Dimensions in Investment

Position: YES

In this quarter earning, FITTERS earning has been well lifted with a smaller revenue as compared to previous quarter. This reflect a bigger recognition of previous construction bill (I believed). Looking into the final phase of released, the charging momentum of the Zeta Condo in their Festival Mall project is near coming to conclusion.

Position: YES - Accumulation

I have set an eye on her all this while. I like her subsidiary of FAVCO and as well their airport business in Cambodia. While many countries are experiencing contraction, Cambodia indeed a country not to be missed out in business or leisure. The Ang Kor remaining will support the subdue of global tourism challenges. 

FAVCO earning comes in with a kick towards South. But do be reminded that FAVCO even though is not the famous entity but they have the collaboration for the few technology that you can have in crane building. It is due to this, FAVCO comes with a premium and it is the beauty we should appreciate.

I believe her earning will be coming much lower as contribution from FAVCO. Still, I strongly believe it will be fairly distributed towards her other subsidiaries. At the same time, the APH saga should be well left behind and looking forward for any salvage value if management decided to release some subsequent news on the progress. 

Position: YES

Position: NO

It has been a trying time soon for some and at the same time, a review of their strategy for one. Owning a bank in one of the more populous country in the world is a dream for many. CIMB and MAYBANK have indeed walk the talk even for the latter to overpay the bank that they have own now, BII. With devaluation of RUPIAH and soaring inflation, it is a scenario to be closely monitored. 

The coming quarters may see an impact to the bottom line of these banks. Honestly, a much bigger challenge to MAYBANK as she is still under the requirement of the central bank of INDONESIA to divest the remaining shares to be inline of their share threshold. Failing to do so or to reduce the stake with a lower price will indeed eat into her bottom line.

In exception to be exempted, I believe the chances for MAYBANK to divest the stake in a premium closer to their acquisition is dim. In this case, a further write down and good will loss may surface if the figures are not well play-around. All of these are indeed a challenge to both banks, thus, look before you jump.

As for the new kid on the block, RHB, this may stand out as a new bargaining power for their new acquisition of MASTIKA Bank. Yet to conclude, the deal may stand a chance to be further negotiated. Even if not, RHB stands to gain with the weaker RUPIAH. back to back, she is the sole winner among the trio.

Position: YES

With some disposals made last round of market play, I have decided to stay on the shore while scouting on less exposed counters. The withdrawal of stimulus from US is indeed a haunting idea. Who will be able to judge the impact while monitoring our neighbouring market tumble.

Still, I have dip my toe in one of the few which I have considered solid while consistent player in shareholder rewarding scheme. I have collected some PHARMA, the pharmaceutical division of BSTEAD. I like the industry and I am pretty comfortable on how BSTEAD management team dealing with her shareholders.

Position: YES

As expected, the earning from her main income generator has fallen apart, instead bigger drop than I am expecting. Still, another challenges will be there for all the planters for the coming quarter ahead if not neutral. For those unfamiliar with HAPSENG, HSPLANT is one of the core profit contributor to HAPSENG and as well a favourite of EPF.

The neutral effect of the drop is well balanced with the gain on disposal of HAPSENG automotive division in VIETNAM. With this gain, HAPSENG can well reward the shareholders, which I am glad on this decision. 8 cent dividend on back of the rough journey ahead is a pleasant gift. 

I have been asked by a friend of mine who is following me, the hassle of disposing my core holding on HAPSENG with the justification of exposure in plantation while accumulating CEPAT at the same time. 

HAPSENG indeed a princess sitting heftily in my core holding. Providing me good dividend while still undervalued for all this time. Instead of further accumulating her base on Warren way, I have decided to make a tad disposal on her. Not that she is not being appreciated but is rather of shuffling my portfolio.

HAPSENG provides a good entry to many good businesses. While plantation remains the head mainstay of her, property and vehicle dealership are indeed a good businesses for her. Though, as a conglomerate, she has been discounted heavily for most of the time. What's worst, she is experiencing a heavy buy back by herself.

In reshuffling my portfolio, I do wish to have a direct exposure on plantation in some ways, even tho plantation sector is experiencing a run down in price and those nifty gritty issues from around the world. In this case, I have channelled some fund from the disposal to collect CEPAT.

The collection is not meaningful in some ways but serve as a base for more to build up or to be disposed shall the price or fundamental is metamorphosing to some way creatures which I may not like. So, any remaining fund will be channelled to any counters which deemed interesting in the coming days.

Position: YES

How low CPO will go? With ever trying time, still the industry is lucrative and long to serve as a long standing soldier in your portfolio. Due to this, I have accumulated slowly on one of the featured, CEPAT. The following attachment will show my interest in plantation industry.

Position: NO

Among the chase of consumer-related stock during the months few back, BONIA may have been one of the surging one. Amidst the rest of the run after valuations for many have peak, and with the rise of consumer spending pattern/ power of Malaysian, BONIA shows no reason to look back. 

With strategic acquisition and rebranding of her product, I do see the reason for more run for the stock. Though, how well the run will sustain? Possible of better earning income and as well higher contribution from her new acquisition of Singapore subsidiaries are there, knocking on her door.

Still, how far this earning improvement can bring her charging? The tussle to control the entity is there among the closely related to the owner and as well the respective local fund. Will the tussle charting her new high? Or soon after the tussle enter to the sleep mode without further solution, the price may stagnant?

For those who are out there to join in the ride, beware of greed and risk. She is a solid company with good strategy. Still, pricing must follow the right method, at least this is what I see. :)

Position: NO

It has been turbulent years for many for her, ENCORP. Once high flyer with the tycoon behind the Sarawak state, she has been shot down due to some reason; guess it up :) What's interesting on her is her big big education housing concessionaire which promise a huge pay cheque by monthly into her pocket.

What's more to define a developer with ever success of Kota Damansara, The Strand project, which stood out among the pieces of land there? She is a niche developer in many ways but her project execution is not after-all the worst of all that warrant her profit. 

Now, after years of turbulence, she faced a Management Buyout which I think will finally put her to limelight for value appreciator. How much of her valued held? I would not like to guess but surely not the price you see blinking on the mart board now. Go for the LA instead, good pay and a good ride shall the spike continues. 

I might venture in but not now I guess. Adios

This is the beauty of a co-related stock in KLCI. Once you have too much bites on your food, you tend to behave like what you consume. Both matching the theme of falling CPO and MYR. May she shines when the price reach to the level of excitement.

Position: NO

I used to fall in love with her. The good land bank, value of investment, the niche player in near premium selective branding and as well, a successful venture into shopping mall is something to look into. Her success to grow a reasonable community shopping mall in between two big isle of attraction, SUNWAY PYRAMID and 1-UTAMA/ IKARNO, is something that should be proud off. 

The liking is growing until the recent proposed asset disposal and the momentum built by the owner, is getting myself into unknown territory. Even, the name changed, TROPICANA has caught me in surprise. Still, some may loud the wake of the lion but I believe the changes may as well not be positive in many ways. 

The strategy of asset disposal for me seems more on cashing out by the owner with above market premium. Settling the big portion of the disposal in cash does not reflect the intention of smooth sailing for the company too. Even, more puzzling will be, the cash raising exercise planned which is not long before the asset purchase. Shall you know you will be raising cash, what makes you think to purchase the asset from the owner?

Position: YES

When everyone is abuzz on MRT and ISKANDAR, many focus is thrown on the big player. Rather than looking afar, it is interesting to find out the new venture of this kids of the block into the utility field. The joint venture is between KUB and MASTEEL, proposing an internal rail services to service the hungry ISKANDAR and community surrounding. 

So, what's the logic behind? The utilization of steel and the needs of a common public transport, has driven MASTEEL far away from her mainstay. The company intention to diversify their earning is all about surprise. The earlier move to produce and run cancer treatment facility has indeed a scarce of idea thrown in by a steel player. Now, the idea to own the utility project, is something that caught me in thought.

Til it has been revealed by one of the opposition MP in the parliament, I believe their project has gone under-radar. First propose a year before Malaysia general election, the project is slowly mooted. From gaining pace and securing the required approval and lands, the idea seems to gain reality, if not for soon.

Shall one check the filing from BURSA, more and more scattered but concrete ideas are shaping up. Eventually, how interesting will this idea to you as investor? I believe this is a well ended idea, with feedstock growing existing business and a new stable yet promising venture. Indeed, how much value will this create, is up to your believing. 

Even scrapping the project, MASTEEL is worth a look by many. Albeit fall in a cyclical industry, MASTEEL manage to deliver positive result in all years with reasonable DY of almost 3%. Proven as the near best efficient steel player, they are indeed knowing what serve best to their monies, unlike other players. 

Position: NO

So, why not Air Asia X, AAX? Maybank Investment Bank has been pumping in cash after another for her to stay calm. Rather to say the pricing of the counter is not sexy in the first place during IPO, I would say the business model is not appealing to me. 

For those of Malaysian, Air Asia brand is not something new. It has been a house brand for many, with the famous line, "Everyone can Fly". Indeed, Air Asia has changed our air travelling landscape in South East Asia and as well in Malaysia specifically. 

Though, we have to put in mind that, aerospace industry is not as simple as we see on paper. Filled with regulations and scrutiny of various countries, it is a do or bust business to me. Still, many chip in and challenge the success of Air Asia once I have started the doubt.

Yes, AASIA may steal the limelight with their short haul and domestic routes. They are making millions and growing their pie like no body business with hoo haa on plane purchases and the ever late opening of KLIA2. But, how many really know, this is the most profitable piece of the game of Air Asia?

As compared to AAX (Air Asia X) which serve mainly the long haul, it is different league of game. No more friendly landing rights on stranger land. The rules is not bending towards AAX as flexible as how her brother is, in Malaysia and the countries in the region.

We can see how the traction is made and retract with cancellation of various routes and how many complaints and wannabes created from different countries on how AAX is operating?

Position: YES

The reason behind Palm Oil price trending down is obviously exaggerated by the growing production of Soy commodity from United States. At the same time, the growing tension from demands of Europe and the affected big boys (China and India) indeed, sprinkling salts on the wound. CPO price has been heading to months low, question will be, how low will this trend heading?

Due to some consideration, Core Portfolio has decided to reduce holding on conglomerate, HAPSENG. Yes, a while back, I have been evaluating to build my position on her, I have decided to reduce by percentage near 50%. HAPSENG will ex-dividend by this week, 19, on single tier (no tax) mode. I believe the dip and rise of recent are due and well supported by the dividend.

Though, looking into the CPO deeper, I believe the weakness of CPO will creep deeper than expected with further weakening of the bigger consumer out there, China. Shall there be further tension on the growth number, the demand may weaken further. Thus, I am looking into chances to reduce exposure by now.

Disposal does not mean I am lack of love on HAPSENG. I still believe it is an undervalued conglomerate. In terms of any prices weakness, I shall dip in my finger to increase further my bet on her. For the mean time, 50% is good enough to buck me up if the storm arrive earlier than expected. My best wishes for HAPSENG.

Position: YES

Position: YES

Water-themed rally has been on the go for some time. With various investment reports on selected counters and the news flow of the affected Selangor water industry, KPS and PUNCAK will be the limelight for some time to go. PUNCAK has gone ex for their 5 cents dividend and as well as free warrant for the ratio of 1:10. Today's rally indeed a relief and bucks earning for those who have hold while been bashed since the beginning last week. 

I have been playing some ding-dongs with KPS. In terms of beneficiary of the news flow, PUNCAK is seems to have the high side to benefit further. Though, the complexion of a possible corporate tussle has hindered me from holding on for long. KPS will only benefit for the upcoming KHSB sales and as well as the succession of restructuring of Selangor water asset (with the holding on SYABAS).