Monday, January 05, 2009

Bloggers against IJN takeover by Sime

updates: More bloggers support the campaign; more wanted.
Btw, Who the duck is Hisham Hamdan from Sime's Health Division?
Is the takeover just a front, and that this is a "real estate" play from the start? SatD seems to think so in Heartless Darby.
Sakmongkol (bro, taroh itu logo lah, pls) makes me think of the Nazis in his article Musa Hitam's Schadenfreude and the IJN takeover.

original posting:

Join the SAVE IJN campaign.
Say NO to Sime Darby!

To show support for this initiative, pls place the "bleeding heart" logo on your blog.


  1. Rocky you missed mine.

  2. Dear Romerz,

    I thought I did, too! :-) Thanks.

  3. Anonymous3:48 am


    from Capt.

  4. Anonymous8:22 am

    agree, no to sime darby.

    Rocky, the only way to stop this take-over by identify the consultant!!! Is it etos? or CIMB? Like merger of sime darby, guthrie and I&P, CIMB Merchant Bank making million of dollars


  5. Dear Rocky,

    You can count me in. It seemed you have missed Jed Yoong too.

  6. I'm just a small fish in the blogging world. But I have joined this noble campaign nonetheless.

  7. Anonymous9:20 am

    Hello Members of the Board of Directors of Sime Darby,

    Firstly let me ask you, afer the mega merger, can you define what business are you in? Are you into Plantation? or are you into Property Development? or Automotive, Engineering & Power? or Healthcare? You cannot be jack of all trades ok.

    With worldwide business environment getting more competitive, you cannot become a jack of all trades. By right you should be sure what the business to specialise (since yu wanna be the biggest plantation company in the world then concentrate your efforts into just plantation and related activities). By now, you should have initiated efforts to enhance your capabilities in every aspect of the business and explore further into untapped upstream and downstream activities within the plantation industry, for once again remember; that is the main reason why you merged. Why the hell do you go into non core activities? Let other non core activities be run by other PNB companies. You cannot put your hands into too many pots and spoil the gravy.

    So back off from IJN - its for the rakyat. If you are so fascinated to have one heart specialist hospital of your own, then build one yourself. Have you ever heard of niche market? Go, for the niche market and dont disturb IJN because it is meant for the rakyat; especially those who cant afford to pay exorbitant fees like what you charge at Hospital Sime Darby in Subang Jaya!

    Zaib the angry man

  8. Anonymous10:01 am

    Come on lah Sime Darby Executives,

    Kalau lu sorang saja na hidup senang, rakyat cuma mintak nak hidup sihat.

    Kalau lu kaya pun, tapi hati tak senang, nanti hidup lu jadi macam KJ, Kalimullah dan Brendan.

    Bukan sahaja satu Malaya tak mahu lu, silap silap kubur pun tak terima.

  9. Dear Rocky

    Wow, this is very impressive.

    Civic consciousness in cyberspace.

    Great to know people do CARE and feel they need to do something.

    Way to go ...

  10. yea Rocky!!! i am in to...

  11. Pok Kam,

    Jed's right there near the middle of the list! I had to minimize her blog page so that the screenshot could capture the "heart", hence her blog appears small ..

    Thank you for the support. God bless.

  12. satD of Pure Shiite too. He has this one: Heartless Darby that touches on the "Land" angle.

  13. Aiseh, I forgot to mention Sakmongkol AK47. And he has an excellent piece (as usual for him) with this Musa Hitam’s Schadenfreude and the IJN takeover. BTW I'll put up the logo at my blog too.

  14. Anonymous11:23 am

    Khir Toyo too? LOL

  15. Sime Darby has my broken heart too.. and much anger.

  16. Bloggers have no power this way to influence.
    It is protest walks and demonstrations..with bloggers calling Malaysians to walk...with them...that maybe effective.
    Bloggers must group together and give a publish in papers....that's also effective.
    Individual post like those above...UMNO consider you all.."narp fun".......meaning blowing in the effect.

  17. Anonymous11:54 am

    They leant from YTL, how they got the Sentul KTM land!

    KTM returned to Gomen minus the prime land.


  18. "Bloggers against IJN takeover by Sime" - ditto

  19. bro,
    there......done !
    Happy New Year and Godbless.
    Cheers !

  20. Anonymous12:15 pm


    If it takes a protest, walk or demonstration... we'll be there


  21. Anonymous12:32 pm

    Thanks for the logo.

  22. Anonymous12:37 pm

    Part 1
    The reasons for SD’s desperation are clear. It is about to experience a myocardium infarction brought about by persistent angina pectoris. The ubiquitous tale of a man who gorged himself at the dinner table, wolfing down all that doctor forbidden high cholesterol stuff , - the steaks, the corned beef, the bacon, the hamburgers, the lamb chops, the satay, the peking duck washed down with the elixirs of arrogance. Ah! so blinded was he to the consequences, that he gorged himself heartless and senseless. The net profit of which was the narrowing of arteries, the loss of a once trim figure , the inevitable angina and a soul swaggering its unbridled lust for curry pots of Mammon.

    The jungles of Labu: offer the relief of digitalis but that is for the still befogged post-rehabilitation period, an obscure future given the present uncertainty. For now, an immediate bypass is vital and incumbent as the blood veins and arteries becomes clogged with debts and repayments due when it should have been free flowing with cash and revenue. Factor in the demands of children for their annual trinkets ( see 7) and the wife for her diamond tiaras and you have a man whose stress levels have fingered the stratosphere………………..

    Whether the surgeon has to perform a vein graft, an angioplasty or insert a stent will be decided in the consultancy room at 2.30pm today. Such is the fate of a blithering idiot who had overreached himself forgetful as he was of his original purpose in the scheme of things. And thus to stave off the inevitable, he checks into the IJN hoping against hope that this last throw of the dice will give him a few more years of respite. A new beginning to chart a pathway through the quagmire. The question is not why he checked in at all because that was an inevitable given. The question is why should it NOW? Why not after January 17? Why can’t he tarry a little while longer knowing full well that he had procrastinated in avoiding his date with destiny as he lolled the daylights out and whiled the nighttimes away in the hearth of his Dreamland as he explored the peaks and valleys of an increasingly contour less Wonderland? Oh! why must he do it today when he knew full well for five years that his perfidious heart was nothing but a feeble weak-willed contraption pumping thoughts of false grandeur into a bloated girth that was overflowing with vanity and treachery. Oh! to plagiarize Mitch Albom: how I wish for the serenity of the 16th!! (wasn’t that a good one …. Kali.. eh! where are you, man when I need you?)

    Were his resident shamans and coterie of expert diviners, schooled a 100km or so, to the East of Stonehenge realise the folly of their counsel or is it a deliberate ploy to shoot themselves in the foot to masochistically fathom the sheer joy of pain. Or have the wolves finally exposed themselves, gnashing their teeth sadistically within the ramparts. For isn’t it natural for traitors to seek out their brethren elsewhere, to howl the hidden message from the within the besieged moat to those baying for blood, without. What better time to perform the nefarious deed than now, to embarrass the uncrowned Dauphin. For isn’t he tasked with the responsibility to lead the troops into the devil’s lair come the 17th . Why not create a tumult from within the ranks for wouldn’t it benefit an “enemy” with whom an alliance was sealed in the dead of the night 4 suns before between an ex-con and a clown prince . A pact to seal the crown between 2 families from the same county…an empress to follow the shadow king in the future…

    20 suns ago, a spirit from purgatory flitted like a wraith over the resurrected temple of an ancient oracle. The ghosts of many a failed men lurked beneath the wight’s cloak which harboured its fiery vengeance within…7 suns later, the spirit lay dead, exorcised by the sheer charisma of a reigning Shaman and the ghosts bowed in submission to the sun of reality but beneath their demure selves, the fire of vengeance once kindled burned unabated. Now, that spirit rises again within the ramparts to wreck the temple from within its precincts and cede the kingdom to a prowling enemy….the dauphin has been forewarned for his battle cry increasingly appears to be the noose that will garrote the breath out his unmasked future. ( ).

    Warrior Code: Never make your enemy your partner…be cordial if forgiveness is sought but nothing more …

    AKJ, you are probably spot on regarding the business side of the deal but there is more than meets the eye for aren’t the tarrot cards revealing that the Sleepwalker is yet again running heads over arse to ensure that defeat is seized from the jaws of victory. A pakatan fraksi within the UMNO organisasi ……………….

    Part 2
    If one browses thru (6), one will find that Sime has registered losses in all sectors, it’s involved in sans plantation, industrials and motors. Leaving plantation aside for the moment, the future of industrials and motor is bleak especially with Spore is in the throes of its worst recession and Australia already mired in one. If one analyses (1) with (3) and compare with rosy pix painted in 4 regarding:

    “Industry observers are pegging the group's market capitalisation at RM75.5bil. Its proforma revenue is set at RM26.4bil and operating profit at RM2.7bil…….”

    and the net target price set by Credit Suisse and Citigroup’s glowering assessment, one gets the old canard of journos and analysts in cahoots to prime the detonator.(of course, they can always fall back on the old adage called “forecast”). The concluding prognostics in (3) is not very encouraging while Sime being one of the important dividends cash-cow for its major investors (7) is an undeniable fact. However, it is a bit odd for Sime to stalk IJN as like a lusty lovelorn dude, given that IJN is not awash in an ocean of cash. My hunch is that Sime wants IJN as a stepping stone to corner the private health care market (already it has tentacles in SJMC and Parkway) and position itself to eventually lobby for the privatization of the Malaysian public healthcare/pharmaceutical services over the long run. May be farfetched but stranger things have happened in Canland. And remember, even in a recession or depression, the sick will have to be treated, the dying will have to be succored and the living will have to be humoured......

    The more likely outcome is that Sime will be crippled by this year’s financial tsunami and will eventually have to fob off IJN back to the government at a higher price, as is usually the case. But then again Sime could be corralling IJN for the sake of Zubir himself (gawk at the photo in (4) and juxtapose it with the title and the underlying theme of the blog…get the drift). CPR.eerrr. CSR at its best, don’t ya think so??

    As for the slimy black fox, he did not shroud himself in glory as his days at Guthrie attest:
    Guthrie is finally showing signs of strong recovery in its core oil palm production numbers. But unfortunately for the plantation group with substantial interest in property development, many analysts and investors continue to associate it with its RM2.9 billion debt and below-industry-standard performance against the likes of IOI Corporation Bhd, Kuala Lumpur Kepong Bhd (KLK) and United Plantations Bhd.

    Scroll down the page for company info at:
    The purveyor of elegant silences sure has a chic and stylish way of wrecking companies in keeping with his suave and debonair √©lan. LOL. Finally, aint it sweet to see this lovey dovey couple doing the Last Tango together wherever they hog the dance floor….how romantic!! =

    Warrior 231

    1. Nov 28 (Reuters) - First quarter to Sept. 30, 2008
    (in million ringgit unless stated)
    Net profit 866.98 vs 601.27
    Grp shr (sen) 14.43 vs 10.91
    Turnover 8,705.04 vs 8,180.62
    Pretax profit 1,252.87 vs 1,017.89
    Dividend (sen) nil vs nil
    NOTE - Sime Darby is the world's biggest grower of
    palm oil, and is Malaysia's top listed company.
    Sime Darby's 2009 financial year net profit is forecast to
    fall to 2.62 billion ringgit from 3.5 billion ringgit previously,
    according to the consensus of Reuters Estimates.
    (Reporting by Faisal Aziz; Editing by Jalil Hamid)

    Source :

    Last Trade: 5.40
    Trade Time: Jan 2
    Change: 0.00 (0.00%)
    Prev Close: 5.40
    Open: 5.20
    Bid: N/A
    Ask: 5.50
    1y Target Est: N/A
    Day's Range: 5.20 - 5.45
    52wk Range: 4.94 - 13.40
    Volume: 10,248,500
    Avg Vol (3m): 8,577,780
    Market Cap: N/A
    P/E (ttm): N/A
    EPS (ttm): N/A
    Div & Yield: N/A (N/A)
    3. Sime falls sharply on downgrades
    Published: 2008/12/01
    SIME Darby Bhd, the Malaysian palm oil producer, car seller and homebuilder, fell the most in almost nine months in Kuala Lumpur trading after slashing its full-year profit target because of the economic slowdown.

    The stock lost 13 per cent to RM5.10 at the 5 pm close, making it today's biggest loser on Malaysia's main index.

    Sime Darby's revised earnings goal is about 34 per cent lower than the average analyst forecast.

    HwangDBS Vickers Research cut its rating and Goldman Sachs Group Inc lowered its price target.

    Kuala Lumpur-based Sime Darby, Malaysia’s largest publicly traded company, almost halved its net income target on November 28 to RM1.9 billion (US$524 million) for the year to June 2009.

    Palm oil, the biggest contributor to profit, has tumbled and the global recession has weakened demand for houses and vehicles.

    “You’re not looking at much growth over the next two years,” said Hoe Lee Leng, an analyst at RHB Research Institute Sdn Bhd in Kuala Lumpur with an “underperform” rating on Sime Darby. “I don’t think anyone’s expecting very much from the motor or property divisions.”

    Last fiscal year, Sime Darby reported net income of RM3.51 billion, almost double the new target, after the price of palm oil soared to a record. As well as being the world’s largest producer of the edible oil, Sime Darby sells luxury cars in Hong Kong, motorcycles in China and homes across Malaysia.

    Palm oil has fallen 53 per cent in the past six months as the worldwide slowdown cuts demand for commodities. Sime Darby chief executive officer Ahmad Zubir Murshid said last week that the current financial year will be “very challenging.”

    ‘Fairly Weak’

    Goldman Sachs today reduced its target price on Sime Darby 8.9 per cent to RM3.6, and HwangDBS cut the stock to “sell” from “fully valued.” Sime Darby made its debut in Kuala Lumpur in November 2007 at RM8.9 after a three-way merger with other government-based palm oil producers.

    “Sime may face earnings and recommendation downgrades in the short term,’‘ Ong Chee Ting, an analyst at Aseambankers Malaysia Bhd, wrote today in a report, repeating his “fully valued” rating. The new profit target implies “fairly weak contributions’‘ from units other than palm oil, he said. – Bloomberg

    The Star
    Synergy Drive to be world’s largest player
    By Hanim Adnan
    SYNERGY Drive Sdn Bhd is poised to be the most liquid stock with the largest market capitalisation on Bursa Malaysia, given its status as the world's largest oil palm plantation group and potentially, Malaysia's largest property developer.
    Industry observers are pegging the group's market capitalisation at RM75.5bil. Its proforma revenue is set at RM26.4bil and operating profit at RM2.7bil.
    En route for listing on the main board of Bursa Malaysia in November, Synergy Drive is the merged entity of Permodalan Nasional Bhd's companies, Sime Darby Bhd, Golden Hope Plantations Bhd and Kumpulan Guthrie Bhd.
    Plantation analysts said the next three months would be “critical” for the parties involved in finally wrapping up the deal.
    Both Sime Darby and Golden Hope will hold their EGMs on Aug 17 while Guthrie's EGM is slated for Aug 16.
    Analysts expect the merger deadline to remain “intact”.
    Upon shareholders' approval at the EGMs, the companies related to the deal will likely be “de-listed” in October.
    Some analysts said the share prices of these companies would likely experience some “weakening” in the short term as the uncertainty might lead some investors to sell down prior to the four-to-six weeks trading suspension period.
    Synergy Drive will account for about 6% of the total global CPO production

    The suspension of trading will see the distribution of redeemable preference shares to the respective companies' shareholders and their conversion into cash or Synergy Drive shares.
    An analyst with a foreign brokerage said Synergy Drive would be the world's largest oil palm player in terms of crude palm oil (CPO) production and also, Malaysia's largest property developer by land bank size.
    In plantations alone, the enlarged entity accounts for about 6% of the total global CPO production.
    “Investors should recognise its prospects, given the enlarged entity's status as a well-diversified conglomerate with strategic core businesses,” he added.
    At a glance, the analyst said the Synergy Drive group seemed to emulate Sime Darby's previous three-phased road map.
    In Phase 1, the group will focus on establishing the platform in 2007-2008; Phase 2 to drive its focused portfolio to full value (2008-2009) and Phase 3 to explore new frontiers by 2010.
    Credit Suisse said the streamlining of the targeted companies would enable Synergy Drive to derive cost and revenue synergies resulting in earnings before income tax improvement of about RM400mil to RM500mil per year beginning July 1, 2009.
    “Synergy Drive can possibly show cost savings of about RM100mil in the first year and about RM200mil to RM300mil in the second year of operations,” it added.
    The brokerage believes that Synergy Drive would be monitored through Key Performance Indices (KPIs). Judging from the past implementation of KPIs, most government-linked companies have shown good results.
    Other issues include the appointment of the board of directors after the EGMs.
    “It is believed that almost half will come from PNB but the chairman may not necessarily be from PNB,” it said.
    With PNB remaining the single largest shareholder of Synergy Drive collectively at 49.8%, the brokerage expects the merged entity to have a relatively generous dividend policy.
    In addition, no spin-offs from non-plantation assets are expected for the next few years, as Synergy Drive will need to evaluate its different divisions.
    Credit Suisse, which is maintaining an overweight on the plantation mega merger deal, has a long-term fair value for Sime Darby at RM12.70 and Golden Hope at RM10.80 based on a CPO price assumption of RM2,500 per tonne.

    The brokerage also has a 12-month target price of RM12.20 for Sime Darby and RM10.30 for Golden Hope.
    Meanwhile, Citigroup in its latest research report, has valued Synergy Drive's market capitalisation at RM75.5bil or RM12.54 per share.
    This will translate into RM15.42 per Sime Darby share based on a swap ratio of 1.23 Synergy Drive shares.
    “We valued the plantation business on a targeted market cap and CPO production multiple derived from the three largest listed plantations in Malaysia - IOI Corp Bhd, Kuala Lumpur Kepong Bhd and PPB Oil Palms Bhd,” it added.
    Synergy Drive's property division is valued at book cost and the rest of the divisions are based on sector-average forward price earnings (PEs) of 12 times for heavy equipment, automobile and energy divisions as well as PEs of 10 times for general trading.
    Citigroup said the market was pricing IOI Corp's 805,627 tonnes annual CPO output at RM32bil. “Based on this metric, Synergy Drive's 2.1 million tonnes of CPO production should be worth RM75.5bil,” it added.
    By buying into Sime Darby, Citigroup said an investor would get exposure to a plantation business at a “large” discount while the 40,000-acre land bank and the rest of Synergy Drive's businesses “come for free”.
    It said: “This is even before taking into account cost savings from plantations, the market value of 16,000ha land bank with development potential and other businesses.”
    Citigroup has rated Sime Darby as low risk, based on its quantitative risk-rating analysis which tracks 260 days of share price volatility.
    Sime Darby has overseas operations in Hong Kong, Singapore and Australia. It said the changes in economic activities in these countries could adversely affect earnings.
    The targeted price for Sime Darby (at RM15.42) is based on the successful completion of Synergy Drive's offers.
    “Any delays or problems in the merger process can adversely affect Sime Darby's share price performance,” it added.

    4. Faces of Evil: Sime Darby Faces Palm Oil Predicament | Orangutan Outreach

    719.pdfF Dec FY07* FY08E FY09F FY10F

    6. Plantation 968.2 39.3% -9.1% Average CPO selling price was RM2,962/MT as compared
    with RM2,438/MT in 1Q08 and RM3,285/MT in 4QFY08

    Property 58.1 -30.3% -64.4% Due to deferment of new launches and lower sales of
    high margin products.

    Industrial 247.3 38.8% 26.2% Due to higher sales generated in Singapore, Australia and
    New Caledonia.

    Motors 36.8 21.5% -44.4% Sales in Singapore remained strong but partially offset by
    poorer sales in Australia and New Zealand.

    Energy and Utilities 29.3 -52.0% -62.8% Windfall levy on Port Dickson Power and initial
    start up costs for new utilities projects.

    General trading,
    services and other 0.8 -42.9% -101% Due to absence of any contribution from Westminster
    Travel Limited following its disposal in Oct 07.

    7. Major Shareholders
    Skim Amanah Saham Bumiputera 34.68%
    EPF 15.71%
    PNB 14.84%

  23. Count me in, bro!

  24. Anonymous1:44 pm


    We should urge all Malaysians to boycott Sime Darby products and services if they decide to go ahead with the takeover of IJN.

    Start with Subang Jaya Medical

    That should get their attention.


  25. Selamatkan IJN,
    bukan aku putus cinta daa...

  26. Why the two Chairmans keep the Elegant Silence , Musa Hitam Sime Darby and Salleh Shahrizat husband IJN.
    Any comment from Rafidah or Hisham...

  27. Boycott Subang Medical Center for everything...except near death or real emergency fast medical attentions needed.
    A death may occur due to no fast treatments.
    So boycott..use commonsense.
    I for not like Subang Medical Center....due to..few.. lousy chief administrators.......not due to bad medical doctors or surgeons.

  28. Anonymous4:15 pm

    selamatkan IJN!.bersama-sama kita memberi tanda sokongan kepada IJN dengan tidak menyokong Sime Darby mengambil alih IJN untuk diswastakan.IJN sudah selesai pada tahap dimana mereka ada sekarang.kalau perlu pembaharuan sekalipun rasanya tidak perlulah sampai kearah penswastaan.

  29. Anonymous4:32 pm

    Perhaps someone can start a Facebook group.

    Here's the link:

    Sorry I can't, I have a conflict of interest.

    - jay

  30. Anonymous4:46 pm

    correction, bro for the comment which i penned in haste:

    1......a soul revealing its unbridled lust for curry pots of Mammon.

    2. The question is why MUST IT BE NOW?

    3......Zubir himself (gawk at the photo in juxtapose .......... empress to follow in the footsteps of the shadow king in the distant future…

    5........that will garrote the breath out his befogged future.

    6.If one analyses (1) with (3) and compare those with the rosy pix painted in 4 regarding:..........

    Anyway, Pure Shiite's take on land is on the whole stuff is both plausible and interesting for SD will reap double benefits with such a move. Turn the current IJN site into an upscale super condo + mall project and build the new IJN site beside a modern convalescent and spa resort somewhere in the Labu of labulabi..LOL

    Warrior 231

    P.S: Care to explain the rationale for rejecting my lampoon of Zorro unmasked, bro. If it was due to the fact that it was not the proper forum in which to shoot that scum, i understand and my apologies...

  31. Anonymous4:58 pm


    Start a campaign " Malaysian to boycott all Sime Darby products"

    what you say bro bloggers

  32. Selamatkan IJN. Macam tajuk novel cinta je.

    Tapi aku pun support kau. Dah letak logo kat blog.

    Short Talk

  33. Anonymous5:57 pm

    this is what investment bankers call "monetizing value" or "unlocking value".

    If the investment bankers at CIMB don't do the next phase, they will be criticised for their Synergy Drive deal which basically merged three weak companies into one big weak company. So they take a look at what else they can do to divert some attention. IJN has landbank downtown. Sime has landbank in Negeri that they want to create a new city out of. Sime has underperforming Subang Jaya Medical. With the acquisition of IJN, they can monetize the land value off Jalan Tun Razak, and they can create economies of scale for the healthcare business.

    Who cares if these exercises subsequently turn out to be failures ? Money would have been made and stashed away overseas. The investment bankers would have been paid. And if IJN fails, the government is bound to nationalise it in the interests of the public.

    Where got downside in this exercise - for the investment bankers and for the dealmakers ?


  34. Sime Darby's top executives are greedy guts! No balls at all to open up their own medical center!

  35. Anonymous8:07 pm

    get sime darby to stick to planting paddy, rubber and palm oil instead of manipulating the lives of rakyat around.

    zubir is sick
    azhar is sick
    raja arshad is sick
    wan zahid is sick
    zaitoon othman is sick

    and all the board members and executives are really sick in the head.

    get your hands off IJN.


  36. Bro,

    With the latest development, I think we should expand he campaign to "Selamatkan IJN daripada EPU dan Sime Darby"

  37. Anonymous11:15 pm


    We all know that Nazir Razak is benefiting from this IJN-Sime Darby deal. He is being assisted by his Finance Minister brother. Clear and simple.


    Din Berambus

  38. Anonymous10:24 am


    PM Dollah kalau dia nak suruh Sime Darby cancel the plan, anytime aje, macamana PM Mahathir decide nak tubuhkan IJN.

    Masalahnya PM Dollah ni kena resdung pun pi berubat kat Perth. So dia peduli apa hal rakyat.

    Boycott Sime darby, Save IJN

  39. Anonymous6:34 pm

    (heha) : the land itself costs more than the price offered by m hitam lah !!

  40. Anonymous8:47 am

    The stories are like reflections of what I am going through in my life…and these did make me realize my mistakes and what steps do I need to take….