My Portfolio At This Moment (17/10/09)

My Portfolio Change Since Last Post

Bought Dialog for excellent quarter report announced recently. The best quarter report and the best full year annual results but is not the highest price at this moment. Future prospect remain bright with stable income and monopoly of the refinary business with Petronas. Tanjung Pengerang feasibility study with Vopak, Tanjung Langsat Second phase, Merapoh at Yan all is prospect for Dialog. Dialog recently announced dividend 2.4 cents per share and 1 for 50 special bonus.

Bought MKLand for current share price still remain 50% discount to their NTA. Hard to find this kind of discount in the current market. With the recent quarter report turning black and some property lauching, this shall boost their coming quarter results. Technically, share price well supported in 0.40 range, down side risk is limited.

Bought Plenitude for dividend play. Recently announced 14 cents dividend slightly higher than last year. So, with the current share price, the dividend yield is around 5%. But the most beautiful is their EPS (>50 cents per share) achieved in thier immediate past full year results is super excellent. Thus, with the low P/E and D/E ratio, this counter is financially sound for investment. Part of their landbank is near Johor Bahru, that is Iskandar Development Region (IDR). The potential hypermarket development nearby and rumours on LRT development passby their landbank, all is catalyst for the share price.

Bought Scomi for speculation of 7 billion LRT extension in KL. The LRT is connecting, Kelana Jaya-Putra Height-Sri Petaling. Scomi may not be able to get infra works due to stiff competition with Gamuda, WCT, MMC and etc but they have expertise in electrical technical works and the LRT container manufacturing. They have R&D segment! Besides, recently Scomi also tendering mega project oversea, like JV with local company in bidding monorail in Brazil for world cup preparation. Other project they are tendering is in Bahrain and Arab Saudi. Any one of these project if to be able to materialise, the is a boost for their share price. The current right issue by issuing ICSLS shall be able to strengthen their balanced sheet. Scomi also have grand sell comparing the share price to their NTA.

Sold GPacket for the worsening quarter results. The business is lossing 50% of their recorded revenue, meaning selling RM1.oo but making loss RMo.50. Seems like the business model is in doubt and share price yet to bottom out. However, recently right issue have boost the share price but the sustainability is in doubt. The warrant ex-price is 0.95, i believe in near term, the mother share will not exceed very much from this reference price. If not, what will happen if warrant holders execute their right? Reminded that, GPacket having share buy back > RM 1.00 during financial year 2008, excercising of warrant holder right will indirectly making a loss to the company. What will happen if too many warrant holders excercise their right? Company have suffiencient share in treasury?? Moreover, YTLP planning to invest 2.5 billion in fighting in this WIMAX business. Other competitor is Redtone and AsiaSpace S/B. This business become very competitive. I move sideways, lets wait and see what is going to happen.

Sold AirAsia for dissatisfaction of foreign investor during the AGM. AirAsia recently announced right issue for balanced sheet strenghtening. This is good but their D/E ratio remain high. With the current oil price going up, the profit for the second half of the year will not be shining as first half of the year. Besides, the delaying of flight derivery arrangement by the management, indirectly AirAsia is seeing the risk in capital but this will pause AirAsia flying higher (growing).

Sold KNM mother share but repurchase KNM warrant-CB for lowering the downside risk but gearing up the upside potential. KNM recently been link with Gorgon oil field in Australia. With the current crude oil price breakout from USD60 to USD 75 range to USD 79, in near to medium term, some project may be initiated as the project become viable now, eg oil sand project in Canada.