I Wonder Why

These pictures tells us the stories behind certain occurrences.Thought you may want to know why.

A Sober Prediction of Malaysian Competitiveness

Growing Pains

Putrajaya’s one-party policy and its 40-year-old pro-Malay affirmative action program will spell trouble for the country’s economy, effectively turning Malaysia into the weakest link in Asia, a Bloomberg columnist said today.

Citing Putrajaya’s poor handling of opposition politicians and the search for MH370, William Pesek said Malaysia will continue to don headlines for all the wrong reasons if Putrajaya continues to be complacent in economic matters.

“Its 40-year-old, pro-Malay affirmative-action program chips away at the country's competitiveness more and more each passing year.

Quota System and a Unruly Taximen Protest

“The scheme, which disenfranchises Malaysia's Chinese and Indian minorities, is a productivity and innovation killer. It also has a corrupting influence on the political and business culture,” Pesek said.

Pesek based his observations on a new report from Sarah Fowler of UK-based Oxford Economics, which ranks Malaysia the "riskiest country in Asia of those we consider," more so than India, Indonesia and even coup-ridden Thailand.

In the report, Fowler said: “Prompted by its high levels of public debt, rising external debt and shrinking current account surplus, there has been a shift in the perception of risks towards Malaysia and away from Indonesia”

Pesek added that current-account surplus is dwindling, from 16 percent of GDP in 2008 to 3.7% last year, while household debt, according to Fowler, is "worryingly high" at more than 80% of GDP compared to less than 60% in 2008.

Fowler’s also wrote that Putrajaya’s “climate of entitlement amongst the Malay community limits entrepreneurialism and vested interests within the UMNO still resist change.”

Pesek said that the only thing holding Malaysia back is its insular political culture.

“The government's handling of Malaysia Airlines flight 370 said it all. Its deer-in-the-headlights response to the plane's disappearance was the product of an insular political culture.

“The trouble is, that insularity is holding back a resource-rich economy that should be among Asia's superstars, not its weakest links.” – June 5, 2014.

The Fall and Rise of YTL Corp

An Observable  W Wave Pattern

Having plunged from a strong 1.76 level to a low of RM1.61 because it was taken out of the Syariah Compliant List, YTL started moving northwards in a vibrant manner. It hit RM 1.71 before closing for a 9 sen gain at RM 1.70.

What can one deduct from this price resuscitation?

Adding Revaluation Value to YTL Corp

Is it a treasury buy-in that has caused new 'blood' of interest to course through the price trajectory artery of YTL Corp?

Maybe so, as a defensive reaction.

But I thing it is more that that this time around.

May be it was a re-rating perspective scenario brought about by an article from CIMB.

From the business pages, it can be read that CIMB Research has upgraded YTL Corp to Add from Hold, with the target price revised upwards to RM 2.42 per share from RM 1.94 based on a revaluation of the company’s cement business to better reflect its position as a key growth catalyst.

For the down-cast investor of YTL Corp who has yet to see the revival of YTL Corp to beyond RM 2.00 for a long, long time, this new development of YTL  Cement's revaluation is manna from heaven!

This research house has also upgraded earnings per share forecasts by 6% to 8% after factoring in construction earnings from the recent Track 4A concession to a consortium led by YTL Power. This was another good news for investors of both YTL Corp and YTL Power International.

According to CIMB Research, after many years of global expansion, YTL Corp has shifted focus back to the home front to reap the value of its investments across the infrastructure cycle, spurred by the current Economic Transformation Programme.

“Our recent meetings with management underscored the theme of YTL Corp shifting its focus from growth-via-acquisition abroad to growth-via-execution at home,” it said.

It added that “construction is poised to be a new powerful earnings catalyst” for the company. This has been kicked off with the recent RM 6 billion Track 4A independent power plant award, and that its order-book could very well swell further with the possible RM 8 billion express rail link (ERL) extension to Malacca and the RM 30 billion high-speed rail project to Singapore.

CIMB Research said YTL Corp’s valuations, at 10.3 times financial year ending June 30, 2015 price-to-earnings, were among the cheapest among regional conglomerates.

Brave Brinkmanship

That indeed is a sign of relief for tired YTL Corp shareholders!

Foreign Worker Dormitories

Laugh no more. It's real!

Foreign workers particularly from Bangladesh are now staying in commercial areas.

Investors who thought they can make big bucks renting out commercial premises were stuck with such units.

So, instead of leaving their units vacant, they decided to rent these units out to developers and contractors to house their workers on the cheap. In fact, such dormitories or workers hostels  are oftentimes near the site of work or the workers were bused in and out if it is a distant away.

Apart from Kota Damansara and other areas where the KL MRT project is slowly being implemented, Aman Perdana in Meru  is one such enclave for the housing of foreign workers.

These photos tells a million words.

Bused in and bused out

Sundry washings on the Stairways

24 Hours Sleep-in Beds

These are the shop-lots which you will pass as you drive into Aman Perdana. Things are dull during the day.

Then the workers come back in the evening from their factories and work-sites.

A hive of activity has just begun.

They played football and badminton on the road and interestingly like to play " Where is the Queen?" which is a sleigh of hand trick game.

Workers lived on the ground floors as well as the upper floors of the multiple shop-lots built just outside the guarded and gated elite residencies of  Aman Perdana.

Most of the 150 lots have been rented out to house these Bangladeshi workers. Their living conditions are less than conducive.

On the other hand, the Aman Perdana residents  mostly stay in bungalows and Semi-Ds with two lovely lakes running through their neighbourhood. Guards are  at stationed at entry and exit points and boom gates to ensure that visitors are checked before leaving the neighbourhood.

What a contrast!

TV Series-Post-mortem and Continuing Series

I have just watched a couple of US TV series which ended in April-May 2014.

I am watching another three series.

Let's talk about the first one.

Ragnar and Lagertha 

Vikings chronicled a band of sea marauders led by Ragnar Lothbrok who invaded the easterly coast of England such as Wessex. While it tends to be graphically violent and show that the early Vikings are blatant killers and sacrifice humans to their gods such as Odin and Thor, it still play on the familiar close family bonds and the conflicts with  other earls such as  Jarl Borg. It ended on a high note with the revenge on the back-stabbing King Horik. The next season will be worth watching to see the possible kingship of the protagonist of Ragnar and the machinations of King Ekbert in England. Travis Fimmel plays a coy Ragnar; Clive Standen, his courageous brother Rollo, George Blagden as Athelstan and Gustaf  Skargard as  Floki.  Katheryn Winnick plays the pretty heroine, Earl Lagertha, Alyssa Sutherland as Princess Aslaugh, Jessalyn Gilsig as ex an Earl's wife, Siggi and Gaia Weiss as the delectable Porunn.

Juliana Margulies as the adorable Alicia Florick

The Good Wife also ended a fortnight ago. While it had a good run for 4 seasons, the excitement sort of leveled off and maybe went down a wee bit after the sudden write off of Will from the series. Michael J Fox could not fill the gap nor was the other character, Finn played by Matthew Goode. The final episode saw a possible chance for Diane to run for Attorney General, Cary trying to stop the merger between Florrick Agos and and Lockhart-Garder, and the attempt to take control of Lockhart Gardner by David Lee and Louis Canning. For me, the Fifth Season is experimental and does not have a focus story line; playing on the periphery. It could be exciting if Diane takes on as Attorney General. Otherwise, it may just be the last season!

The current series that I am watching are Fargo and VEEP as well as watching the earlier two seasons of Hannibal. 

Icy  Death in the Snowy Grave

Fargo is tastefully done with Allison Tolman as the police women protagonist, Molly Solverson. The horrific portrayal of the arch-villain  Lorne Malvo by Billy Bob Thornton  is electrifying. Slow dialogue but well paced and getting more interesting as the new episodes rolled by.  Martin Freeman in the role of Lester Nygaard who set the story on fire is in all silliness, good. Death in the snow. Mafia in tow! Chillingly exciting TV series.

Selena Myers and the VP Office

VEEP tells the bungling efforts of the Office of the Vice President of America, Selina Meyers and her kooky office team as she takes on the other contenders for the post of the President of USA. Funnily stupid characters but do watch this series for the laughs as Julia Louis Dreyfus reinvents herself from one form of silliness to another as she changes hair-styles and bungles on her foreign missions and meetings with the Press. Supporting her are the pretty Anna Chlumsky as Amy and Reid Scott as failed campaign manager, Dan Egan.

Bon Appetit!

I am currently watching Hannibal Season 1 and the graphic depictions of crimes is superb, just like on the big screen. Mads Milkelsen  play the cannibalistic psychopath psychiatrist and his morbid taste for human organ gourmet. I think the story is getting better as the police pursues him. Great acting by Hugh Dancy as Will Graham, the visionary investigator who can re-enact crime-scenes with his special God-given qualities, Laurence Fishburne as the persistent Jack Crawford and Mads Milkelsen as Hannibal the Cannibal.

Sure Makes Sense, Doesn't It?

Dyana Loses in Maiden Attempt in Teruk Intan

For a Better Tomorrow

Despite the adverse circumstances of having to fight the humongous BN election machinery, Dyana lost by a whisker of only 238 votes.

Not  Leaving DAP

The DAP may yet contest the close call after a post mortem.

 A Whisker Loss Won't Daunt Her!

The end result-the last nail in the Gerakan coffin has been averted and Mah will ascend into a glorious Cabinet position. It will be a boon to him and much less for the people of Teluk Intan.

As they say, you deserve the leaders you choose and so this the case with Teluk Intan for the next 4 years or so.

A 238 Whisker win for this political Fat Cat

Interestingly, can he fulfill all his lofty election promises particularly the setting up of a university in northern Perak?

Grooming My Baby Politically

As for Dyana, her victory in defeat will certainly be a stepping stone for her  to the next political challenge whether in the party or in the polls.

The experience garnered in this maiden fight will stand in good stead for her  in the coming years.

Aftermath 2020

After all, she is just a tender 27 years old!

For Mah, he should be magnanimous in victory for winning by baited breath!