Cold Eyes Pick 12/10

Cash Rich Co
格林尼（RM1.00）；
哈礼申（RM0.84）；
菲马机构（RM1.16）；
KESMI（RM0.76）；
RCI（RM0.53）。

格林尼的母公司为林威，该公司拥有大量未种植土地，每年增种新树整1万英亩；哈礼申是由印尼华侨控制，菲马集团（Kumpulan Fima）拥有菲马机构（Fima Corp.）约60%股权，KESMI是由新加坡人控制；RCI的母公司为美佳第一控股（MFCB）。

KSL valuation

MP 1.63
('000)
Share Issue 390,548
YH 1.68
YL 1.19
NTA 2.08

Revenue 140,876 ( TT3Q)
GP 78,143
EBITA 48,555
EPSTotal 3Q 12.82

Profit Margin 34%

TR 42383
TP 87555
INV58519
Borrwoing 145456
Cash 26714
Property develop cost (C.Assets)
139794

TR- TP
-45172/390584 = -0.11

Borrowing - Cash
145456-26714/390584= -0.30

Retained earning + Reserves
566201 + 19163 = 585364 /390584
=1.49

Inventory
58519/390584=0.15

Property develop cost (C.Assets)
139794/390584 =0.35

RTR
42383/140876 x0.75 x365 = 82days

Div 2009 5 cents = 3%

Cold Eyes pick. Undervalue stocks

Asset are heavily undervalue.

FACB 0.61
Oriental 5.3
kimhin 1.3

Trading Update

N Korea bomshell attack, Europe debt crisis , thanksgiving holiday affected market sentiment. Market start to retrace. Still hold some cash and waiting 2nd buy for BP.

Sold Melewar 8000 @ 0.84 gain 380
Sold Dufu 16000 @ 0.41 lost 1140
Sold Cheetah 14000 @ 0.582 lost 140
Buy 39200 @ 0.53

Bought Melewar 8 lots @ 0.75

As i commented on Sg Buaya blog earlier, i do think QE2 provide liquidity to equities market,it was an important element of equities bulls. Any retracement should be a buy. Retracement in KLSE today, hence , i bought in 8 lots of Melewar @ 0.75.

Melewar is an undervalue stocks i studied before. Just sit back and relax, should release its value if Superbull come.

Genting Singapore

Number of shares 243.40 million
Converted Warrant
Current Price 2.15
Earning 3Q 188
Earing 2Q 397
Earning 1Q

After Warrant Fully converted est 10billion Stocks

Estimate Earning 4Q = 800million Dollar
EPS = 0.8/10
EPS = 0.08 Dollar

PE = 2.15/0.08
PE = 26.87

Macau Gaming Stocks

Went to Macau 2 weeks ago for holiday. It was a relax & enjoying trips. Here are some of the stocks caught my attention after coming back.

Old News - Mon Feb 1, 2010 9:29pm EST
Seemed like all the gaming stocks soars to new height. SJM Holding are now HKD 11.72 , 3 times 9 months ago.

Sands China (1928.HK), the Macau unit of Las Vegas Sands (LVS.N), rose as much as 5.24 percent to a two-week high at HK$11.64.

Wynn Macau (1128.HK), the Macau unit of Wynn Resorts (WYNN.O) advanced 3.08 percent to HK$9.70.

SJM Holdings (0880.HK), Macau gambling tycoon Stanley Ho's flagship company, gained as much as 5.22 percent to HK$4.03,

while shares of Galaxy Entertainment Group (0027.HK) rose as much as 5.06 percent to HK$3.11.

Macau casino revenue rose 63 percent from a year earlier to 14 billion patacas ($1.80 billion) in January, according to analyst reports, citing Portuguese news agency Lusa.

The growth rate surpassed the previous record set in October 2009, when casino revenue reached 12.46 billion patacas.

Gaming revenues are expected to record even stronger year-on-year growth starting in February because of the Lunar New Year holiday, analysts said.

SJM, Macau's biggest casino operator by market share, controlled 30 percent of the gambling market in January, while Sands was No.2 with 22 percent, analysts said, citing Lusa.

On Monday, Melco Crown Entertainment (MPEL.O), a joint venture between Hong Kong-listed Melco International Development Ltd. (0200.HK) and Australia's Crown Ltd (CWN.AX), soared 5.32 percent to $3.76.

Melco International rose as much as 7.32 percent to a two-week high at HK$3.37.