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I be honest, I don't like PTRANS. But the FV is RM 0.98. The maximum you should pay is RM 1. If you ask is this a good entry, I would say yes. You have to understand a business with low return on capital can't go very far. The analyst TP is accurate. My TP is more conservative because I don't understand the PFF at all. All I can say is anything below RM 0.98 is fine, you won't lose money, unless u r a loser day trader
i actually like ptrans because i pay extra attention for a biz that hv high profit margin even i dont own any shares. The only thing i hate about it is the huge dilution caused by the conversion of warrant. 30% dilution is just too much.
Yup, they have no choice. They don't have money to fund the terminals. But i think going forward, they don't have to raise equity funds anymore, which is good for us. Their cash flow generation is quite strong now due to PFF.
Couldn't denied Perak transit's management is doing a good job to secure higher profit. PFF income grow significantly compare with rental income. Jennifer did mention company more focus on tuning profit margins since building terminal too high capex. Well, I like the terms "shareholders invest in a bus operation consultant expertise". The ceiling of Ptrans business models may be low, however it's good that management willing to improvise and may become the biggest bus operator in Malaysia, moreover greater vision for taking part internationally. Dato said currently Ptrans will focus on local first hehe.
