Tuesday, September 25, 2012

Scalp Trades on GLOMAC

 
 
1. GLOMAC - Sold them off at RM0.80 and bought them back at RM0.79. Now closing RM0.80. Hope to inch higher tomorrow. ^^ Make contra gain of 1sen.
 
2. HEKTAR - Rigth units > 98% subscribed. Hope my excess 5000units being allocated with small some of it. ^^ 2/10/2012 will be the date they credit the shares into our trading account. I do hope by then Hektar can trade above RM1.40.
 
3. OSKPROP - Stuck on this. :(
 
4. CARLSBG - Stuck on this as well. :(
 
5. Watch List - GLOMAC, HEKTAR, HAIO, IGBREIT, IGB
 
6. Congratz to those who make money today.^^ Good Luck.

65 comments:

hng said...

Teng

About IJM, the total stake invest in scomi is 25% via 10% stake value at 33sen for RM 39m + subscription of redeemable convertible secured bond of RM 110m in cash, which have tenure of 3 year bearing 0% coupon rate and convertible to scomi share at 36.58sen or another 25% stake. All in all, if IJM opt to fully convert the bond, its total stake in Scomi will raise to 35%

hng said...

Haio also have today declare 7sen TE final dividend

horse said...

congratz on HAIO hng !!! ^^

hng said...

horse

Haio is getting more and more like MLM player: Zhulian and Amway as its MLM contribute as much as 70% of its net profit. Lets hope Haio continue expand its MLM business and payout more and more dividend and trade at higher premium

horse said...

hng,

My limit is up. I will not trade this week, probably after unlock my shares first. I will back in action again. ^^

hng said...

horse

I've free up my margin line substantially after sold off my two major holding today UOAdev and Kulim. I'll continue trade, but with reduce exposure from now on.

My home loan has approve with margin of financing up to 90%. But these come with condition that i need to pledge in part of my share capital + FD and unit trust fund. Hence, my share trading have to force to scale down at least half from now on :(

Teng said...

Hng

Can you gradually request to free up or use more facility after few years of paying instalment?

Teng said...

CK

Lucky you sold your IJM yesterday. Now below 460

hng said...

Teng

I think it can be done in future.

Teng said...

Hng

Mind to share which bank you use for home loan?

hng said...

OCBC

Teng said...

Hng

World's strongest bank. Their service quite good. Place FD with them during their promotion,and it was fast

hng said...

Bought more UEMland at 1.66

hng said...

Teng

Actually i get total of 3 bank offer, OCBC, RHB and HLbank.

1. OCBC: BLR-2.45%
2. RHB: RLR-2.5%
3. HLbank: BLR-2.45%

Although RHB offer the best rate, but it require many support document and response is slow. After due consideration, opt for foreign bank, OCBC for its prompt and friendly process.

hng said...

Sold off today UEMland at 1.68, realize intraday gain first

hng said...

Sold off today UEMland at 1.68, realize intraday gain first

hng said...

Bought IJM at 4.62, wait for technical rebound

hng said...

Increase further stake in IJM, bought more IJM at 4.62

hng said...

IJM will hold analyst briefing today, to clarify its decision to invest in Scomi. Lets hope by then, those research house will come out with more positive report and sending share for technical rebound.

ck5354 said...

By OSK:

IJM should push lower after tumbling yesterday. A trader can
liquidate below RM4.80, with supports seen at RM4.50 and RM4.20.
A close above RM5.00 may nullify the weak bias and lead to a
rebound, but strong resistance is expected at RM5.25.

hng said...

ck5354

I think buy at its support level should be quit safe, just hold it and wait for technical rebound unless there is some other negative news.

ck5354 said...

Kulim KENG

Teng said...

Although we are neutral on this development, we believe that the market has overreacted by wiping out ~RM497m of IJM’s market cap, exceeding ~3.3x its investment outlay of ~RM149.3m. Hence, we are maintaining our TRADING BUY call on the company with a TP of RM5.48 in view of the potential technical rebound, while further clarification from the analyst briefing later today may recover some positive sentiment for the stock

Teng said...

IJM invest 150million in Scomi,but penalised by investor by RM500mil ( maybe more by now)

hng said...

Bought more IJM at 4.56

alwayswin111 said...

Hng
Follow you by IJM . Think it is oversold .

Teng said...

I bought IJM at 4.61-62.

hng said...

Bought ultramaximum IJM at 4.52

hng said...

Teng

Hope we are not catching the falling knife ...............

Teng said...

Hng

Better not.

Teng said...

Hng

I bought very small quantity anyway.Average down by grabbing more at 4.57

Teng said...

Hng

Theeedge latest-Crest bid for multi billion Langat project

hng said...

Teng

IJM closed at 4.53, still 2 sen lower than my holding cost at 4.55, but already very near to its support level at 4.50.

hng said...

Portfolio today also sold partial Haio at 2.04-2.05, realize slim paper profit

Teng said...

Glomac announce result. EPS of 3.74,annualised 15cts. PE <6. So good?
I see their profit for this qtr is almost same as last year

horse said...

No trading from me today. :(

horse said...

GLomac's result consider ok i think comparing to their previous 1Q, they have splitted to the ratio of 1:2, that is why now being diluted. Nevertheless still consider an uptrend in profit.
Hope tomorrow can push back to 0.80 mark.

horse said...

hng,

You still can get 90% loan ?
I believe this is not your second home, how to command that ? Thought government has slashed down to maximum 75% for second house....

horse said...

Watch KELADI, good profit as well.

hng said...

horse

Second house still entitle 90% margin financing, only purchase the 3rd one onward down to 70% financing. I have sold my first condominium last 2 year after i move in to current superlink, so i still consider buying second house for these upcoming Semi-D.

hng said...

Keladi profit quite good, but it have slash it dividend payout from previous 1.5sen to 1sen and then later only 0.5sen. Although share price is holding well, but its yield is no attractive unless it can declare special dividend or resume back to 1.5sen

horse said...

Oh i see.

I am aiming 2 apartments, maybe after GE will start to acquire them. Would likely buy 2 at one go, to catch up my time with others. :p ^^

hng said...

horse

Wau, you're going big in property investment. Diversify asset allocation is good move.

ck5354 said...

horse where you plan to buy?

Can reveal?

I am waiting for setia eco hill at semenyih.

Teng said...

Hng

I did not see anything about IJM's briefing on Scomi acquisition.You able to read any news on this?

hng said...

IJM board deserves the benefit of doubt

ONCE again it's a case of whether the market or the company knows better.

IJM Corp Bhd's purchase of a stake in Scomi Group Bhd, which can potentially rise to a quarter of the oil and gas company once bonds are converted, has drawn the scorn of investors.

Since announcing the purchase, the blue-chip construction company has lost RM800mil in market capitalisation. The paper loss is far more than the RM149.3mil to be paid for the shares and bonds in Scomi.

Judging from the comments on the deal and the fall in IJM's share price, a number of investors are unhappy. People wonder why the country's largest construction company is going into the oil and gas business.

It's a departure from acquisitions made by IJM in the past, the largest being the purchase of Road Builder Holdings (M) Bhd in 2007. Road Builder was seen as a mini IJM and the acquisition found its fair share of plaudits.

IJM bought Industrial Concrete Products Bhd in 2004 and that strengthened its pre-fabrication business. There was no hiccups in that deal too.

Eyebrows were raised when IJM bought Kumpulan Europlus Bhd, a construction company with a lucrative concession, but it appears that has worked out well considering that the Europlus shares are worth a lot more today than what IJM paid.

The Road Builder acquisition allowed IJM to venture into the port business, something that was alien to IJM then. Furthermore, IJM has plantations and this business is listed separately on Bursa Malaysia.

I presume investors are more comfortable with the businesses they know. Plantations is an old business in Malaysia and is almost always a profitable one. Most investors don't bat an eyelid when companies whose primary operations have nothing to do with palm oil decide to invest in oil palm estates.

Malaysia is not new to the oil and gas business but its service providers are relative newcomers. There are risks in doing so as shown by others that have ventured into the business.

But I wonder if the reaction would have been the same had IJM bought into one of the bigger oil and gas companies in the country? A bigger name with less baggage?

Investors might have an issue with Scomi, given its erratic financial performance over the years and the perception issues by those who might have once owned the stock.

One analyst I spoke with said IJM's high foreign shareholding might have something to do with the selling seen. The lingering memories of Scomi might have sparked in some way the dumping of IJM's shares at the moment.

But it appears Scomi has almost restructured, sorted quite a bit of its problems as the past half year has seen Scomi rebound into profitability. It will count for something for those who are buying into Scomi today, such as Maju group executive chairman Tan Sri Abu Sahid Mohamed, who now has a 8.75% stake in the oil and gas company.

Surely IJM's board and management, who have been shrewd in running their business over the years, would have analysed the pros and cons of the Scomi deal before paying good money for a slice of the business.

There are bound to be a few question marks when going through impact of the deal but IJM's board and management, in my opinion, deserves the benefit of the doubt on this deal after delivering value to shareholders for years. Only time though will tell if they have made the wrong decision.

Teng said...

Hng

IJM's purchase of Scome reminded me of Gamuda's acquisition of battery company ( for 50-60 miillion.Forgot detail).Some of you maybe too young to know this. Why IJM want to buy Scomi?

Teng said...

Hng

You shd make good money on IJM now

Teng said...

Sold some IJM at 464.Slim profit

ck5354 said...

Dali wrote this:


Well, this was an unexpected corporate development. While the details are still sketchy, and we are still wondering not just why the deal happened ... and whether it will turn out well. To me, the personalities involved are more important. We may never know fully the underlying reasons why, but the deal involved two personalities whom I place in high regard. Krishnan Tan, who is still IJM's executive deputy chairman, and someone I rate highly as a strategic management top gun, who can execute projects very well, maintaining margins. The other is Abu Sahid, whom I consider (with or without "favours"), probably the best bumiputra businessman Malaysia has seen for the past 20 years. I know not of one project that Abu Sahid has gotten involved where he does not come out with flying colours.

So, I am in a quandry. Scomi would have a tough time going on its own. They have some assets and some expertise but the "winds" are not in their favour. In step two guys whom I regard highly. So, I am leaning towards the positive side on this deal as I would be flabbergasted if Krishnan Tan or Abu Sahid would get into something this big without doing proper research and have a very strong strategic plan in store.

Teng said...

I was 'invited'by CK to BUY IJM yesterday at 4.62.Later I bought more at 457 and 461. Good timing by CK

ck5354 said...

you help me,

i help u.

ha ha ha.

The biggest winner is HNG.

Teng said...

CK

You sound like politician.Lu tolong gua,gua tolong lu

Teng said...

Hng

Yesterday YTL no share buy back. Today should have???Thinking to bet 173/4 again

alwayswin111 said...

Hng
Sold IJM 4.68.. Made quite good profit. (Bought 4.565)
Thanks..

Teng said...

sold ijm at 470. last batch hope can sell 475???Hng will be laughing to the bank ( very loud) if it hit 475

alwayswin111 said...

Hng, Teng
Congrats

ck5354 said...

q sell ijm at 4.73 - 1 biji
bought at 4.62 follow hng

ck5354 said...

sold at 4.72

ck5354 said...

Hong Leong upgrades IJM to 'buy'
Hong Leong Investment Bank upgraded IJM Corp Bhd to "buy" from "trading buy" after shares of the construction firm plunged on its purchase of a 10 percent stake in its peer Scomi Group Bhd. "We believe that the recent sell down is sentiment driven due to the negative perception on Scomi's political linkages," the research house said in a note on Thursday. Maintaining a target price of RM5.48 per share on IJM, Hong Leong said it believed any price weakness is an opportunity to accumulate the stock, even though selling pressures may persist. -- Reuters

alwayswin111 said...

Ck5354
Congrats

hng said...

Hi all

All laughing all the way to bank loh....today should no trade for me as i'm busy travel to JB and have just reach at an hour ago. I need to visit my new Semi-D to pay final inspection and tomorrow sign SPA and loan agreement. I'm back in action next week.

In the meantime, i'm keeping all IJM first

Teng said...

CK

Sold last lot of IJM at 4.73. This is our first 'JV'. Not bad oh

horse said...

Congrat hng, CK, Teng & the rest on IJM profit. ^^

CK - i am eyeing 1 at Taman Connuaght Angkasa Condo. and 1 at Klang Vista Bayu Perdana.

horse said...

Angkasa Condo selling price about 350K for 960sf and Klang Vista Bayu selling 120K for 960sf as well. KL value is 3X of klang. :(

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