It does attract bad publicity though.

People rushed ( conned ) to buy the shoplots would avoid Ivory.

Then the whole market knows.

AS I say current results are still good, future could be a problem.

You dare to buy their shop lots with empty promises ?

Sori to put u down

This post has been edited by SKY 1809: May 14 2011, 12:45 PM

Not only commercial property...but I guess you've got the drift.

More over the original owners are no more in charge. It is a different teams all together.

This post has been edited by DarkNite: May 14 2011, 12:46 PM

Haha no worries man!

In fact, appreciate your opinion here, giving me different insights on Ivory!

Btw, the situation is not that bad, it is improving! Let's wait for its quarter result

I Penang lang, must support suport a bit.. haha just joking

Thanks for sharing.

I always avoid those co going for listing and the main purpose is to allow the major shareholders the chance to wash their hands.

Kinda water fish if I invest into them,

Regards

This post has been edited by SKY 1809: May 14 2011, 01:13 PM

[quote=Larrylow,May 14 2011, 10:55 AM]
"

Ya I agree with you that it is quite risky to buy shares basing on historic PE, without knowing the future prospect of a company or the industry per se.

Sometimes back some rubber glove stocks had very good historical PE and investors just jumped on board, though the threats from the oversupply of gloves and high material costs were on the horizon ( at that time )

It looks very suspicious to me too that this company is still trading around IPO price almost one year after listing, though the property market is doing extremely well.
There is always a mass dilution of shares from the IPO, and hence the company profit must go up to make it attractive.

But this company is earning 22sen eps over Price of rm one , sounds attractive.

What actually went wrong

[/quote]

If you found out, please share here!

Are you holding this counter? I am holding a substantial amount of Ivory... and I have faith in this counter, just a matter of timing!

Btw, I am quite confused over your saying, "But this company is earning 22sen eps over Price of rm one , sounds attractive." What is the logic behind, if that is the case, then Tambun is even more attractive! 98sen eps over at the price of less than RM 1.00. Thanks for your explaination!

[/quote]

Exactly. Penang Times Square deplorable state has led many fund managers to question the future direction of the company. I know one that just schedule a conference call with management. Ivory is not Berjaya which is in much stronger posisition to absorb thier white elephant. It has very little cash and more than RM100 mil of loan obligations. What is more distrubing is that some people(mostly from Penang) have claimed that their presentations and prospectus may not concur with reality. They claimed that some figures looked too good to be true considering what they have seen. I sincerely hope that is not the case as this is the last thing Bursa needs

[quote=taxpayer,May 14 2011, 04:01 PM]
If you found out, please share here!

Are you holding this counter? I am holding a substantial amount of Ivory... and I have faith in this counter, just a matter of timing!

Btw, I am quite confused over your saying, "But this company is earning 22sen eps over Price of rm one , sounds attractive." What is the logic behind, if that is the case, then Tambun is even more attractive! 98sen eps over at the price of less than RM 1.00. Thanks for your explaination!

[/quote]

Exactly. Penang Times Square deplorable state has led many fund managers to question the future direction of the company. I know one that just schedule a conference call with management. Ivory is not Berjaya which is in much stronger posisition to absorb thier white elephant. It has very little cash and more than RM100 mil of loan obligations. What is more distrubing is that some people(mostly from Penang) have claimed that their presentations and prospectus may not concur with reality. They claimed that some figures looked too good to be true considering what they have seen. I sincerely hope that is not the case as this is the last thing Bursa needs

[/quote]

Thanks for sharing.

Basically I am from Selangor but love Penang property stocks like E & O and Tambun.

Really do not have much chance to travel to Penang to have a closer look at these properties.

So any updates from u is very much appreciated

[quote=SKY 1809,May 14 2011, 04:33 PM]
Exactly. Penang Times Square deplorable state has led many fund managers to question the future direction of the company. I know one that just schedule a conference call with management. Ivory is not Berjaya which is in much stronger posisition to absorb thier white elephant. It has very little cash and more than RM100 mil of loan obligations. What is more distrubing is that some people(mostly from Penang) have claimed that their presentations and prospectus may not concur with reality. They claimed that some figures looked too good to be true considering what they have seen. I sincerely hope that is not the case as this is the last thing Bursa needs

[/quote]

Thanks for sharing.

Basically I am from Selangor but love Penang property stocks like E & O and Tambun.

Really do not have much chance to travel to Penang to have a closer look at these properties.

So any updates from u is very much appreciated

[/quote]
You are most welcomed. I am from Penang but I also happened to work in KL and some fund managers did express their concern to me while I was there. They did tell me another fact which I dont particularly like to hear. Their application for IPO had been rejected by Bursa at least twice and was also quried numerous times. I cannot independently verify this but there were also numerous objections lodged againt their IPO and some of the allegations raised apprently sounded quite alarming.

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Added on May 18, 2011, 1:07 pmThe stock keep hitting new lows day after day. I think I can definently smell something for sure now

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Added on May 28, 2011, 9:40 amWell This company is definently in mortal danger. Cash flow is negative to the tune of 17mil. They only have 7 mil of cash and only 2 mil nett if you take out the 5 mil in overdraft. A listed developer cannot sustain for too long with that kind of cash. It is unacceptable. The company would have gone bust if they did not drawn down a 27 mil loan facility in that quarter. I guess they can keep drawing down their facility if the banks will contitnue giving them free lunches. All loan facility have covenants that companies must comply though such as min EBITDA etc. Their revenue plummted almost 60% to 20 mil and the profit that they reported can only be attributed to creative accounting as the operational cash flow is negative. For example, they can simply ask their supplier or contractors to defer the date of their invoices and those "cost of goods sold" will not be recognized.



Sell. TP 0.50

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Added on May 30, 2011, 7:45 pmWell This company is definently in mortal danger. Cash flow is negative to the tune of 17mil. They only have 7 mil of cash and only 2 mil nett if you take out the 5 mil in overdraft. A listed developer cannot sustain for too long with that kind of cash. It is unacceptable. The company would have gone bust if they did not drawn down a 27 mil loan facility in that quarter. I guess they can keep drawing down their facility if the banks will contitnue giving them free lunches. All loan facility have covenants that companies must comply though such as min EBITDA etc. Their revenue plummted almost 60% to 20 mil and the profit that they reported can only be attributed to creative accounting as the operational cash flow is negative. For example, they can simply ask their supplier or contractors to defer the date of their invoices and those "cost of goods sold" will not be recognized.



Sell. TP 0.50



This post has been edited by taxpayer: May 30 2011, 07:45 PM

cut loss. bad company.... dishonest pre-IPO accounts.. never trust the management of this co.

1q got nett profit but drop 40%

Lower and lower..

obviously people is cutting loss.

another jcy in making ... tp could be 0.6++ ... like LBS

Failed counter..

Out of my radar...

I almost bought at 1.3x during IPO day!

Good thing I bought and sold at 1.0x that time.. With minimal profits

Important is profit regardless it is big or small.

Who still holding this counter will soon jump off building as it continue to go south...So better run now or you will be caught for a loooooonnnng time..

Sounds like my prior warning is not a personal vendetta against the management after all. The pre IPO forecast by Ambank is complete and utter crap. This company is supposed to make 50 mil this year. It is valued based on that.It managed only 20 mil in REVENUE only this quarter. I think shareholders can consider themselves lucky if they can be profitable at all this year. I dont know how a developer can survive for long with 2 mil nett cash. Turnovers for developers can be in the millions every week due to the nature of the business. Ambank has one the most incompetent investment bank banks by the way and may be even be colluding with the management . Frankly speaking, I have already detected some serious inconsistencies in their pre IPO research report and one of my classmates working for an investment in Hong Kong and London agreed with me. I actually showed him the report



TP RM0.50

generous of you? sure boh?

Sorry I think I am being too generous. You are from Penang I supposed.I think it should be revised downwards. Ive heard that some people have priced in the worst case scenario, a scenario that no one wants to go . There are rumours circulating that they owe vendors millions. Looks as if the clock for the timebomb has started ticking. All it needs is a knock on the door by Bursa or a disgruntled vendor that decides to liquidate the company. Then it will be Tuk Tuk Tuk KABOOM.

TP RM0.20

Feel free to tell me if you think I am still too generous

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Added on June 3, 2011, 1:15 amI dont trust that figure. Someone here claimed that their Pre IPO account is dishonest and there is no reason for anyone to believe that the profit is genuine either. Try to take their books to a Goldman Sachs anaylst and see what they say.

This post has been edited by taxpayer: Jun 3 2011, 01:15 AM

posting wrong data to bursa is illegal 1 ...