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Sobering Figures For Cryotocurrencies / Samchem Sprouting Wings

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PUC's 33% Purchase Of Pictureworks - An Opinion

Details of exercise:  PUC to buy 33% of PW for RM52.8m. That values PW at just 52.8 x 3 = RM156m. That might be a shocker to many as investment bankers in China have hinted on taking PW public at between RM400-600m minimum. Looking at the share rise in PUC, and the fact that they are issuing new shares at 32.2 sen, only at current valuation can PUC eat up the 33% stake. To be able to issue at that price is a huge victory for PUC shareholders, being able to take a meaningful stake and issuing shares at recent highs.


(i)  Issuance and allotment of 64,596,273 new PUC Shares at an issue price of RM0.322 per PUC Share (“Issue Price”) amounting to RM20.80 million (“Consideration Shares”); and
(ii)  Cash settlement of RM32.00 million to be made on a staggered basis upon meeting a certain Profit Guarantee (as defined herein) (“Cash Consideration”).


In consideration of PUC agreeing to purchase the Sale Shares in accordance with the terms of the SSA, Cheong Chia Chou (“Promoter”) for and behalf o…

PUC - An Assessment

PUC has tried to reinvent itself following the untimely passing of its founder last year. His younger brother, who was highly successful in his own right, was running Pictureworks in a number of countries in Asia.

The Shares Price Rise & Possible Catalysts

Share price has broken its all time high comfortably. The rise has been steady and not at all volatile, accompanied by steady volume, which would indicate longer term investors and some funds already accumulating nd not selling back to the market.


Potential Catalyst #1

The just launched Presto app. Tried it and went to the briefing. Its a game changer for PUC for sure. They have already indicated that the e-wallet will be launched only in 1Q2018. Now what is Presto, why Presto. Its very much like Lazada or eBay or Alibaba. Lazada is a platform for retailers to sell, full stop. eBay is more for the personal one man operations. Alibaba is more for wholesalers and distributors.

Presto links retailers/f&b/services originators with en…

Commentary: Bitcoin Mania / Vivocom / The Last Mile

Bitcoin Mania 

I am with the group that is calling this the biggest bubble since the bloody tulips. It has surged no end and can continue to do so. Because its still UNREGULATED. The market for Bitcoins has no depth, in that you can't really short it easily (though there are 3 or 4 platforms that allow it at the moment but the participation level is low).

The key to anything being a currency is the ease of use, and the willingness to use it to purchase real goods and services. Currently the adoption rate is very very low. I mean you know you are ONTO something sinister when the best users and real fans of this Bitcoins are drug traffickers, tax evaders, corruption & bribery tools generators, and political despots.

The thing which I haven't figured out, how the bubble bursting will happen? I mean, a couple of big storage facility of Bitcoins were "robbed" and that did not bring about the bubble bursting - suffice to say, the so called blockchain encryption did not he…

ISAKI - Excellent Japanese Food & Wonderful Ambience

Isaki or Grunt Fish has a very light and delicate taste. Grunt fish can be eaten as sashimi, grilled with salt or marinated with chili leaves. Isaki is also a wonderful restaurant in Sri Hartamas. Located at the end of the row that houses Backyard pub, Bulldog, Aunty Nat and Saigon .

I love its outdoor garden setting. Coming into the open bench area that is its portico, one gets a nice feeling to the place, a friendly vibe that Isaki has a casual dining side to it. The pebble lined walk, the Japanese wooden lanterns and small pine wood slats that the waitresses scurry across in typical wooden sandals. Upstairs is a large area that lends itself perfectly to parties and events, with ample bar and seating. You get the overall impression of intimacy and minimal pretensions here. Here I have to say that they make the best sushi rice - an often overlooked factor. I mean, the seafood has to be fresh and the cuts appropriate, those are a given. However, not many places take the case to come…

Moon My Cakes - The Annual Rant!!!

Well, every year I brace myself for what will be the new fangled flavours for mooncakes. Ta-dah ... last year takes the cake (pun intended). Its Angry Birds mooncakes!  I think its a brilliant marketing strategy, its taking China/HK by the proverbial storm. Is that raining bird shit ... no, its just kids throwing their Angry Birds mooncakes in the air for effect. Now we even get Nasi Lemak ones.

This is for the benefit of new readers of this blog who have only been visiting for less than a year.

Each passing year, we get further away from tradition. Is this fusion or variety or just plain stupidity. I am talking about mooncakes. The whole thing marks of a scam.

Who doesn't know that the cost of a mooncake is minimal really compared to their exorbitant selling price. Why do you think almost every restaurant sells them? There must be a global collusion to sell these over priced things - its a Chinese mafia I tell you.

At best, the mooncake festival can be an excuse for family toget…

EPF Should Not Sell PLUS

Is there an alternative to North South Highway? How much of toll roads come under PLUS? There are 14.5m EPF members. We begrudgingly pay tolls, at least thinking some of it goes back to EPF returns.

If you look at our population bell curve, you can surmise that we are a growing population with a relatively wider base. In many aspects we are skewed towards a younger working population. This means that the annual contributions to EPF is likely to grow even more.

We can also surmise that there are limited investing opportunities locally, taking into account the kind of risk EPF is allowed to partake. PLUS is a significant player in an infrastructure that plays a critical role for the country. To replace PLUS with a similar investment with similar returns would be very difficult.


Fair Value - Not Enough Even

As a socialist-capitalist, I can be torn between getting more than a fair return on investment. That is, if an asset is being sold at higher than normal valuations, by all means, sell. I…