1. Trailing earnings indicates an earnings of 21.768. Which indicates that it's very possible that TRC is on track to record its most profitable fiscal year in its history.

2. If one looks at its trailing numbers, it includes an extremely week 06 Q4 earnings of only 0.545  million. Which means that TRC's could easily outperform some more.

3. With half year earnings at 16.7 million... err.. annualised earnings indicates that TRC could even record an earnings of some 32 million!

4. So is the turnaround in earnings possible?

c. Capital Dilutions

Yes, the earnings per share are diluted by some constant conversion of ICULs and ESOS. This is a fact.

Now to get the best idea on what is happening.. look at this announcement.

ANNOUNCEMENT TO BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) BY MALAYSIAN INTERNATIONAL MERCHANT BANKERS BERHAD (“MIMB”), FOR AND ON BEHALF OF TRC SYNERGY BERHAD (“TRCS” OR THE “COMPANY”), IN RELATION TO THE FOLLOWING:- - PROPOSED RIGHTS ISSUE - PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL - PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF TRCS (COLLECTIVELY KNOWN AS “THE PROPOSALS”)

Open the third wordfile. That should give a better picture.

So where is what I will do. TRC's rights issue was a long drawn affair. It was proposed in 2005 and completed only in Jan 2007.

SO what i will do is... I will acknowledge this 10% dilution due to ESOS. (actually this is a non-issue to me. Most company's have a standard 10% ESOS thingee.) And if you look back then, TRC had at most an oustanding ESOS of 13.860 million shares.

Next what i will do is.. I will open my live charts. I will use RHB live charting info.

TRC       =  139.129 million. TRC LA  = 17.868 million TRC Wa = 30.800 million

Assuming full conversion of warrants and la.. and if u add in the ESOS (i will just use 13.86 - this will be a slightly larger estimate) TRC should have roughly 192.733 million shares.

Now this is the figure I would base my computation of eps upon. This way... there is no potential shock for me in the future.

OK?

A wholly-owned subsidiary of the Group, Trans Resources Corporation Sdn Bhd, has received a letter of intend dated 9 November 2007 from the Government of Malaysia through ‘Jabatan Kerja Raya’ in relation to the Government’s intention to award the subsidiary company a project known as ‘Projek Menaik Taraf Lapangan Terbang Kuala Terengganu: Kerja-Kerja Pemanjangan Landasan Ke Arah Laut; Pembinaan Infrastruktur dan Kerja-Kerja Kawalan Hakisan Pantai’ on a joint venture basis.

The performance of the Group shall continue to be encouraging for the current financial year due to the positive contribution from the on-going projects which are currently being undertaken. However, it is unlikely that the Company’s initial internal turnover estimate of RM450 million for 2007 will be met. This is largely due to the fact that the letter of award for the University KL project has yet to be received. The project was initially targeted to commence in the second quarter of 2007 in the turnover estimate.

I do like what I am reading. The company has been extremely candid in giving their views and even state that the Q4 of 2007 could be lower due to the slow receiving of the letter of contract for the University KL project. Pretty nice. No twisting and no turning.

Lastly, TRC made another announcement. It does look like the company is attempting to forray into the O&G sector. And what's rather impressive is that TRC is going into Brunei!

A Subsidiary of TRC Synergy Berhad Acquired 26% shares of a Brunei Oil and Gas Company, PetroBru (B) Sdn Bhd

How?