Last Minute Shopping

AMMB- Call Warrant
Exercise price RM3.80
Mother share RM3.90
Expiry 12 October 2007
5 covereds to buy one share
Foreign houses valuing mother share at RM4.30-RM5.00. Catalyst soon, removal of some board members and installation of ANZ people on board, bound to stir more institutional interest. Now this covered warrant is reasonably priced, buy up to 22 sen, sell above 30 sen.

Premium = 5 x 20 sen = 1.00 + 3.80 = 4.80 / 3.90 = 23%.
Gearing = 3.90/1.00 = 3.9x

The only decently priced new call warrant over the last 3 weeks.

You Are Invited To A Cringe Worthy Chinese Wedding In Malaysia

Came across this very funny posting on his 9 reasons why you know the wedding dinner you are attending is SHIT! For foreign readers who have never been to a middle class Chinese wedding, do click on the link and you will feel yourself being transported to Anthony Bourdain's worst nightmare. Its funny cos' its real. Damn the kids with the squeaky shoes!!!

www.kennysia.com/archives/2005/03/signs_the_weddi.php

Sapura Tech

Following the robust run-up in SapuraCrest, some savvy fund managers have been piling into Sapura Tech. ST is not as interesting as SC but it has what we call buffer and indirect play into SC. It has already been announced that ST will be privatised, for every one ST, they will be exchanged for one SC plus 40 sen. Hence savvy funds would be locking in a buffer of around 30 sen or 20% and get exposure to SC during a period where the EEC should be the thematic play. Downside is the 2-3 months lockup but AGM is to be held this coming Monday, which has hasten some to pile in on likely approval for the deal. Nothing terribly new or exciting but fund managers who do their homework would have a leg up on the rest. Buffer man, buffer!

Grasping At Straws
The New Media / China

As I have mentioned before, the excessive focus and deluge of coverage by the media on all things, and in our case the business world, have required us to have a more critical mindset and also layers of filters in place when coming across so called "news / commentary / analysis". Take yesterday's drop around the globe. News editors around the world would want an article written immediately; analysts will be pestered by journalists and clients for reasons for the declines; dealers will try to make sense of the whys and hows; and the general public will just pick up whatever that is being broadcasted as coffee shop talk. Note the vicious cycle reconfirming and validating the purported news / reasons. What I am trying to get at is that sometimes why the market moves like that is "nothing significant". Media and analysts claim that a sharp pickup in the pace of China's economic growth underscores the challenges Beijing faces in trying to control and rein in the country's vast, far-flung economy.

China's statistics bureau announced yesterday that gross domestic product expanded 11.1% in the first quarter from a year ago, an acceleration from the 10.4% year-over-year growth recorded for the previous quarter. All major indicators, including retail sales, factory output, capital spending and inflation, accelerated during the period, raising new worries about excesses in an economy that has grown by more than 10% a year for four straight years. Concern among Chinese investors that the government would respond by seeking to slow growth by raising interest rates sent the Shanghai Composite Index down 4.5%, even before the economic data was released, and contributed to weakness in markets across Asia.

We have to learn to get more comfortable with the volatile China and India markets. I mean, look at the silly 9% correction in early March which caused a huge round of selloff ... and what was the reason, rumours of a capital gains tax on stocks!!?? Just a rumour can send the charged up market down 9%, so I guess a 4.5% fall really indicates very minute concerns.

Just like before, yesterday's correction was mainly due to a natural cycle of the need to correct, not because of any earth-shattering change in fundamentals. Its like when you poop, and journalists surround your toilet banging for reasons why you have to poop and why now! When you got to go, you got to go, its a normal cycle! Global markets have been chugging along to retest their all time highs - its only natural to have a bit of stop-start as markets try to get past those psychological levels. So, sometimes, no need to go searching for reasons too hard.

That being the case, China has problems which they are trying very hard to control. Please re-read my previous two postings on China Calling and China Calling Again (20th & 21st March 2007 postings) to get my views on China. I wouldn't want to buy trading China markets cause I think the top officials will want to slow the growth engine somewhat by hook or crook. The predicted call for adjustments to interest rates or the currency will not yield the same textbook effect on China. There is too huge a gap between deposit rates and the lending rates: hence increasing lending rates aggressively will not see a corresponding rise in deposit rates. Property players are still willing to take up at higher lending rates owing to better capital gains. Officials have to restructure the financial system to narrow the gap for deposit rates for rate increases to have a more desired effect. As for yuan, they may very well speed up the appreciation but does not go very far to address the trade surplus. The yuan would still have a long way to go before it becomes a deterrent to attracting FDIs into the country. Mind you, more than 60%-70% of all exports from China are from foreign MNCs operating jvs or companies in China: thus they are just re-exporting back. The trade surplus looks bad as a PR exercise but officials know the culprits are the foreign companies themselves. Of course, it will impact FDI if we see the yuan gaining 10% a year, but that will not happen. There isn't sufficient political will or leadership to commit to that. The crux is the top officials know the Chinese financial system is still weak and is ladened with loads of state loans and state companies' excesses. As long as foreign banks are willing to come in and help repair the damage, improve reporting standards and financial management - top officials want to buy enough time for the financial system to get stronger before allowing the yuan to really gain significant strength. Thus their hands are tied as neither the interest rates or currency strategies will work for them. I expect more fiscal measure, even hard fiscal measures which will really let the steam out of the property and stock markets. Believe you me, I think the government is more concerned over their property side than the stock markets side of things. We can safe expect some significant tightening via fiscal measures in China soon. It could be in the form of: 50% capital gains tax for properties disposed within a year; or allow new loans of only up to 60% of property value ... you get the drift.

At the end of the day, the government is unlikely to try anything drastic as they need to keep a happy face for the world to see for the Olympics. Nothing more important than "paper face".

Corporate Hiring Strategy

Came across this well-written "half-joke half-non-fiction" piece. Certainly applies in most of the positions I have come across in my work.

How To Hire Well
Put about 100 bricks in some particular order in a closed room with an open window.

Then send 2 or 3 candidates in the room and close the door. Leave them alone and come back after 6 hours and then analyze the situation.

If they are counting the bricks.
Put them in the accounts department.

If they are recounting them.
Put them in auditing.

If they have messed up the whole place with the bricks.
Put them in engineering.

If they are arranging the bricks in some strange order.
Put them in planning.

If they are throwing the bricks at each other, put them in operations.

If they are sleeping.Put them in reception.

If they have broken the bricks into pieces.
Put them in information technology.

If they are sitting idle.
Put them in human resources.

If they say they have tried different combinations, yet not a brick has been moved.
Put them in sales.

If they have already left for the day.
Put them in marketing.

If they are staring out of the window.
Put them on strategic planning.

And then last but not least. If they are talking to each other and not a single brick has been moved. Congratulate them and put them in top management.

Dragon & Phoenix

Can you get a more Chinese name than that?? Stocks like DNP moves maybe once or twice a year, missed that and you might as well forget about the stock for the rest of the year. Been making good inroads on the volume charts and the perky property sector makes this stock worth exploring.

NTA RM2.00

Paid Up: 314.7m shares

Wing Tai Holdings 52.9%

The principal activities of the subsidiaries, associates and jointly controlled entity are manufacture and trading of textile garments, property development and investment, project management and maintenance of properties, restaurant operator, trading and fabrication of interior building materials. DNP is a leading garment manufacturer that supplies upper market garments to international renowned fashion labels including Polo, Fila, Gap, Lee, Denim, Banana Republic and Guy Laroche. The company operates seven garment factories in Peninsular Malaysia and two factories in Sri Lanka with a combined average monthly production of about 866,000 pieces of garments. DNP Clothing Sdn Bhd, a 51% owned subsidiary of DNP, is a garment retailer with ten outlets located in shopping complexes in Kuala Lumpur.

For its property business, the company has undertaken residential development projects namely Taman Bukit Minyak Indah and Taman Seri Impian in Seberang Perai Tengah, Penang. When completed, the freehold 45.5-acre Taman Seri Impian will have 750 units of terraced houses and semidees. Taman Bukit Minyak Indah is a freehold 28.5-acre project comprising 450 units of terraced houses and semidees. The project is planned in four phases and will be completed in two years.

Forthcoming projects for DNP include mixed development project in Hulu Kelang, Kuala Lumpur and a 38-storey service residential apartment in Johor Bahru. DNP also receives rental incomes from its investment in Lanson Place Kondominium in Ampang Hilir and Lanson Place Ambassador Row in Kuala Lumpur. DNP will see strong contributions from its major property projects in the Klang Valley, including the 110-unit The Meritz luxury condominium and 125-acre Sering Ukay project. DNP also plans to launch a new RM400m luxury condominium project in Bukit Ceylon, Kuala Lumpur in the first half ofthis year. The land parcel was bought early last year from Petaling Tin for RM59 million. The property division is DNP's largest earnings contributor, with plans toinvest nearly RM1bn to develop 3 high-end residential projects in the KlangValley this year.

What a lot of people doesn't know is that DNP is controlled and majority owned by Wing Tai Holdings. In Singapore, Wing Tai is known as a developer of high-end condos and serviced apartments as well as commercial properties in the Orchard Road area. It is also developing the 30-storey Menara DNP on an adjoining freehold 1.50-acre site on Jalan Ampang. The project is scheduled for completion in 2010. Wing Tai has increased its shareholding from 50.24% to 52.85% in January 2007 alone. Other substantial shareholders have also increased their buying over the last 3 months. Just an overall rerating for property exposure makes DNP a shrewd stock to follow.

High Anxiety

One of my favourite movies by Mel Brooks, and that's an apt heading for today's markets. The climb up was easier but not when you reached the peak, what now? To be cautious as the market tries to stay above the peak is good but also silly as the ones unwinding their positions are not blue chip buyers/holders or index stock holders/buyers but rather speculative trading type of shares. Geez, you are playing with half-rubbish and you like to think and trade like a blue chip investor??

Just remember how we got here, we were here before until the scary movie part 1, 2 and 3... read previous blogs please. So we have reconsidered the gravity of those so called risk and have basically brushed them aside, we have been here before. Scaling this further is not a big problem at all. China meltdown, brushed aside after looking at reality. Yen carry trade, over-exaggeration. Sub-prime, bears on a drunken rampage. These 3 were much bigger and real risks. Breaching all time highs, profit taking activity will be there but they will also be shallow and swift this time around. If the 3 tenors already came and did not conquer, the road ahead is relatively clear. Even Greenspan said yesterday that his fears of a recession has receded.

Though I think we are moving into the 3rd stage of a 4 stages bull run, I have to admit that the bulk of the bullishness is part money supply excessive growth in many countries - which brings down overall quality of this bull run but makes the current bull more sure-footed also. Sure-footed in that things like liquidity is there; silly premises such as shrinking scrip supply due to buybacks and private equity buyouts as not really productivity enhancing - so quality is not there but the surefootedness of this bull is there.

So,,guys, buyback those shares cause the blues ain't gonna fall. If the good guys are not going down, why are the little ones running for cover? Come out to play.

Oil & Gas

Dialog, SapCrest...

Dialog has gone up too much even though there are reports seeing the stock hitting RM2.60 or higher even. The 2008 PER is already in the 32x-35x range, which is why investors and institutional players are keener on Sapura Crest with its PER for 2008 at just 25x. Market cap for market cap, Sapura Crest has a long way to go and judging from inherent assets, Sapura Crest looks attractive still. Oil & gas plays has room to go because:

a) oil prices is stubbornly above US$60 per barrel, this gives oil companies a huge buffer to spike up their drilling activities, and even to consider drilling difficult wells

b) the reinvestment in drilling and exploration activities will compound in 2007 compared to 2005-2006

c) The spike in oil prices over the last 2-3 years has alerted companies that they have under-invested before and now needs to do a lot of upgrading work, maintainence work, finding new reserves and building of new facilities

d) Following Nusajaya dreaming, and the Kedah-Kelantan pipeline, the oil and gas play is basically centered on the next government plan to be unmasked for the Eastern Economic Corridor. Following South Johor, the government will soon be releasing details for that area. Dialog has been running as it is a jv partner with Petronas in Kertih Terminals and is the main supplier of base oil to Petronas Carigali, ExxonMobil and Shell for formulation of drilling mud. Sapura Crest should get new pipe installation contracts from Petronas Carigali. Which is also why Hong Leong supremo has bought strategic stakes in Petra Perdana

e) Contract awardment momentum is gathering speed as Petronas has already awarded a floating production facility contract to MISC for the Gemusut oilfield off Sabah. Petronas has already issued tender for 23 new offshore vessels, and another contract for 30 offshore vessels soon.

My best underdog pick, which is currently under the radar, is EPIC. At the current price its 2008 PER is just 16x compared to the above two, its a steal. Plus its relatively well managed, paying the best dividend yield among the oil and gas players for the past 2 years. It is also the most politically effective counter for the Eastern Economic Corridor project as it is Trenggannu's main state vehicle for oil & gas with control over the Kemaman Supply Base.

Share Capital: 165m

Perbadanan Iktisad Terenggannu 43.1%

Lembaga Tabung Haji 34.3%

Free float 22.5% or 37.125m shares

The EEC will see Petronas plonking RM44bn over the next 5 years. While much of the action has been in Dialog and Sapura Crest, its more a matter of paid up which has attracted institutional interest. For those running small funds or smaller fortunes, EPIC looks like a no brainer. So much so that the state government has already upped its stake in EPIC from 39.8% to 43.1% just over the last 3 months. I expect RM3.00 for the stock just before the release of the detail of EEC and could touch RM4.00 during the frenzied feeding. Looking at Dialog and Sapura Crest, I'd rather buy and hold the quiet achiever in EPIC.

Thai To Remember, And If You Remember ... Then Follow ...

When a foreigner was caught for defacing pictures of the Thai monarch, it made headline news globally. It made headlines again when the Swiss man was convicted and jailed for 10 years. The global press basically insinuated that the punishment was grossly excessive to the act. We are controlled by the powers of the media, and the media powers is Western-controlled, and hence the line of reporting has that line of bias. Westerners may not get what I am trying to say here, but its OK.

Not all kings are the same, a king in Netherlands, a king in Britain and a king in Thailand are not the same. The same king in Thailand is respected like you would not believe. Imagine the "goodness" of Einstein, Mother Teresa, Gandhi and JFK all rolled into one (I am not saying King Bhumibol is that kind of person, but if you appreciate the gravity of the respect, maybe you can understand a bit about how he is viewed in Thailand) - now that is the kind of respect we are talking about, add benevolence, compassion and empathy for the people: now you get closer to how he is viewed in Thailand.

One cannot and should not legislate respect, and I am sure King Bhumibol does not really want that either. Hence, after all the hoo-hah, King B has decided to pardon the Swiss vandal. And how is that news being captured globally??? Probably you heard it first from this blog?? Unbelievable. Media has the responsibility to follow-up on their journalism. One should not just choose what they want to report or sensationalise, then fail in its follow up for a proper conclusion and overall meaning of the story.

Maybe foreigners feel that the "respect and love" accorded by the Thais to their King is excessive or overboard - that's cultural differences. You go to a country, you must respect their ways or at least try to understand them, not challenge them. Foreigners living in Asia must immerse themselves, not just watch the people go by.

South Johor Being One-Upped By North Kedah

While everyone is doing Nusajaya Dreamin', things are happening up north (no, I am not talking about the shootings in southern Thailand). There will be an oil pipeline to be constructed across northern Malaysia, and the project has been signed, sealed and delivered. Due to start work on August 2007. The aim is to avoid the pirates-ladened and congested Melaka Straits.

The pipeline will cost RM50bn (US$14.5bn) and 70% will be from foreign sources. A large portion has been promised by National Iranian Oil Company (NIOC). The big losers here include Singapore and the US. Iran is not a close buddy of the US, Singapore is. The pipeline will divert stock away from Singapore thus lessening Singapore's influence and hence US strategic pawns in the region. Washington -Teheran ties are strained to say the least. Malaysia, always seen as the neutral-Islamic factor, can play the best of both hands. The ties that bind, the friend you need.

Refineries will be built in Yan and Bachok, touching Kedah's west coast and Kelantan's east coast. The 320km pipeline will also service downstream industries planned along the pipeline (e.g. shipyards, slipways, lubricant plants). Already 3 jvs have been signed. One for each of the refinery and one for the pipeline. The Yan refinery will be built by NIOC and SKS Ventures Sdn Bhd. SKS Ventures Sdn Bhd has just signed a US$16bn deal to develop 2 gas fields in southern Iran. The Bachok refinery will be built by Merapoh Resources Corp as the lead team. The pipeline will be built by Trans -Malaysia Petroleum. Foreign investors having signed up include Saudi Arabia, South Korea and Japan, following after Iran being the biggest jv partner. Kedah and Kelantan will have a 5% stake in each of the jv.

Once operational the pipeline can ship 800,000 barrels a day or about 10% of the daily volume handled by Singapore. Currently, nearly half of the world's oil go through the Melaka Straits. The plan while ambitious, is doable and will bring about downstream industries as planned to the industry-starved northern Malaysia region. Naturally environmentalists will go ballistic over the forest area the pipeline will cut through.

Cryptic Stock Tip

p/s I have to apologise for the puzzle, it seems to be more difficult than I anticipated. Got too many calls from my friends and readers. So, I will release additional clues/answers every ten minutes...

In my dream, I was walking in a lovely garden. The beautiful weather seems eternal, been like that forever. There is only one tree in the garden, couldn't make out the type but its the fruit bearing type. Then a wise looking man appeared from behind the tree and asked "What are you doing here?"
I replied, "Am I dead? Can I _BUY_ more time?"
God: What do you think this place is, like playing bacarrat in _GENTING_ ? (this cannot be "casino" because it would have to be "the/a casino", so its a proper name)
Me: If I am dead, I am sure you have the _POWER_ to do something about it.
God: You are not dead, go back and do better, where I _PLANT_ you, you have to bloom well. (for something to bloom, it has to be planted or a plant)
I woke up, was motionless for a while, and only then I realised I had been talking with God in ____. (the final clue shall not be revealed, it is NOT "heaven", clue in the first para)

p/s Sorry readers, had to do this cryptic stock tip cause I kinda promised someone that I cannot blurt out the stock tip that bluntly. Just fill in the 5 missing blanks and scramble the words around to make the "stock tip sentence". The stock is a vg trading tip, good luck!

26th HK Film Awards
Live This Weekend

Best Film

Fu zi / After This Our Exile,

Fong juk / Exiled

Hak se wui yi wo wai kwai / Election 2

Man cheng jin dai huang jin jia / Curse of the Golden Flower

Huo Yuan Jia / Fearless

Deserved To Win: Fearless

Personal Choice: After This Our Exile

Most Likely To Win: Fearless / ATOE

Best Director

Patrick Tam Ka Ming (Fu zi / After This Our Exile)

Johnnie To Kei Fung (Fong juk / Exiled)

Johnnie To Kei Fung (Hak se wui yi wo wai kwai / Election 2)

Zhang Yimou (Man cheng jin dai huang jin jia / Curse of the Golden Flower)

Jacob Cheung Chi Leung (Muk gong / A Battle of Wits)

Deserved To Win: Patrick Tam

Personal Choice: Patrick Tam

Most Likely To Win: Patrick Tam / Zhang Yimou

Best New Director

Law Wing Cheong (Tin sun yut dui / 2 Become 1)

Daniel Wu (Sei dai tinwong / The Heavenly Kings)

Patrick Kong (Duk ga si oi / Marriage with a Fool)

Deserved To Win: Daniel Wu

Best Actor

Aaron Kwok (Fu zi / After This Our Exile)

Lau Ching Wan (Ngor yiu sing ming / My Name Is Fame)

Tony Leung Chiu Wai (Seung sing / Confession of Pain)

Chow Yun Fat (Man cheng jin dai huang jin jia / Curse of the Golden Flower)

Jet Li (Huo Yuan Jia / Fearless)

Deserved To Win: Lau Ching Wan

Personal Choice: Lau Ching Wan

Most Likely To Win: Aaron / Lau Ching Wan

Best Actress

Teresa Mo Shun Kwan (Daai cheung foo 2 / Men Suddenly in Black 2)

Rene Liu (Sun yat fai lok / Happy Birthday)

Isabella Leong (Isabella)

Angelica Lee Sin Je (Gwai wik / Re-Cycle)

Gong Li (Man cheng jin dai huang jin jia / Curse of the Golden Flower)

Deserved To Win: Isabella

Personal Choice: Lee Sin Je

Most Likely To Win: Gong Li / Lee Sin Je

Best Supporting Actor

Gouw Ian Iskandar (Fu zi / After This Our Exile)

Simon Yam (Hak se wui yi wo wai kwai / Election 2 )

Nick Cheung Ka Fai (Hak se wui yi wo wai kwai / Election 2 )

Jay Chou (Man cheng jin dai huang jin jia / Curse of the Golden Flower)

Liu Ye (Man cheng jin dai huang jin jia / Curse of the Golden Flower)

Deserved To Win: Gouw Ian Iskandar

Personal Choice: Gouw Ian Iskandar

Most Likely To Win: Gouw Ian Iskandar

Best Supporting Actress

Kelly Lin (Fu zi / After This Our Exile)

Isabella Leong (Mon seung / Diary)

Candice Yu (Ngor yiu sing ming / My Name Is Fame)

Zhou Xun (Ye yan / The Banquet)

Kristal Tin Yui Lee (The Mother Is a Belly Dancer)

Deserved To Win: Isabella

Personal Choice: Isabella

Most Likely To Win: Isabella / Candice Yu

Best New Performer

Gouw Ian Iskandar (Fu zi / After This Our Exile)

Huo Si Yan (Ngor yiu sing ming / My Name Is Fame)

Pei Pei (Dog Bite Dog)

Sun Li (Huo Yuan Jia / Fearless)

Matthew Medvedev (Rob·B·Hood)

Deserved To Win: Huo Si Yan

Personal Choice: Huo Si Yan

Most Likely To Win: Gouw Ian Iskandar / Huo Si Yan

Best Screenplay

Patrick Tam Ka Ming & Tian Koi Leong (Fu zi / After This Our Exile)

Sylvia Chang, Mathias Woo & Theresa Tang (Sun yat fai lok / Happy Birthday)

James Yuen Sai Sang, Jessica Fong & Lo Yiu Fai (Ngor yiu sing ming / My Name Is Fame)

Yau Nai Hoi & Yip Tin Shing (Hak se wui yi wo wai kwai / Election 2)

Felix Chong & Alan Mak (Seung sing / Confession of Pain)

Deserved To Win: My Name Is Fame

Personal Choice: My Name Is Fame

Most Likely To Win: My Name Is Fame / ATOE

BS Galore!
Grow Up Fast

BS#1 - The share split of one 50-sen share into five 10-sen shares had made the counters more accessible to retail investors. In the past, its share price of around RM40 made it difficult for retail investors to buy into as a lot of 100 shares would cost RM 4,000. The surge in share prices was also liquidity driven as there were more shares in the market. The number of Genting shares became 3.69 billion while Resorts has 5.61 billion shares after the exercise.

How-da, people who never study will think like that, but if there are enough people who think like that, you get the silly price jumps in a stock split event. A stock split is a non-event, not a life changing, nor value-added, nor fundamentals improving, nor intelligent corporate strategy move. Brady-hell, if you cannot afford RM4,000 go play 4D-lah. Already Bursa accomodated by allowing 100 share lots, still not low enough, how about 10 share lots then?? Then can we stop the stupid stock splits!!! It makes me angry when shallow thinking dominates proceedings. Good for you if you make money on them, but the premise is just too shoddy, to say the least.

BS#2 - In terms of valuation, Resorts, which is a pure play in gaming and casino operations, is still trading at a lower price to earnings ratio (PER) of 21.7 times compared with other casino operators at other bourses at PER ranging from 25 times to 30 times. Genting is also cheaper as it was trading at 21 times, even though its current PE is above its historic 15 times. Singapore-listed while Genting International was trading at 87 times, Las Vegas Sands 71.4 times, MGM Mirage 33.3 times and Harrah Entertainment Inc. 30.48 times.

When people want to push stocks, silly diatribe like these gets circulated. Resorts is no Genting. RW is a hilltop casino with limited player growth (look at the road winding up to RW). The Sentosa thingee and Stanley Leisure are held elsewhere. RW has a 7% stake in Genting Int'l. Genting Bhd has a 57% stake in Genting Int'l. Genting Int'l holds 100% of Sentose IR, Maxim's Casino and Stanley Leisure. RW is half the PER of others because NO GROWTH, not because it is undervalued. RW is a dividend stock only with the biggest hotel in the world. That's all. Don't try to sell RW on comparative valuations, its shallow and uninformed.

BS#3 - The charade continues in the covered warrants. Genting-CD now trades at 13 sen. You still need 50 to convert into one share 50 x 0.13 = $6.50. Pay another $7.80 to convert = $14.30. Premium 14.30/9.15 = 56%. Gearing 9.15/6.50 = 1.4x. Isn't that the lowest gearing you can get on the bloody thing??? Oh, expiring in Sep 28. Watch this one implode. Current fair value 5-7 sen for the covered.

Enough already, people already think I have a vendetta against Genting or Resorts. Not true at all. Nothing is the mgmt's fault, its the market's naive investing behaviour which pisses me no end. We need to grow up... fast!