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adg Forum Novice 
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It is worth paying attention to this stock since the 2nd Quarter to date results have exceed that of the full year ended June, 2006. The Balance Sheet is very healthy with a net cash position and the Company has not made any loss since 2002. |
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Moolah Forum Whacko  
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adg wrote: It is worth paying attention to this stock since the 2nd Quarter to date results have exceed that of the full year ended June, 2006. The Balance Sheet is very healthy with a net cash position and the Company has not made any loss since 2002. Hi Adg, I believe you have made a valid point here. Previously, pintaras has been decent but it looked really like a construction company in their own comfort zone - ie decent with lackusture or no growth. And the earnings - around 10 mil per annum looked rather smallish... But... as you have correctly pointed out... things do look promising...
the table above, the ttm (current earnings) does indicate that there is indeed a tremendous change of fortune happening in Pintaras Jaya. So adg, any idea what's happening in the stock? Any changes in the business economics of Pintaras that is causing this change of fortune? Care to share more your views? rds |
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chewy Forum Novice
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This company has got quite some cash and if I am not mistaken, no debt. But it took me few months to wait for it to move from 0.90 to 1.20 .. volume quite boring and i notice not many script out there. Employee option also looks like a barrier for the company to move. But with more infrastructure project coming the way, it should be good for their foundation piling business. Pls note: my fundamental view was based on almost 1 yr ago. Havent really follow the share for sometime. But it should be a good company to hold for long term investment. rgds, chewy |
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Moolah Forum Whacko
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Hey Chewy, Nice to see you. I just had a glance thru and yes it does look healthy. however.. i just noted that this company does dabble in the stock market. And depending on what kind of investor you are, some might not like this issue... this was wat's stated in their q earnings..
a purchase of 10.449 million in the share market is quite a lot.. and total investments in marketable securities as at 31 December 2006 are as follows:-
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chewy Forum Novice
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Hi Moola, Thanx for pointing that out. Didnt noticed that there are trader in the finance department.. haha. Investor, be warned. Things can become very ugly if something is wrong and someody trying to hide losses, dumped the stock should they change CFO.. |
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Moolah Forum Whacko
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Yeah I do reckon that this is an issue not to be discounted for investors. I for one would rather see a company return more cash back to their shareholders than to see them dabbling into the share market. |
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adg Forum Novice
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Hi Moolah, You asked.... So adg, any idea what's happening in the stock? Any changes in the business economics of Pintaras that is causing this change of fortune? Care to share more your views? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Thanks for your response. I see that nothing is happening to this stock in spite of the 2nd Quarter's excellent results, so I am seeking feelers/feedback from members here to see if any do feel positive enough about the Company. This stock is out of the analysts radar screen. So far I have not seen anyone writing about it in spite of the fact that it has quietly built up a cash pile to a level that the Directors decided it would be prudent to invest part of the funds in some quoted stocks, in the hope that it would give better returns than FD. The reports said that they do it though an Investment Advisor, not on their own. As for the Company itself, I note that the Directors are all Professional Engineers (except for one out of the six). Hence the management are in the hands of people with the know-how. For that I feel comfortable. In view of the excellent two quarterly results that have come out, it is worth a punt to invest at these depressed prices of 1.24 and wait for the final year announcement. The construction sector is poised to grow further in the coming years, so I am quite positive that this Company will also reap the benefits to produce some bumper results for it's year end account. Sometimes we cannot explain why some stocks are just left to languish in the doldrums. Pintaras is one of them. Regards adg |
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Moolah Forum Whacko
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adg wrote: Hi Moolah, Hi adg, I am sorry because i think i had posed my question wrongly to you. So sorry. Actually, what i meant was do you know what is happening to ptaras business that is causing this sudden change of fortune? if you look at the financial data i posted earlier and i shall repaste it below
And you have mentioned: If you look at the table again... from fy 2003 to fy 2006, ptaras has really done nothing. Earnings were just around the 9-10 million per annum. As they say, lacklusture or no growth in its earnings for 4 years, which perhaps would explain why this stock was previously left to languish in the doldrums. However, lately, the current earnings is indicating earnings 'could' be around 18 million and even much more. This is the change of fortune i am talking about which caused the stock to appreciate quite a bit before the current mess. It will be nice if we all know what's happening in the company... anyway i had pointed out the company's dabbling in the stock market. How do you feel about this issue? Wouldn't you not prefer if the company you had vested interest pays you more back in terms of dividends, than to see the company dabbling in the stock market? And needless to say, for sceptics would surely say, does these management even know what they are doing? Are they traders? Punters? short term investors? or long term investors? those were my initial reactions.. in which you have replied.. So far I have not seen anyone writing about it in spite of the fact that it has quietly built up a cash pile to a level that the Directors decided it would be prudent to invest part of the funds in some quoted stocks, in the hope that it would give better returns than FD. The reports said that they do it though an Investment Advisor, not on their own. thanks for clarifying this issue... btw... if i dig info.. i will post it here. rgds Last edited on Tue Mar 20th, 2007 01:16 by Moolah |
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Moolah Forum Whacko
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Let's do a comparison on the company's cash.. Firstly, i would look at the company's number of shares. Ptaras last had a bonus issue way back in 2002 - a 3 for 5 bonus issue and the end result is Ptaras till this very day has 80.064 million shares. (this figure is useful to me so i know i won't get messed up in dilution of earnings etc etc when i make comparisons) so using this 80.064 million as the main yardstick... let's examine ptaras dividend. (why, well arguement is if the company has got the money, isn't it better to SHARE?)
let's compare cash balances... ptaras last reported earnings is it's fy q2, so i shall use q2 as the yardstick.. 2003. Quarterly rpt on consolidated results for the financial period ended 31/12/2002
2004. Quarterly rpt on consolidated results for the financial period ended 31/12/2003
2005. Quarterly rpt on consolidated results for the financial period ended 31/12/2004
Last edited on Tue Mar 20th, 2007 01:48 by Moolah |
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Moolah Forum Whacko
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2006. Quarterly rpt on consolidated results for the financial period ended 31/12/2005
2007. Quarterly rpt on consolidated results for the financial period ended 31/12/2006
Back in 2003, total cash was around 48.059 million. Now it is 65.358 million. from 2003 to now, it paid 4.323 + 2.882 + 2.882 + 2.882 = 12.969. if added back, assuming no dividend was paid, ptaras should have 78.337 mil. which means that ptaras cash had increased from 48.059 to 78.337 mil which is an increase of 30.278 mil. in the same period, ptaras made 48.397 million in earnings. so in a span of 4 years, ptars made 48.397 mil, nett cash increase only by 30.278 mil. How? How would you interpret it? Me? i think it is actually very good.. however.... personally, i still do not see the accumulation of wealth generated by the companies dabbling in the sharemarket and more so, given the fact that as per its latest earnings, the company's balance sheet shows that it has some 37.3% of its cash in the share market. hence, I simply do not like it...ahh.. that's just me personal view hor... the cash is there... return more cash back to the shareholders is my preferred choice... what say you? rgds |
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chewy Forum Novice
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Moola, Very excellent analysis. I simply do not understand what's the objective of the management for holding so much cash. Maybe the minority shareholder should post this question to the team during AGM. They get IA to help them invest with the cash. Why? Is the IA 'ka ki lang'? Or are they trying to justify higher director's fee payout? My view is, when you have no better way to use the cash, just admit it, do something and not through this way which is by playing in the stock market where risk is relatively so much higher than eg. FD. Juz my view. No more holding any stock. But the cash level is attractive. |
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Moolah Forum Whacko
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chewy wrote: Moola, chewy, all in.. i think this stock ( in terms of stock price) might have potential due to the tremendous increase in earnings... which could see the stock price appreciate in the near future. but.. depending on the individual... if one is a long term investor.. then the investor should realise that perhaps this stock market investment by ptatas is perhaps not in the best of the shareholders' interest. which is kinda of normal... since each stock will have some sort of plus and minus issues... and ultimately it depends on the investors' own appetite... rgds |
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adg Forum Novice
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Hi Moolah, You said....I am sorry because i think i had posed my question wrongly to you. So sorry. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 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. Thanks to all for your kind input! Regards adg |
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Moolah Forum Whacko
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Hi adg, 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..
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. let me repeat again..
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???
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...
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? cheers! |
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adg Forum Novice
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Hi Moolah, 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) Date and Time Title 12 Sep 2006 5:40PM KHOO YOK KEE (80,200 Shares Acquired) 12 Sep 2006 5:40PM DR CHIU HONG KEONG (80,200 Shares Acquired) 12 Sep 2006 5:40PM PINTARAS BINA SDN. BHD. (80,200 Shares Acquired) 14 Dec 2005 5:33PM KHOO YOK KEE (137,300 Shares Acquired) 14 Dec 2005 5:33PM DR CHIU HONG KEONG (137,300 Shares Acquired) 30 Nov 2005 6:03PM DR CHIU HONG KEONG (50,200 Shares Acquired) 30 Nov 2005 6:03PM KHOO YOK KEE (50,200 Shares Acquired) 19 Sep 2005 5:15PM DR CHIU HONG KEONG (49,000 Shares Acquired) 19 Sep 2005 5:14PM KHOO YOK KEE (49,000 Shares Acquired) 24 Feb 2005 5:17PM DR CHIU HONG KEONG (44,800 Shares Acquired) 24 Feb 2005 5:17PM KHOO YOK KEE (44,800 Shares Acquired) 23 Dec 2004 5:05PM Dr Chiu Hong Keong (689,520 Shares Acquired) 23 Dec 2004 5:05PM Khoo Yok Kee (689,520 Shares Acquired) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Regards adg |
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LAL Forum Novice
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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. |
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Moolah Forum Whacko
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for those interested.. chewy has done a chart for you all... http://sahamas.net/view_topic.php?id=3544&forum_id=4 |
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Moolah Forum Whacko
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 Pintaras jaya announced its earnings last night. Any comments? :s18: |
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Moolah Forum Whacko
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 And the above is the snapshot of Pintaras Jaya's dabbling in the stock market. It would appear to me that it's kinda aggressive. It sold a chunk - 18.481 million is a CHUNK hor... and it bought some 18.529 million. Looks like we have a fighter, yes? :s18: |
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adg Forum Novice
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:s5: Hi Moola, Thanks for updating, in a presentation that is quite groovy. It is beyond me to make it in that fashion! I think can start accumulating now at such cheap valuations. If PNB has faith in holding a 11.25 % stake since 2002, as the second largest shareholder, it gives me more confidence to trust in a company like this one. What else can we minority shareholders do accept to analyse as carefully as best we can, in the end either plunge in or miss the boat. The share closed at RM1.50, so any idea up up to what price we can enter at opening. Looks like it may adjust itself up to 1.60 in line with the better results. Regards |
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Moolah Forum Whacko
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adg, all you need is a flickr account. |
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Moolah Forum Whacko
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Me dearest adg, I do note that osk has a buy target for PJaya. See posting thread 'Research Report ~ May 14th. |
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adg Forum Novice
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Hi Dear Moola Thanks for the notification received thru E-Mail. I bought some today after reading the report you alerted. Sellers threw to me at 1.53 and 1.52. Looks weak and a buyer made it to close at 1.54 by booking only one share! I have just received my copy of OSK 100 Jewels on Small Cap Companies (2007)today. Pintaras is also featured in it with their target price set at RM3.07. Please note that this is not a call to buy. OSK seems to be generally optimistic with most of the Companies they write on. |
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Moolah Forum Whacko
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adg wrote: Hi Dear Moola My Dearest adg, regarding the email alerts. have a look at the screen shot below.  That arrow points to a box.. if it is checked.. you would get an email sstating that there is a reply in the posting thread that you had participated in. Err... so what 'service' you got is part of this forum software... me cannot take credit for me. Anyway.. yes... osk... they are at their usual devlish self, aren't they? :s18: |
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Moolah Forum Whacko
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adg wrote: Hi Dear Moola err.. OSK latest report on Pintaras was posted here. http://sahamas.net/forum27/4204-1.html
what's happening here???? |
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adg Forum Novice
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Hi Dear Moola, I like those Vitamin like Pills you added on in the reports. They will help to propel this stock onto the radar screen of more analysts and investors, if not use your superman arm to give it a shot! Regards. |
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Moolah Forum Whacko
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LOL!!! Vitamin pills, eh? |
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Moolah Forum Whacko
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Adg, update: http://whereiszemoola.blogspot.com/2007/08/pintaras-jaya-ii.html |
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adg Forum Novice
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:s69: My dear Moola>>>>Many thanks! Your email has been replied Regards adg |
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Moolah Forum Whacko
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My Dearest Adg, Many thanks for the note. I am so sorry for the non reply. I do agree very much with the points stated. rgds |
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Moolah Forum Whacko
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A brief update on this stock posted on BTimes...
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adg Forum Novice
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Thanks, My dear Moola. Here is another update as it gets closer to the Radar Screen: http://biz.thestar.com.my/news/story.asp?file=/2007/10/29/business/19283447&sec=business Well-managed contractor Pintaras in for re-rating  SHARES of Pintaras Jaya Bhd are well poised for re-rating given the company's high growth prospects and prudence in managing finances. The low profile and profitable firm has had zero borrowings since 1997 despite the region's financial crisis and continued to maintain a healthy balance sheet. For the year ended June 30 (FY07), net profit surged 129% to RM24.1mil from RM10.5mil in the previous year. Earnings per share improved to 30.1 sen from 13.1 sen. Dividend per share for FY07 increased 100% to 10 sen, which will go ex on Dec 17, compared with 5 sen in FY06. It posted a 53% leap in revenue to RM147.4mil in FY07 against RM96.5mil in FY06 and a 100% surge in operating profit, thanks to the construction division, which accounted for 83% of total operating profit. As of end June, it has net cash and cash equivalents of almost RM65.3mil, including short-term investments in shares that are recorded at a cost of RM24.4mil in the balance sheet. If the investments were based on market value of RM30mil, Pintaras' net cash and cash equivalents would translate into almost 89 sen per share and net tangible assets per share of RM1.99. It also does not have bad debt written off for FY07. A bank-backed brokerage in a report said Pintaras was likely to be a beneficiary when 9MP projects kicked off in full steam. Some of the major completed jobs are building 20 bridges for the Guthrie Corridor Expressway for RM62mil and main structural works worth RM30mil for five blocks of office buildings at Plaza Mont Kiara. Pintaras had not made any losses since being listed in 1994, except in 2001 when it incurred a net loss of RM4.3mil due to provisions and write-down of its property assets of RM5.8mil, the brokerage noted. Based on OSK Investment Bank's estimated earnings per share of 32.5 sen and Friday's closing price of RM1.90, the shares are trading at an attractive price-to-earnings multiple of 5.8 times. OSK in a recent report noted that FY08 would be more intensive with the group expected to perform better. “We're maintaining our optimism on Pintaras for its high growth levels,” it said, tagging a target price of RM3.07 on the shares. The Star, Monday )ctober 29, 2007 |
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Moolah Forum Whacko
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adg, Wassup? How are you? I actually did a stock review on Pintaras a couple weeks ago. http://sahamas.net/forum61/5472.html That's a new forum section where all members are invited to write their own stock review and recommendations. (every1 needs to follow this Guidelines And Rules )  |
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adg Forum Novice
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 Hi dear Moola.....Full marks to you for your alertness, dedication and savyness. I am fine except you have to excuse me for my poor knowledge on technical analysis and data posting on this forum. Nevertheless I do update to spot out gems like this one, can only "agak agak" and depend on guys like you to expand the details, and thanks that we have people like you on this Forum. At the moment I am tracking one stock called MULTICO (7004) which at the early life of the Company was very profitable until Proton landed itself in a mess. On its Paid up Capital of 44Million, it has accumulated profits of 34Million with a net cash per share of approx 70sen. ZERO borrowings like Pintaras. Sometime early this year, the owners decided to sell their controlling stake to two Singaporeans at abt 1.60/share. Now the share price is languishing at the 96 sen level which I find attractive enough to take a punt. It all depends on your own analysis and forcast on the prospects of this Company under the new management. Regards adg  |
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random Forum Addict  
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 Nice spot adgPlease keep the tipsy coming ! I give you kissy kissy  |
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stockraider1 Forum Novice
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The recent correction has make Pintaras Jaya highly attractive for purchase at Rm 1.90 in terms of valuation basing on; 1)Growth at least 15%p.a. 2)PE-close to 5 times and generating positive net cash flow exceeding Rm 0.30 p.a. 3)Dividend Yield about 5% p.a. 4)NTA-Rm 2.00 5)Prospect-more intensive 9 Malaysia Plan implementation,Pintaras expected to enjoyed strong steady earnings for the next 4 years. 6)Strong cash holding close to Rm 1.00 per share as at 30-9-2007(inclusive share investment) 7)Strong savvy and conservative management can be seen from the good performance and high return from its acquired manufacturing division. This is a good AAA investment stocks. Expected fair price should be around Rm 2.60 to Rm 3.50 within next 9 mths with potential appreciation of 36% to 84%.Even after this appreciation the PE is between 7 to 10 exclude factoring the growth prospect. This valuation are highly attractive and undervalue when compare to large construction companies such as IJM,Gamuda and YTL which are trading at PE exceeding 20 and with very much higher gearing. |
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MooFassa Forum Whacko
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