i hold some mulpha shares, if i wanna let them to buy back their shares , then how ? how should i inform them i willing to sell my shares to them ?

Wondering to buy Mulpha warrant instead.
When is the maturity date, and at the current price (0.140) is it a good buy?

actually it's not a good bargain for the warrant. But who's know if ppl goreng. Their mother share looks more stable. (If North Korea Don't Attack)

May i know why you said that? because at the current price, it will be cheaper to exercise the warrant to get mothershare, dun you think?

I used to hold the warrant sold at 0.155 .. last few weeks

here is the link for the warrant expiration date and conversion rate to mother share

http://forum.lowyat.net/index.php?act=Atta...=post&id=943484

Feed you some facts to thrill all the followers here (somebody researched on this co in 2007 ) :-

"Overview

Mulpha International Berhad is a diversified conglomerate, listed since 1983, with operations and investments in Malaysia, Vietnam, Singapore, China, Hong Kong and Australia.

Australia - mainly property, hotel and car park operation.
Hong Kong and China - trading and rental of construction equipments, and manufacturing of paints.
Malaysia - property development and ownership, and general trading.
Singapore - trading and rental of construction equipments.
Vietnam - service apartments ownership and operation.

Statistics

Price at 22nd Oct 2007 = RM1.39
Shares outstanding = 1,254,971,579
Market Cap = 1.744B
Net Assets per share as of Quarterly Report on 31st May 2007 = RM1.92

Results for the past 5 years

Group Results 2006 RM‘000 2005 RM’000 2004 RM’000 2003 RM’000 2002 RM’000
Profit before taxation 55,734 368,953 95,089 105,915 38,527
Taxation 2,592 (67,913) (12,817) (37,492) (36,855)
Profit after taxation 58,326 301,040 82,218 68,423 1,672
Minority Interest (3,681) (6,644) (6,808) 8,760 (8,992)
Net Profit/ (loss) 54,645 294,396 75,410 77,183 (3,320)
EPS (sen) 4.58 23.59 6.01 5.85 (0.54)
NTA Per Share (RM) 1.80 1.59 1.35 1.26 1.00

I personally do not recommend reading too much into Mulpha's profits history. The group focuses on net tangible assets (NTA) as the key performance indicator, and their 5 years results has plenty of one-time transactional gains, most notably in 2005, when they sold 49.9% of Norwest Business Park for RM379.4M. That contributed to a whopping RM197.814M in profits for 2005.

Pros
Based on my calculations, Mulpha is currently greatly undervalued, no thanks to the limited disclosures and news flow from management.

Basis of calculation; I calculate the value of net current assets, and quoted shares that are held as investments, with total disregard to subsidiaries that accounts are consolidated into the Group's financial results. This means that FKP Limited (11.8% stake), and Mudajaya (23% stake), which does not contribute to Mulpha Int's earnings are calculated based on their market value. Mulpha Land (53% stake) and Greenfield Chemical (75% stake), are considered subsdiaries.

Working capital (Current assets - current liabilities) = RM625.524M/ RM0.50 per share
FKP Shares (Aud6.95)= RM559.304M/RM0.45 per share
Mudajaya Shares (RM3.58)= RM110.98M/RM0.09 per share

This means the market is currently valueing the remaining businesses of Mulpha Int at RM448.192m or 36 cents per share.

This consist of;

Australian Property Assets
Northwest Business Park (50.1% stake)
Sanctuary Cove
Bimbadgen Estate Vines
Cathedral Street Carpark
Salzburg Apartments
Hotels:
Inter-Continental Sydney
Hyatt-Regency Sanctuary Cove
Hayman Island
Melbourne Airport Hotel
Malaysian Property Assets
Leisure Farm Resort, Nusajaya, Johor
Bandar Seri Ehsan, Sepang
Bukit Panchor, Nibong Tebal, Penang
Taman Desa Aman, Kulim, Kedah
Seksyen 16, Petaling Jaya (land)
Jalan Sultan Ismail, KL (land)
Hong Kong and China
Greenfield Chemical Holdings
Vietnam Assets
Indochine Park Tower

To show you how cheap the 36 cents per share valuation is; i would like to point out;
i) Greenfield Chemical Holdings, based on its current share price of HKD4.74/share is worth RM386.851/ RM0.31 per share to Mulpha Int
ii) The remaining 50.1% of Norwest Businesspark owned by Mulpha Int should be worth at least Rm379.4m, if not more, which is the amount paid by FKP to acquire 49.9% of Norwest. Thats RM0.30 per share.
iii) The proposed RM148M sales of Leisure Farm Resort (inclusive of debt) would yield RM0.12 per share to Mulpha Int. The transaction had been blocked by Securities Commision.

Unfortunately, these calculations would not be fair as Greenfield and Norwest are consolidated subsidiaries. Just like all other assets stated earlier; we should value them based on earnings. However, these examples show how Mulpha can easily earn more than 36 cents per share by divesting some of its assets.

Currently, Mulpha International is controlled by the Lee family (about 38% stake), but 2 Australian funds have emerged as substantial shareholders in the past year. McKenzie Cundill has 100M shares (8% stake), and Mercury Real Estate has 68.688M shares (5.5% stake). This is most likely because of Mulpha International's deep assets portfolio in Australia.

Cons
Strip out the extraordinary gains from one-off transactions, and you will see paltry earnings. For those that are seeking stocks that provide predictable and steady profits, stay away. This is a long term play. Value in Mulpha will only be unlocked by deconsolidation of it's subsidiaries.

Currently, market sentiments are generally poor on property counters. In my personal opinion, Mulpha International's price is unlikely to appreciate until sentiments turn better.

Conclusion
Buy; at the current price of RM1.39, its a good opportunity to accumulate. I'm not able to propose a target price as I've no means to evaluate the entire assets portfolio of Mulpha International, but we can refer to the net asset price of RM1.92, which I believe is the best indicator of Mulpha's value. "

Be confident to HOLD ON !!!

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Added on June 16, 2009, 6:03 pm"as Mulpha has a sizable working capital, and owns certain investments that do not contribute to its' earnings, its not fair to factor in the whole RM1.39 when calculating P/E. Both FKP (11.8% owned) and Mudajaya (23% owned), are not subsidiaries. Please note that I do not attempt to value subsidiaries/properties that are consolidated into Mulpha International's group results. Both FKP and Mudajaya can easily be disposed into the open market today for cash.

Working capital (Current assets - current liabilities) = RM625.524M/ RM0.50 per share
FKP Shares (Aud6.95)= RM559.304M/RM0.45 per share
Mudajaya Shares (RM3.58)= RM110.98M/RM0.09 per share

This means the market is currently valueing the remaining businesses of Mulpha Int at RM448.192m or 36 cents per share.

For the EPS of RM0.07 that you mentioned, this would be a P/E of 5x only.

Perhaps you would ask; why are Mulpha holding on to investments that are not contributing to the bottom line? Well, both FKP and Mudajaya's share prices have doubled up since Mulpha invested. These figures won't appear in Mulpha's balance sheet as value of investments are based on cost price.

It's very normal to strip out the net current assets + quoted investments to find the real value in holding companies. For Mulpha, everytime they deconsolidate a particular investment, earnings will definitely reduce because of dilution in earnings. For example, Norwest was contributing RM45M in profits in 2005. That figure is diluted after 49.9% of Norwest was sold to FKP. The same will happen if Leisure Farm Resort is sold to Mulpha Land. Mulpha International owns 53% of Mulpha Land, so they will only be able to write half of LFR's future profits into their books. In return however, the get cash (in LFR's case, warrants).

On whether their debts are high, I will use the debt-to-equity measurement.

Total liabilities / Total shareholders equities = RM1,306,061/ RM2,534,497 = 0.515

I did not check other property counters, but I would say that overall anything less than 1.0 is considered very healthy.

Would like to add on here that, management is doing a good job of buying back shares. In April 2007, they had bought back up to 75.415M shares, which were than sold at a price of RM1.93 (almost at the peak of this year's price) to foreign institutional investors. Prior to that, they had enhanced shareholder value by cancelling shares. As of today, they had bought back another 27.199M shares, kept as treasury shares."


This post has been edited by KucingSpy: Jun 16 2009, 06:03 PM

hi...anyone attend the AGM tomolo??

i can't go tomorrow. Anyone going please vote yes for me if they want to buy back shares. TQ.

Hi hi....any expert could give some comment on tis counter?? any update info frm the AGM??

This counter seems lucrative ... It's time to buy in and reserve ...

Mulpha needs to subscribe to FKP rights issues. Any share buy back will be tepid, if any.

Let me put here what I wrote elsewhere:

HISTORY

1) Lee Seng Huang is the youngest son of Lee Ming Tee. Lee Senior was jailed in HK for 1 year in 2004 for submission of false financials in a private placement in 1993.
2) Lee Senior was a MCA guy who grew rich from nowhere long ago I think in 1980s. I heard he escaped from Msia to Australia, quickly amassing strategic properties there, and suddenly emerging as tycoon. He began to rub shoulder with the rich and famous. What Mulpha now owns in Australia is the result of his efforts in those days.
3) Laws finally caught up with Lee Senior in HK in 2004. Ever since, he began to lie low and started to let his sons take over prominent role, with him being the mastermind in the background.
4) I have a friend who knows the Lee family personally. The reason why the baton was passed to this Lee Seng Huang, though very young at 34, is that the first son is not dependable.
5) In HK, Lee family is still active and quite successful in money-lending biz under Sun Hung Kai Ltd, which is not the same as the other Sun Hung Kai Property Ltd. These 2 companies have same-sounding names but are controlled by 2 different families. Lee family's is much smaller than the SHK Property who is owned by 'Asia Warrent Buffet'.

If you notice, no or not much coverage is done on Mulpha by analysts. The fact that it is controlled by Lee Sr from behind the scene could be a main factor. But Mulpha also has a big public float, and the interest among retail is strong who does not care much about background.

PERFORMANCE

On market price, Mulpha's price is low now as weak economic conditions mean Mulpha projects needing continual deferment for new projects, and current hotels, car park and resorts struggling to return a healthy profits.

What is needed for Mulpha to move towards 80 to 90sen is more clarity on Msian economy, and in particular whether Iskandar will receive its fair share or more than fair share of government stimulus.

Aussie dollar rebounding means higher contribution to net profits only if Aussie operation is profitable. I think Lee Jr said Mulpha's aim is to maintain profitability at operating profit level, leaving out financial expenses. If Mulpha Australia sustains loss after tax (ie after financial expenses) in Australia, a stronger Aussia is a bad thing in terms of operating performance.

A stronger Aussia however does sth good in that Mulpha will register foregin exchange translation gain when it consolidates Aussia subsidiaries.

FAIR VALUE OF ASSETS

Properties are not cyclical, so the fluctuation is not as big as oil counter. However, through an economic cycle, the perceived or market value of properties may move up or down by 100% or so, not 200% or 300% especially in mature market in Aussie.

Operating efficiencies therefore become key for Australia operation. If you can operate it profitably, the chances are you can fetch higher price when you want to sell it. Market recovery will help Mulpha back to profitabillity.

On Iskandar, if executed well, it can shine and Mulpha can launch those RM3 million houses successfully. Or else, it will be deferred again and again. The wait causes the share price to be stagnant.

MARKET PRICE

The most expensive counter in terms of intrinsic value, or the negative of it, is MULPHA-WA, at any price. It is vastly out of money. Holding on to it is like holding a a roll of paper with fire coming from the other end, approaching your hand. Even if the mother share reaches RM1.50 when the WA expires mid next year, WA is still valueless.

In contrast, the mother shares at 56 sen is a good discount to the long-term value of Mulpha's collection of assets. Depending on how the economy fares in coming months and years, the share price will move in tandem.

If you buy now, you may miss out on buying it at panic-selling prices if it ever happened. I personally do not think the low of sub-30sen will be reached again. If economy continue to improve, though modestly, it does not make sense for it to dip below 50 sen.

Given the gradual recovery in global economy, my target price for Mulpha is
80 to 90 sen by 09 end. In 2007. Mulpha shot up because it was aggressive buying properties. Mulpha is doing the same thing but in a less positive way as it is merely subscribing to rights issue of its Ausssi associates and sub-underwrite it. Mudajaya, another associated company, is reported to be doing well too in power-generation biz.

Mulpha's NTA of 1.70 is the result of good results since 2004 or 2005. A few bad years can in the same way drive down the NTA back to RM1.00 via operating and provision for diminution in investment value. But with economy recovering, the market price of will move up. To move beyond RM1.00, you need great news on acquisition, Iskandar, disposal at high profits. Assets are stated at book value by Mulpha which should be lower than their market value even in this depressed property market, so I expect all disposal to be at reasonably good profits.

My target price for 2010 for Mulpha is RM1.30 to RM1.40.

mulpha is clsoing low.. it's time to buy.... and mulpha-wa is really cheap ... any idea?

I'm holding mulpha at 0.615. Anyone hold higher than me ? i don't think so. Sigh ....

Mulpha warrant is not worth to buy now.. but if it get down to 0.05 , can consider to buy..

I will prefer to buy Mulpha mother share at below 0.4-0.5 price range

This post has been edited by MoonRider: Jul 4 2009, 11:56 PM

i am still sitting on my chunk of Mulpha shares for some time now waiting for it to shine. Its not shining fast enough dammit.

I just wonder, its there anyone manipulating Mulpha, there is always a large selling & buying bid at 3rd to 5th.

Mulpha owns 23.5% Mudajaya.

http://todayfinancialworld.blogspot.com

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Added on August 18, 2009, 12:10 amMulpha is proposing 2 calls right issue at indicative price of RM0.50 (anyway cant less than par) with possible ex price 5 d VWAP (for example 5d avg 0.56 , ex price =( 0.56 + 0.3 )/2 = 0.43

subscriber to fork out 0.3 to subscribe for a share with 0.2 sponsored from share premium account.

post right issue, warrant excersie price proly adjusted to 1.17

anyone has any idea warrant will be adjusted to what price ?

This post has been edited by alfredfx: Aug 18 2009, 12:10 AM

Mulpha is proposing 2 calls right issue at indicative price of RM0.50 (anyway cant less than par) with possible ex price 5 d VWAP (for example 5d avg 0.56 , ex price =( 0.56 + 0.3 )/2 = 0.43

subscriber to fork out 0.3 to subscribe for a share with 0.2 sponsored from share premium account.

post right issue, warrant excersie price proly adjusted to 1.17

anyone has any idea warrant will be adjusted to what price ?

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Added on August 18, 2009, 12:15 amhttp://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/48256E5D00102DF548257612003190D8?OpenDocument

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Added on August 18, 2009, 12:15 amhttp://announcements.bursamalaysia.com/EDM...D8?OpenDocument

This post has been edited by alfredfx: Aug 18 2009, 12:15 AM

Seems like a good deal (this rights issue), right?
As for the warrant adjustment, there will be an anouncement later on channges of Exercise ratio and Exercise price.

How come the price drop?