MUDAJAYA - 1

2014年6月9日星期一 

之前只谈mudajaya的现况，而未来只专注发表印度发电厂而已。这一篇就谈一谈这家公司比较长远的未来吧。

集团代表Ando已经有说过：公司未来的业务中心，又建筑领域转去可带入经常性收入的领域。未来5年内目标这个领域的占有率是60～70%。而2014年可以说一个开垦年了

Power segment : The segment reported revenue and PBT of RM1.4 million and RM0.6 million for the current quarter ended 31 March 2014. There were no comparative results for the preceding quarter as this segment only commenced commercial operations in the current quarter. These results were derived from the 5MW solar energy generating plant at Gebeng, Pahang.

税前盈利0.6million的确对目前集团的总盈利占不到1%，不过公司这几年的收购和拼购可以看得出公司的转型是很明确的：

1. 印度与RKM联合经营的4座1440兆瓦的发电厂：

• 发电准证25年
• 燃料供应合约签20年
• 预计第一二座2014年下半年开始启动，而第三四座会在2015年上半年启动。
• 第一个10年的盈利是免征的。
• 预计每年贡献一亿马币或者EPS0.18
• 集团准备再兴建与经营两座总发电量4000MW的发电厂，目前还没下文。

2. 旗下子公司special universal在Gebeng，Pahang的太阳能发电厂：

• 5MW的太阳能发电厂已经开始贡献盈利
• 10MW的太阳能发电厂于今年5月投产
• 这家子公司已经与TNB签下21年再生能源购电协议
• TNB目标2020年再生能源是2020MW，而目前公司的15MW供应有十分大的发展空间
• 最大竞争者，Cypark 2014年预计供应22.3MW

3. 以18.5million马币购入印尼PT Harmoni 70%股权：

• 拥有25年的Build own transfer 煤炭发电厂合约
• 目前拥有两座总发电14MW煤炭发电厂
• 为印尼这个发电覆盖率还是很低的国家而增设发电厂而铺路

4. 收购菲利宾Amihan能源机构的40%股权：

• 一家发电厂经营公司
• 拥有政府颁发的25年风力发电独家经营权
• 未来5年目标发展200MW的风力发电厂
• 最近与中国公司合作兴建菲利宾第二座50MW的风电场，预计今年年尾完成。

5.与官有缘合作创立SPV进军缅甸发电厂：

• 利用官有缘与缅甸政府的良好关系来提高发电厂合约的成功率
• 预计成功的话会效仿印度的4座460MW方法来建厂，预计盈利贡献1亿或者EPS0.18
• 目前状况还没有结论。

6.与姐妹公司马化控股联营发展的住宅和商业区计划。

• 位于tropicana价值GDV7亿马币
• 集团持有49%的股权。
• 预计2015年首季动工，同时间也开始推介计划
• 发展期4～5年
• 预计进账约40million马币或者EPS0.07

除了第6项是一次性的收入，1～5项都是持续性收入的。

确认性高的而且贡献大的只有第一项的印度发电厂。

不过第二项的大马太阳能发电厂，第三项印尼发电厂，第四项的菲利宾风力发电厂都是高成长的项目。未来盈利的贡献不可低估。

缅甸发电厂有关有缘的加持成功率的机会是十分高的。

比较担心的是集团2013的自由现金流是一亿马币，总债务4.3亿马币。

所以不难理解长期公司只把20%的盈利拿来派息。不过集团主席Ando说过，未来集团的持续性收入比例提高时有机会会设立股息政策。

以现在的派息率20%，股息3%。

40%的话，股息6%

60%的话，股息9%

以上还是盈利保持而已，还没估算常年的盈利增长。

虽然公司的确有一点风险，不过还是在我可以承受的范围。

目前Mudajaya是我投资组合的第二大公司，加码与否还有看看印度发电厂的进度，希望不要再延迟了吧。。。哈哈哈。

   

http://mesoon79.blogspot.com/2014/06/mudajaya.html

As what Mesoon said, the company is less cash position, gearing 0.391. Cash dropped to RM67.6mil from RM340.7mil 2012. But Mr. Koon always mentioned about an corp is non-effective if one doesn't know how to use borrowings to do business. He is the founder of 3 listed companies, so what he saw Mudajaya was under-pressed in matter of price. Since the corp has invested so many money onto projects involving power plant. 

According to historical EPS, 2010 was the year Mudajaya hits the highest 0.51sen EPS. The secured IPP in India was going to contributes 18sen (35% of the contribution). This rough calculation doesn't count others on going IPP at Philippines, Myammar, and Indonesia. 

RM447.9mil current liabilities, roughly 5% interest p.a will take RM22mil away. The India IPP yield about RM80~RM100mil. which is more than enough for Mudajaya to recover easily from debts. Furthermore, current liabilities were lesser RM540mil 2012 (17% lesser). Investing activities cost RM178mil only, compared to RM278mil year 2012. Finance also return RM55mil. All these steps was reducing the gearing, and let the profit awaiting ahead.

2013 ROE was 12.5%. 

Everything was fine. Just waiting the India IPP to start operation. Buy at 2.48 and this price was lasted 2 years more already. Under-valued while current PE was 9.79 only. This price was PE 6.5 if India IPP start yielding profit. If PE back to normal possition of 8, the price should be 3.04 (minimum estimation)

Recommend: Buy within 2.40 to 2.50. 

TROP

业绩分析 (Result Analysis)

个人认为，产业股是不能看单一季的业绩，因为每个工程的盈利进账时机都不一样。

Q1FY14的报告，未入账销售为RM2.4bil。
这次的业绩那么差，主要是上次有卖资产的影响。
其次，这次的盈利主要被行政及其他开支和融资成本（Administrative and other expenses & finance cost）蛀掉了。这些费用比起去年的同一季，多了RM30.5mil。
还有，这次分发给回子公司的盈利，Non-controlling interests，特别多，RM11.8mil。反而，去年的同一季为负-RM1.5mil。主要原因是因为很多收入/费用都由合资子公司(JV)的工 程得来。（注：前贴的预算，都忘了这个NCI的影响而造成不准确的效果。）

接下来只要降低消费（打广告和传闻说今年的分红很高），加上接下来会有更高的销售值，就能把每股盈利（eps）拉高。

I think we should not base on a single quarter result to conclude the performance of a property company. This is because each of the sales billing stages are different.

Q1FY14 has reported the unbilled sales increased to RM2.4bil.
This Q1 result looks terrible because of the previous year of same quarter has reported with extra earning from assets disposal.
Second, the earning was eroded by high administrative & other expenses and finance cost. It is RM30.5mil more than the previous year of same quarter.
Lastly, the non-controlling interests (NCI) for this quarter is reported as RM11.8mil which is much different than the previous year of same quarter (negative amount of -RM1.5mil). This is due to most of the income/expenses for this quarter is generated/incurred from the Joint-Venture projects. (Attn: For the previous posts, this NCI is not put in the consideration which caused the calculation is incorrect.)

For the coming quarters, the eps should lift up as long as company do reduce the cost & expenses since the unbilled sales is in the increasing path. For this quarter, I guess the cost & expenses for advertisement is high in order to push sales aggressively. From the rumours, the year end bonus to the company's employees is pretty impressive as well.



2014年资产销售盈利 (Asset Sales Contribution for year 2014)

以下为今年的卖地的盈利（必须要在FY2014预测中完成买卖合约）。

Below will be the land disposal income in 2014 (must be realized within FY2014).

19-Mar-14        PROPOSED DISPOSAL BY SAPPHIRE INDEX SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TROPICANA, OF LEASEHOLD LAND

        Sales                          470.7        mil
        Net Gain                    170.0        mil
        EPS                           12.24        sen
        Completion                FY2014 (2H)

29-Nov-13        PROPOSED DISPOSAL

        Sales                          132.4      mil
        Net Gain                    42.0        mil
        EPS                           3.02        sen
        Completion                FY2014 (Q3)


2014全年盈利粗算法 (Rough earning calculation by annually)

产业股的盈利进账应该要以全年才可以比较好去预测。以下的数据，只是给予粗算的参考（详细算法就不多讲了）。预测盈利分为以3-4年的方式进账。如果某些工程是在2年内进账，就会造成前期的预测带来比较高的每股盈利。这也会导致后期的预测将会带来比较低的每股盈利。

The sales billing for a property company should make estimation according to yearly basic. Below calculation table is just for rough estimation reference (not going to instruct in details). The estimation is according to 3-4 years billing stages. If there is any sales to be billed within 2 years, it will cause the early stage of eps to become higher. As a result, the latter stage of eps will be lower.

2014每季盈利粗算法 (Rough earning calculation by quarterly)

以下的数据，再把以上的年数做成以每季的粗算。纯属房屋销售的盈利，2014年的每个盈利应该在eps 10sen范围。

The yearly eps figure can be further breakdown to quarterly for another rough estimation as per table below. From here, can see the property sales earning in 2014 is estimated to be around eps 10sen.

2015年资产销售盈利 (Asset Sales Contribution for year 2015)

公司还有2bil的资产要卖。预测接下来的2年还是会有陆续一次性的收入。
除了超多的未入账销售，丽阳跟其他产业公司不一样的就是这个连续性的一次性的收入。

最近卖的那个地，已经为公司明年的业绩打了一个eps 10sen的基础。再参考回以上的每季盈利粗算法图，就有一个粗性预测的2015年每股盈利数目了。

The company still has RM2bil assets put on sales. I guess the one time off contribution still can last for 2 years down the road. Aside from high unbilled sales, this continuous extra contribution does make TROP become attractive.

The latest land disposal below, has guaranteed the company granted with an extra of eps 10sen for FY2015. By referring to the above table (Rough earning calculation by quarterly), the FY2015's rough estimation on eps number should able to figure out.

8-May-14        i) PROPOSED JOINT VENTURE; AND ii) PROPOSED LAND DISPOSAL

        Sales                         448.4        mil
        Net Gain                   145.0        mil
        EPS                          10.44        sen
        Completion                FY2015


总结 (Summary)

如无意外，2014年卖地数目的进账可以贡献eps 15sen。加上今年的房屋销售盈利，预测2014全年业绩会在eps 25sen多的范围。

单单看每股盈利（尤其是加上一次性的收入），其实并不是很吸引。业绩以外的要点，其实已经在之前的贴提过了。

这次投资的选择，看来比以往的选择来的差。但是笔者还是相信，此股只要守下去，都不会亏钱。也许会比较浪费时间。可以肯定的，这个股是不适合长期持有。买卖的决定，就交回给大家了。

If there is no sudden change, the 2014's contribution from assets sales will come with eps 15sen. By adding in the contribution from property sales, its annualized earning will be eps 25sen+.

Purely looking on its eps (especially on asset disposal income), it seem not too impressive. In fact, aside from eps focus, I have mentioned the other key points in previous posts.

This stock pick seem like the worst choice so far. Anyhow, I still believe this investment will generate profit as long as you willing to hold it, but it may waste some of your valuable time on it. Anyway, it is definitely not a stock for long term. Now, the trading decision is up to you to decide. 

http://whytoocare-y2k.blogspot.com/2014/06/trop-q1fy14-q1fy14-result-review.html

TSH

TSH 这个股我 4 ，5 年前就留意了，我觉得 TSH 将会是未来的油棕业龙头之一，目前很多大型的油棕公司，它们的油棕树树龄都已经很老，翻种的速度又很慢，所以那些拥有很多年轻油棕树的公司将会有优势，TSH 就是其中一间。 再说，TSH 研究一种新的油棕品种，叫做 Ramet，花了几年的时间来研究，去年研究成功，也开始在印尼的土地里种植，这种 Ramet 能达到 35 tons per hectare 的产量，这是相当惊人的，目前最高产量的应该还是 IOI，最高峰期只是可以去到 30 tons 左右。 TSH 拥有超过 100,000 hectares 的地，每年种植 4000 hectares，目前还有 65,000 hectares 的地还未种植，可以说地库是没有问题的，种植了的土地有 70% 是还未成熟的。 不记得几时了，TSH 还拿到政府颁的土地，用来种植森林树木，TSH 也拿一部分来种植橡胶，应该多几年就可以收割。 TSH 为一让人担忧的是财务方面，因为不断地收购土地导致负债很高，我观察了几年，发现管理层自有一套处理负债的方式，如之前卖 Pontian Plantation 来拿资金就是其中一个方式。 总的来说，TSH 的前景是亮丽的，但要小心一点就是，如果发生金融风暴之类的问题，负债高的 TSH 将会面对另一个挑战。 注： 数字方面我是凭记忆写出来的，可能和实际的数字有差异。

 ~乡下佬~ 31.05.2014

Market Cap: RM3.244bil

Share Issued: 903.828mil

Price: RM3.59 (8th June 2014)

Gearing has reached 1.137 but ROE is good to remain at double digit 14.225% for year 2013, profit: RM157mil from revenue of RM1.017bil (profit margin: 15.4%)

From 2012 the price went up from RM2.00 to now RM3.59 (79.5% upside) while the net profit went up from RM77mil to RM151mil (96% upward). It was considered under-valued although the PE now was 20.45. Like what the investor said, the only drawback was the huge debt. It was also the reason that TSH can't afford to give dividend. We can put TSH into a tracking list.

TAHPS

Wednesday, June 4, 2014 不知道大家可否留意到？最近的十大上升股当中，有一个常客，它的名叫TAHPS（TAHPS集团 ，2305，主板产业股）。 TAHPS的前名为AHPLANT（阿逸依淡膠），原本是一家老牌种植公司，后来于80年代开始进军产业领域，而逐渐转型至产业公司。 即便是公司的股价已经冲破10令吉，本益比也已超过16倍，周息率也下跌至3.5％，但股价似乎没有回调的迹象。 到底是什么原因令公司股价一飞冲天？ 除了公司的2014财政年的营业额和净利纷纷创新高外（每股净利61.96仙，2013财政年为19.63仙），另一个原因相信跟公司的资产有很大的关系。 跟很多产业公司一样，TAHPS是一家资产被严重低估的产业股，皆因其早前留下来的地库，而这些地库多年未重估。 至于该公司资产被低估得如何严重？大家有兴趣，不妨下载该公司2014财政年的年报，看看公司的资产（http://www.bursamalaysia.com/market/listed-companies/company-announcements/1636225）。 在这里，我只抽出一项资产来跟大家谈谈。 该公司目前的主打产业发展计划，集中在Bukit Puchong那一带。而该公司目前在该处，仍然有一块面积达到353亩的空地有待发展。 根据年报的资料，这片土地于1993年购入，目前的账面价值为6344万令吉，也就是每亩18万令吉。

知道该片土地目前应该值得多少钱吗？ 从网上所获得的资料，目前Bukit Puchong的土地价格约为每平方尺120令吉，也就是每亩520万令吉。那这片353亩的土地今时今日的价格，应该值18亿3560万令吉。 目前公司的股数为7483万3000股，这片土地的价值相等于每股24.5令吉。 如果全面发展这片土地，所做出的贡献将远远超出每股24.5令吉的效应。 只是一片土地的估值都已经超出其目前的股价，可想而知，如果将公司其它的土地也都拿来重估，那该公司的每股净资产将更不得了。 http://bblifediary.blogspot.com/2014/06/tahps.html

在一年内价格增长了超过 100% ， 负债表也显得非常健康。每一年也有股息回筹的保证。虽然地库让它看起来严重低估，可产业公司预测会在年底触顶，风险不低。可以纳入长期观察。Based on past one year, the price has already grow more than 100%, and it's balance sheet shows it was absolutely healthy. It's land banks looks super under-valued but all properties corp were predicted to hit peak by end of this year. Risk was there, but we will note into tracking list. 

Stocks To Watch - Astral Supreme, YTL Power, TNB, Protasco, Guocoland, MRCB, SP Setia, UEM, YTL, Alam Maritim, DRB, OKA

KUALA LUMPUR (June 2): Based on corporate announcements as at 7pm today, the following companies may be in focus tomorrow —

Astral Supreme Berhad informed the stock exchange that there is a deviation of 154% between its net loss stated in the unaudited 4th quarter results ended 31 December, 2013 and its audited financial statement.

“There is a deviation of about 154% between the group's loss after tax and minority interest as stated in the unaudited 4th quarter results ended 31 December 2013 (announced on 28 February 2014) and audited financial statements for the financial year ended 31 December 2013,” the company said in its filing with Bursa Malaysia.

The audited data show that the net loss for 2013 totalled RM25.484 million. On Feb 28, the company announced that its net loss for the year to end-December 2013 totalled RM10.081 million.

The major causes for the variances are due to "adjustments made on the exceptional items of possible irregularities pursuant to the Investigative Audit conducted by PKF Advisory Sdn Bhd, adjustments and reclassification of cost of sales and others items by External Auditor,” said the company.

YTL Power International Bhd said today that a consortium involving the company, SIPP Sdn Bhd and Tenaga Nasional Bhd has received a letter of award from the Energy Commission to develop a 1000 megawatt combined cycle power plant in Johor.

“YTL Power International is pleased to confirm that we have received a letter of award from the Energy Commission dated 27 May 2014 to SIPP-YTL-Tenaga consortium for the development of a 1000MW combined cycle power plant to be located in the State of Johor,” the statement said.

The statement did not state the contract's worth.

Tenaga Nasional Berhad, in a separate announcement, said it has received a letter from Suruhanjaya Tenaga in relation to the conditional award to develop a new 1000MW-1400MW combined cycle plant to be operational in June 2018.

“TNB has been given until 25 July, 2014 to respond to the offer. TNB is currently evaluating the offer as well as TNB’s role in the project,” said TNB.

Protasco Bhd announced an award of maintenance works from Jabatan Kerja Raya (Public Works Department) for RM21 million.

The company said it would undertake maintenance works on federal roads in Zone 2A, Sarawak.

The contract will include construction of overtaking lanes from Sibu to Bintulu and from Bintulu to Tatau.

“The works are expected to be completed within 12 months from the award and are expected to contribute positively to the results for the financial year ending 31 December 2014,” said the announcement.

Guocoland Malaysia Bhd, Malaysian Resources Corporation Bhd (MRCB), S P Setia Bhd, UEM Sunrise Bhd and YTL Corporation Bhd have submitted bids for the development of Kwasa Land’s "Project MX-1".

The gross development value of the project, expected to complete within 12 years, has been estimated at around RM4billion-RM6 billion.

Kwasa Land, a wholly owned unit of the Employees Provident Fund, is the master developer for a township development sited on 2,330 acres of prime land in the Klang Valley.

Project MX-1 is a parcel of mix developments under the provisional Master Layout Plan, that has been earmarked to be the town centre of the proposed Kwasa Damansara township.

Alam Maritim Resources Bhd is seeing strong revenue growth in the next financial year ending Dec 31, 2015, fuelled by the new diving support vessel (DSV) acquisition, Bernama reported.

The acquisition will be funded by proceeds from its proposed issuance and allotment of subscription shares at RM1.35 issue price per subscription share, which is expected to raise RM166.05 million.

Group managing director/CEO Azmi Ahmad told reporters after the group's extraordinary general meeting today that the company saw more revenue growth on the impact of the OSV acquisition by next year.

The company's current order book stood at RM1.2 billion while the tender book is at RM2 billion with 20 per cent success rate.

"As for this year, we expect the second and third quarters to pick up again as compared to slower (performance) in the first quarter," he said.

DRB-Hicom Bhd may come under scrutiny after CIMB Research said Proton’s weaker sales performance would continue to be a drag on DRB-Hicom’s bottomline.

In a note today, analyst Lucius Chong of CIMB Research said: “Switch to Tan Chong for our top pick. We believe there is no quick fix for Proton, which will continue to be a drag on DRB’s bottom line. We anticipate it will take years for Proton to return to profitability.”

He added that the influence and connections of Proton’s new chairman Tun Dr Mahathir Mohamad would help the national carmaker, but maintained that the problem with the company was “structural”.

The Edge Weekly this week reported that Proton’s market share had shrunk in the past three years from 26% in 2011 to 21.2% in 2013.

Proton had incurred a loss of RM821 million for FY2013, but this was not reflected in the financials of its owner DRB-Hicom Bhd, the Edge Weekly revealed.

OKA Corporation Bhd proposed a first and final single-tier dividend of 3.0 sen per share in respect of the financial year ended 31 March, 2014.

The book closure date and payment dates will be announced later, it said in an announcement to the stock exchange today.

The company posted a net profit of RM13.42 million for the year to March 2014, up from RM5.68 million in the previous year.

Its revenue for the year to March 2014 also rose to RM145.42 million, from RM133.08 million in the previous year.

Property demand to improve end-2014 ahead of GST, says UBS

KUALA LUMPUR (June 3): Demand for property is expected to improve towards end of the year as potential home-owners buy ahead of the general sales tax (GST) implementation in April next year that would raise prices across the board, according to UBS Investment Research.

In a note last week, the research house said the focus would be on the more competitively priced 'bread-and-butter products', such as landed and township developments.

“We expect developers to be more active in the second half of this year after a slow start to the year due largely to uncertainties in the market,” said UBS analysts Edwin Siow and Chris Oh.

Siow and Oh said they maintained a "buy" call for Mah Sing Group Bhd and S P Setia Bhd, but downgraded UEM Sunrise Bhd to a "neutral" call from "buy".

According to the analysts, the property sector is expected to remain resilient due to favourable demographics, rising urbanisation, low unemployment and reasonably low interest rates, which will help sustain demand.

They added reforms and the Economic Transformation Programme (ETP) should invigorate economic growth, create new wealth and attract investors.

“This will be positive for property demand,” said Siow and Oh.

“We expect Prime Minister Datuk Seri Najib Razak’s structural reform agenda to have a positive spill-over effect on the sector on a macro and longer-term basis.”

Siow and Oh noted the property sector index has been recovering over the past few months, signalling the return of investor confidence.

Ecofirs - Part 2: A Glowing Diamond by Bonescythe

Ecofirs - Part 2: A Glowing Diamond It had been quite a while since I last mentioned about Ecofirst Consolidated Berhad back then at November 2013 (Ecofirs - From Carbon to Diamond) as the company is undertaking a huge makeover and restructuring process that had been maneuvered by turnaround specialist - Dato Tiong Kwing Hee. Dato Tiong joined Ecofirst Consolidated Berhad back then at 2008 as he takes this as a challenge after he had successfully turnaround Mercury from a loss making company to a profitable company that had recently announced a 10 cents dividend back to their shareholders. To date, after a 6 year transformational process inside Ecofirst, things had never been the same again as Ecofirst returned into the black again from a pile a mess after Dato Tiong reshuffled the whole management team and went forward to inject his personal assets into Ecofirst to help the company turnaround. Let's have a quick glance at the current share price movement of Ecofirst Consolidated Berhad. Ecofirst had been consolidating at the region of RM 0.30 for a period of 4 months. During the stage of consolidation, Ecofirst had saw major shareholder and CEO Dato Tiong accumulating large amount of shares. Till date, Teoh Seng Kian held 13%, Dato Teoh Seng Foo held 2.06% while Dato Tiong Kwing Hee held 5.03% of Ecofirst Consolidated Berhad shares. Ecofirst will be likely looking for a break out with huge volume in the coming days after consolidation looks saturated at RM 0.30 region. Ecofirst's Mega Plan Dato Tiong had finally settled the dust in Ecofirst after reviving the South City Plaza into a Edu Mall and placing back the mall into action. Currently, the mall is enjoying around 7.5% on rental yield. Dato Tiong had also managed to turned the stone around for 1Segamat Mall in Johor after the mall was left abandon during the 1997/1998 Asian Financial Crisis. With all this problem resolved, Ecofirst is now ready to put up a new front with 2 flagship project that is going to be helmed by Dato Tiong Kwing Hee and the team. The first flagship project that Dato Tiong is going to unleash will be the latest 62 acres land acquired from Zurich in Ulu Klang for around RM 150m. This strategic piece of freehold land will be fronting MRR2 highway, while right beside the piece of land will be an approximately 20 acres land which is held by IGB. The development dubbed as "Ampang Heights" will be looking for a GDV of more than RM1b as Ecofirst will look into a possible JV with IGB in some development to bring out the ultimate synergy in the development. At RM 150m for a 62 acres of freehold land with accessibility and public infrastructure to the CBD area of KL in 10minutes, the acquisition price of the land is already undervalued as it could worth RM200m now. Ecofirst will be launching a mixed commercial development that will comprises of high end SOHO suites at a price that could be seeing flocks of buyers rushing in. The project will also feature low density bungalows which will be delivered phase by phase. As interesting as the first flagship project, the second flagship project that Ecofirst will be undertaking will be in the heart of the CBD area of Ipoh that will be commencing soon in the late 3Q of 2014. The land which is currently worth more than RM80m had been secured by Ecofirst at only RM20m, which will put a RM60m paper gain in Ecofirst balance sheet (approx 9.2 cents per share). This flagship development by Ecofirst will also highlight a new era for Ecofirst as it could be sold off at a rapid pace considering the cheaper entry cost of land at a steep huge discount. Ecofirst had successful delivered Taipan Commercial Center in Ipoh, and this coming up project that carries around RM350m of GDV will be seeing it selling like hotcakes soon. With more than GDV of RM 1.3b worth of project that is going to be rolled out, Ecofirst will be going to be a very interesting company to be looked upon into. After seeing Dato Tiong's ability in reviving Ecofirst from the slump, the public confidence in Dato Tiong will be on a very solid note. While the above had been already good, all this had yet to factored in the 1000 acre of agricultural land in Johor that will be used for organic Gaharu plantation which could be worth a stunning RM2b once fully planted and ready to harvest. In my opinion, Ecofirst will be definitely a good company to be invested in after seeing so much positive changes in the management team and the company had been putting on convincing figures again. With Dato Tiong spearheading the company, I believe Ecofirst will continue to bring more excitement and value to the shareholders. Ecofirst prospectus will be exciting based on - Ulu Klang 62 acre flagship project dubbed "Ampang Heights" worth more than RM 1b in GDV and a possible JV with IGB - Ipoh project with approx RM350m GDV that will be priced 25% cheaper than market ongoing projects - Agricultural research and development in Gaharu plantation that will be looking for a RM2b worth plantation - Acquisition of Ipoh Land which is below market value, putting approx 9 cents gain per share A short term outlook will see Ecofirst challenging RM 0.35, while a longer term outlook will see Ecofirst possible setting down at RM 0.50 when parts and parcel started to put into their respective places. Are you decided for this venture? Don't be too late. Bone's short term TP: RM 0.35 Cheers and have a nice day Regards, Bone