Ex-Day for BJFoods

I must confessed that I need to learn from this market. As I know from long ago,rights issue are not discounted on listing ex.

Those clowns must have instituted new trading rules.

This morning, I found out from the stock news of BJF that its new maximum trading price is RM1.26 and its new adjusted minimum price is  66.5 sen.

I am trying to fathom what is the formula.

At 1.43 closing yesterday, why should the price now be adjusted to some 17 sen lower ?

Is this indicative of what will be the trading of the rights document on 17 July? So it  could be the lowest trading price of that issue; and possibly the warrant document trading price is now computed in as well.

Let us observe the trading pattern this morning.

BJF: Normandy Assault or Trapped in Tobruk?

Seattle Export

In moments, BJF starts trading on its last legs before it goes ex-all tomorrow.

My thoughts before trading commence.

So,the usual pattern has appeared with seller bids at RM1.44 and buyer bids at the overnight level of RM1.41. Interesting tug of war. Are the 2 sellers out fishing and reluctant to give up their bidding ground? Also, are the 2 buyers seeking 70 lots not in desperation too.

It may be a long while before a deal can be struck, I surmised.

No, I was wrong. the sellers got off their high horse and gave in to the buyers. some 215 lots are now done.

The seller now retrace his chess move back to RM1.44 with an offer of 170 lots.

The buyers are sticking at RM1.41 with a bid to buy 95 lots.

Let us look at other details on the board on BJF.

At the RM1.46 and RM1.47 range, there are about 746 lots to be disposed off.

At the buyers's end, there are 670 lots to be bought ranging from RM1.35 to RM1.41.

Now,at 9.41am, the stock is trading on a higher than usual volume of 9723 lots done with a humongous lot done at 5,000. The selling bid is RM1.45 at386 lots while the buyers are bidding at RM1.44 for 153 lots.

If there is indeed traction, then we are out of Tobruk at least.

I will be off to a meeting soon and will post when I come home at lunch-time or so.

Will continue to track Starbucks then.

Afternoon trading was rather brisk pushing BJF to a high of RM1.51 before weak sellers sell down the price to RM1.43 on the last trading seconds.

In life, this matters. A time and place where the axis meets and things happen to you. Oftentimes, you take advantage of this axis for advantage.

I do hope those who bought into BJF will see a great trading session for BJF tomorrow when it goes ex.

So, there was an assault on Normandy but the army of buyers were forced to retreat just outside the wall of Tobruk.

So keep your fingers crossed for tomorrow.

Prayers and blessings as always. Amen.

25 Rules and Poor Memory

Seven more days to go before I high-tail to Putrajaya for the Commissioner for Oath examinations again.

As usual, in law you must be able to quote better than a mynah bird.

Knowing the substance of the law is not important in Malaysia. You must know the rules and sub-rules.

In my younger days, this would have been a breeze. not anymore as my gray cells upstairs betray me ever so often these days.

Only 25 rules and I am fumbling like a school kid on his first day in kindergarten.

Thankfully, I could remember the beginning rules such as Citation and commencement (Rule 1),Qualifications  (Rule 2)and Eligible persons(Rule 3) and from the back, the repeal provision (Rule 25), the savings rule (Rule 24) and the forms (Rule23).

I am trying to learn by associationships.

So, Rule 22 can be recalled now as it pertains to Penalties. I know Rule 11 is about Advocates and Solicitors and Rule 12 about Public Officers and Others.

As disorderly a mind

At this moment, I am fuzzy about the rest.

BJF-The Final 7 hours of Trading

Roasters and Merriment

Less than 19% free-float. No wonder the counter is hardly traded.

So, once the counter goes ex-rights on 12 July; and subsequently when the new rights are listed and the warrants converted as well, we should see  more vibrant trading of BJF shares. Until then, it will be as silent as a ghost town.

Currently, we do not know when the new rights will be listed.

Also there is no news about the free warrants and for what period is the conversion allowed. Then what is the conversion rate? Is it still 70 sen as they reported to Bursa KL in August last year?

As the seven final trading hours starts at 9 am,perhaps we can see some action.

Will this last day be a buyers or sellers day?

Jolly Muffins

If bulls go hyper Pamploma style on this counter, expect tossed up prices, matadors and all.

On the other hand, if that grizzly comes back early after salmon trout fishing, prices may be pawed down with  pasar malam sale to cool down everyone's siok sendiri.

Pray for blessings from heaven, my hopeful friends......

My Writing Life begins........

Hemingway,here I pretend........

No, it is not Batman Begins.

I am just chronicling the beginning of another more serious chapter or mile-stone of my life -writing

I have just completed the translation of a Malay text to English for a government Commission. Today I will meet up with another Corporation to take on a turnkey project incorporating both writing the text in English and then translating the approved proof copy into Bahasa Malaysia.


Big job but I think with God's blessings, I should pull through before the dateline in August.


It is not that I have not written prior to this.


I wrote the annual performance report s for a promotion council for three years though for 2011 due to budgeting problems, there will be no report. However, they may offer me a 2011-2012 bumper issue at the beginning of next year or so.


On top of that, I was also involved as a domain writer for the embodiment of the National Innovation Policy for the Prime Minister's Department back in 2011.


Currently, there could be a over-run of assignments as I will now editorised grant applications.  I do hope they pay me promptly.


I will attend the meeting with the corporation at 3.30 pm this evening and may post some-more on my return.

T-2 Days to Ex All-BJ. Foods (BJF)

Singing big bucks for BJF Rights

I am  feeling that de javu feeling right now;that same feeling again as when YTL Corp went ex-all two years back.

For YTL, the disinterest was deafening though volume continue to be there on a slowly falling price pattern.

We all know from hind-sight how YTL went up on ex;possibly spun by Treasury buy-ins. Those who held on to their shares laughed and guffawed as they were in the money with 137 shares to boot from the Treasury in-specie distribution and a 20 sen offer of YTL Power warrants currently in the pipe-line for restricted sale.

Today is 2 days before 12 July-the ex-all day for that ubiquitous beverage food counter, BJF. As far as effective trading hours, there is 4 hours left today and tomorrow will be the last day with its last 7 trading hours.

Let us observe what is happening at the Kenny Rogers-Starbucks counter.

The morning trading session has ended .Here is the status.

The buyer bid is RM1.37 while the seller bid is RM1.38. The last deal done was at RM1.37 with 951 lots done. The number of lots in demand at RM1.37 is 60 lots while selling lots numbered only 45. The gain is 3 sen currently. The lowest price done is RM1.33 while the highest is the current price of RM1.37. Will it hoppity hop up in these ensuing trading hours?

My layman judgement?

Fair volume;fair price and fair game.

If you think you can hightail off the ex-all by taking a calculated risk on this counter to play the game again at a new low of 65 sen per share,then you may yet be the winner. "For tomorrow is another day", so says Scarlett O'hara; and at 65 sen,there is little downside to worry really on this newly re-rated counter when Starbucks pumped its RM4.5 million net profit  into BJF's revenue sheets this September when the deal is expected to be done. Signed,sealed and fully delivered with coleslaw and mash potato on the side.  Also you can listen to Kenny Roger singing 'Lucille' as you hum along.....

If BJF sprout wings to fly at these last hours of trading, you could be in the money on all mother shares.

Let us assume it flew to RM1.41 ex-all by 12 July, it means you can get off scot-free with all your investments on mother shares intact.

For those with low-risk appetite, my advice is throw them all out then.

For those with a 50% risk appetite, throw 50% off-lah. You lose potential winnings but you earn the right then to average down on poor market days.

For those with that devil-may-care attitude, ride the high wind and take in any premiums; mother-share,rights issue and warrants. Play both ends,so they say.

You may just be that winner and laugh al lthe way to the banco!

Maybe it is too early even to smile broadly,but BJF has melonjak to  to RM1.44 before settling down at RM1.41 for a 7 sen gain.

Wow! Scarlett, you are a real prophet of cash! Wait for tomorrow...leh!

BJFoods-T Minus 3 Days to Go

Will it roast,fry,fly or soar?

The calm before the storm?

Or has the crying hills turn into dying hills like in Penang?

Why is there so little interest in food-based counters which take cash plenty upfront and get supply on 60 days to 90 days credit? Even if credit cards are being used, food companies get cash into your account after three banking days.

There will be less food-based counters on Bursa KL. Going out of the door are KFC and QSR Brands. They are taken out to save Johor Corp which is cash-strapped and need large dividend payout to stave off CIMB and Maybank on their tail for principle payback of more than RM2 billion this month. If CIMB can pull out from the Asian Petroleum hub project, they can also pull the carpet off Johor Corp here.

Old Town and Tai Tung Resources are the other publicly traded food concern. Tai Tung Resources is also a Berjaya associated company through Dijaya Corporation.

The other food shares indirectly traded are Sushi King through Texchem and A&W through KUB.

Today is T-3 day to the ex-all date of BJFoods (BJF) rights at 0.65 sen and free warrants at a conversion price of 70 sen. The rights is 4:5 meaning for every 5 shares held, you are entitled to 4 rights share and a similar number of free warrants. The number of warrants to be issued will be determined by the number of rights taken up. Less will be issued if there is no total uptake of the rights. So,buy excess shares,won't you?

Today, trading on BJFoods started hesitantly. From nowhere(not being queued), 50 lots of 100 shares were thrown into the arena bringing the counter down three sen. Fortunately, there were genuine level-headed buyers picking up the stock gradually as the hours ticked by.

At this moment(4.34 pm),there are more than 440 lots on demand at RM1.34 while selling lots account for 112 lots. Last done was RM1.34 for a one sen gain. At a volume of 2,441 lots done, it can be said that it is an active day out for BJF. (PS. There was no business done until 5pm and the stock closed up one sen at RM1.34;... tsk!tsk!-tomorrow is another day!)

Assuming the counter holds good at RM1.35 as it closes on 11 July, then theoretically it should open at the same price on 12 July ex-all. That would mean that you could then sell the shares you have and still be entitled to the rights and warrants. If you do not want the rights and warrants, you can also sell out the offer documents for valuewhen they trade from 17 July to 23 July. It ceased trading on 24 July.

After that, you would have to cough out hard cash to take up your entitled rights. You must subscribe for the rights before 5 pm on 31 July 2012. So get your drafts ready and pay your revenue stamp of RM10.00 for every offer form to be subscribed. The best bank to get your drafts is Public Bank.

I have written up my theoretical scenario in earlier posts and will not repeat it here.

The similarity between investing and gambling is that both involved risk capital.

The difference between gambling and investment however is that the risk capital in share investment is based on calculated risk after studying the counter. If at all things do not come your way, it will come by and by if it is a good stock that you have bought in.


Gambling is sudden death. Put all your money on a Sports Toto draw and if you do not win, all the capital will be lost forever. Stocks give you many times to recover and to make handsome profits too.

Rotisserie Goodness

So, in BJF, what are the odds against you? First there is the cheap rights at a 50% discount, then the warrants with a value spread of 65 sen which can be sold for good cash; good dividends annually (Interim 2% just paid) and now the potential inclusion of BStarbucks RM4.5 million profit into BJF's revenue stream in September 2012. 


Also do not forget the potential earnings from the Indonesian operations in Jakarta, Surabaya and Medan and the forthcoming Dubai investment proposal.