[URL= http://mystockfolio.blogspot.com/2010/08/i...worth-look.html]My Webpage[/URL]
http://mystockfolio.blogspot.com/2010/08/i...worth-look.html

Ivory property listed on July in Bursa Malaysia. It has increase more than 20% since then. I think it is worth a look as it is one of the finest property stock listed in main board.

Look at its project developing http://www.ivory.com.my/

MOONLIGHT BAY (VILLA & CONDOVILLA), BATU FERRINGHI
HILLSIDE...HOMELY RETREATS

OVERVIEW

Moonlight Bay is conceived to become the ultimate retreat haven for those who seek the highest rewards in life.

All units will enjoy the security of tightly guarded fenced-in perimeter and share the generous facilities of the community clubhouse. The entire compound will be landscaped and maintained by a team of experienced professionals.

LOCATION

Batu Ferringhi, Penang.

PROJECT COMPONENT (CONDOMINIUM)

Villas

70 units of uniquely designed architecture masterpiece. The orientation of these 4-storey villas ensure every unit has the equal opportunity of the breathtaking sea view.

The gated community environment allows the gateless building design to create a unique lifestyle.

Condovilla

2 blocks of 5 storey luxury condominiums with 2 levels of basement car park are alternatives to the housing-scheme with large floor area.

FACILITIES

A clubhouse with comprehensive amenities such as water features, health facilities, green space, community hall, etc., will be available.

This luxury facility serves as an avenue for the residents to interact and enjoy their daily life.

Hill top garden with well equipped facilities like nature path, tree house, canopy walk, etc., will be a retreat for residents.

Tower links connect the clubhouse and the hill top garden. The series of linked elevators provide the residents an easy linkage between the facilities.

GDV

Approx. RM190 million

SCHEDULE

Compeletion Date - August 2010


WEBSITE

http://www.moonlightbay.com.my
----------------------------------------------------------
PENANG TIMES SQUARE, JALAN DATO' KERAMAT
THE PREMIER URBAN LIVING

OVERVIEW

Penang Times Square will be the first new age urban centre on Penang Island in the 21st century. It is conceived to be a contemporary of the best public squares all over the world but offering an urban experience unique to its locality.

LOCATION

Jalan Dato' Keramat, Georgetown, Penang.

DEVELOPMENT CONCEPT

iIt is based on an "urban village" in a city centre concept where it incorporates a diverse and comprehensive range of development that makes it a virtual self contained "village".

PROJECT COMPONENT

Phase 1 - Birch The Plaza


Condominium

Typical - 395 units

Duplex - 22 units

Shopping Complex

Retail Lots - 179 units


Phase 2 - Birch Regency


Condominium

Typical - 341 units

Penthouse - 18 units

Shopping Complex


Retail lots - 125 units

GDV

Approx. RM633.2 million

SCHEDULE

Phase 1 - Completion Date: 2008

Phase 2 - Scheduled to complete: 2010

Phase 3 - In the planning

Phase 4 - In the Planning


WEBSITE

Phase 2 - Birch Regency

Residential

Commercial
--------------------------------------------------------
10 ISLAND RESORT, BATU FERRINGHI
THE EPITOME OF LUXURY HILLSIDE LIVING IN A MODERN RESORT LIVING

OVERVIEW


Our outlook in life is inspired by our environment, a vision so important to our aspirations that is drawn from our physical environment. We hope Island Resort will inspire you as much as it has already did us.

A masterpiece of admiration with respect for the natural environment, this development is crystallized by creativity and vision, and crafted by proven expertise and skill.

Ivory Properties Group presents hillside living with a difference at Island Resort, Batu Ferringhi.

LOCATION


Located within the tourism enclave of Penang Island at Batu Ferringhi, Penang

PROJECT COMPONENT

Phase 1 - Private Recreational Club

Phase 2 - 10 Island Resort

Condominium - 266 units

Resort Villas - 15 units

Phase 3 - Bungalow

Phase 4 - 1 Island Resort


Condominium - 152 units

GDV

Approx. RM380.2 million

SCHEDULE

Phase 1 - Estimated to commence : 2009

Phase 2 - Estimated to commence : 2009

Phase 3 - Estimated to commence : 2011

Phase 4 - Estimated to commence : 2013

WEBSITE

http://www.islandresortpenang.com
-----------------------------------------------------------
THE PEAK RESIDENCES, MOUNT ERSKINE
EXTRAORDINARY HIGH RISE LIVING

LOCATION


Tanjung Tokong, a prestigious area of natural environment and appealing sea view.

DEVELOPMENT CONCEPT

IIt offers not only a new home, but a lifestyle with every amenity, amazing view and extraordinary high rise living. It is the most affordable lifestyle high end condominium at the Tanjong Tokong area. One of its exclusive features is a private garden that compliments every Garden, Executive and Penthouse suite.

PROJECT COMPONENT

Three blocks of 200 condominium units & 28 units of 2-storey commercial lots.

GDV

Approx. RM237.9 million

SCHEDULE

Estimated to commence : 2010

WEBSITE

http://www.thepeak.my
---------------------------------------
1 ISLAND RESORT, BATU FERRINGHI
THE EPITOME OF LUXURY HILLSIDE LIVING IN A MODERN RESORT LIVING

OVERVIEW


Our outlook in life is inspired by our environment, a vision so important to our aspirations that is drawn from our physical environment. We hope Island Resort will inspire you as much as it has already did us.

A masterpiece of admiration with respect for the natural environment, this development is crystallized by creativity and vision, and crafted by proven expertise and skill.

Ivory Properties Group presents hillside living with a difference at Island Resort, Batu Ferringhi.

LOCATION


Located within the tourism enclave of Penang Island at Batu Ferringhi, Penang

PROJECT COMPONENT

Phase 1 - Private Recreational Club

Phase 2 - 10 Island Resort

Condominium - 266 units

Resort Villas - 15 units

Phase 3 - Bungalow

Phase 4 - 1 Island Resort


Condominium - 152 units

GDV

Approx. RM380.2 million

SCHEDULE

Phase 1 - Estimated to commence : 2009

Phase 2 - Estimated to commence : 2009

Phase 3 - Estimated to commence : 2011

Phase 4 - Estimated to commence : 2013

WEBSITE

http://www.islandresortpenang.com
---------------------------------------------------
CITY MALL, TANJUNG TOKONG
A TOURIST THEME DESTINATION

LOCATION

The heart of Tanjung Tokong City, at Jalan Tanjung Tokong, one of the most important primary accesses of the island.

DEVELOPMENT CONCEPT

Condominiums perched above a shopping mall and retail outlets.

Almost 300,000 sq. ft. of shopping area enhanced with tropical style interior design appealing landscape elements, giant palm trees, and water features.

Open design to unsure good ventilation and natural lighting.

A Tourist Information Center a place where tourists can rest, dine, travel, and most importantly, to get any information on Penang Island.

PROJECT COMPONENT

Shopping mall, retail outlets, tourist information center, transportation hub and condominiums.

GDV

Approx. RM269.6 million

All these on going project has a GDV of RM2091million or 2.09billion
Most of these developments are located at penang, hopefully the company will expand their development in other part of our country such as Iskandar or even overseas.

Lets look at the news when it first listed:

KUALA LUMPUR: Penang-based Ivory Properties Group Bhd, which made a strong debut on the Main Market of Bursa Malaysia yesterday, hopes to expand its operations to Kuala Lumpur in the near future, said its chairman and group chief executive officer Datuk Low Eng Hock.

“Our company’s strength lies in enhancing land value and maximising its return. We have been doing this in Penang for the past 10 years, and hopefully with the success of this listing we may secure deals with landowners in Kuala Lumpur soon,” said Low.

The company posted a 15 sen premium over its offer price of RM1. Afternoon trade resulted in a high of RM1.35 before it closed 15 sen higher at RM1.30, with 51 million stocks changing hands. Ivory is the first property developer to be listed on the Main Market this year.

Low said Ivory Properties was looking to secure joint ventures with other property developers.

“We have been in joint venture deals with companies from Kuala Lumpur to develop property in Penang for the past 10 years. We are currently in talks with several companies to develop more townships as well as commercial condominiums,” added Low.

At present, the company has completed property development projects with a total gross development value (GDV) of about RM675.63mil. It has ongoing projects with a GDV of about RM834.08mil scheduled for completion within the next few years. The company also has future projects worth RM1.9bil.

Project director Murly Manokharan said the property market outlook was good at present.

“In recent months, the property market has looked good not just in Penang but in the whole of Malaysia. We have recently participated in The Star Property Fair and sales results were better compared to the past two years. I would say the (property) market is on an uptrend,” said Manokharan.

May i know whether this stock have set percentage of return to shareholders ?

Dun think so??But Ivory has lots of GDV on hand, enough for growth for next 2-3 years

do you know why sales drop more than 50% from 1Q2010, $54m to 25m in 2Q2010?

Ivory have dropped to IPO price and still going side ways......Getting prepared to go in....Have to watch out if it can go further down. I am still bullish on this stock..

Duplicate thread....
http://forum.lowyat.net/topic/1768939/+20

thinking of getting in as well but waiting for a good time... lol

Have u get any already?
It went up to 1.05 and 1.06 mid last week but then went downwards till now :/
Is it now a good time at 1.00?

Hello Rosdi, I checked before post and I found that the one that you posted at have a later date. That means the thread that you posted at is the duplicate one not this one

Ivory is bleeding. Now the share is going to be ripe for goreng!

Ohhh I see maybe Mr Moderator can help to merge the two threads....

I am still very bullish wit Ivory. My chart is still holding well
TP: 1.24 resistance at 1.18

there are mkland, huayang, malton even tagb can be considered much better.

Ok you may be very right...
but still some still like Ivory...

That is life .. not every one like and see the same light..

Eh I thought you said TP is 1.35 in your other post why come down already or is it my wrong memory? I am getting to go in if it breach 1.04 with TP 1.30 hehehe...

Yes you are right using the Wolfe Wave target,,,
The 1.24 is using the lower Fib Ret
in any case both are still good if it can happen...just wait and see la

TP should be at least RM1.50 after calculating all developed lands in future

lol.. u r running out of defends?

ivory... is highly geared..

It look like IVORY couldn't get the support expected... I had decided to go out for good.. good luck to all

So fast lari? I prepare to go in anytime....I like it when it go sideway...

Oil N gas counters are just too hot... I don't want to waste my time here.....

Yeah O&G my next target......looking to go back to SIGGAS again...

Time to get out of this stock if you are still holding it. Fund managers are beginning to feel disillusioned about this stock and serious questions are being asked. I am not going to dwell any deeper but time will tell whether I am correct or not.

Sure or not? It is very bottom already. But it break the resistance at 1.00 few days ago so you may be right it can go further south

This has nothing to do with technical analysis. It has everything to do with the fundamentals of the company which are being questioned. It may go back to 1.00 again in the short term with the necessary support(a bit evident in the last 2 or 3 days) but it wont stay there for long. Its the investor's call at the end of the day.

Sure boh, got anything to support your theory? I hope you are very wrong I see the potential for this company on many projects at Penang but again this company is still very young for me to calculate the intrinsic value. Kind of gambling on this company sigh....

any updated news from ivory..

I am indifferent about whether people said I am correct or wrong. It is the individual's perogative. At the end of the day, it depends on how you define many. However, you may want to ask yourself these questions

(a) How many projects are still on the drawing board?
(b) Does the company have the capability to undertake that many projects simaltanoesly. Having a look at the gearing may be helpful.
© What's the take up of the projects?Penang Times Square is the most overt answer.

Finally, there is no thing that no one can dispute.

Leverage + negative cash flow = Catastrophe

Mr Buffet once said in a letter to his investors.I have a copy of that. "Leverage is a good way to get very poor".

Yeah Warren Buffet also say the three rules "Never lose your money x 3" Buy stocks that have high intrinsic value bla bla bla but that if we go for value investing. Those value stocks hardly move and super expensive. Until today I have yet to find a value stock that is cheap and give good regular movement. Out of the 7 or 9 - forgot of the criteria of value investing I still cannot find one stock that fulfill all criterias.

Well, I do agree with u about the gearing of Ivory is not promising bet heck, BURSA stock go up due to news not fundamental!! TA is like 50-50 so unless you are expert in TA else it is diffciult to catch the right one.

my fren work at ivory... she said their company now want to buy land for project development...

and some of their project still under construction...

maybe need to hold long time.. I also buy few at 0.98 today..

hope the next quarter report is good.

20% of my portfolio is made up of this counter! ABP 1.03... hope it turns out good... fundamental wise is above the average, at its current price, it is undervalue, one of the lowest PE ratio in property counters.

You may keep an eye on Tambun, it is under my watchlist!

ivory is good to hold for long term.. price is still stable and linger around rm1

When the property theme, I hope it can surge to at least 1.30

If not mistaken, I read somewhere it forum, saying the TP of Ivory is 1.60 by a foreign research house. It is good if someone could confirm this!

may be another E&O . watching dis stock quite sometime.. hven decide to go in stil. =p

[quote=wan7075,May 13 2011, 05:19 PM]
my fren work at ivory... she said their company now want to buy land for project development...

and some of their project still under construction...

maybe need to hold long time.. I also buy few at 0.98 today..

hope the next quarter report is good.

[/qu

I like that statement. "Want to buy land for project development". There must be something inherently wrong with a developer that does not "want to buy land for project development". Come on, most developments have no recurring income and developers have people on their payroll to feed. The single digit P/E ratio sounds terrific on paper but P/E is historical information unless you have enough information to work out their forward P/E. Historical P/E can be dangerous

" I like that statement. "Want to buy land for project development". There must be something inherently wrong with a developer that does not "want to buy land for project development". Come on, most developments have no recurring income and developers have people on their payroll to feed. The single digit P/E ratio sounds terrific on paper but P/E is historical information unless you have enough information to work out their forward P/E. Historical P/E can be dangerous

[/quote] "

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



This post has been edited by SKY 1809: May 14 2011, 10:31 AM

[quote=SKY 1809,May 14 2011, 09:58 AM]
" I like that statement. "Want to buy land for project development". There must be something inherently wrong with a developer that does not "want to buy land for project development". Come on, most developments have no recurring income and developers have people on their payroll to feed. The single digit P/E ratio sounds terrific on paper but P/E is historical information unless you have enough information to work out their forward P/E. Historical P/E can be dangerous

[/quote] "

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=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]

Tambun 98sen eps somehow not factored with the shares issued during the IPO, I suspect. I do not know how exactly Bursa use the info to compute . It is illogical for a listed co to earn 98sen eps.

Ivory does have post IPO results, so easy to compute . The post IPO results are more ( close to real situation ).

But investors need to be careful about prop stocks.

1) If they do very good sales now, accounts may not be instantly impacted, they still need to build to capture profit.
2) The good results reported could be some good sales pre IPO, subsequently co goes downhill.


Hope not to confuse you.

Your suspicious is very justifiable.
You are not from Penang I take it?

No, I am from Selangor.

But I guess Tambun has better prospect than Ivory. I did a bit of research on Tambun. none on Ivory.

Correct me if I am wrong

This post has been edited by SKY 1809: May 14 2011, 11:30 AM

I am from Penang, but haven't be back there for a very long time... from what I heard, the Time Square in Penang is not doing well, many vacant shoplots....

I take this into consideration before jumping in but I think it is just a minor problem, as most of the shoplots are sold, which mean Ivory has reaped benefit.... thought it is still vacant Then, there are many attractive projects under Ivory.... so I guess it should't be a problem!!


This what I think la... maybe wrong

---

Added on May 14, 2011, 11:31 amTambun is attractive because of the dividend payout policy

This post has been edited by Larrylow: May 14 2011, 11:31 AM

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.

---

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

---

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

---

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

---

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 ...

[quote=hk_loo,Jun 3 2011, 11:07 AM]
posting wrong data to bursa is illegal 1 ...

[/qu

Yes maliciously posting false data is a criminal offence that can lead to imprisonment

Director is buying back a lot of this. Now 1.08. Up up and away...

Gave up this stock few months ago as it was not moving and even down with the fake accounts news.
Goodness, whats up with it now.

Grow some wings already
Or the wings finally start to flap?

i have sold all my ivory yesterday but not the highest price...

hope that i'm making the correct decision.

So fast run away how to make big money bro? hehe

Looks like going to form a bullish flag formation so I will still hold! TP: 1.35

at least it stable at 1.06 ... will bounce back any time

Let's wait and see...

---

Added on July 7, 2011, 12:52 pmLooks like Rosdi prediction of the Wolf's Wave in March is coming true....Huat ar tunggu apa lagi?? TP:1.35



This post has been edited by escargo75: Jul 7 2011, 12:52 PM

It is not the same one it is a new one that had formed.
I detect that 2 weeks ago and again on the 1st July but I myself just file the chart.
Now it is all done. (time to get out?)
I am too happy that there are brothers up there that remember me.

High of 1.19 last week. Other than the recent acquisitions by directors, does anyone now of any other impending news?

====01/07/2011 Changes in Director's Interest (S135) - Dato’ Seri Nazir Ariff Bin Mushir Ariff
====30/06/2011 Changes in Director's Interest (S135) - Loh Chin Chuen
====27/06/2011 Changes in Director's Interest (S135) - Loh Chin Chuen

Ivory surges on hope of land award

Kuala Lumpur: Ivory Properties Group Bhd's share price has surged on anticipation that the Penang state government will decide this week if it is to award the company the rights to help develop 40ha of land in Bayan Mutiara.

Read more: Ivory surges on hope of land award http://www.btimes.com.my/Current_News/BTIM...l#ixzz1RjdT19wv

Brader, your analysis last time kena betu-betul, so boleh caya haha...I already get out at 1.16, not 1.35 .

Realising that last time Wolf wave already shifted lower since break the support last month. So your analysis confirm that I sell at right point. But siapa tahu it can go up up up again if there is good news on the announcement? Make some money cukuplah no need so tamak

I took profit this morning as well and let my profit roll in AFG

http://www.btimes.com.my/Current_News/BTIM...icle/index_html

Ivory lands Bayan Mutiara!

There will be another surge upwards!

Type
:
Announcement
Subject
:

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS)
DEALINGS OUTSIDE CLOSED PERIOD

Description
:

IVORY PROPERTIES GROUP BERHAD ("Ivory")
- Notification by Principal Officer of His Dealings In Securities of Ivory Outside Closed Period


Announcement Details/Table Section :


Pursuant to Paragraph 14.09 of the Listing Requirements of Bursa Malaysia Securities Berhad, I, Dato' Ooi Chin Loo hereby give notice of my dealings in the ordinary shares of IVORY outside closed period as set out in table as appended:-

Name of

Principal Officer/ Description

of Securities


Date Transacted


Opening Balance


Acquired/(Disposed)


% of Securities


Price per Securities(RM)


Closing
Balance


% of Securities

Dato' Ooi Chin Loo (Principal Officer)

Ordinary Shares of RM0.50 each(Direct)


11.07.2011


40,000


(30,000)


0.016


1.12


10,000


0.005

This announcement is dated 11 July 2011.



This post has been edited by yeeck: Jul 14 2011, 02:12 PM

From Bursa, principal officers Lee Huey San and Yeong Siew Yan acquired 10,000 and 5,000 shares respectively around 1.16. Hope the Bayan Mutiara news officially announced soon.

This post has been edited by yeeck: Jul 25 2011, 03:21 PM

2nd wave for IVORY is here!

Tomorrow hope up up and away:

Type
:
Announcement
Subject
:

OTHERS

Description
:

LETTER OF ACCEPTANCE FOR PROPOSAL FOR THE PURCHASE AND DEVELOPMENT OF LAND MEASURING APPROXIMATELY 102.56 ACRES IN BAYAN MUTIARA, NORTHEAST DISTRICT OF PENANG LOCATED AT THE COAST WAY OF LEBUHRAYA TUN DR. LIM CHONG EU TO THE NORTH OF TECHWARE SDN BHD’S GOLD COAST DEVELOPMENT, SANDWICHED BETWEEN THE PENANG BRIDGE AND THE MARINE POLICE HEADQUARTERS AND THE GOLD COAST DEVELOPMENT OF WHICH APPROXIMATELY 67.56 ACRES ARE EXISTING LAND AND 35 ACRES ARE TO BE RECLAIMED (“THE LAND”)


Announcement Details/Table Section :


The Board of Directors of Ivory Properties Group Berhad (“IVORY”) is pleased to announce that IVORY has on 25 July 2011, received and accepted the Letter of Acceptance from Penang Development Corporation (“PDC”) for the proposal for purchase and development of 102.56 acres of land located at Bayan Mutiara, North East District, Penang of which approximately 67.56 acres are existing land and 35 acres are to be reclaimed for a proposed mixed development [hereinafter referred to as "the Proposed Project"].

The Proposed Project shall be subject to the terms and conditions to be mutually agreed upon between the parties in an Agreement to be entered into at a later date.

Upon finalization of the Agreement, IVORY will undertake to make the necessary announcements in due course.

None of the directors or substantial shareholders of IVORY or persons connected with them has any interest, whether direct or indirect in the Proposed Project.

This announcement is dated 25 July 2011.

Heard that they will have to abondon the Bayan Mutiara development as they do have sufficient capital to develop it. It seems that they even outbidded SP Setia by paying a comically high premium for it.A director of SP Setia was laughing when he told me that. God knows where they on earth they can find the money for the 10% down payment (around 25 -30 mil) when they have less than 5 mil of cash in their balance sheet(a dangerously low level). Only a fool will lent them more money when their debt to equity ratio is alredy more than one. This acquistion is nothing more than a reckless act.

Are you a shareholder of SPSETIA?

No and never was. I just happened to know someone in there. They thought their bidding for Bayan Mutiara was already too high for their comfort and they were clearly stunned when they were outbidded by a developer that has a market cap that is not even 10% of theirs.

ivory now 0.835 very cheap n undervalued, worth to buy?

Firstly I think its a good stock. They won the bid YES they bid high but margins are crazy... high at circa 40%...Secondly based on their latest 2Q2011 their cash level is at RM11m not RM5m...Downpayment for land in Penang plus with govenrment tender Im sure there are bankers lining up to fund them....It be pricey but there will be takers to back them up in terms of financing...Secondly their debt level is circa RM150~160m and Equity is at RM210m...how does this make their gearing above 1.0x? (160/210=0.8x)

Simply pakai tembak only....anyways agreed that they have been declining in profits but this company do have a track record in penang which is fairly good. I hope to see a good turnaround over the next 2-3Q's...Worth a look I would!

This post has been edited by param124: Oct 24 2011, 08:14 PM

Bankers are lining up to finance them? you are simply an ignorant fool who doesnt know anything about corporate finance 101. A loan for the purchase of the land 1.2 billion will simply raise their gearing close to 10. Very few profitable listed companies in Malaysia have gearings above 3 anyway and never heard of any profitable company with gearing above 5 we are now in a crowded property market and global economic outlook. Banks are more likely to do the exact opposite , risk aversion and avoid companies with gearing above 1. 11 m in cash is nothing to shout about for a mainboard comapny. It is dangerously low. Dont forget theay they drew down 60 mil of loans alone last quarter and still has such a pathetic level of cash. They are doing exactly what Greece is doing, using fresh borrwoings to pay back existing borrowing and this is nothing but an impressive pyramid scheme. They have to pay back almost the same amount next quarter. SP Setia and Mah Sing has cash in the hundereds of millions at least.

Another simple observation. It has been more than three months since they won the bid but yet no agreement has been signed yet. SP Setia and Mah Sing could have easily paid the 120 mil downpayment with cash and sign the agreement starightaway but this company dont even 10% of that in cash

This post has been edited by taxpayer: Nov 4 2011, 01:21 AM

Shot up to 1.02 today. Any news?

For a person who knows alot about CF you should also know contracts are not given if the company if they/Ivory did not have means/plans on how to finance this project. For a person who knows alot about CF you should also know that an SPV vehicle can be set up for this particular project finance to raise cash by ring fencing future proceeds of this development. For a person who knows alot you probably should have known that most of the trade secrets are not told in then open and most information pertaining to this is not fully available yet. So don't shoot things down so soon. Be optimistic. To much pessimism in the market at the moment. By the way, I doubt the payment is due all in one go plus is part of government tender so payments will be made in stages/progress. Plus 35 acres is to be reclaimed so as far as my limited knowledge goes, payment of this usually will be in terms of part of the reclaimed land (such as Benalec which takes payment in terms of land reclaimed)

I don't know about 10% payment etc upfront. Anyways have you looked into their loan docs to see that they need to pay 10% etc for the downpayment? Where is it stated? Secondly, yes agreed MSGB and SPSB would have easily paid the amount (if needed) but where is it stated state government seeking RM120mm down payment? If you were observant you would realise that property developers are location centric thats why you don't see MSGB and SPSB doing much/any projects in penang or other states. Their strong hold is KL/S'gor as they know what the market is over here and they are undoubtedly the champions here. Penang on the other hand is a strong hold for E&O (Sime Darby). Why did'nt E&O win is the BIG QUESTION?

Don't sound like there are only 2 property players in the country brother.

Btw just sharing my thoughts and opinion. I know you(taxpayer) sit and talk to all big boys but that does'nt mean you discount other people point of view.

_________________________________________________________________________________________

CF guy (taxpayer), your big friends never tell you ah that Ivory suspended? Looks like you may find out solution for your financing issue that Ivory can never get tomorrow....

This post has been edited by param124: Nov 10 2011, 11:51 PM

You mentioned that they wouldnt be awarded the tender if they dont have the means to finance it. Well the state gov will be in a dileema if they were to turn down the highest bid as well. Their balance sheet does not indicate that in any way they can finance it. Ask any impartial investment bankers and they will say the same thing.


Hmmm you are suggesting they set up a Speacial Purpose Vehicle (SPV) so that everthing from this land deal go off balance sheet . It is definently convenient for them to sugarcoat their disastorous balance sheet now. However, I am sorry to inform you that Ivory is too small for that. No one will take the SPV of a small company like Ivory seriously as the parent company also has to be credible and Ivory has yet to establish that (far from it in fact). SPV is only viable for the big boys like investment banks and Enron which ultimately collpased due to its off balance sheet liabilities. Please be reminded that we are in the early stage of a credit crunch and banks will scrambling to conserve capital rather than lend to risky SPV's that has a dubious parent company. Hong Kong's property bubble is showing very overt signs of bursting as well and the domino effect across Asia will be severe


10% downpayment is quite standard for all land and property deals and I doubt the cash strapped Penang state government will be in any position to give them any more leeway. elections are coming sir. Penang state gov preaches CAT all the time so it will be catastrophic for them to keep trade secrets

This post has been edited by taxpayer: Nov 10 2011, 11:56 PM

Boss its been done before. I dont want to quote example as I feel you have not quoted facts to date and just spoken through thin air. Anyways a JV vehicle Co would work and would certain boost Ivory upwards. Disastrous balance sheet? why do you say that? There are some weak points (i agree with you) but borrowings is not all bad just better way to increase returns

If they want they land to be develop and they gave the contract to Ivory dude i'm sure there are arrangements made not necessary public UNTIL TIME IS RIGHT as things are still being finalise. Where did you see Penang is cash strapped? They have been running a surplus pass few years --> Pls google! Anyways elections you don't use state cash to run in it! Sir MACC mari Sir..hehe

This post has been edited by param124: Nov 11 2011, 12:16 AM