Saturday, February 28, 2009
Thursday, February 26, 2009
DGate ... Feb 2009
Dgate makes casino slot machines.
The consolidation of the Cambodian gaming industry and stricter rules for Chinese citizens entering Macau.is expected to hurt its earnings going forward.
Dreamgate's net profit in the nine months ended September 30 2008 fell 28.8 per cent to RM19.9 million from the same period in 2007.
A few months ago, the Cambodian government ordered all slot machines at entertainment clubs and shophouses to be removed within six months and that its citizens be banned from patronising slot machines.
While Dreamgate may relocate some of its concession machines to 70 per cent-owned Mekong Hotel & Club and 60 per cent-owned Chateau De Bavet, it may incur costly relocation expenses. In essence, it will relocate some 1,500 of its concession machines to the Philippines and Macau.
As at September 30 2008, Dreamgate had 4,826, or 76 per cent, of its concession machines installed in Cambodia, a significant risk to earnings. Furthermore, slot machine sales to Macau are expected to remain sluggish.
The imposition of visa controls and easing tourist arrivals due to the global slowdown are forcing Macau casinos to dispose of non-performing slot machines.
Until 2006, Macau was Dreamgate's largest market for slot machine sales under its sales and marketing segment. Slot machine sales to Macau were already declining before the slowdown and will likely remain weak.
There is unlikely to be a large slot machine replacement market in Macau in 2009 and 2010, assuming a five-year life span, as there were only 2,254 to 3,421 slot machines in 2004 and 2005.
Although the Manila Bayshore, Marina Bay Sands and Resorts World Sentosa are nearing completion and expected to create a market of at least 6,000 slot machines to be delivered by early next year (2009).
The consolidation of the Cambodian gaming industry and stricter rules for Chinese citizens entering Macau.is expected to hurt its earnings going forward.
Dreamgate's net profit in the nine months ended September 30 2008 fell 28.8 per cent to RM19.9 million from the same period in 2007.
A few months ago, the Cambodian government ordered all slot machines at entertainment clubs and shophouses to be removed within six months and that its citizens be banned from patronising slot machines.
While Dreamgate may relocate some of its concession machines to 70 per cent-owned Mekong Hotel & Club and 60 per cent-owned Chateau De Bavet, it may incur costly relocation expenses. In essence, it will relocate some 1,500 of its concession machines to the Philippines and Macau.
As at September 30 2008, Dreamgate had 4,826, or 76 per cent, of its concession machines installed in Cambodia, a significant risk to earnings. Furthermore, slot machine sales to Macau are expected to remain sluggish.
The imposition of visa controls and easing tourist arrivals due to the global slowdown are forcing Macau casinos to dispose of non-performing slot machines.
Until 2006, Macau was Dreamgate's largest market for slot machine sales under its sales and marketing segment. Slot machine sales to Macau were already declining before the slowdown and will likely remain weak.
There is unlikely to be a large slot machine replacement market in Macau in 2009 and 2010, assuming a five-year life span, as there were only 2,254 to 3,421 slot machines in 2004 and 2005.
Although the Manila Bayshore, Marina Bay Sands and Resorts World Sentosa are nearing completion and expected to create a market of at least 6,000 slot machines to be delivered by early next year (2009).
Wednesday, February 25, 2009
Weida Bhd ... Feb 2009
Weida (M) Bhd, a company specialising in utilities infrastructure, has bought more shares in Mutiara Goodyear Development Bhd in order to “diversify from its current business direction”.
Weida had purchased, through a placement exercise, 7.22 million shares or a 3.12% stake in Mutiara for RM4.98 million cash. The purchase was made on top of an earlier acquisition, made on Nov 4, 2008 when Weida bought 6.49 million Mutiara shares (2.81% of shareholding) for RM5.13 million.
Both purchases were made through internally generated funds and borrowings.
The two recent purchases, though small, could reinforce Weida’s status as a substantial shareholder in Mutiara due to the latter’s loose shareholdings structure.
As at Sept 3, 2008, the company’s largest shareholder was HSBC Nominees (Asing) Sdn Bhd with 12.2% stake followed by Laman Ariff Sdn Bhd (8.66%).
The Mutiara purchase would enable the company to diversify and “venture into property development business”.
The investment provides a beneficial progression by Weida to extend and consolidate its shareholdings in Mutiara in order to reap the benefit from future development projects of Mutiara.
The investment would help diversify the source of its earnings. The company will be able to mitigate the risk of focusing its business on water and sewerage industry, and widen its business horizon.
Contributions from Mutiara to Weida in the future are expected to complement Weida’s current earnings.
Weida had purchased, through a placement exercise, 7.22 million shares or a 3.12% stake in Mutiara for RM4.98 million cash. The purchase was made on top of an earlier acquisition, made on Nov 4, 2008 when Weida bought 6.49 million Mutiara shares (2.81% of shareholding) for RM5.13 million.
Both purchases were made through internally generated funds and borrowings.
The two recent purchases, though small, could reinforce Weida’s status as a substantial shareholder in Mutiara due to the latter’s loose shareholdings structure.
As at Sept 3, 2008, the company’s largest shareholder was HSBC Nominees (Asing) Sdn Bhd with 12.2% stake followed by Laman Ariff Sdn Bhd (8.66%).
The Mutiara purchase would enable the company to diversify and “venture into property development business”.
The investment provides a beneficial progression by Weida to extend and consolidate its shareholdings in Mutiara in order to reap the benefit from future development projects of Mutiara.
The investment would help diversify the source of its earnings. The company will be able to mitigate the risk of focusing its business on water and sewerage industry, and widen its business horizon.
Contributions from Mutiara to Weida in the future are expected to complement Weida’s current earnings.
Tuesday, February 24, 2009
Kian Joo/Can-One ... Feb 2009
Can-One, Malaysia largest maker of tin cans for edible oils, is likely to acquire up to a 34.64% stake in aluminium can producer Kian Joo Can Factory (KJCF).
*** To recap, the stake was put up for sale by KPMG Advisory Services Sdn Bhd, the liquidator of Kian Joo Holdings Sdn Bhd (KJH), in Aug 2008. KJH, which is the holding vehicle of KJCF’s founding See family, owns the 34.64% interest in KJCF ***
A source said that Can-One has obtained the financing for the acquisition of the 153 million shares in KJCF, which, based, based on the closing price of rm1.34, would cost about RM206 million.
The others shortlisted candidate for the block is KJCF’ MD Datuk See Teo Chuan. He has a direct equity stake interest in the company to 2.97%. He is deemed to hold another 35% stake in KJCF through his shareholding in KJH and others.
According to sources, 21st Feb 2009 is the final day for bidders to secure their financing to acquire stake in KHCF. The bidders are to acquire a minimum of 32% to avoid a general offer or up to 34.64%.
Other than the expectation that the buyer of the block may trigger a general offer, the hope is that the entry of a strategic shareholder would help resolve the dispute among the members of the See family in the company.
Among the other substantial shareholders of KJCF is the EPF with a 12.41% stake.
*** To recap, the stake was put up for sale by KPMG Advisory Services Sdn Bhd, the liquidator of Kian Joo Holdings Sdn Bhd (KJH), in Aug 2008. KJH, which is the holding vehicle of KJCF’s founding See family, owns the 34.64% interest in KJCF ***
A source said that Can-One has obtained the financing for the acquisition of the 153 million shares in KJCF, which, based, based on the closing price of rm1.34, would cost about RM206 million.
The others shortlisted candidate for the block is KJCF’ MD Datuk See Teo Chuan. He has a direct equity stake interest in the company to 2.97%. He is deemed to hold another 35% stake in KJCF through his shareholding in KJH and others.
According to sources, 21st Feb 2009 is the final day for bidders to secure their financing to acquire stake in KHCF. The bidders are to acquire a minimum of 32% to avoid a general offer or up to 34.64%.
Other than the expectation that the buyer of the block may trigger a general offer, the hope is that the entry of a strategic shareholder would help resolve the dispute among the members of the See family in the company.
Among the other substantial shareholders of KJCF is the EPF with a 12.41% stake.
Monday, February 23, 2009
What is a Bond
A bond represents the debt owed by either government units or corporations. By investing in bonds, you basically become the lender to the issuers and you will be paid a specified percentage of interest.
This percentage of interest is called coupon payment and it is given to you by the issuer because of the use of your money. At the end of the maturity date, you will get back your principal.
An example to quote is the Bond Simpanan Merdeka 2008 issued by Bank Negara for the senior citizens, which has a three-year tenure and pays 5 per cent interest per year.
In Malaysia , the main issuers of public debt are the government of Malaysia ,Bank Negara Malaysia ), and quasi government institutions (Khazanah, Danamodal and Danaharta).Private debt securities and asset-backed securities are issued by the National Mortgage Corporation (Cagamas Bhd), financial institutions and non-financial corporations.
The major investors in the Malaysian bond market are the Employees Provident Fund (EPF), pension funds, insurance companies and other financial institutions.
The price of a bond is determined by many factors, with the main drivers being interest rates, inflation, maturity and credit quality.
Interest rates
Bonds are highly sensitive to interest rate fluctuations.
When the prevailing interest rate goes up higher than the coupon rate, the prices of the outstanding bonds will fall below the principal value.
If you are buying a bond fund, higher interest rates will cause lower fund prices.
Inflation
During periods of rapid economic growth, we will see increasing inflation. This will eventually lead to higher interest rates and cause a drop in the value of bonds.
Deflation, the opposite of inflation, may occur when there is a recession or prolonged periods or little or no growth and excess capacity, will eventually lead to zero or negative real interest rates, causing the value of bonds to rise.
Maturity
Due to the sensitivities to inflation and interest rate fluctuations, longer term bonds will face more uncertainties compared to shorter term bonds.
As such, longer term bonds should offer better interest payments as the additional risk premium for the investors. Nevertheless, they will suffer larger price fluctuations as a result of the longer period they take to mature.
Credit Quality
When we lend out our money, we want to make sure that we will be able to get it back.
Therefore, the credibility or credit quality of the bond issuers plays an important role in the bond price.
A corporate bond will have a higher yield than a government guaranteed bond due to the additional risk that the investor has to bear for facing the possibility of the corporate bond defaulting.
The recent global financial crisis was partly attributed to the decline in credit quality for certain corporate bonds.
Why Invest In Bonds?
Investing in bonds offers an alternative to investors to diversify their investment portfolios because it is relatively lower risk compared to stock investing.
As bonds provide periodic interest payments and repayment of principal at the end of the maturity, it will be suitable for you if your investment objective is to preserve capital and receive a predictable stream of income.
Depending on your investment time horizon, you can choose to invest in short-, medium- or long-term bonds.
However, you must understand the factors that drive the price of the bond that you
invest in.
Bond funds are combinations of various bonds, therefore, the risk of investing in bond funds is relatively lower compared to individual bonds.
What To Watch Out For When Investing In Bonds?
Watch out for the interest rate especially if it is too low or unstable.
Avoid speculative bonds. Even when you are investing in bond funds, make sure that the bonds in the portfolio are investment grade, which carries a credit rating of “BBB” and above.
Bonds with rating of “BB” and below are considered “high yield” and below investment grade.
Bonds are suitable to complement stock investing.
This percentage of interest is called coupon payment and it is given to you by the issuer because of the use of your money. At the end of the maturity date, you will get back your principal.
An example to quote is the Bond Simpanan Merdeka 2008 issued by Bank Negara for the senior citizens, which has a three-year tenure and pays 5 per cent interest per year.
In Malaysia , the main issuers of public debt are the government of Malaysia ,Bank Negara Malaysia ), and quasi government institutions (Khazanah, Danamodal and Danaharta).Private debt securities and asset-backed securities are issued by the National Mortgage Corporation (Cagamas Bhd), financial institutions and non-financial corporations.
The major investors in the Malaysian bond market are the Employees Provident Fund (EPF), pension funds, insurance companies and other financial institutions.
The price of a bond is determined by many factors, with the main drivers being interest rates, inflation, maturity and credit quality.
Interest rates
Bonds are highly sensitive to interest rate fluctuations.
When the prevailing interest rate goes up higher than the coupon rate, the prices of the outstanding bonds will fall below the principal value.
If you are buying a bond fund, higher interest rates will cause lower fund prices.
Inflation
During periods of rapid economic growth, we will see increasing inflation. This will eventually lead to higher interest rates and cause a drop in the value of bonds.
Deflation, the opposite of inflation, may occur when there is a recession or prolonged periods or little or no growth and excess capacity, will eventually lead to zero or negative real interest rates, causing the value of bonds to rise.
Maturity
Due to the sensitivities to inflation and interest rate fluctuations, longer term bonds will face more uncertainties compared to shorter term bonds.
As such, longer term bonds should offer better interest payments as the additional risk premium for the investors. Nevertheless, they will suffer larger price fluctuations as a result of the longer period they take to mature.
Credit Quality
When we lend out our money, we want to make sure that we will be able to get it back.
Therefore, the credibility or credit quality of the bond issuers plays an important role in the bond price.
A corporate bond will have a higher yield than a government guaranteed bond due to the additional risk that the investor has to bear for facing the possibility of the corporate bond defaulting.
The recent global financial crisis was partly attributed to the decline in credit quality for certain corporate bonds.
Why Invest In Bonds?
Investing in bonds offers an alternative to investors to diversify their investment portfolios because it is relatively lower risk compared to stock investing.
As bonds provide periodic interest payments and repayment of principal at the end of the maturity, it will be suitable for you if your investment objective is to preserve capital and receive a predictable stream of income.
Depending on your investment time horizon, you can choose to invest in short-, medium- or long-term bonds.
However, you must understand the factors that drive the price of the bond that you
invest in.
Bond funds are combinations of various bonds, therefore, the risk of investing in bond funds is relatively lower compared to individual bonds.
What To Watch Out For When Investing In Bonds?
Watch out for the interest rate especially if it is too low or unstable.
Avoid speculative bonds. Even when you are investing in bond funds, make sure that the bonds in the portfolio are investment grade, which carries a credit rating of “BBB” and above.
Bonds with rating of “BB” and below are considered “high yield” and below investment grade.
Bonds are suitable to complement stock investing.
Kenanga ... Feb 2009
A former shareholder of Southern Bank Bhd, Tan Sri Syed Yusof Syed Nasir, has returned to the financial services scene. He emerged as a substantial shareholder of local investment bank K&N Kenanga Holdings Bhd.
Syed Yusof had acquired a 8.2% stake in the investment bank, or 50 million shares, through an offmarket married deal. It is speculated that he acquired the shares from Kenanga’s managing director Datuk Ramli Ismail. Ramli disposed of 50 million shares in two separate transactions on Jan 31 and Feb 13 2009, ceasing to be a substantial shareholder.
Ramli, who managed Kenanga with a 10.7% block which he had held since 2007, sold his interest during Dec – Jan 2009.
Syed Yusof, or known as Jo-Jo to his friends, had entered the financial services sector in 2002 when he emerged as one of the major shareholders of Killinghall (M) Bhd — the company that held a substantial block of shares in Southern Bank back then. He also had a direct interest in Southern Bank and his partner was the present Sultan of Selangor.
They sold their entire interest to Bumiputra-Commerce Holdings Bhd (BCHB), sparking a protracted corporate battle which eventually culminated in Southern Bank’s Tan Sri Tan Teong Hean losing his fight to keep the bank. BCHB completed the merger with Southern Bank in June 2006. Syed Yusof walked away with a good deal for his interest in Killinghall and Southern Bank as the corporate battle raised the acquisition price.
Going by the past, industry observers believe Syed Yusof’s entry into Kenanga could spell interesting times for the investment bank. Syed Yusof has always been a smart investor. What he has planned for this investment is unknown… but it’ll be interesting to watch and see what happens moving forward.
Apart from Southern Bank, Syed Yusof also walked away with handsome profits when he acquired and sold his stake in Landmarks Bhd within a space of two months to casino operator Genting Bhd. That was in August 2006.
Syed Yusof has vast experience in the property development as well as the hotel and entertainment industries. The businessman owns several hotels in the country, including the Concorde Hotel Kuala Lumpur and the Casa del Mar in Langkawi. He also has a stake in the Four Seasons Hotel and Service Apartment in Kuala Lumpur — a project that was put on hold but is reported to have commenced building again early this year (2009).
Syed Yusof generally tries to keep a low profile but his close friendship and business partnership with the Sultan of Selangor, coupled with his investment moves, sometimes put him in the spotlight.
Nevertheless, his entry into Kenanga is certainly one to watch. Will he stay long as a shareholder or is this a preclude to a significant shareholding change in the company?
K&N kenanga’s equity structure is not reflected in its management. The largest shareholder is CMS Capital Sdn Bhd, with a 25% stake. The second largest block is held by Deutsche Asia Pacific holdings, with 16.55%, followed closely by K&N Kenanga’s executive chairman and co-founder Tengku Noor Zakiah Tengku Ismail, with a 16.51%.
The pertinent point here is that there were parties who were interested in the IB. Furthermore, considering Syed Yusof’s previous deals, it would not come as a surprise if he divested his stake within a few months.
Nevertheless, Ramli’s latest move by the market wondering if it is a preclude to more shareholding changes in Kenanga. Industry observers say there may be more interesting times for the company, with a possibility that newly appointed group executive director Tengku Zafrul may acquire a stake.
Syed Yusof had acquired a 8.2% stake in the investment bank, or 50 million shares, through an offmarket married deal. It is speculated that he acquired the shares from Kenanga’s managing director Datuk Ramli Ismail. Ramli disposed of 50 million shares in two separate transactions on Jan 31 and Feb 13 2009, ceasing to be a substantial shareholder.
Ramli, who managed Kenanga with a 10.7% block which he had held since 2007, sold his interest during Dec – Jan 2009.
Syed Yusof, or known as Jo-Jo to his friends, had entered the financial services sector in 2002 when he emerged as one of the major shareholders of Killinghall (M) Bhd — the company that held a substantial block of shares in Southern Bank back then. He also had a direct interest in Southern Bank and his partner was the present Sultan of Selangor.
They sold their entire interest to Bumiputra-Commerce Holdings Bhd (BCHB), sparking a protracted corporate battle which eventually culminated in Southern Bank’s Tan Sri Tan Teong Hean losing his fight to keep the bank. BCHB completed the merger with Southern Bank in June 2006. Syed Yusof walked away with a good deal for his interest in Killinghall and Southern Bank as the corporate battle raised the acquisition price.
Going by the past, industry observers believe Syed Yusof’s entry into Kenanga could spell interesting times for the investment bank. Syed Yusof has always been a smart investor. What he has planned for this investment is unknown… but it’ll be interesting to watch and see what happens moving forward.
Apart from Southern Bank, Syed Yusof also walked away with handsome profits when he acquired and sold his stake in Landmarks Bhd within a space of two months to casino operator Genting Bhd. That was in August 2006.
Syed Yusof has vast experience in the property development as well as the hotel and entertainment industries. The businessman owns several hotels in the country, including the Concorde Hotel Kuala Lumpur and the Casa del Mar in Langkawi. He also has a stake in the Four Seasons Hotel and Service Apartment in Kuala Lumpur — a project that was put on hold but is reported to have commenced building again early this year (2009).
Syed Yusof generally tries to keep a low profile but his close friendship and business partnership with the Sultan of Selangor, coupled with his investment moves, sometimes put him in the spotlight.
Nevertheless, his entry into Kenanga is certainly one to watch. Will he stay long as a shareholder or is this a preclude to a significant shareholding change in the company?
K&N kenanga’s equity structure is not reflected in its management. The largest shareholder is CMS Capital Sdn Bhd, with a 25% stake. The second largest block is held by Deutsche Asia Pacific holdings, with 16.55%, followed closely by K&N Kenanga’s executive chairman and co-founder Tengku Noor Zakiah Tengku Ismail, with a 16.51%.
The pertinent point here is that there were parties who were interested in the IB. Furthermore, considering Syed Yusof’s previous deals, it would not come as a surprise if he divested his stake within a few months.
Nevertheless, Ramli’s latest move by the market wondering if it is a preclude to more shareholding changes in Kenanga. Industry observers say there may be more interesting times for the company, with a possibility that newly appointed group executive director Tengku Zafrul may acquire a stake.
Sunday, February 22, 2009
Saturday, February 21, 2009
Friday, February 20, 2009
Mah Sing ... Feb 2009
It plans to use its cash pile of RM150mil as at Dec 31, 2008 to acquire new land locally and in other regional markets to realise its vision as a regional property player.
The company was in a good position to make some opportunistic acquisitions to lock in land which had dropped in value following the global financial meltdown. Its strong balance sheet will enable us to expand our presence and ensure healthy earnings growth.
While moving ahead with its plans to become a regional player, the company would be prudent in its cashflow management and not over-commit.
Mah Sing hopes to finalise its first overseas deal this year (2009) and to launch its maiden offshore project next year (2010). The markets being targeted include Vietnam, China, India and Indonesia.
Locally, the company recently purchased 2.12ha of freehold land in Setapak and 26.8ha in Sri Pulai Perdana 2 in Johor Baru.
In addition to these acquisitions, it has 11 projects in the Klang Valley, four in Johor Baru and one in Penang. The company’s remaining landbank of 231.6ha has an estimated RM3.9bil in remaining gross development value and unbilled sales which will sustain earnings growth for the next five to seven years.
Despite the gloomy market outlook, Mah Sing’s quick turnaround business model, focusing on niche medium to high-end landed developments, had generated healthy profits and cashflow.
As they have pre-constructed some of its properties in certain key projects which are locked in at the old construction costs, they are able to continue launching the projects. They will take advantage of some RM282mil worth of pre-constructed products in projects like Aman Perdana, Kemuning Residence and Sierra Perdana, to market completed units at the right pricing.
Mah Sing’s exposure in the three growth corridors of the Klang Valley, Johor Baru and Penang, coupled with a healthy mix of residential and commercial projects, would ensure good growth sustainability for the company, he said.
Its Grade A office, The Icon Jalan Tun Razak which will be completed by June 2009. Southgate in Jalan Sungei Besi has also done very well, achieving RM150mil in sales since last March 2008
The company was in a good position to make some opportunistic acquisitions to lock in land which had dropped in value following the global financial meltdown. Its strong balance sheet will enable us to expand our presence and ensure healthy earnings growth.
While moving ahead with its plans to become a regional player, the company would be prudent in its cashflow management and not over-commit.
Mah Sing hopes to finalise its first overseas deal this year (2009) and to launch its maiden offshore project next year (2010). The markets being targeted include Vietnam, China, India and Indonesia.
Locally, the company recently purchased 2.12ha of freehold land in Setapak and 26.8ha in Sri Pulai Perdana 2 in Johor Baru.
In addition to these acquisitions, it has 11 projects in the Klang Valley, four in Johor Baru and one in Penang. The company’s remaining landbank of 231.6ha has an estimated RM3.9bil in remaining gross development value and unbilled sales which will sustain earnings growth for the next five to seven years.
Despite the gloomy market outlook, Mah Sing’s quick turnaround business model, focusing on niche medium to high-end landed developments, had generated healthy profits and cashflow.
As they have pre-constructed some of its properties in certain key projects which are locked in at the old construction costs, they are able to continue launching the projects. They will take advantage of some RM282mil worth of pre-constructed products in projects like Aman Perdana, Kemuning Residence and Sierra Perdana, to market completed units at the right pricing.
Mah Sing’s exposure in the three growth corridors of the Klang Valley, Johor Baru and Penang, coupled with a healthy mix of residential and commercial projects, would ensure good growth sustainability for the company, he said.
Its Grade A office, The Icon Jalan Tun Razak which will be completed by June 2009. Southgate in Jalan Sungei Besi has also done very well, achieving RM150mil in sales since last March 2008
Thursday, February 19, 2009
CBIP ... Feb 2009
It is banking on recurring demand from existing customers and a wider customer base to sustain future earnings.
Planters who had been aggressively planting since 2004 would need mills by now (Feb 2009). This gives CBIP the opportunity to market its ModiPalm mills that utilise cost-efficient continuous sterilisation system.
Customers that contracted ModiPalm mills in the past two years (2007-2008) would be commissioning operations by now and consequently, were anticipated to convert the rest of their mills.
Once customers experience the benefits of ModiPalm mills, they would want to convert. Felda, for example, used ModiPalm for its performance. It already has five ModiPalm mills in operations and another five under construction.
The fifth generation of ModiPalm now offered front-end automation that improved extraction efficiency. Conventional mills have difficulty processing fruits from older palms, which are large in size, hence cannot optimise oil extraction. ModiPalm allows big bunches to be stripped effectively with the aid of a bunch conditioner, thus minimising the losses. Additionally, conventional mills sterilise the bunches at 140 degrees while ModiPalm uses 100 degrees.
The current economic conditions had caused some planters to postpone construction of mills. But they can’t delay beyond six months because they can’t stop palms from producing fruit and these fruit, if not processed, would turn bad. Demand was likely to pick up by the second quarter 2009.
The company would remain profitable for the year ending Dec 31, 2009 on the back of the secured contracts of some RM300mil.
Furthermore, the current crude palm oil price of around RM1,800 per tonne was still attractive for planters to reap a good profit, he said.
Planters who had been aggressively planting since 2004 would need mills by now (Feb 2009). This gives CBIP the opportunity to market its ModiPalm mills that utilise cost-efficient continuous sterilisation system.
Customers that contracted ModiPalm mills in the past two years (2007-2008) would be commissioning operations by now and consequently, were anticipated to convert the rest of their mills.
Once customers experience the benefits of ModiPalm mills, they would want to convert. Felda, for example, used ModiPalm for its performance. It already has five ModiPalm mills in operations and another five under construction.
The fifth generation of ModiPalm now offered front-end automation that improved extraction efficiency. Conventional mills have difficulty processing fruits from older palms, which are large in size, hence cannot optimise oil extraction. ModiPalm allows big bunches to be stripped effectively with the aid of a bunch conditioner, thus minimising the losses. Additionally, conventional mills sterilise the bunches at 140 degrees while ModiPalm uses 100 degrees.
The current economic conditions had caused some planters to postpone construction of mills. But they can’t delay beyond six months because they can’t stop palms from producing fruit and these fruit, if not processed, would turn bad. Demand was likely to pick up by the second quarter 2009.
The company would remain profitable for the year ending Dec 31, 2009 on the back of the secured contracts of some RM300mil.
Furthermore, the current crude palm oil price of around RM1,800 per tonne was still attractive for planters to reap a good profit, he said.
Wednesday, February 18, 2009
Pelikan Intl Corp Bhd ... Feb 2009
Pelikan is involved in the manufacture of a range of products and services including hardcopy, stamp pads, carbon paper and marking crayons, and school products such as brushes, erasers and wax crayons.
Formerly known as Diperdana Holdings Bhd, Pelikan in 2005 acquired Pelikan Holding AG and Pelikan Japan K.K. through a reverse takeover and transformed its business from logistics related services into the manufacture and distribution of stationery-related products.
What’s NEXT! … dated Feb 2009
Pelikan International Corp Bhd expects slower sales this year owing to the global economic turmoil which would inevitably erode demand.
It does not help matters that its largest market, accounting for close to 40% of total group sales is Germany, which slipped into recession in November 2008.
Being involved in a school-related business makes it somewhat recession-proof as governments will always support education.
Its foreign shareholding has been reduced to 21% as at end 2008, against more than 60% earlier in the year. Pelikan’s market capitalisation has more than halved from six months ago to about RM385mil as of Feb 2009.
As part of its business strategy for the year (2009), certain investments are taking a back seat. Pelikan, whose sales stood at RM1.19bil in the financial year ended Dec 31, 2007, had earlier proposed a joint venture (JV) with a China stationery company to set up a toner powder plant there. The partner is believed to be a leading player in the stationery market in China with a wide distribution network covering a population of 1.3 billion. They have not decided on how to proceed.
Plans for acquisitions this year, however, are still on the cards. In June 2008, the company said it had in place a five-year merger and acquisition plan of up to RM200mil. In 2007, it completed two major acquisitions, namely Pelikan Hardcopy Holding AG and German Hardcopy AG group in February and April 2008 respectively.
Around RM40mil was typically set aside every year for capital expenditure to replace machinery at its eight global plants and for the launch of new products. The allocation would be maintained this year (2009).
Pelikan has eight plants including in Germany, Mexico, Switzerland, Czech Republic and Scotland. Although the company shut down its Bosnian plant last year, it had no plans to shut down more plants at this moment.
Formerly known as Diperdana Holdings Bhd, Pelikan in 2005 acquired Pelikan Holding AG and Pelikan Japan K.K. through a reverse takeover and transformed its business from logistics related services into the manufacture and distribution of stationery-related products.
What’s NEXT! … dated Feb 2009
Pelikan International Corp Bhd expects slower sales this year owing to the global economic turmoil which would inevitably erode demand.
It does not help matters that its largest market, accounting for close to 40% of total group sales is Germany, which slipped into recession in November 2008.
Being involved in a school-related business makes it somewhat recession-proof as governments will always support education.
Its foreign shareholding has been reduced to 21% as at end 2008, against more than 60% earlier in the year. Pelikan’s market capitalisation has more than halved from six months ago to about RM385mil as of Feb 2009.
As part of its business strategy for the year (2009), certain investments are taking a back seat. Pelikan, whose sales stood at RM1.19bil in the financial year ended Dec 31, 2007, had earlier proposed a joint venture (JV) with a China stationery company to set up a toner powder plant there. The partner is believed to be a leading player in the stationery market in China with a wide distribution network covering a population of 1.3 billion. They have not decided on how to proceed.
Plans for acquisitions this year, however, are still on the cards. In June 2008, the company said it had in place a five-year merger and acquisition plan of up to RM200mil. In 2007, it completed two major acquisitions, namely Pelikan Hardcopy Holding AG and German Hardcopy AG group in February and April 2008 respectively.
Around RM40mil was typically set aside every year for capital expenditure to replace machinery at its eight global plants and for the launch of new products. The allocation would be maintained this year (2009).
Pelikan has eight plants including in Germany, Mexico, Switzerland, Czech Republic and Scotland. Although the company shut down its Bosnian plant last year, it had no plans to shut down more plants at this moment.
Tuesday, February 17, 2009
YSP Southeast Asia ... Feb 2009
It expects to sustain earnings this year because demand for its generic prescription drugs is stable. Prescription drugs contribute the most in revenue; hence are not been significantly impacted (by the crisis) in terms of demand for its products. The healthcare industry was relatively resilient through boom and bust cycles.
However, the demand for its over-the-counter (OTC) products sold at pharmacies had been more affected by the economic slowdown.
Its good track record in prescription drugs had resulted in repeat orders from clients. In addition, the company has been able to control costs and inventories with its own production facilities.
The company’s balance sheet remains healthy with a manageable gearing ratio at 0.12 time.
YSP is also planning to restart its operations in Vietnam in the second quarter 2009.
The company’s new facility in Bangi to produce injectables and eye-drops would take another one to two years before production could start due to the safety measures that needed to be in place.
However, the demand for its over-the-counter (OTC) products sold at pharmacies had been more affected by the economic slowdown.
Its good track record in prescription drugs had resulted in repeat orders from clients. In addition, the company has been able to control costs and inventories with its own production facilities.
The company’s balance sheet remains healthy with a manageable gearing ratio at 0.12 time.
YSP is also planning to restart its operations in Vietnam in the second quarter 2009.
The company’s new facility in Bangi to produce injectables and eye-drops would take another one to two years before production could start due to the safety measures that needed to be in place.
Monday, February 16, 2009
Redtone ... Feb 2009
It began with offering discount prepaid and postpaid cards but with the evolution of technology, it ventured into the data business. The data business makes up 10% of its revenue but this will grow over time to nearly 20%.
It offers corporate Internet line, lease lines, IP virtual private network and broadband services on a WiMAX platform in parts of Sabah and Sarawak.
REDtone would capitalise on its 1,500 subscriber base for voice to grow the data business. It also has other ventures via unit DETV which is conducting trials for IPTV (Internet protocol television) offerings and a stake in Hotgate, a broadband service provider which offers services to hotels and common areas in Asean. REDtone has 19% stake in Hotgate.
In Sabah and Sarawak, it is the only operator with the WiMAX licence to offer broadband services. The service is available in parts of Kota Kinabalu and will soon be available in Kuching. It would be expanded to other parts of east Malaysia.
Being a broadband player in east Malaysia, REDtone was ready to participate in future tenders the regulator would be putting up to roll out the services under the universal service provision budget.
Besides Malaysia, REDtone has a discounted call business in a partnership with a Chinese company in Shanghai. Shanghai is its base to expand into other parts of China to offer discounted call business.
While the China business looked promising, REDtone lost US$3mil of the US$6mil it invested in Pakistan in a discounted call business.
It will continue to look at ways to venture into the long distance and international gateway business in other markets.
REDtone will this year source new funding of RM10mil-RM20mil to finance its expansion. The company is debt-free.
While its data business is anticipated to grow, voice would remain its mainstay, making up nearly 80% of revenue this year (2009).
Related news:
OSK/GPacket ... Jan 2009
GPacket/Redtone ... Sept 2008
Redtone ... Aug 2008
It offers corporate Internet line, lease lines, IP virtual private network and broadband services on a WiMAX platform in parts of Sabah and Sarawak.
REDtone would capitalise on its 1,500 subscriber base for voice to grow the data business. It also has other ventures via unit DETV which is conducting trials for IPTV (Internet protocol television) offerings and a stake in Hotgate, a broadband service provider which offers services to hotels and common areas in Asean. REDtone has 19% stake in Hotgate.
In Sabah and Sarawak, it is the only operator with the WiMAX licence to offer broadband services. The service is available in parts of Kota Kinabalu and will soon be available in Kuching. It would be expanded to other parts of east Malaysia.
Being a broadband player in east Malaysia, REDtone was ready to participate in future tenders the regulator would be putting up to roll out the services under the universal service provision budget.
Besides Malaysia, REDtone has a discounted call business in a partnership with a Chinese company in Shanghai. Shanghai is its base to expand into other parts of China to offer discounted call business.
While the China business looked promising, REDtone lost US$3mil of the US$6mil it invested in Pakistan in a discounted call business.
It will continue to look at ways to venture into the long distance and international gateway business in other markets.
REDtone will this year source new funding of RM10mil-RM20mil to finance its expansion. The company is debt-free.
While its data business is anticipated to grow, voice would remain its mainstay, making up nearly 80% of revenue this year (2009).
Related news:
OSK/GPacket ... Jan 2009
GPacket/Redtone ... Sept 2008
Redtone ... Aug 2008
Sunday, February 15, 2009
Saturday, February 14, 2009
Friday, February 13, 2009
MISC Bhd ... Feb 2009
MISC Bhd has denied the allegation that it has not made payment for its bunker fuel supply that could lead to the arrest of some of its vessels.
MISC had honoured its obligations under the contract and had to date made full payments to a third-party supplier for all bunker fuel purchased and supplied.
MISC has contracted the purchase of bunker fuel for its vessel to the third-party entity and have no other contractual relationship with any other suppliers. Therefore, the shipping giant said all claims including any arrests or threats to arrest MISC’s vessels made by the other bunker fuel suppliers for non-payment of their invoices were totally “unfounded, unwarranted and without merit” as MISC did not have a contractual relationship with these other physical suppliers.
Early Jan 2009, Platts, a provider of energy information, revealed that Petrobras, the Brazilian national oil company, among others, had complained of non-payment for bunker fuel contracted for use by MISC.
Meanwhile, it could form a shipping company with Venezuelan state controlled oil major PDVSA to ship LNG.
MISC had honoured its obligations under the contract and had to date made full payments to a third-party supplier for all bunker fuel purchased and supplied.
MISC has contracted the purchase of bunker fuel for its vessel to the third-party entity and have no other contractual relationship with any other suppliers. Therefore, the shipping giant said all claims including any arrests or threats to arrest MISC’s vessels made by the other bunker fuel suppliers for non-payment of their invoices were totally “unfounded, unwarranted and without merit” as MISC did not have a contractual relationship with these other physical suppliers.
Early Jan 2009, Platts, a provider of energy information, revealed that Petrobras, the Brazilian national oil company, among others, had complained of non-payment for bunker fuel contracted for use by MISC.
Meanwhile, it could form a shipping company with Venezuelan state controlled oil major PDVSA to ship LNG.
Thursday, February 12, 2009
UEM Land ... Feb 2009
UEM Land
To recap, the listing of UEM Land was the result of a corporate exercise by UEM Group to streamline its operations. UEM Land took over the listing status of UEM World Bhd last November in order to unlock the value of the group’s landbank.
UEM Land has about 4,500 acres in Iskandar Malaysia , with its flagship development being Nusajaya, identified as a catalytic project in the region.
What’s Up?
US-based fund Discovery Capital Management LLC has been actively selling down on the property arm of the UEM Group, UEM Land Holdings Bhd, whose prospects in the year ahead (2009 & Beyond) seem uncertain.
Discovery Capital has been cutting its shareholding in UEM Land over early Feb 2009 after acquiring a 5.7% stake comprising 138.5 million on the day of the latter’s listing on Nov 17, 2008. Discovery Capital has since reduced its shareholding in UEM Land to 5.33% or 129.43 million shares.
Its Prospects …
The three-month-old listed company has not been around long enough for its value to be ascertained, particularly with regard to its historical track record.
Furthermore, its growth prospects were dependent on the success of its flagship development at Nusajaya in Iskandar Malaysia , which has been fairly quiet of late. There just aren’t any fundamentals.
The lack of fundamentals meant that it was hard to pin down the company as a value stock, and whatever growth potential for UEM Land was tied to its Iskandar development. Nonetheless, the lack of fundamentals was a problem that could be remedied in time.
However, the Iskandar development is still very much at its infancy, and its long gestation period meant that it would be a while before UEM Land begins to see returns from that development.
The current (Feb 2009) economic crisis could also serve to hamper development in that area as Iskandar is very much dependent on foreign investment, particularly from the Middle East , which is beginning to feel the pinch of the global financial drought.
UEM Land, however, appears to be continuing strongly with its venture in Iskandar, with management saying it would be completing a fund-raising exercise worth RM1.2 billion to invest in Iskandar Malaysia by next month (March 2009).
The loan would raise its debt-to-equity ratio to 60%, which is on par with other property companies, but concerned were about the cash holdings and the cash flow of the company.
With much sunk into Iskandar Malaysia , which is years away from showing any notable returns, it is difficult to see where the short-term money is going to come from.
To be fair, UEM Land has also tried to diversify its business by investing elsewhere, notably in Cyberjaya where it has agreed to purchase 98 acres (39.7ha) of land for RM102.49 million.
Also, UEM Land has the deep pockets of major shareholder and government investment arm, Khazanah Nasional Bhd, to fall back on if it finds itself strapped for cash.
Khazanah has already stepped in once to bail out the company when it was struggling with its high debts, and would likely do so again given Iskandar’s status as a key national project.
To recap, the listing of UEM Land was the result of a corporate exercise by UEM Group to streamline its operations. UEM Land took over the listing status of UEM World Bhd last November in order to unlock the value of the group’s landbank.
UEM Land has about 4,500 acres in Iskandar Malaysia , with its flagship development being Nusajaya, identified as a catalytic project in the region.
What’s Up?
US-based fund Discovery Capital Management LLC has been actively selling down on the property arm of the UEM Group, UEM Land Holdings Bhd, whose prospects in the year ahead (2009 & Beyond) seem uncertain.
Discovery Capital has been cutting its shareholding in UEM Land over early Feb 2009 after acquiring a 5.7% stake comprising 138.5 million on the day of the latter’s listing on Nov 17, 2008. Discovery Capital has since reduced its shareholding in UEM Land to 5.33% or 129.43 million shares.
Its Prospects …
The three-month-old listed company has not been around long enough for its value to be ascertained, particularly with regard to its historical track record.
Furthermore, its growth prospects were dependent on the success of its flagship development at Nusajaya in Iskandar Malaysia , which has been fairly quiet of late. There just aren’t any fundamentals.
The lack of fundamentals meant that it was hard to pin down the company as a value stock, and whatever growth potential for UEM Land was tied to its Iskandar development. Nonetheless, the lack of fundamentals was a problem that could be remedied in time.
However, the Iskandar development is still very much at its infancy, and its long gestation period meant that it would be a while before UEM Land begins to see returns from that development.
The current (Feb 2009) economic crisis could also serve to hamper development in that area as Iskandar is very much dependent on foreign investment, particularly from the Middle East , which is beginning to feel the pinch of the global financial drought.
UEM Land, however, appears to be continuing strongly with its venture in Iskandar, with management saying it would be completing a fund-raising exercise worth RM1.2 billion to invest in Iskandar Malaysia by next month (March 2009).
The loan would raise its debt-to-equity ratio to 60%, which is on par with other property companies, but concerned were about the cash holdings and the cash flow of the company.
With much sunk into Iskandar Malaysia , which is years away from showing any notable returns, it is difficult to see where the short-term money is going to come from.
To be fair, UEM Land has also tried to diversify its business by investing elsewhere, notably in Cyberjaya where it has agreed to purchase 98 acres (39.7ha) of land for RM102.49 million.
Also, UEM Land has the deep pockets of major shareholder and government investment arm, Khazanah Nasional Bhd, to fall back on if it finds itself strapped for cash.
Khazanah has already stepped in once to bail out the company when it was struggling with its high debts, and would likely do so again given Iskandar’s status as a key national project.
Metronic ... Feb 2009
It has clinched a RM12 million contract to build a water treatment plant and to supply water in China for 33 years.
Under the deal with China's Lai An County Water Utility Board, Metronic will design, construct, produce, operate, maintain and sell treated drinking water in Lai'An county, Anhui province. Metronic said upon the execution of the agreement, a wholly owned special purpose company called Anhui Lai'An Metronic Water Supply Co Ltd will be set up.
The rationale for the proposed investment is to enable Metronic Group to invest in the water concession business by tapping into the potential growth and lucrative recurrent revenue offered by the Chinese market.
This is in-line with China's urbanisation and awareness in environmental protection and need for safe-drinking water for rural, commercial and industrial development. The investment is expected to provide a steady stream of revenue, profit and cash flow to the group.
The company will also fund the construction of the water treatment plant with internal funds and bank borrowings.
Under the deal with China's Lai An County Water Utility Board, Metronic will design, construct, produce, operate, maintain and sell treated drinking water in Lai'An county, Anhui province. Metronic said upon the execution of the agreement, a wholly owned special purpose company called Anhui Lai'An Metronic Water Supply Co Ltd will be set up.
The rationale for the proposed investment is to enable Metronic Group to invest in the water concession business by tapping into the potential growth and lucrative recurrent revenue offered by the Chinese market.
This is in-line with China's urbanisation and awareness in environmental protection and need for safe-drinking water for rural, commercial and industrial development. The investment is expected to provide a steady stream of revenue, profit and cash flow to the group.
The company will also fund the construction of the water treatment plant with internal funds and bank borrowings.
Wednesday, February 11, 2009
Can-One Bhd
It has allocated rm40 million to increase its production capacity, half of which will spend the remaining rm20 million to upgrade and expand its factory lines in the first quarter of 2009.
It started out as a general tin can maker in the 1960s. The company ventured into the manufacture of food products like sweetened condensed milk and sweetened beverage creamer in 2006. It also grew its production of jerry cans over the years to make up 31% of its total revenue in 2007.
The company’s food product division only produced an operating margin of 2.65% whereas the operating margin for the general can business stood at 7.31%.
The company’s expansion plan thus offers food for thought since the bulk of the investment is going into growing its food product division.
A portion of its growth plan is devoted to producing the BIB, a new packaging product on the local scene.
Financial Results …
As at Sept 30, 2008, Can-One’s gearing stood at relatively high 1.4 times. It is worth nothing that 81.31% of its total debts are short term in nature. Its long term debts of Rm49.90 million are 4.8 times.
Its 9MFY2008 net profit of RM10.28 million.
It started out as a general tin can maker in the 1960s. The company ventured into the manufacture of food products like sweetened condensed milk and sweetened beverage creamer in 2006. It also grew its production of jerry cans over the years to make up 31% of its total revenue in 2007.
The company’s food product division only produced an operating margin of 2.65% whereas the operating margin for the general can business stood at 7.31%.
The company’s expansion plan thus offers food for thought since the bulk of the investment is going into growing its food product division.
A portion of its growth plan is devoted to producing the BIB, a new packaging product on the local scene.
Financial Results …
As at Sept 30, 2008, Can-One’s gearing stood at relatively high 1.4 times. It is worth nothing that 81.31% of its total debts are short term in nature. Its long term debts of Rm49.90 million are 4.8 times.
Its 9MFY2008 net profit of RM10.28 million.
Tuesday, February 10, 2009
Hap Seng ... Feb 2009
It aims to buy more land and buildings in Peninsular Malaysia to grow its property portfolio. The company is eyeing a few commercial properties within the Kuala Lumpur city centre area and land in strategic areas within the Klang Valley.
Hap Seng is still in negotiations with the parties concerned. It will acquire only if the price and location is right.
Hap Seng's first property acquisition in the Klang Valley was Menara Hap Seng (previously MUI Plaza) and the adjoining land, which it bought from MUI Properties Bhd for RM190 million in 2004.
It also bought 30.88ha of leasehold land in Puchong to develop D'Alpinia, a low-density and gated development. Developments have started at D'Alpinia, its first high-end mixed-housing project outside of Sabah.
Hap Seng's other projects are the Kingfisher Palm Homes, featuring terrace houses, semi-detached homes and bungalows in Kota Kinabalu; Bandar Sri Perdana, a 62.5ha mixed-development in Lahad Datu; and Bandar Sri Indah, a 342ha self-contained township in Tawau. - By Sharen Kaur
Hap Seng is still in negotiations with the parties concerned. It will acquire only if the price and location is right.
Hap Seng's first property acquisition in the Klang Valley was Menara Hap Seng (previously MUI Plaza) and the adjoining land, which it bought from MUI Properties Bhd for RM190 million in 2004.
It also bought 30.88ha of leasehold land in Puchong to develop D'Alpinia, a low-density and gated development. Developments have started at D'Alpinia, its first high-end mixed-housing project outside of Sabah.
Hap Seng's other projects are the Kingfisher Palm Homes, featuring terrace houses, semi-detached homes and bungalows in Kota Kinabalu; Bandar Sri Perdana, a 62.5ha mixed-development in Lahad Datu; and Bandar Sri Indah, a 342ha self-contained township in Tawau. - By Sharen Kaur
Monday, February 9, 2009
負面消息頻傳 TMI前景蒙塵
(吉隆坡7日訊)面臨財務壓力的馬電訊國際(TMI,6888,主板貿服股)，其印尼子公司Excelmindo(簡稱XL)脫售電訊塔計劃胎死腹中，分析員指出，這一負面消息或將導致馬電訊國際的股價走勢再度蒙塵。
由於利空消息陸續傳出，導致馬電訊國際股價從今年初的3.74令吉高峰，下跌至本月3日的3.02令吉，跌幅高達19.3%。
不過，馬電訊國際股價近三個交易日開始回穩，從本月4日的3.08令吉，走漲至週五閉市時的3.34令吉，漲幅為8.4%。
售電訊塔告吹
然而，其持有83.8%股權的XL公司宣佈脫售電訊塔計劃告吹，這主要是因為目前慘淡的經濟狀況，導致XL公司難以以合理的價格，尋找合適的買家。
實際上，XL公司在去年9月已獲股東授權出售7千座電訊塔，總值約7億美元(25.2億令吉)。
針對以上發展，僑豐投行分析員指出，以目前的經濟環境來看，並不會對此進展感到過度驚訝。
不過，由於馬電訊國際持有該公司83%股權，因此，不排除此負面消息將進一步衝擊馬電訊國際的股價走勢。
馬電訊國際股價走勢在今年以來節節敗退，主要是因為市場擔憂該公司或進行附加股計劃，進而侵蝕其每股盈利。
另一個導致該公司股價蒙受拋售壓力的原因是，市場揣測該公司或將對其另一家海外子公司─Idea流動電話公司做出減值撥備，而使到馬電訊國際08年末季的業績將蒙受衝擊。
然而，馬電訊國際首席財務員拿督尤索夫接受《路透社》電訪時指出，預計該公司在08財政年不會對其Idea流動電話公司的投資做出任何減記(write-down)。
馬電訊國際在08年第二季宣佈收購Idea流動電話公司股權，並在去年第三季完成15%股權收購。
自宣佈有關股權收購後，Idea流動電話公司的股價滑落70%。
因此，僑豐投行分析員相信，如果馬電訊國際將其減值虧損計算在內，它必須針對所持有的Idea流動電話公司15%股權，進行約38億令吉的註銷。
綜合各項不利因素，分析員認為，馬電訊國際的前景不容樂觀。
隨著斯里蘭卡、印度、及印尼的電訊業競爭日漸激烈，加上該公司所面對的沉重資產負債表及融資風險，使其中短期前景蒙上陰影。
有鑑於此，僑豐投行分析員建議投資者認真考量該股在中期所面臨的挑戰，並維持該股的投資評級為「中和」，目標價是4.20令吉。
由於利空消息陸續傳出，導致馬電訊國際股價從今年初的3.74令吉高峰，下跌至本月3日的3.02令吉，跌幅高達19.3%。
不過，馬電訊國際股價近三個交易日開始回穩，從本月4日的3.08令吉，走漲至週五閉市時的3.34令吉，漲幅為8.4%。
售電訊塔告吹
然而，其持有83.8%股權的XL公司宣佈脫售電訊塔計劃告吹，這主要是因為目前慘淡的經濟狀況，導致XL公司難以以合理的價格，尋找合適的買家。
實際上，XL公司在去年9月已獲股東授權出售7千座電訊塔，總值約7億美元(25.2億令吉)。
針對以上發展，僑豐投行分析員指出，以目前的經濟環境來看，並不會對此進展感到過度驚訝。
不過，由於馬電訊國際持有該公司83%股權，因此，不排除此負面消息將進一步衝擊馬電訊國際的股價走勢。
馬電訊國際股價走勢在今年以來節節敗退，主要是因為市場擔憂該公司或進行附加股計劃，進而侵蝕其每股盈利。
另一個導致該公司股價蒙受拋售壓力的原因是，市場揣測該公司或將對其另一家海外子公司─Idea流動電話公司做出減值撥備，而使到馬電訊國際08年末季的業績將蒙受衝擊。
然而，馬電訊國際首席財務員拿督尤索夫接受《路透社》電訪時指出，預計該公司在08財政年不會對其Idea流動電話公司的投資做出任何減記(write-down)。
馬電訊國際在08年第二季宣佈收購Idea流動電話公司股權，並在去年第三季完成15%股權收購。
自宣佈有關股權收購後，Idea流動電話公司的股價滑落70%。
因此，僑豐投行分析員相信，如果馬電訊國際將其減值虧損計算在內，它必須針對所持有的Idea流動電話公司15%股權，進行約38億令吉的註銷。
綜合各項不利因素，分析員認為，馬電訊國際的前景不容樂觀。
隨著斯里蘭卡、印度、及印尼的電訊業競爭日漸激烈，加上該公司所面對的沉重資產負債表及融資風險，使其中短期前景蒙上陰影。
有鑑於此，僑豐投行分析員建議投資者認真考量該股在中期所面臨的挑戰，並維持該股的投資評級為「中和」，目標價是4.20令吉。
Sunday, February 8, 2009
Saturday, February 7, 2009
Thursday, February 5, 2009
TMI 马电讯国际 较区域同侪折价50%
在2008年12月5日跌至3.12令吉最低价位之前购入马电讯国际有限公司（TMI，6888，主板贸易服务组）股票的投资者，在短短三周内，随着该股于12月26日晋至3.60令吉，即创下48仙或15%的帐面盈利。
由于市场状况仍不稳定，现在很难评定该股是否仍有更多上扬空间。
虽然如此，至少仍有一个令投资者却步的问题尚未明朗化，即马电讯国际与阿联酋Etisalat竞标伊朗第3张全国流动电话网络执照的行动已宣告失败。
投资者担心在伊朗的额外开销将增加马电讯国际的短期债务负担。（一项官方宣告尚待公布，但Etisalat首席财务员沙林阿里在12月23日致给阿布达比证券交易所的声明中，证实了其与Tamin电讯组成之财团‘标价最高’。）
由于投资者对马电讯国际的主要忧虑之一是其高负债水平，因此必须清楚了解该公司如何透过‘股票或相关工具’，达到其‘最理想资本架构’的目标。
马电讯国际已表示，它将在2009年首季拟定这份架构。
若上述架构不会大幅冲淡投资者持股，情绪应会获得改善。
持有马电讯国际45%股权的国库控股，已表明它将支持前者的融资需求。
国库控股预料将会包销一项综合债务/股票发行。
若该公司旗下主要单位继续交出不俗的成绩，货币波动以及马电讯国际开发新兴市场，如印尼、孟加拉、斯里兰卡以及柬埔寨的忧虑将会减弱。
其中最大的期望将来自每年拥有13亿令吉流动现金，以及在截至2008年9月止贡献45%集团收益和50%集团税前盈利的天地通。
印尼则带来约37%至38%贡献。
以3.60令吉计，马电讯国际2009年只以4.7倍企业值/税前盈利值水平交易，低于其区域同侪新加坡电信的9.67倍超过一半。
虽然新加坡电信在印度和印尼的资产较为有利可图以及该公司给予股东们4.9%的周息率，但马电讯国际是否只值得其同侪的50%折价？
基本上，购入马电讯国际的决定，将胥视相关该股风险的想法是否已经全面反映在其价值上
由于市场状况仍不稳定，现在很难评定该股是否仍有更多上扬空间。
虽然如此，至少仍有一个令投资者却步的问题尚未明朗化，即马电讯国际与阿联酋Etisalat竞标伊朗第3张全国流动电话网络执照的行动已宣告失败。
投资者担心在伊朗的额外开销将增加马电讯国际的短期债务负担。（一项官方宣告尚待公布，但Etisalat首席财务员沙林阿里在12月23日致给阿布达比证券交易所的声明中，证实了其与Tamin电讯组成之财团‘标价最高’。）
由于投资者对马电讯国际的主要忧虑之一是其高负债水平，因此必须清楚了解该公司如何透过‘股票或相关工具’，达到其‘最理想资本架构’的目标。
马电讯国际已表示，它将在2009年首季拟定这份架构。
若上述架构不会大幅冲淡投资者持股，情绪应会获得改善。
持有马电讯国际45%股权的国库控股，已表明它将支持前者的融资需求。
国库控股预料将会包销一项综合债务/股票发行。
若该公司旗下主要单位继续交出不俗的成绩，货币波动以及马电讯国际开发新兴市场，如印尼、孟加拉、斯里兰卡以及柬埔寨的忧虑将会减弱。
其中最大的期望将来自每年拥有13亿令吉流动现金，以及在截至2008年9月止贡献45%集团收益和50%集团税前盈利的天地通。
印尼则带来约37%至38%贡献。
以3.60令吉计，马电讯国际2009年只以4.7倍企业值/税前盈利值水平交易，低于其区域同侪新加坡电信的9.67倍超过一半。
虽然新加坡电信在印度和印尼的资产较为有利可图以及该公司给予股东们4.9%的周息率，但马电讯国际是否只值得其同侪的50%折价？
基本上，购入马电讯国际的决定，将胥视相关该股风险的想法是否已经全面反映在其价值上
Watch List ... Feb 2009
1. The Government Will Announced Another Stimulus Package;
2. The Malaysian Government Had Issued A Mandate For A Biodiesel Blend Of 5% At
Pump Stations From Feb 2009;
3. Corporate Earnings Reporting Season For 4Q2008;
4. Malaysia Monetary Policy Meeting On 24th Feb 2009;
5. UMNO General Assembly on March 2009;
2. The Malaysian Government Had Issued A Mandate For A Biodiesel Blend Of 5% At
Pump Stations From Feb 2009;
3. Corporate Earnings Reporting Season For 4Q2008;
4. Malaysia Monetary Policy Meeting On 24th Feb 2009;
5. UMNO General Assembly on March 2009;
Wednesday, February 4, 2009
Shangri-La ... Feb 2009
Its bulk of shares (52.78%) is tightly held by Shangri-La Asia Ltd, which is backed by Kuok Group.
Aberdeen Asset Management plc owns a 5.58% stake in the group.
Its second largest shareholder is Stand Chartered Private Equity Ltd owns 22.21%.
Shangri-La is less exposed to the lowest tourist arrivals that are expected in 2009 as the group mainly focus on business travellers.
It owns and operates Shangri-La KL and Putrajaya, as well as Traders KL. In Penang, it runs Traders Penang and two resorts – Golden Sands Resort and Rasa Sayang Resort and Spa. In Kota Kinabalu, Sabah, the group owns the Rasa Ria Resort and Tanjung Aru Resort and Spa. Shangri-La also owns UBN tower and UBN Apartments, both located next to Shangri-La KL.
Industry observers say a privatization exercise could be in the pipeline for Shangri-La. However, Aberdeen and Standard Chartered does not expect it.
The stock has only 16% public float, which is less than Bursa’s listing requirement of 25%, the three substantial shareholders will have to eventually let go of some of their shares.
Shangri-La had not formulated any plans to increase the percentage of public shareholding spread and would apply for a time extension to comply with the prescribed spread.
Financial Results …
It posted a 15.5% decline in net profit for the nine months ended Sept 2008, mainly du to an asset write-off of RM17.1 million by Shangri-La KL as well as a major renovation programme that has resulted in the closure of some of its rooms and a drop in occupancy to 48% for the period, compared with 71% a year earlier.
Aberdeen Asset Management plc owns a 5.58% stake in the group.
Its second largest shareholder is Stand Chartered Private Equity Ltd owns 22.21%.
Shangri-La is less exposed to the lowest tourist arrivals that are expected in 2009 as the group mainly focus on business travellers.
It owns and operates Shangri-La KL and Putrajaya, as well as Traders KL. In Penang, it runs Traders Penang and two resorts – Golden Sands Resort and Rasa Sayang Resort and Spa. In Kota Kinabalu, Sabah, the group owns the Rasa Ria Resort and Tanjung Aru Resort and Spa. Shangri-La also owns UBN tower and UBN Apartments, both located next to Shangri-La KL.
Industry observers say a privatization exercise could be in the pipeline for Shangri-La. However, Aberdeen and Standard Chartered does not expect it.
The stock has only 16% public float, which is less than Bursa’s listing requirement of 25%, the three substantial shareholders will have to eventually let go of some of their shares.
Shangri-La had not formulated any plans to increase the percentage of public shareholding spread and would apply for a time extension to comply with the prescribed spread.
Financial Results …
It posted a 15.5% decline in net profit for the nine months ended Sept 2008, mainly du to an asset write-off of RM17.1 million by Shangri-La KL as well as a major renovation programme that has resulted in the closure of some of its rooms and a drop in occupancy to 48% for the period, compared with 71% a year earlier.
Tuesday, February 3, 2009
Scan Associates Bhd ... Feb 2009
Scan Associates Bhd has lodged a police report related to the dismissal. The report was lodged “pursuant to the termination of employment of (former CEO) Datuk Aminuddin Baki Esa ... in view of the misappropriation of monies amounting to RM1.7mil.
The misappropriation of funds was established by an independent panel of domestic inquiry. Aminuddin, when contacted, declined to comment. Attempts to reach the company were also unsuccessful.
The dismissal might cause adverse ramifications. There could be consequences and the dismissal may have an effect on the confidence of shareholders.
Scan, an information communication technology (ICT) security provider, had been recording net losses for the past five consecutive quarters.
It would continue to bid for various ICT security projects both locally and overseas.
Scan was awarded a contract valued at RM15mil from the Malaysian Administrative Modernisation and Management Planning Unit (Mampu) in November 2008. Under the agreement, Scan would develop, integrate and deploy various ICT security solutions for Mampu’s software and hardware systems.
Financial Results … For its third quarter (Q3) ended Sept 30, 2008, Scan posted a net loss of RM1.46mil on revenue of RM4mil.
On announcing its Q3 results, the company attributed the loss to delays in the awarding of major projects. The third quarter loss could have a negative impact on its fourth quarter performance.
The misappropriation of funds was established by an independent panel of domestic inquiry. Aminuddin, when contacted, declined to comment. Attempts to reach the company were also unsuccessful.
The dismissal might cause adverse ramifications. There could be consequences and the dismissal may have an effect on the confidence of shareholders.
Scan, an information communication technology (ICT) security provider, had been recording net losses for the past five consecutive quarters.
It would continue to bid for various ICT security projects both locally and overseas.
Scan was awarded a contract valued at RM15mil from the Malaysian Administrative Modernisation and Management Planning Unit (Mampu) in November 2008. Under the agreement, Scan would develop, integrate and deploy various ICT security solutions for Mampu’s software and hardware systems.
Financial Results … For its third quarter (Q3) ended Sept 30, 2008, Scan posted a net loss of RM1.46mil on revenue of RM4mil.
On announcing its Q3 results, the company attributed the loss to delays in the awarding of major projects. The third quarter loss could have a negative impact on its fourth quarter performance.
Monday, February 2, 2009
Sanichi Technology Bhd ... Feb 2009
Sanichi Technology Bhd, a plastic injection moulds and tool maker, expects orders from customers in the electrical and electronics (E&E) industry for its financial year ending June 30, 2009 (FY09) to remain stable at the level of a year earlier despite the economic downturn.
The Johor-based Mesdaq company said in its FY08 annual report that it might see more orders from customers in the automotive industry.
Sanichi’s net loss narrowed to RM618,000 in its first quarter ended Sept 30, 2008 (1QFY09) from RM1.61 million in the preceding quarter, mainly due to improved performance from its subsidiary company in Thailand. When compared to the same quarter a year earlier, Sanichi’s revenue for 1QFY09 rose 9.4% to RM6.83 million from RM6.24 million.
The improved performance was also attributed to lower foreign exchange losses from foreign currency-denominated sales and increased contribution from sales of large moulds and tooling to the automotive sector.
Sanichi had moved into fabricating larger moulds to cater for large components not only for the E&E industry but also the automotive industry, which was expected to help the group leverage the risk of over reliance on a particular industry.
The Johor-based Mesdaq company said in its FY08 annual report that it might see more orders from customers in the automotive industry.
Sanichi’s net loss narrowed to RM618,000 in its first quarter ended Sept 30, 2008 (1QFY09) from RM1.61 million in the preceding quarter, mainly due to improved performance from its subsidiary company in Thailand. When compared to the same quarter a year earlier, Sanichi’s revenue for 1QFY09 rose 9.4% to RM6.83 million from RM6.24 million.
The improved performance was also attributed to lower foreign exchange losses from foreign currency-denominated sales and increased contribution from sales of large moulds and tooling to the automotive sector.
Sanichi had moved into fabricating larger moulds to cater for large components not only for the E&E industry but also the automotive industry, which was expected to help the group leverage the risk of over reliance on a particular industry.
