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You said....I am sorry because i think i had posed my question wrongly to you. So sorry.
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Thanks!, never mind the slight miscommunication. The important issue here we have in common is to make money on this stock. I am confident we can since it has retracted from its new high this year of 1.70+ and and the two quarterly reports show promise of a much better picture to come when it's year end accounts are puplished.
For the cash hoard that the Company now has, it can declare a special dividend to return to shareholders, but I am not in favour of this move since it is a short term gain. Look at Pacific Mas, the price is worse off ex the special dividend 0f RM1.50 per share!
I would rather see Pintaras grow through M&A, preferably buying out the smaller synergestic companies (if any) to weed out opposition. I am sure this is in the mind of the Management. I am not too worried about them trying out a small portion of their cash in stock market investment, provided it is not on speculative stocks. We are not in a position to dictate to them except to question them at the AGM. But what we are here is to make money on this stock in the near term, 5-6 months from now when the final accounts are published. If we make the money, lock in the profits and then wait for new opportunities. If we think it is ok to continue holding this stock, then do it by all means. There is no such thing to me as "long term", or "loyalty" to any stock.
So we now have to make up our minds to go in or not at current prices having heard all the pros n cons of this stock.
We are to share our opinions and isn't this is what a forum is all about?
:s18:
Anyway.. here's some more opinions... hope u do not mind..
For the cash hoard that the Company now has, it can declare a special dividend to return to shareholders, but I am not in favour of this move since it is a short term gain. Look at Pacific Mas, the price is worse off ex the special dividend 0f RM1.50 per share!
Cash per share is a tricky yardstick. End of the day, harshly put, the cash is in the hands of the management. IF management does not share out the cash.. it's all look but not touch kind of thingy for the minority shareholder.
Yes, PacificMas was excellent. So was EON. There are many good examples... BUT ... there are also many that did not share out their cash. Examples? UAC. Keck Seng and oh even Magnum.
As Ptaras, the cash per share is healthy... but some 37.3% of its cash equivalent is tied up in the share market.
Now putting aside the results of its investments, firstly we have to remind ourselves that Ptaras was never a generous dividend payer.
a 5% payout works out to only 2.882 million. And it's really measly when u consider it has some 65 million in cash equivalent as per latest earnings.
Which tells me the management so far has shown that it's more willing to dabble in the stock market than to share the company wealth with it's shareholders.
Will the management change such policy???
I would rather see Pintaras grow through M&A, preferably buying out the smaller synergestic companies (if any) to weed out opposition. I am sure this is in the mind of the Management. I am not too worried about them trying out a small portion of their cash in stock market investment, provided it is not on speculative stocks. We are not in a position to dictate to them except to question them at the AGM. But what we are here is to make money on this stock in the near term, 5-6 months from now when the final accounts are published. If we make the money, lock in the profits and then wait for new opportunities. If we think it is ok to continue holding this stock, then do it by all means. There is no such thing to me as "long term", or "loyalty" to any stock.
So we now have to make up our minds to go in or not at current prices having heard all the pros n cons of this stock.
Two issues here.
As rightly pointed out in regards to the cash, "We are not in a position to dictate to them except to question them at the AGM."
which brings back again to the point of the investment in the share market point u have mentioned...
am not too worried about them trying out a small portion of their cash in stock market investment, provided it is not on speculative stocks.
As mentioned by you, the investment is done by an investment adviser.
Sadly, again for the minority investor, this is AN ISSUE. I for one could raise many questions. For example...
Who is the said investment adviser?
How qualified are these adviser?
What's the investment philosophy of these advisers?
What kind of shares are the investment advisers?
Will there be any conflict of interest when an investment is made? For example, is the investment adviser making any purchase of shares in which the investment adviser has vested interest in? OR what if the investment adviser is instructed to buy shares that the management has vested interest??
See? I could go on and on.. it's not that I am being too critical or skeptical but this is only to be expected when the plc make such investment in the share market.
Remember, as it is, Ptaras has 24.376 million invested in the stock market.
Ahem... this is not a small amount, yes?
Anyway.. as usual, do treat these as mere second opinions... err... some cheap coffee shop share market talk only, ok?
Thanks for the opportunity provided for "brain-storming" on this stock. Point well-taken, for we dont want to see our hard earned money fizzled out in bad investments. Over the years we must protect our wealth and make it grow, and the stock market can be rewarding if we know what we are doing. Forums such as these are excellent avenues for consultations and exchange of views and ideas. We as minority share holders are generally at the "mercy" of the controlling shareholders. But what choice have we got except to trust the "captains" who steer the company in the direction they deemed best for the Company. As for Pintaras, I can see that some directors do accumulate and increase stakes in the Company's shares.
Changes in Substantial Shareholder’s Interest (29B)
It's quite remarkable for a construction company to have a net cash position. Give em kudos for that. However, as pointed out, the dabbling in shares is a concern. Is this a potential reflection of their speculative nature, especially with respect to their core business? Even though they've hired an investment adviser, how do we know they do not have a (big) say in management of the investments? That being the case, aren't they channeling time and energy away from their core business? These are questions the longer-term investor needs to know. Top notch management would just pay out excess cash as dividends if they don't know what else to do with it.
For me, I'd put in some "play" money for Pintaras' cheap valuations and strong current earnings, but not for the long-term, at least until they clean up their cash management act.
Aside, Bursa should just come out with a ruling that bars listed companies from "securing higher returns" from cash holdings by trading in shares of other listed companies. Exceptions would be for strategic or long(er)-term stakes in companies in similar business.
