And The Spamming Blogger Strikes Yet Again!

I got a comment on the posting FA vs TA: Mine One Better Than Yours One!! which I deleted.

• okating has left a new comment on your post "FA vs TA: Mine One Better Than Yours One!!"
  
  Ha ha sour cow, feel the pain ? did my sifu sam 's achievement get you hurt ? ha ha cool it sour cow cool.

However, I decided to make this posting.

You see, I have a slight problem.

I wonder how shall I address okating or shall I address IT as Samgoss?

In case you might have forgotten, the following posting shall acts as a refresher.

http://fusioninvestor.blogspot.com/2009/02/some-thoughts-on-stock-calls.html

Do give it a click.

Which of course was highlighted in the posting Spamming Blogger Caught Red Handed

Well let me re-paste here again.

• Samgoss aka okating, I do have some comments for you.
  
  Do you know it's rather pointless in what you are doing?
  
  Do you?
  
  Do you need to use two names to win your argument? ( And you know very well that we know you are using more than two names. )
  
  Do you?
  
  Do try to understand this picture.
  
  The english in it is not too difficult to understand.
  
  

Do GROW UP and STOP SPAMMING my blog too!

Do you actually feel proud doing what you do?

Yes, CIMB Did Downgrade Pelikan To Underperform

Dear BL,

I have refrained from answering directly on stocks specific. However, since your question was on Pelikan as I had blogged on it before on 20th March 2009. Some Comments On Pelikan Holdings

As you can see CIMB HAD already declared Pelikan as a trading buy then.

Despite, the weaker financial results and the worsening balance sheet, CIMB declared Pelikan as a trading buy (on 17th March) when it was 59.5 sen. Their reasoning was they reckon the market over did the selling and priced the stock as if the company was going to go bust.

And when I blogged on it a couple of days later on 20th March, the stock was up already at 70 sen. (I was amazed by the disposal of shares by them insiders and of course how rather extremely handy the share buybacks. :p2)

And yes, I did note the 'turnaround' in Pelikan's earnings when it reported its earnings. Pelikan reported some 8 million in earnings. Much, much better than the massive losses it posted earlier and if you would note, the 8 million earnings pales in comparison to what Pelikan made the same quarter the previous year of 24 million.

Anyway, the day after, Pelikan announced its earnings, CIMB downgraded Pelikan to UNDER Perform despite its 'turnaround' earnings.

Now not saying I agree with CIMB's point of view, but with the stock at 99 sen ( the stock was just 59.5 sen less than 2 months ago), I suspect that perhaps CIMB reckons that the stock had already 'priced in' the turnaround.

• Upping target price. Although we are keeping our earnings forecasts, we are raising our target price from RM0.78 to RM0.92 as we narrow the discount to the 13x sector target P/E from 40% to 30%. The smaller discount reflects a lower equity risk premium in view of more bullish investor sentiment.
  • Downgrade to UNDERPERFORM. However, we are downgrading the stock from trading buy to UNDERPERFORM. The share price resurgence by more than 60% since our upgrade in mid-Mar has taken it past our target price. We think it is likely to underperform given the potential de-rating catalysts of i) weaker-than-expected revenue in 2Q09, ii) further economic slowdown in Europe and iii) unattractive dividend yields of around 2.7-3.0%.

Note..

ps: do note that CIMB's fy2009 forecast is based on net profit of 39 million. Pelikan only made 8 million for the first quarter. Yeah, growth is expected or as they said 'priced in'. (some say 'priced up')

ps/ps: I do not like the CIMB's header 'Bird Flu'. Rather lacking.

ps/ps/ps: I do note that Pelikan today is no longer a penny stock.

ps/ps/ps/ps: I surely do not know how the stock would trade. Yes, I do not know if the stock would go up or down.

ps/ps/ps/ps/ps: Sorry, I do not know what you should do. I am not a financial adviser. And more so, money is yours not mine one.

Mine One Is SImply The Best

Blogged last Saturday: FA vs TA: Mine One Better Than Yours One!!

• james said...
  
  Agree. i always wonder why there are so many ppl attacking TA folks. i've met some guys who process excellent TA skills. but they simply don't come out and shout how good they are.

Oh yeah.

I do understand what you are saying James.

Some investors, despite making great money, don't simply belittle others and they don't simply come out and shout how good they are.

These are the ones that really impresses.

As Dr.Brett quoted "I've yet to meet an impressive person who has needed to impress people".

:D

TA Enterprise Going Extremely Big Into Properties

Was looking through several recent news clip on TA Enterprise.

• TA completes buy of The Westin Melbourne
  Written by Financial Daily
  Wednesday, 22 April 2009 00:02
  
  KUALA LUMPUR: TA Enterprise Bhd said on April 21 the group has completed the acquisition of a hotel, The Westin Melbourne, after fulfilling all conditions and completing its obligations under the sale and purchase agreement.
  
  The acquisition of the hotel in Collins Street, Melbourne was carried out via its subsidiaries TA Covenant Pty Ltd and Ascents Hotel Pty Ltd.

On Star Business.

• Saturday May 16, 2009
  TA unveils Canadian hotel
  By THEAN LEE CHENG
  
  TA Enterprise Bhd will officially open its Aava Whistler Hotel in Canada, after a C$33mil refurbishment, making this its first hotel on Canadian soil. It has two hotels in Australia, which are also undergoing refurbishment this year at a total cost of about A$4mil.
  
  Its group managing director and chief executive officer Datin Alicia Tiah says the company will be on the lookout for other hotel acquisitions over the next two years with a preference for those in the central business districts (CBDs) in large cities, particularly in Hong Kong and Singapore.
  
  Tiah says she ventured into the hotel business in 1997 by default. In retrospect, there are no regrets, she says.
  
  The Radisson Plaza heritage building needed a bit of work but the effort is well worth it.
  
  The global downturn has resulted in a 10% to 15% drop in room rates and occupancy for its Sydney hotel.
  
  Despite that, the Radisson contributed about 15% to the group’s revenue in financial year 2008 and 2009.
  
  TA bought the Sydney hotel for A$115.5mil. Radisson generated sales of RM73mil in 2007, RM82mil in 2008 and is expected to bring in RM77mil in the current financial year which ended on Jan 31.
  
  “I learnt a lot of things from that first project – the operations and management of a hotel business, the long gestation period and the importance of recognising an opportunity when it comes,” Tiah says. Although she likes hotels in CBDs, Tiah remains open to opportunities in different categories of the hospitality industry.
  
  “We purchased the Coast Whistler because I know the place. I go there for my skiing holidays and I am familiar with the area and the hotel business there. Most of them have multiple owners who lease the units back to the operator.
  
  “With Coast Whistler, it was different. It was a little boutique hotel with about 190 rooms and there were no multiple owners,” she says.
  
  Located at the base of world’s renowned Whistler and Blackcomb Mountains in British Columbia, the Coast Whistler is popular with winter sports enthusiastics. Since the purchase, she has renamed it Aava Whistler Hotel. It will be opened in time to tap the winter Olympics in February 2010, using the same strategy as its Radisson Plaza hotel in Sydney.
  
  TA bought the Canadian hotel for C$33mil at the height of the global downturn in December 2008.
  
  TA will also be operating its sole food and beverage outlet, White Spot, a franchised chain fairly similar to TGIF.
  
  “Upon acquisition, the hotel business needs two to three years to be profitable. But because there is always a demand for rooms during the Olympics – in Sydney in 2000 and in British Columbia in 2010 – we are able to tap into that market the first year charging premium rates. We will do well for the first year because of these major events and we’ll just let the second and third years look after themselves,” says Tiah.
  
  In April, the group concluded its Westin Melbourne deal at a cost of A$160mil.
  
  Tiah says the 262-room five-star luxury hotel is a jewel in terms of location. It is sited at the corner of Collin and Swanston streets. Its occupancy in March was 80% with room rates at about A$300 a nite.

On Business Times.

• TA Enterprise buys Serendah land
  
  Published: 2009/05/27
  
  TA ENTERPRISE Bhd has agreed to buy a piece of freehold commercial land in Serendah, Selangor, from Europlus Corp Sdn Bhd for RM44.9 million cash. Its unit, TA First Credit Sdn Bhd (TAFC), will buy the 31.5ha land.
  
  The deal will improve TA Enterprise’s landbank and also reduce the debt owed by Maxisegar Realty Sdn Bhd to TAFC. However, it did not say how much Maxisegar owes TAFC. Maxisegar and Europlus Corp are part of Talam Corp Bhd. It expects to complete the purchase by January 31 2010.

On today's Business Times again.

• TA Enterprise to buy land for RM26m
  
  Published: 2009/06/02
  
  TA Enterprise Bhd will buy a piece of freehold land in Pekan Sungai Penchala Selangor for RM26 million.
  
  Its wholly-owned unit entered into a sale and purchase agreement with Elite Meridian Sdn Bhd yesterday for the land measuring 3629 sq metres together with a four storey commercial building with one level basement car park.
  
  “The property is purchased for recurring rental income as well as to house some of TA Enterprise Group’s operations,” it told Bursa Malaysia yesterday.

Massive property ventures.

And then of course, back last month TA Enterprise had announced the following on Business Times.

• TA Enterprise to list property unit by October
  
  By Adeline Paul Raj Published: 2009/05/16
  
  The property business, TA Global Bhd, will have a paid-up capital of RM1.5 billion and RM2.4 billion in assets
  
  TA ENTERPRISE Bhd (TAE)(4898), a property and financial services firm, is targeting to list its property business on the Main Market sometime during end-September or early October, its top official said.
  
  The property business, known as TA Global Bhd, will be one of Malaysia's largest property firms with RM2.4 billion in assets, managing director and chief executive officer Datin Alicia Tiah said.
  
  It will have an issued and paid-up capital of RM1.5 billion.
  
  "If everything goes well, we can issue the prospectus in one month's time. It all depends on how soon we get approval from the Securities Commission," she told reporters at a briefing yesterday.
  
  The move will essentially see TAE holding all of the group's financial services businesses and TA Global holding the property-related assets.
  
  The reason for doing this is to unlock TAE's value for shareholders, Tiah said.
  
  TAE's board also announced yesterday a first and final dividend of 4.5 per cent less tax for the fiscal year ended January 31 2009.
  
  Holders of its TA Warrants 1999/2009 will be entitled to the dividend if they exercise the warrants into TAE shares before the warrants expire on June 24 this year.
  
  As part of the proposed listing scheme, those who exercise the warrants before the expiry date will become TAE shareholders and also obtain TA Global shares and irredeemable convertible preference shares (ICPS).
  
  TAE is proposing that shareholders get three TA Global shares and three ICPS for every five TAE shares held. This, however, is just an indicative ratio, Tiah said.
  
  If all the warrants are converted, TAE will end up holding 38 per cent of TA Global, allowing it to equity account the business.
  
  Among the properties that TA Global holds are development projects such as Damansara Idaman, Idaman Villa, Seri Suria and Nova Square.
  
  Its property holdings include Menara TA One in Kuala Lumpur, Terasen Centre (Vancouver), Radisson Hotel (Sydney), Aava Whistler hotel (Whistler, Canada) and Westin Hotel (Melbourne).
  
  Once the listing is done, the TAE group - one of the largest landbank owners in the vicinity of the Kuala Lumpur City Centre - may decide to set up retail, office and hospitality property trusts. This may be done with a third party, Tiah said.
  
  On another front, Tiah said that plans for TAE to obtain an investment banking licence had been put on hold.
  
  The group is cash-rich, with more than RM200 million currently.

And here is the Star Business version.

• Saturday May 16, 2009
  TA Global to list in October
  By FINTAN NG
  
  KUALA LUMPUR: TA Global Bhd, the property arm of stockbroker-cum-developer TA Enterprise Bhd, is targeted to list by early October after having postponed the listing twice.
  
  TA Enterprise managing director and chief executive officer Datin Alicia Tiah said at a media briefing yesterday that this would be done via an “initial public offering by introduction”.
  
  Many of the new shares in TA Global will be given to shareholders of TA Enterprise as a dividend-in-specie or via placement.
  
  She said due to the current market conditions, the company had decided to seek other ways of bringing its property arm public, hence the further revision to the listing scheme.
  
  Tiah said TA Enterprise 1999/2009 warrant holders who exercised their warrants by June 24 were not only entitled to TA Enterprise shares but would also be entitled to TA Global shares when the proposed further revision was approved by the Securities Commission in a month’s time.
  
  In addition, they would be entitled to the irredeemable convertible preference shares (ICPS) to be issued by TA Global that could be exchanged for ordinary shares in three years from the date of listing at no cost.
  
  Tiah said the listing exercise would see TA Enterprise still a major shareholder of TA Global even assuming that the ICPS shares were fully converted.
  
  She said TA Global, which would incorporate all the property units now under TA Enterprise, would have assets worth RM2.40bil located in Malaysia, Australia and Canada.
  
  “We’re one of the larger landowners in the vicinity of KLCC at the moment,” Tiah added.
  
  The company has a 2.3-acre freehold parcel located next to its corporate headquarters, Menara TA One on Jalan P. Ramlee, besides having developed Idaman Residence condominium on a neighbouring plot.
  
  Besides landbank in the country’s capital, TA Global would also own a number of hotel and office properties abroad.

Needless to say, I am not a fan of listing of subsidiaries for one reason. Them holding companies have the option of delisting via a privatisation offer, which usually does not benefit the REAL investor. But hey, that's just me. I am just not a fan.

Anyway... I wonder what the shareholders of TA Enterprise are thinking now. They see the company splashing tons of money into the property sector. And when comes to the listing of 'TA Global', I wonder if the shareholders of TA Enterprise would be getting a special listing offer.

Maxis And Astro Slams OSK Speculative Report

Blogged yesterday Maxis To Be 'Listed' Again?

It was an incredible that some so-called research house publishes a story based on 'sketchy details' and to make the matters worse, the research house can NOT even confirm the accuracy of the story.

And it was incredible that we have journalist trying to be analyst for the deal. On the Star Business, Will we see a mega telco-broadcaster soon?

On Reuters: Maxis unaware of Astro merger plan - report

• KUALA LUMPUR, June 2 (Reuters) - Malaysian telecoms firm Maxis Communications Bhd has denied that it will be relisted through media company Astro All Asia Networks (AAAN.KL), a newspaper reported on Tuesday.
  
  "Maxis is not aware of any such proposal," the Business Times quoted a Maxis statement, sent to the paper, as saying.
  
  OSK Research had said in a report on Monday that there were plans to inject Maxis into Astro. Both companies are controlled by businessman T. Ananda Krishnan, Business Times said.
  
  "We understand from a source that Maxis officials and representatives had been pitching for the relisting exercise to a select group of individual investors overseas over the past two months," OSK analyst Jeffrey Tan said in the report.
  
  Contacted about OSK's report, Astro said it "does not comment on market speculation or reports on specific opportunities", the newspaper said.
  
  Maxis was previously listed before being taken private in 2007. (Reporting by Liau Y-Sing; Editing by Kim Coghill)

LOL! Understand from a source?????

Nice one!

Here's the harsher version of the news for OSK analyst Jeffery Tan.Maxis dismisses talk of merging with Astro

• Maxis says it considers the plan to inject Maxis into Astro contained in the OSK report to be 'totally without basis' and 'speculative'
  
  Maxis Communications Bhd, a mobile phone operator taken private by its owners in mid-2007, has shot down market talk that it is eyeing a relisting through Astro All Asia Networks plc.
  
  Both Maxis and Astro, a pay-TV operator, are controlled by billionaire businessman T. Ananda Krishnan.
  
  "Maxis is not aware of any such proposal," it told Business Times in an e-mailed response late yesterday.
  
  It issued the denial after OSK Research highlighted in a report speculation that a major corporate exercise was brewing at the highest level in Astro.
  
  "Although details are sketchy, we gather that a plan is being mooted to inject Maxis into Astro. We understand from a source that Maxis officials and representatives had been pitching for the relisting exercise to a select group of individual investors overseas over the past two months," OSK analyst Jeffrey Tan said in the report yesterday.
  
  Such a plan is not implausible given the strong paternal links of both companies, he said.
  
  It was speculated that Astro might make an announcement relating to this at the Invest Malaysia conference later this month.
  
  Maxis, however, said it considered the suggestions contained in the OSK report to be "totally without basis" and "speculative".
  
  Astro shares rose yesterday, adding 5 sen, or 1.7 per cent, to an eight-month high of RM3.
  
  The stock, which has long been dogged by talk of a potential privatisation, has been generally rising since hitting an all-time low of RM1.80 in mid-March.
  
  Astro, when contacted about the report, said it "does not comment on market speculation or reports on specific opportunities".
  
  Maxis, once the darling of telecoms investors, said when it was delisted in 2007 that it would consider a relisting when earnings were more stable over the next three to five years.
  
  Should Maxis merge with Astro, the combined entity would be the largest listed telecoms "quadruple play" exposure in the country with a mobile and pay-TV subscriber base exceeding 11 million and 2.6 milion respectively, Tan noted.
  
  This would pit it against Singapore's StarHub and SingTel, which have both embraced the quadruple-play strategy combining cellular, broadband, fixed-line and pay-TV businesses.
  
  OSK maintained a "trading buy" call on Astro, with a target price of RM3.50.

How eh?

Did you not buy the tons of suggested in yesterday posting Maxis To Be 'Listed' Again?

Nice one eh OSK? So proud of you.

The Undies Yardsticks??

Holy cow!

On MSN's Moneycentral, How your undies track the recession

• By Michael Brush
  MSN Money
  Guys, if you want to know where the economy is headed next, look in your underwear drawer.
  
  If you're like most men, you've got more than a few skivvies in, well, less than perfect condition.
  
  If you're put off buying replacements -- and your significant other hasn't done it for you -- then guess what? The recession probably ain't over yet.
  
  In fact, right now men's underwear sales suggest that things have bottomed but not started to recover.
  
  Sure, this sounds trivial. But no less an economist than former Federal Reserve chief Alan Greenspan is a fan of men's underwear sales as an important economic indicator. ( You can read the rest of the article here )

oO.. hmm... Alan's a fan too????

I do wonder if I should send the below undies to him as a pressie.

Hey it's pink man! What else could he ask for?

:P :P :P

Regarding Proton's Cash Per Share

I am not a fan of cash per share yardstick. Like most yardsticks, there are flaws within.

Note. I do hope my English is not too terrible to understand. All I am saying is I am not a fan of the cash per share yardstick. That's all. I am not stating such a yardstick does not work. And like always, if you reckon your style of making money is better than mine, go ahead. I won't lose sleep. :D

Oct 30th 2008, I mumbled the following on Proton.

• The very same cash per share yardstick. Yes, compared to current price of 2.00, a purchase of Proton at 2.00 is damn sexy but the rate that Proton cash per share has diminish since 2005 Q1 (net cash of 4.25) compared to now (net cash of 2.08) is surely a concern, yes?
  
  For example, what if the next 3 years, the net cash continues to diminish about the same rate? And if it does, the cash per share yardstick might not look attractive then, yes?

Today Aseambanker mentioned Proton's diminishing cash per share! LOL! Such a head rush yo! Getting dizzy. LOL!

• Still burning cash. Even excluding the impairment cost and R&D grant, Proton remained operationally loss-making for the second consecutive quarter. In fact, the operating loss was at RM62m (3QFY09: -RM60m). No dividend was declared for 4QFY09. Gross cash plunged 22% QoQ to RM914m whilst gross debt soared 47% to RM358m. This took net cash down by by 37% to RM1.01 per share. Book value per share fell 6% to RM9.25 as Mar 09.

Let's refer back. Say in 2005. If we go back in time to 2005 Q1.

Quarterly rpt on consolidated results for the financial period ended 30/6/2004

Proton then has also 549.213 million shares.

Net Cash = 3420.114 - 1083.896 = 2336.218. Cash per share = 2336.218/549.213 = 4.25.

Let's look at current Proton balance sheer.

Not as attractive as what Proton has in 2005 Q1.

Just imagine, if one had purchased back when Proton announced its 2005 Q1 earnings BASED solely on the attractive cash per share yardstick and held it loooooooooooong term. The end result as today, is not too attractive, yes?

Maxis To Be 'Listed' Again?

Oh NO!!!!!!!!!!!!!!!!!!!!

Just saw the following news clip on the Financial Edge. OSK Research: Maxis to make comeback?

Well Maxis used to be a listed stock.

Then the owner decided to take private.

Hey, I have no problem with that really. Just give the minority shareholders a decent deal. Yes?

Now after being de-listed and seeing that one of its listed companies struggling big time, the owners are 'said' to want to pump Maxis into Astro All Asia!!!

This totally makes a mockery of Bursa listing exchange where listed companies list and delist as per their wimps and fancy!

First grade stock exchange eh?

I pray it happens..... NOT!

ps: this story is speculated by OSK Research and I would seriously go buy tons of salt first!

• OSK Research: Maxis to make comeback?
  Written by Joseph Chin
  Monday, 01 June 2009 09:12
  
  KUALA LUMPUR: OSK Investment Research said on June 1 speculation has it that a major corporate exercise at the highest level is brewing within Astro.
  
  “Although details are sketchy, we gather that a plan is being mooted to inject Maxis into Astro,” it said in a report issued on June 1.
  
  OSK Research said the major exercise comes on the sidelines of the Invest Malaysia 2009 (IM 2009) conference to be held on June 30 that will feature, amongst others, key Bursa heavyweights and the recent liberalisation in listing requirements.
  
  IM2009 will be Prime Minister’s Najib first official investment showcase to market Malaysian companies to overseas portfolio investors.
  
  The research house said it came to understand from a source that Maxis officials and representatives had been pitching for the re-listing exercise to a select group of individual investors overseas over the past two months.
  
  “While we are not able to confirm the accuracy of the news or the mechanism through which the re-listing would be executed, we believe it is not implausible given the strong paternal links of both companies via a common shareholder.
  
  “Should Maxis be merged with Astro, the combined revenue and net profit of RM11 billion and RM2.2 billion (based on FY09 for Astro and historical numbers for Maxis) would make it the largest listed telecommunications quadruple play exposure in the country,” it said.
  
  OSK Research said the mobile and pay-TV subscriber base would exceed 11 million and 2.6 million respectively, and an estimated asset base of over RM20 billion. It is expected to meet the revised liquidity threshold under the new FBM KLCI guideline, potentially attracting more investors into Malaysia.
  
  “We think a potential snag in the deal could be Khazanah, which holds a 21% stake in Astro and majority stakes in TM (41.8%) and Axiata (44.5%), which are involved in similar line of businesses, posing a conflict of interest.
  
  “Nonetheless, Khazanah’s entry cost in Astro in 2004 during the initial public offer exercise was above RM4.00/share and where we believe it could well accede to the deal should it prove to be value accretive,” it said.
  
  OSK Research said Astro’s share price has continued to languished over the past two years owing to negative news flow on its failed investment in Indonesia and is trading at a discount to the discounted cash flow of its Malaysian operation.

LOL!!!

Look at their reasoning..

• “While we are not able to confirm the accuracy of the news or the mechanism through which the re-listing would be executed, we believe it is not implausible given the strong paternal links of both companies via a common shareholder.

ROFLMAO!!!!!!!!!!!!!

And then the last passage... LMAO..

• OSK Research said Astro’s share price has continued to languished over the past two years owing to negative news flow on its failed investment in Indonesia and is trading at a discount to the discounted cash flow of its Malaysian operation.

ROFLMAO!!! Typical. Just typical! :D

Let's be more accurate.

The so-called negative news flow on its failed investment in Indonesia....

1. What was the end result of Astro's failed investment in Indonesia?

Astro lost TONS of money. Would OSK Research care to state how much money Astro All Asia had lost in Indonesia the past new years?

2. So if a company loses TONS of money.. tell me, is the NEGATIVE NEWS FLOW justified?

3. Why the need to brand the news to be negative or positive? Isn't it great to have news to report EXACTLY what is happening?

4. Now since as stated that OSK was NOT ABLE TO CONFIRM THE ACCURACY of Maxis re-listing... how else should I brand such news?

:p2

-------------

ps: Astro opening day price was 2.95. it's now up 4 sen. Let's see if such report drives the stock up or not! LOL!

ps: I have NO idea if you can LOSE money from this. LOL! So don't tell me no happy stories if you do LOSE money in this stock! :D