座宝 ... 水瓶座

瓶瓶问妈妈："问什么称蒋先生为『先人』？"

妈妈说："因为'先人'是对死去的人的称呼。"

瓶瓶说："那去世的奶奶是不是要叫『鲜奶』？"

（天生的另类、脑筋思考永远和常人不一样的水瓶）

笑死人的12星座宝 ... 摩羯座

一天，羯羯跟妈妈上街；走在路上，突然下起雨来。

妈妈拉过羯羯的小手，说："下雨了，快往前跑阿！"

羯羯慢条斯理地问："那前面就不下雨喽！？"

（明白现实懒得改变的摩羯）

Hiap Teck ... Jan10

Hiap Teck recently acquired a 55% stake in Eastern Steel for RM110 million cash, or a price-to-book value (P/BV) of 1.4 times. While the valuation appears on the high side, the acquisition comes with a proposed blast furnace project, some 600 acres (234ha) land in the Teluk Kalung Estate in Kemaman, Terengganu and other tax incentives

Hiap Teck’s current gross debts amounting to RM393.3 million with cash of RM171.2 million and shareholders’ funds totalling RM600.5 million, translate into a net gearing of 37%. Around RM110 million will be spent on the 55% stake and additional capital expenditure (capex) of RM750 million to RM850 million for the blast furnace.
This will bring Hiap Teck’s total outlay to at least RM860 million, bringing its debts level to RM1.14 billion. This would inflate its net gearing to 180.2%. Even factoring in an effective 55% share of the additional capex, Hiap Teck’s net gearing would still balloon to 124%.

At this point of time, there are no concrete details on the mode of funding, but there is a possibility of Hiap Teck partly funding it through a rights issue to pare down its gearing, which may in turn have an adverse impact on sentiment in the stock.

CRESBLD ... Jan10

It is biding for some RM3 billion worth of private and public jobs in the country in the current fiscal year.

It aims to secure a higher value of projects to boost annual revenue growth by at least a tenth. It was eyeing areas with “less projects, competition and players” such as flood mitigation and water treatment plant jobs, on top of its staple undertakings in real estate construction.

Crest hopes to secure some RM500 million of the RM3 billion worth of construction projects it plans to tender for. The RM500 million is two-thirds more than the builder’s previous annual target of RM300 million.

Of great interest is Crest’s potential venture into the water-concession business by virtue of its involvement in water facilities.

As a building contractor, Crest undertakes construction projects for private property development firms. It is also involved in a wider scope of government jobs, including education facilities, offices and utilities.

In 2009, Crest secured about RM320 million worth of property construction projects on prime land in Kuala Lumpur. In December 2009, the firm clinched from Exceljade Sdn Bhd a RM175.5 million contract to undertake super-structure works for two towers of 40-storey serviced apartments in Jalan Tun Razak and Jalan Raja Muda Abdul Aziz. In Nov 2009, Crest was awarded by Khor Joo Saik Sdn Bhd a RM145.3 million project involving super-structure works for a 35-storey office tower in Jalan Ampang.
At present, Crest’s revenue is derived entirely from Malaysia. Construction income constitutes over 90% of its top line.

The builder currently has a construction orderbook of around RM1.5 billion while unbilled sales from its building projects stand at some RM1 billion, which is expected sustain the group’s earnings till the middle of the financial year (FY) ending Dec 31, 2012.

Unbilled sales refer to the value of construction jobs undertaken which have yet to be recognised in a company’s books.

Crest planned to launch some RM350 million worth of properties in FY10, more than triple the RM100 million unveiled in the previous year. The launches include two mixed development projects in the Klang Valley — phase 5 of its Alam Idaman job in Shah Alam and in Damansara Perdana. For FY10, the company aims to achieve some RM210 million worth of real estate sales, accounting for 60% of the RM350 million worth of launches targeted for the year.

The developer’s landbank of about 16ha (40 acres) are located in the Klang Valley — in Shah Alam, Kelana Jaya, Damansara Perdana and Mont’ Kiara.

In 2008 that Crest intended to develop more commercial properties in the Klang Valley to boost recurring rental income, a move which may eventually prompt the company to set up a real estate investment trust.

Recurrent income from commercial real estate leases, or potential water concessions, is deemed important to safeguard against cyclical income from construction and property development.

Crest hoped to expand abroad, possibly into Singapore and Vietnam besides Middle East countries such as Qatar and Oman.

IPO..JCY ... Jan10

A large maker of HDD components, JCY is on a roadshow for a listing at a PER of between 10 and 14 times, unusually high for this industry in this part of the world.

Stocks, in the industry tend to trade at PERs below 10 times, and often trade below five times, here and in Singapore beause the profitability of HDD companies is perceived as being highly cyclical.

The offer price for JCY shares will be determined through a book building process that had yet to commence.

JCY is one of the world’s biggest makers of HDD components and would draw the interest of foreign fund managers for itself and to the sector. JCY supplies more than 50% of the base plates required by Western Digital. In world’s second largest maker of HDD.

The listing of JCY offers its major shareholders Yong Yoon Kiong, as the IPO offers will entirely be an offer for sale by him, and will not involve any issue of new shares by the company.

JCY would have a total market value of about RM4 billion if the IPO price is achieved at a PER of 11 times its projected earnings in 2010. Yong reportedly will offer 25.9% of the company’s equity for sale, and with that he will pocket a cool Rm1 billion cash from the exercise, and will still own the remaining 74.1% of JCY.

However, its earnings does not appear to be highly cyclical, having maintained a high level of profits through the global crisis of 2008/2009. It made a net profit of RM174 million in 2007, RM203 million in 2008 and RM207 million in 2009. Most companies in other industries fared worse through the crisis.

Cocolnd ... Jan10

Cocoaland Holdings Bhd has proposed to place out up to 12 million new shares of 50 sen each, representing up to 10% of its issued and paid-up share capital.

The proposed private placement would provide the group with additional working capital expeditiously. The enlarged capital base shall also strengthen the company’s balance sheet.

Currently, its issued and paid-up share capital is RM60mil comprising 120 million shares of 50 sen each. Assuming an indicative issue price of RM1.264 per placement share, it was expected to raise gross proceeds of approximately up to RM15.2mil pursuant to the proposed private placement.

It plans to utilise RM15.1mil as working capital and RM80,000 to defray expenses relating to the proposed private placement.
The proposed private placement is expected to be completed by the second quarter of this year.

KSL ... Jan10

1. Placement of share
KSL has appointed RHB Investment Bank as a placement
agent to place out up to 35.5m new shares (@10% of
outstanding shares) at a price to be determined later.
According to management, the proceeds from the placement
of shares would be utilized as working capital and to defray
expenses relating to the placement exercise.
Based on the maximum 10% discount to the last 5-day
volume weighted average price of RM1.23, KSL would
receive RM39.3m from the placement exercise. Deducting
the estimated RM250,000 for the placement expenses, the
company would have RM39m, which will be utilized as
working capital.

2. Financial impact
We estimate the placement of share would result in 9%
dilution to FY10-11 EPS, after incorporating 1) the issuance
of new shares; and 2) interest saving of RM0.8m per annum.
However, we are positive on the proposal as we believe this
cash call is needed for the company to prepare for its maiden
project in Klang Valley, known as Bandar Bestari. Note that
the company is targeted to launch this project in 1Q10. As
this is a greenfield project, some capex would be needed for
the development of basic infrastructure and landscaping.
With regard to dividend payment, KSL would have extra
cash to meet our projected net dividend of 5-6sen/share for
FY10-11. More importantly, we believe the placement of
shares would improve the stock trading liquidity.

3. Earning Outlook:
We are leaving our FY09-11 earnings projections
unchanged, pending on the finalization of placement
price. We assume the company to achieve RM250m
sales for FY09, RM290 for FY10 and RM315m for
FY11. KSL’s unbilled sales stood at RM110m as at
September-09.

4. Recommendation
No change to our fair value of RM1.84/share, based on
an unchanged PER of 8x CY10 EPS. We continue to
like KSL given: 1) its ability to garner above-average
development margins of >40% underpinned by its
centralised procurement units that help in reducing
development cost; and 2) strong financial standing with
net cash position. Maintain Buy.

Gadang ... Jan10

Gadang Holdings Bhd s upbeat on the property outlook for 2010 and planning several new developments in the Klang Valley.

The company has 46ha of prime land in the Klang Valley, Penang and Johor for development. It was expecting the landbank to generate a gross development value exceeding RM700 million over the next five years.

The company, through development arm Gadang Land Sdn Bhd, will build medium- to high-end houses, condominiums, offices and shoplots. Gadang's ongoing developments are mostly priced in the medium range.

They include retail, office suites and three-storey superlink homes in Segambut, Kuala Lumpur; medium- and low-medium-cost apartments in Sungai Buloh, Selangor; and single-storey terraced houses and single-storey semi-detached houses in Rawang, Selangor.

However, Gadang will be moving to the Mines area in Seri Kembangan, Serdang, within the next 12 to 15 months to develop seven super-luxury bungalows, worth a combined RM40 million, or more than RM5 million each. The bungalows will be built on 74.8 sq ft of leasehold vacant land offered by a boutique developer in Mines.

Gadang's wholly-owned unit, Gadang Engineering (M) Sdn Bhd (GESB), will secure the land from Bluwater Development Bhd (formerly Mines Resort Bhd) as contra for debts owed by the latter.

Bluwater owes GESB some RM34 million for completing main building works two years ago for a commercial block and a tower featuring offices, serviced apartments, shoplots and facilities in Mines. Bluwater is a unit of Clearwater Group, controlled by Dian Lee Cheng Ling, eldest daughter of property tycoon Tan Sri Lee Kim Yew.

Meanwhile its and its joint venture partner Bukit Jerneh Quarry Sdn Bhd have received a letter of acceptance from Malaysia Airports Holdings Bhd for part of the proposed low-cost carrier terminal at the KL International Airport.

Its unit and Bukit Jerneh had received the letter for the site preparation, earthworks and main drainage for runway three and its associated taxiways at the new LCCT.

The contract, awarded on a 70:30 proportion to Gadang and Bukit Jerneh, was expected to be completed on Dec 18, 2010.

The contract is expected to have a positive impact on the earnings and net assets of the group for FY ending May 31, 2010 and 2011.

IPO..ECS ICT Bhd ... Jan10

ECS ICT Bhd, an information and communication technology (ICT) products distributor, has been tentatively slated to be listed on the Main Market of Bursa Malaysia in early March.

The company was established in 1985 and now generates RM1bil in revenue from its core businesses of distributing ICT products such as notebooks and personal computers to retailers, as well as providing servers and networks systems for the “enterprise systems” segment.

It was awarded MSC status by the Multimedia Development Corporation (MDeC) in 2004.

The company has long term working relationships with more than 30 global brand names, the longest being 22 years with Hewlett Packard.

The company has a nationwide distribution network of more than 2,500 resellers consisting of retailers, system integrators and corporate dealers.

Its revenue surpassed RM1.16bil (with RM19.8mil profit) in 2008.

It charted a compounded annual growth rate (CAGR) of 29.9% from1998 to the financial year ended December 31, 2009. The company had been achieving “more than a double digit growth and is above the industry’s average growth.”

The company is positioned as a two-tier distributor whereby ECS sells “value products” such as network systems and servers and “volume products” like PCs, notebook and printers to resellers, who then retail it to end users.

ECS also provides services such as channel development and management and logistics to their resellers as well as sales support to end users.

Approximately 70% to 80% of the market go through the two-tier distribution (system).

Currently, ECS has a presence in Penang, Pahang, Sabah, Sarawak, Johor and Selangor.

The company’s purpose-built 40,000 sq ft flagship warehouse is located in Kota Damansara, Petaling Jaya, generating daily sales of RM4mil to RM5mil.

The company’s growth strategy is to enhance its distribution infrastructure and to expand outside the Klang Valley, while also aiming for higher margins in the enterprise systems market.

At present, ECS plans to focus only on the Malaysian market, as there is a “huge potential here as the IT market continues to grow.
ECS ICT Bhd’s holding company is ECS Holdings Ltd of Singapore, which was listed on the SGX main board in 2001.

ECS Holdings turned in revenue exceeding S$3bil in 2008.

The ECS group has a presence in six countries in the region, namely Malaysia, Singapore, Thailand, China, Indonesia and the Philippines.

SSTEEL ... Jan10

Talk of Southern Steel Bhd being a takeover target is not exactly new. In 2009, rumours of a merger between Southern Steel and Ann Joo were speculating, but remained unsubstantiated.

Recently, after a strong run in the share price of both companies, talk of a merger emerged again.

And now, with the proposed privatization of Hume Industries by controlling shareholder Tan Sri Quek Leng Chan, rumours of a possible merger of Ann Joo and Southern Steel gained strength.

Hume Industries has a 41.46% stake in Southern Steel while Quek owns 43.2% directly and indirectly through Hume.

However, Ann Joo Resources denied that Ann Joo has been negotiations with Southern Steel and has no plans.

Nevertheless, if Southern Steel is indeed up for sale, who could buyers be?

Its market cap as at 15 Jan 2010 stood at about RM939 million, meaning that any party looking to take over would need deep pockets as the offer price would likely have to be at a premium.

It had net assets of RM1.68 a share. For nine moths ended Sept, the company posted a net loss of RM43.5 million.

Its second largest shareholder include NatSteel Holdings Pte Ltd owns about 27%.

笑死人的12星座宝 ... 射手座

射射："爸爸，为什么你有那么多白头发？"

爸爸："因为你不乖，所以爸爸有好多白头发阿。"

射射：……（疑惑中）

射射："那为什么爷爷全部都是白头发？"

爸爸：！＠＃＄％︿＆＊（……

（喜欢思考的射手）

笑死人的12星座宝 ... 天蠍座

蠍蠍刚睡著，就叫蚊子叮了一口。

他起来赶蚊子，却怎么也赶不出去。没法，便指著蚊子说："好吧，你不出去我出去！"边说边出了房间，把门使劲关严得意地说："哼！我今晚不进屋，非把你饿死不可！"

（搞不懂、不按常理出牌的天蝎）

GPACKET ... Jan10

California-based The Capital Group Companies Inc, with assets of around US$1 trillion, has through its subsidiary, Capital Research and Management Co, taken a stake in Green Packet Bhd.

Sources said Capital Research took up about 30 million Green Packet shares, or close to a 5% stake at RM1.15 per share, for an investment outlay of RM34.5mil. Capital Research wanted a substantial and much larger stake. But there were not enough shares to go around. The existing majority shareholders also took up shares to maintain their percentage ownership.

Green Packet is now (Jan 2010) undertaking a 10% private placement involving 84.8 million shares.

The majority shareholders are Green Packet Holdings Ltd with a 34.26% stake and OSK Technology Ventures Sdn Bhd with 16.23%.

It is not surprising that The Capital Group has confidence in Green Packet and its WiMAX business model. Unlike other WiMAX players, Green Packet’s fourth-generation (4G) WiMAX operator arm, Packet One Networks (M) Sdn Bhd (P1), can leverage on an in-house developer and provider of 4G WiMAX products with software solutions for a competitive advantage.

This dual-pillar business model has supported P1 in its aggressive rollout and service package delivery that has given 3G operators such as Telekom Malaysia Bhd, Maxis Bhd and Celcom Axiata Bhd a run for their money.

Capital Research saw value in Green Packet’s WiMAX business model locally and globally. In Malaysia, there is also no expensive licensing fees for WiMAX operators unlike for the 3G operators.

According to the source, Capital Research recognised that P1 was way ahead of the game among the four WiMAX players in Malaysia. It is not investing for the short term as it sees intrinsic value in P1’s subscriber base and infrastructure,” he said.

P1, which launched its mobile broadband service in August 2008, has been growing with remarkable speed. It added 25,500 users in its first quarter ended March 31, 2009. It maintained 25,000 net adds for the second quarter 2009 and posted a 44% jump to 36,000 net adds in the third quarter 2009.

However, in the last two months of the year (2009), P1 faced a technical backlog of its systems because of the swelling demand. While this problem has been fixed, it may have resulted in a shortfall on its 200,000 subscriber target. However, it is believed that P1’s net adds are still higher in the fourth quarter 2009 than the 36,000 reported in the third quarter.

According to a source from the company, P1 did get fairly compensated by the vendor. With the technical backlog fixed, subscriber rates will likely see another ramp up this month (Jan 2010).

Meanwhile, The Capital Group’s investment approach is simple: Discover it early, buy it and wait. Some of its recent investments in Asia include BHP Billiton Plc, Weichai Power Co Ltd, Ascendas India Trust and Anhui Conch Cement Co Ltd.

As measured by assets under management, The Capital Group rivals Fidelity Investments, touted as the largest mutual fund company in the world.

YNHP ... Jan10

YNH Property Bhd expects within the next six months to start work on its proposed Menara YNH project on three acres next to the Shangri-La Hotel along Jalan Sultan Ismail, Kuala Lumpur.

Although Kuwait Finance House Bhd (KFH) had two weeks ago aborted its plan to purchase one of the two office blocks at Menara YNH, YNH said it would proceed with building the project.

On prospects ahead for YNH, Sitiawan-based property company had projects worth RM11bil over the next 15 to 20 years, and YNH also had unbilled sales of RM856mi from its existing projects that would be realised over the next three years. This year, the company has lined up project launches worth some RM3bil, including Menara YNH.

The Fraser Residence KL mixed development, comprising serviced apartments, office and retail space, behind Renassisance Hotel with a GDV of RM550mil will be launched in June 2010-01-05.

Another mixed development, the RM900mil Kiara 163 (formerly known as D’Kiara Place) located beside Plaza Mont’Kiara, will also have serviced apartments, office and retail components.

Another prime project to look out for would be located on 100 acres near Resort World in Genting Highlands. The mixed development with a GDV of RM2bil will be launched in 2011 for completion in 10 years.

MAA ... Jan10

It has received the greenlight from Bank Negara Malaysia on its proposal to sell its general insurance business, Malaysian Assurance Alliance Bhd (MAA Assurance), to AmG Insurance Bhd.

It received a letter dated Jan 5 from the central bank giving it the approval to sell the unit to AmG Insurance, a 51 per cent-owned unit of AMMB Holdings Bhd.

AMMB in a separate note said the acquisition price could come up to RM180 million.

The final pricing will depend on price adjustments and due diligence on MAA Assurance''s general insurance business.

In November 2009, MAAH had revised the disposal price of MAA Assurance to AmG Insurance to RM180 million from an earlier price of RM254.8 million. The change came as AMMB Holdings had said that it would not pursue the acquisition of a 4.9 per cent stake in MAA Takaful, which had came with the original offer on MAA Assurance.

TWRREIT ... Jan10

Tower Real Estate Investment Trust will post a RM5.8 million surplus from the revaluation of its three prime land commercial properties.

These include the 32-storey Menara HLA in Jalan Kia Peng and HP Towers, which comprise two blocks of nine and 21 storeys each, in Jalan Gelenggang within the Bukit Damansara enclave. Tower had also revalued its 20-storey Menara ING, which is situated in Jalan Raja Chulan.

The purpose of the revaluation was to ascertain the current market values of Menara HLA, HP Towers and Menara ING for accounting purposes in line with the Financial Reporting Standard (FRS) 140. Under the fair value model of FRS 140, the fair value of the investment property shall reflect market conditions at the balance sheet date.

Following the revaluation which was undertaken last month (December 2009), Menara HLA now has a market value of RM295 million, a surplus of RM4.9 million on top of the commercial entity's RM290.13 million net book value as at Nov 30 2009.

Menara ING registered an almost RM0.9 million surplus, resulting in a market value of RM94 million compared with its NBV of RM93.1 million. HP Towers which is worth RM207 million, however, saw no change to its market value.
Based on Tower's latest unaudited quarterly financial statement as at Sept 30, 2009, its net asset value per unit of RM1.5994 will increase to RM1.6196 upon incorporation of the revaluation surplus of RM5.8 million.

LPI ... Jan10

Results Review & Earnings Outlook (Standard & Poor’s Equity Research)

- LPI reported 2009 net profit of MYR126.1 mln (+21% YoY) on revenue
of MYR738.3 mln (+15.6% YoY). This was slightly ahead of our
expectations, coming in higher than our full-year net profit forecast of
MYR120 mln.

- LPI's revenue rose on the back of higher growth in gross premium
underwritten. Meanwhile net profit also saw significant improvement,
supported by better underwriting results. The company’s claims ratio
improved significantly to 47% from 51% in 2008. Underwriting
improvement came predominately in the fire and miscellaneous
segments and management guides that these will be the areas which
the company will look to grow in the near- to mid-term.

- The company announced a net final dividend of 41.25 sen per share
for 2009 (2008: gross final dividend of 55 sen). Cumulative net
dividend of 67.5 sen for 2009 (2008: gross dividend of 85 sen) was,
however, lower than our forecast of 71.25 sen.

- We project its gross premium to grow by 15%-16% in 2010 and 2011,
driven by new branch openings (three new branches in 2010),
increased agency sales force and growing bancassurance sales. In
view of LPI’s prudent management record, we expect its underwriting
results to remain stable and project claims ratio of 50% in the next 2
years. Our 2010 earnings forecast is largely unchanged and we
introduce our 2011 forecast.

Recommendation & Investment Risks
- We retain our Buy recommendation on LPI and raise our target price to
MYR16 (from MYR14). Despite LPI’s stock price reaching record highs
since November 2009, we remain upbeat on the company’s prospects
going forward. We think its earnings outlook is good and its dividend
yield of 4.8% at the last traded price of MYR14.14 is decent.

- Valuation wise, while LPI trades at a premium to its peers on a PER
basis, we believe this is justified given its above industry average
underwriting margin. Moreover, its projected ROAE of 32%-33% in
2010-2011 is attractive, in our opinion.

- Our 12-month target price is derived based on a target net dividend
yield of 4.75% (from 5.25%) on our projected 2010 (from 2009) net
DPS of 75 sen. We believe that a lower net dividend yield target is
warranted, premised on the present low interest rate environment.

- The risks to our recommendation and target price include: (i) slowdown
in the Malaysian economy affecting the volume of general insurance
premiums written, (ii) weaker-than-expected investment income, and
(iii) an unexpected rise in its claims ratio exceeding industry average.

Ramunia ... Jan10

LTH is set to play a major role in Ramunia Holdings Bhd’s restructuring exercise, which could transform the latter into a major infrastructure group.

Sources say TH Technologies Sdn Bhd could be injected into the fabrication company as part of the restructuring exercise.

TH Technologies is wholly owned by Tabung Haji, which is currently the single largest shareholder in Ramunia with a 29.7% stake.

TH Technologies has just commenced its oil and gas support services with the delivery of its first deep sea anchor handling tug in Jan 2010. A second vessel is due to be delivery in Feb 2010. The company is also involved in the management of infra and building projects.

The company also has a 28% stake in Roadcare (M) Sdn Bhd, which has a 15 year concession that ends in 2016 to maintain federal roads in Selangor, Pahang, Terengganu and Kelantan.

Ramunia is proposing to hive off its fabrication yard business in Teluk Ramunia, Johor to Sime Engineering Bhd – a unit of Sime Darby Bhd – for RM530 million cash. The company will be holding an EGM on 12 Jan 2010 to obtain shareholders’ approval.

The deal to take over TH Technologies is still at the proposal stage and the acquisition could be satisfied by either cash or shares or a combination of both.

TH Technologies mainstay is in infrastructure concessions and the provision of venture capital management exercise. The company recently appointed well known property veteran Datuk Johan Ariffin as a director in Aug 2009. Johan was previously MD of TTDI Development Sdn Bhd, a unit of NAZA Group.

TH Technologies had non-current assets amounted to RM68.1 million and current assets valued at about RM62.9 million as at end Dec 2008, while current liabilities amounted to RM30.2 million.

For Ramunia, the restructuring exercise, involving RM530 million cash, would boost its cash and cash balances. At end Oct 2009 the fabricator had cash of Rm24.7 million and fixed deposits of rm659.5 million.

Ramunia’s balance sheet shows accumulated losses of RM325 million, borrowings of RM174 million and other payables of RM138.9 million. For FY2009 ended Oct 31, Ramunia incurred a net loss of RM50.2 million.
It was reported that LTH had invested about RM235 million to acquire the Ramunia shares, but the stake is now worth some RM86 million based on 43.5 sen.

Datuk Azizul Rahman Abd Samad owns 25.2% in the company.

The focus is now on Tabung Haji turning around Ramunia in the event the TH Technologies injection materialises.

笑死人的12星座宝 ... 天秤座

父亲对天天说："今天不要上学了，昨晚．．．你妈给你生了两个弟弟。你给老师说一下就行了。"

天天却回答："爸爸，我只说生了一个；另一个，我想留著下星期不想上时再说！"

（聪明、权衡利弊的天平）

笑死人的12星座宝 ... 处女座

处处对肚脐很好奇，就问爸爸。

爸爸把脐带连著胎儿与母体的道理简单地讲了一下，说："婴儿离开母体之后，医生把脐带减断，并打了一个结，後来就成了肚脐。"

处处："那医生为什么不打个蝴蝶结？"

（好奇心强又追求完美的处女）

SAPCRES ... Jan10

SAPURACREST PETROLEUM 3QE OCT 2009 NET PROFIT HIGHER BY 44%
SAPURACREST PETROLEUM posted Net Profit of RM53.4m for 3QE Oct 2009, up 44.7% from RM36.9m same quarter a year ago due to a turnaround in the Installation of Pipeline and Facilities (IPF) Division and the drilling unit.

The Company in its EXCHANGE filing Dec 29, 2009 said that Revenue was marginally lower at RM1.02 bil compared with RM1.04 bil. EPS was 4.22 sen compared with 3.14 sen.

" .... Overall the Group's PBT increased by 29.2% from RM89.5m to RM115.5m mainly due to a significant turnaround of the IPF JV, SAPURAACERGY sb, and higher dayrates for the Drilling Division despite weaker performance from the Marine Services Division, particularly in the offshore soil investigation and survey activities ...." said the Company.

9ME OCT 2009 REVENUE ROSE BY 5%
For 9ME Oct 2009, Revenue increased by 5.3% from RM2.63 bil for same period last year to RM2.77 bil for the current period. The Group's PBT for the nine months increased by 39.2% from RM209.4m to RM291.5m.

KNM ... Jan10

KNM GROUP SECURES RM143M BIOETHANOL PLANT IN THAILAND
KNM GROUP reported Jan 7, 2010 that 100%-owned, KNM PROCESS SYSTEMS sb and its affiliate KNM PROJECTS THAILAND cl, had secured a TB1.3 bil (RM143m) bioethanol project in Thailand from IMPRESS ETHANOL cl.

The project involves engineering to commissioning of a 200,000 litres per day cassava-based bioethanol plant in Chachaengsao, Thailand and is expected to be completed in 18 months.

BJCORP ... Jan10

BERJAYA CORPORATION recorded a 126.6% increase in PBT for 2QE Oct 2009 to RM178.4m from RM78.8m same quarter a year ago while Revenue grew 0.56% to RM1.61 bil from RM1.60 bil same quarter a year ago.

QOQ PBT LOWER
BERJAYA CORP said that the lower PBT for 2QE Oct 2009 r compared to 1QE Jul 2009 was mainly due to higher marketing expenditure incurred by COSWAY (M) sb in setting up franchise stores and lower net investment related income.

The higher revenue was mainly due to the gaming business having additional draws in the current quarter as well as higher sales registered by COSWAY and SINGER MALAYSIA sb, it said.

1HE OCT 2009 PBT 68% HIGHER
BERJAYA CORPORATION posted a 68.15% rise in PBT to RM362.6m for 1HE Oct 2009 compared with RM215.6m for same period a year ago.

Revenue rose 4.24% to RM3.22 bil in 1HE Oct 2009 from RM3.09 bil same period a year ago according to EXCHANGE filings Dec 23, 2009.

BERJAYA CORP said that the increase in PBT and revenue was mainly due to higher profit contributions from the consumer marketing, stock broking and general insurance businesses and higher share of profits from associated firms.

According to the Group, operating performance for the remaining quarters of the financial year will remain satisfactory as it expects the numbers forecast operators business under BERJAYA SPORTS TOTO and the direct selling business under COSWAY to remain resilient.

DIALOG ... Jan10

Oil & gas company, DIALOG GROUP which is still growing strongly has set its long-term profit target at 20% to 30% growth rate annually.

STRATEGY BASED ON RECURRING REVENUE
DIALOG Chairman and Group MD, NGAU BOON KEAT said revenue and profit growth would be underpinned by its diversified business model in O&G support services based on a recurring income stream, including in the provision of specialised services, specialist products, catalysts handling and plant maintenance.

" .... Recurring income accounts for about 70% to 80% of our bottom line ...." he told THE EDGE FINANCIAL DAILY in early Dec 2009. The integrated specialist technical services provider to the O&G and petrochemical industry reported a Net Profit of RM26.9m for 1QE Sep 2009. This was 43% higher than the RM18.8m recorded same quarter a year ago.

FYE JUN 2009 NET PROFIT ROSE 24% TO RM101M
For FYE Jun 2009, Net Profit rose 24.2% to RM101.3m from RM81.5m in FYE Jun 2008. Revenue climbed 39.6% to RM1.1 bil from RM790.5m.

PROSPECTS
" .... As for future revenue, we are looking at two-thirds coming from international and one-third from local ...." NGAU said.

For investments, DIALOG's strategy is to focus mainly on Malaysia. " .... Two-thirds of our investments will be in Malaysia as local investments are crucial to create the economic multiplier effect and the remaining one-third invested overseas ...." NGAU added. " .... Our objective is to have balanced growth and a geographical spread of the projects or businesses ...." he said.

TANJONG LANGSAT TERMINAL
DIALOG has been kept busy with projects including the Tanjung Langsat centralised terminal facilities, Pengarang deepwater petroleum terminal in southern Johor and an integrated logistics services supply base at the Jubail commercial port in Saudi Arabia.

Tanjung Langsat's total capacity will be 400,000 cubic metres when completed. In Sep 2009, phase one, with a storage capacity of 130,000 cubic metres, received its first product shipment. The second phase will be completed in Mar 2010.

PENGARANG DEEP WATER OIL TERMINAL
DIALOG said that the feasibility study and environmental impact assessment for the Pengarang project should be ready by mid-2010. The independent deepwater storage terminal for crude oil and petroleum products will cost over US$1 bil (RM3.4 bil) and occupy 202 ha. The development will stretch over 20 years and the advantage is its capability to handle very large crude carriers with a water depth up to 26 metres.

DIALOG's involvement in Pengarang is as an owner, investor and contractor, via a JV company with VOPAK ASIA pl and the Johor Government. The Pengarang project too will provide recurring income to DIALOG.

" .... The terminal will be DIALOG's third terminal and will synergise with DIALOG's investment in tankage facilities in Kertih and Tanjung Langsat ...." he said.

SAUDI SUPPLY BASE PROJECT
As for the Saudi supply base project, NGAU said DIALOG would own a 60% stake and the Saudi partner 40%. " .... The base would have equipment for offshore O&G exploration, production platforms and chemicals ...." he said. Phase one would cover 3.45 ha and phase two 28 ha.

It will be similar to EASTERN PACIFIC INDUSTRIAL CORPORATION's Kemaman supply base which is a comprehensive logistics supply base for Peninsular Malaysia's offshore petroleum exploration and production industries.

Phase one is expected to cost RM100m and financed by DIALOG and bank borrowings. Work is expected to be completed within one to two years. " .... The base, when fully developed, will occupy about 32 ha. DIALOG sees the supply base as providing sustainable and recurring income ...." NGAU said. Returns on the project should be 10% to 14% per annum over 20 years.

Saudi's Jubail Commercial Port authorities have approved the feasibility study and work on phase one is to start immediately and be developed over one to two years.

The supply base has the capacity to become a billion-dollar business when fully developed as it tapped into the growing O&G exploration industry there, NGAU said.

Most importantly, the project provides DIALOG a beachhead into the growing O&G exploration support industry in Saudi Arabia as it will be able to provide its specialised services, including technical offshore services. " .... This base will not only provide rental income but it can offer specialised services, offshore plant maintenance services ....", NGAU said. Exponential growth was five to 10 times, depending on demand, he added.

CORE STRENGTH IN CATALYST HANDLING
DIALOG's core strength has always been in its technical services, including catalyst handling, not only in engineering and construction of facilities. " .... DIALOG's business model to supply specialist services is not affected by oil price fluctuation. Our catalyst handling services are the master key for us to expand our services to the customer, including plant maintenance services ...." he said.

CASH & BANK BALANCES
DIALOG's prudent policy has seen its Cash and Bank Balances rising to RM204m as at Sep 2009, from RM178.7m in Jun 2009.

NGAU said the cash would help fund its capex and there was no need to undertake a rights issue or raise funds.

GROWTH STRATEGY & PROSPECTS IN INCREASING SHAERHOLDER VALUE
To grow the Company and tap into opportunities, DIALOG's plan is to enhance the skills of its workforce, 50% of whom are technical staff.

Indeed, DIALOG has stayed on track while other companies, which focus solely on securing contracts instead of providing the specialised services, have underperformed.

The Company has also focussed on boosting shareholders' value. Gross total returns over the past 14 years stood at 3,172%, with a compounded annual growth rate of 31%. " .... We have grown and we have not changed the story. We have a strong management, good track record and the prospects are good ...." NGAU said.

KURASIA ... Jan10

JF APEX SECURITIES BERHAD INVESTMENT RESEARCH REPORT

In its filing with Bursa Malaysia yesterday, Kurnia Asia Berhad or “KAB” has aborted its joint venture or “JV” plan in Cambodia with Canadia Investment Holding Plc
or “CIHP”. Overall, we view this development positively as KAB will be able to focus on its existing operation in Malaysia, Indonesia and Thailand. Upgrade our recommendation to BUY with target price raised to RM0.83.

Highlights
o Discontinued its JV with CIHP – KAB has aborted its JV plan in Cambodia with CIHP. In the filing to Bursa Malaysia yesterday, KAB mentioned that “KAB wishes to announce that after due deliberation by the Board of Directors of CIHP and KAPL, both parties have mutually agreed to discontinue with the proposed joint venture.”

o Comments – We were not surprised by the development as KAB has announced earlier on 31-Mar-09 that its wholly-owned subsidiary Kurnia Asia Pte. Ltd. or “KAPL” and CIHP have mutually agreed to defer their intentions to embark on the proposed JV pending improvement of the contagion effects of the global financial crisis and other factors.

o Remained focused on Malaysia, Thailand and Indonesia market – KAB operation in Malaysia has started to generate profit, but its operation in Thailand and Indonesia are still in net loss position. In Indonesia, the Group recorded net loss of RM6.42m in the quarter ended 30-Sep-09. Besides that, the Group’s associate in Thailand is also facing loss with KAB’s equity-accounted associate loss is RM0.15m.

o Positive on the JV termination in Cambodia - We viewed the termination of the JV in Cambodia positively as we believe that the operation in Cambodia may be too risky and may caused KAB to suffer loss in the early stage due to the longer than expected gestation period.

o BUY with target price raised to RM0.83 – By pegging our estimated industry PER of 12.7x for KAB into our forecasted EPS2010 of 6.53 sen, we derive our target price for KAB at RM0.83. Accordingly, we have upgraded our recommendation to BUY. Overall, we view the termination of Cambodia JV positively as KAB will be able to focus on its existing operation in Malaysia, Indonesia and Thailand.

CIHLDG ...Jan10

Results highlights
• Above expectations; maintain BUY. CI Holdings (CIH) had a juicy start to FY6/10, with 1Q net profit surging 83% yoy and 11% qoq to RM8.1m, which works out to 35% of our full-year forecast and consensus estimate. Although 1Q benefited from a seasonal boost from Hari Raya stocking-up by retailers, we still consider the performance to be above expectations. The absence of an interim dividend was expected. Taking our cue from the strong 1Q performance, we raise our EPS forecasts by 14.0% for FY10, 15.5% for FY11 and 17% for FY12 and increase our FY10-12 DPS forecasts from 7 sen to 8 sen. Note that we are also revising our fully enlarged share base assumptions from 187m to 142m as some of its warrants expired unconverted. The EPS upgrades, a smaller share base and the rollover of our valuation horizon to CY11 push our target price from RM1.98 to RM2.46 even though we now peg it to a 20% discount (previously zero) to our 15x target market P/E to factor in the stock’s relatively low liquidity. CIH remains firmly a BUY as the stock could be in for a re-rating given an increasingly marketable product line. The dividend yield of 5.1% is an additional attraction.

• Tropicana and Lipton Tea lead the markets. Much of the earnings surge in 1Q came from the strong response to the Tropicana fruit juices and Lipton Tea range. Launched in Mar 08, Tropicana, a PepsiCo brand, is leading the chilled ready-todrink
(RTD) juice segment with a market share of 32%, followed by Marigold Peel Fresh with 30% share and Sunkist with a 13% slice of the market. Lipton Tea is also a leader in the RTD tea market with some 30% market share.

• Shift to non-carbonated drinks. 90% of CIH’s revenue comes from the beverage business while the remaining 10% comes from the sanitary and tapware business. Capitalising on the rising consumer demand for non-carbonated beverages, CIH has launched new Tropicana variants (i.e. Tropicana 100% Pure Premium Orange Juice) and Gatorade sports drinks (i.e. Gatorade Grapefruit and Gatorade Tiger). Currently, the revenue split between non-carbonated and carbonated drinks stands at 35:65 but it is expected to hit 50:50 in two years’ time.

Recommendation
Improved distribution.
Another contributing factor to the strong earnings is the reduction of middleman fees as CIH now handles the bulk of the distribution itself. Its products ultimately reach 36,595 outlets nationwide, ranging from major accounts such as hypermarkets (Tesco, Carrefour and Giant), fast-food outlets (KFC and Pizza Hut) and convenience stores (petrol stations and 7-Eleven) to supermarkets and school canteens. Net margin improved from 4.9% in 1Q09 to 6.6% in 1Q10.

Share price jump is justified.
YTD, the share price has risen by 63%, outperforming the FBM KLCI by 21% (Figure 4). In our view, the share price increase reflects investors’ recognition of the strategic direction that CIH is taking and management’s dynamism which has been instrumental in turning around this once debt-ridden company. 1Q10 is CIH’s 13th consecutive quarter of profits.

Maintain BUY.
Taking our cue from the strong 1Q performance, we raise our EPS forecasts by 14.0% for FY10, 15.5% for FY11 and 17% for FY12 and increase our DPS forecasts from 7 sen to 8 sen each year in FY10-12. Note that we are also revising our fully enlarged share base assumptions from 187m to 142m as some warrants expired unconverted. The EPS upgrades, a smaller share base and the rollover of our valuation horizon to CY11 push our target price from RM1.98 to RM2.46 even though we now peg it to a 20% discount (previously zero) to our 15x target market P/E to actor in the stock’s relatively low liquidity. CIH remains firmly a BUY as the stock could be in for a re-rating given an increasingly marketable product line. The dividend yield of 5.1% is an additional attraction.

SILKHLD ... Jan10

SILK HOLDINGS' Net Profit for 1QE Oct 2009 rose 60.6% to RM3.5m from RM2.1m same quarter a year ago due to contributions from its oil and gas division.

Revenue increased 54.3% to RM48.8m from RM31.6m while EPS improved to 1.61 sen from 1.22 sen.

SILK said the Group recorded higher revenue and PBT from same quarter a year earlier, mainly due to the commencement of three new vessels subsequent to that period.

The increase from Oil & Gas Division had more than offset the RM1.7m loss attributable to 17 days' negative contribution from the Highway Division said the Company in its EXCHANGE filing on Dec 9, 2009.

PROSPECTS
Going forward, SILK said contributions from the Oil & Gas Division would remain positive as all vessels had been on long-term contracts of one to seven years.

The Company also said that traffic volume on the Kajang-SILK Expressway would continue to grow in the near term, as experienced in the current period under review. However, the Highway Division would continue to record accounting losses, albeit on a declining basis, it said.

" .... The Group is expected to remain Cash Flow positive as a result of additional contributions from the Oil & Gas Division, and the restructuring of the Long-Term Islamic Debt whereby the Company is obliged to pay until Jan 25, 2015 but limited to the available Cash Flow generated from the Kajang-SILK Highway ...." SILK said.

Tanjong ...Jan10

Power and gaming company TANJONG plc recorded Net Profit of RM177.7m for 3QE Oct 2009 compared with RM97.1m in same quarter a year ago. Earnings were boosted by the overseas power plants.

In the Company's EXCHANGE filing, Dec 11, 2009, the Companys said that revenue was marginally lower at RM985.1m compared with RM986.5m same quarter a year ago. EPS was 44.08 sen compared with 24.09 sen.

THIRD INTERIM DIVIDEND
The Company declared a Third Interim Gross Dividend of 17.5 sen per share for FYE Jan 31, 2010. The dividend will be paid on Jan 15, 2010 to shareholders who are on the record of the company as at Jan 4, 2010.

TANJONG's power-generation revenue decreased by RM21m to RM717m due to a reduction in energy billings by Malaysian power plants, offset by increased revenue from overseas power plants.

GAMING REVENUE
Gaming revenue increased by RM16m to RM178m due to seven additional draws.

Group PBT for 3QE Oct 2009 increased from RM139m to RM253m due to a higher contribution from overseas power plants, lower corporate and business development costs and a RM55m provision for windfall profit levy in the corresponding quarter.

Quality ... Jan10

Standard & Poor's
Results Review & Earnings Outlook

• Quality Concrete’s 9MFY10 (Jan) results exceeded expectations when
net profit of MYR0.8 mln came in above our full-year forecast of
MYR0.4 mln, as a result of a higher-than-expected operating margin.

• 9MFY10 revenue was 9.1% YoY lower, dragged down primarily by its
timber division, which continued to suffer from slow overseas sales. At
the same time, lower demand and higher cost of its ready-mixed
concrete (RMC) division also contributed to its 32.7% YoY decline in
operating profit.

• In contrast, 3QFY10’s QoQ performance was much improved, as
revenue came in 27.9% QoQ higher. The better results can be
attributable to rising sales from its HDPE pipes and property divisions.
In addition, the group managed to dispose of some quoted
investments, which helped boost pretax profit to MYR1.9 mln (from
MYR0.3 mln in 2QFY10).

• We have raised our margin estimates to reflect the improved outlook
of Quality Concrete’s operations. We lift our FY10 and FY11 net profit
forecasts to MYR1.9 mln (from MYR0.4 mln) and MYR2.9 mln (from
MYR1.5 mln). We look for improved performance in FY11 when the
bulk of government stimulus policies are well underway.


Recommendation & Investment Risks

• We maintain our Buy recommendation on Quality Concrete with a
higher 12-month target price of MYR1.25 (from MYR1.20 previously).

• Our target price continues to be based on a P/B relative valuation
methodology. We maintain our target P/B multiple at 0.5x (unchanged),
which is based on the group’s historical P/B trading average, and apply
it to our estimated FY11 (rolled over from FY10) BVPS.

• We believe the worst is over for Quality Concrete, with the impending
rollout of more stimulus and Sarawak Corridor of Renewable Energy
(SCORE) projects over the next six to nine months. As such, we
believe Quality Concrete’s share price may track the improved outlook.

• Risks to our recommendation and target price include the cancelation
or deferment of major infrastructure projects in Sarawak and higherthan-
expected raw material prices.

笑死人的12星座宝 ... 狮子座

狮狮去参加奶奶的寿宴。到了吃寿包的时候，狮狮问："我们为什么要吃这种像屁股的寿包？"

众人听了脸色大变。

接著狮狮拨开寿包，看看里面的豆沙，说："奶奶，快看！里面还有大便！"

众人晕的晕，吐的吐。

（以自我感受、不怕旁人眼光的骄傲的狮子）

笑死人的12星座宝 ... 巨蟹座

公车上，蟹蟹说："今晚我要和妈妈睡！"

妈妈问道："你将来娶了媳妇也和妈妈睡阿？"

蟹蟹不假思索："嗯！"

妈妈又问："那你媳妇怎么办？"

蟹蟹想了半天，说："好办，让她跟爸爸睡！"

妈妈："！＠＃＄％︿＆＊（……—"

再看爸爸，已经热泪盈眶啦！

（恋母情结、依恋的巨蟹）

Happy New Year 2010

To all my reader:-
Happy New Year 2010.