Southern Acids Berhad-Dullard by a Stretch

Run Silent, run deep!

True, while other counters involved in palm oil oleins took flight, SAB  being the dullard, stayed put at it price  level. Out of a few hundred days of trading this year, apparently it traded less than 80 days.

So illiquid are its holdings that the company was asked at its AGM today, whether there are reasons why the trade is so thin.

Are there other possible reasons for keeping the price low?

A possible privatisation?

And what about that piece of land sitting on the border of Kota Kemuning. Is it going for a revaluation?

Even now, at the current asset base, SAB would fetch an NTA of above RM3.00?

The Chairman was also asked questions on why they are keeping their health division if their focus is on oleo-chemicals and possibly plantations. They have bought plantation in Indonesia and at Lahad Datu in Sabah. also, Are there going to put up a oleo-chemical plant in Indonesia which will cost  SAB, RM500 million?

As usual, most of the questions were deflected.

So, what do you think?

Will SAB's price be re-rated now that there is this possibility of asset revaluation or will it not take place so that their price can be kept low for a privatisation move?

Your guess is as bad or as good as mine.

Door price-quite a fancy China mug (Body count basis), a full RM510 superior medical  checkup package at Sinar Kota Medical Center and a sumptuous international buffet lunch at the Grand Dorsett's Coffee House in Subang Jaya.

Game of Shadows-Romanticising Holmes

Lovely Rendition

It has been a long while since I sat through a movie.

This is one of them that captivates.

Sherlock Holmes-The Game of Shadows.

The movie has a great dialogue script as well as enough action to sustain the cat and mouse adventure of Holmes and Professor Moriarty, his nemesis.

Great music score and fun throughout.

I would recommend it for tired minds.

Urgent Need of Reinsurance-MNRB

They Need Reinsurance at the AGM today!

I speak in jest for this is one company that is going places.

I think there was one year that they did not give out dividends and its share price tumbled.

Even now, in spite of giving 17% gross dividend this year and 20% last year, share price of the counter is still in the doldrums.

Anyway, I just wanted to describe the big hoo-ha that took place at noon at the MNRB Building when Symphony House was trying to register shareholders and proxies for their 3 pm AGM.

I was told they got ready early but because they did not start the registration process as well, the crowd because too dense and someone, in the melee, stepped on the computer wires, tripped and dislodged the connection and the whole registration process went kaput!

The tense situation was to drag on until 2.20 pm, 40 minutes to AGM time.

Then they brought out the food and the hungry crowd just could not contain their hunger and their ire. So, they make a bee-line to the food tables and eat as well as 'tapau' to the heart's content.

Finally, they got the registration going with pushing and shoving until even the computer tables rocked!

A MNRB staff had to use a hailer to quell the anger of the maddening crowd that refused to line-up but to rush in all directions towards the Symphony House officers.

I knew a few senior citizens just could not take it. In super-hyperventilation mode, they just sat down, have their mee-hoon, telling me they will register when the crowd become more sober.

They gave away RM50 Aeon shopping voucher to shareholders and proxies as well as a nice-looking thermos flask each.

What a day!

The Need for Domain Knowledge

Undue Pressure

Not everyone can write.

Again even if you are good in writing English, it still does not mean that you can write well on a subject.

The matter become more onerous if you are given a free-lance engagement which demands that you know that subject at the back of your hand and also have that prescriptive mindset to come out with imperative strategies and polices.

And now back to my writing job with this European Consulting company. I guessed the schedule and datelines were pretty tight which became almost non-negotiable when they need to keep hidden in-house datelines.

Truth be told, I managed to do about three chapters before the consulting company and the client company decided to co-write the paper as they were virtually 'running after a train'.

As the other subsequent 4 chapters were prescriptive in nature and includes recommendations as to a model they would like to recommend to the client for technology adoption, my engagement  could not continue because of their change in modus operandi.

It also taught me something.

The consulting company should have got a technology domain writer in the first place.

I could edit the document given my English capability.

Looking back, it was good exposure and experience.

Yes, there was also undue pressure!

They paid me for my time.

YTL Corp-Building a Price Support Shoulder

Would YTL Corp's management allow its share price to topple over?

The recent bondholders got their holdings-swapping it at the value of RM1.80 per share; giving up their fixed coupon rate return for capitalization returns on YTL Corp.

There was a similar price inundation last month when YTL Corp's price  went down to RM1.76 on 3 August.

YTL Corp's share so far has not been able to go beyond the 21 June 2012  level of RM2.15.

East Sentul  today

The basic reason is the continuous issue of new shares by YTL Corp in exchange for YTL Cement shares and the conversion of the USD 9 million 5-Year Guaranteed Bonds 2015. Exchanged for YTL Corp shares at RM1.80, the shares were traded in September. The need for lead time to digest the new shares has caused YTL Corp share price  to go south.

Today, YTL Corp fell further after slumping 6 sen on Friday from RM1.80. It almost touched RM1.70 but the lowest done was RM1.71 before recovering to tack on 3 sen to RM1.77.

However, being a good stock, there is no scarcity of buyers. The biggest buyer as usual is the EPF. Anytime, there is a price slide, EPF and YTL Corp will be on the buying end with the latter adding on to their Treasury holdings.

I believe that once a  broad shoulder support price is built, YTL Corp will find traction and bounce yet again beyond RM2.00.

The mathematics is there. The model is viable.

Only thing left is timing......

Magendran, Wandering Yogis and Vegetarian Dinner

A Hindu Yogi

I missed the first dinner appointment with Magendran about two weeks back.

God, the giver of second chances, gave me just that.

So, when Bala emailed me about meeting up with Magendran and invited me and Chuan along , we happily agreed.

Pristine Parking

Yesterday, evening as the local prime news appeared on television, we were seated comfortably in a nook of a restaurant in Section 8 of PJ, having delightful vegetarian food- i.e. the Lily Pond Vegetarian Restaurant.

Magendran has to spend at least 6 months in Malaysia before he goes back to Melbourne for a year and he has to do this until PR conditions permits him to have a longer stay in Australia.

As usual, Magendran reads and is in all things spiritual from tales of wandering Indian yogis, how they found 'God' in themselves in verdant jungles and Himalayan mountains to resurrection and body snatching.

He told us he needs to read more about Christianity.

Food was alright especially the deep fried brinjals and the fake fried  'fish'.

Dinner was truly fast and I was home by 9 pm.

Should meet more often as age is coming fast.

What was interesting from yesterday dinner was Bala telling us that he has read about life after death and that was re-assuring.

Will It Come to Pass?

Will it pay good? Sustainable?

Siti phoned this morning.

Said there is a translation job from someone formerly high up on the banking sector. She named the premier bank that he used to work in.

Then she inquired whether I would like to do a translation job?

No, she does not know too much of the details.

Apparently, it has to do with translation of a driver's manual from English to BM.

Was I game?

Why not?

Siti tells me she will give my phone number to this chappie.

Will it come to pass and will this chap be a good paymaster?

Will this be a sustainable changeover from English tutoring for me next year?

Only God knows.

Let us see how it will unfold?