BUY ZHIS STOCK:MKLAND

MKLAND The principal activities of MKLAND are those of investment holding and the provision of management services. The principal activities of the subsidiaries are property development and property investment, operator of hotel, golf and country club, resort and theme park, provision of educational services and investment holding. The more notable property project is the Damansara Perdana township project. The project consists of 962 condominium units, 269 units of serviced apartments and 107 units of shops and office suites. The township is strategically located along the Leburaya Damansara Puchong and the Sprint Highway. It is also adjacent to IKEA and Tesco. In addition, MKLAND's flagship project is the RM3 bn Bukit Merah Laketown development in Perak. It consists of a range of resort facilities such as the Marina Village, Waterpark, Eco Park, and the Bukit Merah Lake. Malaysian Rating Corporation Bhd (MARC) has maintained MK Land Holdings Bhd's BBB+ rated RM60 million outstanding bonds on MARCWatch Negative. The company was first placed on MARCWatch Negative on May 7, 2008 due to liquidity concerns following the deferrment of scheduled payments to build up its sinking fund account. MK Land has since met the timeline to place RM30 million into the sinking fund account before August 25, 2008 and Tranche 1 bonds has been fully repaid. The company's liquidity position has remained strained despite moderate improvement in profitability measures for the six months ending Dec 31, 2008. To address its upcoming final redemption of the rated bonds in September 2009 of RM60 million, the company had announced on Jan 20, the disposal of 23 acres of land located in Damansara Perdana in Petaling Jaya, Selangor. For the first half of financial year ended Dec 31, 2008, the company had recorded a pre-tax profit of RM18.2 million, erasing a pre-tax loss of RM16.8 million previously, due to improved sales of development properties. However, it registered negative net cash from operations of RM2.3 million Its cash and bank balances and deposits with licenses banks remained at RM29 million relative to short-term borrowing of RM300.2 million which includes the outstanding bonds and RM137.9 million of bank overdrafts. MK Land's revenue increased 82.3% to RM124.6 million for the six months ended Dec 31, 2008, from RM68.4 million a year earlier. It returned the company to the black with a net profit of RM10.1 million or 0.84 sen a share from a loss of RM18.3 million previously. While the profit was boosted by other operating income of about RM8.9 million, the management pointed out that property sales have improved since last July, which was the start of the company's current financial year ending June 30, 2009 (FY09), despite the difficult market condition. "We achieved total sales of RM150 million to date (within seven months since July last year) which is significantly higher than the sales recorded in the corresponding period in FY08," said Mustapha Kamal. According to him, sales for the quarter ended Sept 30 last year amounted to RM59.3 million. The numbers had remained steady in the quarter ended Dec 31, 2008, with sales of RM60.5 million. Meanwhile, "in-hand sales" since the start of the year amounted to RM30.4 million. Mustapha Kamal stressed that the RM150 million sales came mainly from projects such as the Armanee condominium and Metropolitan Square, not low-cost housing projects that have low or zero margin. Thus, when these sales translate into revenue, it will contribute decent profits to the group. On another note, Mustapha Kamal said he had no choice but to acquire a 9.2-hectare land in Petaling Jaya from MK Land for RM150 million cash last month. He said that MK Land, which was looking to raise funds, couldn't find a buyer who would offer a fair price for the land. According to him, MK Land needed the cash flow to kick-start or resume work on certain projects in order to generate the revenue and to avoid delaying the delivery of certain projects, which will result in the company paying "late ascertained damages". "I have to sell my privately owned properties before I could pay the RM150 million to MK Land," he said. MK Land will use proceeds from the land sale to generate more cash flow in order to help repay a RM60 million bond due in September. The bond is deemed to be the last hurdle for MK Land, the management said, as the group's remaining RM445 million borrowings are essentially project financing, which will only be redeemed as and when the company sells and develops the projects in stages. He is confident that MK Land is on the path to recovery. He said the company has several projects in the pipeline, in locations such as Damansara Perdana, Damansara Damai, and Jelapang, Ipoh.These projects have obtained the necessary approvals from the authorities and involve 5,639 units of properties with a combined gross development value (GDV) of RM4.1 billion. Depending on the economic situation, the GDV of these projects could be realised within three to five If you like the post, please subscribe to Bursa Chat. We will send you the latest post by Email ===> Click Subscribe to Bursa Chat by Email BACK TO CHAT BOX

The Case For Bull/Bear; First Solar's Stunning Quarter Posted: 30 Apr 2009 09:18 PM PDT The cracks I've been discussing in this market which indicate the rally may be tiring has yet to develop into a full blown gaping hole as buyers continue to step in and support this market on any dip. The bottom line right now is that there is zero follow through on days of weakness and that has kept the indices firmly above the 20 day moving averages. Heck, we still don't have 3 consecutive down days since the rally began! The somewhat sideways action over the past few weeks has worked off the overbought conditions, so I have been a bit more aggressive on the long side in recent days, but am locking in profits quickly and setting tight stops. At the same time, I've been shorting with leveraged ETF's and a few individual plays when the S&P gets closer to the 875 level which has been key resistance. It's tricky up here.. no question. There are compelling reasons to believe this market will move higher and compelling reasons to think it will move lower and soon. Let's look at both.. Bullish reasons: - market remains in up trend and above 20 day moving averages - market still looking for the positives (case in point today on GDP - not focused on headline number but underlying consumption number) - Nasdaq breakout from double bottom base - Dow cleared downward trend line off Oct, Jan and April highs today (by a hair) Bearish reasons: - no significant correction after V shaped recovery - S&P continues to close below 875 - The Q's are right at resistance of the 200 day moving average on the daily chart - Jim Cramer remains as bullish as ever (oh c'mon we all know now Jim is a contrarian indicator!) - there are still big economic problems to work through Lots of conflicting signals right now that indicate the end of the rally may be near but few MAJOR signals of that yet. What I'm looking at for tomorrow is how this market reacts to the move today. Remember that the trading action the day after a Fed move is often the opposite. I'll be keeping a close eye on that S&P 875 level which this market has had a heck of a time with (at least on a closing basis) as well as that 200 day moving average in the Q's around 34 (there was a bit of a reversal at that level today). IF, we follow through on today's strength and the S&P and Q's clear resistance I will continue to look for short term day and swing trades on the long side and would probably close out some hedging as well. Given the resiliency of this market we can't rule out a move to the 200 day moving averages for the major indices which would occur around S&P 950, Dow 9000 and Nasdaq 1780. If we don't take out the 20 day moving averages quickly over the next few days a run to those levels becomes much more likely. The 20 day moving average levels acting as support are 1650 in the Nasdaq, 8000 in the Dow and 850 in the S&P. To close out tonight, I'd like to discuss one trade idea and that idea is First Solar (FSLR). After the bell today the company smashed estimates, doubling revenues and more than tripling profits. This all at a time when the overall economy and solar industry struggling AND before any stimulus package catalyst takes effect. Very impressive. So impressive that I did something I rarely do and that's make a trade after hours. I alerted my Gold members to the earnings report and the long trade alert in FSLR at 165.13. Tomorrow I'm looking for it to get back above the 200 day moving average for the first time since last August. I certainly wouldn't chase it tomorrow particularly given the run this market has had but on any pull backs it will offer the opportunity to get in on the kind of company that will be a leader for many years