Perak transit 主要是賺租金，租金通常是credit sales, 都是先租后還的，收入通常都是跟著合同來算，不管有沒有收到錢，只要還沒end contract就是算收入，receivable 增加代表租客很多都開始欠錢了，你仔細看，它的cash flow確實開始走下波了。通常靠租的都不能只看收入的啦，我公司租車，嘛是revenue一堆，後面receivable都是拿來做impairment, 錢都收不回來。接下來的receivable再增加的話，估計真的GG了

其实 receivable 的上升更多是时间差的问题，收入按合约在季度内recognise sales，但现金通常在下个周期才收到，所以才会出现账面收入稳定、应收增加的情况。长期租赁业务本来就不会所有租户同一天付款，因此 timing difference 很正常。真正要看的反而是后续有没有subsequent receive of trade and other receivables、公司有没有增加 impairment、以及过去多年是否出现大规模 bad debt。PTRANS 每年都有做 ECL（Expected Credit Loss）去覆盖潜在坏账风险，而几十年来坏账记录也不算高，只要 subsequent receipts 正常，这类 receivable 波动本质上就是周期性的时间差，而不是现金流出问题。

yes, cash bass or accrual basis, but mostly accrual basis, more easier, just follow the contract period. but now this company cash dint increase, so confirmed accrual basis. And the receivable not just because of all tenant delay payment, maybe some of the tenants end contract earlier, then kena penalties. The fact have to waiting future report to see edy

Daniel, a lot pre-terminated the contract, i think so la. Pre-terminated can cost a lot charges, is possible to charge half of the year rental. But why a lot terminated/delay payment, then your guys have to walk there to do survey edy

I can confirm this stock within 6 months stock price will drop below 20c , let’s c. Now they are doing buy 500 and sell 1000 trying to make as much as they can within this period. If u are experienced trader u follow the wave but can’t be greedy coz this stock cannot hold. They ady doing soft landing. And til now no 1 mention who has the capability to trigger the margin call? Why the stock price maintain 70c range there for more than a year? If u hv fren work in investment bank, u can ask what’s the bank procedures owner mortgage their shares for cash. Get a full picture then u know. And lastly for the rental this is the easiest part. A>B>A , everything owned by same person. Profit margin and earning decided by me, I can show u any figures I want to u c.

early termination charges is the income la and receivable (after offset deposit), net will go trade receivable, the company will go ask for third party debt collector, ptrans for sure have credit control, they will follow upp the debt, such as legal action and so on, until 100% cant collect, then go to bad debt.

In any case, I am basing it on no reduction in revenue, high receivables in current QR and if there are actually pre-terminated rental or difficulty in collecting rent. Matter of accounting recognition & guesses I supposed without the exact details.

i just want to highlight the reason increase trade receivable in rental nature companies , just 3 reasons = delay payment/ pre termination/ damage teminal, - repair cost. don argue so deatils accounting term la. aduh.. but revenue / income dint increase so much, highly likely most of the client delay payment. Just my opinion. Bye

I am not good at accounting, thanks love pets for points and valid concerns to worry about. just a little thought here that if tenants can happen to suddenly all together dont pay rental, we might as well becareful and try to avoid other reits counter, especialy like sentral which is similat business and also high debt, who knows someday business suddenly go down and tenants all dont pay rental or terminate account.despite both sentral anf ptrans survived covid years

Just a sample of my company did before. (High rental revenue -> High receivable - High borrowing - High interest cost -> Maintain Rental Rate --> Low profit -> Net loss). Its the cycle, unless u told me its pavilion bukit bintang la., Ptrans look like lower bargaining power. But guys don worry, its happen either gradual improvement / gradually deterioration. Still can play short term. XD

IPTT as a Key Growth Level
Increased rental income and sharing from terminal tenants suggests that the terminal business is maturing and contributing more recurring revenue
Management claim: “Revenue is primarily contributed by IPTT + Bus operations, and performance is improving due to IPTT operations (e.g., Bidor Sentral ramp-up)
Quarterly report Q3 A9 segmentation Information
2025 Q3
Integrated public transportation 33,803m
Bus operation 6,650m
Petrol Station 8,634m

2024 Q3
Integrated public transportation 35,118m
Bus operation 6,554m
Petrol Station 9,591m

But the 2 main segment business IPTT + bus operation revenue performance is decline

Q3 2025 Net profit before tax RM25,79m

Trade receivable increase from RM37.97m to RM66.4m, total increase RM28.4m
Trade receivables increased by approximately 74.9% from Q2 FY2025 to Q3 FY2025.

combined revenue from IPTT (Integrated Public Transportation Terminal) and bus operations for Q3 FY2025 is RM 41.67 million,

Revenue from IPTT + Bus operations (Q3 FY2025): RM 41.67 million
Percentage not collected (accounts receivable): 68.1%
So, this quarter Q3 2025 about RM 28.37 million of IPTT + Bus revenue has not yet been collected


Risk: If the revenue decline continues, PTRANS might struggle to maintain its profit margins, especially if G&A cost savings don’t repeat or if tenant contributions / rental weaken.

一间公司连财报都要用scan version upload, 这间公司我就不买了

懂的看账的人很多，懂得做账的人一看就知道了问题出在那里了.... Company cash flow from operating 出问题了

股价就算跌到0.2 cent，在便宜我都不买
这个投资不是捡便宜，而是投井

从大跌那天已经观察很多天，就等财报出
我也想捡便宜，昨天出财报但是深入研究，怪怪不对劲，正常财报不会这样的
从事financial account 都会有同感那里不对了
我不碰在便宜也不买
今天如果出大量拉不上，就没戏了

EPS 6.43
NTA 0.7477
PE 4.43
DY 7.89
ROE 8.6
Share Price 0.28 :-|

我不懂accounting，但想以现实情况去想，租店的人都知道，tenent有时候偶尔会拖一两个月租金，如果真的长期不还，那就换租户。重点还是产业还能不能租出去，一路以来公司都能收到租金，行情会突然反转直下吗？而且是三个不同的transit同时间行情反转。我建议可以参考sentral毕竟transit的客户都是往来的不是吗？客户量应该也相似。都是这几个地方往来嘛，南上北下。

能的话我也想去看看出租率，所以我这边才买一点点，基本上我所有资金都差不多allin在我能亲自观察的asiapac，他的imago广场实在是好的不得了，还在不断广建新区，建好马上出租完给实力品牌商店。这些都是我亲眼所见。之前的业绩盈利也符合事实，问题只是欠债太多，不过商场的valuation不可能假，希望尽快relist成reit

同Ptrans 差不多一样经营模式的公司：

1. TBS – Terminal Bersepadu Selatan（吉隆坡）
2. Melaka Sentral（马六甲）
3. Penang Sentral（槟城）
4. Amanjaya Bus Terminal（霹雳 Ipoh）
5. Kuantan Sentral（彭亨州）
6. Terminal 1 Seremban（森美兰）
7. Johor Larkin Sentral（柔佛）
8. Kota Bharu Lembah Sireh Terminal（吉兰丹）
9. Kuching Sentral（砂拉越）
10. Inanam Terminal（哥打京那巴鲁,沙巴）