由于公司上市时间还是很 "年轻", 所以, 从 BURSA 能够找到的资料也非常有限. 只知道公司不断扩充, 而且以它目前的 PE, 简直是同行中超便宜的公司. 况且公司还坐用庞大的现金, 零负债. 我相信这样的价格对它是稳定且上扬的业绩是不合理的.唯一可以解释的, 就是其中的大股东在市场大抛售. 是不是想完全脱手, 只有它自己知道了.
这个, 应该就是造成 MASTERSKILL 股价难以反映其价值的原因吧.
我觉得, 这个卖压过后, MASTER 的股价应该会突飞猛进, 回到它应该有的价位. 问题是, 几时呢? 这就很难估计了. 即使 FMR 抛售了大批的股票, 但他手中还持有非常大批的股权. 如果 FMR 有意要完全脱离 MASTER 的业务, 那么, 真的还有一段很长的时间要挨.
股价被压低, 但业绩还是保持标青. MASTER 重新被市场接受, 相信只是时间上的问题而已. 或许, 在目前股价被 FMR 抛售的时候, 正是入场拣便宜货的时机. 同样的, 如果 FMR 真的想脱离 MASTER, 那资金也有可能被套. 如果有一笔闲钱, 我相信这是很好的机会.
15 comments:
MEGB 今天虽然下跌, 但买盘却非常强劲. 不排除有基金在趁低收票. METROK 卖了过后, 看到 MEGB 如此的平卖, 忍不住也在 2.34 价格位查上一脚. 希望没看走眼.
I also hold MEGB, but buy in Price is RM2.46. Time will tell this is a gem or stone. hahaha...
Today I put in another buy for MEGB. Basically I start to understand the sell down. Mainly due to PTPTN issue & sell down by FMR. But very curious about FMR action. They acquired when MEGB listed, all the way from RM3.00+ to RM4.00+. But now selling at lost in very short period of time.
Maybe they know something we dunno? I am not sure. But today I called to MEGB management, the person answer my call is a DR. Although she is not the right person, but she talked very nicely. I am waiting for the CFO to call back.
Ohaiyo, thanks for sharing this with us. We need the clarity before deciding on the next step- Hold/Buy/Sell. Although it looks pretty cheap now but we don't want to catch a falling knife. I'll wait for your update.
The new PTPTN ruling has only affected 100+ students who is going to enrol in a new course at Kuching campus... out of 16000++ students, I think the effect is negligible...
However, there is no assurance about the management integrity, no track record to trace. Do you know if there is a dividend policy for Masterskill?
Furthermore, I have no bullet to shoot, can only watch...
u r right. I dun think PTPTN is a big issue for:
1. BN sure take care of Malay
2. I believed MEGB will switch focus to oversea student, just like other private institute. So, what's the worry of PTPTN?
As it's juts listed not long, it's hard to judge the integrity. But few points that comfort me (a bit) are:
1. During IPO, MEGB can consider as debt free. So, money from investor is not main for paying debt.
2. Per latest Q results, cash per share stood around RM0.65!
3. Strong cash flow.
I believed this sell down period should be a good buy. Anyway, I still prefer to talk to the CFO and hopefully have a chance soon to attend AGM. Normally this are very good way to judge the management, at least from my own feeling.
I worry I might forgot what I had discussed with the CFO today if I wait for st to call. Actually my intention is to push st to experience communication with a company's management. As I said earlier, it is a very good practice to judge thru this process. After you speak to many different companies management, then you will realize the differences.
Well, overall I am very impressed with MEGB fast return call and really patient in spending his time to answer all my questions.
Below are the conversation:
Q1: Why FMR buying huge lot at high price and now selling at huge lost?
A1: This Q has been asking by a lot of investors. Honestly, I really have no idea why they do so. I have been calling them to understand the reasons, but they refused to disclose anything. We also very curious why they do so.
Q2: Do you think they know something that other investors may not know?
A2: I don't think so. We treat all investors in fair manner. We disclosed what we should, and thru our website and Bursa. It is very transparent to all. No one has exclusivity.
Q3: How about the issue with PTPTN now?
A3: As you in recent news, they have taken more action to recover the loan and also setting some corrective action for new approval. It should be well resolved.
Q4: Do you think the funding will be stop?
A4: Not likely. That will impact a lot of students and .... (forgot)
Q5: Is MEGB progressing will with getting more students?
A5: Yes, of course. We are targeting for >18,000 students by end 2010/2011 (forgot).
Q6: If the PTPTN could create a big impact to students and affect MEGB, why not MEGB focus more on foreign students like others private U?
A6: In the past, MEGB used to operate based on shop lots that converted to school. This concept will not able to attract foreign students. Therefore, if you see the recent announcement, we have acquired a piece of land in Bangi. We will build a campus than mainly to focus on foreign students. We are targeting the completion by 2012.
Q7: Do you have dividen payout policy?
A7: Yes. If you read our report, we anticipate a payout ratio between 50-60% to net earning.
Me: Well, thank you very much for your speedy return call and very detail explanation. I am very comfortable to MEGB.
CFO: Thank you for calling us as well. If you need any further clarification, please do not hesitate to call us any time. If you need to speak to our CEO, pls let me know in advance. I will try to arrange. Meanwhile, you can always visit our website for updates. We always keep our investor relation update.
END.
So, what do you think?
Fidelity Fund bought the share at IPO price (RM3.80) or joined before the IPO?
It really strange if they bought at such a high price and then selling at such a cheap price to cash out...
We do have cases that college gone bad in Malaysia previously...right?
Another question: Is their education done according to ministry's ruling?
http://malaysiafinance.blogspot.com/search?q=masterskill
Dali's questions on Masterskill, do have some points to have deep consideration there...
All ur questions are very valid. Actually I saw all those queries b4 i posted MEGB.
For Fidelity Fund, honestly, no idea at all why they did so. That's why I asked the CFO "Do they know something we don't know?" This actually my major concern. I am puzzling if MEGB did "something" to make their financial report looks perfect. Like high margin, good growth....
i try to type my personal opinion in "Comment", but is too long. Will post it as a new topic.
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