GPacket ... May11

Green Packet Bhd is on track to achieve its EBITDA (earnings before interest, taxes, depreciation and amortisation) break-even target by end 2011.

For the first quarter of this year (Q1 2011), the group recorded a net loss of RM37.9mil, representing a 13% year-on-year decrease (compared with a net loss of RM43.5mil in the same period last year).

The group's revenue jumped 40% year-on-year to RM121.7mil (compared with RM86.8mil in the same period last year).

Total EBITDA losses decreased by 48% from RM29.8mil to RM15.4mil year-on-year.

As at March 31, the group's subsidiary and 4G operator Packet One Networks (M) Sdn Bhd (P1) has 1,009 sites covering about 46% of the population nationwide.

In Q1 2011, P1 added 31,000 subscribers to bring its base to 305,000 subscribers. P1's average revenue per user (ARPU) increased slightly to RM73 in Q1, from RM72 in the preceeding quarter, due to better take-up of higher value fixed wireless broadband packages.

The group is aiming to launch its LTE devices by the end of 2011, and service the China market with its LTE portfolio. With the highly anticipated adoption of LTE driven by the two largest markets in the world, namely China and India, P1 is looking to completely migrate to TD-LTE in 2014 or earlier.

YNHPROP ... May11

YNH Property Bhd plans to launch properties with a gross development value (GDV) of RM5 billion in 2011, including the delayed Menara YNH project in Jalan Sultan

YNH is currently in talks with various parties on a potential joint venture to develop the project.

Menara YNH, with a current estimated GDV of RM2.1 billion, is seen as a major catalyst to YNH’s bottom line growth. The project has been delayed several times since 2006, as deals with two perspective buyers terminated in the past. But market observers said with the property sector heating up again the project may see a chance of revival.

YNH had originally tied up with Singapore property giant CapitaLand Ltd for the project. The two companies signed an MoU in December 2006 to jointly develop Menara YNH on a 60:40 basis. Construction was originally slated to begin in mid-2007 with completion by end-2011. But in June 2007, the MoU was terminated.

Then in January 2008, YNH announced that it would sell half of the Menara YNH project to Kuwait Finance House (KFH) for RM920 million. The sale involved an area of 750,000 sq ft at a price of RM1,230 psf, which at that time set a new record as it was about 10% higher than the record price commanded by the 36-storey Glomac Tower nearby.

KFH was supposed to take up half of the building with the rest to be sold to other buyers. YNH received RM1.84 billion in total proceeds from selling the entire project. But the KFH sale fell through due to the global financial crisis. In December 2009, KFH informed YNH that it would not proceed with the formalisation of the sale and purchase agreement.

Menara YNH would be now launched in different components — starting with the retail portion, followed by the serviced apartments and offices. YNH is keeping its options open for now on whether it would sell the tower en bloc or on a strata title basis, depending on demand.

YNHP had intended to keep 50% of Menara YNH as an investment property and it would be used as the company’s future corporate headquarters.

Menara YNH forms almost half of YNH’s estimated RM5 billion worth of property launches in 2011. Another of the company’s major launches is the RM1.2 billion “Kiara 163” mixed project, located beside Plaza Mont’Kiara.

So far till May 2011, YNH has launched RM650 million worth of serviced apartments at its “Fraser Residence” project in Jalan Ampang and Jalan Sultan Ismail, and about RM300 million worth of properties at its Seri Manjung township project in Manjung, Perak.

In FY10, YNH’s net profit rose 10% to RM56.96 million while revenue was up 2% to RM252.13 million. YNH yesterday reported 1QFY11 net profit of RM15.8 million and revenue of RM55.3 million.

3A ... May11

F&B ingredients maker Three-A Resources Bhd is riding on its enlarged local capacity and partnership with agribusiness behemoth Wilmar International Ltd in China, locally in spite of pressures on margins from runaway raw material costs.

The company expects momentum to pick up later 2011 as more of its expanded manufacturing capacity is utilized.

The construction of the multi-storey manufacturing plant in China, which is easily three times the size of Three-A’s operations in Malaysia, is on track for completion as early as the third quarter 2011. Jointly owned with Wilmar via Three-A (Qinhuangdao) Food Industries Co Ltd, the China plant is to manufacture F&B ingredients like hydrolysed vegetable protein (HVP), a food flavour enhancer found in various processed food such as soups, sauces, dips, dressings, seasoning and snack food, among other things.

Only RM4.14 million of the RM20 million set aside for the JV had been utilised in 2010. The remaining amount for overseas investment is expected to be fully utilized in 2011.

AFG ... May11

Alliance Financial Group (AFG) is aiming for non-interest income to contribute 30% to total revenue compared wuth 20% currently.

The higher contribution will be derived from fees, commissions and other activities from remittances, share trading commission and treasury activities.

It was merely speculation on reports that its strategic shareholder, Langkah Bahagia, was looking to exit. Earlier news reports said that AFG's strategic shareholder, Langkah Bahagia, was looking to exit and that might result in a potential merger and acquisition (M&A) for the group.

Langkah Bahagia effectively owns 14.8% of AFG via Vertical Theme which is a joint venture between Langkah Bahagia (51%) and Temasek (41%) that collectively owns 29% of AFG.

At the moment, AFG is not looking for an M&A. It also has no plans to merge with a rival as the industry consolidates further. Observers have long seen AFG as a compelling takeover target given its size and healthy balance sheet. Talk of a possible merger intensified recently on reports that its strategic shareholder, Langkah Bahagia, which effectively owns a 14.8 per cent stake, was looking to exit.

AFG's board spent a great deal of time on its balance sheet, something many other banks had lost focus on as they paid more attention to their profit-and-loss.

AFG, which has built a niche in the consumer and small-to-medium enterprise banking segments, saw its net profit rise to RM301.4 million in the year ended March 31 last year, from RM229.1 million before.

珍惜

我們要珍惜每一段關係。
假設你還能活 60 年好了 !

等你 60 年後，快死之前，請你拿起一隻筆和一張紙，
想一想，寫下你這一生中「真正愛過」的 10 個人。
爸媽兄弟姊妹都可以，是真正愛過的喔 !

那種只愛三個禮拜的不算是真愛。
能寫到超過是最好，不到 10 個也沒關係。

我現在想，我就好像寫不來 10 個呢！
我是不是真正愛我方爸媽都不太確定。

因為你真正愛一個人會一年只見他三次面嗎 ?
不會吧！一定是巴不得每天都能看到他 ( 她 ) 的是吧！
可是現在都有自己的家庭了，所以一年大概也只回去三次而已。

紙翻過來再寫，這一生中「真正愛過你」的 10 個人，
如果你真能寫到 10 個那你可真的很幸運很幸福了 !!

還有一個小故事 !
大意是說一個即將升職的男人，
因為她老婆突然罹患老年癡呆症，
朋友們都建議他把老婆送到醫院治療兼療養。 ,
他考慮了一星期後遞出了辭呈。

朋友們都很驚訝、錯愕，紛紛詢問他為什麼要放棄升遷的機會呢 ?
他的人生就將要達到最高峰了啊！

尊重

男生在發展關係的同時能尊重對方的意願，
能把主控權交給女生的才是好男生。

艾斯德講的是「兩個人在一起要學會尊重彼此的任何決定」。
意見不合可以溝通，
因為無論從人權、人性來說，男女生都是站在平等地位上的。

我告訴朋友 --- 尊重，是最重要的!
如果他( 她 )會尊重你，意即什麼都好，都是能商量的。
會把你放在平等地位上看待的這男生或女生就不會糟到哪裡去。

Allianz ... May11

TA Security Research:-

1. 1Q2011 Result Highlights/ Review

1Q FY11 results came within expectations. Allianz reported stronger net profit of RM33.7mn vs. RM23.2mn a year ago. This accounted for 23.7% and 25.4% of ours’ and consensus’ full year net profit estimates of RM142.0mn and RM138.5mn respectively.

The stronger YoY performance was underpinned by higher gross earned premiums (+2.6% YoY or RM15.2mn) and investment income (+28.8% YoY or RM11.9mn). The increase was however, muted by a 34.1% YoY decline in fee and commission income coupled with a 21.1% YoY jump in net benefits and claims and higher taxes. The tax rate increased to 36.3% from 35.2% in 1Q FY10.

By segment, the general business saw a 40.3% jump in segment profit despite the slight 2.4% decline in operating revenue. This was due to an increase in underwriting profit from this segment. Meanwhile, profit from Life business grew at a robust pace of 83.5% YoY – driven by a 13% YoY jump in operating revenue.

1Q is traditionally weaker vis-à-vis the previous quarter. For Allianz, 1Q FY11 net profit slipped by
close to 20% QoQ from RM41.8mn in 4Q FY10. The decline was mostly attributed to the transfer of
surplus of RM15.0mn from the Life fund to the Shareholders’ fund in 4Q. Note that this is performed
on a yearly basis before the end of the FY. Elsewhere, operating revenue fell by 1.6% to RM653.4mn (from
RM663.8mn in 4Q FY10) on the back of lower gross earned premiums from the life insurance business.

2. Impact
No change to our earnings estimates.

3. Outlook
We expect the strong earnings momentum to continue this year. We are forecasting net profit growth of 9.9%
and 11.2% for FY11 and FY12. This is on the back of a 12.2% and 12.3% jump in net earned premiums,
conservative 5% growth in other revenues (comprising investment income, realized gains and losses, fair value gains and losses, fee and commission income and other operating income). Although we also forecast net claim and other expenses to increase in tandem with higher sales, we are projecting lower claims ratio due to the improved macro climate.

We note that our projections are in line with management’s 10% growth guidance for 2011. Key growth areas include: 1) underwriting several construction related risks for projects under the ETP, and 2) the motor insurance segment. Here, management sees car sales to remain buoyant. MAA is projecting TIV of 618k units in 2011 vs. 605k in 2010. We note that motor insurance account for 48% of Allianz’s general insurance premiums.

We also foresee BNM’s new motor cover framework to be accretive to Allianz’s earnings given that the motor business accounts for close to half of the non-life total gross written premiums. However, we believe the new directive to charge owners of private vehicles that are more than 10 years old normal market premium rates for their motor insurance vs. 200% and 300% above the normal rates previously could be a dampener although we do not foresee the impact to be significant.

In Dec 2010, Allianz announced that BNM had granted approval to them to commence negotiation with MNRB Holdings Bhd to acquire an equity interest in Takaful Ikhlas Sdn Bhd. There are no new updates on this development at this juncture. We believe a Takaful license would bode well for the group’s future earnings.

4. Valuation and recommendation
We fairly value Allianz at RM5.80 (based on a 30% discount to industry’s target PER of 9x on FY11 EPS of
RM0.92/share). We believe the discount is justified due to the stock’s tight liquidity and smaller market cap compared to larger players such as LPI Cap, Manulife and Pacificmas. Buy maintained.

Pensonic ... May11

Pensonic Holdings Bhd, which is spearheading the government’s EHA segment of the entry point project (EPP) under the Economic Tranformation Programme (ETP).

From manufacturing, importing, exporting, distributing and marketing its own brand of EHAs for the domestic and international markets, Pensonic is also engaged in own design manufacturing (ODM) for several international brands.

Pensonic has 10 branches with more than 900 dealers nationwide and its products are exported to 30 countries in Asean, East Asia, West Asia and the Middle East.

Pensonic also holds the sole distribution rights in Malaysia for internationally renowned home appliance brands like Princess of Holland, GE Appliances from the US and Morphy Richards from the UK.

Tapping on the strength of the “Malaysian” brand, especially in the Middle Eastern countries and also Asean, Pensonic succeeded in penetrating those markets.

Pensonic has mapped out an aggressive growth plan for the next five years with two core activities — to continue building its brand and acquiring regional brands to add to its stable of products besides carrying out research and development for its own brands and continuing with ODM for international brands, mostly renowned Japanese names.

With plans to invest up to RM60 million over the next five years, the company is looking out for two plots of land, six acres each on mainland Penang.

XinQuan ... May11

Mercury Securities Sdn Bhd Research:-

Xingquan’s 3Q/FY11 (quarter ended 31st March 2011) results were generally within our earlier expectations.

“Results in-line”
The group’s 3Q/FY11 revenue of RM178.5 million was 8.6% higher y-o-y while its profit before tax (PBT) of RM36.5 million was lower by 2.3% y-o-y. The increase in revenue was contributed by the increase in sales volume of shoe soles and also the increase in ASPs (average selling prices) of its shoes and apparels. Group 9M/FY11 revenue was up by 17.0% y-o-y to RM527.7 million.

“Higher ASPs”
The group’s 3Q/FY11 net profit after tax (NPAT) was lower by 8.0% y-o-y. The increase in selling and distribution expenses was mainly due to expenses related to outlet-renovation subsidies, outlet-display shelves and expansion of sales network. The higher effective tax rate was attributed to the provision for deferred tax liabilities.

Comparing q-o-q versus the preceding 2Q/FY11, the group’s 3Q/FY11 revenue was lower by 6.4%. This decrease in revenue was due to the slight decrease in sales due to the lower ASPs typically generated for Spring/Summer shoes, apparels and accessories. ASPs for Autumn/Winter products are typically higher. The group’s 3Q/FY11 PBT was higher by 10.6% q-o-q, mainly due to the lower selling and distribution costs during the quarter.

OUTLOOK/CORP. UPDATES
Currently, Xingquan’s prospects for the coming year appear promising, due to the strong demand for consumer goods in China’s domestic market. The country’s leadership had targeted a future economic growth rate of at least 7% per annum.

“Strong demand from China middle class”
Xingquan primarily targets the middle class segment in China, focusing on an increasingly urban and discerning population within the 10-40 years age-group.

China’s middle class had increased by 22.1% to 80 million people in January 2007, up from just 65.5 million people in January 2005 and this segment is expected to increase to a huge number of 700 million people by the year 2020. With purchasing power increasing among Chinese consumers, especially among the emerging middle class, private consumption is seen as a major driver for the growth of the Chinese economy in the future.

The rising affluence in China would also lead to continued growth in consumer expenditure on leisure activities, sporting activities, entertainment and sports shoes/apparels. The PRC government also has various efforts in promoting healthy lifestyle and organisation of major sporting events. All this augurs well for the demand of sports shoes, apparels, accessories and equipments.

“Increasing production capacity”
Xingquan had started production at its new plant during the month of February 2011. Currently, there are 6 productions lines at the new plant, of which 5 are already in full operation. The group plans to add 2 more lines during the next 12 months, bring its production capacity to around 8 million pairs of shoes a year. At the group’s existing plant, new production lines are being added for shoe soles and this may increase its production capacity by around 20%, to around 22 million pairs of shoe soles per year.

Xingquan’s products are currently available across 26 provinces in China. The group targets to have approximately 2300 stores by June 2011 and is on track to achieve this target. As at 31st December 2010, the group has 2100 stores. The group plans to expand into 5 new provinces and autonomous regions, namely Shaanxi, Gansu, Qing Hai, Ningxia and Guizhou. The group’s stores are typically located in popular shopping areas within first, second and third tier cities in China.

“Promising sales for Gertop brand”
The group’s efforts in growing its brand Gertop as an up and coming outdoor casual wear brand in China has been encouraging. Orders for Gertop products during the Spring/Summer Show 2011 exceeded earlier sales at trade shows. The rapidly growing Gertop brand is now present at Xingquan’s more than 2100 points-of-sales across China.

Xingquan’s management has focused its business operations to cater for the outdoor shoes and apparels market segment. Outdoor wear are usually made of tougher materials and meant for harsher weather and physical activities (e.g. mountain climbing, hiking and hunting). The outdoor shoe and apparel segment is currently not as competitive as the sports shoe and apparel segment. Nevertheless, Xingquan faces competition from outdoor brands such as The North Face, Columbia, Timberland, Toread, Ozark, Kolumb, Jeep and Camel.

VALUATION/CONCLUSION
We are comfortable with Xingquan’s expansion plans, business model and strategy, going forward. China’s economy is still growing at a strong pace while its expanding middle class would contribute to the strong demand for consumer products, such as shoes and apparels.

Xingquan had paid out a tax-exempt final dividend of RM0.025 per share for its FY10 during December 2010. Earlier on, the group had also paid out a similar amount of interim dividend for its FY10. The group’s management has targeted a dividend payout of at least 10-20% of its net profits after tax.

With an adjusted beta of 0.65 to the KLCI, Xingquan (-20.3%) has underperformed the KLCI (+1.65%) this year. In recent months, Xingquan’s stock price had experienced some weakness. In recent months, equity markets have been impacted by the political unrest in the Middle East/North Africa, public debt issue in Europe and also the Tohoku tsunami/earthquake in Japan.

“Maintain Buy Call”
Based on our forecast of Xingquan’s FY11 EPS and an estimated P/E of 5 times (within its historical range), we set a FY11-end Target Price (TP) of RM1.90. This TP represents a substantial 61.4% upside from its current market price. Our TP for Xingquan reflects a P/BV of 1.3 times over its FY11E BV/share. Meanwhile, the regional Footwear sector’s average P/E and P/BV is 19.2 times and 1.9 times, respectively.
“Seriously Undemanding valuations”

We find that the group’s FY11F P/E and P/BV valuations are not pricey at all, while it has reasonably solid dividend yields and ROEs. The group is also in a net cash position. We nevertheless note that its share price has not appreciated in tandem with its earnings performance.

JTI ... May11

It is gaining attention from investors despite the numerous challenges the tobacco sector continues to face.

JTI’s share price has more than doubled from RM3 since 2008, which is a contrast to the perception that defensive stocks are usually less exciting in terms of share price movement. The cigarette maker’s generous dividend payments and capital repayments in recent years help sustain investing interest in JTI.

But what about the company’s earnings prospects, which determine how generous JTI could be in franking out dividend?

Fundamentally, JTI is sound, with cash and cash equivalents standing at RM235.1 million as at March 31.

Its latest first quarter from RM313.2 million to RM290.7 million, net profit still remained fairly steady at RM34.5 million compared with RM37.8 million for the previous year’s corresponding quarter.

The industry in general is facing hard times due to the increased percentage of illegal cigarettes, which have chipped away at legal total industry volume even as the government takes a tougher anti-smoking stance. Illegal cigarettes have seen their percentage increase since 2004. It hit a peak in 2009, making up 37.5% of the total market. Increased reinforcement has helped that number to decline slightly to 36.3% for 2010.

Most in the industry are concerned about the rising level of illicit cigarettes as the numbers continue to climb. While most are not planning to shift operations away from Malaysia yet, once the level reaches more than 50%, it will prove impossible for international tobacco companies to continue to manufacture here,” said an industry observer.

JTI’s cash pile could mean that the company is eyeing acquisition targets, possibly in the food and beverage segment, as its parent is also involved in similar ventures.

Deleum ... May11

Oil and gas services provider Deleum Bhd is ramping up to grow its business.

It is currently tendering for around RM200 million worth of jobs encompassing the inventory business, and the services and equipment side. The tenders run from now until the middle of next year (2012).

Currently, Deleum has a number of projects under its belt with a collective contract value of RM1 billion that span until 2016.

For 1QFY11 ended March 31, Deleum saw its net profit up by 21.4% year-on-year to RM5.7 million from RM4.7 million. Revenue for the period rose to RM128.4 million from RM78 million.

The current crop of contracts for Deleum is based locally and the company would continue to focus on home shores and are looking at possibly branching into Indonesia and Brunei.

Among Deleum’s future strategies include merger and acquisition (M&A) activities.

Deleum’s last acquisition was Rotary Technical Services Sdn Bhd in July 2010 or RM8.7 million. Rotary provides servicing, repair, modification and upgrading of machinery and equipment.

As at end-March, Deleum’s cash and bank balances stood at RM8.3 million, with collective borrowings at RM19.7 million.

Currently we are budgeting capital expenditure for the year to be around RM20 million.

Tenaga ... May11

Reported that following price hikes for petrol and sugar, the government is due to increase electricity tariff.

However, according to sources, no official announcement has been made by the

ministry to national power provider Tenaga Nasional Bhd (TNB) and that a hike could come sometime in June 2011.

According to Performance Management and Delivery Unit's (Pemandu) subsidy rationalisation plan, electricity tariffs will be increased by 2.4 sen/kWh initially, followed by 1.6 sen/kWh increase in every six months over the next five years until July 2014. Currently, the average electricity tariff stands at 31.3 sen/kWh.

TNB has had its base tariff hike (2% to 3% adjustment for every three years to account for inflation) frozen since 2009. Its current tariff (effectively at 31.2 sen per kWh) only covers the coal cost up to US$85 per tonne versus the current coal price estimates of US$117 per tonne.

TNB had clarified that the utility giant had no timeline indications from the Government for the tariff review, other than the fact that the Government wanted to push through the subsidy rationalisation plans as proposed by Pemandu.

Any tariff hike will fully compensate for subsidised gas price hikes, hence, a neutral impact on TNB.

Although the exact quantum of the hike is still not known, it is expected that the new tariff will take into account TNB’s coal price over the past two quarters. The hike could come in between 3% and 6%. There could be a small hike on the cards for TNB as it needed a 1% rise to cover the government’s renewable energy feed-in-tariff scheme.

For 2QFY10 ended Feb 28, Tenaga’s coal price averaged around US$100 (RM302) per tonne, which was similar to the price in 1Q. The current electricity tariff has coal prices pegged at US$85 per tonne.

It should be noted that although the bulk of the country’s power comes from gas rather than coal, due to the price of the former being fixed, it is the costs of the latter that have been weighing down on TNB. According to the annual report for FY10 ended Aug 31, TNB’s generation mix comprises 53.1% gas and 34.1% coal.

However, the curtailment by national oil company Petroliam Nasional Bhd (Petronas) has meant that the national power player is using a higher amount of coal that translates into higher operating expenses.

In comparison, for 2QFY10, Tenaga’s operating expenses came in at RM6.17 billion and in 2QFY11, operating expenses rose 14.9% to RM7.09 billion. 

It is still uncertain at this point whether the increase will come hand-in-hand with a rise in gas prices. However, the possibility that gas prices will also increase cannot be ruled out given Petronas’ open stance that gas prices should also be allowed to adjust in line with market prices.

The last adjustment was in March 2009, when the government had brought down the electricity tariff along with the price of gas following the plunge in oil price as a result of the global financial crisis. Since then, the government has committed to reviewing the electricity tariff every six months.

TNB has been lobbying for the tariff adjustment as higher coal prices continue to bite into the company’s bottom line.

Bjcorp ... May11

Berjaya Corp Bhd (BCorp) is to secure another three projects in China’s waste management sector totalling 500 million yuan (RM233.2 million) in the next few months, increasing the total value of such projects in the mainland to one billion yuan.

The projects will be related to incinerator, landfill, wastewater treatment and potable water treatment in the Guangdong province.

Presently, BCorp has three such projects in China worth 500 million yuan and with the additional three, total project value would hit the one billion mark by 2011. With more projects in the portfolio, the group’s waste management division in China could meet the criteria to list in Hong Kong, China or the Singapore Stock Exchange.

BCorp’s first waste management project in China is the Bainikeng Sanitary Landfill in Sanshui district in Foshan city, Guangdong. The project costs 264 million yuan with projected revenue of 1.5 billion yuan over its 28-year concession period (which includes the one year construction period).

BCorp is now constructing its second waste management project, the Xinan Jinben Wastewater Treatment Plant in Sanshui which will be in operation by June 2012. The Xinan Jinben project would cost 119 million yuan with a total projected revenue of 768 million yuan over the 25-year concession period. Located on a four hectare site near the Jinben Industrial Park, the Xinan Jinben water treatment plant is expected to treat 30% sewage and 70% industrial wastewater from beverage manufacturing plants such as Budweiser, Coca-cola, Red Bull, Yeo’s and Tsingtao beer operating nearby.

BCorp’s third waste management project in China is a wastewater treatment plant in Jiangnan, also in Guangdong province, where construction is expected to begin next year. This plant, which will treat sewage from residential homes, will cost 120 million yuan with a capacity of 40 million litres per day (MLD) and with also a 25-year concession.

Three projects are under a long term build-operate-transfer (BOT) basis which is ideal for BCorp if it plans to seek listing for its China waste management division to raise funds.

The group will leverage on its projects in China to solicit for more projects in the country.

Time/Timecom ... May11

It is learnt that UEM Group has received several propositions to divest its IT arm. Sources say among the interested parties are private firm Halal Capital Sdn Bhd and a company led by a member of the Kelantan royal family.

A source says Halal Capital has submitted a formal proposal to acquire Time Engineering, but details of the proposals are unknown. The status of the other bid is not known.

Halal Capital’s nature of business is Islamic Investment and general trading. The company’s largest shareholder and director is Siti Fatimah, who is said to have links with former top officials of Nascom.

It is not clear how much of its 45.03% equity interst UWM wants to dispose of, but a sale of more than 3.3% could trigger a MGO if a waiver is not obtained.

Time Engineering’s net assets per share stood at 42 sen as at end Dec 2010. It has cash and cash equivalents of rm102 million and debts of some rm264 million in the form of loan stocks as at end FY2010 ended Dec 31.

Its main assets is its 24.74% stake in TimeDotCom.

Time Engineering is seeking shareholders’ approval at an EGM on June 6 2011 to sell its entire stake in TDC at not less than 48 sen per share on a renounceable offer for sale on the basis of right offer shares for every 10 Time Engineering.

Sources say the sale of the TDC shares to Time Engineering shareholders could be at about 48 sen.

Assuming as sale of 48 sen per share, Time Engineering’s stake in TDC could fetch about rm300 million. The proceeds raised would be used to redeem its RSLS and for working capital. This would leave Time Engineering debt free and with excess cash of bout rm100 million.

Additionally Time Engineering has a 71% stake in Dagang Net technologies Sdn Bhd, which ahs been appointed the service provider to develop Malaysia’s national Single Window trade facilitation system by the finance ministry. Sources say the remaining 29% is owned by Bank Islam, LTH, Datuk Syed Hussein And Juara Holdings.

Previously, Time Engineering had received a rm100 million offer for its stake in Dagang Net, but it turned it down as the bid was too low.

Fitter ... May11

Institutional equity funds now own nearly 15 per cent of Fitters Diversified Bhd, the country's biggest fire-fighting specialist by sales.

Datuk Richard Wong Swee Yee owns slightly more than 30 per cent of the company.

As at April 30 2010, long-term funds owned less than two per cent of the company.

The company's shareholding list shows the sole fund which has a stake in the company was Assar Asset Management Sdn Bhd. Assar is holding the shares for Lembaga Kumpulan Wang Kawasan Konsesi Hutan and the Sarawak Timber Industry Development Corp.

Since then, among the foreign funds that have taken up position in the company are funds linked to Allianz SE, Europe's largest insurer by gross premiums and market capitalisation, and Prudential Life Insurance Company.

Domestic fund managers who have a stake in the company are the UOB-OSK fund and funds linked to the CIMB Group, the country's second largest financial services provider.

For the first quarter ended March 31 2011, Fitters' revenue grew by nearly 300 per cent to RM102.75 million versus RM35.03 million in the same period a year ago.

Pre-tax profit at the group level, meanwhile, surged by 200 per cent to RM8.25 million from RM3.36 million a year ago.
The increase in revenue and profit in the first quarter was "dramatic", considering that for the financial year ended December 31 2010, Fitters' group level revenue was RM189.75 million.

It is banking on converting palm oil mills into green mills, as the next earnings enhancer for Fitters. The company is talking with several millers, and hope to sign a minimum of three mills in 2011.

TWS ... May11

TWS owned 69.76% stake in TWP as at April 16, 2010, is majority owned by Tan Sri Syed Mokhtar, a 42.97% stake holder as at April 30, 2010. Syed Mokhtar also held a 71.48% stake in the company as at April 30, 2010.

The market is expecting the companies to undertake corporate exercises, following the various deals seen at Syed Mokhtar’s other companies.

A TWC official said he is unaware of any corporate exercise for the group. Another story is the development of a multi building project where TWC’s Crowne Plaza hotel is located. The development will include an underground MRT station as part of the Greater KL MRT project.

The stations and alignment for the first phase of the MRT project, known as the blue line, have been announced, but the hotel has not been identified as one of the stations. However, details for the Circle and Orange lines are still unknown. Ground breaking for Blue line is expected in mid July 2011 after which, attention will turn to the Circle line.

The listing of MSM Malaysia Holdings Bhd may have stirred interest in TWS. TWS owns Central Sugars Refinery Sdn Bhd and Kilang Gula Padang Terap Bhd – two of the four sugar producing close to 60% of refined sugar in Malaysia. Central Sugars and Kilang Gula control the remaining 40%.

Applying a PER eight times, given that TWS has smaller share of the sugar market and based on its contribution of rm267.7 million to the group’s FY2010 ended Dec 31 results, its sugar division could be worth rm2.1 billion.

TWS had a market cap of rm3.1 billion as at mid May 2011. Besides sugar, it has exposure to rice and palm oil through Bernas and TWP respectively.

Besides on Bernas’ and TWP’ respectively market caps of rm1.3 billion and rm2.1 billion. TWS’s stake in these companies are worth rm2.4 billion. The combined value of TWS’ sugar divisions’ implied valuation and its stakes in Bernas and TWP mean that TWS could be worth rm4.5 billion or rm15 per share.

溝通

兩個人一定要會溝通，溝通可不是件容易的事喔 ~
就連我這個自認是「溝通大師」的都不一定會溝通呢！

我就說「炒蛋事件」好了!
我跟我老婆結婚才三個月的時候... 就發現我不會溝通了 !

就有一天，我心血來潮突然就跟她說：
「我今晚作一道世界名菜給你吃 ! 」

平常晚上，我家都是吃三菜一湯。
她一做完兩菜一湯就離開廚房，
說要拭目看我作出什麼世界名菜來給她吃，
讓她有個驚喜我就拿起三個蛋，打散，
唰 ~ 下鍋，加蔥花... ，再加醬油 ~?

這是最重要的!!
小時候不是都吃媽媽的醬油炒蛋嗎?
這可是含有濃濃的母愛的香味呢!
好啦!? 起鍋 ~世界名菜 --- 「醬油炒蛋」上桌!

她走出來，一看，「這是什麼? 」
「蛋啊 ! 炒蛋啊~ 」
她是外省人，所以她們從小吃的蛋都是加鹽巴的。
我是本省人，所以都是加醬油的。

「我不要吃 !這不是炒蛋。」
這女人怎麼這麼硬啊?!
醬油炒蛋就不是蛋嗎？分別是少見多怪嘛! 黑蛋當然也是蛋啊 ~

「不吃就不吃 !」
她筷子一摔，還真的就不吃了。
碰 !還甩房門。

自此而後，只要我每次炒蛋，內心、腦袋就開始掙扎...
「要加鹽巴? 還是加醬油 ?我應該要讓她才對 ... 不對? 」 !

哼！這一步不能讓 !這可是攸關我大男人的面子，
尤其童年的回憶、媽媽的母愛、還有省籍意識在裡面的ㄋㄟ~
怎麼能輕易就讓妳?!
每次上桌的醬油炒蛋，她就當作沒看到那道菜。

我們就這樣過了五年。
很不可思議吧！

為了個炒蛋吵了五年，
但後來突然有一天福至心靈，我終於想通了 !

我們跟小朋友玩不是都會讓他嗎 !
因為他年紀小，不懂事嘛，所以我讓她 !
而有時老婆不懂事、幼稚的時候，我又何必認真呢！

有一天我就炒了加鹽巴的蛋上桌了。
唷！我們家的黑蛋怎麼變白蛋啦 ?
就沒聽過黑人會變白人的，我們家的黑蛋竟然也會變白蛋呀 ! 」

我這時啥也沒說，只嘿嘿乾笑了兩聲。
可是，你知道嗎？
過兩天，換我在桌上看見黑蛋了。她炒的。

所以，愛一個人不是要給她你要的，你要的她不一定要啊 !
而是要給她「她要的」 ! 切記。

要把對方的需要當作你的責任，這樣才是真正愛她。

心臟病發作與喝溫開水

The Chinese and Japanese drink hot tea with their meals, not cold water, maybe it is time we adopt their drinking habit  while eating.

中國人和日本人吃飯的時候喝熱茶，而不是喝冰開水，我們應該學習中國人和日本人的飲食習慣。

It is nice to have a cup of cold drink after a meal.. However, the cold water will solidify the oily stuff that you have just consumed. It will slow down the digestion. Once this 'sludge' reacts with the acid, it will break down and be absorbed by the intestine faster than the solid food. It will line the intestine. Very soon, this will turn into fats and lead to cancer. It is best to drink hot soup or warm water after a meal.

吃過飯之後喝一杯冰冷的飲料的確很舒服，然而，冷開水會使你剛剛吃下肚的油膩膩的食物凝結在一起，而且會使胃腸的消化作用變慢，一旦這一大坨像爛泥的東西碰到胃酸，就會分解而很快地被腸子吸引，它會附著在腸壁上，沒多久它就會變成脂肪，而導致癌症，所以說，吃過飯之後最好還是喝一碗熱湯或一杯溫開水。

Common Symptoms Of Heart Attack...

心臟病發作的一般徵兆

A serious note about heart attacks - You should know that not every heart attack symptom is going to be the left arm hurting . Be aware of intense pain in the jaw line .

請你特別注意：並不是所有心臟病發作的時候都會左臂疼痛，你倒是要留意你頸項的劇烈疼痛。

You may never have the first chest pain during the course of a heart attack. Nausea and intense sweating are also common symptoms. 60% of people who have a heart attack while they are asleep do not wake up. Pain in the jaw can wake you from a sound sleep. Let's be careful and be aware. The more we know, the better chance we could survive.

心臟病發作的時候不一定會胸口疼痛，而噁心和猛烈的盜汗才是心臟病發作時常見的徵候，有60%的心臟病在睡夢中發作而患者因此一覺不醒，頸項疼痛常常會把你從熟睡中醒過來，所以要特別小心，我們懂得越多，活命的機會就越大。

A cardiologist says if everyone who reads this message sends it to 10 people, you can be sure that we'll save at least one life. Read this & send to a friend.

一位心臟病專科醫生說，如果每一個讀到這個資訊的人都把它轉寄給十個朋友，至少可以救活一個人，所以，請你仔細閱讀並且把它轉寄給你的朋友！

IPO ... Pavilion KL

Datuk Desmond Lim Siew Choon is preparing to list Pavilion Kuala Lumpur, in what could be Malaysia's largest initial public offering of a real estate investment trust (REIT).

Sources said that the assets under it could be worth between RM4 billion and RM5 billion. Others, however, said the asset size may not be that large but its market capitalisation could be comparable to that of Sunway Real Estate Investment Trust (SunREIT).

Pavilion KL's listing could happen as early as end-2011 and will include the retail portion of the mixed development.

It is also believed that CIMB Investment Bank, Credit Suisse and Maybank Investment will be involved in the deal.

Lim, who controls Malton Bhd, developed the mall via Malton's subsidiary Kuala Lumpur Pavilion Sdn Bhd. The mall is owned by Urusharta Cemerlang Sdn Bhd, which is 51 per cent-owned by Urusharta Cemerlang Development Sdn Bhd and 49 per cent by Qatar Investment Authority (QIA).

A company by the name of Pavilion Reit Management Sdn Bhd had been set up. Lim and his wife Datin Tan Kewi Yong each hold a share in this company, which was registered on April 7 2011. The nature of business of Pavilion Reit Management is described as "management of real estate investment trust, investment holding and property management".

While it is certain that the retail portion of the building, which has a total net lettable area of 1.37 million sq ft, will form part of the REIT, it is unclear if the corporate office tower with a nett floor area of 185,000 sq ft will be included in it.

Pavilion KL, opened in 2007, is said to be profitable. It is enjoying a 98 per cent tenancy.

Talk is that Fahrenheit 88, the shopping centre opposite Pavilion KL and managed by Pavilion KL, may later be injected into the REIT. The mall is now 92 per cent occupied. Fahrenheit 88 belongs to Makna Mujur Sdn Bhd, which is owned by Pavilion International Development Fund Ltd, of which the principal is the QIA.

In 2010, Urusharta Cemerlang (KL), owned by Tan Sri Zainol Mahmood and another individual, made history by paying RM7,209.80 per sq ft for the land in Jalan Bukit Bintang adjacent to Pavilion KL.