Our website is made possible by displaying non-intrusive online advertisements to our visitors.
Please consider supporting us by disabling or pausing your ad blocker.
epic journey for the boss. from selling slowly to being hit with margin calls and the latest announcement of placement transfer may reduce # of margin accounts but the risk of margin calls is still there. Its just moving shares from one margin account to another margin account.
meh, i dont believe the margin call bs. The big boss is cash rish since he already sold more than half of his share before the meltdown.
imo it was the 'warehouse' or remiser who kept doing the share rollover no longer able to absorb the selling pressure from the big boss anymore and decided to surrender...
its true that the boss has cashed out a lot before the margin calls. margin calls late Oct should be true as ~70% of the top30 shareholdings are pledged shares.
Lol, Tiong. Publicity stunt by MY. No idea who is that. But you are absolutely right about accumulating quietly if it is truly cheap. And when someone commented fundamentally good without sharing the basis for that justification or conviction, that's a red flag. Lol, no pun intended.
fundamental info all at QR, a true investor can judge fundamental of company by his own, albeit limited inner information, at least we judge with information publicly available ourselves. example of company with no fundamental, pjbumi
driven by fear of missing out and bandwagon effect, adama. and, maybe taking too much risk driven by adrenaline/dopamine aka trader's high. one sad example is hhc - being wiped off by the market after 3 consecutive big losses. started as a nice guy and eventually lost his way.
haha he is too arrogant to think that he is a stock god and look down at all other ppl despite he only has 5-7 years of stock market experiences. He always think everyone else is wrong but him.
The fact is he simply doesnt know what he doesnt know. Arrogant ppl like him has no place in the market and eventually wipe out sooner or later.
its a sad ending. he became vendetta after maxim's loss. those targeted by him are still in the market while he has been wiped off. that speaks a lot about his wrong understanding of value investing and too much risk taking.
文章的问题不是质疑，而是从一开始就把 Perak Transit 当成商场模式来分析，于是看到车站冷清、店铺空着、人流不多，就直接推论“盈利不合理”。但 Perak Transit 的核心不是零售业，它的现金流不靠 walk-in 生意，而是靠长期租约、广告空间、公共交通补贴、油站业务，以及一套非常固定的高毛利基础设施经营模式。你在现场看到的空荡，并不会改变这些收入的结构与稳定性。它不是靠“人潮带动消费”，而是靠“资产带动租金”。这就是为什么即使你觉得现场冷清，它依然能维持极高的毛利率和净利率，因为这本来就不是一个依赖人流才能赚钱的行业。
至于“回本太快不合理”这一点，更是源自作者把折旧当成真实现金流。基础设施的折旧是会计处理，不是现金支出，因此现金回本速度本来就会比净利表现更快。把 bus terminal 当成一般 retail 来看，会得到“回本太快不合理”的错觉，但如果你按基础设施资产的现金模型去跑，自然就知道这完全符合 IRR 模型。
文章最大的逻辑漏洞，是试图用“肉眼观察”解释一家基础设施公司的盈利能力。看到商铺冷清，就否定租约；看到大厅安静，就否定现金流；看到广告牌不多，就否定盈利质量。但 Perak Transit 的收入结构里，现场的人流占比极低，绝大部分收入根本不依赖你路过时看到什么。用观察式投资法去判断 infra leasing 公司，就像用天气来判断银行的储备金一样，注定会得出错误结论。
总的来说，这篇文章不是“发现问题”，而是从头到尾用错商业模型。把基础设施租赁业务当成购物中心，当然什么数据都看起来“不合理”。真正懂行业的人，都知道 Perak Transit 的财报不是太完美，而是它的模式本来就是这样设计的：稳定、高 margin、低人流敏感度、高资本周期性。文章看不懂，不代表公司有问题，只代表行业框架用错了。