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Thursday, September 30, 2010

Genting Singapore Target Price Cut

Macquarie Cuts Genting Singapore Target Price to S$1.75 from S$2.10.
Macquarie downgrades Genting Singapore share to Neutral from Outperform.
According to Dow Jones, the Genting Singapore target price cut to account for lower longer-term growth projections. The current price is factoring in overly optimistic growth assumptions.
Genting Singapore patronage may be affected when Galaxy Entertainment opens its integrated resort in Macau in 1Q11.
Also the increased intervention in gaming business by Singapore government can't be ruled out.
Recently Singapore government order both Singapore casino to stop bus services shuttling Singaporeans.
Also the political sensitivity to locals gambling and raises the level of political risk in the market.
More info on Genting Singapore, visit my label titled Genting Singapore


TSH Analysis Research Report
TSH Target Price Fair Value
- PEGGY Method Blogspot TSH share stock news
TSH Resources Bhd (9059)- RM2.14
Let us do my PEGGY method test:
PE: P/E ratio 7.5x, Dec 2010 (EPS RM0.285)
G: Growth 28.8% per year. Jan 2011 - Dec 2011 (EPS RM0.367)
G: Gearing 85%
Y: Yield (Dividend). Gross 4%
Someone give me the figure with no TSH target price.
But I manage to get HwangDBS Vickers latest report,
They give TSH Fair value RM2.80.
PE ratio is 7.5x, ok.
The Growth is 28.8% per year, good
Gearing- High- bad
Dividend yield- Gross 4%, ok
This stock PE is low and dividend is ok.
High growth rate but the forecast is just until Dec 2011
I focus on Two Issues on TSH, GROWTH and GEARING
Past few years I have been hearing TSH have huge unplanted land and they
keep planting and planting.
Young trees will be maturing.
Fruits and Harvest will come, will come. Profit will come.
But where is it? Until now, I can't see not even a shadow.
Where is it??
Recently S&P analyst got no patience, and made a statement....
...The Indonesian expansion will drive growth for the long term but the
contribution to-date has not been up to our expectations....
They have some technical problem or hiccup initially, but now I think
the harvest is very close. So, about the growth, I personally think that
they can achieve it, after much delay.
They also drag down by their subsidiary Ekowood losses.
Gearing- very high at 85%. But most of the borrowings are used to
purchase land, that is why they have so huge of unplanted landbank.
Need to worry? If anything happened, they have no cash to turnaround.
So I try to ask around my friends whether is this a concern. They are
familiar with TSH, they told me no worry. Cash position is ok.
Furthermore, those land they bought is cheap and now the prices have
gone up substantially.

TSH can buy, if....
1)you think the young trees are maturing and bring profit very soon
2)You are not worry about the gearing
3)You are attracted by their huge unplanted land, and keep planting.
4)You are not concern on thier sunsidiary losses.

More information on TSH, please visit my label titled TSH.

Wednesday, September 29, 2010

Gamuda share Target Price : Trading Buy RM4.51

According to RHB, Gamuda expects Cabinet approval for MRT soon. Gamuda is confident about securing the Cabinet approval for the RM36bn MRT project "before the end of the year". It is optimistic that physical work can start as soon as by mid- or late-2011. Elsewhere, Gamuda has emerged one of the five final
contenders for the RM1.5bn Durkhan Highway 2 project in the Gulf states.
Gamuda Target Price: Trading BUY at RM4.51

PM's Comment:
I am wondering why so many people are so confident on Gamuda. Unless it win the projects, the stock is expensive. But, it a VERY GOOD stock for trading, buy low sell high. I am not good at that.

Cuscapi Stock Fair Value Target Price BUY or SELL

OLD report 14 May 2010. For discussion purposes only.
Cuscapi share price WAS RM0.10
Saw from web that RHB Cuscapi Target Price Fair Value RM0.11
For discussion purposes only, OLD report 14 May 2010.
EPS Forecast:
2010FY RM0.012
2011FY RM0.021
2012FY RM0.026
Cuscapi share Fair Value was RM0.11 based on 9x FY10 PER.
Underperform recommendation.
I am just curious why UNDERPERFORM?
If we wait for another year to 2011, the RHB forecast is RM0.021
If we use back the 9x PER, then 9 X RM0.021 = RM0.189
Then the fair value will be RM0.189 (89% upside)
Q1, if underperform, why RHB forecast the EPS will grow to RM0.021 and then RM0.026
If RHB is concern on the medium-term earnings growth remains weak given faster-than-expected margin erosion on the back of intense competition from China and Taiwan, then why RHB forecast the EPS will grow to RM0.021 and then RM0.026
Q2, if use 9x PER, then after just one year Cuscapi fair value will be RM0.189. Just wait one year the fair value will jump 89%, why underperform?
My own opinion, just opinion. If underperform, should not forecast the growth is high. If the growth is really high, then should use lower PER formula (if concern of other risk or illiquid).
By using high growth, 9x PER and underperform recommendation, I find that it is conflicting or contradicting.
Just my opinion.
For info, Cuscapi share price now is RM0.17

Stock News or Rumours?

KBUNAI Stock News
Proposed Integrated Resort (IR) at Karambunai in Sabah could potentially
include a casino.
Source: Malaysian Insider news 22 September 2010.

PLUS Expressway Bhd Stock News
A weekly business newspaper reported that Khazanah Nasional Bhd may sell
its stake in the company.
Source: Bloomberg 20 September 2010.

IJMLand stock news
Privatization. May be privatized.
Source: Malaysia Finance Blog quoting a local broker. 20 September 2010.

Are E&O shareholders looking at privatisation?
Source: The Edge 2 August 2010.
E&O would like to clarify that the Company has not received any notice
from any of its shareholders pertaining to plans to privatise the
Company. The Company is also not aware of any such plans by any of its
Source: E&O and Bursa. 2 August 2010.

Outdated news for info only.


Freight Management Fair Value Target Price BUY

Freight Management BUY Recommendation base on various research analysis reports.

Freight Management Fair Value RM1.40
STRONG BUY. OSK 26 August 2010
Solid track record in delivering on performance (double digit earnings
growth streak) since its listing in FY05. Robust earnings during good
and bad times, Freight Management is a good defensive stock with a
decent dividend yield.

Freight Management Holdings Target Price RM1.57
BUY. RHB Research 30 August 2010.
10x CY11 EPS, in line with benchmark 1-year forward target PER for the
transport and logistics sector.
Sustained organic growth at its core business, i.e. freight services
through expansion of: 1)customer base; 2)agents base; and 3)new
destinations; and 4)securing additional distribution rights for its
warehouse business.

Freight Management Target Price RM1.29
BUY. Mercury Securities Sdn Bhd 27 August 2010
Based on forecast of FMH's FY11 EPS and estimated P/E of 8 times.
Solid fundamentals and steady earnings growth.

Tuesday, September 28, 2010

Genting International IPO OverSubscribed

Genting International IPO Public offer tranche was 13.8 times subscribed.
Over 22,000 IPO applications received. Source is from Genting International news, now known as Genting Singapore.

Institutional investors- placement tranche 7.8 times subscribed – Prudential and Fidelity among institutional investors Singapore, 9 December 2005,

Genting International IPO at S$0.35 per share.

Genting International issuing up to 1 billion new shares comprising:

a) 800 million new shares (comprising 50 million Public Offer Shares and 750 million Placement Shares) to the public, institutional and other investors in Singapore and elsewhere at the offer price of S$0.35 per share.
b) 103.4 million new shares pursuant to an Over-allotment Option granted by Genting International to DBS Bank (the Stabilising Manager) to subscribe for and/or procure subscription for up to 103.4 million additional new shares solely for the purpose of  covering over-allotments (if any).
c) 96.6 million new shares to Philean Capital Limited, HPL Investers Pte Ltd, Monconcept Investments Pte Ltd and Augsburg Investments Limited as Strategic Investors pursuant to subscription agreements entered into with Genting International to subscribe for these new shares at the offer price of $0.35 per share.

Genting International’s shares will be traded in board lots of 1,000 shares on the Main Board of the Singapore Exchange in Singapore Dollars.

Sarawak Elections and Sarawak Stocks

Sarawak Elections need to be held before May 2011.
Will Sarawak stocks perform during or prior to Sarawak Election?
Normally during Election, government will announcement many goodies.
But normally construction company will benefit from the announcement.

Example of Sarawak counters:
Naim Cendera Holdings Bhd
Hock Seng Lee Bhd (HSL)
Cahya Mata Sarawak Bhd (CMSB)
Loh & Loh Corp Bhd
UBG Bhd.
Bintulu Port Bhd
Sarawak Consolidated Industries Berhad
Sarawak Oil Palm Bhd (SOP)
Can check out their target price fair value to see whether any stock
worth to buy.

Cypark Resources Berhad IPO

Cypark Resources Bhd is an integrated environmental and landscape services expert which specialises in providing solutions for waste management. The company has developed a Sustainable Engineered Restoration System which combines internal technologies and engineering expertise to safely close and remediate polluting non-sanitary landfills hence, mitigate or eliminate the impact of harmful pollutants to the
environment and surrounding ecology and habitat. The company also developed the leachate management system that can be adopted either by both sanitary or non-sanitary landfills.
Cypark intends to expand its theatre of operations especially Southeast
Asia countries which clearly have similar problems needing solutions.
Cypark Resources Berhad target price fair value: Pending


Cypark Resources Bhd IPO

Cypark Resources Bhd IPO
Cypark share IPO price RM1.10
Cypark IPO Tentative listing date: 15 October 2010
Public Issue 30 million
Offer for Sale 28 million
Private Placement 19.75 million
Cypark target price fair value: Pending
Main Market
MIH 499
Cypark Malaysia company.
Provision of environmental products and services.
An environmental engineering and technology services provider
The company planned to secure projects to close the 112 unsanitary landfills under the 10th Malaysia Plan.
One of Cypark's high-profile land remediation project is the restoration of Taman Beringin landfill to turn it into an environmental site.


GW Plastic Holdings Target Price Fair Value IPO

GW Plastics Share Price Analysis Research Report
GW Plastics Holdings Target Price (RM0.90 by RHB)
- PEGGY Method Blogspot
GW Plastics IPO Stock Price RM0.76
Let us do my PEGGY method test:
PE: P/E ratio 9.7x, Dec 2010 (EPS RM0.078)
G: Growth 29% per year. Jan 2011 – Dec 2012 (EPS RM0.131)
G: Gearing Net cash
Y: Yield (Dividend). Gross 1%
Figure I saw from the rhbresearch web. They are using RM0.90 for computation, but I am using GWPH share price (IPO) of RM0.76 for computation.
PE ratio is 9.7x, average.
The Growth is 29% per year, High
Gearing- net cash. good.
Dividend yield- Gross 1%, low
GW Plastic share price is a cheap because of the high growth rate with net cash.
In 2012 GW Platic share PE ratio will drop to 5.8x only.
Only problem is low dividend. I can't find the reason why dividend is so low.

RHB Investment Bank is the joint adviser, sole underwriter and sole placement agent of GW Plastics. Normmally RHB will only come out with report AFTER IPO closed. But this time the report is out BEFORE IPO close.

RHB GW Plastics research report mentioned that part of the reason the next few years the the profit margin or profit will be higher due to expectation of lower material cost. 90% of raw material are plastic resins or polyetglene, that track crude oil prices. Expected oversupply from 2011-2014, due to middle eastern players using cheaper way of extracting resin.

You may want to know that many recent IPO forcast also very good, but the price now is below IPO price or below water.

If you think the growth rate and the profit/EPS forecast is accurate, good buy. You may wish to check with other broker on the profit forcast.

1)Depending on your odjective, some long term investor buy after IPO, they say can get cheaper. Some apply IPO and keep.
2)Depend on what you think of the profit forcast. Please check with others rather than just rely on RHB.

Monday, September 27, 2010

Sunway Target Price - Various Research

Sunway target price fair value is RM2.52 (BUY) OSK
Sunway stock price target BUY RM2.61 ECM Libra Investment Research
Sunway target price fair value is RM2.10 (strong buy) S&P
Sunway fair value target price is RM2.35 (outperform) RHB

How to Prevent Hair Loss

How to prevent hair fall?
Nowadays hair loss is common. Part of it is cause by hereditary.
Most people know it can be cured, that is to visit specialist.
But just willing to pay for it. There are many hair loss treament company in Malaysia.

There are some cheap and expensive treatment. Sometimes Google Adsense will display some hair loss treatment advertisement that can help.

Many of us eat buffet, durian, etc that is one off and disappear. But if we get hair loss treatment, the effect is quite long lasting

Sunday, September 26, 2010

Market Talk - KBunai Genting Casino

A: Kbunai said they has not submitted any official proposal to the Malaysian government, nor any written documents with any other third parties in respect of any plan to build a casino in Karambunai.

B: Then Genting shares may rebound. Because some reports, especially appeared in news, that there may be a new casino operator, not Genting. Now many people denied, good news for Genting.

A: That day Genting down due to Kbunai?

B: Maybe. Some profit taking, Genting Singapore also down, KLCI also down, plus the KBunai casino news.

Friday, September 24, 2010

GW Plastics Holdings IPO

GW Plastics Holdings Berhad IPO
Stock Code: 5182
GW Plastics Holdings Berhad IPO price RM0.76
GW Plastics Holdings target price fair value: pending
Public Issue: 16 million
Offer for sale: 45,420,000
Private Placement: 17,820,000
MIDF 635
Main Market
Tentative Listing date: 18 October 2010

Kbunai Casino Karambunai Casino

Kbunai shares recently surged probably due to a report that a proposed Integrated Resort (IR) at Karambunai in Sabah could potentially include a casino, according to Malaysian Insider news.
Karambunai's main business is operating the Nexus Karambunai resort and is linked to Hong Kong listed NagaCorp Ltd which operates a casino in Phnom Penh, Cambodia. NagaCorp's founder and CEO Tan Sri Dr Chen Lip Keong is also president of Karambunai Corp, according to Malaysian Insider news.
The Malaysian Insider said that although the presentation panels for the development made no mention of any casino, they repeatedly referenced Singapore's highly successful Marina Bay Sands as well as Resort World Manila in the Philippines and Vietnam's Ho Tram Strip - all of which are casino-anchored integrated resorts.
One illustration, entitled "Case for Change", argued that Malaysia lagged behind regional competitors in tapping into the strong demand for IRs from countries like China, Indonesia and Thailand, and pointed out that Singapore had already seen a 21 per cent increase in tourist arrivals since opening Marina Bay Sands and Resort World Singapore.
Source: extract from the Malaysia Insider



Karambunai is located 30 kilometres north-east of Kota Kinabalu City.
Area about 4,000 acre. There got white sandy beach, wetland, crystal
blue cove, flatland, highland, rainforest and river.
Karambunai Corp Bhd is listing in Bursa Malaysia. I think they got the
name because they are located in Karambunai. KBunai significant asset is
the Nexus Resort & Spa Karambunai, a luxury 5-star international-class
resort hotel with a world-class 18-hole golf course. Got 6 Royal and
Presidential Villas, with their private gardens and most with private
swimming pools.
Annual report of Karambunai, stated they build the Nexus Residence
Karambunai project. Up-market beachfront resort villas about 2,000
units. The main buyers of NRK products are mainly foreigners who are
participants under the "Malaysia My Second Home" programme, including
Hong Kong, Singapore, London, Dublin, Japan, Korea, Taiwan and China.
Related with casino through Naga Resorts and Casino Ltd in 2007. With
the name casino I guess have relationship with related casino.

Will Paramon Pay Special Dividend

Paramon is disposing Jerneh Insurance to ACE INA International Holdings
for about RM131m, a provider of commercial property and casualty
insurance and re-insurance based in the US.

Paramon management did not officially indicate how to utilize the
proceeds of RM131m, which is about RM1.08 per share.
Will Paramount pay special dividend?

Before the sale, they are already in net cash position.
They are quite generous in paying dividend
But they need fund to expand their education division (KDU)
They also need to replenish their landbank.
Hopefully they can reward the shareholders with at least RM0.40

By the way, Education and Property development is a good match.
Build the campus, develop the land nearby.
Any land or property that near college, campus, university will sure go
up in value.

Thursday, September 23, 2010

Dayang Target Price Fair Value stock shares Analysis Research Report

Dayang shares stock Analysis Research Report
Dayang Target Price Fair Value
- PEGGY Method Blogs stock share news
Dayang Enterprise Bhd (5141)- RM2.07
Let us do my PEGGY method test:
PE: P/E ratio 12.6x, Dec 2010
G:  Growth 18.1% per year. Jan 2011 - Dec 2012
G:  Gearing low or nil
Y:  Yield (Dividend). Gross 2.4%
Figure I saw from the rhbresearch web
RHB Dayang fair value target price is RM2.61 (outperform).
PE ratio is 12.6x, not low.
The Growth is 18.1% per year, good
Gearing- ok
Dividend yield- Gross 2.4%, normal
The PE is not low and the dividend is just normal.
Saw from web that RHB just initiated coverage on Dayang
If RHB forecast is true, then hopefully the stock can grow.
Growing about 18.1% per year, so later PE will drop much lower.
Listed in April 2008 with issue price of RM1.45
In the oil and gas services since 1980. Miri-based.
Provides engineering, marine and minor fabrication services to the
offshore oil and gas industry.
I'm not sure whether recent government plan to consolidate the oil and
gas companies so that they can win major contact have any impact on Dayang.
Previously I have written something on Dayang, the figure is different due to different stock price and different research report. But both RHB and Philip Capital also having BUY call on Dayang.

I don't really follow Dayang. No other info at the moment.

OUHUA IPO Target Price Fair Value

Will OUHUA target price fair value be lowered as shown by other China Stocks? Read in the Star that another China stock OUHUA is heading for listing in Bursa Malaysia.
Some called it OHUA IPO, others call it OUHUA Winery Holdings IPO.
The Chinese IPOs, Xingquan International Sports Holdings Ltd, Multi Sports Holdings Ltd and XiDeLang Holdings Ltd, were not very well received.
China Ouhua Winery Holdings Ltd stock, is a Chinese winemaker.
Ouhua shares may be different because it is doing wine business and not shoe. Not sure whether is there any wine counters in Bursa Malaysia.
Will Ouhua stock follow fair value of wine counters or China shoe counters.
No other details yet. Except that Mr. Foo San Kan is the director according to Reuters. He is also the Independent Non-Executive Director of Allianz Malaysia Berhad since November 25, 2005. He is a Member of the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants, and a Fellow of the Institute of Chartered Accountants in England & Wales and the Chartered Tax Institute of Malaysia. He also sits on the Board of Allianz General Insurance Company (Malaysia) Berhad, Allianz Life Insurance Malaysia Berhad, OSK Holdings Berhad, OSK Investment Bank Berhad, OSK Trustess Berhad, OSK Ventures International Berhad, SEG International Berhad, STAR Publications (Malaysia) Berhad and Symphony House Berhad. He has worked with Ernst & Young Malaysia.

Wednesday, September 22, 2010

Great Wall Plastic IPO

Great Wall Plastic Fair Value is different. Why Great Wall Plastic target price is different? Because it was delisted before. I gather Great Wall Plastic IPO info a bit here and there, hope you don't mind. Gather from The Edge and Bursa and others.

Great Wall Plastic is Malaysia's largest plastic packaging material producer. Great Wall Plastic will be similar to Maxis Bhd in November 2009, because it is another previously privatised company now relist. It delisted and now IPO. Many companies being privatised at low prices, and later relist at higher price.

Great Wall Plastics Holdings Bhd IPO, some called it GWP IPO, some called it GWPH IPO, previously known as Great Wall Plastic Industries Bhd (GWPI). It was listed in 1995. When Great Wall Plastic delisted? Great Wall Plastic was delisted in 2003. I don't really know how then it became property developer Encorp Bhd. Parties involved are Enfari Sdn Bhd, and investment holding company, with two wholly-owned subsidiaries, Encorp Systembilt Sdn Bhd and Encorp Construct Sdn Bhd. Datuk Effendi Norwawi and Cik Efeida Effendi also involved in this.

Great Wall Plastic was initially being sold below NTA and now probably the IPO price is above NTA.
Great Wall Plastics IPO price is probably RM0.76, with a public issue of 16 million new ordinary shares and an offer-for-sale of 45.42 million vendor shares. Of the public issue, 11.8 million shares are for public subscription while 17.82 million shares will be for private placement to selected investors.

Further 8.2 million shares are available to eligible directors of Great Wall Plastic, employees and business associates of GW Plastics and its subsidiaries.

Another 23.6 million shares would be placed out to bumiputera investors approved by the Ministry of International Trade and Industry.

The funds raised would be used to expand and add value to its range of products, increase capacity by acquiring new facilities and to expand into new markets like China, the US, Russia and Africa.

Exports sales increased to 52% last year. Japan is the largest contributor 16.6% of sales, followed by Singapore at 10.4% and South Korea at 6.6%. Other overseas markets include Australia, New Zealand, Europe, Mexico, and Hong Kong.

Main customers include Exxonmobil Chemical Asia Pacific, Nippon Kompo Shizai Co Ltd, Gardenia Bakeries (KL) Sdn Bhd, Malayan Sugar Manufacturing Co Bhd, Malaysian Packaging Industry Bhd, and ABC Tissue Products Pte Ltd.

Mah Sing Target Price Fair Value Analysis Research Report

Mah Sing Analysis Research Report
MahSing Target Price Fair Value
- PEGGY Method Blogspot stock share news
Mah Sing Bhd (8583)- RM1.80
Let us do my PEGGY method test:
PE: P/E ratio 12.86x, Dec 2010
G: Growth 23% per year. Jan 2011 - Dec 2012
G: Gearing Net Cash
Y: Yield (Dividend). Gross 3.3%
Figure I saw from the rhbresearch web
RHB Mah Sing fair value target price is RM2.06 (outperform)
PE ratio is 12.9x, not low.
The Growth is 23% per year, good
Gearing- No gearing, net cash. Good
Dividend yield- Gross 3.3%, normal
The PE is not low and the dividend is just normal.
So, Mah Sing stock is not a bargain stock.
But if RHB forecast is accurate, then this stock is growing at 23% per
You buy this stock, hope that they will grow.
When every quarter they announce good result, hopefully the share price
keeps going up. Sometimes before announcement of good result, the price
already went up (can be prediction/forecast/insider).
In terms of track record, I saw one old RHB report, Mah Sing share price
up 6 times in a period of 10 years from 1999-2009. Their profit increase
by average 21% per year.
Maybe because of the track record, that is why this stock currently is
not super cheap or on bargain. But if you trust the company that they
can repeat what they have done, then you can treat this as long term
If you don't want to keep Mahsing, then you may enter if there is a
price drop. After the price drop, this counter will become cheaper.
Many will argue that Property will crash soon. Construction cost will
also shoot up sharply. Up to individuals to make decision.


Bonia Target Price Fair Value BUY RM1.84

Bonia fair Value Target Price is RM RM1.84 given by OSK with BUY rating

Extract from The Edge Article..
Bonia's group finance director Chong Chin Look told The Edge Financial Daily that Bonia Corp Bhd (a fashion retailer) acquisition of a 70% stake (S$28 million/RM65 million) in Singapore-based Jeco Pte Ltd may prove to be quite a gem. Jeco Pte Ltd is a new cash cow for them and is generating very good cash flow and has a lot of growth potential.

Jeco's net profit in FY09 is equivalent to around 52% of Bonia's latest FY10 net profit. Thus, the acquisition is expected to enhance earnings per share. For the financial year ended June 30, 2010, Bonia posted a net profit of RM33.2 million, a 61% jump from RM20.6 million in the previous year. Revenue rose 14% to RM360.1 million. Earnings per share stood at 16.5 sen. It declared a dividend of five sen for the year.

The purchase consideration represents a price-to-earnings multiple of 5.4 times and price-to-book multiple of 4.1 times, according to Bonia's announcement to Bursa Malaysia.

The Jeco Group is the licensee of Pierre Cardin's leather goods in Singapore and the master licensee for Renoma in Singapore, Malaysia and Indonesia. The group is also the sole distributor of Bruno Magli products in Singapore and the owner of trademark and brand representative of Braun Buffel in Asia Pacific. Growth potential for Jeco as there were still a lot of licences to be given out. New licences will tap into new markets and further provide a new source of income.

Jeco has a strong track record in paying dividends. It paid out some S$9 million in dividend for FY10 ended March 31, up from S$5 million for FY09. Given Jeco's strong dividend payout and growth potential, Bonia expects to see stronger revenue and cash flow in the years ahead and may consider paying higher dividends.

Bonia's gearing will be raised to 0.31 times post-acquisition from 0.22 times currently. Jeco, on the other hand, has no borrowings.

Jeco has a relatively big exposure in the region with businesses in Singapore, Indonesia, Thailand, China and even the Middle East and Australia. The bulk of Bonia's revenue comes from the local market.

The remaining 30% of Jeco will be held by its directors Liao Tien Fook and Liao Tian Sze with a 15% stake each.

This article appeared in The Edge Financial Daily, September 17, 2010.

Can the deal go through?
Can Bonia break RM2.00?

IJMLand- Can buy?

PM: What to buy?
Mr A: Try IJMland RM2.37.
PM: Why?
Mr A: Gamuda up, then IJMland.
PM: Why like that?
Mr A: You see lah. You can try IJMLand-Wa also at RM1.02.
This is market talk.


Malaysia Marine and Heavy Engineering Holdings Fair Value

1.6 billion share base for Malaysia Marine and Heavy Engineering Holdings IPO (MHE IPO / MMHE IPO). After Malaysia Marine and Heavy Engineering (MMHE) IPO, MISC will retain 1.19 billlion shares or 74.5%, according to RHB. Public issue of 262m new MMHE shares and an offer for sale by MISC of 146m vendor shares.

MISC’s minority shareholders will be given blue form to apply up to 24 million shares.

RHB said MMHE fair value is RM4.8 billion based on 1-year forward target PER of 16x. This translates to an issue price of about RM3 per share. Assuming RM3.00, MISC will raise a total of RM1.2bn from the exercise and net debt and gearing will decline from RM4.9bn and 0.21x as at 31 Mar 2010 to RM3.7bn and 0.16x after the exercise.

Peggy Method and Dollar Cost Averaging

For the benefits of new visitors, I am using Dollar Cost Averaging strategy and my own PEGGY Method in investing in stock market.

For more information on Dollar Cost Averaging and Peggy Method, click below.

Tuesday, September 21, 2010

Malaysia Marine and Heavy Engineering Holdings Berhad IPO- MMHE IPO

MHB IPO. Malaysia Marine and Heavy Engineering Holdings Berhad IPO.
Formerly known as MSE Holdings Berhad. Some called it MMHE IPO.

This MISC BERHAD has set aside 24,000,000 for the shareholders of MISC to apply the Malaysia Marine IPO. If you are a shareholder of MISC, you can apply any amount up to 24 million by using the Blue Form.

The Entitlement Ex Date is 1 October 2010. Whether the chances are higher, depending on how many shareholders will be applying.

This is similar to the shareholder of Berjaya Corporation Bhd, they set aside certain amount of shares for shareholder to apply the Berjaya Retail IPO.

Need to know the following and see whether worth to apply:
Malaysia Marine Target price or some called it Malaysia Marine and Heavy Engineering Holdings Target Price, or MMHE Target Price.
And the MMHE IPO Price.

So far no details yet.

Genting Singapore PE Ratio

Price of S$2.00, Genting Singapore PE ratio will be 23.3x FY 2010.
Financial year 2011 Genting Singapore PE ratio will be 20.6x.
Financial year 2012, Genting Singapore PER will be 17.0x.
Forecast by RHB.

From what I see, Genting Singapore is a FEEL stock. It is about feeling.
Most analysts keep changing the forecast.
Some said Genting Singapore Fair Value is S$1.00.
Some said Genting Singapore Fair value will soon hit S$10.00.
I say Genting Singapore is about FEELING.
You like it you buy. You trust it you buy.
You don't like it you don't trust it, don't buy.

Hope Genting Singapore target price of S$10.00 can be touched.
Because many around me like it.
Everyday I hear a lot of story about Genting Singapore.

CIMB Own 52% of Touch 'n Go

According to Bloomberg, CIMB Group Holdings Bhd will invest about half of the RM1 billion needed by Touch 'n Go Sdn Bhd over the next three years to boost the e-payment provider's infrastructure system.
This is what Chief Executive Officer Datuk Nazir Razak told reporters in Kuala Lumpur. CIMB owns 52 percent of Touch 'n Go.


Genting Singapore Par Value

Found this in Genting Singapore Annual report.
in Genting Singapore Financial Report, it stated,

Following the re-registration of the Company under the Isle of Man
Companies Act 2006, with effect from 28 April 2009, the issued shares
of the Company were without par value and as a result, the share
premium account has become part of share capital. Under the Isle of
Man Companies Act 2006, there is no longer the concept of recognised
share capital and shares may be issued without par value.

Many ask about Genting Singapore TARGET PRICE.
Many also ask about Genting Singapore FAIR VALUE.
But why want to know Genting Singapore PAR VALUE?

I'm not an accounting or financial expert, but I think they have no par value. But i'm not sure. Can check with your accountant friend.

Higher HIGH and Higher LOW stocks

What is higher HIGH and Higher LOW? Within one two years, their recent
high is higher than previous high and recent low is higher than previous
=YEAR=== High===Low==
2000 RM2.00, RM1.00
2002 RM2.50, RM1.50
2004 RM3.50, RM2.60
2006 RM4.00, RM3.00

If you have very very BAD timing, in year 2000 you bought the shares at highest RM2.00 and market crash to RM1.00. No worry, if your stock is higher HIGH and Higher LOW stock. Within one two years, the stock will trade above your price of RM2.00.
During recession the company may have lower profit or loss, but normally achieves higher and higher profit years after years.

These are the very GOOD MANAGEMENT companies. They deserve higher price for long term hold.

Examples of stocks...
QL (8 years since listing)
Public Bank (40 years).
Top Glove (10 years)

Real Estate Investment Trust (REIT)
Although the growth is superb SLOW, but the property value steadily increase years after years.

Due to inflation, normally all companies (banks, consumer, IT, etc) should achieve higher and higher profit. But some may take many years to recover and may just close shop.

Example... . UNABLE to achieve higher HIGH
Tenanga year 2000 net profit RM2bil, year 2009 is ONLY RM918mil

2006 RM24mil
2009 (RM17.7)mil
2010 expected RM19.8mil
2012 expected RM23.4mil
It will take more than 6 years for ILB to recover the previous high.

Is your counter a Higher HIGH and Higher LOW stock?
Some people stop trading because they waited for many years but their stocks still not yet go above their purchase price
My advice is to use Dollar Cost Averaging (DCA) method and keep buying.
Use PEGGY for stock selection

Monday, September 20, 2010

Genting Singapore IPO Succefully Listed on Singapore Exchange Main Board

Genting Singapore successfully listed on Singapore Exchange Main Board on 12 December 2005. Formerly known as Genting International PLC, an integrated resorts specialist. The shares closed at the day’s high of 38 cents, 8.6% higher than the initial public offering IPO price of 35 cents.

Genting International IPO was S$0.35

PLUS News Rumuors Updates and Khazanah Sell PLUS news

Many said PLUS Expressways up because of the report appeared saying there may be a plan by Khazanah considering to sell its stake in PLUS.

Khazanah Nasional Bhd declined to comment on the weekly newspaper report.
Every year I have been hearing about Khazanah to sell its stake in PLUS Expressways Bhd. Maybe this is for real? Declined to comment?

According to Bloomeberg, Mohd Asuki Abas, senior vice president at Khazanah’s Managing Director’s office said they do not comment on speculation

Abother news from Bernama and Bursa Malaysia annoucement is that a consortium comprising PLUS Expressways Bhd and India's IDFC Projects Ltd has secured a tender to build a four-lane 127.6-kilometre road which is the Jetpur-Somnath section of the National Highway-8D in Gujarat. The highway connects New Delhi with Mumbai. According to the reports it will be passing through state capitals and suburbs which is popularly known as the Western Express Highway.

The project to be executed on design, built, finance, operate and transfer basis is for a 30-year period.

IDFC Projects is a subsidiary of Infrastructure Development Funding Corporation (IDFC) while PLUS Expressways' ultimate holding company, Khazanah Nasional Bhd, currently holds 8.97 per cent of IDFC.

The proposed shareholding between IDFC Projects and PLUS Expressways in the consortium is 74:26.

Khazanah is looking at several options to monetize the toll-road concessionaire, the weekly reported on September 18, citing an unidentified person familiar with the plan.

Genting Singapore Vs Genting Bhd- Genting Singapore news

Genting Singapore news.
Genting Singapore Share Price, Genting Singapore stock price S$2.15
Genting Bhd share price RM10.18
Genting Singapore plc share price if convert Ringgit is RM5.01
---------------Genting Sinpapore---Genting Bhd
2010 profit (forecast) RM2.33bil---RM3.00bil
2011 Profit (forecast) RM2.64bil---RM2.92bil
2012 Profit (forecast) RM3.22bil---RM3.28bil
Total Issued Shares 12,170,109,207--3,705,699,770
Market Capitalization RM61.0bil--- RM37.72bil
Genting Singapore is bigger than Genting Bhd
Genting Group was founded by the late Tan Sri (Dr.) Lim Goh Tong in
He began the initial development works of building a 20-kilometre
private access road, across tough mountainous terrains from the
foothills to the summit of Mount Ulu Kali, located at 2,000 metres above
sea level.
Genting Singapore PLC (formerly known as Genting International Public
Limited Company) is a subsidiary of Genting Berhad and was incorporated
in 1984 to invest in leisure and gaming-related businesses outside
Major shareholder of Genting Singapore is Genting Bhd, about 54%.
Genting Singapore stock and Genting Singapore Price is doing very well.


Genting Singapore Broke Law Rules Regulation or Genting Singapore Fair Value S$10.00

Genting Singapore Broke Rules and Regulation and Law or they really heading to
Genting Singapore Fair Value S$10.00
When below S$1.00, some interested, but not that many like now.
Now it touched and broke S$2.00, there are reports everywhere that saying Genting Singapore Fair Value Target Price heading to S$10.00.
But the journey is not that smooth. Read in Reuters that a Singapore government minister said the city-state's two casinos breached regulations that prohibit promotional activities aimed at locals and may be penalised by the local regulator. I think this probably have something to do with the Singapore government ordered
Genting Singapore to stop their free shuttle bus services immediately in a bid to discourage locals from visiting the casinos. Singaporeans make up about one-third of visitors to Genting's casino.

Genting Singapore is about casino licence, that is why it is under so much of rule, regulation, law.

No doubt most analyst reports very bullish on Genting Singapore with many having BUY call on Genting Singapore, but there may be unforeseen circumstances nobody know.

If you decided to buy and keep and buy again and wait till S$10.00, you are reminded not to put all eggs into one basket.

I really hope Genting Singapore can hit can touch can break S$10.00. That will be very very interesting.

KLCI All Time high and KLCI Record high

What is KLCI all time high points?
When is KLCI all time high? KLCI Record High?
I saw from Bloomberg and wikipedia,
KLCI base value is 100 as of 2, January 1977.
Now is called the FTSE Bursa Malaysia KLCI
1,332.04 January 5, 1994 hit all time high.
261.33 September 1, 1998.
1,021.20 February 18, 2000
1,524.69 January 14 2008 hit all time high

Sunday, September 19, 2010

Good News Coming to Bursa Malaysia Stock Market?

According to Bernama...
Soon to be announced...
Details of the Economic Transformation Programme (ETP) and the Entry Point Projects (EPPs).
When is Malaysia 2011 Budget? Malaysia 2011 Budget on Oct 15, 2010.
Hope got many goodies.

Performance Management and Delivery Unit (Pemandu) also expected to reveal on Sept 21, 2010 the business opportunities available.

Announcement of the Basel III guidelines for the banking sector.

Kam lun Tai Mooncake 2010 -Black Sesame Bamboo Charcoal One Yolk

Few days ago tasted Kam lun Tai Black Sesame Bamboo Charcoal One Yolk. This Kam Lun Tai new Black Sesame Bamboo Charcoal One Yolk is very tasty. I was very surprise.
Because it looks so dark!! Totally different from normal ordinary traditional mooncake.
With the word Bamboo Charcoal, hard to imagine it can be tasty.
This Kum lun Tai mooncake was cut into eight pieces, but after the first bite, all the eight pieces were finished within minutes. All my family members said it is nice.

Saturday, September 18, 2010

Genting Singapore Breach Regulation? Genting International Fair Value Target Price affected?

Will Genting International target price fair value be revised lower?
Or Genting International fair value not affected? Read in Reuters that a Singapore government minister said the city-state's two casinos breached regulations that prohibit promotional activities aimed at locals and may be penalised by the local regulator.
I'm not sure how Genting Singapore break the law. I think this probably have something to do with the Singapore government ordered
Genting Singapore to stop their free shuttle bus services immediately in a bid to discourage locals from visiting the casinos. Singaporeans make up about one-third of visitors to Genting's casino.
Did Genting Singapore breach the rule?
Or Genting Singapore break the law but minimal penalty.
What will you do if you are Singapore Government?

Genting Singapore Fair Value Target Price S$10.00

Genting Singapore Target Price Fair Value from S$1.38 to S$1.88.
CIMB 25 August 2010, using Sum of Parts. Outperform.
Genting Singapore Fair Value target price S$2.40.
RHB 3 September 2010. Outperform. 12x PE ratio FY11 based on regional average and Sum of Parts.
Genting Singapore Target Price Fair Value S$2.65.
OSK September 2010. BUY.
Genting Singapore Target Price Fair Value S$2.45 from S$1.55.
Citigroup. 16 September 2010. BUY. Based on 15.3x 2011 EV/EBITDA vs 12.5x previously. 30% premium to Macau casino.
Genting Singapore Target Price Fair Value S$2.36 from $2.00.
DBS Vickers. BUY. Based on 16.5x 2011-2012 EV/EBITDA vs 15x assigned to
Wynn Macau (1128.HK).
Genting Singapore Plc target price Fair Value S$3.00 from S$2.00
CLSA Asia Pacific Markets. BUY. Earnings growth will remain strong.
According to Nomura, over the past year, there are 76 changes made to,
Genting Singapore Fair Value target price. No one really knows actual size of Singapore's casino gaming market.
Got 49 Genting Singapore target price fair value upgrades over the period, 27 downgrades for Genting Singapore Fair Value target price.
They said by extrapolating the street's frequency and quantum of upgrades, the implied Genting Singapore Fair Value target price S$10.00 could possibly be hit soon.
The report show sticks to its Reduce call,
With target price for Genting Singapore S$1.01. I don't know who stick with that.

Six Happiness Mooncake 2010 Pandan Lotus Mung Bean Paste & Lotus Paste Single Yolk

Someone gave me a box of Six Happiness mooncake. Many thanks.
I first tried the Pandan Lotus Single Yolk. Not good, just got pandan smell which is a bit artificial. The skin also not nice.

Then I tried the traditional Single Yolk Lotus Paste.
The Lotus Paste Single Yolk is ok. Yolk is ok and the Lotus also ok.

For info, Six Happiness Restaurant is established in year 1989.

Friday, September 17, 2010


Someone told me Philip Capital Management JUST initiated BUY on TSH.
They like TSH because it is an integrated upstream and downstream palm
oil company. TSH has large land bank of 100,000 ha with only 13,000
matured ha.
They said TSH is trading at low PER and reasonable dividend yield of
3.9%. A long term Buy on TSH.
Last few weeks I have posted few article on TSH.

Malaysia to have 6 days Bull Run in End of September 2010

I was having a chat with someone and she told me that Bursa Malaysia stock market will have six days of bull run soon. The KLCI and bluechips already went up, and this six days bull run will be broad base. Meaning most counters will also go up, except KLCI or bluechips which have already up.
The condition is that as long as US don't drop more than 1,000 point within a week.

He also told me that Najib is going to Singapore on Saturday, and can expect a lot of interest for Johor stocks or Johor counters, also those involve in Iskandar development zone.

List of Johor counters or Johor shares or Johor stocks, and also Iskandar:
UEM Land
Johor Tin

What else? I didn't have the time to find out.

When China prime minister come to Malaysia, the Malsysia China stocks fly.
Previously Glove stocks fly, then education. Sometime Sarawak election, then Sarawak stocks.
Recently is IPOs. Also KLCI stocks. Stock market is about theme. Sometimes goreng this sometimes goreng that.

All this are not recommendations. It is just how investors interpret the stock market. Why six days? I didn't ask. What basis to have bull run? I didn't ask.

Some also intepret that will have big crash soon.

Stock market is a pool of opinions and actions. Opinions will lead to actions. The combination of all actions determine the whole movement of stock market.

List of Steel Company in Bursa Malaysia Stock Exchange KLSE

List of Steel stocks in Bursa Malaysia Stock Exchange KLSE.
The steel counters are AnnJoo, Lion Group, Perwaja, Southern Steel.
More results are PMetal or Press Metal, Kinsteel, CSCSteel, and ChooBee.
Also TattGiap or TatGiap, Masteel or Malaysia Steel Works (KL) Bhd.
Mycron Steel Berhad.
Are the followings also steel counters steel stocks or steel company?
HiapTeck, Engtex, TongHerr, Jaks, Pantech, Pertisma,
YunKong or Yung Kong, Blue Scope, Chinwell or Chin Well,
Sino Huaan

I saw the target price from RHB research web.
AnnJoo Target price fair value RM2.84
CSCSteel Target Price Fair Value RM2.10
Perwaja Target Price Fair Value RM1.24
HiapTeck Target Price Fair Value RM1.38
Kinsteel Target Price Fair Value RM0.78
Huaan Target Price Fair Value RM0.32

CSC Steel Target Price Fair Value Analysis Research Report

CSC Steel Analysis Research Report CSCSteel news and blog
CSC Steel Target Price Fair Value
- PEGGY Method
CSC Steel Bhd (5094)- RM1.70
Let us do my PEGGY method test:
PE: P/E ratio 7.76x, Dec 2010
G: Growth 6.1% per year. Jan 2011 - Dec 2012
G: Gearing Net cash
Y: Yield (Dividend). Gross 8.8%
Figure I saw from the rhbresearch web
RHB CSCSTEEL fair value target price is RM2.10
PE ratio is 7.76x, Ok.
The Growth is 6.1% per year, low.
Gearing- net cash good.
Dividend yield- Gross 8.8%, good
I personally dislike steel company. I don't know why.
Maybe influence by my friend that made huge losses in steel company.
Anyway, CSCSteel is cheap now, with net cash, low PE and high dividend.
Every year they generate good profit and pay you good dividend.
Cheap to buy but the only thing the growth is not that high as forecast
by RHB.

Genting Singapore bigger than Maybank and is the Largest Stock in KLSE Bursa Malaysia- Genting Singapore news

Genting Singapore total issued shares is 12,170,109,207 units.

Genting Singapore share price of S$1.80, Genting Singapore market capitalisation will be S$21.9 billion.
If convert to Ringgit exchange rate at RM2.33 will be RM51 billion.

Maybank is currently the largest stock in Busa malaysia KLSE in terms of market capitalisation.
total share issued 7.078 billion X share price RM8.80.
Then Maybank market capitalization will be RM62.3 billion.

CIMB also one of the largest stock in KLSE Bursa Malaysia
total share issued 7.063 billion X share price RM8.20.

CIMB market capitalization will be RM58.0 billion.
Now Genting Singapore still smaller than Maybank and CIMB.
But let us look at target price fair value provided by RHB
Genting Singgapore target price fair value S$2.40,
Maybank target price fair value RM9.86
CIMB target price fair value RM9.40
The result will be...
Genting Singapore market capitalization RM68.1 billion.
Maybank market capitalisation RM69.8 billion
CIMB market capitalisation RM66.4
Genting Singapore is now bigger than CIMB but still smaller than Maybank.
I am not convinced, so I use Genting Singapore target price fair value provided by CLSA S$3.00
Then Genting Singapore target price fair value will be whopping RM85.1 billion
If Genting Singapore is listed in KLSE Bursa Malaysia stock market, then based on my theory above, Genting Singapore is the Largest Company Largest Stock in KLSE Bursa Malaysia stock market.

Petronas Chemical Group Bhd PCGB IPO

The soon to be listed Petronas Chemical Group Bhd, I'm wondering what will be the short name.
Petrochem IPO or PCGB IPO or PetronasChem IPO.
I heard they may have few anchor investors, such as Employees Provident Fund EPF and Technip, the French oilfield services Group. There is one Technip building in Jalan Tun Razak.

Thursday, September 16, 2010

Genting Singapore Paid Up Capital Total Shares Issued

How much Genting Singapore is worth?
Total Number of issued shares Genting Singapore.
I saw from the quarterly report, as at 30 June 2010 the Genting Singapore total issued shares is 12,170,109,207 units. I think all issued shares are listed, supposed.

Assuming a price of S$1.80, Genting Singapore market capitalisation will be S$21,906,196,572.60
That is very BIG!!!

If convert to Ringgit exchange rate at RM2.33 will be RM51 billion.

That is very BIG.

Am I getting the figure right?
Normally if the figure is beyond my expectation, I will try to check second source.

The number of shares I get it from Annual Report. But I also double check with RHB Research report, a bit outdated but about the same, 11 billion plus.

The share price can't be wrong. Exchange rate can't be wrong. My calculator can't be wrong.

So confirm market capitalisation of Genting Singapore is worth RM51 billion.

Why I say it is BIG.
Public Bank total shares issued is 3.5 billion. If multiply by share price of RM12.80, then Public Bank market capitalization will be just RM44.8 billion, lower than Genting Singapore.

Wednesday, September 15, 2010

EKIB up 56% RM0.35 why up EKIB News?

Why Emas Kiara up 56% RM0.35 on 15/09/2010.
Not sure, but may due to the article of EKIB news came out in 15/09/2010 Chinese newspaper. Not really too sure what is the article about.
Maybe related to the orders from Second Penang Bridge, more from KLIA2. In RHB report, they has recently secured combined new geodrain orders of about RM30m from all the three contractors involved in the land portion works of the Second Penang Bridge, as well as the other earthwork contractor of the KLIA2.

Kimlun to Benefit from LRT

Read from Business Times, Bernama and MIMB report that Kimlun Corp Bhd
is expected to benefit from the new light rail transit (LRT) extension
MIMB Investment Bank said Kimlun has the experience and technical
They have acquired the experience and expertise from its long
involvement in a Singapore mass rapid transit extension project.
The industrialised building system (IBS) has received strong support
from the government. All new government projects should have at least 70
per cent IBS contents.
Kimlun is a full fledged IBS builder and 25 per cent of its revenue are
derived from the IBS segment. This is a very big advantage when
tendering for government contracts.
MIMB said the new ruling to reduce the dependence on foreign workers in
the construction sector to just 15 per cent by 2010, would further
strengthen the need for IBS.

Jerneh Asia -Why Down?

Why Jerneh down?
I think it is probably due to the selling price below expectation.
As reported in The Edge, in May 2010, some reported that Jerneh Insurance may be sold for RM875 million. So Jerneh Asia will get RM700 million. But now Jerneh Insurance is selling for RM654 million, and Jerneh will get RM523.2million only. This is about 1.07 times price-to-book ratio, lower than industry expectations of between 1.3 times to 1.8 times.
At RM523.2million Jerneh Asia probably will get RM2.94 cash per share as reported in The Edge. They said Jerneh Asia already is having net cash before the selling of Jerneh Insurance. But they didn't mention how much.
For info, Jerneh Asia is trading at RM1.00 in 2009.


Sunway Target Price Fair Value Analysis Research Report

Sunway Analysis Research Report
Sunway Target Price Fair Value
- PEGGY Method Blogspot
Sunway Holdings Bhd (4308)- RM1.72
Let us do my PEGGY method test:
PE: P/E ratio 7.5x, Dec 2010
G:  Growth 11.1% per year. Jan 2011 – Dec 2012
G:  Gearing 0.5x
Y:  Yield (Dividend). Gross 1.6%
Figure I saw from the rhbresearch web
S&P Sunway target price fair value is RM2.10 (strong buy)
RHB Sunway fair value target price is RM2.35 (outperform)
OSK Sunway target price fair value is RM2.52 (buy)
PE ratio is 7.5x, Ok.
The Growth is 11.1% per year, ok
Gearing- 0.5x ok? Not sure, should be ok for big Sunway company I think.
Dividend yield- Gross 1.6%, low
This is a cheap stock with good growth rate.
But the problem is low dividend.
I guess they may be using the profit to pay the debt or borrowing.
Gearing will reduce to 0.3x in 2012.
This stock is also good for trading, high volume and volatile.
Many research houses are calling for buy.
If you don't mind the low dividend and you think the gearing is ok,
then this stock is cheap (low PE) and high growth as forecast by RHB.

According to RHB, recent news is that they have a fourth property project in Singapore.
Sunway and local partner Hoi Hup Realty/Hoi Hup JV Development in a joint venture of 30:70 have won the bid for 99-year leasehold state land in Singapore known as "S5b" located at Miltonia Close for S$165m (RM384m).
The gross development value is about S$370m (RM861m) and expected to be completed by Sep 2016.
The other three projects are:
City View @ Boon Keng
The Peak @ Toa Payoh
Jalan Senang


Tuesday, September 14, 2010

EON Bank Share Super Easi Share Financing

Saw from the net.
Eon Bank Super Easi Share Financing
Promotions Period: 1st May 2010 to 30th September 2010

Loan limit <=RM1.0mil
Promotional 1st & 2nd years BLR - 1.75%
Board Rates Thereafter BLR - 1.25%
Minimum Floor Rate (MFR) 4.05%

Loan limit > RM1.0mil
Promotional 1st & 2nd years BLR - 2.0%
Board Rates Thereafter BLR - 1.50%
Minimum Floor Rate (MFR) 3.80%
Margin of finance Up to 60%
Leverage: Cash / Fixed Deposit : Up to 2.5 times
Shares : Up to 1.5 times
Collateral: Cash / Fixed Deposit /Acceptable Shares quoted on BURSA Main
and ACE Markets

I saw they offer 24 hours Cash drawdown. Very Good!!!!
You can park your share margin financing account with many panels of
stockbroking firms of your choice
They have very flexible repayment. But most brokers do not require
repayment as long as no margin call or exceed limit.
No Rollover Fees
No Commitment Fees
No Processing Fees
Minimum Credit Limit is RM25,000
Maximum Credit Limit is RM5,000,000. But normally for bank, if more than
the limit they can seek exception approval, normally.
Margin Call is when Approved MOF + 10% ( 3 market days grace)
For some banks and brokers is 66.67%. Some 70%.
For EON case, the above show 60% MOA, so 60% + 10% = 70%.

Many listed company owners take share margin financing.
Normally share margin financing the shares will be under a Nominees
Pledged account. You just check the annual report, many name are under
Nominees Pledged account. Some are just park their shares there, but many are under share margin financing.

Mukesh Ambani world's richest man?

According to Futuristic, in Forbes magazine in a special 2020 report, Indian business tycoon Mukesh Ambani would become the world's richest man in 2014.
Reliance Industries' chief Mukesh Ambani, currently has a net worth of US$29bil, will increase to US$62bil, and will be the world's richest man in 2014. Current world richest man is Mexican businessman Carlos Slim.
Other predictions are convicted Bernard Madoff (the US stock market Ponzi-scheme operator) would be found dead in his prison cell in 2011;
Facebook would debut on Nasdaq in 2012.
Facebook founder Mark Zuckerberg (20-something age) will be worth US$10bil-plus.
Few years back I read there are people in UK bet that David Beckham's son will become the future England captain.


Monday, September 13, 2010

Genting Singapore Target Price Fair Value S$3.00

According to Bloomberg, CLSA Asia Pacific Markets raised
Genting Singapore Plc share-price forecast to S$3 from S$2.
It said the casino operator's earnings growth will remain strong.
The Genting Singapore fair value and target price of S$3 is 65% upside from the current market price.
CLSA maintained buy rating on Genting Singapore.

Some people from Malaysia take bus, AirAsia, MAS, or Singapore Airline to go Singapore. Some by car. Now only I realize we actually can take Tiger Airways which is also very very cheap.

TSH Resources Bhd Production Figures Crude Palm Oil

TSH Resources Bhd Crude Palm Oil Production Figures
Dec 2006  16,826
Aug 2007     19,159
Nov 2007     20,270
Feb 2008     16,704
Mar 2008    18,980
Apr 2008    20,336
May 2008    22,716
Jul 2008     21,410
Oct 2008     22,124
Aug 2009    16,177
Sep 2009     18,345
Jan 2010     18,559
Mar 2010    16,695
Jul 2010    14,517

From the above, probably the young trees have not start to yield return yet.

Sunday, September 12, 2010


What if....
a) You made heavy losses in the stock market for many years
b) You didn't invest, but your spouse is a remisier and he made losses until resign as remisier
c) You saw market very volatile like gambling

So, you go around the world and announce DON'T INVEST IN STOCK MARKET!!
Stock market cheat people!!!! Stock market is license gambling!!!

You are just telling people DON'T GET MARRIED!!! Because you saw many people got marriage problem. BUT many have successful and happy marriage.
What I am doing is trying to help people to have happy marriage (make money in stock market), by using Dollar Cost Averaging and PEGGY.
Encourage single (not investing) to get married (start investing).

For your info, some of your EPF money is in stock market.
Your insurance companies also invest there. Same as unit trust.
Billionaires bosses asset are in stock market shares. Bill Gates,
Francis Yeow, Syed Mokhtar Albukhary (Syed Mokhtar), Warren Buffet,

Saturday, September 11, 2010

TSH Target Price Fair Value RM2.80 from Research

According to Bloomberg, in the recent report,
TSH Resources Bhd target price fair value is RM2.80 from RM2.10. The stock’s fair value was raised from RM2.10 to RM2.80 by HwangDBS Vickers Research Sdn Bhd.

Well, I don't have recent info on TSH. But few years back until now and still continue, they have been keep on planting and planting and planting. So, probably end of 2010 the many young trees may start to be harvested and yield return. I met with their Managing Director Kevin Tan two years ago, he told me he is very confident to grow the company, as they have so huge of unplanted landbank which they bought it cheap many years ago and they just keep planting. He told me he try to make the company profit grow. This will result in more shares and more liquid/volume traded and can trade at higher PE and higher price.

But I have a concern. Their wood product through Bursa Malaysia Main Market listed Ekowood International Bhd is not doing well. As long as no losses, is ok. Because the palm business is very much bigger than wood business.

What I suggest that, if you can take the risk and can wait after buying, then make your own decision. But if you can't take higher risk or don't want to wait after buying, try look at their palm oil output every month, and see when the output start increase significantly. If started increase significantly, then can think whether to enter.

I don't have figure with me, so can't comment much.

Thursday, September 9, 2010

Petronas Chemical IPO

Petronas Chemicals Group Bhd will be listed in Bursa Malaysia Stock Exchange Main Market this year.
Petronas Chemical IPO will be Malaysia’s second largest IPO after Maxis.

They made after tax profit of RM2.59bil for financial ended March 31, 25% lower than the RM3.45bil posted a year ago. This is due to cyclical nature of the industry, economic conditions and higher feedstock costs. Petronas Chemical total assets is RM26.89bil and is controlled by state oil firm Petroliam Nasional Bhd (Petronas). Petronas has more than 10 companies in the petrochemical business,
including BASF Petronas Chemicals Sdn Bhd and Optimal Olefins (Malaysia) Sdn Bhd.

Petrol Chemical is a petrochemicals producer, probably may raise US$2bil in the IPO.
Will get the Petronas Chemical Target Price Fair value.

Areca Capital Sdn Bhd fund manager Danny Wong said the presence of Petronas as a state-owned firm would give them some confidence. Petronas will remain a controlling shareholder of the firm. Under the terms of IPO, Petronas Chemical will buy a Malaysian port from Petronas in exchange for almost half of its authorised share capital of 15 billion shares.

CIMB Investment Bank Bhd is the principal adviser, managing underwriter and retail underwriter for the IPO exercise. The joint global coordinators and joint bookrunners are CIMB Investment Bank, Deutsche Bank AG, Hong Kong branch and Morgan Stanley & Co International plc.

Petronas Chemical Group is one of two offerings to be launched by government-run Petronas in response to Prime Minister Najib Razak’s call to reduce state ownership in the private sector and boost liquidity in the stock market. But as Petronas still controlling major shares in Petronas Chemical, the firm will remain an illiquid stock like many of the government-linked companies that make up more than half of the benchmark FTSE Bursa Malaysia KLCI Index.

Petronas probably may list Malaysia Marine and Heavy Engineering IPO, MMHE IPO.

Wednesday, September 8, 2010

Malaysian Genomics Resource Centre Berhad IPO MGRC IPO

To facilitate the IPO listing of Malaysian Genomics Resource Centre Berhad, the existing shareholder must deposit the physical scrip with Bursa Malaysia Depository Sdn Bhd (Central Depository, commonly known as MCD Malaysia Central Depository) from 09.09.2010 to 11.10.2010.
Malaysian Genomics Resource Centre Berhad (stock code 0155).
For the Public:
IPO price is RM1.08
Public issue 17,100,000
Offer for sale 2,000,000
Private placement 14,500,000
Tentative listing date 05.10.2010.
Will get the Malaysian Genomics Resource Centre Target price
MGRC fair value target price

Bpuri news, Silver Bird news, PMetal

The company announced that they have entered an agreement with Medini
Land Sdn. Bhd. on 7 September 2010 to develop 1,048,925 square feet
gross floor area (GFA) in Medini North, the first phase of Medini
Iskandar Malaysia which is expected to be completed in 2012. The gross
development value is approximately RM500 million upon completion of the
two-phase development in Johor. BPuri will have 80% equity in the
Source: Bursa Malaysia
Silver Bird (Malaysia sole listed bread and confectionery maker)
announced in August 2010 that wholly-owned subsidiary Stanson Marketing
Sdn Bhd (SMSB) signed a Memorandum of Understanding (MOU) with KPF
Holdings Sdn Bhd (KPFH), a wholly-owned subsidiary of Koperasi
Permodalan Felda Malaysia Berhad (FELDA) and Consortium Fresh Food
Quality Berhad (CFFQ). This is to establish a strategic partnership
using CFFQ as a special purpose vehicle to undertake the purchase and
collection of essential agriculture-based foods from all sources
including FELDA settlers and other farmers and thereafter to deliver the
essential agriculture-based foods to designated regional hubs including
the Gedung Makanan Negara (GMN) for processing and packaging. SMSB shall
be appointed as CFFQ's exclusive distributor for sale of the same. This
will maximise the utilisation of SMSB's existing distribution assets.
GMN was established by the Government within FELDA to ensure a steady
and uninterrupted supply of essential agriculture-based foods throughout
the nation. In the event the parties proceed with the strategic
partnership, KPFH shall subscribe for 49% equity in CFFQ, SMSB 20% and
Bumiputra investors 31%.
Source: Bursa Malaysia
Press Metal Berhad (8869) PMetal
August 2010, Statement From Company Quarterly Report:
Current year's prospects.
Since last year's financial crisis, there are an increasing number of
countries reporting positive growth. Our Group, with substantial
operations and business in China and other Asia region where the
economies are expected to grow at a healthy rate, is expected to
continue generating positive result.
BPURI: Their new projects are getting bigger and bigger. Well done! But
the concerns are low margin and high gearing. Kenanga Bpuri fair value
is RM1.77 (24/08/2010 report)
SILVER BIRD: Strategic partnership with Felda group of companies? Do you
know how big is FELDA? Huge! For info, Felda own about 9.34% of Silver
Bird. But this is just an MOA, no legal binding yet.
Silver Bird fair value target price?
PMETAL: Most companies are cautious, but Press Metal is quite positive.
Not sure why they are so positive. Or positive just means profit?
Doesn't matter low or high? Or they really can achieve positive strong
Silver Bird fair value target price?

Hahaha... I received a funny comment......

Hahahaha... I received a funny comment...... Why we receive funny
Anyway, I accept constructive criticism. But I still feel the comment is
a bit unfair. Keep attacking with lack of understanding of my blog.
Anonymous has left a new comment on your post "Hartalega Research Report
Analysis- PEGGY Method R...":
Check your fact before you comment. Hartalega IS the most efficient
glove maker in the world (not just one of the most efficient). Your
analysis lacks depth too and in your ego way to do your "PEGGY" way,
you've omitted out many other important financial parameters crucial for
stock picking. Pls don't pretend to be an expert and mislead readers.
I started noticing this counter at RM3+ and buying heavily at RM4+ (when
many like you complained it's very expensive). Look long term in your
investment horizon. This counter is for long term holding and not
suitable for short term punters like you
Posted by Anonymous to A PEGGY Method of Stock Market at September 8,
2010 12:09 AM
Check your fact before you comment. Hartalega IS the most efficient
glove maker in the world.
Your analysis lacks depth too and in your ego way to do your "PEGGY"
way, you've omitted out many other important financial parameters
crucial for stock picking. Pls don't pretend to be an expert and mislead
I started noticing this counter at RM3+ and buying heavily at RM4+ (when
many like you complained it's very expensive).
Look long term in your investment horizon. This counter is for long term
holding and not suitable for short term punters like you.

Should I Buy Now, Sell or Hold? KLSE PE Ratio higher than Historical PE Ratio? Stock Market Question

Should I Sell Now or hold? Or Should I buy now? Stock Market Question.

If you SELL, you are RIGHT.
Bursa Malaysia PE ratio is quite high now. Most probably the share prices will come down. If stock market PE ratio is higher than historical PE ratio, then it may come down. Europe and US also not so stable, so may experience double dip recession.

If you BUY, you are RIGHT.
There are signs that there will not be double dip recession. KLCI 1300 many said expensive, some even told me very loud that market will crash soon. But the KLCI index is now 1430. Up 10%. Although certain stocks may be overvalued, many stocks are still undervalued.

If you HOLD, you are RIGHT.
So many uncertainties. Some said double dip recession, some said on track of recovery. Because not sure going up or coming down, so hold it.

Am I talking rubbish? Buy is Right, Sell is Right and Hold also Right?
Then nobody make losses? All make money in stock market?

My point is here...
Actually no one know the directions of the market. It is not what you do now that make you lose money or make money.
It is about KEEP BUYING the GOOD STOCK in the long term.
If you buy now and you make losses, but if keep buying then you will recover your loss and can make gain.
If you sell now and may sell at low price or cut loss, but as long as you keep buying in the long term, you will recover your loss and make money.
Same as hold. Holding with paper loss. But as long as you keep buying in the long term, you will recover your loss and make money.

Conclusion is ...
KEEP BUYING (use Dollar Cost Average) the GOOD STOCK (use PEGGY Method).

Dollar Cost Averaging

PEGGY Method

Tuesday, September 7, 2010

KLCI to hit 2610 points soon !!!!- FTSE Bursa Malaysia KLCI Index

I read an article in Business Times and Bloomberg.
Philippine Index around 3,723.45
FTSE Bursa Malaysia KLCI Index around 1,434

In Malaysia, a breakout may suggest a long-term minimum target of 2,610 for the KLCI index, according to the analysts, who didn't specify a time frame.

If I am not mistaken, KLCI in 1993 was about 1300.
Only the best of the best counters can be KLCI stock.
So, to double from 1300 to 2600 in 17 years, is NOT difficult.
Meaning touching 2610 soon?

Extract for discussion.
According to CLSA Asia-Pacific Markets technical analysts, Philippine and Malaysian stock markets may soon end 16 years of stagnation and enter a "golden era".

The Philippine Stock Exchange Index is testing its record high reached on Oct. 8, 2007.
The FTSE Bursa Malaysia KLCI Index is also poised for a breakout.

The "secular bear markets" in the two Southeast Asian countries may be similar to ones in South Korea from 1989 to 2005, Indonesia from 1990 to 2004, India from 1992 to 2004, Singapore from 1994 to 2006, and the US from 1966 to 1982.

According to CLSA, since then, benchmark indexes in the five countries have rallied at least 51 per cent and posted gains of as much as 282 per cent, the analysts said.

A "conclusive" breakout above 3,896 could take the Philippine gauge to 6,752 "in the years to come," according to the analysts.
In Malaysia, a breakout may suggest a long-term minimum target of 2,610 for the KLCI index, according to the analysts, who didn't specify a time frame.

For full report, please visit Bloomberg or business times.

Freight Management looking at potential Acquisitions

Freight Management Holdings Bhd, a leader in the provision of
international multimodel freight services, is looking at potential
acquisitions domestically and regionally.
Chew Chong Keat is the Managing director
He said there are now ongoing talks for potential acquisitions in
They are also keen on the South East Asian region.
Freight Management is targeting to increase revenue contribution from
overseas from current 20%.
Freight Management has been profitable even through the extreme global
economic downturn in the past two years, by leveraging on a business
model which is not asset-heavy and keeps cost down to a minimum.
They don't own ships and other assets. They work with shipping lines and
airlines like the middleman.
The strong balance sheet position allows Freight Management to
capitalise on growth opportunities. Freight Management has at present a
low net debt position of RM11.7 million or net gearing of 0.12 times as
of 30 June 2010.
Source: -- Bernama and Business Times

As long as the new business that they buy, can generate profit more than
the loan interest if they borrow money to buy) or FD interest (if they
use cash to buy), the profit will increase. Straight forward.
Question is, will the new business (after they bought over to manage)
generate more money than FD interest or loan interest. With their track
record, I think yes.

Monday, September 6, 2010


KLCI PE Ratio and Bursa Malaysia PE Ratio.
Read an article in The Star recently.
Stocks is expensive compared to their historical price/earnings ratio.
Means the KLCI price/earnings ratio and KLSE price/earnings ratio are
slightly expensive now.
RHB Research calculated that local stocks are priced at 16.7 times based
on projected earnings this year.
This was higher than the post Asian financial crisis mean PER of 16
times and one-year forward PER value of 15 times. The firm's forecast
put the PER for 2011 at 14.7 times and a normalised earnings growth of

My Fund Performance as at July 2010

I have one Fund that I am managing and is separated from my own trading.
I just got the report as at 31 July 2010.
The return for three months is 12.13% and six months is 16.56%, performed better than the KLCI.
But for 3 months the actual return is 12.13% + 3% = 15.13%.
And for 6 months the actual return is 16.56% + 3% = 19.56%.
Why add 3%?

Let me explain.
My company gave us about RM120 (depending on position) extra per month. This money keep aside and when we retire, then they will give us (with interest) as ang pao.
So, after few years with interest, it accumulated to RM15,500.
I applied RM15,500 to buy shares of my choice.
So they deducted 3% for every application.
That's why need to add back 3% to my performance.

Anyway, for the coming months and years, my performance will drop.
Why? Because I have very little money left for me to withdraw. Also because every time BEFORE I buy or sell shares, I need to apply and get approval. So some of my stocks that went up or announce something bad, very inconvenience for me to take profit or cut loss.
Furthermore, they charge a bit administration fee for every transaction and annual fee.

Therefore, I just buy the shares and keep it there and don't bother about it. As long as the dividend or return is higher than interest, I am happy.

If you have money in FD, better buy shares. The return is much higher.

Saturday, September 4, 2010

Why Lionel Messi Played Badly in 2010 South Africa World Cup?

Why Lionel Messi Played Badly in 2010 South Africa World Cup?
Here are the reasons:

1) Every players have their own form. Sometimes play badly, sometimes excellent.
2) He actually didn't really play badly. He still can run through few defenders. Just that the performance was a bit below when he was playing for Barcelona.
3) When playing for Barcelona, he is facing good and bad players. So it is very easy for him to run through the bad players. But when he is playing in the World Cup, he is facing the best of the bests. So, not easy for him to do his tricks.
4) Everyday he is seeing his Barcelona teammates. So he can gel with them very well. But for Argentina, they just got together for world cup or international matches once a while.
5) Many players also complained about the Jubulani ball
6) Argentina didn't have a good coach. Who is Maradona? Can he coach? Maradona looks like Mister Potato. He is a great player, but can he coach?
But if Lionel Messi really want to have his name being remembered as the Greats, he need to win world cup. I really hope he can win a world cup.

Friday, September 3, 2010

Hartalega enters Forbes Asia's "Best Under A Billion" 200-company

Malaysian glove maker Hartalega Holdings enter Forbes Asia's "Best Under A Billion" 200-company list this year.
The company recorded sales of US$175 million (RM547.75 million) last year and worth US$609 million (RM1.9 billion).
Total nine Malaysian companies made to the latest list.
The other eight are Mudajaya Group, Coastal Contracts, Hai-O Enterprise, Latexx Partners, KKB Engineering, My EG Services, Willowglen MSC and CBS Technology.

Thursday, September 2, 2010

Fitters PE ratio less than 3.3x

Fitters Research Report Analysis
Fitters Target Price Fair Value
- PEGGY Method
Fitters Diversified Bhd (9318)- RM0.98

Let us do my PEGGY method test:
PE: P/E ratio 7.7x, Dec 2010
G: Growth 63% per year!!!! Jan 2010 - Dec 2012
G: Gearing 0.3 x.
Y: Yield (Dividend). Gross 2.72%
Figure I saw from the rhbresearch web

PE ratio is 7.7x. Ok
The Growth is 63% per year, FANTASTIC
Gearing- I think is manageable
Dividend yield- Gross 2.7%, a bit low

The dividend is low. The gearing I think 0.3x is still ok.

Let us talk about the PE ratio. 7.7x is good, after growing 63% per year until Dec 2012, the PE ratio will be only 3.27x (very low).

But who say they will grow 63% per year from 2011 to 2012.
The figure I saw from RHB.

Assuming no growth? The stock PE is still only 7.7x.
But if RHB is for real, then Dec 2012 the PE is just 3.27x.

What make them grow? I think is the Gasification technology.
I'm not sure, but something to do with waste-to-energy technology.
Meaning turn your rubbish into energy.
According to RHB, similar to the 1989 movie Back To The Future 2, starring Michael J Fox.
Doc Brown put rubbish into his modified DeLorean DMC-12 sports car.

Well, I just present to you the figure. Whether you trust RHB or not.
High growth, Low PE

For info, Fitters Bonus issue is coming out, already approved by
shareholders at the EGM. One for every two.

Wednesday, September 1, 2010

Glomac Target Price Fair Value Research Analysis Report

Glomac Analysis Research Report
Glomac Target Price Fair Value
- PEGGY Method
Glomac Bhd (5020)- RM1.35
Let us do my PEGGY method test:
PE: P/E ratio 9.7x, Apr 2010
G: Growth 16.6% per year. May 2010 - Apr 2013
G: Gearing 0.1 x.
Y: Yield (Dividend). Gross 6.3%
Figure I saw from the rhbresearch web
PE ratio is 9.7x. Ok, normal
The Growth is 16.6% per year, good
Gearing- low, ok
Dividend yield- Gross 6.3%, good
RNAV is RM2.23
What is RNAV? RNAV is Revalued Net Asset Value
RHB Glomac fair value is RM1.56 BUY
OSK Glomac target price is RM1.81 (30/06/2010 research report) Trading
Quite a good counter. Gearing and PE low, with profit growing and good
dividend. Above two brokers also say BUY
But the thing is I heard from many people that property is going to
crash soon.
I am not an expert, so I can't give a comment on property outlook.
One thing I know is for good location or new property, the prices keep
going up since the day I was born.
They also say Malaysia stock market is high now, will crash very soon.
Up to your own judgment on the property market and stock market.
As far as the stock is concern, ok. More concern on overall property and
stock market.



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