【CBIP 7076 交流专区】CB工业产品

举债投资megan

katie
katie

举债投资megan

:@ :@ :@ :@ :@

举债投资megan

原帖由 piao2 于 29-11-2007 01:55 PM 发表
没想到这个帖子会让二哥兄显身。
刚好有谢问题请教关二哥,对于专利权，是不是所有design的都只有15年的保护期限？

巴菲特5-10年已经很厉害了，15年还不够吗？
这让我想到了，cbip部分领域是免税的，不懂是不是10年。

8years

感谢指导，你给了很详细的资料。谢谢

secondbrother

piao２兄，对于专利权这东东我也不是很在行，通常都是7-10年。CBIP 的 modipalm 除了有专利权以外，还有pioneer status 的 tax incentive。所以它的tax bracket 很低。

何老板，我还没有买，只是看看。这里讲到要吵架了，顺便来点下火.....哈哈！

shuhjiunho

你好像来灭火的。
我来点火就比较像样。


那天我老爸的旧油棕公司种植公司，也听说CBIP来求见了。。。
（我突然眼睛亮了一下。。。 ）

没关系，CBIP的管理层那么乱用钱，就继续看坏吧！
（这样我也许才可以偷鸡。。。）
（不过偷鸡不到吃渣胡就惨了。。。）

Mr.Business

看坏的就只有Cari几个人，外面的人还是看好的居多，Uncle Ho可能偷不到鸡了。。。

CBIP

(7076)  18:41:27

Last Done	6.000
Change	0.050
Day High	6.000
Day Low	5.950
Best Buy	5.950
Best Sell	6.000
Volume(Lot)	1138

Mr.Business

CBIP在搞什么呢？不停的收购。。。

Submitting Merchant Bank	:	Nil
Company Name	:	CB INDUSTRIAL PRODUCT HOLDING BERHAD
Stock Name	:	CBIP
Date Announced	:	29/11/2007

Type	:	Announcement
Subject	:	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIP" or the "COMPANY") PROPOSED ACQUISITION OF 30% EQUITY INTEREST IN BAHTERA BAHAGIA SDN BHD("BBSB") COMPRISING 4,148,000 ORDINARY SHARES OF RM1.00 EACH ("SHARES")HELD BY SEMODA DEVELOPMENT SDN BHD FOR A CASH CONSIDERATION OFRM31,000,000 ("PROPOSED 30% BBSB ACQUISITION")

Contents :

1.        INTRODUCTION

The Board of Directors of CBIP (“Board”) wishes to announce that on 29 November 2007, CBIP had entered into a conditional share sale agreement (“SSA”) with a shareholder of BBSB, namely Semoda Development Sdn Bhd (“Semoda” or the “Vendor”), to acquire 30% equity interest in BBSB comprising 4,148,000 Shares (“Purchase Shares”) for a total cash consideration of RM31,000,000 (“Purchase Price”).

2.        INFORMATION ON BBSB

BBSBwas incorporated in Malaysia on 27 May 1989 under the Companies Act,1965 as a private limited company. BBSB is principally involved incultivation of oil palm.

The present authorised share capital of BBSB isRM15,000,000 comprising 15,000,000 ordinary shares of RM1.00 each ofwhich 13,826,667 ordinary shares have been issued and are fullypaid-up. The audited net assets of BBSB as at 31 December 2006 wereapproximately RM8.1 million.

BBSB does not have any subsidiary or associated company.

BBSB is the holder of two provisional leases of theoil palm plantation land of approximately 4,269 hectares comprised intwo estates, namely Ladang Sungai Klad and Ladang Sibuti (“Oil Palm Estates”) situated in the district of Bukit Kisi, Sarawak (“Land”).The two provisional leases are for term of 60 years expiring on 9 June2047 and 25 April 2055 respectively. Based on the latest auditedfinancial statements of BBSB as at 31 December 2006, the total net bookvalue of the Land including buildings, estate access road andplantation development expenditure is RM45,428,962.

The Oil Palm Estates are planted with oil palm ofapproximately 4,214 hectares with maturity ranging from ten (10) tothirteen (13) years.

BBSB’s production of fresh fruit bunches for the financial years ended 31 December 2002 to 2006 is as set out below:-

Financial Years Ended 31 December	2002	2003	2004	2005	2006
Production (metric tonne)	46,320	59,787	80,114	88,680	87,297

For information on the financial highlights, shareholders and the Board of Directors of BBSB, please refer to Tables 1 to 3.

.......

Link.

shuhjiunho

你如果打印这里的这篇文章，去每一家报纸刊登，那么我或许可能偷到一点。。。

Mr.Business

Submitting Merchant Bank	:	AMINVESTMENT BANK BERHAD
Company Name	:	CB INDUSTRIAL PRODUCT HOLDING BERHAD
Stock Name	:	CBIP
Date Announced	:	29/11/2007

Type	:	Announcement
Subject	:	CB INDUSTRIAL PRODUCT HOLDING BERHAD (“CBIP” or the “COMPANY”) PROPOSED ACQUISITION OF 30% EQUITY INTEREST IN KUMPULAN KRIS JATI SDNBHD (“KKJ”) COMPRISING 30,000 ORDINARY SHARES OF RM1.00 EACH (“SHARES”)HELD BY TERBIT DAYA SDN BHD FOR A CASH CONSIDERATION OF RM18,000,000(“PROPOSED KKJ ACQUISITION”)

Contents :

1.        INTRODUCTION

On behalf of the Board of Directors of CBIP (“Board”), AmInvestment Bank Berhad (formerly known as AmMerchant Bank Berhad) (a member of AmInvestment Bank Group) (“AmInvestment Bank”) wishes to announce that on 29 November 2007, CBIP had entered into a conditional share sale agreement (“SSA”) with a shareholder of KKJ, namely Terbit Daya Sdn Bhd (“Terbit Daya” or the “Vendor”), to acquire 30% equity interest in KKJ comprising 30,000 Shares (“Purchase Shares”) for a total cash consideration of RM18,000,000 (“Purchase Price”).

2.        INFORMATION ON KKJ
KKJwas incorporated in Malaysia on 8 February 1990 under the CompaniesAct, 1965 as a private limited company. KKJ is principally involved inthe cultivation of oil palm and producing crude palm oil.

The present authorised and issued and paid-up sharecapital of KKJ is RM100,000 comprising 100,000 Shares respectively. Theaudited net liabilities of KKJ as at 31 December 2006 wereapproximately RM45.71 million.

KKJ does not have any subsidiary or associated company.

KKJ owns approximately 16.567 hectares of oil palmplantation land situated in the districts of Sedilu Gedong, Menuku andMerapok, all of which are located in Sarawak (“Land”).Based on the latest audited financial statements of KKJ as at 31December 2006, the net book value of the Land is RM9,141,635, whilstthe total net book value of the Land including buildings, estate accessroad and plantation development expenditure is RM195,926,822.


Approximately 68% of the Land is planted with oilpalm which spread over five (5) estates, namely Ladang Simunjan, LadangLadong, Ladang Trusan, Ladang Lintang and Ladang Merapok (“Oil Palm Estate”).Each of the Oil Palm Estate is held under separate leasehold titles,the details of which are set out in Table 1. The Oil Palm Estate areplanted with oil palm trees with maturity ranging from three (3) toeleven (11) years.

KKJ also owns one (1) 40 metric tonne fresh fruit bunch (“FFB”) per hour palm oil mill, namely Trusan Palm Oil Mill within the precinct of Ladang Trusan.

KKJ’s production of FFBs for the financial years ended 31 December 2002 to 2006 is as set out below:-

Financial Years Ended 31 December	2002	2003	2004	2005	2006
Production (metric tonne)	56,355	97,211	131,916	159,628	169,400

For information on the financial highlights, shareholders and the Board of Directors of KKJ, please refer to Tables 2 to 4.

......

Link


[ 本帖最后由 Mr.Business 于 29-11-2007 07:15 PM 编辑 ]

Mr.Business

截止30/09/2007,CBIP的借贷是RM20.29 million，equity是RM169.46 million，DE ratio是0.12。

18/10/2007
CBIP建议以RM7.3 million的价钱买下Solar Green Sdn Bhd (油棕园公司)的40%股份。

23/10/2007
CBIP建议以RM13.23 million的价钱买下SPW Biotech Engineering Sdn Bhd (老板的私人公司)的90%股份。

14/11/2007
CBIP建议以RM35.4 million的价钱买下Empresa(油棕园公司)的70%股份(10,500,000股)，这表示每股价钱RM3.37。

19/11/2007
CBIP建议以RM21 million的价钱买下Empresa其余的30％股份 (4,500,000股)，这表示每股价钱RM4.67！

PS: 为何相差5天Empresa的价钱就变得这么值钱？

收购Empresa之后，CBIP需要承担Empresa尚欠Ann Joo和银行的债务RM88.22 million。

29/11/2007
CBIP 建议以RM31 million的价钱向Semoda Development买下Bahtera Bahagia的30％股份 (4,148,000股)。请注意Semoda Development才于06/11/2007以RM16.5 million的价钱买下那30％股份！

29/11/2007
CBIP 建议以RM18 million的价钱向Terbit Daya买下Kumpulan Kris Jatia (KKJ)的30％股份 (30,000股)。请注意Terbit Daya才于06/11/2007以RM16.5 million的价钱买下那30％股份！

KKJ有RM100.75 million的债务。CBIP需要承担其中的30％的债务，也就是RM30.225 million。


在不到二个月的时间内，CBIP宣布了6个重大的收购行动，动用了大量资金 (RM125.93 million的收购资金和需要承担Empresa的RM88.22 million债务与KKJ的RM30.225 million债务），真不是好的预兆。

CBIP的现金不算多，所以我假设CBIP以借贷来筹资收购，所以CBIP需要借贷RM125.93 million，再加上CBIP必须负责Empresa的RM88.22 million债务和KKJ的RM30.225 million债务，CBIP的借贷增加RM244.375 million。

因此CBIP在完成收购之后的借贷将是RM264.665 million，我不知道收购对CBIP的equity有多大影响，所以我依旧假设为RM169.46 million，DE ratio恶化为1.56!!!

PS: CBIP会不会邀请外来投资者入股，以提供收购资金呢？

[ 本帖最后由 Mr.Business 于 29-11-2007 07:26 PM 编辑 ]

8years

应该会加附加股送凭单就可以解决了。

那么明显的自己内幕交易吃公司钱依然那么多人看好
算了吧，想要买的人赶快咯，要炒起来了

公司在一年内都不会有问题，而且股价还会被炒起。
要公司出现问题还有很久的时间，所以是可以买进的。

8years

4. INFORMATION ON TERBIT DAYA


            Terbit Daya was incorporated in Malaysia on 5 October 2007 as a private limited company. Terbit Daya has an authorised share capital of RM100,000 comprising 100,000 Shares, of which RM2 comprising 2 Shares have been issued and fully paid-up.

            Terbit Daya is principally a general trading company.

            For information on the shareholders and the Board of Directors of Terbit Daya, please refer to Table 5. Please refer to Table 6 for the original cost of investment in the Purchase Shares by Terbit Daya.

Mr.Business

几个问题。

1. 将油棕园股份卖给CBIP的公司有点奇怪。。。

19/11/2007
CBIP建议以RM21 million的价钱向Luas Gaya买下Empresa其余的30％股份。请注意Luas Gaya才于15/11/2007以RM15.5 million的价钱买下那30％股份！

Luas Gaya was incorporated in Malaysia on 5 October 2007 as a private limited company. Luas Gaya has an authorised share capital of RM100,000 comprising 100,000 Shares, of which RM2 comprising 2 Shares have been issued and fully paid-up.

29/11/2007
CBIP 建议以RM31 million的价钱向Semoda Development买下Bahtera Bahagia的30％股份。请注意Semoda Development才于06/11/2007以RM16.5 million的价钱买下那30％股份！

Semoda was incorporated in Malaysia on 8 October 2007 as a private limited company. Semoda has an authorised share capital of RM100,000 comprising 100,000 Shares, of which RM2 comprising 2 shares have been issued and fully paid-up.

29/11/2007
CBIP 建议以RM18 million的价钱向Terbit Daya买下Kumpulan Kris Jatia (KKJ)的30％股份 (30,000股)。请注意Terbit Daya才于06/11/2007以RM16.5 million的价钱买下那30％股份！

Terbit Daya was incorporated in Malaysia on 5 October 2007 as a private limited company. Terbit Daya has an authorised share capital ofRM100,000 comprising 100,000 Shares, of which RM2 comprising 2 Shares have been issued and fully paid-up.


2. CBIP只是这些油棕园公司的小股东。
CBIP建议买下Solar Green Sdn Bhd (油棕园公司)的40%股份。
CBIP建议买下Bahtera Bahagia的30％股份。
CBIP建议买下Kumpulan Kris Jatia (KKJ)的30％股份。

如此东买一块油棕园。西买一块油棕园，会有synergy的效果吗？而且CBIP只是小股东，没有管理权，除非油棕园公司分股息，CBIP不会得到cash flow哦。


[ 本帖最后由 Mr.Business 于 30-11-2007 09:14 AM 编辑 ]

secondbrother

LCL－Y！

赚了点钱就意气风发，买卖股票都是自负盈亏的啦！

Mr.Business

1. 不知道CBIP的收购行动结束了吗？

2. 期待CBIP宣布她计划如何筹得收购资金。


新闻。

CB Industrial buys into 2 Sarawak rivals

By Zuraimi Abdullah

OIL palm planter CB Industrial Product Holding Bhd (CBIP) is buying equity in two rival companies in Sarawak for nearly RM50 millionto expand the company's earnings base.

In two separate announcements, CBIP said it is buying 4.15 million shares, or 30 per cent, of Bahtera Bahagia Sdn Bhd for RM31 million from Semoda Development Sdn Bhd.

It is also acquiring 30,000 shares, or 30 per cent stake, of Kumpulan Kris Jati Sdn Bhd (KKJ) for RM18 million from Terbit Daya Sdn Bhd.

The purchases were sealed yesterday and should be completed by June 2008, according to CBIP statements to Bursa Malaysia. While oil palm cultivation is a key business, CBIP said the main contributor toits revenue is from the design, manufacturing and trading of a wide range of palm oil mill equipment.

Bahtera is the holder of two provisional leases of oil palm plantation land measuring 4,269 hectares in two estates in the district of Bukit Kisi, Sarawak.

KKJ owns 16.57 hectares of oil palm plantation land in Sarawak,with 68 per cent of the land being planted with oil palm in five estates.

http://www.btimes.com.my/Current_News/BTIMES/Friday/Latest/pam.xml/Article/index_html

[ 本帖最后由 Mr.Business 于 30-11-2007 10:09 AM 编辑 ]

Mr.Business

顶帖。。。


谁有亚欧美投资银行的CBIP研究报告？

新闻。

积极看待收购Empresa　维持买入CB工业
二零零七年十一月二十九日 晚上十时五十八分

（吉隆坡29日讯）亚欧美投资银行透露，它已保持买入CB工业产品有限公司（CBIP）评级，以及基于2009财政年每股盈利13倍，其目标价也维持于6.70令吉不变。

随着CB工业产品在上周建议以3540万令吉向安裕钢铁有限公司以及数名持股者收购在Empresa（马）私人有限公司的70％股权后，管理层已建议再斥资2100万令吉现金，向Luas Gaya私人有限公司购入其余30％小额股权。

虽然这较上周献议溢价30％，但它实际上将让CB工业产品完全控制Empresa的4946.8公顷幼树油棕园丘（6至12年树龄）。自2002年后，该园丘鲜果束产量较之前一年增加21％。

随着管理层对CB工业产品承担的债务作出澄清后，亚欧美投资银行已重新估计Empresa的园丘收购估值为每公顷2万5886令吉（相对较早的每公顷2万9668令吉）。

除了土地拥有权课题，Empresa是以很好价格售购，相比于最近上市的砂拉越种值有限公司（SWKPLNT，5135）和协成种植有限公司（HSPLANT，5138），每公顷园丘估值分别是超过3万6000令吉以及7万2000令吉，鲜果束收割分别是每公顷17.5公吨以及25.4公吨。

自2005年11月1日起，CB工业产品已受委任为Empresa园丘管理代理，由于前业主不愿改革园丘运作，上述园丘仍未实现全面潜能。

基于2500令吉原棕油价格，该投资银行相信Empresa可能推高CB工业产品每年净利大约900万令吉（扣除债务成本），或是2008财政年盈利增长14％，这相等于7至8倍本益比。

虽然它普遍积极看待收购Empresa，但是该投资银行仍然没有将贡献结合在盈利估计，是因为等待股东批准以及/或是等待解决习俗土地拥有权赔偿。

它说，这项预定2008年上半年前完成的交易，将透过内部资金及/或是银行贷款融资。

http://www.kwongwah.com.my/news/2007/11/29/74.html

Mr.Business

新闻。

30-11-2007: CBIP to buy 30% of palm oil company for RM18m

KUALA LUMPUR: CB Industrial Product Holding Bhd (CBIP) is acquiring a 30% stake in palm oil company Kumpulan Kris Jati Sdn Bhd (KKJ) from Terbit Daya Sdn Bhd for RM18 million cash to expand its upstream revenue and earnings base.

“The additional oil palm plantation and palm oil mill to be acquired pursuant to acquiring KKJ would provide the group with further sustainable long term earnings and enable mitigation of the risks and cyclical nature of the palm oil mill industry,” it said yesterday.

CBIP's main contributor was from the design, manufacture and trading of a wide range of palm oil mill equipment. It expected the acquisition to be completed within the first half of next year. It said it would fund the acquisition using internal funds and borrowings.

Kumpulan Kris owns 16.57ha of palm oil plantation land in Sedilu, Gedong, Menuku and Merapok, all in Sarawak. About 68% of the land is planted with oil palm spread over five estates. It also owns a 40 tonne fresh fruit bunch per hour palm oil mill.

The company expected the palm oil industry to benefit from factors such as the ban by New York City on the use of trans-fatty acids in eateries since July 1, 2007 which would see other cities in US taking similar action.

http://www.theedgedaily.com/cms/ ... a-38d46000-e83b27b3

Mr.Business

新闻。

回酬佳业务可相辅相成 种植业成企业新目标
二零零七年十二月二日 下午五时三十三分

（吉隆坡2日讯）目前极具吸引力的应是种植业。原棕油交易价大约每吨3000令吉之际，虽然一些园丘的生产成本高过生产效率较高的大型公司报告的每吨500至700令吉，园丘业主期望巨额盈利。

至于有剩余现金的公司，决定进军油棕种植业将不受阻碍。棕油业带来长期经常收益，以及涉及土地是增值的资产。此外，只要是拥有资金，进军该行业几乎没有阻碍。

但是当一家挂牌上市公司将业务多元化至种植业，情况将会不同。今年内已有数宗类似个案。

在2月，专长是公共基建设施领域的威达（马）有限公司（WEIDA，7111，主板工业产品组）缴付现金1200万令吉收购一家公司的控制股权，后者在砂拉越有5705公倾土地已划定发展成为油棕园丘。

威达将该收购列为策略投资，与该公司的扩充计划，提升长期盈利以及改善股东投资回酬的目标一致。

在3 月，纺织业与电子公司大马工业控股有限公司（MWE，3921，主板消费产品组）宣布计划以现金3420万令吉收购一家大马种植业公司。该公司对该宗交易的阐明是：建议中的收购为大马工业控股提供机会多元化至棕油相关业务。棕油业务预测有很好增长潜能，因为全球对原棕油的需求非常强劲。

最近的例子是在上周二，产业公司亚太置地有限公司（APLAND，1716，主板产业组）宣布收购一家印尼公司的95％股权，后者计划在加里曼丹开恳2万公倾土地种植油棕。

亚太置地说这是它的一部份策略，旨在扩大长期收益来源以及经常收益。它补充说：“这投资将使到该集团进军展望极佳的棕油业，因为全球的棕油需求以及公业用途日益增加。”应留意的是亚太置地曾经拥有在沙巴的油棕土地。

在最近多元化业务至种植油棕的其他公司包括CB工业产品控股有限公司（CBIP，7076，主板工业产品组），全利资源有限公司（QL，7084，主板工业产品组）以及菲马机构有限公司（FIMACOR，3107，主板产业组）。

然而，每一家公司强力争辩的是进军种植业是相辅相成的决策。CB工业产品专长于承建棕油提练厂以及全利资源是食品业集团。菲马机构可仰赖控股公司菲马集团有限公司（KFIMA，6491，主板贸易服务组）的专长，后者参与棕油业已有多年。

多家非种植业公司收购油棕园丘土地，是重复大约3年前的一轮收购；当年成为园丘业主的公司包括立罗股份有限公司（DELLOYD，6505，主板公业产品组），威工业有限公司（VS，6963，主板工业产品组）以及阿末查基资源有限公司（AZRB，7078，主板建筑组）。

当然，若是各公司有意扩大收益来源以及分散风险是没错的。其实，这是很好的营业策略。没有任何人可预言进军种植业不会发展成为一个强大业务。云顶集团（GENTING， 3182，主板贸易服务组）旗下的亚地发展有限公司（ASIATIC，2291，主板种植组）业务欣荣，以及丰益国际有限公司（Wilmar International Ltd）是郭氏集团（Kuok Group）许多成功的例子之一。

同样的，怡保工程机构有限公司（IJM，3336主板建筑组）有远见的培育油种业，目前是纳入IJM种植有限公司（IJMPLNT，2216，主板种植组）。

这是关键的要点。若是一家挂牌上市公司只是参与另一行业是不足够的，而是必须很好的策划长期上拓展业务。没有明确的远景，显示该公司没有全面策划。任何的扩充计划皆有风险。但是没有全面调查研究，推理以及评估的计划将面对更大考验。

若是目标放低，普遍认同是油棕种植的技术要求不高。但是一家挂牌上市公司订下的目标不会是中等水平业绩，因为该公司必须对股东负责。此外，投资者是基于核心业务将资金注入公司，不是因为参与种植业。

另一个忧虑是不热衷以及专长于油棕业的公司，可能不会采用最佳惯例经营园丘。继续参与油棕业是重要课题，不严正看待这课题的公司将会处于不利，更重要的是可能阻碍该行业。

因此，小股东可能对公司进军种植业有更多提问。潜在回酬可能诱人，但是有关公司以明确心态经营来说服每一个人将会更好。

http://www.kwongwah.com.my/news/2007/12/02/79.html

mjchua

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7076	CBIP	1,000,000	4,680,000.00	02/10/2007	4.680
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