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Monday, June 30, 2014

比爾•蓋茨在斯坦福畢業禮上的演講:樂觀不是等待事情變好

Source: http://klse.i3investor.com/blogs/kianweiaritcles/55091.jsp



恭喜你們,2014屆畢業生!能受邀到斯坦福大學做演講,每個人都會感到興奮,對我來說尤其如此。

斯坦福大學是我的家庭成員和微軟員工們最喜歡的大學。我們在這裡收穫了最聰明、最有創造力的同仁,而他們只是斯坦福畢業生中的一小部分。

現在,我們在這裡進行著30多個研究項目。當我們想更深入地了解免疫系統,以治愈更多病人時,我們與斯坦福合作;並我們想了解高等教育的發展和變革時,我們與斯坦福合作。

這裡是天才的居住地。這裡有靈動的心,正敞開懷抱迎接改變,渴望著所有創新之物。人們在這裡探索未來,樂在其中。這個校園有那麼多了不起的東西,但如果一定要用一個詞來概括我們最喜歡斯坦福大學的地方,那便是“樂觀主義”。

(蓋茨夫人此時接過話茬)一些人叫你們書呆子,我們聽說你們正為此而感到驕傲。 (蓋茨接著說)“我們也是(書呆子)。”(說完兩人都戴上了文章開頭照片上相同的書蟲眼鏡,然後蓋茨調侃說“都是自己的眼鏡,沒什麼區別嘛。” )

樂觀是一種極具傳染性的情緒,它讓每個人堅信創新幾乎可以解決所有的問題。這種信念驅使我在1975年輟學 (底下學生笑),並隨著時間的不斷流逝而與日劇增。到現在40年過去了,我們結婚也20年了。現在我們也比過往任何時候都樂觀。所以今天我想談談:我們為 什麼需要樂觀精神。

胸有成竹之前,去看看這個世界先

當我開始寫微軟的第一行代碼時,我希望將計算機和軟件的力量最大化。在當時,只有大企業可以購買電腦。

到了90年代,個人電腦開始深刻地影響人們的日常生活,卻在同時造成了一個新的困境:只有富家子弟能得到計 算機。技術正使不平等現象惡化,這違背了我們的核心信念——科技應當使所有人受益。因此,我們開始致力於縮小數字鴻溝。我們給公共圖書館捐贈個人電腦,以 確保每個人都有機會使用。

1997年,我到南非訪問,住在當地最富有的家庭之一。當我和這個家的主人坐下來準備吃飯的時候,他們敲了一下鐘,叫來管家。晚餐後,男人和女人分開,男人們開始抽雪茄。

當時,我腦海裡閃過一個念頭,“還好我讀過簡·奧斯汀,不然我可搞不清眼前這一切是怎麼回事。”(少年商學院微信注:簡·奧斯汀是19世紀英國文 學家,其代表作《傲慢與偏見》反映了19世紀英國鄉紳階層的禮節、成長、教育、道德、婚姻的生態。)

第二天,我去了索韋托,約翰內斯堡市西南部的一個鄉鎮,這裡一直是反種族隔離運動的中心。我們給那裡的社區中心捐贈了一批電腦和軟件,就像我們在美國所做的事情一樣,但很快,我們發現,這裡並不是美國。

從城市到鄉鎮的距離非常短,但城鄉之間卻是卻那麼地不和諧。我感覺自己彷彿到了另一個世界。我見過貧困數據 統計,但我從未真正目睹過貧困。那裡的人民生活在瓦楞鐵皮棚,沒有電,沒有水,沒有廁所。大多數人沒有穿鞋,他們光著腳走在街上。那裡的街道空空如也,泥 濘中透出隱約的車轍。

社區中心沒有固定的穩定電源,靠一條連到大約200英尺外的中央柴油發電機的延長線,勉強維持電力供應。當我和隨行的記者準備離開時,發電機的任務便結束了,社區中心裡的人也將回家繼續擔心自己的生計,而這並不是一台個人電腦就能解決的難題。

我把事先準備好的講稿遞給記者,上面寫道,“索韋托是一個里程碑,在有關技術是否會使發展中國家越來越落後的議題上,答案越來越明確——它們正在縮小差距,而非擴大。”

然而我沒有說的是,“順便說一下,我們並沒有關注到這片土地上每年有50萬人民死於瘧疾的事實,我們只負責把電腦送給他們。”

在此之前,我以為我明白世界上所有的問題,但事實上,我卻在這件事情上當了“睜眼瞎”,我不得不問自己,“難道我還相信,創新能夠解決世界上最棘手的問題嗎?”我們不能為了救助,而把最重要的事情卻給忽略了。我們必須找到貧困者的當務之急,和當下之需。

見證痛苦,才能讓樂觀“兌現”

當然,這種自我懷疑並沒有持續太久。很快我就意識到,即使在嚴峻的情況下,樂觀也可以推動創新,並催生新的工具,以消除痛苦。但是,如果你從來沒有看到真正痛苦的人,你的樂觀便不能幫助他們——你將永遠不會改變他們的世界。

多年來,我和我的太太都致力於了解貧困人士們最迫切的需求。在後來的南非之行,我拜訪了一家醫院,那裡滿是患結核病的患者,簡直是一個巨大的戴著口罩的海洋,上面飄著一大張地獄候選名單。

但與第一次索韋託之行不同,後來再深入“地獄”讓我更想做些事情。我從醫院出來,上了車,告訴與我們合作的醫生:“我知道結核病是難以治癒的,但我們應該能夠做一些事情。”

有人習慣把樂觀指稱為“錯誤的希望”,但想一下,“錯誤的無望”是否同樣存在?有人說,我們不能戰勝貧困和疾病,但我並不這麼認為。今年,我們的抗結核藥物研究正在進入第三階段,經過努力,這種病的治愈率已從50%提升到了80-90%。

樂觀不是等待事情變好,而是相信自己能夠做得更好

現代社會有無與倫比的創新精神,而斯坦福大學正處在創新的核心。斯坦福孕育了許許多多的新公司,各行各業的 教授,創新的軟件和藥品。這裡的人們對未來充滿渴望。然而,如果你在美國街頭問問人們,“未來會比過去更好嗎?”大多數人會回答,“不,我的孩子未必會比 我過得更好。”他們認為創新不能改善這個世界。

這些悲觀論調是錯誤的,他們的想法一點都不“瘋狂”。如果我們不注重創新,那麼我們就不可能有驚人的發明,我們不會改善公立學校,不會治愈瘧疾,不會結束貧困,不會幫助貧困農民應付不斷變化的氣候。

樂觀不是消極地期待事情變好,而是一種信念,相信自己可以做的更好。任何時候,樂觀都能加速創新,避免或減輕痛苦。

我們需要同理心,它能引導我們的樂觀,帶我們走近貧窮和疾病,找到一個個充滿創意的回答,給悲觀主義者們一個又一個驚喜。

當我在你們這個年齡時,我的世界觀並沒有像你們中的大多數人所擁有的更廣闊。接下來,你們將引領新的創新浪 潮,並把它應用到你的世界。如果你的世界很寬廣,你可以創建我們都希望的未來,如果你的世界是狹窄的,你可能迎來一個悲觀恐懼的未來。毋庸置疑的是,你們 會比我做得更好。

未來5年各行各業將全面洗牌,你準備好了嗎?

Source: http://klse.i3investor.com/blogs/kianweiaritcles/55116.jsp

國內一位很著名的成功學大師說過:“趨勢就像一匹馬,如果在馬後面追,你永遠都追不上,你只有騎在馬上面,才能和馬一樣的快, 這就叫馬上成功!”

一、網路的發展:

未來我們的生活會是什麼樣子呢?我們設想一下,晚上帶著家人去吃飯,拿出手機點擊附件餐廳, 看完餐廳介紹,對比之後,挑一家評價好的、好吃又實惠的餐廳,在手機上領取一張會員卡,定好座位,等時間到了,點擊導航,直接去吃飯,不用排隊。

吃飯的時候,哪個好吃的就拍個照,放到微博或朋友圈,曬一曬, 與朋友共享,因為以後朋友來這裡吃飯的時候,憑著你的分享,朋友可以優惠,商家還要給你返利,既能吃到好東西,分享又能賺錢,真的很愜意。

吃完飯,去商場購物,看到哪個產品喜歡的,拿起來掃一下二維碼,用手機比比價,放入網絡購物車,逛完商場,在手機上點擊送貨時間和送貨地址,直接付款,不用拎東西,也不用排隊,然後去看電影,因為電影票在吃飯的時候已經用手機買好了。。。

這就是我們未來的生活,你覺得能實現嗎?我想很快!

二、巨人的倒下:

世界上曾經有一家世界500強的企業,名叫“柯達”,在1991年的時候,他的技術領先世界同行10年,但是2012年1月破產了,被做數碼的干掉了。

當“索尼”還沉浸在數碼領先的喜悅中時,突然發現,原來全世界賣照相機賣的最好的不是他,而是做手機的“諾基亞”,因為每部手機都是一部照相機,近幾年“索尼”業績大幅虧損,於今年倒閉。

然後呢?

然後原來做電腦的“蘋果”出來了,把手機世界老大的“諾基亞”給幹掉了,而且沒有還手之力,2013年9月,“諾基亞”被微軟收購了。

發展倒逼轉型升級,整合、創新引領時代發展:

360的出台,直接把殺毒變成免費的,淘汰了金山毒霸;

淘寶電子商務2012年一萬億的銷量,逼得“蘇寧、國美”這些傳統零售巨頭不得不轉型,逼得“李寧服裝”關掉了全國1800多家專賣店,連天上發了衛星的“沃爾瑪”都難以招架,如果馬雲“菜鳥”行動成功話,24小時內全國到貨的夢想實現,那麼這些零售巨頭的命運又將會是如何?

馬雲“餘額寶”的出台,18天狂收57個億資金存款,開始強奪銀行的飯碗。

三馬(馬雲、馬化騰、馬明哲)的網上保險公司的啟動,預計未來五年將會有200萬保險人員失業,其他保險公司將何去何從?

騰訊微信的出台,6個億的用戶還在增加,直接打劫了中國移動、電信和聯通的飯碗。

所以,如果有一天你隔壁開火鍋店的張三,賣手機賣得比你好的時候,你不用覺得驚訝,

因為,這是一個跨界的時代,每一個行業都在整合,都在交叉,都在相互滲透,如果原來你一直獲利的產品或行業,在另外一個人手裡,突然變成一種免費的增值服務,你又如何競爭?如何生存?

所以,未來的競爭,不再是產品的競爭、不再是渠道的競爭,而是資源整合的競爭,是終端消費者的競爭,誰能夠持有資源,持有消費者用戶,不管他消費甚麼產品、消費甚麼服務,你都能夠盈利的時候,你才能夠保證你的利益,才能立於不敗之地。

引領時代的都是“騙子”:

30年前說下海能賺錢的人,被認為是騙子。

20年前說炒股能賺錢的人,被認為是騙子。

15年前說保險能幫到大家的,被認為是騙子。

10年前馬雲說互聯網能改變人們的生活,也被認為是騙子。

那些說別人是騙子的人,生活一成不変,生活質量一天比一天差!而那些當年所謂的“騙子”卻成了時代的標誌!

“每一次新的機遇的到來,都會造就一批富翁!”

當別人不明白的時候,他明白他在做什麼;

當別人不理解的時候,他理解他在做什麼;

當別人明白了,他富有了;當別人理解了,他成功了。

任何一次機遇的到來,都必將經歷四個階段:“看不見“、“看不起“、“看不懂”、“來不及”。

任何一次財富的締造必將經歷一個過程:

“先知先覺經營者;後知後覺跟隨者;不知不覺消費者! ”

反省一下,你有錯過嗎?人生比努力更重要的是選擇!與時俱進是財富的源泉哦!

發生在身邊的變化:

第一、當摩托羅拉還沉醉在V8088的時候, 不知道諾基亞已迎頭趕上。

第二、當諾基亞還注重低端機市場時,喬布斯的蘋果已經潛入。

第三、當蘋果成為街機的時候,三星已經傲視天下。

第四、當中國移動沾沾自喜為中國最大的通訊商時,渾然不覺微信客戶已突破4個億。

第五、當中國銀行業賺的盆滿缽滿高歌猛進時,阿里巴巴已經推出網絡虛擬信用卡。

第六、當很多人還在想租個門面房開個小生意時,光棍節一天中國互聯網上創造天價成交額。

不要說停止學習,就是慢一點都有可能被淘汰出局。

未來十年拼什麼?

答: 整~借~學~變

一:整;資源整合!

你能整合多少資源,多少渠道,你將來就會得到多少財富!

二:借;造船過河不如借船過河。

趨勢,無法阻擋;

抉擇,要有智慧!

三:學;今天的企業家,贏在學習, 勝在改變!

柯達、諾基亞、李寧、索尼都輸在了不學習、不改變。

古人云:富不學富不長,窮不學窮不盡!

四:變;要想改變口袋,先要改變腦袋!

這個社會一直在淘汰有學歷的人,但是不會淘汰有學習力願意改變的人!

讀萬卷書不如行萬里路,

行萬里路不如閱人無數,

閱人無數不如名師指路,

名師指路不如重疊成功人的腳步!

面對挑戰我該怎麼辦?

馬雲說:不要等到明天,明天太遙遠,今天就行動.

第一、改變一種行為不要拖到明天,否則它會變成你的習慣。

第二、拒絕一份誘惑不要拖到明天,否則它會造成你的傷害。

第三、抓住一次機會不要拖到明天,否則失去了就不會再來。

第四、不要讓今天的行動拖到明天,否則它無法帶來精彩。

第五、不要把今天的幸福拖到明天,否則它將一去不復返。

第六、不要把機會拖到明天,因機會是唯一的你還要等到明天

牛根生最後送上一句:

品牌的98%是文化,矛盾的98%來自誤會,資源的98%是靠整合。

帝亿成功置地争取联营

Source: http://klse.i3investor.com/blogs/temperature_probe/55150.jsp

2014-06-30 14:11

 

1.刚上市的帝亿成功置地气势高昂,但真的有实力达成设下目标吗?
2.帝亿成功置地是净现金公司,为什么还要联营发展?财务有问题吗?
3.公司盈利前景如何?
答.帝亿成功置地(TITIJYA,5239,主板产业股)设下在未来两年内,倍增发展总值(GDV)至140亿令吉的目标,并会专注于巴生谷和槟城计划。
目前,手上地库可供未来13年的发展。
公司在去年11月上市后,即宣布收购并发展两块分别在槟城和吉隆坡Brickfields的土地,发展总值达33亿令吉。
纳入上述两块土地后,公司手上发展总值达70亿令吉。
当中,槟城土地收购价为1亿2600万令吉,若身为净现金公司的帝亿成功置地打算借贷,其欠债率料也仅上升至0.3倍。
若欠债率达0.5倍,仍有空间再借贷7200万令吉。
逐步付款不冲击现金流
至于与高峰控股(BPURI,5932,主板建筑股)以70:30持股比率发展的Brickfields计划,公司采取了在工程结束前,逐步支付土地成本的方式。
逐步付款方式,对于企图心强但缺乏大笔资金增购土地的公司有利,因为这不会显著冲击现金流。
我们深信,公司日后会争取更多类似合作来推动业绩增长,因为以目前财务实力发展,将限制增长空间。
无论如何,在目前情况下,就算公司成功2015年前,再争取到6亿令吉的发展总值,也未能达到两年倍增发展总值的目标。
不过,公司成功在淡静时期,仍频频传出购地消息,显示了拥有强大的网络人脉关系。
3策略倍增发展总值
为了达发展总值在两年内倍增的目标,我们估计帝亿成功置地可能会采取以下三种策略。
1.提高欠债率达0.5倍以上2.提高欠债率达0.5倍,私配10%股权3.只通过联营方式若公司采取第1和2策略,料可在未来1年内,得到6亿令吉至15亿令吉的发展总值计划,每股实际净资产价值(RNAV)介于4.92令吉至4.96令吉。
若采取第3策略,则会限制了发展,但较为保险,并料可在未来1年至1年半内,再得30亿令吉发展总值,成功达成超过一半的目标。
2年营业额预测下调
我们预料今明财年销售额,将分别下滑至6亿500万令吉和4亿5000万令吉,而且入账较慢,所以调低两年营业额预测17%至13%,至7080万令吉至8440万令吉。
无论如何,我们认为净利仍可取得优于大市的增长率,即36%至19%,业界平均是9.6%至15%。
基于地库增加的利好消息,我们估计合理价格介于2.95令吉至3.32令吉。

FIAMMA - Odd business mix bears fruit

Source:

SEVEN years ago, Fiamma Holdings Bhd made a bold venture into property developmentdespite it not being synergistic with its core business of distributing home appliances.
Today, however, the group says it is comfortable with its position in both business segments, adding that its property venture has begun to bear fruit for its bottom line.
Fiamma – whose market cap stands at RM256mil – started selling home appliances in 1979 in Johor. Among the household brands it distributes today are Elba, Faber, Tuscani and Braun.
The company acquired two parcels of land in the KL city centre in 2007, but its plans to develop them faced several snags, as it sorted out land title and approval issues.
This year, Fiamma is targeting the completion of its maiden property project in October with a gross development value (GDV) of RM150mil. The 23-storey office suite tower, Menara Centara, with 10,000 sq ft of retail space is located on Jalan Tuanku Abdul Rahman in Kuala Lumpur.
Chief executive officer and managing director Jimmy Lim Choo Hong says 35% of the development will be kept for recurring income, and that the group has signed a tenant for nine years. The average selling price is RM700 per sq ft.
For the financial year 2013 (FY13), property development contributed 9.6% to group revenue and 11% to net profit. Most of the contribution came from the sale of its Menara Centara office suites, while a fraction was from the sale of its landed houses in Kota Tinggi, Johor.
Fiamma’s full-year net profit for 2013 was RM34.69mil, 29% higher than the RM26.92mil achieved in FY12.
“For this financial year onwards, the contribution from the property division should be higher,” says Lim without giving any projections.
Now that its property development business is taking off, Lim says the group’s strategy is to launch one or two projects a year.
“How many projects we launch will depend on our cashflow. Cashflow comes first,” he says in an interview.
Next year, Fiamma is targeting to launch two serviced apartment projects in the Klang Valley - one in the city centre and one in Bandar Manjalara.
The city-centre serviced apartment is situated on Jalan Yap Kwan Seng on a 60,000-sq-ft plot of commercial land behind the Public Bank officer tower.
Lim says the project, with a GDV of RM600mil, will have two blocks, making up 46 storeys of more than 400 units based on a plot ratio of ten. The selling price has not been finalised yet, Lim adds.
The total sellable floor area for this project would amount to over 400,000 sq ft, according to its building design Fiamma is currently seeking approval for.
“The current market has an appetite for small unit properties, especially for those buying their first home,” he says, noting that Fiamma has thrown out its initial plan of building a Grade-A office development.
“We had earlier submitted proposals for a Grade-A office, but we would need to sell it en bloc, and the current market won’t be able to take it up,” Lim says on some of the adjustments Fiamma has had to make in keeping up with market trends.
This project will be launched in the first half of 2015 and Lim plans to launch it in overseas markets like Hong Kong and Singapore before Malaysia.
Its other project is the redevelopment of its three-acre Bandar Manjalara land adjoining its headquarters. Currently, Fiamma is using this portion of the land for its warehouse facility.
“But given the market rate and our need for more space, we will be moving our warehouse to Klang where we have bought a piece of land to build a bigger facility.”
The project, with a GDV of more than RM300mil, will also offer over 400 units of serviced apartments in two blocks, albeit with bigger floorplans offering up to three rooms.
Unlike its city-centre counterpart, the Bandar Manjalara project will cater to young local executives and will be priced around the RM500,000 range.
Apart from these two developments, Fiamma has also launched a serviced apartment project in Johor Baru and has an ongoing link house development in Kota Tinggi, Johor.
All its land acquisitions are paid up, leaving Fiamma with zero net gearing.
Although Fiamma is serious about making its property development business work, it has no plans to change its core trading business.
“We are not a full-time developer and do not intend to change our business into 100% property development,” Lim points out.
Fiamma’s steady and long track record in the trading of home appliances is reason enough for the group to keep the business.
This matured business division has enjoyed 35 years of trade, and is still growing, albeit at a slower pace. Lim says the group continues to expand its product offerings, especially to consumers.
Aside from home appliances, it also distributes imported kitchen fittings under the Rubine and Haustern brands, as well as medical devices under brands like Omron and Charder for both home and professional use.
Lim says the impetus for Fiamma to diversify into property development was due to his personal experience in the sector, having started his private business developing projects in Johor some 15 years ago.
“Also, our home appliance business was already quite saturated because the domestic market is not big enough,” he says.
A fund manager who has met with the management says that for its home appliance segment, Fiamma operates on a comfortable gross margin of above 20%.
“The trading and distribution business has been growing continuously since 2005 and is generating a profit-after-tax and minority interest of around RM27mil per annum.”
He notes that the business segment requires minimal capital expenditure, but needs some working capital when growing.
“If we took out the five parcels of land and their investment property from the books, we would see that this business has a consistent net-cash return on capital employed of 30% per annum,” he adds.
Fiamma was last traded at RM1.99, having risen 8.74% year-to-date. According toBloomberg data, the stock is trading at a price-to-earnings of 6.74 times.

ABM Fujiya to boost exports to Chile and India

Source: http://www.thestar.com.my/Business/Business-News/2014/06/30/ABM-Fujiya-to-boost-exports-to-Chile-and-India/

KUCHING: Automotive battery manufacturer ABM Fujiya Bhd will increase its export volume to Chile and India, the two newest markets it has penetrated.
Managing director Datuk Tay Tze How said the India and Chile markets remained largely untapped and there was big potential for ABM Fujiya to expand the sales of its battery products there.
“We plan to venture into more new markets abroad. We have visited Brazil and Vietnam and explored the business opportunities,” he said after the company AGMon Friday.
ABM Fujiya, which is Sarawak’s sole automotive battery maker, has four manufacturing plants with a combined annual production capacity of 1.6 million batteries and 2.9 million battery containers and covers.
The products range from conventional lead acid battery to low maintenance battery, MF battery to deep cycle battery and marine application batteries.
Tay said about 50% of the group’s battery production was currently exported to over 50 countries, including in Europe, Indochina and the Middle East. The company is working to increase the export volume of the various products.
He said a modernisation exercise for the manufacturing facilities was on-going as the group beefed up plant automation to enhance operational efficiency.
The group’s research and development (R&D) division was continuously working on new products while embarking on product improvement towards quality enhancement, he said, adding: “We aim to become a one-stop centre to cater to the needs of all customers by supplying small to big size batteries of various types.”
On ABM Fujiya’s plan to set up a battery-recycling plant in Muara Tebas near here, Tay said the company was awaiting for the approval of the project’s building plan from the relevant authorities before it could start construction works.
The company, which has acquired land for the project for about RM18mil, had earlier targeted to commence construction of the proposed plant early next year for trial production in the fourth quarter of 2016.
An estimated RM9.3mil will be invested in the recycling plant with an initial planned production output of 500 tonnes of recycled lead per month.
Upon commissioning of the recycling plant and depending on the price of lead, ABM Fujiya has projected cost savings of between 15% and 30% per tonne of secondary lead.
In the financial year ended Dec 31,2013 (FY13), ABM Fujiya, which made its debut on Bursa Malaysia Main Market on July 23 last year, posted a group net profit of RM6.95mil, which was 3.6% higher than RM6.71mil in FY12 despite a drop in revenue to RM125.3mil from RM134.3mil.
According to company chairman Datuk Tay Chin Kin, the company had raised its shareholders’ equity to RM135.85mil from RM115.38mil while cutting its net debts by RM13.43mil and that the group’s debt-to-equity had been reduced to 0.34 times from 0.52 times.

Heng Huat Resources IPO at 45 sen a share

Source: http://www.thestar.com.my/Business/Business-News/2014/06/30/Heng-Huat-Resources-IPO-at-45-sen-a-share/

KUALA LUMPUR: Heng Huat Resources Group Bhd is offering 45.6 million new shares and 14.66 million existing shares for sale under its listing exercise on the ACE Market of Bursa Malaysia.
According to its prospectus issued on Monday, it was offering the shares of 10 sen each at 45 sen.
The 46.50 million new shares comprise of seven million shares offered to the public, five million to be offered to the eligible employees and 12.20 million shares to be placed out to private investors.
The remaining 22.30 million new shares would be placed out to approved Bumiputera investors.
The shareholders of Heng Huat Resources are also offering for sale 14.66 million existing shares, which would be placed out to selected investors.

Ire-Tex to invest RM25mil in making new LED tubes

Source: http://www.thestar.com.my/Business/Business-News/2014/06/30/IreTex-to-invest-RM25mil-in-making-new-LED-tubes/

GEORGE TOWN: Ire-Tex Corp Bhd will invest RM25mil over two years in subsidiaryZoomic Automation Sdn Bhd to produce high-brightness light-emitting diode (LED) tubes.
Executive director E.H. Teh told StarBiz that the group had just locked in a RM150mil contract for the next three years to produce a 1,800 lumens LED tube using only 13 watts of power, which was more energy-efficient.
The orders are from one local LED light company in Penang, which will sell the LED tubes to Japan and South-East Asia.
“The conventional 1,800 lumens LED tube uses 18 watts of power, which is not energy-efficient,” he explained.
Zoomic will initially produce about 50,000 sets of LED light tubes per month.
“Next year, we will increase the production to 120,000 sets per month.
“We will gradually increase the production line to ten over the next two years from two currently,” he added.
Teh said Zoomic would design and assemble LED light tubes using LED components sourced from multinational corporations, and test the tubes at its plant in Bayan Lepas.
On the outlook for Ire-Tex’s business this year, Ire-Tex managing director DatukDonald Yap said the group expected its 2014 revenue to improve significantly over 2013.
“The order is secured from a solar power multinational corporation operating in the Asean region.
“The materials are being produced at our new plant in the Kulim Industrial Estate, and will be delivered from now till the final quarter of 2014.”
For the first quarter ended March 31, Ire-Tex posted a net profit of RM7.1mil against a net profit of RM317,000 for the same period a year earlier.
Revenue was some RM23mil against RM27.4mil previously.

XMH: Expands Outside Indonesia, Proposes 1.2ct Dividend

Source: http://www.nextinsight.net/index.php?option=com_content&view=article&id=8665&Itemid=1

Photos by Sim Kih
FOLLOWING THE CONSOLIDATION of its newly acquired Singapore-focused subsidiary, Mech-Power Generator Group, Indonesia now accounts for 60% or less of XMH Holdings’ group revenue.
Indon demand for coal transportation tugboats had traditionally been the main driver of XMH revenue, but business has been affected by troubles there.

Businesses had faced difficulty in raising bank financing due to the country's high interest rates.

A weak Indonesian Rupiah has made XMH products much more costly than before.
Businesses have also been holding back on capital investments due to the uncertainty ahead of its upcoming elections.

The good news is: Several developments in FY2014 are stretching XMH’S geographical reach and reducing its exposure to Indonesia.

1. Greater contribution from Singapore
With the completion of the Mech-Power acquisition on 1 September 2013, XMH has become a leading player in the provision of power generator sets for data centers in Singapore.
During April to June, Mech-Power secured 5 new contracts worth a total of S$10.57 million.

The generator sets in these latest contracts are for various industries, ranging from a mixed residential & commercial property development as well as an industrial development, to a local data center.


2. First contract in Vietnam
The Group’s marketing effort in Vietnam has borne fruit. In April, it announced its first contract in Vietnam.

3. New 7-storey factory

The Group is building a new industrial building in Tuas that will accommodate new assembly and production lines as well as increase its warehousing capabilities.

It is expects the new facility to be ready by the end of June 2015.

Gross margin expands but bottom line hit by once-off expenses

The Group posted revenue growth of 7.7% year-on-year to reach S$105.2 million for the financial year ended 30 April 2014.
Gross profit margin expanded by 2.5 percentage points to reach 26.0%.
However, net profit attributable to shareholders was down 46.4% at S$6.1 million due to the following reasons.

>> An increase in payroll expenses
>> Amortization, depreciation and other expenses related to the acquisition
>> Full provisions of about S$5.1 million for a litigation case.
The Group is proposing cash dividends amounting to 1.2 Singapore cents per share for FY2014 (1 cent final dividend plus 0.2 cent special dividend).
This equates to a dividend yield of 3.9% (based on the recent stock price of 30.5 cents) and a payout ratio of 85%.

For more details of its financial results, click here
The following is a summary of questions raised at XMH’S FY2014 results briefing on Wednesday, and the replies provided by Executive Chairman Elvin Tan, Deputy CEO Alphonsus Chia and Finance Director Jessie Koh.
Q: What is your acquisition pipeline?

Our healthy cash balance of S$36.4 million puts us in a very good position to explore further M&A activities.

We are looking out actively for M&A opportunities that can synergistically expand our product range.


Our gross margins have been lifted by Mech-Power. We are looking for similar winners with sustainable earnings, strong margins and good reputation. 
Q: Are there synergies that benefit Mech-Power?
Yes. As part of XMH, Mech-Power's credit worthiness was reassessed at the holding company level. This brought down its bank interest rate by more than 50%.

Also, it would not have had the financial capability to fill the S$20 million order that came from Microsoft had we not invested.

The provision of power generation sets for such a large order requires high working capital.


Q: Please provide an update on your litigation case.
The case arose because the customer alleged that we supplied defective Mitsubishi engines. We are sure the engines were not defective but it was technically difficult to provide evidence for this. 

So, we made full provision of S$5.1 million even though we intend to appeal against the court ruling.

We will know the final judgment in November (3QFY2015) and write back whatever the court rules to be in our favor.

Cereal Killers—The Movie

Source: http://articles.mercola.com/sites/articles/archive/2014/06/28/cereal-killers-movie.aspx?e_cid=20140628Z1_DNL_art_1&utm_source=dnl&utm_medium=email&utm_content=art1&utm_campaign=20140628Z1&et_cid=DM51231&et_rid=568377706

By Dr. Mercola


The persistent myth that dietary fat causes obesity and promotes heart disease has undoubtedly ruined the health of millions of people. It's difficult to know just how many people have succumbed to chronic poor health from following conventional low-fat, high-carb recommendations, but I'm sure the number is significant.
In the featured documentary, Cereal Killers, 41-year-old Donal O'Neill turns the American food pyramid upside-down—eliminating sugars and grains, and dramatically boosting his fat intake. In so doing, he improves his health to the point of reducing his hereditary risk factors for heart disease to nil.
Watching people's reactions to his diet brings home just how brainwashed we've all become when it comes to dietary fat. Most fear it. Yet they will consume sugar in amounts that virtually guarantee they'll suffer all the devastating health consequences they're trying to prevent by avoiding fat, and then some!

Fat versus Carbs—What Really Makes You Pack on the Pounds?

The fact is, you've been thoroughly misled when it comes to conventional dietary advice. Most dietary guidelines have been massively distorted, manipulated, and influenced by the very industries responsible for the obesity epidemic in the first place—the sugar and processed food industries.
Shunning the evidence, many doctors, nutritionists, and government health officials will still tell you to keep your saturated fat below 10 percent, while keeping the bulk of your diet, about 60 percent, as carbs.1 This is madness, as it's the converse of a diet that will lead to optimal health.
A recent Time Magazine2 article highlighted a report by the Environmental Working Group (EWG), which showed that many breakfast cereals contain more than 50 percent sugar by weight! Cereals marketed specifically to children are among the worst offenders. Kellogg's Honey Smacks and Mom's Best Cereals Honey-Ful Wheat topped the list with 56 percent sugar by weight.
Even diabetes organizations promote carbohydrates as a major component of a healthy diet—even though grains break down to sugar in your body, and sugar promotes insulin resistance, which is the root cause of type 2 diabetes in the first place.
As noted in the film: "If we could get all diabetics to eat a high-fat, high-protein, low-carbohydrate diet, we would cut the insulin requirement so dramatically that it's been estimated that six pharmaceutical companies would go out of business tomorrow." Contrary to popular belief, you do not get fat from eating fat. You get fat from eating too much sugar and grains.
Refined carbohydrates promote chronic inflammation in your body, elevate low-density LDL cholesterol, and ultimately lead to insulin and leptin resistance. Insulin and leptin resistance, in turn, is at the heart of obesity and most chronic disease, including diabetes, heart disease, cancer, and Alzheimer's—all the top killers in the US. 

Don't Fear the Fat

In the film, O'Neill switches over to a diet where 70 percent of his calories come from healthy fat—most of it in the form of macadamia nuts (my personal favorite)—and the remaining 30 percent of his caloric intake is divvied up between protein and fibrous fruits and vegetables. Over the course of 28 days, O'Neill:
  • Loses weight and body fat
  • Increases his lean muscle mass
  • Feels more energetic and improves his athletic performance
  • Increases his resting metabolic rate
  • Improves his blood pressure, cholesterol, and other measurements to the point that he no longer has any risk factors for heart disease, which he's genetically predisposed for
Of particular importance here is that O'Neill's total cholesterol and LDL levels went up, which initially caused significant concern. However, once they tested the LDL particle numbers, the results showed that his LDL particles were the largest species known, and he had virtually no small LDL particles at all.
This is phenomenal, as it's the small, dense LDL particles that cause inflammation. Large particles do not. Also, the markers for inflammation were virtually nonexistent, showing that he has no inflammation in his body at all. All in all, his one-month long high-fat, no-carb diet experiment proved that:
  • Eating fat helps you lose fat
  • Eating saturated fat decreases your risk factors for heart disease
  • Regardless of your genetic predisposition your diet is, ultimately, the determining factor
I would also add that his results show the benefits of a high-fat, low-carb diet for athletes, many of whom are still convinced that this type of diet will make them heavy and sluggish. On the contrary, O'Neill breaks his own athletic record during his experiment, and refers to his renewed sense of vigor as feeling like a "spring lamb."
This high and sustained energy is a hallmark of ketogenesis, where your body is burning fat rather than sugar as its primary fuel. When your body burns fat, you don't experience the energy crashes associated with carbs.

Saturated Fat and Cholesterol Are Both Necessary for Optimal Health

Contrary to popular belief, saturated fats from animal and vegetable sources provide a number of important health benefits, and your body requires them for the proper function of your:
Cell membranes HeartBones (to assimilate calcium)
LiverLungsHormones
Immune systemSatiety (reducing hunger)Genetic regulation

Cholesterol—another wrongly vilified dietary component—also carries out essential functions within your cell membranes, and is critical for proper brain function and production of steroid hormones, including your sex hormones. Vitamin D is also synthesized from a close relative of cholesterol: 7-dehydrocholesterol. 
Your body is composed of trillions of cells that need to interact with one another. Cholesterol is one of the molecules that allow for these interactions to take place. For example, cholesterol is the precursor to bile acids, so without sufficient amounts of cholesterol, your digestive system can be adversely affected. It's also critical for synapse formation in your brain, i.e. the connections between your neurons, which allow you to think, learn new things, and form memories. In fact, there's reason to believe that low-fat diets and/or cholesterol-lowering drugs may cause or contribute to Alzheimer's disease.3

Replacing Refined Carbs with Healthy Fat—The Answer to Most of Your Health Concerns

Underlying most chronic diseases, including obesity, type 2 diabetes, heart disease, and cancer are inflammation and insulin/leptin resistance. When you eat carbohydrates, your blood sugar, insulin, and leptin will all temporarily rise, and these spikes are very pro-inflammatory. Where you have inflammation, disease and dysfunction follows. An excellent editorial in the journal Open Heart4 reviews the cardiometabolic consequences of replacing saturated fats with carbohydrates, which includes the following:
Shift to overall atherogenic lipid profile (lower HDL, increased triglycerides, and increased ApoB/ApoA-1 ratio)Increased risk of coronary heart disease, cardiovascular events, and death from heart disease and increased overall mortality (all causes)Increased thrombogenic markers
Increased oxidized LDLIncreased inflammationReduced HDL
Impaired glucose tolerance, higher body fat, weight gain, obesity, and diabetesIncreased small, high-density LDL particlesIncreased risk for cancer

The answer, then, lies in avoiding these inflammatory spikes in blood sugar, insulin and leptin, and reversing insulin and leptin resistance. To do this, you need to:
  • Avoid refined sugar, processed fructose, and grains. This means avoiding processed foods, as they are chockfull of these ingredients, along with other chemicals that can wreak metabolic havoc
  • Eat a healthful diet of whole foods, ideally organic, and replace the grain carbs you cut out with:
    • Moderate amounts of high-quality protein from organic, grass-fed or pastured animals (this is to ensure you're not getting the antibiotics, genetically engineered organisms, and altered nutritional fat profile associated with factory farmed animals)
    • High amounts of high-quality healthful fat as you want (saturated and monounsaturated). Many health experts now believe that if you are insulin or leptin resistant, as 85 percent of the US population is, you likely need anywhere from 50 to 85 percent of your daily calories in the form of healthful fats for optimal health. Good sources include coconut and coconut oil, avocados, butter, nuts (particularly macadamia), and animal fats. Avoid all trans fats and processed vegetable oils (such as canola and soy oil). Also take a high-quality source of animal-based omega-3 fat, such as krill oil.
    • As many vegetables as you can muster. Juicing your vegetables is a good way to boost your vegetable intake
Another "add-on" suggestion is to start intermittent fasting, which will radically improve your ability to burn fat as your primary fuel. This too will help restore optimal insulin and leptin signaling.

What's the Deal with Protein?

Dr. Rosedale, who was one of my primary mentors on the importance of insulin and leptin, was one of the first professionals to advocate both a low-carb and moderate protein (and therefore high-fat) diet. This was contrary to most low-carb advocates who were, and still are, very accepting of using protein as a replacement for the carbs.
The problem is that, along with grains, most Americans tend to eat far too much protein. While your body certainly has a protein requirement, there's evidence suggesting that eating more protein than your body needs could end up fueling cancer growth.
Dr. Rosedale advises limiting your protein to one gram of protein per kilogram of lean body mass (or 0.5 grams per pound of lean body weight). For most people, this means cutting protein down to about 35-75 grams per day. Pregnant women and those working out extensively need about 25 percent more. I believe this theory is worthy of consideration. The key though is to add healthy fat to replace the carb and protein calories you're cutting out of your diet. Again, sources of healthy fat include:
Olives and olive oil Coconuts and coconut oil Butter made from raw grass-fed organic milk
Organic raw nuts, especially macadamia nuts and pecans, which are very high in fat and low in protein Organic pastured egg yolks and pastured meats Avocados

Your Health Is Within Your Control

Groundbreaking research by the likes of Dr. Robert Lustig and Dr. Richard Johnson (author of the books, The Sugar Fix and The Fat Switch) clearly identifies the root cause of obesity, diabetes, heart disease, and numerous other chronic diseases, and it's not fat. It's refined sugar—particularly fructose—consumed in excessive amounts. Their research, and that of others, provides us with a clear solution to our current predicament. In short, if you want to normalize your weight and protect your health, you need to address your insulin and leptin resistance, which is the result of eating a diet too high in sugars and grains.
For a comprehensive guide, see my free optimized nutrition plan. Generally speaking though, you'll want to focus your diet on whole, ideally organic, unprocessed or minimally processed foods. For the best nutrition and health benefits, you'll also want to eat a good portion of your food raw.
Sugar is highly addictive, and if you're like most people, you're no stranger to carb cravings. Just know that once your body gets used to burning fat instead of sugar as its primary fuel, those cravings will vanish. Many cereals and other grain products would not be quite as harmful if they didn't also contain so much added sugar. Even many organic brands contain excessive amounts. This is unfortunate, since many (Americans in particular) are really indoctrinated to eat cereal for breakfast. I've been working on a low-sugar cereal line for some time now, to provide a healthier alternative for those who really don't want to give up their breakfast cereal. I hope to have it ready sometime this summer.
Last but not least, for those of you still concerned about your cholesterol levels, know that 75 percent of your cholesterol is produced by your liver, which is influenced by your insulin levels. Therefore, if you optimize your insulin level, you will automatically optimize your cholesterol, thereby reducing your risk of both diabetes and heart disease.
Also, remember that even if a high-fat, low-carb diet was to raise your total cholesterol and LDL, it doesn't automatically mean that your diet is increasing your risk factors for heart disease. As O'Neill did in this film, you need to test your LDL particle number. Large-sized particles are good, while the smaller, denser particles can penetrate the lining of your arteries and stimulate the plaque formation associated with heart disease. The former does NOT increase your heart disease risk, while the latter one will. To learn more about LDL particle numbers and how to test them, please see my previous interview with Chris Kresser, L.Ac., which goes into this in some detail.

Friday, June 27, 2014

MPHB Capital - Court of Appeal in MPHB’s favour

Source: http://klse.i3investor.com/blogs/kltrader/54998.jsp

The Court of Appeal’s decision on the Bukit Bintang land acquisition is positive in expanding MPHB Cap’s land bank in the central business district.

Valuations attractive but land is unlikely to be developed yet.

BUY maintained on MPHB Cap, SOP of MYR2.42. We have not factored in this latest development pending further clarity.
What’s New

The Court of Appeal has set aside the order made by the High Court and ruled in favour of Leisure Dotcom, MPHB Cap’s 70%- owned subsidiary. It has also granted an order for specific performance of the sale and purchase agreement dated 21 June 2007 in respect of a piece of freehold land and costs of RM200k as costs of the proceedings in the Court of Appeal and the High Court.
What’s Our View

It is unclear if this is the last stage of the legal process that both parties will undertake but we are cautiously optimistic over this development, for it paves the way for the expansion of MPHB Cap’s land bank in the central business district at a very decent price.

The aforementioned land is 72,161 sq ft in size and MPHB is acquiring it for MYR1,000 psf, which is a very decent price, in our view, given that recent transactions in the central business district have averaged more than MYR2,000 psf. This piece of land is also strategic in that it sits across the street from MPHB Cap’s present 0.18m sq ft of land in Bukit Bintang.

It is our view, however, that MPHB is unlikely to develop its Bukit Bintang land until there is a clearer picture of development plans for three very large projects in the vicinity – the Tun Razak Exchange, Bukit Bintang City Centre and Warisan Merdeka.

Source: Maybank Research - 27 Jun 2014

Overweight Plantation Shares - Koon Yew Yin

Source: http://klse.i3investor.com/blogs/koonyewyinblog/54649.jsp

Overweight Plantation Shares
Koon Yew Yin
The following is an extract from RHB’s article of 17th June 2014 quote: We believe palm oil should start trading higher, especially after its price has recovered above the MYR2,400 level. The current hot and dry spell in Malaysia, due to the southwest monsoon that is expected to persist until September, will hurt palm oil production – much like in Jan-Feb this year. Also, tensions in Iraq are boosting crude oil prices and biodiesel margins, which will increase demand. Maintain OVERWEIGHT.
If you study the above table carefully you will notice that Jaya Tiasa has the best profit growth rate. Its P/E ratio for 2014 and 2015 are 15.5 and 11.4. Moreover, its EV/ha is about the cheapest.
After having read this RHB’s article, I realize that I have to write this article to correct the wrong impression which I may have given at my recent investment seminar on 1st June.
During the seminar I said that no share  could continuously to go up or come down for whatever reasons and we must take advantage of this phenomenon to make money. I said as an example, Jaya Tiasa, had gone up about 30% from Rm 2.10 to Rm 2.72 in the last 5 months. I sold some to take some profit and to reduce my margin loan. I also said that you could always back Jaya Tiasa when it was cheaper.
Now is the best time to buy back Jaya Tiasa.

Crescendo Corporation Bhd - Slow Start, Stronger Quarters Ahead

Source: http://klse.i3investor.com/blogs/kenangaresearch/55033.jsp

Period 1Q15

Actual vs. Expectations 1Q15 core earnings of RM5.5m were weaker than expected, making up only 6% each of FY15E street consensus and our estimates. The lower-than expected earnings are mainly due to the timing differences of recognition and we expect earnings to pick up pace moving into 2Q15 onwards. In fact, we expect to see more recognition of inventory sales from Nusa Cemerlang Industrial Park (NCIP) next quarter.

Positively, 1Q15 sales of RM77m were slightly ahead of our FY15 sales estimates of RM210m, driven by its industrial properties (NCIP).

Dividends No dividends declared, as expected.

Key Results Highlights YoY, 1Q15 core earnings declined by 69% to RM5.5m underpinned by the 28% decrease in revenue from RM71.0m to RM51.2m. The main drag was due to lower contribution from its property division, which saw a 38% decrease in revenue. Its overall EBITDA margin also saw a reduction from 37% to 22% mainly due to lower sales in industrial properties, which contributed higher margin to the group as compared to its commercial and residential properties.

QoQ, while CRESNDO’s saw a 62% slump in 1Q15 earnings to RM5.5m due to the reasons above, its management and services division saw a sharp improvement in pre-tax profit from RM0.7m to RM3.6m (+446%) despite flattish revenue of RM4m as its margins improved by 69ppt to 86% due to lower operating expenses.

Outlook We will be expecting CRESNDO to start launching double-storey and three-storey houses in its Bandar Cemerlang (GDV: RM3.0b) in FY15, and also more aggressive sales of its Nusa Cemerlang Industrial Park inventories following the launch of a neighbouring project, Nusajaya Techpark by Acendas and UEM Sunrise recently.

Change to Forecasts We are maintaining our FY15-16E core earnings, pending our meeting with management.

Rating Maintain OUTPERFORM

Valuation Our TP is maintained RM3.15 with an unchanged FD RNAV discount of 45%, which is at historical average levels. We still believe its longer term outlook is still intact given that the new earnings driver, Bandar Cemerlang, will focus on landed residentials at affordable pricing while its apartment JV project in NCIP will still be able to sell well as it could be priced more competitively than its surrounding projects, thanks to lower land cost. Current dividend yield of 5.3% is more attractive against mid-cap peers of 4.3%.

Risks to Our Call Unable to meet its sales target.

Sector risks, including further negative policies.

Source: Kenanga

Tanah Makmur set for Bursa debut

Source:  http://klse.i3investor.com/blogs/kianweiaritcles/55049.jsp
PAHANG-based plantation player Tanah Makmur Bhd, which took over plantation outfit Kurnia Setia Bhd four years ago, is set to make its debut on the Main Market of Bursa Malaysia.
The company is seeking a listing as a plantation and property player as opposed to Kurnia Setia that was a pure plantation outfit.
Tanah Makmur managing director Tengku Datuk Zubir Tengku Datuk Ubaidillah says that after having taken Kurnia Setia private, they had expanded the business.
“When we took the company private in November 2010, we diversified our business from being mainly an upstream plantation player into downstream, and also ventured into property development,” he tells StarBizWeek in an interview.
At present, the company has 17,829.9ha of plantation land in Pahang, a palm oil mill with a processing capacity of 30 tonnes per hour of fresh fruit bunches (FFB) and a township development on a 607ha parcel near Kuantan.

Tengku Zubir says among the reasons why Kurnia Setia was taken private was because the company was a thinly traded counter and an illiquid stock.
At the time, Kurnia Setia was purely an oil palm planter with 14,428ha of land and was in the early stages of its property development project.
Kurnia Setia was taken private by the Pahang royal family via TAS Group, along with the Pahang Agriculture Development Board (LKPP) via special-purpose vehicle Kreatif Selaras Sdn Bhd for RM2.70 a share and RM1.20 per warrant. Kreatif Selaras was subsequently renamed as Tanah Makmur.
The company was initially listed by LKPP on the Bumiputra Stock Exchange in December 1984, before being listed on the Main Market of Bursa Malaysia in November 1991.
Tengku Zubir has been with the company since 2005 when the Pahang royal family acquired a block of shares in the company from LKPP, taking over the helm as managing director in November 2008.
Tanah Makmur is seeking to be listed next month and is launching its prospectus on Thursday. Tengku Zubir says the company has yet to determine the initial public offering (IPO) price.
According to the draft prospectus, the listing will see Tanah Makmur issuing 101.59 million IPO shares, representing 25.51% of its enlarged issued and paid-up share capital.
The IPO entails a public issue of 52.14 million shares, with proceeds going for estate development, expand its current palm oil mill capacity and repay bank borrowings.
Of the 52.14 million shares, 20 million have been earmarked for the Malaysian public, 6.41 million for eligible staff and 25.73 million for Malaysian institutional and selected investors.
The remaining 49.45 million shares, meanwhile, will be under the offer for sale portion, with the proceeds going to its selling shareholders.
The promoters will hold a combined 46% in the company post-listing.
Also, post-listing, Tengku Zubir says Tanah Makmur will continue to focus on the business of cultivating oil palm.
The company has identified two parcels of land totalling 2,650ha in Pahang.
“We are currently working with the LKPP to secure the land from the Pahang State Government for an estimated cost of RM10mil,” says Tengku Zubir.
“We will also be looking to increase our landbank for oil palm plantations, as well as upgrading our mill capacity and continuing to launch more property projects post-listing,” he elaborates.
He says the company is planning to expand the capacity of its current mill to 45 tonnes per hour from 30 tonnes currently.

Property play
Following in the footsteps of other plantation giants such as IOI Corp Bhd and Sime Darby Bhd, Tanah Makmur has also diversified into property development in Kuantan via property arm KotaSAS Sdn Bhd.
Its maiden project, the Kota Sri Ahmad Shah (KotaSAS) township, is located on its former oil palm plantation in Indera Mahkota on 607ha.
Tengku Zubir says KotaSAS had a 9% share of the Kuantan property market in 2012 and the group will not shy away from opportunities to acquire land in the Klang Valley for future property development.
“If there’s an opportunity to acquire parcels of land in the Klang Valley, yes definitely,” he says.
However, Tengku Zubir points out that for now, the group will be focusing on the development of KotaSAS as it is not in the business to acquire land to develop property.
Its property segment currently contributes about 30% to its earnings, compared with just 2.7% in 2010.
According to Tanah Makmur’s draft prospectus, its property development business was the second largest revenue generator for the financial year 2012 with RM72.6mil as the group focused on selling its lower-priced units that year.
On its future projects, Tengku Zubir says the company plans to launch commercial properties, which include government and private offices, retail malls and office suites in KotaSAS.

Timely listing?
With crude palm oil (CPO) prices currently on the downtrend, one can’t help but ask if the timing is right to list the company.
Analysts say that despite the current downtrend in CPO prices, they are nevertheless positive, as they expect prices to recover later this year, supported by improvements in the global economy and the return of the El Nino phenomenon.
“Overall, 2014 is a better year for plantation companies to list compared with last year, mainly due to higher CPO prices which will offset market sentiment on the plantation counters,” an analyst opines.
Another plantation player, Boustead Plantations Bhd, is slated for a listing on Thursday.
Analysts believe the listing of Tanah Makmur is, in fact, timely.
In terms of the company’s tree-age profile, its matured oil palm trees are aged between four and 18 years and cover almost 50% of its planted area of 15,652ha. Trees under three years comprise 31%, while those above 19 years make up 18.7% in November 2013.
Tanah Makmur’s FFB yields had improved from 20.21 tonne per ha in 2010 to 22.07 tonne/ha in 2012, which is above the national average and the Pahang state’s FFB yields of 18.89 tonne/ha and 18.94 tonne/ha, respectively.
Further, its oil extraction rate from FFB to CPO stood at 20.59% as at July 2013, slightly higher than the Malaysian Palm Oil Board and Pahang state’s benchmarks.
Pre-privatisation, the group posted a revenue of RM165.38mil for its financial year ended Dec 31, 2010 (FY10), which has since climbed significantly to RM243.49mil in FY13.
However, its net profit was lower at RM44.69mil in FY13 from RM54.52mil in FY10. 
The company posted its highest net profit of RM85.38mil in FY11. 
Tanah Makmur is sitting on a cash pile of RM44.09mil, with a gearing of up to 0.18 times.
http://www.thestar.com.my/Business/Business-News/2014/06/21/Tanah-Makmur-set-for-Bursa-debut-An-enlarged-entity-of-Kurnia-Setia-makes-comeback-as-plantation-pro/