【MELEWAR 3778 交流专区】美丽华工业

xzm

http://www.theage.com.au/articles/2007/06/15/1181414546482.html?page=fullpage#contentSwap1

2017? Buy now! Here are the tips for 10 years' time

Marcus Padley
June 16, 2007

BUFFETT reckons he wouldn't care if the sharemarket closed for 10 years. OK, done. As of next Friday they are going to close the sharemarket for 10 years. You have a week to get set. What are you going to buy? Here's my guess.

Resources — BHP, Rio, Fortescue, Gindalbie Metals, Woodside — let's go with the flow. In the next 10 years the main driver will be the industrialisation of China and the Chinese will become very active investors, globally.

Chinese money will soon smack into equity markets. They will initially invest in the companies causing them the most trouble — they are fed up with being bent over by Australians, Brazilians and Americans.

BHP and Rio? Gone (if they haven't already gone). At huge premiums that imply a $300 price for Fortescue. But Andrew Forrest will have delivered Fortescue to the Chinese already, for $150. It will be another MIM, sold too cheap.
But Andrew won't care. He'll be Australia's richest man.

Gindalbie Metals becomes the largest resources stock in the Australian market and, with its new-found friends in China, it won't last forever either. Add a splash of Woodside.

We'd like to buy a host of other resources stocks but we only have room for a few. Still, against a 22 per cent sector weighting, I reckon we might plunk 50 per cent of the fund into the sector.

Mining services companies follow. If the resources sector makes money, then so will these. Let's have a few Worley Parsons and some of those Boart Longyear. I know everyone bagged them on the float but they just went into the ASX 200 and will be climbing, not falling.

Contractors and developers — Leighton Holdings is one of the few companies with the scale to operate in Asia — will flourish. Downer EDI and United Group are others.

Investment banks? Presumably Macquarie Bank and Babcock & Brown will also one day find the commercial confidence to boldly rather than tentatively step into Asia. They can find investors for anything, especially roads, utilities, power and infrastructure projects. The scale of their Asian projects will leave Australia and US filed under "chicken feed".
Banks are the real boom for Australia beyond Chinese industrialisation. After building everything, the next boom will be servicing the Chinese population. First cab off the rank will be banks. The moment the banks move into China, sell them. They will get flogged if they take their ambitions beyond the cosy Australian high-street monopoly they enjoy.

That's why we invest in them. ANZ has already learned its lesson abroad so we pick it as our preferred exposure to the Australian high street. Long may it continue. We really don't want exposure to the Chinese subprime market collapse of 2015.

Wealth management won't resist getting involved in Asia and they are going to find it hard not to succeed. AXA Asia Pacific will set the example. Let's also slot in a few wealth management and sharemarket companies: Perpetual Trustees, AMP, ASX, Computershare.

Property trusts? Westfield Holdings has 44 centres in Australia, 11 in New Zealand, 59 in the US and seven in Britain. It seems to be missing something. Westfield Beijingland and Westfield Shanghailand, perhaps. A dash of those.
Packer? Forgot to mention. My first dollar will go into PBL Gaming. Take a nation of 1.3 billion people who believe in luck, add Packer and stand back. Include a few Cochlear — it might just eradicate deafness — and have a few Brambles as well.

Of course, a few other things will change in 10 years:
■Disappeared: The ability to write, personal tax rates, Japanese in primary schools.
■New: Nuclear power, water futures, Google everything, Mandarin in primary schools.
■Multiplied tenfold: Everything uranium, petrol prices, bicycle manufacture, the super fund industry, the Future Fund, Andrew Forrest's Windsor knot, Perth.

Marcus Padley is a stockbroker and the author of the daily sharemarket newsletter Marcus Today. For a free trial of the newsletter, go to www.marcustoday.com.au

xzm

http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=38555


China powers WA’s junior iron ore sector
27th August 2007, 9:00 WST

Handing down a record $16.7 billion profit last week, outgoing BHP boss Chip Goodyear was adamant that the recent US market jitters meant little for the mining giant because it was “business as usual” in the key markets of China and India. Against that backdrop, a handful of less prominent developments during the week suggested that optimism extends all the way to the junior iron ore sector.
The first event was a landmark $750 million funding pledge by a group of Chinese steel mills and construction groups for Yilgarn Infrastructure’s proposed $2 billion plan for a multi-user iron ore railway and deepwater port in WA’s Mid-West.
Unlike many nervous local investors, looking back in fear at the volatility on world equity markets, the deal showed the Chinese are making their investment plans based on the outlook for the years and decades ahead.
The Yilgarn deal was followed on Wednesday when Pilbara magnetite hopeful Australasian Resources said Chinese steel giant Shougang opened a Perth office and dedicated 12 staff to work on its billion-tonne Balmoral South magnetite project at Cape Preston.
Shougang farmed into the project earlier this year, spending $56 million on Australasian shares upfront and offering an interest free loan to develop the $2.5 billion project in return for a half stake and the rights to buy all magnetite produced at the venture.
The office has been opened ahead of the arrival in Perth next Monday of Chinese President Hu Jintao on an official visit to the State that is supplying China with a growing proportion of the building blocks of its economy.
More significantly, two of Shougang’s most senior executives and four senior officials from Beijing’s massive Export-Import Bank also toured the Balmoral South site on Thursday. EXIM Bank is Beijing’s key conduit for funding overseas resources projects that China believes can help it secure the raw materials it will need for the next few decades.
It has already provided a conditional $1.5 billion funding offer to Yilgarn Infrastructure in the Mid-West and is now weighing up funding support for Shougang at Balmoral South.
It is no coincidence the project is an extension of the same massive orebody now being developed by Beijing-backed Citic Pacific, which has the rights to mine six billion tonnes of magnetite at the site under deals struck with Clive Palmer’s Mineralogy last year.
The final event was confirmation from fellow Pilbara magnetite hopeful Cape Lambert Iron on Thursday that Chinese steel tycoon Liguo Ding would be making his first $US57.5 million ($70.1 million) downpayment on the Cape Lambert project by the close of business on Friday. The payment is the first of three owing under Mr Ding’s agreement to buy a direct 70 per cent stake in the project for $US192.5 million.
It’s noteworthy the investment is being made by Mr Ding personally, and not on behalf of his Singapore-listed conglomerate Delong Holdings. That is a pretty big personal statement of confidence in the long term outlook for iron and steel.
The downpayment is now due because Cape Lambert this month fulfilled a key condition of the sales agreement when independent consultants confirmed a minimum indicated resource of 300 million tonnes at the project. The resource lies within an indicated and inferred resource of 793 million tonnes in the so-called Central Target Area, which in turn accounts for only a portion of the project’s total resource of 2.5 billion tonnes.
Furthermore, Cape Lambert is in the midst of a 33,000m drilling program to add more tonnes to the deposit.
WA’s yuan-funded junior iron ore boom should gather even more speed in the next few weeks, when steel giant AnSteel and Gindalbie Metals complete final feasibility studies for the $1.5 billion Karara magnetite venture in the Mid-West.
JOHN PHACEAS

xzm

有6分钱股息，还不错。。应该还没派过吧？

mjchua

原帖由 xzm 于 29-8-2007 12:58 PM 发表
有6分钱股息，还不错。。应该还没派过吧？

若不算 operating income, melewar 的業績比上一個 Quarter 更難看

sunday365

原帖由 stanleymyc 于 29-8-2007 12:25 AM 发表
看清楚他的report, 在other operating income， 你就会懂好不好。

MELEWAR 今年的盈利大部份都是other operating income。主要业务没有什么盈利贡献。那other operating income是指什么盈利？谁有详细info? 难道是unrealized investment surplus?

xzm

就是gindalbie的投资增值咯。。
看来melewar虽然做生意不大行，但却是个不错的投资者，短短几年，gindalbie的股价就翻了十多倍。。。

mjchua

原帖由 xzm 于 29-8-2007 02:24 PM 发表
就是gindalbie的投资增值咯。。
看来melewar虽然做生意不大行，但却是个不错的投资者，短短几年，gindalbie的股价就翻了十多倍。。。

問題就是這 profit 是要給 tax 的... 很多一下... 而且... Melewar 把 Gindalbie 的股份賣了嗎 ?
為什麼計算 financial gain 和 pay tax ?

sunday365

原帖由 mjchua 于 29-8-2007 02:38 PM 发表


問題就是這 profit 是要給 tax 的... 很多一下... 而且... Melewar 把 Gindalbie 的股份賣了嗎 ?
為什麼計算 financial gain 和 pay tax ?

MELEWAR 17个月营业额RM810.2mil , PBT　RM189.2mil
其中RM140.1mil的盈利来自 Unrealized investment surplus ( FRS 139).
主要业务贡献盈利RM49.1mil .

MELEWAR为Unrealized investment surplus做了RM61.0mil的TAX PROVISION.
（Which will be payable upon realization of the said financial asset )

xzm

http://www.pwc.com/extweb/maniss ... 8FDCA25714C0005BBBE

FRS 139: A minefield for the unprepared?

By Soo Hoo Khoon Yean, Partner, PwC Malaysia

FRS 139 Financial Instruments: Recognition and Measurement, better known to the financial world as "IAS 39", has caused many sleepless nights, and is likely to continue doing so for both financial institutions and corporates in Malaysia and the world over. This article discusses FRS 139.

Considered to be a key milestone in the accounting world, it seeks to fully address the accounting issues of financial instruments, which more often than not remain a mystery to many, accounting professionals included.

In my view, this standard brings to the accounting framework new concepts that even qualified accountants may not be trained for, in particular fair value accounting. This is a concept that many from the old school find difficult, or perhaps unwilling to grasp.

The concepts surrounding the accounting for financial instruments can be mind boggling, be it for those who prepare or users of financial statements, and particularly for the financial services industry. FRS 139 has been, and still is, the subject of numerous debates the world over, in particular on the measurement of instruments at fair value, loan impairment and hedge accounting.

For Malaysia, the ball was set to roll on FRS 139 from Jan 1, 2006. But on Feb 23, the Malaysian Accounting Standards Board (MASB) announced that FRS 139 would only be effective for annual periods beginning on or after Oct 1, 2006. Good news, as companies now have more time to get prepared for FRS 139.

Given the deferment of the effective date, many companies have taken this opportunity to reassess the implications of FRS 139 on their financial statements. However, our observations show that many people continue to have misconceptions, and I would like to share with you some of the "myths" about FRS 139.

Myth 1 - It relates only to financial derivatives
Not true. The definition of financial instruments covers a wider scope than derivatives alone. Even trade debtors, investment in shares, and debt come within the ambit of FRS 139. Many companies in Malaysia will be affected, although the impact will vary depending on the complexity of their business activities.

Myth 2 - It does not affect our business
Few people realise that sale and purchase contracts may be "deemed" to be harbouring embedded derivatives, which under FRS 139, may now be required to be separately identified and valued. What this means is that there may be serious implications when one designs the clauses in sales contracts to cater to specific customer needs.

Examples
Entity B, a Malaysian entity, sells gloves to customers in Europe. B agrees on a supply contract with an Italian customer to sell one million pairs of gloves. The Malaysian entity prefers to have an exposure to the yen rather than the ringgit so the payment is specified in yen. In this case, the contract is not denominated in the currency of the primary economic environment in which either party operates, nor is it in the currency in which the price of the related goods or services that are acquired or delivered is routinely denominated in international commerce, such as crude oil.

B's management should therefore treat the contract as a contract to sell gloves in ringgit and a forward currency contract to sell ringgit for yen. A derivative, that is, the forward currency contract, is embedded in the sales contract.

Myth 3 - Only the 'bean counters' should be worried about it
Rest assured that dealers in the treasury front office and financial engineers will fall off their chairs today if they were told that the "hedges" they had entered into previously will create volatility to the company's income statement, or that the securitisation structure will no longer meet the requirements of the new standards.

Then, there are the tainting rules that require a more careful trading strategy - this affects front office treasury. FRS 139 documentation requirements may run into many pages for each hedge - this affects the risk management unit, and will demand extensive documentation management systems, which in turn affects the information technology division. To cope with the sheer volume, derivative fair values may potentially need to be updated daily to prove hedge effectiveness on an ongoing basis. Income volatility resulting from fair valuation of derivatives will attract enquiries from analysts - investor relations personnel need to be aware of and respond to this.

The message is very clear - successful implementation of FRS 139 will require the combined efforts from within the whole organisation and not just the finance function.

Myth 4 - It is relevant only to the financial services industry
Impairment rules will not only affect loans on the banks' balance sheets, but also the likes of trade debtors and inter-company loans in corporates. As users of financial instruments offered by banks, corporates will need to prove the effectiveness of hedge accounting or obtain fair valuation. And this is more than likely to create challenges for many finance functions in a corporate environment due to the lack of appropriate infrastructure.

Key challenges in implementation
The challenges of FRS 139 implementation cannot be over-emphasised. Some areas of implementation are clearly a major undertaking, placing huge demands on availability of data, documentation and disclosure. However, I believe that the real challenge to FRS 139 implementation is this: It is not merely a technical accounting exercise, but rather to embed the change and ensure that everyone in the organisation learns a new language, a new way of working.

The whole basis of reporting to the market is now different. For many companies, this implies fundamental changes that can ripple right across many business operations, from investor relations to everyday processes, changes that can affect the viability of some products and even the reported profitability of the business itself.

Coming below are some of the "non-technical" challenges companies will face in their quest for a successful implementation.

Educating the non-finance personnel
Imagine having to identify all the financial derivatives that may be hidden among the numerous contracts a business enters into. There is a need now to educate non-finance personnel to help identify such embedded derivatives. And herein lies the challenge - to train non-finance personnel to understand the concept of FRS 139 and help identify those derivatives.

Identifying all embedded derivatives is an extremely onerous process in itself, even before trying to value them. In this respect, a successful communication and education strategy for the non-finance personnel will ensure a smoother process.

Reassessment of treasury strategies
The hedge requirements of FRS 139 are onerous. For example, the underlying premise of hedging under FRS 139 is that cash flows on the hedging instrument and the hedged item should be matched exactly in timing, quantum and currency, if a hedge relationship is to be effective from an accounting perspective. In addition, the introduction of measurement rules for derivative instruments has compelled companies to re-evaluate their treasury and risk- management strategies.

Managing market expectations
Fair valuation - a key concept of FRS 139 - has been designed to address the inadequacy of the existing accounting framework to accurately reflect the economics of many sophisticated financial instruments we see in the marketplace. The merit of fair value accounting is that it forces companies to come clean, as such transparency means that companies are less able to undertake unprofitable businesses and hide losses. However, such transparency also implies a potential increase in income volatility. The new level of transparency and income volatility is likely to bring a new dimension to the job of an investor relations manager such as addressing questions from analysts/fund managers that one would not have expected in pre-FRS 139 days.

xzm

(接上帖）

Companies need to manage market expectations on an ongoing basis, and those responsible for financial reporting should anticipate being put under scrutiny. Companies must have sustainable FRS reporting embedded in their organisations, with the finance function taking leadership in both internal and external reporting.

To sum up, I would like to drive home two main points:

1. Implementation difficulty depends on complexity of business
Based on our experience, FRS 139 is a standard that can be a minefield for the unprepared. It is not only a complex standard but also a standard many people have misconceptions about. Then again, there has to be a balanced view. The extent of difficulty behind FRS 139 is dependent on the complexity of the business of an organisation. After all, at the end of the day, financial reporting standards are meant to reflect the organisation's business strategies.

2. If FRS 139 is so complex, is it worth it?
Time and time again, I am asked whether it is worthwhile to go through the "pain" of FRS 139. I, for one, believe that the merits of FRS 139 outweigh the cost of compliance. In fact, some companies are even keen to take on FRS 139 early. The fact that a company needs to reflect the economic effects of its financial instrument transactions will "force" those responsible to be fully aware of the economic/financial risks that the company is about to undertake. This will help them to make an informed decision as they approve financial instrument transactions, moving forward.

All eyes will be on our financial services industry and large corporates to rise to the challenges of FRS 139. The first set of FRS 139 financial statements is due to hit the market on Feb 28, 2008, being the first-quarter results for public listed companies with a Sept 30, 2007 year-end. This means that there is less than a year for preparation. But, if early adoption is effected, FRS 139 financial statements could well surface as early as May 2006. So, be prepared!


This article was first published in The Edge, 3 April 2006

sunday365

TA SECURITIES 的　MELEWAR RESULT REPORT

Results Comments

Melewar Industrial Group Berhad reported a net profit of
RM104.4mn in the 17-month FY07 as compared to our
earnings estimates of RM48.5mn. Upon further scrutinizing,
the huge discrepancy between reported earnings and our
estimate was due to recognition of investment surplus
amounting to RM65.1mn following the adoption of FRS
accounting standard. Stripping this off and adjusting the
M3nergy's exceptional loss of about RM18.4mn (Melewar's
portion is 22.6%), the group's FY07 core net earnings is
estimated at RM45.9mn, which is still within the 5% variance.

The group's revenue for FY07 improved by 42.9% to
RM810.2mn, (however note that this consists 17-month of
revenue due to change in financial year end) as compared to
last financial year revenue of RM566mn. Comparing apple to
apple, the group's revenue growth were merely 0.9% YoY. On
QoQ basis, revenue improved 3.1% following a much stronger
growth of 17% QoQ registered in the last quarter. However,
for the quarter, the profit from operation improved by 34.2%
as we believe the pressure from sticky high raw material prices
is finally dissipating.
Its associate performance remains volatile swinging from red
to black and vice versa on quarterly basis.M3nergy's 4Q
results were a major disappointment as the group registered a
loss of RM11.4mn due to a write-off of goodwill in Maveric
amounting to RM18.4mn. Earlier in the 2Q, M3nergy was hit
by impairment loss of RM11.1mn. In the coming quarters,
expect the group to report exceptional gain of RM17.8mn as a
result of disposing its 28.7% associate company Malaysian
Marine Merchant for RM35mn.

(当年小股东反对ＭＥＬＥＷＡＲ入股ＭＭＭ但ＭＥＬＥＷＡＲ管理层还是硬硬来！
通过收购ＴＥＲＮＥＧＹ（Ｍ３ＮＥＲＧＹ）间接拥有ＭＭＭ．现在Ｍ３ＮＥＲＧＹ
亏本卖掉ＭＭＭ的股份！ＭＥＬＥＷＡＲ入股ＭＭＭ的动机另人费解！
可能有暗渡陈仓之嫌）



Outlook
Despite some hiccup in its associate companies, the outlook
for Melewar is bright as the group has successfully diversified
into several exciting industries, mainly oil and gas and power.
Meanwhile, the group's bread and butter remained in the steel
sector and is further enhanced upstream with the purchase of
listed iron ore mining company, Gindalbie.
Recommendation
There is no change in our earnings estimate of RM58.4mn for
FY08 and RM64.2mn for FY09 which translate to EPS of 25.8
sen and 28.3 sen respectively. Our target price remains at
RM2.70 based on sum-of-parts. Based on the last closing price
of RM1.48, the group offers a potential upside of 82.4%,
which warrants a BUY recommendation.



[ 本帖最后由 sunday365 于 29-8-2007 08:48 PM 编辑 ]

stanleymyc

等我赚２０％ 就跑人， masteel 比他好很多。

这个股上也快， 下也快。

看来有人在后面大赚一笔。

xzm

gindalbie今早狂涨。。AUD1.73(+22.26%)，难道挖到更多铁矿了？

mjchua

原帖由 stanleymyc 于 30-8-2007 08:07 AM 发表
等我赚２０％ 就跑人， masteel 比他好很多。

这个股上也快， 下也快。

看来有人在后面大赚一笔。

是的... 若是 steel 股... MASTEEL 和 ONASTEEL 也比他好很多
MELEWAR 和 MYCRON 真的很令我失望
已經由我的 list 拿走了

stanleymyc

不用急，等他慢慢上， 此股６％dividend 可以帮忙

看来大家不是很想接受melewar已是控股公司，為什麼不断的和单一业务公司比较呢？如果只是真的要间鋼鐵公司，不如投资其他公司吧.
再来，如果所有子公司都很賺錢，哪公司股价今天不可能被低估。

stanleymyc

up 10%

sunday365

Gindalbie metals ltd 今天来到了AUD1.80.漂亮的V-SHAPE RECOVERY!
我也懒得算到底值MELEWAR每股多少钱了.

加油吧MELEWAR! 别让我失望.

[ 本帖最后由 sunday365 于 5-9-2007 09:11 PM 编辑 ]

sunday365

Melewar rises on Gindalbie news
PETALING JAYA: Shares in Melewar Industrial Group Bhd rose 15 sen to RM1.68 while its warrants moved up 11 sen to 90 sen yesterday, after biggest shareholder Gindalbie Metals Ltd made a placement of shares to Angang Iron & Steel Group Corp (AnSteel) of China.   Melewar had 74.08 million shares, or 16.7%, in Gindalbie, which was diluted to 14.6% after the placement to AnSteel.  An iron ore mining company in Western Australia and listed on the Australian Stock Exchange (ASX), Gindalbie was suspended yesterday pending its announcement on the share placement. The stock will be requoted today.  In an announcement to ASX on Tuesday, Gindalbie said it completed the allotment of 65 million shares at an issue price of 60 Australian cents each to AnSteel. Gindalbie received A$39mil (RM110mil) from the placement. AnSteel is a large producer of iron ore and steel in China.   As Gindalbie was last traded at A$1.80, it is believed the low issue price of 60 cents for the new shares could be due to the price having hovered around 60 to 70 cents at the time when negotiations were held with AnSteel in May to early June.   Upon that issue of shares, AnSteel became Gindalbie’s second largest shareholder, with a stake of 12.8%.   Gindalbie said the placement proceeds would be used primarily to further develop its Karara and Mungada mining projects.  “This investment by AnSteel represents a very strong endorsement of Gindalbie’s assets,” Gindalbie managing director Garret Dixon said in the announcement.   “The funds raised will further strengthen our balance sheet and contribute towards the successful implementation of these significant new iron ore projects,” he added.   Gindalbie’s share price rose to a record of A$1.82 on Monday and closed at A$1.80 on Tuesday, just before its suspension.   Melewar made its investment in Gindalbie at 10 cents a share in 2004.  Upon the recent further rise in Gindalbie’s share price, the value of that Gindalbie stake is now equal to Melewar’s total market value of about RM380mil.  

同样的新闻可以炒酱多次！

niccla

加油！！！ melewar go go go！