tag:blogger.com,1999:blog-9296217878465236672024-02-21T01:24:28.105-08:00Slow and steady, Quick and readyCH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-929621787846523667.post-90408399108196277322020-03-16T06:13:00.000-07:002020-03-16T06:13:03.576-07:00DBS Preference Share – Higher than FD dividend yield with Singapore’s largest lender?<div class="MsoNormal">
<span lang="EN-US">DBS Preference Share (SGX Stock code: MU7)
is currently trading at SGD 101.48 per share.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-US">Should investors buy at current price and hold it to
maturity, where a first and final call for redemption expected to be announced
on 23 Nov 2020, investors stand to receive 2 more dividend payments in May and
November 2020 as well as redemption at par of SGD100 per share. After
accounting for transaction costs, holding period yield of 9 months comes to be
about 2.7% with corresponding annualized yield of 3.9%. In view of the market
turmoil due to the COVID-19 crisis, investors could count on Singapore’s
largest lender DBS to honour its redemption and dividend obligations. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-US">Final thoughts:<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-US">Pros: Potential higher than risk free FD dividend yield.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-US">Cons: Lock up on funds till expected
maturity in end November 2020. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-US">Note: This is not an investment advice. Buy
and sell any securities at your own risk.<o:p></o:p></span></div>
<span lang="EN-US" style="font-family: "Calibri",sans-serif; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span lang="EN-US" style="line-height: 115%;"><span style="font-family: Times, Times New Roman, serif;">Disclosure: Long DBS Preference Share.</span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-41685119869023149962018-12-30T01:22:00.002-08:002018-12-30T01:29:30.164-08:00Stock “Highlights” – 2018 Year End Review<br />
<div class="MsoNormal">
Scorecard for 2018 stock highlights as follows, where
returns for 2018 stock picks lagged picks featured in 2016 and 2017. Key lesson
learned where risk arbitrage discounts appear too good to be true may well
turned out to be not safe nor steady and emphasis on diversification.<o:p></o:p><br />
<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdjRdyX2Y7ZazNI5CoucXTQ1WfS7ipDKXdQZI5ctiLfqkNEbx8vWwjj2GBLwML3GNcIV4oktfeJQzO-Lch19laHR2UflDDVRgBgzf3DfgEK2DNvsr88-bQj4tsLQFj-0HkiRaaa9gJnR_j/s1600/Untitled.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="460" data-original-width="819" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdjRdyX2Y7ZazNI5CoucXTQ1WfS7ipDKXdQZI5ctiLfqkNEbx8vWwjj2GBLwML3GNcIV4oktfeJQzO-Lch19laHR2UflDDVRgBgzf3DfgEK2DNvsr88-bQj4tsLQFj-0HkiRaaa9gJnR_j/s320/Untitled.png" width="320" /></a></div>
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</div>
<br /></div>
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<br />
Note: This is not an investment advice. Buy and sell any
securities at your own risk.<br />
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Disclosure: None.<o:p></o:p></div>
<br />CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-36060260375376856162018-12-30T01:10:00.004-08:002018-12-30T01:10:55.757-08:00Hovid Bhd: Potential coattail gains? (2)<br />
<div class="MsoNormal">
Hovid Bhd major shareholders, holding close to 80% of stake
in Hovid Bhd, had launched a corporate action seeking to delist Hovid Bhd with
a similar exit offer of RM0.38 per share compared to its 1<sup>st</sup> attempt
at taking the company private.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
EGM vote outcome due back in 15 November 2018 shows the final verdict being Hovid taken private, thus closing the potential
coattail gains deal as highlight by yours truly back in June 2018. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Disclosure: None.<o:p></o:p></div>
<br />CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-77946650848686703642018-06-14T07:20:00.001-07:002018-06-14T07:20:16.433-07:00Pimpinan Ehsan – Cash arbitrage gains on the cards?<div class="MsoNormal">
Pimpinan Ehsan Bhd (PEB) (Bursa Stock code: 5622)(formerly
known as TriPLC Bhd) was in the news for its <a href="http://www.theedgemarkets.com/article/triplc-shareholders-give-nod-restructuring-and-disposal-exercise-0">corporate
deal</a> involving the following in sequence:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 54.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -36.0pt;">
<!--[if !supportLists]-->(i)<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><!--[endif]-->Transfer of TriPLC under Pimpinan Ehsan Bhd -
Completed<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 54.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -36.0pt;">
<!--[if !supportLists]-->(ii)<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><!--[endif]-->Sale of 100% stake in TriPLC construction
business unit to Puncak Niaga - Completed<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 54.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -36.0pt;">
<!--[if !supportLists]-->(iii)<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><!--[endif]-->Declaration of special dividend of RM1.95 per
share from sale proceeds of TriPLC - Completed<o:p></o:p></div>
<div class="MsoNormal">
The stock recently went ex-special dividend on 14 June 2018,
and currently trading at ex-dividend price of RM0.64 per share. It is currently
trading at a whopping 45% discount to net cash per share of RM0.93 per share,
which may potentially be distributed back to shareholders should a core
business is not found by PEB within a year. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Final thoughts:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Potential unlocking of share value via dividend
distribution catalyst, acquisition of earning accretive business<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Extension of timeline for new acquisition of business
thus delay in full realization of share value/narrowing of discount to NTA/net
cash per share, Management hoarding cash (low probability), acquisition of
value destroying business.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.<o:p></o:p></div>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span style="line-height: 115%;"><span style="font-family: Times, Times New Roman, serif;">Disclosure: None.</span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-70974942057750095272018-06-14T07:05:00.003-07:002018-06-14T07:05:29.378-07:00Kretam Holdings Bhd: Potential MGO arbitrage gains? (2)<br />
<div class="MsoNormal">
Yours truly had previously <a href="https://chchan89.blogspot.com/2018/06/kretam-holdings-bhd-potential-mgo.html">profiled
Kretam Holdings Bhd</a> which may be an attractive MGO arbitrage gains play.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The worst possible outcome has occurred for risk
arbitrageurs in Kretam Holdings Bhd where due diligence results were not
acceptable to the buying party, Hap Seng Plantations and <a href="http://www.thesundaily.my/news/2018/06/14/hap-seng-plantations-scraps-buyout-kretam">share
sale agreement</a> was terminated with immediate effect. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Prices of Kretam Holdings may fall back to pre-share sale agreement
levels or even lower due to perceived weakness from adverse due diligence results.
This ends any remaining chance of potential risk arbitrage gains.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Disclosure: None.<o:p></o:p></div>
<br />CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-39225523210681886452018-06-06T05:04:00.001-07:002018-06-06T05:05:40.581-07:00Kretam Holdings Bhd: Potential MGO arbitrage gains?<br />
<div class="MsoNormal">
On 21 February 2018, Hap Seng Plantations (HSP), a bursa
listed plantation company announced that a share sale agreement was entered
between the major shareholder of Kretam Holdings Bhd and the company to purchase
a combined stake of 55% share in Kretam Holdings Bhd. Completion of the share
deal would see Hap Seng Plantations extending a mandatory general offer for all
remaining 45% share stake in Kretam Holdings Bhd, where investors are able to
sell their shares at the offer price of 92 sen per share without restriction to
HSP.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Several conditions are required to be fulfilled, namely Hap
Seng Plantations shareholder approval for the share purchase.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Currently the company is undertaking due diligence exercise
on Kretam Holdings, and extension has been sought for finalization of due
diligence.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The delay in completion of due diligence has made investors
jittery, fearing that a deal could not be reached and slashing any hopes for an
MGO to buyout all other shareholders at 92 sen offer price. Sharp selldown was
seen on 4 June 2018, where prices plunged 20% to close at 62 sen per share, a
huge 48% discount from the offer price. Prices rebounded slightly to close at
66.5 sen per share the next trading day on 5 June 2018 after clarification was
made to the media that due diligence exercise is <a href="http://www.theedgemarkets.com/article/due-diligence-still-ongoing-kretam-%E2%80%94-hap-seng">still
ongoing</a>. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Should the deal is officially cancelled, prices could plunge
further to its 52 week low of 52 sen per share a strong support where its price
has been hovering above these levels for whole of 2016 and 2017, a 23% loss
from current share price. Investors could potentially benefit on the upside of
~40% as any deal is very much alive currently.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Final thoughts:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Reward to risk ratio of ~2:1, large upside gains of ~40%
for a deal that could work out in 6 – 12 months.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Extension of timeline for deal completion, adverse
findings in due diligence results resulting in lower offer price or total
cancellation of share sale agreement.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Disclosure: None.<o:p></o:p></div>
<br />CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-26253034544577108082018-06-06T05:01:00.000-07:002018-06-06T05:01:57.308-07:00Hovid Bhd: Potential coattail gains?<div class="MsoNormal">
Hovid Bhd was recently in the corporate news for having a
VGO exercise launched by its major shareholder with the backing of a private
equity (PE) partner.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Its financials are slowly recovering, with its most recent quarterly
financials ended 31 March 2018 recording a turnaround back to profitability
since the license suspension of its drug manufacturing activity.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
With the price reference of 38 sen per share as per the
entry price of the PE partner, another round of offer may be launched to take
the firm private for the final time, but all these are speculative currently as
no firm plans is on the cards to rectify the public shareholding spread issue.
The current spread between the 38 sen last anchor price and current ask price
of 33 sen is a sweet 15%, but by no means will narrow anytime soon.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Judging by the performance of last 3 financial quarters, a
return to annual profitability could potentially provide strong fundamental
support to its share price where P/E multiples are normalized.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Final thoughts:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Strong institutional shareholder price anchor at 38
sen per share.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Failure of operational turnaround and continued losses
due.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif;">Note: This is not an investment advice. Buy and sell any
securities at your own risk.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif;"><br /></span></div>
<span style="font-size: 11pt; line-height: 115%;"><span style="font-family: "times" , "times new roman" , serif;">Disclosure: None.</span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-13679806827074733192018-06-05T07:21:00.002-07:002018-06-06T05:02:12.901-07:00Stock “Highlights” – 2017 Year End Review<br />
<div class="MsoNormal">
Scorecard for 2017 stock highlights as follows, where
returns for 2017 stock picks underperformed 2016 ones. Time to move forward to
2018!<o:p></o:p></div>
<div class="MsoNormal">
<br />
<span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt;"><!--[if !supportMisalignedRows]-->
</span><br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<tr style="height: 45.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="top" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Stock<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="top" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Entry Date*<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="top" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Exit date<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Entry Price*<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Exit price<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Dividend + Capital Repayment<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Total Return (%)<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 45.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b>Note<o:p></o:p></b></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="60" style="border: none; height: 45.0pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="top" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><i>Red Sena<o:p></o:p></i></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="top" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
14-Jul-17<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="top" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
31-Dec-17<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
0.455 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
0.470 <o:p></o:p></div>
</td>
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- <o:p></o:p></div>
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3.30%<o:p></o:p></div>
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<br /></div>
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<b><i>Insas-PA<o:p></o:p></i></b></div>
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19-Jul-17<o:p></o:p></div>
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31-Dec-17<o:p></o:p></div>
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0.970 <o:p></o:p></div>
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0.955 <o:p></o:p></div>
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0.02 <o:p></o:p></div>
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0.52%<o:p></o:p></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<br /></div>
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Average<o:p></o:p></div>
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1.91%<o:p></o:p></div>
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* Next Bursa market day based on the date blog post is published with
closing price approximate entry price<o:p></o:p></div>
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<br />
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
Disclosure: None.<o:p></o:p></div>
<br />CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-53498127166092638722017-07-16T07:27:00.003-07:002017-07-16T07:27:38.945-07:00Insas – PA – Defensive High Yield Preference Share?<!--[if gte mso 9]><xml>
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Investors looking for some high yielding instruments may
consider Insas-PA listed on Bursa Malaysia (Code 3379PA). It is a preference
share issued by mother company Insas Berhad, a mini conglomerate with a
collection of stakes in various companies such as the high flying Inari Bhd. </div>
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<br /></div>
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The key investment merit from Insas-PA comes from its
expected dividend distribution and mandatory redemption by the company. There
are 5 more dividend distribution cycles in which holders of Insas-PA will be
getting RM0.02 per share for another 5 rounds all the way till beginning of
2020 which comes to a total of RM0.1 per share. At maturity which is expected
to be in end February 2020, the preference shares will be redeemed at RM1 per
share.</div>
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<br /></div>
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Should investors able to purchase the preference share at
RM0.965 or RM0.97 based on best ask prices, you can expect to gain a little
over 13% over the course of 2 years and 7 months, which works out to be a
little over 5% per annum of investment yield.</div>
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<br /></div>
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Investors should take comfort on the financial strength of
Insas Bhd where last check on its March 2017 quarterly report, it has a healthy
net cash balance of over RM240 million, way above the expected dividend and
redemption payout of about RM132 million. <span style="mso-spacerun: yes;"> </span></div>
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<br /></div>
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Pros: Healthy above average yield, backed by healthy balance
sheet</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Funds lockup, need to hold to maturity to fully
realize gains</div>
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<br /></div>
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Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
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<span style="font-family: Times,"Times New Roman",serif;"><span style="font-size: 11pt; line-height: 115%;">Disclosure: None.</span></span><br />
CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-8703815553197441962017-07-13T06:23:00.002-07:002017-07-13T06:24:04.165-07:00Red Sena : Safe Haven in times of turmoil?<!--[if gte mso 9]><xml>
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Red Sena, an F&B SPAC listed on Bursa Malaysia (Stock
Code: 5270) is currently sitting on 371m cash trust proceeds. Similar to the <a href="http://chchan89.blogspot.sg/search/label/Reach%20energy">Reach Energy</a>,
shareholders who vote against the acquisition of a business concern identified
by management are entitled to their share of cash trust proceeds.</div>
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<br /></div>
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Cash trust currently owing to public shareholders amounts to
RM0.464 per share, a tiny 2% discount against the current ask price of RM0.455.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Shareholders can only expect FD like returns ranging from
3-4% per annum net that comes with potential for solid acquisition targets. Downside
for shareholders is protected with the right to reject any deal that is deemed
expensive or businesses that has murky future outlook.</div>
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<br /></div>
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Investors may diversify into this unique situation-based
stock. With stocks riding high every day and solid undervalued gems ever harder
to be found, investors may park their cash in this stock in the event of a
widening discount against cash trust per share. </div>
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<br /></div>
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Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<br />
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: 11pt; line-height: 115%;">Disclosure: None.</span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-88562640477284211582016-12-18T06:07:00.001-08:002016-12-18T06:08:27.615-08:00Stock “Highlights” – Year End Review<!--[if !mso]>
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All Investors dabbling in stock market are in it to grow
their bank accounts so that they can buy more stuff in the future. During the
short 1 year existence of this blog, there have been a couple of listed stock market
deals highlighted and it is good practice to present the scorecard for the
specific stocks highlighted as the year 2016 comes to a close with several
assumptions as per the scorecard below:</div>
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<br />
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vJIf54UI9FdqHBBUoVN5jZZGUGA4ASQUDkG7R0dJYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDgBJBQOZoHFyFGortQ4YKkCpvMbbIyggDBCSChcjQPLkKMRHehwgVJFTaZ22RlBAGCE0BC5WgeXIQYie5ChQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJlaN5cBFiJLoLFS5IqrDJ3CYrIwgQnAASKkfz4CLESHQXKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFyNA8uQoxEd6HCBUkVNpnbZGUEAYITQELlaB5chBiJ7kKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDgBJBQOZoHFyFGortQ4YKkCpvMbbIyggDBCSChcjQPLkKMRHehwgVJFTaZ22RlBAGCE0BC5WgeXIQYie5ChQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJlaN5cBFiJLoLFS5IqrDJ3CYrIwgQnAASKkfz4CLESHQXKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZXjXw/+e/Lf9mmf9mmf9mmf9lnbp42Di/B3iItNFypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5fHvwdHq9vbl5dn4xc82ry8n9jY3x8cliB1o40a8uJ6PRrz9ubpDD5ub29XTKVru5+bH75OFgMBgMBuoKdD8lxwJcnJ/RHc5UwdbPHzpDaa6f5iXZO1TV6k+Qb4PBQE25fplnWNFfv3z7ipnz8MmujHnrozNYdXBYtne1C3muoUPY2T9MP7NuY+P+5PIKfj05HmMGUglXl5Ote1u42jpxcjwu7F1LurKV4uR4jI2F/nvmhleXk+0HT9X2uAy4BzOvOjke03O/UkAiIkqcFTY5O7+ANM0kAa65GLcF2iraKpxgPH/qiZxOr0ePRpmzm09cdixYeLi/A224UMXV5eT5wVFK6eR4DN2ButsSSupPvZDsHVK1/Oni/Ozhk93J5BOcuJubH7+ORrJR9Mg8wyrdDtp0ev3L7m+ZHqR5cAarCw7L9kxTYmkGv16cnw2HQzjL4Lh0NdpkqIST4/FwOFx4pLEMqAd3NRDA3Xow5ZbnuTZwD2Zedbi/03Ul3i/guJiC5//7v3MdFC4dMha75MXE8uNgmqOH+zuMqvRgdvEL+/nw7u1gMOhqY2zMLRO9UAUjM3McTFfA/qLEnpch2Tsyl0Fw2fTxz/fIVp7BtBrmkhULWvPgZWBkHIy/wkUenPTT0zfSg2U+oISbmx+/7f5CszT9HPOhZ9OvXc0WOhkc2GCfLIfj6WfHu7N/yPo3GEfBEjbWxOOiFrlnvGSBVsbM8ujg+eTySu0hXx8dMMNiu6LcGM+ZO2QRo4FdBtyDqekCexgBoMMd7u8AS/z1x80NDmE3Nu5vbd0DeY9GI5i4g/XlOixMLHYl+zzc33n4ZBeSBgBBUbctnHBQ0YsH05bAfJQ1LfyKyYe5DrFSbZimyMX52eNnL2jylaug1+Npfg8eH58UevAyJHsHU42gAYcsevHssdr2VsFcsmJBw+nxrvRuHpyBHQ9maXZ2foHjXWj7cLrBflQJYNLUrnAP/3z/Dr00/ao2W+hkIKmgQ4afZI+UyEUD9LfqOPjqcvLmP+8SyWQ47tdvX54+2AYrZXueTq/hJwgFGjk65ejR6PPVZ7WHlP0q21XXOLiry6U7xIixSC6RICkxD6Z3JamrIRt6P4wtpNPrb999wD4CTs+b01O2Dh1G4LmnscvsE9Y/OHqNt0zopUPXtstcsyzvwRg6eRVGe1LoTD+8e0tvB7CRJWYA3UMS9oYXdJjHJSogB9jZgd12HS7jwWyTvkj2DqkaAPmD13bsK0PvzFVWatBS973A8B4sc6wcRjyY5pXs6BEX52fj4xM2AkMJODeDdnVxfkYHNuxr/tIZ9wY04NDIlv6EC/Nz0bS7uL+xgTks90x3y5wbwjI+PpFbqbGVu/r+z3fVg0t2SDn0OD18y4PBCSjpwe27rSfH43tbWzAmRtuj09cw5fvH6R/oqdBl/P77K7YOPUPsMirdnhKX+4SzONrbg4sAOiLPbLvMbZJenslCzJyLxjaJYVE9OHMslnzw75kq1EH2SsfBC5DsHZmpBbrCy5cvkS01P0S/zLtYqUFDVuuZIQ8DIx4M6BoCwa9w0+Hrty9w6wEHxCCBXeKzCWT161weLHukdNt3uzwYB/ED8mTMaPTri2eP6Uw13TPdFVKCfX6aTGDP+R4SIXfV5cElO6RLWGCXwS0P7nogC44H88Awon3x6hU+A0UfGwFjPj19MyDz75ub26PRI7aOnHam3U1+n7D+y5cvB9oDWfltF0OPHqzed2QL5QwkfZKr6xHErlut5UNM1VpmejCdxgHbWOB+8B2Og1XVFKCLPu2inoJ+mXexUoOWuh8waR6cgUEPxm6KXmDRCVJ4Mot5MFuZ7oclBp3yzTRbOQ6WfoML2fUi8zZmaTgXDX/Sot5twSXM5kd7ezgSlT2kOg5mu+qaiy7ZIVvS1yNdtzy464EsvECjfwuBPodWjffeXx8dsHvGuER9FpzOToCwvb2R3Cf4NF6A4D67Lh0kn4XDtEBbZVemw+EQ/qEykcaMM2yocTgcwhWlnAaRE910DxjtvAr2XDq99cCuf3E5ewpjY+P+3t6oy4N7Idk7pGqc1KU/4U0y+KrORPXIPMMq3Q4afRhC9ezmwRmsLjgs22HQUpJmuAdqq3ixJZ+vBglsCgSePsGxHb0xR7fNNFvmwUn0SJQM7gEJwMp4H3MwGNzb2mLTZjiukHuW3QKGVD75hT2ken3DdpV5LnrmDunDPZLewhhQD1YfyKJnCyd+B7fv8EGUH2w/fbr9gD4AhZPb9Eyo08J0KgCfAmP7hG0Htx/Iorda2SMMks/CYYrRkblQ4YKkCpvMbbIyggDBCSChcgzW/I6Oxf5Ol/7F+p0gRqK7UOGCpAqbzG2yMoIAwQkgoXKsyYNxmD9Y6G+q1OfO14kYie5ChQuSKmwyt8nKCAIEJ4CEyrHucbBTxEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFyNA8uQoxEd6HCBUkVNpnbZGUEAYITQELlaB5chBiJ7kKFC5IqbDK3ycoIAgTHgoTy4sH9brs87vbogObBRbCQ6MvDhQoXJFXYZG6TlREECM5KSyAXvouxefAyaB5chABtNTlR4YKkCpvMbbIyggDBQQnyNcC0BCH7KmvlPj84Yu/tz5fXTR3FgyUZtfZ517aSCavjK1/UqMqkPAuZ91gSeC40Dy5CgLaanKhwQVKFTeY2WRlBgOCABLVML7yNeTq9Ho9f068vX77sKk+ebr+bOl9eVy0eLMnAi4ex9jmUBcxsy5jQFzTJesBMplqNuIR5vyWB50Lz4CIEaKvJiQoXJFXYZG6TlREECA6T0FV+mJW8LClPni+v21U8WJKZTD6xIomZbSWTTLVTqFnCZEqeJcz7LQk8F5oHFyFAW01OVLggqcImc5usjCBAcHAczMr0Mm+Tk650nnmmB+er/EofpWSkB+e3zXiwrAf8+uiAyZQ8C5n3WBJ4LjQPLkKAtpqcqHBBUoVN5jZZGUGA4IAEWaaXFcSlXwvLk+fL63YVD5Zk1HFw17aSCXNlVg84I3PmEnn0vkoCz4XmwUUI0FaTExUuSKqwydwmKyMIEBw2DsYyvUk8VEW/FpYnxzLASZTXzRQPZmSkB+e3ZUxYHV9ZWrhLpqxGnGHeb0ngudA8uAgB2mpyosIFSRU2mdtkZQQBgtOLBFmv/q5gh8na0Dy4CAHaanKiwgVJFTaZ22RlBAGC0zzYO5oHFyFAW01OVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJy+/jYJ3041F1Zd+6+QmIUShAujeXARArTV5ESFC5IqbDK3ycoIAgTnbiWszfzyb5HsonEn756cF82DixCgrSYnKlyQVGGTuU1WRhAgOPiuSlpkV1bMTbPqB8ObMZhpHR08h/J/5ZWDWX1ftXgwo0RfKkm3wtrDP25u2Aspu2iwIsozSyBbQPPgIgRoq8mJChckVdhkbpOVEQQIDn1fNDoNq5ibyKRuV/1gWZsI9vP56nN55WC1vi8rHkxX7tqzNGM5opU0ZBHlfAnkdZyeAjQPLkKAtpqcqHBBUoVN5jZZGUGA4NBxMBYXYhVz0zz1g2nlJShMVF45WNb3lQUb6MqSJwxkcScZDy4pQpwvgbxgxPtG8+AiBGiryYkKFyRV2GRuk5URBAiO9GBZMTfNUz8YfOvTZALuNVflYFnfN+PBKk82ts54sKQhiyjnSyAbQfPgIgRoq8mJChckVdhkbpOVEQQIjjoOlgX4ZtYPppUSTo7Ho709tQ5xytbflfV91VluuTIALPP9nx9xQjs/DmY0ZBHlfAlkI2geXIQAbTU5UeGCpAqbzG2yMoIAwZEenLQaumlW/WC6OTy7hH5ZXjk4ifq+GQ+We4ZbyIn4Jd2cFjNO5OEvpJEpoqyWQF7F6VgAzYOLEKCtJicqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDgBJBQOZoHFyFGortQ4YKkCpvMbbIyggDBCSChcjQPLkKMRHehwgVJFTaZ22RlBAGCE0BC5WgeXIQYie5ChQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJleNfD/578t/2aZ/2aZ/2aZ/2WdunjYOL8HeIi00XKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXKs0INpWWnvWCzRoQ7X5ub29XQqv1Lg+8e7VmAvVVch12FHZCrmpYcVN68uJ88PjsrjsAzJNQDeUN/1GhGLh00AACAASURBVHek9+XbVzxHagGWfpl3sQI+rApb5ty1PjqDVQeH1uKVZ40CmhgtvosnVGYCLX9LJVxdTrbubd1JNQJZj+FOcHU52X7wVLYCy+AeTEswdvU1hYA06iqVzA6EyWcTC7RVNKqT4/Hm5vbHP9/TryxLptPr0aNRJnXyHowWTs/X4f4OiyprrnPR297cxOWLefACJNeA6fQaCqXhP+ivlN50ev3L7m+Z5tAj8zwrSu/s/ELGcEWs4mF1wVGzHQBnja1/cX42HA6xvA89oeC42Oho7Xom4eR4PBwO78QL5/VgWYtwzbhzAgjuwdQ4D/d3lqnxdHI8zmyed2hrWKatMn9V7VYuZBe/4MEf3r1VL6IB1KdVz1ZVlNN79eoFludED8a+5uz8gqX10cFzefYXI7k60B6N9SOyoNvaPDjDitLbfvD045/v8xMkzYMzWNs4mC6RAzVoX6enb3b2D+Um1INl80QJNzc/ftv9heUDFK6nuYRfWVVBOAR2MmfnF9AF4TWEOjEDQ6md/UPM0q5OgHYU6XYhxa6dU860+DGtP8h+RVFqh0nlMwJ3CO7Bh/s7ONzBf9MxqxqLra17tHzj4GeJyntbW7BEBpceCJc8Go22NzcHpKqlPC6u9vDJLoSYcqDW3qPNL9NWWe1otZR0lxFiQmOuy7rZCFbH+/GzFzTpu1SU0/t89RnGZOjBdJQGtT+xKXaN7BcjuTpQh2MjDEYPuonM5FCPzDOs2DpqDFfEKh7W78HqFRWMjOFEyxOK3eDZ+YW8rkUJ0CpZ1XrInH++f4f5cPpVVvbFTobOe8FPskdK5HoCelpqdawTkB0F3Y+6cxT15j/v0s9+aTL5hHP7QJj+SkWxDhPDi/KNjoPpXUm0UjgfwB6HtvQSCS4u3pye4pJvX798vrzENJJeyA4Ep4StDztkx6WrSQ5wKQc3oWHNZebSKRZuq+xOKv2KF2K0f4cu/sO7tzSh8RIVrYtdymFbpevgdQ9WxpYqyulBIzk5HsOlupwWUxsJY7gYyZUi78GSXuq+67ZOD8ZOrYvkKljZhMyxcqzZg9U7C/SeMXhw1wmFNsWGtigBp7gxeS7Oz+g4h31VPRiX4N6QFeuRUvdsDVWETFhH8f2f7/RaQe5cjSR2jOx2GBv+qlcYTL5RD6ZOMLj9uAcCQkltFQxyb29EB7t4GZJu92UA6utd6//++yt5XLYa44AXB+ATPT4RtlhbZWPWzBCWjRqhmdGzoHowQ9c6+G+mYgF6kLh/nP6BN49Zw4Om9Wky6crveUmuGlQCG6Oo9ADqLb0VebA6coKLoTzJ3lnFw5o9GM8aBV5DsL4u3T6hcCvk67cvcEMEB8QggXXdbAJZ/TqXB8seKXVnKfQStBPo6ijwV7lzXJlOhX799iU/UZrxYCbfqAezQSRcNchJ43T7yR1YYTR6xK65BmTqn+1BGqRcn+0wv1v8Nw5/Xzx7rD4muhgWa6vsMlYdpgCYB8sJYXobKXODUL3V2jXEXIzexfnZva0tHAcjT2R1cjwe7e113aScl+SqQSUwZ1Xppe4r6H7vB3exYgS6SK6CVTys04NndvrgduoJpfekoOkxD6ZuLSe36HHxK72whovv/DhYziniQnn5zjoB2VGwOfOuCUvsVYDb66MD2hbYrzM9mMo36sHqA1nqk1k47sRb4i+ePcaR6Hj8ms0esxDL2Wm5Pu5QPa7KAbNn4bmpLizQVtn8wXA4pF9ZXynvnqIKvOIbDodw0df13DLbOe4BI0NVLEyP/RGFPAqQkWawAMn1ADngXAtONVN6+PCBjA+gX+YZVqzPkjFcHatgWF1wZLazsybvaMh7TLRPQzNmj1uDBHahBgNuHF/SG3ayq4RZzLwHJ9EjUTK4ByafXeKrR+/aOUYJOr17W1uj0a84DoZu8OOf7+mveQ/ukn/nf5IzoB5MR5bsDivKxr9OgYUPtp8+3X6gPpAFUuW0cxLTL/D3FWx99bi4Wrp9euiomt0v6QUxOjIXKlyQVGGTuU1WRhAgOAEklINeaqh/duERgwDvyWKjanXyfEnESHQXKlyQVGGTuU1WRhAgOAEklIPeOb7z8WtfcOzBdDDNpkZ7/7PjGInuQoULkipsMrfJyggCBCeAhMrh2IPXiRiJ7kKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDg9Cihq/iuunw9lXrzJRFLqqqz9Q1WF24eXIQAbTU5UeGCpAqbzG2yMoIAwVmnhPW/33EBD7bzEspCNA8uQoC2mpyocEFShU3mNlkZQYDgoAT2yt7084WR7OWG8A5LVopNXTIQlYZpzV32KmxWbDFT7Jzy7FpTliUGlByIFQaWh8sc907QPLgIAdpqcqLCBUkVNpnbZGUEAYIDEtRKujDvCi/wl7V+M3WTuioNq8VCZG1gWbsX2cp6wHLNrrLEMw/E6luoh+uqLrzGM8bRPLgIAdpqcqLCBUkVNpnbZGUEAYLDJEgfBchav3kPVisNqx6cKSKeZhV5U9fsKkucPxD+qs5Fs8N1VVW6EzQPLkKAtpqcqHBBUoVN5jZZGUGA4OA4mFXSZdYia/3m6werlYZVD5a1gTMezHiqa3aVJc4fSPXgrsM1D/aHAG01OVHhgqQKm8xtsjKCAMEBCbKSLiuVKGv95usHp9tFi/PjYFYbOONwjGfXOFgtS6weSFZVpyS7Dtc82B8CtNXkRIULkipsMrfJyggCBIeNg7GSbrr9dJJa67erfjArtcvqCsOzWnKhun7XOBh4qh6cKUssD6RWVack1cM1D/aHAG01OVHhgqQKm8xtsjKCAMFZQMKdu04DRfPgIgRoq8mJChckVdhkbpOVEQQITvNg72geXIQAbTU5UeGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDh3JSH/cLUsINEX5q1XaB/Ng4sQoK0mJypckFRhk7lNVkYQIDgGPXil1QObB1eKAG01OVHhgqQKm8xtsjKCAMHB92Q9PzhihYbArl4fHcA7pFjhv3S7uCH8e2PjPvVOuVBWFaRVDgGyxGEXB1pD8Oz8gr6kmmqUhRRZ2UE27KYH/Xz1WeoyhebBRQjQVpMTFS5IqrDJ3CYrIwgQHPquSnApqOuHC+HfauE/LG748uVLfHc0DmHpC6XxxdGsqiCrcgiUZNWEDAegTa8G2AhbFlJkZQfVuo1wUClhjWemFM2DixCgrSYnKlyQVGGTuU1WRhAgOOjBsoKQujD99KoP797SJXRMCYNUuVBWFWRVDgFqaQeVA31f9OH+Dh6XVV1UCykm7WXU7HXQqi5raB5chABtNTlR4YKkCpvMbbIyggDBKfRgWfjv9dEBm8vFCeSuhWolQTmB3OXB+eKDXR6cOgopJlI9idVtlMUnqC5raB5chABtNTlR4YKkCpvMbbIyggDBQQ+WVfyYMbPCf3QJK3QIkAu7qgqymd7MODhT5TDjwUkrpIg7kXq7CjjaRPPgIgRoq8mJChckVdhkbpOVEQQIDnqwrOLHHiFmhf/S7Yen8N/08SW2UFYVZFUOYasuD5YcSjw4U0iRjYOxbqNaV9HsY1nNg4sQoK0mJypckFRhk7lNVkYQIDhyLrrBF5oHFyFAW01OVLggqcImc5usjCBAcJoHe0fz4CIEaKvJiQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFy/OvBf0/+2z7t0z7t0z7t0z5r+7RxcBH+DnGx6UKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRVgs0S/Oz2gZE/aVAguSdK1Q8j5YuQ47YpcKSQwKdg4GA1n1esk30y5McnXInJf089TQ2uNdK/fLvOtAsJxWRYWT1VUWpvXRGawzOFDep+SEpttnX55fWo6eSri6nGzd27qT6kC0NnAed/5qayjEBFWY6L9nbkgLRPYI7sGQKFixeTAYYO8DX2kq0OLJan8dBgu01avLyfODo5TSyfF4c3P745/v4ata0nI6vR49GmXObj5x0cLpng/3d1gZTlUF43k9nWKqsbKgJUwyWIbk6iDlsxUuzs+GwyGQlGwpemQ+kxXgcH/nzenp0wfbk8ur6fQa/rE6VvGwtuBgm8r341C/j6UZOC6mBCvtRyWcHI+Hw+GdFKunHqz2G4i79WDKLc9zbeAeDNdfZ+cX8A8MK1yLDYdD6rW48p1QXyeWaavMX9VGKD2YXfxC4n5495aeFAaa3Gqi51UgB7WopzwKK+QJ3cSqSa4O6mUQLDw9fbOzfziz71gF88zFGSQScIMl6likeXAGawsOPTWyTQHghH788z1LM+rBMh9Qws3Nj992f2Gbq+Mo+Jpvv2fnF9AF4RWzOt0Cw7Cd/UMmkI7p2VgTj4ta5J7xeh0Cxczy6OA5XHTKHvL10QG7ZmW7UksmA8+ZO2QRo4FdBtyDD/d3YNAGkcX1cDCHo2RcufexuUEs01bpwBcSQnaUrGnhV0w+zPWuPaTbKXJxfvb42QuafDNVUJ6H+zsPn+y+ePZYJlmXB2MxbSTZ1dEsQ3J1UOcnoLuEkYfKlmIVzFVWAIg57fvYCGl1rMJgnR6cv1TC5TLNcLrx7PwC7IduhRLApKldYT788/37j5sb9jXTfsGNoG+Hn2SPlMhwgg3Y2Dpv/vMukUyG43799gXnb9ie6YzO4f4OGjk65ejR6PPVZ7WHZIGVu+oaB3d1uXSHGDEWyWUSIzEPpnclaWNGNnBugBZdOTPuiYGF2yp1I7h0wtjiVRhecsLXh092P7x7i/Gkl6hoXXIPSdgbXtBhHmdUMNekVLuOorZhtoRtuyTJ1UG9aGBNTmVL0TvzzKUMdi7Ng2WOlWNtwaENXO0t8YRm0uzi/Ayuumj/jBJweI0pcXF+RsdI7Gu+/eLeMPlZj5Ru59vMuWjab9zf2ECNcs90t8y5oTHClUqmh6QRY7v6/s931YNLdkg59Dj4vOXBkCiPRiM6BZHIeBdWAFUsq2LPSC/WVtUxq9qxsnEwWiA2V9WDGbrWwX93qWA86bbSbOby4B5Jrg5dUwvYuSMkW4p+mWcmPBIZV9E4t7noeXEnwVHnovGEqo0ipTSdXv+y+9vXb19+2f3tx80NDohBAuuN2QSy+nUuD5Y9UurOPTYOxmeG6HFfPHtMZ6rpnumukBLs89NkAnvO95A0qmxXXR5cskO6hAV2GdzyYBzvAiE2E8JOsDr2j4rF2qo6WirxYDkDSe8il9gba075ISbjme/W5e0cdIt5PXgukquDepoooBtS2VL0yzzDil2/0zsIsnNvHpzB+oOj3uBnpiXTjE6QwpNZzIOpW7Meho1K6ZRvpv3KcbD0G1zIrheZtzFLw7no7c1NGPWyPdMlrC8a7e3hSFT2kOo4mO2qay66ZIdsSV+PdN3yYHzGipo8u+mLX+t5ICst1FbZnxzA42xsOIWQLRMHYTBpc3U5GQ6HcDEkp0HUmS7cA+aWqqLrb13gq/oHS+zhi42N+3t7o5kevAzJ1UHKl3/gISf/1evfHpnnWbH+AlmpsyPNgzNYW3DwhNJHfmaeUHp1xe4AsvbCLr9gVI1jO/p3OGy3Xe2XeXASPRIlg3tAArAyXLlCr3Vva4vNn+G4Qu5ZbWj0Tqjk0/XIJNtV5rnomTvEJTKSy2BAPZjaLRzm5cuXg9t3L06Ox0DxcH+n608S4yFGR+ZChQuSKmwyt8nKCAIEJ4CEyjFo7+goQYxEd6HCBUkVNpnbZGUEAYITQELlaB5chBiJ7kKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDgWJBQXriw322Xx90eHdA8uAgWEn15uFDhgqQKm8xtsjKCAMFZnYTy90A1D14GzYOLEKCtJicqXJBUYZO5TVZGECA4KEGWo6flj9hXWafv+cERK3+UL+2XOgoXSjJqSdOubSUTVkOQ1SLskkl5FjLvsRzhXGgeXIQAbTU5UeGCpAqbzG2yMoIAwQEJaolAeBPkdHo9Hr+mX1++fNlVGjVpL6lOHaX91MKFksxk8omVNM1vy5jQwgSyFiGTqVZCLGHebznCudA8uAgB2mpyosIFSRU2mdtkZQQBgsMkyBq3AFaOqaQ0ar60X1fhQklmMvnEXiOf2VYyyVRagzKvTKbkWcK833KEc6F5cBECtNXkRIULkipsMrfJyggCBAfHwaxEIPM2OelK55lnenC+wqD0UUpGenB+24wHy1qEr48OmEzJs5B5j+UI50Lz4CIEaKvJiQoXJFXYZG6TlREECA5IkCUCWS0m+rWwNGq+tF9X4UJJRh0Hd20rmTBXZrUIMzJnLpFH76sc4VxoHlyEAG01OVHhgqQKm8xtsjKCAMFh42AsEZjEQ1X0a2FpVCxBmERpv0zhQkZGenB+W8aE1RBUCzuqMmUlxAzzfssRzoXmwUUI0FaTExUuSKqwydwmKyMIEJxeJHQV310/7DBZG5oHFyFAW01OVLggqcImc5usjCBAcJoHe0fz4CIEaKvJiQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFyNA8uQoxEd6HCBUkVNpnbZGUEAYLT198m4dup5sKqa/8VErNQgnBhNA8uQoC2mpyocEFShU3mNlkZQYDg3K2EtZlf/i2SXTTu5N2T86J5cBECtNXkRIULkipsMrfJyggCBAffVUmL7MqKuWlW/WB4MwYzraOD51D+r7xyMKvvqxYPZpToSyXpVlh7+MfNDXshZRcNVkR5ZglkC2geXIQAbTU5UeGCpAqbzG2yMoIAwaHvi0anYRVzE5nU7aofLGsTwX4+X30urxys1vdlxYPpyl17lmYsR7SShiyinC+BvI7TU4DmwUUI0FaTExUuSKqwydwmKyMIEBw6DsbiQqxibpqnfjCtvASFicorB8v6vrJgA11Z8oSBLO4k48ElRYjzJZAXjHjfaB5chABtNTlR4YKkCpvMbbIyggDBkR4sK+ameeoHg299mkzAveaqHCzr+2Y8WOXJxtYZD5Y0ZBHlfAlkI2geXIQAbTU5UeGCpAqbzG2yMoIAwVHHwbIA38z6wbRSwsnxeLS3p9YhTtn6u7K+rzrLLVcGgGW+//MjTmjnx8GMhiyinC+BbATNg4sQoK0mJypckFRhk7lNVkYQIDjSg5NWQzfNqh9MN4dnl9AvyysHJ1HfN+PBcs9wCzkRv6Sb02LGiTz8hTQyRZTVEsirOB0LoHlwEQK01eREhQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJlaN5cBFiJLoLFS5IqrDJ3CYrIwgQnAASKkfz4CLESHQXKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuX414P/nvy3fdqnfdqnfdqnfdb2aePgIvwd4mLThQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSOxT2YVo2muDg/u5M3Yq/0uEsmOhTk6qqcJcuPpJSuLidb97bmksNevI7H3dzcvp5Ou1TM3IqSBP7LlN5cjOSqIVkhKD14l31XmvXLPH+su2JlBBnJ8BNmKfvKsLbgZHoA2rKgUAFTJ8XS8rchz29VUDyYVmHM9LmQVfKnw/0d1n2XoMvRy7HYcQvRY6If7u+woE2n108fbA+HQ2xjUHJra+teodthM6bFuQ73d7DGCICpKNwKSY4ejSC8i4V6MZKrhsoKQenBaZpcXuE/2Mo9Ms8f665YGUFG8tXlZPvB0+vpFFrQH6d/0K9GgsN6gOn0+pfd32jNIqYOHPfqcvL84Cjdrl2fIp7f2sA9WI6B3v3njXp9fXI8lteh0KMtUKaxy9ELsfBxC9FXomMfQReCvb169YJVrn7x7PHZ+QWUnkZp8NProwPpgnQwpw7sZo6DM8NB6sEppZPjMXQE6ogEFqo+vRjJVUNlwhbSvk9WYUu9Ms8c6w5ZGUFhcA73d179/jv9KruX9QdH9gDMg6U66sGsGaaI57c23PJgcLKurhMHx7DC4f4OLQrNZlro+rDa4f7Oo9EI5oWkebOhFe5wY+P+1tY9KHgpN8/P8faIvhJd7SWhXX388z3rL6ATefOfd+l2Qc2uCQNWx/vxsxcwwstPW83cipKkJ+jhk92v377AQjrOwF5mOr0ej1/3QnLVUD2Y0aPnjo1FAD0yzxzrDlkZQV4y9Esvnj3GkrH0K8P6gyN7AJwthwYu1WFfenZ+cXTwnPWc8c5vbbjlwbR/x3LHO/uHkCWQImB7B0evd588pCMhTKDBYPDm9HR7cxN+heHyp8kEew055GWjWLnDt+8+yM3lasvcp8yjl0SnU2cYXhACTgbWy77CtmgSsqg1Cmf2hlcqWBm7xIPpVvRmBPNg2OrDu7fYX+A9KtotMoYLk1w1ujyYRcOIB98VKyPIezB0BYOfZdvZV4aVBkcmf9f9AgA8AgLl6GGJPPUwLKZy4p3f2nDLg9He6GMCcNax2YNPj/b20K1ppwD//v33V3R4ipdykDfy4SlwU8wqatJw6D9O/5Cby+Ou7kGwXhId528Z0N6gyWEXA+NgNp2QmS5m9kbjCf8u8WC5FSNJf8UOjjqBOtZfkuSq0eXBLCfzGlfkwexYd8jKCAqDc7i/MxwO6dc7D05XD4AAzqo6mLL++u0LTFzjgDje+a0NugfDb/iVThTDwpcvX+Ka9Ff492j0iE1o0z3LJ3rY/OrJ8Zjt8PT0jdxcHndFD2SlPhK966mQROyN3VulDVIdBzN03WotHwerWzGS6ec1E8xJyHvw6sIlSa4aM+8Hw7lAXau+uUhjyI51h6yMIBMcZs+mLlAyPQBd4fffX0l1uC0+mdU8OAyUuWj0ABz+4j9w+vf10YG6GgzXXjx7zEaluI768BTzfrlDPBzdXK62ogeyUh+JnnEmam/0SpmOg+9tbWU8GG8p0SEpToXhcZmKwq3kyvTk4vrqQubiC5BcNSQr+ldhjB69QSN31S9zdiwjrIygKzj0bG5ubn+++ky/ymv0dQaH9QDImT7UIu8Dol74ST7GH/L8VoWB+lw0gv69Gk1l+kAWPjLwYPvp0+0H7IEstj6bdgbQW48Pn+xOJp/YDtXN5XFXF6YYie5ChQuSKmwyt8nKCAIEJ4CEysE9uEFFjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFyNA8uQoxEd6HCBUkVNpnbZGUEAYITQELlaB5chBiJ7kKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDgBJBQOZoHFyFGortQ4YKkCpvMbbIyggDBCSChcjQPLkKMRHehwgVJFTaZ22RlBAGCE0BC5WgeXIQYie5ChQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJlaN5cBFiJLoLFS5IqrDJ3CYrIwgQnAASKkfz4CLESHQXKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmxSV8cAAAGftJREFUKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFyNA8uQoxEd6HCBUkVNpnbZGUEAYITQELlaB5chBiJ7kKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHP968N+T/7ZP+7RP+7RP+7TP2j5tHFyEv0NcbLpQ4YKkCpvMbbIyggDBCSChcjQPLkKMRHehwgVJFTaZ22RlBAGCE0BC5WgeXIQYie5ChQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJlaN5cBEWTvSry8lo9OuPmxv4Op1eb29uDgaDs/MLdeWte1uTy6tejpVSujg/GwwGm5vb19Np6lAxcyvAzc2P3ScPB4NBF/mVklw1JKuunyAOO/uHcs1+mUOqbGzcl/lwdTm5v7EBEaPn5eGTXSkhZB+dCU4ip8xacLqShzUBen6TJvbkeIxtMOT5rQrcg+H0Q9Z2pXjvoAftai13iwUSHds/yrm6nGw/eAr95q+jkYztyfF4OByOj0+WP1ZK6XB/h7V2pqJwK8B0ej16NIJO4XB/hzn06kiuGiqrzE8X52fD4XDVHjydXj99sD25vMJ/4E+YRfCPz1eff9n9LdNe4vXRmeCwUzadXpsKjpo8V5eT5wdH8OvDJ7uTySd6fq+nU3BcuhrdQ7zzWxu4By/WvS4JuAyEK7vD/Z21eX85ehkH038f7u+w0eTNzY/fdn/5+Od7uv7zgyMIDhoz7OT10YE8TV3HyquYuRWAenBK6eR4DB2BOiKBhWoiLUZy1SgcB0MQTk/frNqDaT97cjyml2X06+H+zpvTU1M2swZkggPAU2bKg/PJk35eXb169YKe37PzC+rBrBmmiOe3NtzyYLiKZF0neAAMi7e27o2PTw73dx6NRjCnCp3v4f4OXnhub25CDuFqD5/sfnj3lu2EkqDGj/+mg2PY+eH+Dv1KV4BNJA3KgW0yPj6RhwACcjje11w0MHzx7LFsh9DG6BAZ6MGah/s7EDRYqI6V6bEuzs8eP3sBY4L8tNXMrQCs8cM1+9dvX2Ahow3X79Pp9Xj8uheSq0ahB0OfyAYiiB6ZU2thh8OrH/j3i1evoCV2zR7F66MzwQFQD7YTnHzyQN87Pj5h55d2U2fnF0cHz9n4JN75rQ18HHxyPEaLSj8HNJDB8NPbdx+w04TkgF4A8gaWnJ1f4KTQ2fmF3Ant3+k9Gzw0bAL7PDkeb2zc/+P0D9gzbEX3CVcJkgalyjb59vXLX5O/2CEml1fIn4WpLw/G8O7sH6LZ4wQA/AO7GGZXKI1aAt0DWx/HpujfJR5Mt8IzAieRejBs9eHdW+wN8R4V7WUYw4VJrholHoz/uFsPRl+h7TR1P0wQr48u92C6ZP3BocmfTx7aLXSd35TSxfkZmDSsuQYJDWsA9+BE7s7CVRt2oNQLqdWN9vZwZMbMDFaTO5HzlizncPCNqYms2IEyNChVeWh5CKqdDTR78WBmTvQQLAg4as97cOGx8N8lHiy3QoZsHLyzf4h9B42YOj24JMlVoySq9KKEdoKIFXlwJp7sjoa8wdEvKyOYGRz1bN5tcGYmT/o5Guk6oTCv/vXbF5hdxwFxvPNbGxQPTmTC8+R4zGaJT0/foKGCjb18+RKW0Kls5rtyqlkei26u3pbGETNMMuMKXTQoVXnorjvf9Ci4sBcPzvQd1I2wKeKkbuoYHGeOxYbLheNgdSsA9WC4YoBLNDnLpy5ckuSqUf5cdOoYe6W+7wfTmyPqg+jsqqjrQb94ffTM4MhTZic4XcmThAfT84v88cms5sFh8K8HwzNB6JTgXjh2hBHPwye7r48OBmS6GJfAyjiGo4NOuRP5pynsgSz5ZNbXr1/T7YsDWCFD4/XRAd0J7hPuU6oPf7Gj4PIFEl2O7+kSZv+sK4F7QleXk+FwCONy+ncL0i3UuQR5Y5upKNxKrsyimlmYGesXklw1JCuct+yaFVyDBycSGZz/AFb0+Qz6dSAmb1bBygi6gsNO2XA4tBYcOqHFTijIYecXtsIrVPmsfsjzWxX+9WC1x8G52QfbT59uP4AB6L2tLVhIp53pOunnw0c43JErIOh4FO8Ws+etPl99Rm70qStcgT7DRalSI8k8kAV7oPtkDmRtcLYYXDRXFyRV2GRuk5URBAhOAAmVYzDXOzoyLyiIjebBa4MLkipsMrfJyggCBCeAhMoxnwdn/jAmNmIkugsVLkiqsMncJisjCBCcABIqx3weXC1iJLoLFS5IqrDJ3CYrIwgQnAASKkfz4CLESHQXKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5mgcXIUaiu1DhgqQKm8xtsjKCAMEJIKFyNA8uQoxEd6HCBUkVNpnbZGUEAYITQELlaB5chBiJ7kKFC5IqbDK3ycoIAgQngITK0Ty4CDES3YUKFyRV2GRuk5URBAhOAAmVo3lwEWIkugsVLkiqsMncJisjCBCcABIqR/PgIsRIdBcqXJBUYZO5TVZGECA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHM2DixAj0V2ocEFShU3mNlkZQYDgBJBQOZoHFyFGortQ4YKkCpvMbbIyggDBCSChcjQPLkKMRHehwgVJFTaZ22RlBAGCE0BC5WgeXIQYie5ChQuSKmwyt8nKCAIEJ4CEytE8uAgxEt2FChckVdhkbpOVEQQITgAJlaN5cBFiJLoLFS5IqrDJ3CYrIwgQnAASKkfz4CLESHQXKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2yMoIAwQkgoXI0Dy5CjER3ocIFSRU2mdtkZQQBghNAQuVoHlyEGInuQoULkipsMrfJyggCBCeAhMrRPLgIMRLdhQoXJFXYZG6TlREECE4ACZWjeXARYiS6CxUuSKqwydwmKyMIEJwAEipH8+AixEh0FypckFRhk7lNVkYQIDgBJFSO5sFFiJHoLlS4IKnCJnObrIwgQHACSKgczYOLECPRXahwQVKFTeY2WRlBgOAEkFA5/vXghoaGhgZf+Hvy37um0LAsUhsHz0SMi00XKlyQVGGTuU1WRhAgOAEkVI7mwUWIkeguVLggqcImc5usjCBAcAJIqBzNg4sQI9FdqHBBUoVN5jZZGUGA4ASQUDmaBxchRqK7UOGCpAqbzG2ykri6nGzd25pcXq3zoKsOztXlZDT69cfNTUppOr3e3tzc2Livary5+bH75OHO/uHF+Rm9Uzg+PpEbnhyPz84v1iOhYdVoHlyEGInuQoULkipsMrfJSuLkeDwcDsfHJ+s86OqCA546GAwePtn9cXMznV4/fbA9ubzCf7D1L87PhsPhzv4hXXi4v3N2fgGOe3U5eX5wBGvS1byc34YuNA8uQoxEd6HCBUkVNpnbZMVwc/Pjt91fPv75HkaNNzc/fh2N0KiODp6De9HhIAwxXx8dbG5uX0+nJ8djNDzYCgeUsIk6DF3bOJga58nxmF1qTKfXo0ej09M31FyvLifbD56CNPRgWPN6Ol2bhIZVo3lwEWIkugsVLkiqsMncJisGMBhqvWhU4Dqfrz6D9+A6V5eT+xsbsM7V5eTNf96llC7Oz8CGqfnBdC7bHI67Ng+mvssGsunneJctx01A6WAwODu/gMsRuq2L89uQQfPgIsRIdBcqXJBUYZO5TVYMYELptvFQE4X/wso4LsRbrQi2Vfrp7nJz+LcFD1bHyuqUNaiAET+u6eL8NmTQPLgIMRLdhQoXJFXYZG6TFQXMEuNTSDCQhQHrp8kEhq1gPPiYUrr9uBOOFOn9V9gnTD7LzQF34sFsLvpwf4c+hAXmenI8ZmPl6fT6l93fvn778svubz9ubnBAbP/8NuTRPLgIMRLdhQoXJFXYZG6TFQUd/8GjTDgmHu3t4RiR3utNtz1Yjp7pYDeROWp26HXeD0YCOOhnwDiwCXO6BJ/Mah4cBs2DixAj0V2ocEFShU3mNllRME/CISCMZXHIiONFGNqq4+B7W1uwkI6t4aEttjnsc3XBYYP78fEJEgB18m+x0IPlFcPh/g7EgT1uvVIJDetB8+AixEh0FypckFRhk7lNVqsG9XX5HBMiQHACSKgczYOLECPRXahwQVKFTeY2Wa0a9AYwu7FKESA4ASRUjubBRYiR6C5UuCCpwiZzm6yMIEBwAkioHINWu7ChoaGhoeGukFIatIupPGLEx4UKFyRV2GRuk5URBAhOAAmVA85g8+AZiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSO5sFFiBEfFypckFRhk7lNVkYQIDgBJFSOfz24fdqnfdqnfdqnfdb8SW0c3NDQ0NDQsH40D25oaGhoaLgbNA9uaGhoaGi4GzQPbmhoaGhouBvc8uCbmx9//TW5OD87O7+Y/PXXj5sbWOnm5sfuk4dn5xfw9epy8vzgaOFDwt4Gg8Hm5vb1dLq0hGVxdTkZjX5FsQvg5Hg8Pj5Z2+GWOXoXFma15NHlcXuPTzmT7QdPl0zIvBz1EAvoLYz5Moebi1UvoVvpDnuBTVYLI5gcv+Dj4JPj8WAwGAwGtJFPp9fbm5tomXN58M3Nj19Ho8nlFd3b6NHoejqF3aK13xVKuhupgsKpB1NRvXtwPmKIu/LgQnrzYgE5q/NgxAIn+q6uhOKhx0xbUdI23C1ueTCY4tOn/7O1de/hk11sgeCar169gJZPPRg22di4D5lxuL8Dnopt+HB/h5k6enD62ZvQBn9yPKZ7eH10sLm5/erVi8FgsLN/CHuACwXKENf/8O7tYDA4O78AYrgO24Tu/OOf7+Ho7OIARYEueWlydTm5v7Gxs3+IfSI9CmswRwfPaScIPOneGEP4ipIlJXl0BM400EjKI1JRXevI42aOTiWwiGX2w45Lk4EJSSldnJ/Bblkonh8cwU9IRm5LoypPKHMdFn/1KDJv83LY+rD/8sirMactDlslLFTbYNfh6EFpo+gKJo0PHkjdeeEpU5tkEgOArkSSDVzuP3PE6+mUaZRdmSpzZldT2BDU082CKc/j66ODjY37w+FQ9jOrCHLDKqDcD0YXRIA5fb76/PTB9uTyCls7mhb6Dc5vYAbnx8G4Q9o3Ybrc39gYH59cnJ9BU//n+3doAG/+8y6ldHF+Rm0YeyiaT+jxbBPcefqZl1+/fQEyUpSqApViisujoBZ62YE8oc0jB7rth3dvqeRMnJnxwLFASErpcH8HiNEj4sllwyO5jhoKVbuU8P2f77hJ137UaGAyqELgp4vzM/ViCNeU2wIxjCqlhzvBJGQp13UUmbcZOfQQdP+TyaeSyHed8ZPjMezq5HgMOY/b4uFmnmh2WqfT6/95+pR20CyYskmiObGdl58y2SRhh0hpPH6dSUi1gcv9dx1RTTbWlUmZJV0NpdrFX10ugyl/xUt/2c/0HuSGFaHomSw8K9Dg0YNpu0LnZgMI1YO3NzcHP6H2Zel2h6XeOWYDF/oVmw12Fmwd1jPe39jAiz5VlFRB98xGojK56T7Vvp5t++HdWypZUsocnf4EHcFk8kmGN3VPUeI6aijy2nFX1OS69qNGQxpVIpcmciZG3YncliWSejVAdyJTLkM1EQ/OrKOmdGHku2KOmx8dPN/aukfX7PJgNRnYae3KUjwRND5qs4Kdo5CZpyx/sYJH70qkDBO5/64lLGFYV6bufGZXQ4OfaVByuQxm13lU+5nVBbmhX8znwZAEf5z+Ac0Jbx7LqSe1o2d7Sz+zh86KSA9OP22bXuHCQdk4uKthyE1kLr549pjOJzNRUgWbg8VrTEbscH/n7bsP7Jpdtny5LZUsKcmjq8TgWAt7sBqKrqMzCdSDu/ajRgOXSCFfv32Bqzc2SyZ3oroUTaT8OJil3EyqaU4PpvtXz075GYeT+P7Pj7/s/gbTJ7ITL/TgrqCpy1mT7PJgvOCeecrUQEmGaiLlG3iJB6saWVdW4sGSCQ1+pkHJ5eUenLR+pvcgN6wI83lwSuni/Oze1haOg9lNWewRcGJnpgdD34oeT6dn2R0p2I9q0inrwXITmYvQv8MwgolSVdC5JuCsEoNwMZ74OCLtc9W7oXBQSUkeXf6UNGOYdxwsQ9F1dCaBjYPV/ajRoD0gE9J1VS53Irdlp/LTZJL3YHnS5VHotSnOPHfJkYfAK9qSyGfO+MnxeDgcAp+90d7eaI+NsMvHweyBCcxhNZh0nrzLg8tPWdcQjcahK5HUBi73nzmi1Ci7shIPlkzYODjfoFiIyj1Y9jO9B7lhRZjbg6ELwLkLfEwArnPpvTf2VAJ7vIhuhetsbNzf2xuxJMbrMjYOlt428+IUN1Fz8YrcAWL0pAp8ggM5q8RALLtmHw6HsCadkKTbvj46kONpSkkenZ4vXFmOCVi3i6K61lFDoR5dyqcRU/ejRoOdRzk3AEvYXKgMKds2kQt8+tSYOvvK1px5FJoDGTlqSnfNUpSfcYg8Pkmk+ujME80OOtrbY8MsGhDZJGeOg2eesq6LFfZMk5pIagOX+88cUWqUXdlc42DaCZQ0BLlcPVPqeVT7md6D3LAitHd0rBbtuYYegf1dEs9/shHAKrCeowTDXZ0yuf/Yp0/tZ2JLDoPmwatFm9jpEfROlfr8y0qP3nq0BXBXp6w2D545m91gFs2DGxoaGhoa7gZ/t/rB7dM+7dM+7dM+d/VJbRzc0LA8bDYim6yMIEBwAkioHM2DGxr6gc1GZJOVEQQITgAJlaN5cENDP7DZiGyyMoIAwQkgoXJwD4Y/Q5Rv3oC/TRyQl7ZfzVn6Ctef92m9eQ/UL+TfUC658pJy1vBAaQm9ucKy2CHcwWZvaJOVEQQITgAJlYN7MBY5oW+3oe/oONzfydf9nfkXsYUuYuQva3v34MUg30m0iqOUY3VK50K/SbLk3mz2hjZZGUGA4ASQUDlueTC+Bo++bSeJchxYuYG9V4i9CGZMCmzRUlmwsKu+G77cruuVPSWF+dTCc6PucmO4CX3HEKsTl6nnxVaWcgrjAFBrvbFoFBYZvNKK+smVVXoy1GpYEIUFE+npZuuo1R5VXSdaCcKZp1hV3VUbLs0Pm72hTVZGECA4ASRUjlsefHF+Bj0U/gNWYh7MqvGwQmZdBbZoz5up74aduzryKynMly88J8uNwa+04thk8onVictX35NFDJmckjiw9+yzEig0GnMVGWTFy9SVVXqZam7LFEzMR4BVYft89Vnq6ipBmD/FXaq7asMt3JaswSYrIwgQnAASKsctD8bhL3sptCxLOSLVeFiht0yBLfm21UwBE9WDSwrzzSw811VuLJGxEasTl6nnJYvKqR6cj4MsWnd1u9abGo2ZRQbV0MmVu97kLivWLV8wMR8Bdgmi6uoqQZg/xXnV8p34C8Bmb2iTlREECE4ACZWj6LloOQ5mxknn/VbqwYWF+fKF52QHfXW74tjrowNWJy5Tz0stYriwB3fVestHI1PTTXqwXLmrrgALtQyLGoTMeWGsulwQixp16VJLEOZPcV518+A6ESA4ASRUjrk9GLo/NoxIxCRKPHhmDbjUPQ5eoDBfKuigab/84d1bVicu89pnWVROLWlX6MFdtd5mjoNVejLU6spd42AW6l4KJpZEAJ8AyIRdliCcOQ7OqG4eXCcCBCeAhMpR6sGy2iAdMOEIktXq6vKemTXg4LiwkNUonFmYr6vwXMk4GI71/Z/vsk5cVz0vtaicLGk37zh4cLvWmxqNmUUG1VDLlVV6MtR9FUwsiUBGV1cJwpm3GzKqZW24THPogs3e0CYrIwgQnAASKkd7R4ctdNV6WwxG/pCpEthsRDZZGUGA4ASQUDmaB9tCV623xdA8eJ2w2YhssjKCAMEJIKFyNA9uaOgHNhuRTVZGECA4ASRUjn89uH3ap33ap33ap33W/EkpDe76UqChoaGhoaFS/D8eUh9sPa22fAAAAABJRU5ErkJgggA=" /></div>
<div class="MsoNormal">
<br />
Should you have invested your hard earned cash in equal
proportions in every single counters above, you would have been 10.47% “richer”
at the end of the holding period, <b style="mso-bidi-font-weight: normal;">assuming</b>
you dispose all investments at the stated “best case scenario” and 16 December
2016 “report card date”. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Is 10.47% good enough returns to justify the sweat and tears
of digging through exchange filings and bearing the potential pain of share
price losses? Is spending hours analyzing individual counters worth the 10.47% as
compared to putting all your eggs in Fixed Deposit with a Malaysian Bank which
will yield you 4% tops? Probably or maybe not.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Hope 2017 will present whole new sets of juicy speculative
deals which I may pen my simple thoughts on, and bear some financial fruits for
my bank account.</div>
<div class="MsoNormal">
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Note: This is not an investment advice. Buy and sell any securities
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<br />
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: 11pt; line-height: 115%;">Disclosure: None.</span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-26700550479130419332016-12-18T04:37:00.000-08:002016-12-18T04:55:22.821-08:00Reach Energy: Potential Risk Arbitrage? (2)<!--[if gte mso 9]><xml>
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Recall in an earlier posting that highlighted the risk
arbitrage deal offered by Reach Energy listed company shares. Fast forward to
15 November 2016, it had successfully obtained sufficient shareholder approvals
to acquire an oil and gas outfit. </div>
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<br /></div>
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The option to vote officially expires on 28<sup>th</sup>
October 2016 where if you are a shareholder up till the end of business day,
you have the right to attend the EGM and cast your vote on the acquisition.
Shareholders who voted against the acquisition would have gotten back
approximately RM0.76 per share as per the following Bursa stock exchange
announcement made by the company via a share purchase mechanism:</div>
<div class="MsoNormal">
<a href="http://www.bursamalaysia.com/market/listed-companies/company-announcements/5271517">http://www.bursamalaysia.com/market/listed-companies/company-announcements/5271517</a></div>
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Shareholders focusing solely on extracting the risk
arbitrage spread offered by Reach would have earned a decent premium. However,
the share repurchase price paid by the company is subject to the qualifying
acquisition going through. Christmas indeed came early should you have bought
into Reach below RM0.70 per share price levels.</div>
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<br /></div>
<div class="MsoNormal">
This post will end the story for Reach risk arbitrage
chapter.</div>
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<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<br />
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: 11pt; line-height: 115%;">Disclosure: None.</span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-22404300503696262242016-12-18T03:46:00.001-08:002016-12-18T04:55:07.471-08:00 Hwang Capital: Potential bumper dividend round 2? (3)<!--[if gte mso 9]><xml>
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Recall in an earlier posting that highlighted the takeover
offer by Hwang major shareholders. It was speculated that another major
stakeholder DBS would accept the offer but the parties agreed for acceptance
did not work out as expected as per news article summarized below:</div>
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<a href="http://www.thestar.com.my/business/business-news/2016/07/02/takeover-offer-for-hwang-capital-turns-unconditional-and-acceptances-period-extended/">http://www.thestar.com.my/business/business-news/2016/07/02/takeover-offer-for-hwang-capital-turns-unconditional-and-acceptances-period-extended/</a></div>
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http://www.thestar.com.my/business/business-news/2016/10/10/hwang-capitals-conundrum/</div>
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<br /></div>
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Since the company’s share has been suspended there will be
no room for entry or further opportunities and this post caps off the Hwang privatization
journey.</div>
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<br /></div>
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Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<br />
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: small;"><span style="line-height: 115%;">Disclosure: None.</span></span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-36143661638874401302016-06-19T08:52:00.002-07:002016-06-19T08:52:27.858-07:00Golden Land Bhd: Special dividend and capital repayment as catalyst for share price uptrend movement? (2)<!--[if gte mso 9]><xml>
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<div class="MsoNormal">
Recall in an <a href="http://chchan89.blogspot.sg/2016/03/golden-land-bhd-special-dividend-and.html">earlier
blog posting</a> that yours truly had speculated on the potential share price
uptrend movement due to 2 separate cash distribution and the perceived margin
of safety for the intrinsic cash value post distribution. </div>
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<br /></div>
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The trade did not work out as expected as share price took a
dive following the special dividend ex-date on 28 March 2016. Announcement of
capital repayment did not have the desired effect as well.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Reasons that could explain the downtrend may be expected heavy
capital outlay for investment in plantation land that could lock up cash
reserves. Other than that it was a value trap so far that trapped my investment
funds which did not see any growth for more than 6 months. </div>
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<br /></div>
<div class="MsoNormal">
This will be the last of Golden Land posting until there are
any new corporate developments.</div>
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<br /></div>
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Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
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<span style="font-family: Times,"Times New Roman",serif;"><span style="font-size: small;"><span style="line-height: 115%;"></span></span></span><br />
<span style="font-family: Times,"Times New Roman",serif;"><span style="font-size: small;"><span style="line-height: 115%;">Disclosure as at time of publication: Long
Golden Land Berhad.</span></span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-74448324382818047472016-05-23T05:03:00.000-07:002016-05-23T05:03:05.471-07:00Hwang Capital: Potential bumper dividend round 2? (2)<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
Recall in an <a href="http://chchan89.blogspot.my/2016/02/hwang-capital-potential-bumper-dividend.html">earlier
posting</a> that yours truly has speculated on the possible bumper dividends
for the 2<sup>nd</sup> time coming from Hwang. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In a surprise turn of events, Hwang had announced on Bursa
Malaysia that its major shareholders, holding about 30% of total shares outstanding
in Hwang Capital intend to launch a conditional takeover offer for the
remaining 70% shares outstanding for Hwang Capital at RM2.65 per share, a
decent premium of about 16% from current share price of RM2.21.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The share price had a brief run up in late March, almost
breaching the RM2.65 levels before share price took a dive following an
announcement that it will be extending timeframe for acquisition of new
business for another year to April 2017.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Shareholder wishing to sell back their shares to Hwang at
RM2.65 can do so should Hwang able to control more than 50% of voting shares
after tabulating all valid acceptances to the offer.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A quick check on the shareholder register showed another
substantial shareholder, DBS bank, which is in turn controlled by Temasek,
Singapore’s sovereign wealth fund, with the potential in becoming the kingmaker
in this deal. Its stake at a price of RM2.65 is valued at approximately SGD61 million,
chump change compared to its huge asset base. The author is of the view that likelihood
of DBS selling away the stake is high, thus paving way for an eventual
delisting, which is incidentally the major shareholder’s desired intention.</div>
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<br /></div>
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Minority resistance may surface due its substantial discount
of 21% compared to its NTA of RM3.22 per share. However, low interest rate
environment and a continued delay may force shareholders to sell in view of the
dimming prospects for its only core moneylending business.</div>
<div class="MsoNormal">
Ultra patient shareholders may finally see light at the end
of tunnel after holding on to Hwang shares. Since the bumper dividend on April
2014, share price has been on a steady uptrend from a low of RM1.80, and
shareholders may have the chance to dispose its shares for a total of 47%
capital gains after 2 and a half years.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Share price movement post announcement of the deal when the
stock begins trading may present further opportunities for risk arbitrage.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Final thoughts:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Opportunity for unlocking share value for shareholders,
higher offer price</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Failure to obtain requisite valid acceptances pass
conditions precedent.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<div class="MsoNormal">
<br /></div>
<br />
<span style="font-family: inherit;"><span style="font-size: small;"><span style="line-height: 115%;">Disclosure: None.</span></span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-55042223045293986332016-05-23T04:26:00.004-07:002016-05-23T04:26:59.178-07:00KAF Seagroatt-Campbell: Risk Arbitrage or reverse risk arbitrage? (2)<!--[if gte mso 9]><xml>
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Recall <a href="http://chchan89.blogspot.my/2016/02/kaf-seagroatt-campbell-risk-arbitrage.html">earlier
posting</a> that there is a potential risk arbitrage gains about 7.5% should
you purchase KAF shares on 22 February 2016. The offer has officially become
unconditional and the offeror had proceeded to scoop up the remaining shares in
KAF. KAF IB will have full control of KAF Seagroatt-Campbell. This deal will be
finalized by June 2016 and will close a chapter on the takeover deal. The price
has shot up to RM2.69 per share and those holding on to the shares can sell
them back at RM2.70 for some savings on brokerage expenses. No further
opportunities are expected from this share.</div>
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Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<br /><br />
CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-28006500204838745322016-05-04T13:14:00.000-07:002016-05-04T13:14:20.047-07:00MAA: Something Brewing? (2)<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
Recall that yours truly had in an earlier blog posting highlighted
the pending sale negotiations for MAA to dispose its 75% stake in MAA Takaful.
Fast forward to present day, on 4<sup>th</sup> May 2016, MAA officially
announced the signing of S&P agreement with Zurich to Bursa Malaysia. All
the pros highlighted will be realized should the sale go through namely:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Management aggressive
buyback</b>: Management has continued its share buyback spree by buying approximately
2.6 million shares from the open market at an average price of around 0.95 per
share. This provided a strong support basis for the share price.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Favourable valuation
obtained for sale of MAA Takaful</b> – This is huge positive surprise as the
sale price of RM393.75million for its 75% stake values MAA Takaful at Price to
Book (P/B) ratio of 4.49 times, well above prevailing valuation of comparable
M&A transactions. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Management unlocking
share value via distributions</b> – Management has proposed a special dividend
amounting to RM0.35 per share should the deal goes through smoothly, which may take
about 3 months or more.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Post disposal MAA will be a cash rich company. It intends to
maintain its listing status, hence there may be room for management to hoard
the cash pile since it is likely to avoid being a cash company. NTA after
disposal is estimated to be RM2 per share after declaration of special
dividend.</div>
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<br /></div>
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Yours truly once held MAA shares but had since been disposed
for other utilization, hence missing the impending big gain when shares begin
trading on 5 May 2016.<span style="font-family: Wingdings; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: Wingdings;"><span style="mso-char-type: symbol; mso-symbol-font-family: Wingdings;"></span></span>
There may be opportunity if the share price is right for some risk arbitrage gains,
but subject to final computation of expected remaining cash pile per share held
by the company and of course share price levels.</div>
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<br /></div>
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Final thoughts:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: None. Subject to share price which may present some
risk arbitrage opportunities.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Management hoarding cash or deploy in value destroying
new core business.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
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<span style="font-size: small;">Disclosure at time of publication: None.</span></div>
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</span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-42271887508682521532016-04-15T00:59:00.000-07:002016-04-15T01:01:11.809-07:00Sapura Resources Bhd: Unlocking of shareholder value or value trap?<!--[if !mso]>
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<br />
<div class="MsoNormal">
On 16 March 2016, Sapura Resources Bhd (Stock Code: 4596)
listed on Bursa Malaysia had announced the signing of conditional share sale
agreement to dispose several of its associate companies namely APIIT, APU,
APIIT Lanka and APS to ILMU Education Group (linked to Malaysian Government private
equity arm Ekuinas) for a total combined cash consideration of RM315million.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Post disposal of the above associate companies, Sapura
Resources will be left with huge cash pile to focus on its remaining business
segment ie property development and aviation services (charter of jets for air travel).<br />
</div>
<div class="MsoNormal">
A simple computation as below would have shown a discount of
share price to its net cash per share value as of writing (15 April 2016) upon
completion of the share sale agreement and receipt of full cash balance:<br />
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/> </div>
<div class="MsoNormal">
<span style="mso-no-proof: yes;"></span></div>
<div class="MsoNormal">
Before any investor start drooling over the potential 28% discount
to cash per share, as at to-date, management has not present any indication of
a large one off distribution as the only distribution would be a one off
special dividend amounting to RM0.05 per share.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The cash buffer may serve as a margin of safety for those
who are interested in riding along the expansion of its property development
business and aviation business.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Based on the estimation from its quarterly results, the
property segment would make up the bulk of its income going forward as it is
currently enjoying a healthy rental income from its stable of 3 properties as
per disclosed in its annual report with >90% occupancy. Latest quarterly
results had also showed a contribution of PBT amounting to RM10million. Future
development may eat into its cash pile going forward as well.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The dark horse would be its aviation sector as it is
currently showing a loss of RM3.5million per latest FY ended 31 Jan 2016.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Assuming an estimated cash burn rate of RM6million per annum
(as implied by its latest operating loss), discount of cash balance would be
completely narrowed to nil within 5 short (or long?) years.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Since the announcement of the deal, prices have started to
drift lower from an intraday high of RM1.60 (one day after the announcement on
the 17<sup>th</sup> March 2016) to a current low of RM1.16.</div>
<div class="MsoNormal">
Investor may use the current discount opportunity for entry
should it be confident of its top management linked to Tan Sri Shahril bin
Shamsuddin of SapuraKencana Petroleum fame.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Margin of safety for discount to net cash per share,
healthy net rental income as cash flow buffer for future expansion</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Adverse downturn affecting its current aviation
business segment, unforeseen large losses on its aviation business segment.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<br />
<br />
<span style="font-size: small;"><span style="font-family: "times" , "times new roman" , serif;"><span style="line-height: 115%;">Disclosure as at time of publication: None.</span></span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-81285684592234113312016-03-04T01:59:00.001-08:002016-03-04T01:59:53.093-08:00Golden Land Bhd: Special dividend and capital repayment as catalyst for share price uptrend movement?<!--[if !mso]>
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Golden Land Bhd (Stock Code:7382) listed on Bursa Malaysia
announced on 8 June 2015 that it has signed a conditional sale and purchase
agreement to sell 4 of its subsidiaries and a piece of plantation land to a ubsidiary
of Felda Global Ventures (Stock Code:5222). Fast forward to March 2016, the
sale and purchase is almost nearing its completion stage with the latest announcement
in its quarterly report ending 31 Dec 2015 indicating completion of disposal in
early March 2016 and receipt of the balance of cash receipt amounting to a
total of RM655million.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Yours truly had been collecting Golden Land shares in
several trades after the announcement of the deal, with the view that the announcement
of the cash distribution will provide a short term catalyst for narrowing of discount
of its share price to its intrinsic pure cash value, hence providing a short
term risk arbitrage gains.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Based on the latest quarterly financials as at 31 December
2015, <b style="mso-bidi-font-weight: normal;">intrinsic cash value (A)</b> is
determined to be as follows (RM1.87 per share):</div>
<div class="MsoNormal">
<br /></div>
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<span style="mso-spacerun: yes;"> <img alt="" 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/></span><span style="mso-no-proof: yes;"></span></div>
<div class="MsoNormal">
Note: <b style="mso-bidi-font-weight: normal;">(B) </b>represents
expected cash outlay for purchase of palm oil plantation in Indonesia as
announced in its quarterly report.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Based on the current share price of RM1.61 as at 4 March
2016, there is still a 15% discount to its intrinsic cash value, excluding all
other fixed assets. The actual NTA is deemed to be higher but had been excluded
in the computation.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For those holding on to the Golden Land shares, it may be
ripe for harvesting and to take the opportunity to dispose your shares for any
gains obtained, since bulk of its income generating palm oil assets will have
been fully disposed.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For those that are willing to ride on Golden Land’s shift of
focus into growing its Indonesian palm oil plantation operations and smallish
property development ventures, the net cash value post distribution may serve
as a cash buffer for future operations and should you choose to hold on to the
shares.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<br />
<span style="font-size: small;"><span style="font-family: inherit;"><span style="line-height: 115%;"> </span></span></span><br />
<span style="font-size: small;"><span style="font-family: inherit;"><span style="line-height: 115%;">Disclosure as at time of publication: Long
Golden Land Berhad.</span></span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-40369214996521258762016-02-22T04:02:00.001-08:002016-02-22T04:02:14.746-08:00KAF Seagroatt-Campbell: Risk Arbitrage or Reverse Risk Arbitrage?<!--[if gte mso 9]><xml>
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KAF Seagroatt & Campbell Bhd (KAF) (Stock Code 5096)
listed on Bursa Malaysia has an impending corporate action where 76.74% of the
listed entity shares will be acquired by KAF Investment Bank Berhad (KAF IB).
Upon completion of the share sale agreement with KAF IB fully owning 76.74% of
KAF shares, a mandatory general offer (MGO) will be triggered which gives other
KAF shareholders an option to sell back your shares to KAF IB at a price of
RM2.70 per share.</div>
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Based on the current ask price of RM2.51 per share (where
shares can be bought immediately from a willing seller/sellers), there is a
potential risk arbitrage gains of 7.5% in less than a year. However, this is
subject to share sale conditions being fulfilled which will result in KAF IB
gaining ownership of 76.74% equity interest in KAF.</div>
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<br /></div>
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As at 22 February 2016, the share sale conditions have not
been fulfilled, after several announcement to extend the period of fulfillment
of the conditions, hence delaying the trigger of MGO. On 22 Feb 2016 itself, a
3<sup>rd</sup> announcement was made to Bursa that the period for fulfillment
will be extended for another 3 months (90 days). The discount between the share
price and MGO offer price has also widened since the announcement of the offer,
hence giving market onlookers looking for risk arbitrage a chance of profit
should they be confident in their assessment of the conditions successfully
fulfilled and paving way for an MGO.</div>
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<br /></div>
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The final hurdles (share sale conditions) going against the
deal may be the regulator’s stamp of approval, namely Bank Negara approval for
KAFIB to purchase a securities broker KAF and Securities Commission approval on
any change in shareholdings in the listed entity KAF. Should these 2 conditions
fail to pass, there may be temporary roadblock to the MGO.</div>
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<br /></div>
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Final thoughts:</div>
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<br /></div>
<div class="MsoNormal">
Pros: Potential attractive risk arbitrage returns of 7.5% in
less than a year.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Continued delay in fulfillment of share sale
conditions, lockup of excess cash in this risk arbitrage deal, total
cancellation of share sale agreement and MGO, resulting in share price plunge
below current levels.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Disclosure: None.</div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: inherit;">
<span style="font-size: small;"><span style="line-height: 115%;">Side note: The continued delay highlights one of
the key <b>risks</b> for those looking to profit through risk arbitrages deals
involving listed securities. Excess cash may be lock up for longer than
expected periods, or you may be forced to cut loss for a better investment
opportunity. For those looking to spice up their returns using share margin
financing, your interest cost on borrowed funds will be ticking up as the days
and months goes by, hence reducing the profit margins.</span></span></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com2tag:blogger.com,1999:blog-929621787846523667.post-52187365029841707852016-02-19T22:27:00.001-08:002016-02-20T01:22:51.183-08:00Reach Energy: Potential Risk Arbitrage?<!--[if gte mso 9]><xml>
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<div class="MsoNormal">
Reach Energy (Stock Code 5256) listed on Bursa Malaysia is a
Special Purpose Acquisition Company (SPAC). In short, SPAC is a shell company,
where funds are being raised from public shareholders via IPO and they are required
to identify eligible companies (oil and gas sector companies for the case of
Reach) for acquisition within 3 years from date of listing. The funds raised
are placed in an interest bearing Trust account.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Reach Energy was listed on 15 August 2014, and it has about
1 year and 6 months left for identifying a target for acquisition. Should it
fail to acquire any business as defined in the Prospectus, the funds raised
will be returned to shareholders. In the event cash is to be returned in full
to shareholders at the end of the 3 year timeframe, shareholders stand to
receive a minimum amount of RM0.71 cash per share or up to a maximum (more or less
depending on the interest rate and related expenses) of RM0.775 cash per share, assuming cash placed
in the Trust account deposit has a interest of 3% p.a. Moreover, shareholders
can choose to vote against any acquisition and full cash will be refunded to
the shareholder, irregardless of the acquisition deal going through if the
majority supports the acquisition. </div>
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<br /></div>
<div class="MsoNormal">
There are 2 scenarios as explained below in which Reach
could be a potential risk arbitrage play with decent annualised return (after
brokerage expenses):</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Scenario 1:</b> Reach
fails to acquire any qualified business. Cash is duly returned at the end of
the 3 year timeframe (expected to be August 2017). Should you enter Reach now
(19 Feb 2016) at RM0.655 per share, you stand to receive RM0.71 to RM0.775 per
share, which gives you an effective return of 8.4% to 18.4% in 1.5 years.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Scenario 2:</b> Reach
tables a qualifying acquisition and you vote against the Resolution. Assuming
EGM is called at exactly the end of the 3 year timeframe, should you enter
Reach now (19 Feb 2016) at RM0.655 per share, you stand to receive RM0.71 to
RM0.775 per share, which gives you an effective return of 8.4% to 18.4% in 1.5
years. The returns would vary depending on the final cash balance in the Trust
Account. A minimum return of 8.4%is conservatively estimated.</div>
<div class="MsoNormal">
<br /></div>
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Should you choose to vote in favour for the acquisition, Reach Energy
shares in your hands will no longer be a valid risk arbitrage play.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Final thoughts:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Decent minimum high single digit annual returns on
excess cash in hand.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Lockup of excess cash, delay of qualifying acquisition
to beyond the 3 year timeframe, Lower than expected returns of 8.4% in 1.5 years.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Further information regarding Reach and SPAC in general could
be found at: http://reachenergy.listedcompany.com/spac.html</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<div class="MsoNormal">
<br /></div>
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Disclosure: None. </div>
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CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-8104961808321443702016-02-18T18:38:00.000-08:002016-02-18T18:38:42.922-08:00Hwang Capital: Potential bumper dividend round 2?<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
Since the sale of its investment banking and brokerage arm
to Affin, Hwang Capital (Stock Code 6688) quoted on the Bursa Malaysia stock
exchange has been a cash rich company since. From the latest quarterly
financials announcement for quarter ended 31 October 2015, Hwang held liquid
readily convertible into cash available for sale securities amounting to
RM436million (~RM1.7 per share) Note that RM250million (approximately RM0.98
per share) has been earmarked for potential acquisition of new business and Hwang
has up to 7 April 2016 to announce on its proposed new acquisition should it
had identified (if any). </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Shareholders may be in for a surprise bumper dividend of at
least RM0.98 per share should management decide to return the excess cash for
failing to identify any target acquisition.</div>
<div class="MsoNormal">
Based on the current market value of its share price of
RM2.38 (last closing as at 18 February 2016), market is implying a valuation of
0.5 based on the P/B (Price to book) ratio of its moneylending consumer
financing business and P/E (Price to earnings ratio assuming annualized EPS of
RM0.14) ratio of 4.7 which may seem fair for a small scale money lending
business with total loan book of RM369million.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The latest gross interest margin on its loan book is
approximately 10%. Assuming a 50% impairment to its loan book (which is a
pretty bad case but not entirely impossible for the unsecured consumer
financing business space), the liquidation value of Hwang Capital still stands
at around RM2.40 per share, which is around its current share price. This may
indicate a fair margin of safety. Note that Hwang does not have any significant
financial liabilities. It had also recently declared a decent dividend
amounting to RM0.10 per share which translates into a 4% dividend yield.</div>
<div class="MsoNormal">
Share price has been on an uptrend since mid-2014, gradually
increasing in price since. Could the price increase be in anticipation of a
pending corporate action involving another round of bumper dividends from its
reserves? </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Final thoughts:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pros: Potential unlocking of share value via dividend
distribution catalyst, acquisition of earning accretive business, decent margin
of safety via annual dividend distribution and liquid asset backing</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Cons: Extension of timeline for new acquisition of business
thus delay in full realization of share value/narrowing of discount to NTA,
Management hoarding cash (low probability), acquisition of value destroying
business.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Note: This is not an investment advice. Buy and sell any
securities at your own risk.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Disclosure: None. </div>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"></span>CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0tag:blogger.com,1999:blog-929621787846523667.post-43837947729431639532016-02-18T04:42:00.000-08:002016-02-18T04:43:08.893-08:00MAA: Something brewing?On 16 June 2015, MAA Group Bhd (Stock Code 1198) announced on Bursa Malaysia that Bank Negara had given the green light for MAA to commence negotiations with Zurich Insurance Company Ltd for the disposal of 75% stake held in MAA Takaful Bhd.<br />
<br />
MAA has been classified as a PN17 company since the sale of its insurance arm to Zurich. On its monthly announcement regarding its status as a PN17 company, MAA has sought extension from Bursa Malaysia to draft out a regularisation plan in order to remove itself from the PN17 classification. Since disposing its core conventional insurance arm, there has been some corporate action namely MAA Group disposing its non core subsidiaries which were not financially significant to the Group. MAA Takaful has not been a consistent profit generator for the MAA Group and it could be management's plans to rid itself from the PN17 classification at the same time free itself from the massive capital required to sustain a Takaful operations by putting up the Takaful arm for sale. It has been commented by the Chairman himself of the huge capital base and resources required to compete in the Takaful sector. (http://www.thesundaily.my/news/857707).<br />
<br />
On its latest announcement dated 30 November 2015 regarding the sale, an application was submitted to Bank Negara to enter into an agreement by MAA Group and Solidarity (holder of 25% stake in MAA Takaful Bhd) with Zurich. It could be that pricing negotiations has been done or semi completed and an agreement could be announced soon once BNM has given the 2nd green light.<br />
<br />
Could there be potential of a risk arbitrage situation where post disposal of the stake in MAA Takaful, MAA Group may be a cash rich company with cash levels above its current market capitalisation?<br />
<br />
Note that MAA has been actively buying back its shares in the open market. Based on the company announcement dated 1 December 2015, it has cancelled all its treasury shares previously accumulated (11.6 million shares in total) via share buybacks from the open market. Could this be a sign of full liquidation of and delisting via a payout to shareholders of MAA Group? Nevertheless, share price of MAA has experienced a surge since December 2015 with a current closing of RM0.945.<br />
<br />
A sign of undervaluation could be inferred from the continuation of the Company's last 3 buybacks (dated 16, 17 and 18 Feb respectively) of approximately 1 million shares at a price range of RM0.94. Currenct market price as at 18 February 2016 stood at RM0.945.<br />
<br />
Final thoughts:<br />
<br />
Pros: Management aggressive buybacks. Favourable valuation obtained for sale of MAA Takaful and management unlocking share value via distributions.<br />
<br />
Cons. Unfavourable valuation obtained for sale of MAA Takaful, management hoarding cash or deploy in value destroying new core business. <br />
<br />
Note: This is not an investment advice. Buy and sell any securities at your own risk.<br />
<br />
Disclosure: Long MAA Group Bhd.<br />
<br />
<br />
<br />
<br />CH Chanhttp://www.blogger.com/profile/10359253584854504846noreply@blogger.com0