【YTLPOWR 6742 交流专区3】楊忠礼能源

J.J.Rousseau

现在应该是进场的良机。。。只是自己的个人观点，而且100亿的现金在手，应该没什么好担心。。。

独孤球拍

somewhat 发表于 5-12-2012 02:55 PM
坏消息出尽的时候卖？
在YTL小股东拼命丢YTLP WB 的时候卖？

不是卖。。是继续用我的生命来等。有生之年等到上回RM2.20才卖。

独孤球拍

J.J.Rousseau 发表于 5-12-2012 04:08 PM
现在应该是进场的良机。。。只是自己的个人观点，而且100亿的现金在手，应该没什么好担心。。。

还没进场的当然我建议买，我也不怕公司亏钱。
只是怕YTL Corp收购YTL Power罢了，最近YTL Corp Share Buyback得好狠。
来个收购溢价+10%, 收购价RM1.69都够给我死了。

somewhat

独孤球拍 发表于 5-12-2012 05:25 PM
还没进场的当然我建议买，我也不怕公司亏钱。
只是怕YTL Corp收购YTL Power罢了，最近YTL Corp Share Bu ...

如果YTL 私有化YTLP 的话， 杨家在YTL的股权将被稀释到31-32%。 所以， 私有化的可能性不高。

独孤球拍

somewhat 发表于 5-12-2012 06:13 PM
如果YTL 私有化YTLP 的话， 杨家在YTL的股权将被稀释到31-32%。 所以， 私有化的可能性不高。

希望是如此而没有这样的计划。
之前买这个股是因为它的稳定性，怎知才经济起飞时它跌，经济现在开始悲观了，它也跌。
（虽然说公司任然赚钱）

段誉

大选过后，看情形再买入

somewhat

Name	DATO' YEOH SEOK KIAN
Address	10TH FLOOR, YEOH TIONG LAY PLAZA, 55 JALAN BUKIT BINTANG, 55100 KUALA LUMPUR
Descriptions(Class & nominal value)	ORDINARY SHARES OF RM0.50 EACH

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction	Date of change	No of securities	Price Transacted (RM)
Acquired	24/10/2012	50,000
Acquired	09/11/2012	100,000
Acquired	12/11/2012	100,000
Acquired	14/11/2012	100,000
Acquired	16/11/2012	100,000
Acquired	19/11/2012	100,000
Acquired	27/11/2012	100,000

Circumstances by reason of which change has occurred	Purchase of shares by spouse
Nature of interest	Indirect
Consideration (if any)

Total no of securities after change
Direct (units)	6,386,760
Direct (%)	0.09
Indirect/deemed interest (units)	650,000
Indirect/deemed interest (%)	0.01
Date of notice	04/12/2012

icy97

YTL POWER INTERNATIONAL BHD

Type	Announcement
Subject	OTHERS
Description	DISPOSAL OF SUBSIDIARY
Pursuant to Paragraph 9.19(24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, YTL Power International Berhad (“Company” or “YTL Power”) wishes to announce that YTL Power Investments Limited (“YTL Power Investments”), an indirect wholly-owned subsidiary of the Company incorporated in the Cayman Islands, had disposed of all its shares in Swiss Water System AG (“SWS”) comprising 22,650 shares with a par value of CHF100, representing 58.98% of the issued and paid-up share capital of SWS for EUR1.00 in cash (“Disposal”). As a result of the Disposal, SWS has ceased to be a subsidiary of YTL Power Investments and an indirect subsidiary of YTL Power. SWS was incorporated in Zurich, Switzerland on 30 January 2004. It is inactive and presently has a share capital of CHF3,840,000 comprising 38,400 shares of the par value of CHF100 each. The Disposal does not have any material effect on the earnings, net assets and gearing of the YTL Power Group for the current financial year. None of the Directors or major shareholders of the Company or persons connected with them has any interest, direct or indirect in the Disposal.

Date Announced

:

05/12/2012

icy97

YTL POWER INTERNATIONAL BHD

Type	Announcement
Subject	OTHERS
Description	INCORPORATIONS OF SUBSIDIARIES
Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, YTL Power International Berhad (“Company” or “YTL Power”) wishes to announce the incorporations of the following two corporations in England and Wales:- 1)        Sword Bidco Limited (“Sword Bidco”); 2)        Sword Bidco (Holdings) Limited (“Sword Bidco Holdings”) (collectively, the “Incorporations”). Sword Bidco and Sword Bidco Holdings were incorporated on 30 November 2012 and 6 December 2012, respectively, each with its entire issued share capital of GBP1.00 comprising 1 ordinary share of the nominal value of GBP1.00 held by Sword Holdings Limited, an indirect wholly-owned subsidiary of the Company. As a result, Sword Bidco and Sword Bidco Holdings have become indirect wholly-owned subsidiaries of YTL Power. Sword Bidco and Sword Bidco Holdings will be principally involved in investment holding. The Incorporations are not expected to have any material effect on the earnings, net assets and gearing of the YTL Power Group for the current financial year. None of the Directors or major shareholders of the Company or persons connected with them has any interest, direct or indirect in the Incorporations.

Date Announced

:

07/12/2012

HeRock

独孤球拍 发表于 5-12-2012 05:25 PM
还没进场的当然我建议买，我也不怕公司亏钱。
只是怕YTL Corp收购YTL Power罢了，最近YTL Corp Share Bu ...

到时候他也会share buy back。如此一来，价钱会被抬高，YTL家族的股份也会被提高。

sp13501

icy97 发表于 6-12-2012 01:06 AM

放通告或者新闻，最好能附上日期，这类文档，日期是很重要的！

cocoloco

rm 1.50 看来要收伙了

独孤球拍

我最怕的是有可能要发生了
而且还要逼我换你目前最高价的YTL Corp.

YTL Power International
The Privatisation Scenario

17 December 2012
A potentially cheaper entry to its parent.  Parent YTL Corp has publicly stated its intention to eventually privatise  its 51.4%-subsidiary YTL Power (YTLP). We believe a share swap is the most likely outcome, hence minority shareholders might not necessarily realise the full value of YTLP. Nevertheless, YTL Corp could raise dividends post privatisation, and that could in turn trigger a re-rating. We retain YTL Power as a BUY but on a lower MYR1.80 SOP-based target price.

A share swap makes sense for YTL Corp. The implied value of YTL Corp’s unlisted stub is near its peak, while YTLP is trading close to trough multiples. It makes sense for YTL Corp to privatise YTLP via a share swap. With the  swap ratio (share price of YTL Corp to that of YTLP) currently close to historical highs,  a share swap might not necessarily be in the best interest of YTLP minority shareholders.

Scope for higher dividends post privatisation. Management has reduced interim DPS to just a quarter of the previous run-rate, resulting in a  significant de-rating of the stock. YTLP has ample scope to raise dividends, but we believe this would only happen post privatisation. It is plausible that the enlarged YTL Corp would raise dividends and thus rerate, enhancing returns for the original YTLP minority shareholders.

Revising earnings. Post transfer  of  analyst  coverage, we raise  our FY13 net profit forecast by 3% and  lower FY14 net profit forecast by 7%. The main changes  are: 1) higher depreciation for the Malaysian IPP and 2) lower losses for the Wimax business. We also cut our DPS assumption to 3.8sen (from 4.7 sen) to reflect the latest run-rate. This implies a net dividend yield of 2.5% based on current share price.

Maintain  BUY; target price  reduced to MYR1.80.  Our  new target price of MYR1.80 (MYR2.20 previously) is based on a 10% discount to our revised RNAV estimate of MYR2.00, in turn derived from a sum-ofparts valuation with each operating entity valued using DCF. Our target price implies a PER of 11.7x and P/B of 1.3x in FY13. Our investment thesis centres on the company eventually being privatised.

http://research.maybank-ib.com/pdf/document/YTLP_update_20121217_MIB_2667.pdf

楊忠禮電力或溢價換股私有化

熱股評析  2012-12-18 19:08
（吉隆坡18日訊）楊忠禮機構（YTL，4677，主板貿服組）可能透過換股方式將楊忠禮電力（YTLPOWR，6742，主板基建計劃組）私有化，分析具認為大股東將能給予溢價方式進行換股和私有化，而小股東未來或可享有楊忠禮機構派發的較高股息。

私有化若未實現
或出現“價值陷阱＂

不過，倘若私有化未實現，反倒會出現潛在“價值陷阱＂，因過去12個月，楊忠禮電力管理層已調低中期股息，近期調高股息或開展併購的可能性不大。

馬銀行研究分析員說，楊忠禮電力今年迄今股價已挫約15%，該公司貢獻楊忠禮機構60%稅前盈利，因此相信是該集團私有化上市公司行動下的首選目標。

“其股價已偏低，與楊忠禮洋灰私有化案例不同的是，相信會提供很好的溢價予楊忠禮電力。＂
同時楊忠禮機構迄今漲34%，換股率（楊忠禮機構與楊忠禮電力之股價比）已晉歷史新高，因此私有化楊忠禮電力是合理的考量。

惟這胥視溢價有多少而定，換股未必一定對楊忠禮電力小股東有利；以楊忠禮洋灰私有化來說，獻購價比早前的閉市價折價1%。

增高股息為換股鋪路

分析員說，楊忠禮電力股息偏低，而楊忠禮機構增高股息，集團每股股息4仙，使到電力與集團股息皆約為2%，這為換股鋪路。

“假設換股率為1股換1股，將不會顯著降低楊忠禮電力的股東享有的股息回酬。＂

該集團私有化旗下公司已有先例，2009年透過換股計劃把楊忠禮洋灰私有化，雖然缺乏溢價，但最終楊忠禮洋灰的小股東在宣佈後的6個月內獲42%總回酬（包括楊忠禮洋灰每股3.75仙股息；若純從資本增值計，楊忠禮洋灰超越馬股達31%。

倘若股息保持不變，楊忠禮電力私有化後，可提供楊忠禮機構股息收入達1億3千300萬令吉；若此股息全部付出，該機構股息可達5億5千900萬令吉。

該行維持“買進＂的評級，目標價由2令吉20仙調低至1令吉80仙，2018年憑單到期潛在稀釋股價。調高2013財政年淨利3%，調低2014財政年淨利7%，主要是因電力資產折舊、寬頻更低虧損等。（星洲日報／財經）

http://biz.sinchew.com.my/node/68467

somewhat

@独孤球拍
"Parent YTL Corp has publicly stated its intention to eventually privatise  its 51.4%-subsidiary YTL Power"

YTL有说过吗？

alwinsywd0520

@williamnkk81 可能会私有化

现在是时机买入吗？

christephersim

独孤球拍 发表于 17-12-2012 07:32 PM
我最怕的是有可能要发生了  
而且还要逼我换你目前最高价的YTL Corp.

如果一股换一股不就很划算？

独孤球拍

somewhat 发表于 18-12-2012 10:50 AM
@独孤球拍
"Parent YTL Corp has publicly stated its intention to eventually privatise  its 51.4%-su ...

这句话我是没有看到从老杨发表，指定收购YTL Power.
他有说过可能会收购旗下公司罢了。。

somewhat

独孤球拍 发表于 18-12-2012 11:54 PM
这句话我是没有看到从老杨发表，指定收购YTL Power.
他有说过可能会收购旗下公司罢了。。

和你一样， 我也没听说过。

Maybank 整篇报告就建立在这句”has publicly stated its intention to eventually privatise  its 51.4%-subsidiary YTL Power"， 但是除了这写报告的分析员， 谁也没听说过。这报告也真水的。

HeRock

somewhat 发表于 19-12-2012 10:33 AM
和你一样， 我也没听说过。

Maybank 整篇报告就建立在这句”has publicly stated its intention to ev ...

YTL旗下的公司最值得收购的也只有YTLpower。
1. YTLPower有很多的现金
2. YTL一直讲要提高股息，YTLPower可以贡献很多净利


而且，YTLPower近年虽然是净利下跌了，但股息下调比它还多，不觉得很奇怪吗？个人认为老杨是要让YTLPower股价低迷，方便他出手。

cocoloco

为何近期EPF 将YTL POWER 卖掉，改买YTL 母公司