Friday, October 15, 2021

Why SQUID GAME

 

On the outset, let me state that I think Squid Game is the best series I have watched since Breaking Bad. So, that's saying something, I guess. Why has it shot up to becoming the most watched series globally?

What is more significant is that culturally, for entertainment, cinematic industry in particular, it was always a Western thing. For the first time, its Asian fare. It tells us that the world is quite flat now. Politically correct casting and minorities representation are more than catchphrases now - they are being "mainstreamed".

Cultural FAD? - A fad, trend, or craze is any form of collective behavior that develops within a culture, a generation or social group in which a group of people enthusiastically follow an impulse for a short period. ... Fads are often seen as sudden, quick-spreading, and short-lived.

I dislike some people who pooh-pooh things like Squid Game as cultural fads. You can choose not to participate in them, no need to sit on your high horse and diminish others' delight. It is like a non drinker opining what a waste of money to drink expensive wines - its unnecessary, irrelevant and reveals more about your insecurities that you need to put people down in order to bring yourself up.

There are cultural fads that I did not latch on to but I keep largely quiet about it. I have only ever watched the first Star Wars movie (and didn't like it). I have not watched a single Star Trek movie franchise. I have not read or watched Harry Potter with his Excruciating Opaque Glasses. I have not watched The Game of Thrones. But it is ok not to participate in all things and everything.

Squid Game is 10x better than Hunger Games, and Hunger Games copied too liberally from Battle Royale. All movie concepts are borrowing something that has been done, so don't get too worked up over it.

Cultural fads or not, these things are stuff to get a bit excited about cause "its life". Let's collectively enjoy them... World Cup, Olympics, moon landings, etc... do you also pooh-pooh the World Cup as a cultural fad?


Why SQUID GAME Is So Good:

a) The premise is interesting, rich person creating games for betting and testing a person's limits, morally and tasting mortality. It is very relevant for the current pandemic times - when a lot of people are in debt, facing bankruptcy, prolonged unemployment, investments being wiped out ... the desperate lives which most of us can fathom and empathise. The twist when they voted to get out, only to realise the real world is a lot worse than the "games".

b) Stories such as Battle Royale, Hunger Games ...etc. should not have been movies. Squid Game took the right path in making it a series as characters needed to be fleshed out. Soon every of the top 6 characters has a strong affinity with us - we feel for their anxieties, fears, apprehensions, betrayals, futility, and dances with the devil.

c) Casting & Details - what brilliant casting. Every one of the top 6 roles were brilliantly casted. Even in your desperate lives, every one's story is different, and heart breakingly so. Note the use of classical music for most of its background - deliberate, classy and funny at times.

d) The games are those we played when we were young. The innocence of it all. The mind boggling part is when those games came with death when you lose. The innocence collided with harsh reality and unnerving mortality of it all.

e) The framing of those games was a killer. You could be playing solo, or be in teams, or in partnership of 2... because you don't know the games ahead of time, your best pal teammate could very well be a one on one winner takes all game. Nobody's a true friend when chips are down. Makes us question our relationships in real life - are we friends/family because we have not been "tested"?

The gory part of it all is to ask if we are celebrating the "gore". I don't think so. But the serpent's throne of capitalism, the evil that can permeate when capitalism islet unchecked and unabated - that's all over Squid Game, when too much goes to too few, bad things can happen.

The spectacle of the games, the selfish voyuerism of those millionaires with masks on, betting and delighting with the on-goings. Are we, the audience, no better than these VIPs with their masks on?

Saturday, October 02, 2021

The Redemption Of Louis CK



Louis CK is my all time favourite stand up comedian. A few years ago he had to own up to some sexual shenanigans. But I have to say his was a lot more tamer than Kevin Spacey. Google it, I think its wrong but not beyond redemption. That's a tough one, when your idol does something or reveals something utterly reprehensible. You question whether he/she is still your idol.

To me, the misdemeanours are not vile or evil. It has more to do with slight sexual perversions (hey, who doesn't have some). It is certainly forgivable. Moreover, there is only one Louis CK. His comedy is at a couple of levels above the rest. He is brutally hones
t, he will discuss thoughts that should have been filtered by us all, knowing that he will be judged for saying it, and we will be judged for laughing at them. Watching Louis perform is like a long session at therapy... you go and discuss your dreams and nightmares with utter honesty. Worse, you discuss your fears and prejudices as well.

You either love Louis CK, or despise him, because he is so honest and forces you to consider things which are flying through your minds. Some disgusting, some blatantly racist, some uproariously true and wonderful ... mainly he forces us to be totally naked as a human and be frank with is.

Absolute genius, welcome back Louis CK.


Tuesday, September 28, 2021

Making Sense Of Beijing's Purge

 We understand that China is still a communist party at heart. Collectively as a force they have managed to move the most number of people from poverty to middle class in a matter of a decade or two. The focus, diligence, exceptional application, intellect, taking bits from the best global practices,  and dedication to strong work ethic - have led to the best infrastructure coverage across the country, thus liberating huge spaces and people, and bringing fervent economic gains overall. China has certainly more than propelled itself to assume the global leadership economically.

Western media latched onto these purges with glee, wincing at every move that seems a huge detriment to basic human rights. That is where we have to appreciate that it is a communist, socialist yet capitalistic country. Still it is capitalistic nation as well. The recent purges across certain industries needed further clarification and understanding. The affected industries thus far:

BIG TECH - dealt with big data and privacy breaches; tries to address low pay scale for gig workers (delivery workers, warehouse workers); the bigger issues are those few big tech companies already exhibiting monopolistic or duopolistic or the more pervasive oligopolistic behaviour; certain companies will have to be dismantled or broken up (you know who you are); this sector will be further purged

EDUCATION - no more listings for education based companies; some private tuition banned; this clampdown is a bit severe and haphazard; hard to justify really, and now they even restrict the amount of time kids can play video games; this is to level the playing field for more parents in the case for tutoring and related costs

CELEBRITIES - those exhibiting too grandiose a lifestyle needs to be reined back apparently; questions exorbitant pays for celebrities as unhealthy; they better pay all taxes and dues; there is now classes for how a celebrity ought to behave and many top notch celebrities have taken them; looks like Beijing wants excesses cut and have celebrities (who have huge followings) to be more conscious of their influence and using that influence to do broader good for society (and not just enriching themselves)

FANDOM - Beijing is like a parent who is pissed that so many young people devote an inordinate amount of time following, liking, supporting, even donating to their idols; Beijing wants to tone down these wasteful activities

GAMING - this is naturally a big scourge, not only a great way to fritter away savings but also lost-investments, and trickle down effects to real economy; Macau is and will be further in deeper stink I think; next targets will be junkets and money transfers; gaming is also seen as a way to launder funds or park China funds outside of the country

LISTINGS - too many so-so companies have listed overseas and created havoc (USA, Singapore and Malaysia... somehow HK has managed to attract better ones from China); they are soiling China's reputation; to remedy that, new more liberal exchanges have been set up in Shanghai and Shenzhen over the last 2 years to take up the slack for tech/high growth companies; will be near impossible to list overseas now unless tacit approval has been obtained (no one wants to answer Beijing's question: why overseas?)

ENTERTAINMENT - tv productions and cinematic productions will have to be more circumspect in having ballooning budgets, paying stars too much, or script being non-conducive to China's interest; film/tv concepts or storylines will have to less evil, vile, violent ... and express proper retribution of course; even reality shows will have to be toned down, less dramatic, no more over-production or falsification to fake the audiences

INDIVIDUALISM - this mainly goes back to celebrities and cinematic/tv producers; Beijing has a big disdain with expression of individualism; Beijing is also concerned with the rising lack of "masculinity" in male artistes (many imitating the fair, pretty boys from K-entertainment) or as they like to term it as "sissyman" (niangpao)

CHARITY - those who have high visibility and wealth, from entertainment or corporate world, will have to show that their wealth are also used for the greater good and social causes, in order to proper together; I think a lot of data collection and notes taking will be happening




BITCOINS
- Chinese make up an awful lot of the miners and traders in this sphere; again deemed as an unsustainable industry, luring many to gamble excessively, and many questions as to the leakages to allow for money shifting and laundering ... Beijing has sounded the warning bells, I see an eventual total clampdown in this area ... get out while you can, Bitcoin will plunge if China exercises total shutdown

ALIBABA's CASE - the crackdown on Jack Ma seems unnecessary or random; it is not, it has to do with the fall of Hangzhou (Alibaba's home) party secretary Zhou Jiyang; Zhou's family somehow happens to hold a lot of Alibaba shares; Jack Ma had been criticising China's financial regulators leading up to the IPO of Ant Financial; Jack's rising popularity is also a concern;  too much, too belligerent, too little respect, too cocky for own good ... do not do that in China is the "hidden message" here

HK - the purge will get worse for HK now that they have "control", beware

Basically, the purge will continue for sometime. But they will all be traced back to the mantra:

INCOME INEQUALITY,  SHARE/COMMON PROSPERITY


Opinion: I can see the justification for many of the purges. Maybe hold back a bit or introduce measures over time. Beijing has correctly capture what's wrong in many industries? But, didn't Beijing "allow" that to flourish in the first place? These things doNOT happen overnight. You allowed your garden to have weeds for such a long time, and then go to the garden and shout at the weeds ... when you should have trimmed the weeds when they were sprouting. Shouldn't there be some collective responsibility here?

While we are at it, these may be the "ills of society", but Beijing should also address inherent big problems of their doing. The massive number of state corporations doing xxxx all and having gargantuan debts, with banks not daring to move on them. The healthcare system which is still based on a for profit model ... pot calling kettle black. Should do things fairly - inside and out.

Saturday, September 18, 2021

FAQ - Andropause Succor


Composition

1) What does it consist of?
The main ingredients being Tongkat Ali, Cordyceps, Pomegranate and Zinc.

2) Why these ingredients?
Following the research findings thus far, we found that artificial T injections or creams only work sparingly and does not address the root causes of andropause. Andropause is mainly a result of aging and the body winding itself down in the reproductive cycle. Thankfully, we have formulated a mostly herbal supplement to counter the effects effectively. Our formulation was based on the need for better circulation, restarting normal sperm production, reducing chronic inflammation ~ basically an anti-aging strategy that happens to restore testosterone to normal levels.

3) How is it different from other similar supplements?
Firstly the composition is revolutionary. Secondly, it addresses the inner working of our body functions rather than address the symptoms. Thirdly, our manufacturing facility has been able to better extract the herbs by a factor 5x using nanotechnology. The said manufacturing process is being patented as the time of writing. In terms of potency, it will be hard to match.


Dosage

1) How many can be taken a day?
It is recommended to take 2 a day for the first five days, to be taken in the morning following a meal. After the first five days, you may revert to one tablet a day.

2) How long before it becomes effective?
Boosting testosterone levels is not an overnight thing. You should have a blood test before taking and then have another blood test after a month to measure your testosterone levels. However, you should have better overall wellbeing within 2-4 days, in particular with the quality of erections and libido.

3) After my testosterone levels are up, does it mean I can stop?
Yes and no. If your T levels are near to 10/30, you may want to bring that closer to 20/30. Once that levels have been reached you may reduce the dosage to one a day. If you were to stop once you have reached desirable levels, and you maintain the same lifestyle choices as before, you will find yourself grappling with low T again within 3-4 months.

4) Why so bitter?
The experts will tell you that the more potent Tongkat Ali is, the bitterer it will be. We have decided against using artificial sweetener in our formulation. You may want to take the tablets with fruit juices to better cope with the bitterness. Most will get used to it after a few days.

5) How long will the supplement stay in my body?
As it is largely herbal, your body is likely to flush them out within 24-48 hours.

6) How will I know it is effective without measuring my T at a clinic?
The first few days should result in overall better wellbeing. You should experience better sleep, more energy, better libido, improved quality of erections. Longer term you will be able to better build and retain muscle mass, lose some of the visceral fats, and have a better temperament. There are other benefits, too many to list, which has to do with reducing inflammation. Reducing inflammation goes a long way to reducing the risks to many other diseases (esp. the heart).


Testosterone Booster

1) 
Testosterone supplements boosting vs. anabolic steroid

Even if the goal is the same (more testosterone), there’s a key distinction in the method. With steroids, you’re putting more testosterone into your body from an outside source. With boosters, you’re trying to trick your body into making more testosterone on its own.

2) How does Andropause Succor compare to other testosterone booster supplements?
Testosterone booster just boosts the level of testosterone. That is like curing the symptoms but not addressing the cause. Andropause Succor is a more holistic approach to countering the effects of andropause by "reclaiming body functions as a younger person" (including sperm production, higher metabolism, better anti-inflammatory platform for cells to thrive and not breakdown).

https://andropausesuccor.com/

3) Is it more than an andropause reversal remedy?
Actually yes it is, but we stop short of claiming it is anti-aging as that brings forth a lot of needed studies and clinical research confirmation. However, we have strong reasons to believe that by reversing the andropause cycle naturally, we also address the need to contain the "inflammation" aspect of cells - both we think are crucial in any anti-aging therapy.




Not a week goes by that I am not asked about testosterone levels. Especially one of the following questions:

—”How can I raise my testosterone?”

—”Can supplements actually boost testosterone?”

—”How do I know if I have low testosterone?”

The questions are endless. Testosterone is a hot marketing area for men, that strikes at the core of machismo and male health. Attach testosterone to any product with some hyperbole, and you can market it effectively.

But truth be told, testosterone levels are critical for male health. Low testosterone causes:

Low energy
Low sex drive
Low strength
Anxiety, depression, and general lethargy
There are no advantages to having low testosterone. Zero. Nada. In fact, hypogonadism (which is when your body is not producing enough testosterone) is linked to:

Alzheimer’s disease
Dementia
Cardiovascular disease
Recent research even points to low testosterone being a precipitating factor for prostate cancer.

With all this in mind, it’s concerning that testosterone levels have been dropping in men worldwide for decades.

The reasons for this are legion:

Environmental endocrine disruptors, plastics, contaminants; lack of sunlight and solar radiation; lack of key micronutrients, skewed diets; lack of exercise, lack of sleep, increased stress; the list is long.

And this drop in testosterone is not only seen in humans, but animals as well. Across the world, environmental pollutants are affecting animal life and disrupting sex hormones.

The pragmatic reality is this:

Our environments and lifestyles do affect our bodies. And many men are slowly castrating themselves through their lifestyles.

Increasing your testosterone levels, and thus your general vitality, should be of paramount focus for all men.

High testosterone levels are a representation of overall good health.

You have everything to lose and nothing to gain by ignoring your hormone levels.


Others

1) Where can I buy Andropause Succor?
We intend to make it available only online.

2) Will there be other products?
Yes. We intend to release two more products by 2022. One is an all herbal mouth spray. The other is another herbal supplement that helps with female constipation.

3) Is Andropause Succor a bit on the pricey side?
Ask anyone who knows about supplements. Once you start to add more components to your formulation, the cost adds up. The other to bear in mind is the superior production facility which allows for up to 5x better extraction. The production process is already in the process of being patented and that explains the cost.

Wednesday, September 15, 2021

Local Market Jitters

The last few days have seen the local bourse getting the shivers. At first glance no one could see what was troubling. Basically it was due to two factors, one was unnecessary, the other plausible.

1) Parliament conducted the second reading of the Windfall Profit Levy (Amendment) Bill 2020 in the Parliament Order Paper published on Tuesday. And that has frightened the corporate world and investing fraternity.The bill’s first reading was conducted in December 2020. We had something similar for palm oil in the past. You may argue that we should have one for glove makers. The jitters go so real that even highly profitable companies got dragged down: such as Press Metal and electronic segment.

Generally, I wouldn't advocate a windfall tax as most businesses go through cycles. Periods of tilted supply/demand will eventually correct itself. Under supply will attract new entrants. Any windfall tax will be short sighted.

A windfall tax hampers sentiment and the negative sentiment will result in deflated liquidity and valuation for the whole market - the "gains" from the windfall tax WILL ALWAYS be dwarfed by the losses (and indirect losses) from lower liquidity and stagnant valuation. Depressed market conditions will have a cascading effect on corporate exercises and investment.

Let the market decide, a stock market is where parameters have been set to allow for proper valuations. Too heavy handed interference will be viewed as highly negative.

Zafrul has said it will send the wrong signal to the markets. 


2) The very high death rates over last few days: This has to be answered properly by the right people responsible. Glitches in data collection or reporting? We are still NOT addressing vaccination for undocumented and/or illegals in the country properly. I mean, we are talking about at least 2m-4m people. 

While we are on that, why suddenly stop the private clinics from giving out vaccination. Unjustified and unreasonable. 

Higher unseating death rates may question the moves to reopen the economic sectors swiftly. Already the "logjams in the supply chain" caused by Malaysia is making big waves globally. I am certain there's a lot of pressure from other jurisdictions on Malaysia to open faster. Be real, let us know the real numbers. 

While getting the country vaccination rates towards 80%. We should start implementing booster shots immediately.


Conclusion, the scares are overdone. There's better stability in the "government" now. Vaccination rates are better than most... we just need to address some "issues" cited above. Valuation wise, we are lagging our neighbours. 



Tuesday, September 07, 2021

Genting Plantations Emerges In PUC

  


 


Why Genting Plantations



It might take some deciphering from the corporate announcement. The sole shareholder of GPVF is Kenyalang Borneo Sdn Bhd. If you cross check to Genting Plantations annual report under subsidiaries section, you can find the 100% owned Kenyalang Borneo Sdn Bhd. 

While the conglomerate who will be joining the consortium of 2 state governments and PUC has not been announced, judging from this development, it is likely to be another Genting company in the digital bank consortium. But why GP, I think the further they get away from the casino license holder the better.








Just The Start?

A 13% stake by GP is significant. More so, as it is a listed company on Bursa as well. We can surmise that this has to do with Genting Group's involvement in the application to obtain a digital banking license. The sheer size and depth of their assets, not to mention the ecosystem that they bring to the table, should propel the PUC/2 State government/Genting consortium to the top of the pack in terms of brand desirability, funding and overall ecosystem rejuvenation.

Bankability - A major part of a digital bank is probably deposit taking. Just pick any name from the 29 applicants. Would you deposit RM25,000 with them. I don't want to taint their names but you know the drift. Now the name PUC-Genting Bank ... you have no issues depositing RM500,000.

I believe the G and GP group  will be upping their stake in PUC in the future via two main ways: one, when the funding requirement comes in for the DB license (they may subscribe, underwrite or take up new rights issues); two, via injection of their  life sciences and technology companies/startups into PUC for shares (read further below).

Viability - Just how valuable is a DB license. Play your cards right, penetrate the right ecosystem ...  "Just five years after launch, Tencent-backed WeBank serves some 200 million people, and Alibaba-supported MYbank has more than 20 million SME customers. Over a short period, China’s digital banks now have a roughly 5 percent share of the country’s RMB 5 trillion (~$700 billion) unsecured consumer loan market and more than 7 percent of online SME loans. South Korea’s KakaoBank, launched in 2017, attracted more than 10 million customers in its first year and now has a roughly 5 percent share of the country’s unsecured consumer loan market." - McKinsey & Co, January 2021











DB Licensing

While there are plenty of applicants for the DB license, I think Bank Negara should not be issuing DB licenses to local banks affiliated bidders. It kind of defeats the purpose of giving DB licenses. You might as well say no more applicants, just give the DB licenses to the existing banks. The local banks can very well venture ahead into the digital plunge on their own platforms already. Hence none of the local bank affiliated bidders should get the license.



Why we have DB licenses is precisely that there are many areas current banks have failed to do. Most were weighed by down by processes and ladened by asset heavy strategy, comfortable in the norms of corporate and investment banking ecosystem. 

Also, Bank Negara may want to give a bit more leeway to the number of licenses. We have been curtailing local bank licenses for the past 20 years. Yes, many were under capitalised and were hit by the 97 financial crisis and had to merge or sell. A country such as ours have left sufficient scraps on the table for the existing banks. The DB license is a chance to allow "birds to fly" with the advent of technology, the internet and the flattening of the earth in terms of markets and penetration. Be it 5 , 6, 7 .. it is a a very good thing to try and execute. Sure some may fail but to keep the number very low is certainly short-sighted.

I think 6 or 7 licenses can be considered more appropriate depending on what they bring to the table. 

Successful applicants should  have their capabilities in the following areas:

Leverage unique capabilities to provide a differentiated service: Applicants must possess unique capabilities that will enable them to offer a differentiated proposition. May include: the user experience (a tech-native company may be better positioned); the range of services offered (an ecosystem owner might leverage its deep customer relationships to provide additional use cases for its products); or the ability to manage risk (an e-commerce platform or telco may have access to large volumes of data that can inform superior credit underwriting of “thin-file” customers).

Identify a clear path to profitability: Regulators can be accommodating on timeframe (with some accepting plans for five or more years of unprofitable scaling up), but applicants must be able to demonstrate a clear path to profitability based on reasonable business assumptions and a realistic business model.

Develop a safe and robust enterprise: Applicants must be able to assure regulators that they have designed their business models and target operating models to be resilient. To do so, applicants must identify any potential events or developments that would cause them to exit the market (for example, if the business fails), define governance processes for activation and escalation of an exit plan, establish a clear contingency plan, identify relevant indicators to be monitored, and outline a communication strategy for before, during, and after activation of the plan.

Positively impact society: Many regulators require applicants to demonstrate they can make a positive contribution to the local financial services and technology sectors, and to society more broadly. Applicants should articulate their intentions to hire locally, support the development of capabilities (e.g., through investment in skills development and hackathons, or by offering internships to local university students), and help position the host country as an innovator and digital financial services hub or leader.


Rising Son

Lim Kok Thay only put one of his sons on the board of Genting Bhd and Genting Plantations, Lim Kheong Hui. Looks like the junior Lim is being handpicked and groomed to take over someday in the future. If you note his career movements of late, it is significant to the realisation of this deal.

On 1 January 2019, Mr Lim was redesignated as the Deputy Chief Executive and Executive Director of Genting Malaysia and Genting Plantations. He was a Non- Independent Non-Executive Director of Genting Malaysia and Genting Plantations until he was redesignated as a Non- Independent Executive Director, following his appointment as the CIO of Genting Malaysia and Genting Plantations on 1 January 2015. On 5 May 2017, Mr Lim was redesignated as a Non-Independent Non-Executive Director of Genting Plantations, following his resignation as the CIO of Genting Plantations. He is also a director of Genting UK Plc and a member of the Board of Trustees of Yayasan Lim Goh Tong.

For a group as big Genting, you do not want to waste time buying small listed companies FOR TRIVIAL REASONS. As their time is limited to cover their investments, every single investment has to make sense and can be impactful to the bottom line. You want to manage 5 businesses, not 25 small ones which will drain you of your resources and time management.

If GP's involvement in PUC is only for the DB license, that's a bit short sighted I think. Below is what I think the real bigger picture will unfold for their involvement.


Life Sciences, Biotechnology & Startups

If you look up Genting Bhd's business divisions, there's Life Sciences and Biotechnology. Seriously, with their clout, they will be approached by many credible startup or series A/B/C round financing for promising VC type companies having a path to a probable listing in the near future.

However, looking at the revenue and profit of Genting, unless you strike  unicorn, any successful investment in these VC/startups/tech companies IS VERY UNLIKELY TO make even a small dent to the share price or deep balance sheet value of Genting group.

Strategically, you would want to put these companies into a smaller company like PUC to groom these companies. Hence I expect some of these companies to be put under PUC in the near future. I mean, seriously just Genting Bhd alone is at RM18bn market cap. It would be better value accretive to put into a separate listed vehicle. You can have a more "focused management" on these type of companies. You can raise funds specifically for them without them "clouding" the financial budgets of Genting Bhd. Imagine growing PUC from under RM500m to RM3-4bn. That would be significant, and a strong feather in younger Lim's cap.

This looked very similar and dejavu like to the roadmap of Li Ka Shing and Richard Li. The latter moved away from Cheung Kong to dabble/invest/grow in PCCW, Star TV, AIG Investments, HK Telecom.. to name a few.

CELULARITY - LISTED ON NASDAQ with a market cap of USD1.1bn. Celularity is a clinical-stage biotechnology company leading the next evolution in cellular medicine. 

CORTECHS.AI - Using Artificial Intelligence in providing imaging biomarkers. Objective brain segmentation and volumetrics to aid physicians in the evaluation of neurodegenerative diseases.

HEALTH NUCLEUS - By using a range of world class per-emptive scans and genome biotechnology, the company aims to help preempt cancer, cardiac, metabolic and neurodegenerative disease, and more.  

DNAe - Using semiconductor sequencing technology to bring about benefits of fast and insightful diagnostics.

 iNEXinnovate - Improving women's health through innovative diagnostics.

SYNTHETIC GENOMICS - Designing algae to produce renewable,low carbon, heavy duty transportation fuel for trucks and planes.

TauRx Pharmacueticals dedicated to research in neurodegenerative diseases and a leader in Alzheimer’s disease research. Our mission is to discover, develop and commercialise innovative products for the diagnosis, treatment and cure of neurodegenerative diseases caused through protein aggregation.

Needless to say, these companies would be better to be placed in a separate listed entity. GP's entry into PUC is highly significant in that respect. 


Potential Impact On Bottom Line

There are 29 consortiums vying for the DB licenses. Apparently 4 have "dropped out" according to whispers, being deemed as not "qualified" by BN. Having GP (and indirectly Genting Group) behind the team must propel this consortium to the head of the pack as explained above. Then we have to look at "potential impact". At the Genting level, the DB license would not make even a small dent if/when its profitable. Imagine Sime Darby or IOI Group, the impact to bottom line will be minuscule. 

A cursory look at the banks in Malaysia, they normally bring in RM1bn-2bn annual profits on average. New DBs if they have a good ecosystem to start and strong bankability, they should make RM50-100m a year after 3-4 years. Hence the potential impact on PUC should be highly significant as their current market cap is just over RM200m, even with the new share issues it will be shy of RM300m. Plus when they have to do fund raising, which I am certain the G group will back them all the way, the requirements laid out are not debilitating.

Hence an immediate upgrade in the valuation UC to RM300-350m would not be excessive. A conservative 15x RM50m = RM750m should be achievable should they get the DB license next year.


Concluding Statements

If ever the phrase "game changer" can be used, it is here.

Genting Bhd RM18bn

Genting Malaysia  RM16bn

Genting Plantations RM5.85bn

Genting Singapore SGD9.6bn

Genting HK HKD4.32bn

Genting New York & Vegas (private) ?



a) Genting companies do not invest or take up substantial stake in another listed vehicle lightly. They have enough on their plate, they do not want to oversee and manage 25 businesses. Hence PUC is likely to be a significant company for them going forward.

b) There are enough reasons to hive off some of their biotech/startups to another vehicle so as to extract better value, have more focused type management pertaining to these type of companies, raise funds separately without clouding their gaming and entertainment emphasis.

c) PUC is likely to command a "Genting premium" in its valuation. That's largely on their network, portfolio, funding capacity and scale in investments.

d) The corporate name of Genting is probably the most sought after partner in the race for DB license. Its their bankability and the ecosystem that they bring to the table.

e) I see 30-35 sen being a soft target initially. As 1Q2022 draws closer to announcing the likely winners for the digital banking license, we may see "optimism trading" that may bring it to 60-70 sen.


p/s This is not a call to buy or sell. Just an opinion. Please consult your dealers/remisiers before acting. As always, there are risks inherent with any investments.

Thursday, September 02, 2021

Tall Poppy Syndrome & Self Check

 

Never have I receive so many SMS for a simple innocuous photo incident ... and its of an electric car purchase.


The tall poppy syndrome is a cultural phenomenon in which people hold back, criticise, or sabotage those who have or are believed to have excessively high opinion of oneself or their importance - "cutting down the tall poppy".  It describes a draw towards humility. 

Commonly in Australia and New Zealand, "Cutting down the tall poppy" is used to describe those who deliberately put down another for their success and achievements, due to being perceived as egotistical, vain or displaying self-adulation.

Egotistical (tick), Vain (maybe but inconclusive), displaying self adulation (tick).


The metaphor, though popular in Australia and NZ, is also popular almost everywhere else on earth, though they may or may not have a similar worth metaphor.


In Ireland, it is prevalent within the culture to encourage humility in yourself and others. People perceived to be tall poppies will often be described as "getting notions about themselves" and the cautionary words of "don't go getting notions about yourself" will meet any boast
ful remarks. 
 This culture is most obvious in the Irish people's cutting-down of Irish celebrities.


You will find the tall poppy syndrome almost everywhere but Europe, which has a more egalitarian culture and system. 


Distinction


Nobody likes it when flouting is involved, in particular when it is undeserved or obtain via dubious means. Say a corrupt politician (am I being redundant) showing off his new Ferrari. To be outraged would be fair game.


However if the person flouting is not a criminal, but probably became wealthy from his own efforts largely (nothing is absolute). Then to disparage him flouting the Ferrari would probably reflect more on OURSELVES (jealousy, bitterness, spitefulness, discontent). 


Side note, it is not even an extravagant purchase relative to his net worth. I mean, I do not have much affection for the guy but how he runs listed company may not be 100% splendid but nothing sinister or criminal.He did build a beautiful company from scratch. The way he ran the company was his own discretion. He has done well already considering that most airlines that still survived mostly needed huge capital injection from their governments ... not his. 

Some say its the refunds/salary ... halloooo.. one is corporate the other is personal. Apalah ...  you mean he should put his private funds into his company? Where's this coming from, what warped thinking. If he still  rubs you up the wrong way,... don't invest,  ... don't fly in his planes. Why the hatred?


Check our own attitudes, why are we jealous, bitter, spiteful, discontent. Justifiable in any way?


We live in a capitalistic world, and that's how we operate. People CAN get rich and enjoy. The POOR is in the system because they also can be rich. 


The system does not come with instructions that you have to be humble, contrite, apologetic, modest, diffident ... That's character, that comes from your family, friends, culture and most importantly ..
self-introspection.


LIFE is not fair, but you know that already. As Cristiano Ronaldo beautifully said: "Money does not make people wealthy. In fact, some of the people are so poor all they have is money".


Some examples of extravagance spending (USD) below. How does that make you feel? Why? You can pissed off thinking of better ways to spend the money ... well, its not yours to spend. We attach our value system on material things and monetary value - again, not your call, you can only attach those things to your things.

So do you also hate all of them below?


Bono: $1,500 Plane Ticket for His Hat

Kate Middleton: $2,350 Stroller

Mila Kunis: $7,000 Diamond Facial

Madonna: $10,000 Monthly on Holy Water

Paris Hilton: $25,000 Designer Dogs

Victoria Beckham: $33,000 iPhone

Nicolas Cage: $270,000 Dinosaur Skull

Kylie Jenner: $432,000 Diamond-Studded Handbag

Kanye West: $750,000 Gold-Plated Toilets

Angelina Jolie: $900,000 a Year on Nannies

Rihanna: $1 Million a Year on Hairstyling

Celine Dion: $2 Million Humidifier

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