Ok better reply. Cos I had to check my post last night for this.

But be worried only when relations become more strained. So far, the best possible news we can get out of it, is if the 5 countries involved with talks with Korea agree to let China take the lead.

Now N. Korea screaming for attention.
1. Kim Jong Il is sick, needs to prove that N. Korea is still here and everyone else better know it.
2. N Koreans are going hungry due to all the sanctions. Even with the 1953 treaty, US and everyone else except China have been pushing them too hard. That's why the lastest nuclear test is so extreme and that they say the 1953 treaty is over. Provocation ma. It's a call for attention towards their plight.

Risk/and signs to look out for
3. The line has been crossed. N. Korea sees no end to their plight ang go ahead with destruction. After all, they are a cornered country with nothing to lose.
4. If US still wanna play hardball and do something stupid.

No N. Korea won't harm China unless they feel truly betray by China. Their first point of attack will be S. Korea via land forces and Nuclear Strike towards Hawaii or American base in Japan?

This post has been edited by omores: May 28 2009, 04:27 PM

I'm worried genting and resort might not be the one purchasing MGM. The recent shares transaction (sell) by Uncle Lim is v dodgy. I could nt sleep all evening and night thinking about it.

Please refer to http://forum.lowyat.net/topic/610474/+1100

This is just my theory. I could be very wrong. Also today the edge published roughly the same tots as mine, by this guy called Ang Kok Heng, who is chief investment officer at Phillip Capital Management, who wrote in Bloomberg "It's not easy for Genting or Resorts to take over MGM Mirage's venture in Macau because of their investment in Singapore. The Singapore Government may not agree, so the family has to come in on their own."

I've changed my entry price for genting and resorts following the date before the announcement of the credit note to MGM by Genting and Resorts, as I believe a lot of ppl speculated on this share hoping for the acquisition. If Uncle Lim really underhandedly buys MGM privately, I know the share price will jump off a cliff.

Again, I and Mr Ang Kok Heng could be wrong.

Yes. Thats why I still want to buy. But I don't dare incase I can buy it cheaper. If I'm wrong I lose the opportunity on this two boats. But there are other boats to take.

Also, if I'm wrong and either genting or resorts did buy up the 50% oso:
1. Cash gone, lower NAV
2. Higher gearing, more interest
3. Operation costs balloons up, need to combine cost of two new casinos, marketing etc.
4. Need time to make profitable

No rush for me to buy. But its my opinion...

Yuppers. The 3B never go up for long time dee.

Hahaha, YTL even bigger war chest. Last year it was 15billion, then they got the property in Singapore, lowered to 11billion. I don't know whats they latest. But very impressive war chest.

Master Cherroy, do you know about the Taiwan casino Resorts was tendering for? I read about this in Jan. But no updates or news till now?

Its going to be sooooo confusing for me. But good also la, show ppl that its all same company. But soooooo confusing for me. 'fraid next time if my tp reached, i buy wrong company. Hahaha.

Or I see Genting Malaysia (resorts) and think its Genting Bhd, sailang. hahahhaa.

This post has been edited by omores: May 28 2009, 05:01 PM

Wah somemore have to register to see one ka. BIG BROTHER is watching you.

Still ok on my side. Not too bad, thanks to Maybank being quite strong. All others red, but light red, even without being able to ave down. Shudnt have cancelled my TA buy order. Would have made my TA ave price at 1.016. Would be green for it.

Lucky I've made some profits beforehand. So in all, not losing money even with TM down.

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Added on May 28, 2009, 5:17 pmReally cannot? Wahhhhh linked to database one ka. Do you have enemies and you know their IC? Can put that in IP address can avoid by using anonymous proxy websites.

* now checking DAP site. Hahaha maybe they no respect, and publish in full there.

This post has been edited by omores: May 28 2009, 05:22 PM

Some updates on Malaysiakini.

Audit: PKFZ cost ballooned to RM7.5bil
May 28, 09 4:49pm
PKFZ audit report has shown that the project outlay has ballooned from RM1.957 billion to a staggering RM7.453 billion since the project inception in 2001.

According to the report prepared by PriceWaterhouse Coopers (PwC), the astronomical figure includes interest costs. Without interest, the project outlay stands at RM3.522 billion.

port klang free zone pkfz audit"The original estimated cost for the land purchase and development works in 2001 was RM1.957 billion... (the) project outlay has escalated to RM3.522 billion as at Dec 31, 2008.

"Interest cost of the deferred payments to KDSB (Kuala Dimensi Sdn Bhd) amounted to RM1.425 billion resulting in a total project outlay of RM4.947 billion.

"PKA (Port Klang Authority) was unable to fund its obligations to KDSB from its own resources when the first scheduled payment was due in 2007. PKA secured a 20-year soft loan of RM4.632 billion from MOF, of which RM4.382 billion is available for draw down.

"This loan would impose an additional interest cost of RM2.506 billion resulting in a total project outlay of RM7.453 billion," read the report that was released today.

Other highlights of the report:

1. The land was purchased by PKA at a price of RM25 psf on the basis that the land was of special value, through the Property Evaluation and Services Department had valued the land at RM10.16 psf in August 2001. add: This is a difference between buying the land at 1.808 million and a mere 442 million

2. The report noted several weaknesses in the governance and project management.

Add from the edge:
Contracts were entered into on the basis of estimated amounts and without detailed building plans. The development agreement DA3 was entered into based on an estimated amount of Rm1 billion and without detailed plans.
Development contracts totaling RM1.846 billion were all awarded to KDSB without competitive bids.
Entire project completed in two years, contrary to JAFZI/TSG Master plan which recommended mixed development strategy. The strategy was a single phase for infrastructure works and multiple phases over eight years for the light industrial units (which represented 42% of total construction cost of RM1 billion under the JAFZI/TSG Masterplan). As at Dec 31, 2008, only 77 units out of a total 512 units of the light industrial units were rented.

The report said that there had been failures to inform cabinet over several key decisions.


State Government checks and balances were bypassed:

Add from the edge:
For instance the agreements were not vetted by the Attorney General despite the significant amounts involved and PKA’s lack of experience in projects of this nature;.

Treasury guidelines on vetting of agreement by the Attorney General and approval of variation orders by MoF were not adhered to;

Letters of support, which could be construed as guarantees, were issued by the Minister of Transports without MoF approval; and

PKA did not adhere to MoF’s stipulation to issue government guaranteed bonds for the development of the project.

The PKA board, as an important statutory body, was expected to demonstrate good corporate governance.

PKA's apparent reliance on approvals by senior government offices such as the the Cabinet, Ministry of Transport and Prime Minister. While such approvals were important, the board still retained the overall responsibility to run PKA in a professional and sustainable manner. This would include the responsibilityto not enter into agreements which may threaten PKA's long-term financial viability.



Meanwhile, the report lamented that many important decisions were made without the PKA PKFZ board's oversight.

MACC report tomorrow

Speaking at a press conference to release the report, Port Klang Authority chairperson Lee Hwa Beng said that he will lodge a report with the Malaysian Anti-Corruption Agency tomorrow.

pkfz report lee hwa beng pc 280509Lee said that he was instructed to do so by Transport Minister Ong Tee Keat.

"The transport minister has instructed me to lodge a report with the MACC tomorrow morning at 8am," said Lee.

Lee said that the report was not aimed at anyone, and it was up to the MACC to act on the contents of the audit report.

This post has been edited by omores: May 28 2009, 05:49 PM

Ya me too. Time to put all my regrets at a rest if indeed tomorrow is black friday.

This post has been edited by omores: May 28 2009, 05:49 PM

Hahaha, its a word to describe a consistently good company. Any company can become good, but to stay good overtime? Tough.

I tot quarter of a billion? Shud check again. But no intention to buy... unless come goreng time. Even then, I scared to goreng Now way overpriced

Trading volume was low the last few days, today is record low for a few months already. Malaysian data not good. US will have more news on GM, and will be releasing unemployment figures.

GM and Chrysler having cut off biz with a huge amount of car dealerships will definitely cause unemployment figures to rise. After all the dealers will have no car to sell, especially those who only display either GM or Chrysler's cars. They will go out of biz unless they sign up with other car manufacturers. If they lose business, don't need so many employers.

Plus tomorrow is a friday.

Didn't resort shoot back up? How much is your ave price?

This post has been edited by omores: May 28 2009, 07:16 PM

Hehe maybe. Thats actually my worse case scenario, even tho i have a lot of stocks now. I;ll lose a lot of money on my derivatives, but then again I'll make back on my shares.

Right now, from the news i read, its no good. Really no good. Spider senses tingling.

-------------------------------------

Anyhow everyone, Adam just informed me that he had done some fancy complex calculation (don't ask me, I'm a simple person) and the very downside risk is 70%, which upside risk is 30%.

So still got hope for everyone, whether you have all shares, or no shares. . If you want to know the probability of up and low, you may stay up at night with me and read US news, look at DJIA, look at USD/Yen, etc and talk crap to keep each other up all night long.

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Added on May 28, 2009, 7:55 pmHmmmmm. You are not contra-ing right? Can average down lo tomorrow if you still have funds left. But wait a while first, don't sailang straight in the morning.

This post has been edited by omores: May 28 2009, 07:55 PM

1 lot guys are not that scary. For me now, what's scary is seeing my stocks go down the drain. And then after that, EPF and Khazanah cut my q when buying mega sale stocks...

This post has been edited by omores: May 28 2009, 08:07 PM

Sorry I dunno if this might make you lose some details but u can oso check from the star online. It'll list transactions by big shareholders who hold more than (5%) holdings.

This post has been edited by omores: May 28 2009, 08:11 PM

Haha congrats. Your first good company, real investment and didnt hear you say gamble, its ok, I'm putting only a little, can afford to lose.

I think u should frame this full purchase up. I'm not kidding

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Added on May 29, 2009, 12:17 amHaha you still think he's eating crow? I still think he's very pleased with himself because he 'staved off panic for one more day....'

hahahaha.

This post has been edited by omores: May 29 2009, 12:17 AM