She already advised me to sell sometime ago at around RM99
she told me all her other clients already exited.
i hate selling below cost
also the coupon so high 7.0%
she wouldnt know if i quietly buy from FSM
the DRB Hicom bonds i quietly bought some from FSM

in this Tropicana cheap sale i tried to get from her at below FSM price
she tried and got it but ..
after she put me on videoconference
with the head Investment Advisory & Research ,
prior to taking my signature, i changed my mind at last.

she was just doing her job in case i got burnt she had done her part.
like docs getting informed consent,
telling you all the highest possible risk of injury, dying from this and that
sudah dengar takut sampai boleh lari...

She already advised me to sell sometime ago at around RM99
she told me all her other clients already exited.
i hate selling below cost
also the coupon so high 7.0%
she wouldnt know if i quietly buy from FSM
the DRB Hicom bonds i quietly bought some from FSM

in this Tropicana cheap sale i tried to get from her at below FSM price
she tried and got it but ..
after she put me on videoconference
with the head Investment Advisory & Research ,
prior to taking my signature, i changed my mind at last.

she was just doing her job in case i got burnt she had done her part.
like docs getting informed consent,
telling you all the highest possible risk of injury, dying from this and that
sudah dengar takut sampai boleh lari...

What specifically did the Head of Investment Advisory and Research tell you about the Tropicana bonds?

Hahaha.... talking about CYA....

What specifically did the Head of Investment Advisory and Research tell you about the Tropicana bonds?

Looks like the Tropicana bonds on FSM might be mispriced. Their financial performance in Q3 2023 results improved (pare down debt, redeem Sukuk maturing in FY2023, increased cash holdings, and assets disposal of education subsidiaries completed). Today they just announced W Hotel is being sold for RM270m.

Looks like the Tropicana bonds on FSM might be mispriced. Their financial performance in Q3 2023 results improved (pare down debt, redeem Sukuk maturing in FY2023, increased cash holdings, and assets disposal of education subsidiaries completed). Today they just announced W Hotel is being sold for RM270m.

really? but many bond investors will say that malaysia's bond market is efficient and liquid... ... 

if true the outlook should change from negative to neutral, let me ask Pak Sing from CIMB.
efficient in the sense market moves accordingly.
Outlook negative price drops.

liquid is iF you dont mind the cheap price,
sell people would buy you get your money.

really? but many bond investors will say that malaysia's bond market is efficient and liquid... ... 

What did Pak Sing reply?

I asked the rating agency, they are not going to issue any revised rating/outlook until their next review early next year.

Thanks. The progress billing and inventory clearing should provide the additional cash proceeds that's missing.

If you look at property developers, almost all have lower cash holdings than short term borrowings. They convert their inventory and locked-in sales to cash progressively.

My understanding is Tropicana rating was being downgraded as their business side wasn't generating enough cash, hence need to dispose assets to plug the gap and also to reduce interest expenses.

If you look at the MARC downgrade in April 2023, things have improved since then. And even then at the point, they merely downgraded to A-.

Anyways there is always an inherent risk. No risk no gain.

Malaysia bond market is inefficient and illiquid. FSM Bond Express has the potential to be lagi inefficient and lagi illiquid.

looks like you have got good bargain earlier RM92.50 

What'll happen to their bonds now that Sunway wanna sue them for double dealing on the sale of St Joseph School

If anybody got bullets, go get this! Mispriced bonds with attractive risk-reward profile. Recently Tropicana has disposed of two investment assets, highly likely these will be redeemed at the call date in Sep 2024.

Is this the one you mentioned, don't look attractive wor. Please point me to the right one if this is wrong. Tq