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Market Cap: 798 Million
NOSH: 532 Million
Avg Volume (4 weeks):0
Average Price Target:-

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2016 [#3]  |  18-Nov-2016
Next QR | Est. Ann. Date: 31-Dec-2016  |  25-Feb-2017
T4Q P/E | EY: 24.95  |  4.01%
T4Q DY | Payout %: 3.00%  |  75.20%
T4Q NAPS | P/NAPS: 2.31  |  0.65
T4Q NP Margin | ROE: 4.17%  |  2.60%


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Business Background

PJ Development Holdings Berhad is engaged in investment holding, property investment and provision of management services to the subsidiaries. The Company operates in five segments: properties, construction, manufacturing and trading, hotel and leisure, and investment holding. Properties segment includes property development, property investment, provision of property management services and project management services. Construction includes securing and carrying out construction contracts. Manufacturing and trading includes cable, which include manufacturing and selling of cables and wires, and building material, which include manufacturing and selling of roofing tiles, concrete wall panels, and trading of building materials. Hotel and leisure segment includes hotel and restaurant business, hotel management and consultancy services, golf course operations and marketing, and management of timeshare membership scheme.
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  6 people like this.
bryankhor82 will buy in more..
14/11/2016 12:38 PM
FAIRnREASONABLE As at 18 October 2016, OSK acquired 95.273% PJD shares and 87.004% warrants.

Today, OSK has 95.469% shares and 87.466% warrants.

These figures show that, almost one month later, the increase is well below half a percent.
16/11/2016 9:30 PM
terrytsp Based on today's announcement, what will happen to those shareholders after PJDEV got delisted on 29/11/16?
21/11/2016 8:14 PM
thumxj FAIRnREASONABLE and RVI123, should it be if they acquired 90% of shares and warrants, they are good to go ahead with delisting?
23/11/2016 10:08 AM
FAIRnREASONABLE For those who stay on, let's be patient. Have confidence in your decision.

Minority shareholders now collectively hold 4%. For interested party transaction with OSK, our consent is required.
29/11/2016 6:15 PM
Teh_Invest FnR, means they did not achieve the 90%? Do you think they will re offer?
30/11/2016 12:44 AM
FAIRnREASONABLE PJD is now delisted in line with announcements made much earlier.

Not being a listed public company, PJD's shares cannot be traded in Busar anymore.

The status of PJD is now very much like a Sdn Bhd company with OSK holding 96%. The rest, the minority shareholders, is holding 4%.

If PJD makes money and declares dividends, we get our dividends too.

My personal judgment is that OSK's intention was to take over PJD 100% so that PJD's business units could be merged with other similar units with OSK family for better synergy & cost optimization. That intention was well announced in public.

Of course the unsaid motive was also to buy up minority shareholders at low and unfair price.

As I said before, without 100% ownership of PJD, related transactions with OSK - particular those involved substantial assets, should have approval of the 4% minority shareholders.

To remove such inconveniences in related-parties transactions, I guess OSK is likely to make an offer to buy out the remaining 4% shares which it does not hold. Such offer will be made directly to the shareholders without public announcement in Bursa since PJD is not listed.

The timing of such an offer is not certain. However, it is not surprising that the first offer price could be similar or even lower than the last offer price to take advantage of the anxiety of some shareholders who are unable to hold on for long term.

I am prepared to hold on for years unless the new offer is fair and reasonable.
03/12/2016 11:38 AM
CAF-POW Thanks, FAIRnREASONABLE ... I will be interested to use this as a case study for future reference. Do keep us updated how the actual scenario unfolds.
05/12/2016 4:51 PM
Teh_Invest Is this the same case as HWANG? If they're to re-offer it will need 6 months?
14/12/2016 1:45 AM
terrytsp Any update for those who are still holding the share?
08/02/2017 2:30 PM
Teh_Invest Tomorrow is the last day. Anyone any update?
21/02/2017 1:39 PM
860000 last day for what? i just came here to have a look
25/02/2017 6:10 PM
FAIRnREASONABLE OSK take-over offer closed at 5.00 p.m. (Malaysian time) on Monday, 21 November 2016. However if one wished to exercise his rights in accordance with subsection 223(1) of the CMSA after the Closing Date, one could serve the Offeror a notice to acquire his PJ Development Shares and/ or Warrants, whereby such acquisition is to be done on the same terms as the Offer (including at the same offer price of RM1.50 for each PJ Development Share and RM0.50 for each Warrant) as set out in the Offer Document. To give the Offeror notice, one had to complete, sign and return to the Offeror the form of notice which must reach the Offeror not later than 5.00 p.m. (Malaysian time) on Wednesday, 22 February 2017, which was not less than three (3) months from the First Closing Date or the Closing Date, if the Offer had been extended, as the case might be.

Arising from acquisitions after delisting, OSK effective interest in shares and warrants of PJDH increased from 96.42% to 96.73% and from 90.60% to 91.42% respectively as at 21 February 2017. (The statistics are obtained from the latest Q OSK report).

Note that the last day of asking OSK to buy over one’s shares or warrants was 22 February 2017. This option is no longer available.

I still hold on to my shares and warrants steadfastly to wait for a fair and reasonable offer. Meanwhile, I wait for the Melbourne project to take shape. Properties in Australia are still hot and should bring in substantial profits for PJDH even though it is not listed.

As shareholders we should be entitled to an audited financial report of our PJDH.

PJDH cannot be absorbed completely into OSK Property without the consent of our minorities unless we are bought out.
08/03/2017 9:11 PM
FAIRnREASONABLE Reading through the OSK latest Q report, the hotel business brought in losses, but the cable manufacturing business saw better and impressive results. Overall, PJDH is still in a profitable position.
08/03/2017 9:16 PM
FAIRnREASONABLE The last day mentioned by Teh_Invest is the last day to get OSK to buy over your shares or warrants at the same offer price - 21 Feb 2017.
08/03/2017 9:19 PM
860000 Noted. just keep on let us updated with the progress :D... would be interested to know how it goes
10/03/2017 8:31 AM
10/03/2017 8:03 PM
FAIRnREASONABLE PJD's Melbourne’s largest skyscraper project, the sixskyscraper Melbourne Square, is moving ahead.

Check out from

17/03/2017 9:37 PM
terrytsp Will PJD still be giving dividend to existing shareholders?
20/03/2017 11:04 PM
FAIRnREASONABLE Further info on Melbourne Square:


Project: Melbourne Square
LGA: Southbank
Architect: Cox Architecture
Building Type: High-rise
Number of Buildings: 6
Roof Height(s) - metres: 226
Floor count: 30-65
Amenities: 3525sqm of open space
Suburb: Southbank
Project Status: Registration and Sales
Developer: OSK Property (Owner: PJD)
Number of Dwellings: 2,610
Number of Hotel Rooms: 621
26/03/2017 2:56 PM
FAIRnREASONABLE http://www.theedgemarkets.com/my/article/epf-enters-second-overseas-development-venture-a28b-melbourne-project

The Employees Provident Fund (EPF) is venturing into its second development overseas in Melbourne, Australia, after the Battersea Power Station project in London.

In a joint statement today, the pension fund said it is subscribing to a 49% equity interest in Yarra Park City Pty Ltd (YPC) for A$154 million. YPC holds the development rights for an upcoming five-acre mixed-use development project, Melbourne Square, located in Southbank, Melbourne.

The remaining 51% interest in YPC is held by PJ Development Holdings Bhd, a subsidiary of OSK Holdings Bhd, via its wholly-owned subsidiary in Australia, namely P.J. (A) Pty Ltd (PJA) and Equity & Property Investment Corp Pty Ltd (EPIC), which is 27.4% owned by PJA.
05/04/2017 11:24 PM
FAIRnREASONABLE EPF, OSK partner to develop Melbourne project with GDV of RM9.4bil


05/04/2017 11:35 PM
RVI123 PJDev is the biggest beneficiary of this project. OSKH is also benefited but in a diluted form. I thk the remaining shareholders will be the biggest winners of the whole project.
06/04/2017 12:26 AM

The Melbourne Square is the crowne jewel of PJD.

The land was acquired by PJ Development for RM439.3mil in an off-market deal in 2014.

With GDV of RM9.4bil, the land cost is less than 5% at a prime location. The profit margin should be excellent.

Properties in Australia are still hot.

OSK said the project would be developed in five stages over eight to 10 years.

Stage One of the development, which recently received the planning endorsement by the Victorian Government’s Department of Environment, Water and Planning, will feature “the dynamic public realm alongside two shimmering elliptical residential towers.”

Slated for residential use, the towers will have a capacity of over 1,000 apartments, with a GDV of over A$900mil (RM3bil).
06/04/2017 9:56 AM
FAIRnREASONABLE “The disposal and YPC subscription are expected to increase the net earnings of the OSK group by A$38.2mil (RM129mil) and a foreign-exchange gain on the total investment in YPC of RM49.2mil, which was previously recorded as foreign-exchange reserve; or a total increase of 12.86 sen per share for the financial year ending Dec 31, 2017,” said OSk.

12.86 Sen at OSK level will translate to about 34sen at smaller share number at PJD.

The Melbourne project will provide a continuous profit for PJD over the next 8 to 10 years, apart from other profitable units within PJD e.g. cables, construction, construction materials. Hotels and hospitality business may turn around soon too.

Hence our decision is well justified. Stay invested long term.
06/04/2017 1:24 PM
RVI123 Like what we had anticipated, everything owned by PJDev will still remained with PJDev. 49% of Yarra Park City sold n 51% is still owned by PJDev. The proceeds from the sales will go to PJDev.
06/04/2017 2:32 PM
FAIRnREASONABLE RVI123, may I suggest that we write in to ask for audited account/report of PJD? I believe we are entitled to it.
06/04/2017 6:34 PM
FAIRnREASONABLE I guess the total project return should be substantial as otherwise EPF would not be interested. Based on RM9.4bil GDV, EPF and PJD are likely to earn a billion each over the years from the whole development.
06/04/2017 6:41 PM
py197 I have only 30k PJDEV-W, can anyone advise me what are my alternatives. Tq.
09/04/2017 11:06 AM
FAIRnREASONABLE Best to treat it as long-term fixed deposit. Be patient.
14/04/2017 12:06 PM
terrytsp Anyone received dividend from PJDEV last month? =D
11/05/2017 10:08 AM
15/05/2017 12:58 PM
Wechong Any news from pjdev ?
14/08/2017 9:25 PM
FAIRnREASONABLE The Melbourne Square project was launched.
07/10/2017 4:18 PM
FAIRnREASONABLE Please note that EPF paid a handsome sum for half share of the Melbourne Square.

Please hold on your share.
07/10/2017 4:19 PM
terrytsp Basically the return that we will get is by dividend?
22/11/2017 8:11 PM
FAIRnREASONABLE I read from Edge Malaysia that OSK is putting up Faber Towers for sale. This property is valued at RM220 million to RM250 million. PJD owns 50% of Faber Towers. I was not aware earlier that PJD has such property. The good news is that this sale will add more cash and NTA to PJD.

Don't sell your shares or warrants to OSK! Hold on to them as they can become very valuable soon.
31/12/2017 10:53 AM
Tawaraja Sandra Rajoo What should we do now? Still hold on to it?
27/01/2018 6:52 PM
Akihito 5491885
03/06/2018 10:29 PM
Akihito 583036
03/06/2018 10:45 PM
Akihito 5327552
05/06/2018 6:13 PM
Cable division is to be listed in HK and will add value.
Be patient.
05/06/2018 11:08 PM
Akihito 5602493, 5195545, 3138252,5218104
07/06/2018 11:17 PM
FAIRnREASONABLE Akihito, what are the meaning of those numbers?
10/06/2018 4:22 PM
Peng Hi guys, I'm new
I would like to ask if I'm still holding this stock, what can I do?
I can't find any information from KLSE screencer, but I still received dividend on last week (7 June)
18/06/2018 1:25 PM
FAIRnREASONABLE Please attend PJDEV AGM on 18 April 2019 at 2.00pm OSK Plaza
05/04/2019 7:27 PM
Wechong How is the dividend
19/12/2019 8:46 PM
silver123 Dear all expertise, may I know what advise to do with the remaining shares of PJD warrant which will expire end of this year? Thank you.
28/01/2020 5:51 PM
Ha _ Anyone receive offer from PJ Dev to sell the share back to them?
23/04/2020 3:44 PM
rambolee already bought by OSK?
23/04/2020 4:03 PM

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