Friday, 20 September 2013

WESTPORTS IPO


Company Name: Westports Holding Berhad
Main Business: Cargo servies
Board: Main market
Stock Name: WPRTS
IPO Price: RM 2.50
PAR: RM 0.10
Market Capital: 3.41 bil shares

Timetable for IPO
Date Description
19-09-2013 Open application
27-09-2013 Close application
01-10-2013 Price determination
02-10-2013 Ballot result
16-10-2013 Allotment shares
18-10-2013 Listing

Total shares offer: 813,190,000 units
1. Total institutional offering shares: 710,890,000 units. (20.8% of total share capital)
    a. 392,150,000 shares for MITI Bumiputera. (11.5% of total share capital)
    b. 318,740,000 shares for malaysian & foreign institutional and selected investors. (9.3% of total share capital)
2. Total retail offering shares: 102,300,000 units. (3% of total share capital)
    a. 34,1000,000 shares for eligible directors and employees of the company, and those have contributed to the company. (1% of total share capital)
    b. 34,100,000 shares for Malaysian public (Bumi). (1% of total share capital)
    b. 34,100,000 shares for Malaysian public (Non-Bumi). (1% of total share capital)

Financial summary:
FYE Dec 2010Dec 2011Dec 2012(6 Mths)
Jun 2012
(6 Mths)
Jun 2013
Revenue (RM mil) 998 1,387 1,492629750
Gross Profit (RM mil) 563 604 668328347
PAT (RM mil) 284 316 360161198
Net DPS* (RM) 1.10 2.60 1.700.901.50
Net EPS* (RM) 2.43 2.70 3.081.381.69
Net EPS** (Cents) 8.33 9.27 10.569.4411.61
* based on 117 mil shares of RM 1.00.
** based on 3.41 bil shares of RM 0.10.

Targeted dividend policy: 75%
Estimated DY: 3.48%

Thursday, 19 September 2013

低成本需求增‧金群利維持高賺益

2013-09-19 17:29
(吉隆坡19日訊)金群利(MATRIX,5236,主板產業組)料受惠於Sendayan科技谷工業活動日增所產生的外溢效果,並將帶動旗下產業計劃達 城(Bandar Seri Sendayan)的房產需求;此外,興業研究表示,低土地成本與產業需求走高將使該公司維持高總賺幅。

興業在近期探訪該公司在森美蘭州的旗艦計劃達城後表示,雖然該計劃並不受市場廣泛看好,因該區與吉隆坡的距離及附近地庫甚廣,但相信此看法很快就會改變。

興業稱,Sendayan科技谷工業活動日增及大馬皇家空軍部隊(TUDM)搬遷為該地區產生外溢效果,並將帶動達城壓抑已久的房產需求。

興業指出,該公司的總賺幅料在40%左右徘徊,高於領域平均賺幅,因達城與科技谷的土地成本低,分別為每平方呎3令吉與9令吉;同時,需求走高也是盈利成長與高賺幅的主要推手。

“2013上半年的新銷售已達4億8千370萬令吉,而2012財政年的銷售則為6億8千700萬令吉,促使未入賬銷售達5億2千190萬令吉。”

地庫方面,興業披露,該公司自5月上市以來即納入3幅土地於其地庫中,包括森州拉務的237畝土地與Raseh Kemayan的194畝土地,兩地皆離達城與科技谷不遠。

“此外,該公司也在吉隆坡一帶收購1.1畝土地,將發展總值從18億1千萬令吉提振至82億令吉。”

興業設金群利目標價為3令吉35仙,與其他小型產業發展業者估值一致。(星洲日報/財經)

Source: http://biz.sinchew.com.my/node/82380

Mid Autumn festival

Happy moon cake festival day!

Saturday, 14 September 2013

通讯业財测上调

(吉隆坡13日讯)通讯业料可受惠於或在今年財政预算案推出的消费税措施,分析员皆上修各通讯业者財测,惟该措施对整体领域盈利贡献有限,因此维持通讯领域评级不变。

联昌研究指出,若政府在10月25日宣佈的2014年財政预算案纳入消费税建议,但预料需要14个月时间执行,在2015年才能真正落实,估计税率介於4至6%之间。

联昌表示,政府徵收消费税或对流动通讯业者影响正面,因他们终可將一直以来所承担6%的销售税转嫁於消费者。

联昌称,通讯业者在2011年时即已尝试转嫁销售税,但却无法获政府首肯,因税务在大选之前是一项敏感议题。

联昌指出,数码网络(DIGI,6947,主板基建计划组)將是消费税措施的最大受益通讯业 者,接著为明讯(MAXIS,6012,主板贸服组)与亚通(AXIATA,6888,主板贸服组),而预付服务营业额贡献数码网络总营业额的70%,预 计明讯与亚通分別为55%及58%。

丰隆研究估计,数码网络2015財政年的税前盈利將因此提高13.6%,而明讯与亚通则分別提高7.8%与6.0%。

联昌提出,通讯业者目前只將预付服务营业额的94%入账,因另6%已被吸收为消费税;然而,即使实施消费税,业者也未必可將6%的损失完全恢復,因预付服务消费者普遍上对价格敏感,消费预算较紧张,徵税只会让他们减少在通讯方面的开支。

“若消费税能让税收损失恢復一半,数码网络的2015財政年核心净利料將提高6%,明讯与亚通则分別提高4%及3%。”

同时,丰隆称,通讯业者或趁此机会加强竞爭力,並推出新配套以补偿预付用户在提高通话使用与下载限额后的成本负担,促使消费税的利好被中和。

儘管消费税影响正面,分析员仍然维持通讯业“中和”评级,因该项措施对领域盈利没有重大影响,况且该措施预计在2015年时才能真正落实。



 
(星洲日报/財经) 
 

Thursday, 12 September 2013

Solid Automotive opens at 60 sen on Bursa Malaysia

KUALA LUMPUR: Solid Automotive Bhd opened at 60 sen, which was four sen above its offer price of 56 sen, when it was listed on the Main Market of Bursa Malaysia on Thursday.

At 9am, the FBM KLCI was up 9.28 points to 1,777.76. Turnover was 21.14 million shares valued at RM13.44mil. There were 100 gainers, nine losers and 53 counters unchanged.

Solid Automotive raised about RM19.81mil from its listing exercise which involved the public issue of 35.38 million new shares at 56 sen each.

The shares available for the Malaysian public subscription were oversubscribed by 9.8 times. The company said a total of 4,100 applications for 81.224m shares with a value of RM45.4m were received from the Malaysian public.

Solid Automotive’s subsidiaries Solid Corporation, Twinco, Auto Empire, JBS and Uni Point are involved in the trading and distribution of automotive parts and components as well as remanufacturing of automotive alternators and starters for the passenger and commercial vehicle segments in the automotive aftermarket in Malaysia and overseas.
 

Monday, 9 September 2013

股海宝藏:金群利抗跌力强产业商

金群利集团(MATRIX,5236,主板产业股)创立于1996年,它是芙蓉和居銮一家信誉卓越的产业发展商,主要发展可负担和有品质的房屋。

目前,金群利集团已经在约1860英亩地段兴建了超过两万间住宅和工业产业,发展总值达到22亿令吉。

金群利集团专攻可负担房屋,符合它发展综合城镇的商业模式。它的商业和工业产业,都兴建在其住宅发展计划当中。

目前它正进行两个城镇计划,即森州芙蓉的达城(Bandar Sri Sendayan)和柔佛居銮的金銮镇(Taman Sri Impian)。

根据肯纳格研究的报告,尽管国行中止发展商承担利息计划(DIBS)以及柔佛州对外国买家征收税会对产业公司带来负面影响。

但是,相信市场对这些冲击的反应太过激烈,因为发展商可用其他优惠来吸引买家,而银行的资金也仍然充裕。

此外,一次过的柔佛产业税也不可能影响外国买家,因为我国的产业仍然比外国,例如新加坡更低。总的来说,产业发展商的基本因素没有受到影响。我国年轻的人口将促使产业需求不断。

估计总值82亿令吉的庞大产业计划正在进行中,使它可以忙碌到2022年。

目前,该公司在857英亩的地库进行着的项目发展总值有14亿令吉,直到2014年为止(截至6月底,认购率超过70%,未入账销售额5.22亿令吉)。

此外,未来的项目发展总值有68亿令吉,占地1875英亩,包括近期收购两片土地:毗邻芙蓉达城的431英亩,及世界贸易中心附近的1.1英亩。

达城(Bandar Sri Sendayan)
科技谷获外资青睐


达城由住宅区、商业区以及名为“Sendayan科技谷”的工业区组成。其中,Sendayan科技谷预料在未来5年,可贡献总值7亿7700万令吉的销售额。上一财政年,Sendayan科技谷的工业地段销售活动为该集团贡献约8000万令吉或17%的营业额。

料再吸资10亿

同时,该科技谷所吸引的外来直接投资(FDI)已累积逾20亿令吉。目前正与来自美国、日本和欧洲的外资洽谈,一旦成事,预料可以再吸引额外约10亿令吉的外来直接投资。

由于地理位置优势和道路连接日渐完善,居住在70公里外的芙蓉并在吉隆坡上班,已是许多人生活一部分。

巴生谷的房地产价格几乎以翻倍的速度增长,加上求过于供,导致许多人都放眼购买外围临近地区的房产,尤其是芙蓉区域。许多年轻人在毕业后的数年内,就开始物色房子,然而,以目前每年7万至8万单位新房的建造率,难以满足市场所需。

作为中长期计划的一部分,公司将在达城发展成熟以后,在当地兴建一座占地170英亩名为Icon Park的购物广场。

Icon Park将是一项五合一的发展项目,将包含零售、展览、休闲、办公室和住宅。

金銮镇(Taman Sri Impian)

从依区计划受惠


金銮镇是金群利集团与柔佛州土地发展合作社公司进行的联营计划。这计划包括兴建住宅和商业产业。

金銮镇占地面积636英亩,自2006年以来,金群利集团已经完成了2498单位住宅和69单位商业产业。预料金群利集团还拥有400英亩的地段,将会分阶段完成发展计划。

预料金銮镇将会从柔佛州依斯干达经济区的计划中受惠,因为这里的计划将会吸引更多的人涌进柔佛,而提供可负担房屋的金群利集团将会吸引更多购屋者的青睐。

依斯干达经济区是着重在高档的发展计划,所以不会与金群利集团的发展计划互相竞争。

自从国行中止发展商承担利息计划以及柔佛州对外国买家征收税的消息出来之后,产业股便出现了跌潮。

因此,相信产业股已经消化了这些不利因素,而这意味着目前是投资者趁低买进小型和中型优质产业股,例如金群利集团等公司,的时候。

可负担房屋领导者

金群利集团已经在芙蓉和居銮建立口碑,因为它主要是兴建售价低于60万令吉的可负担房子。在它的发展总值当中,有50%是属于可负担房屋。所以金群利集团是属于抗跌力强的产业发展商。

可派更丰厚股息

具备强劲增长、估值不昂贵、净现金以及高股息的特点。金群利集团最吸引人的特点是估值。

由于它的销售业绩强劲,再加上它不断推出发展计划,因此,预料它于2012年至2015年之间的净利增加平均达到15至20%之间,这也意味它目前是在2015财年4倍的廉宜本益比中交易。

它稳固财务使它可以收购更多的地库,以及在未来派发丰厚的股息。截至2013财年上半年,公司拥有1.86亿令吉净现金,相等于每股62仙,营运现金流有6500万令吉。

假设金群利集团维持盈利40%充作派息用途的趋势,那么,它于14至15财年的周息率可能会达到9至10%之间。所以,它终有一天会成为投资者注意的该周息率股项之一。

目标价

●2.84令吉(8月28日-丰隆投银)
●2.86令吉(8月27日-BIMB)
●2.85令吉(5月15日黄氏发展-IPO)
●3.02令吉(5月15日安联-IPO)
●3.10令吉(5月15日联昌证券-IPO)

免责声明

本文分析仅供参考,并非推荐购买或脱售。投资前请咨询专业金融师。




Source: www.nanyang.com/node/562778?tid=902

马航亚航违法遭罚款 影响不大

(吉隆坡9日讯)马来西亚竞爭委员会(MyCC)裁定马航(MAS,3786,主板贸服股)与亚洲航空(AIRASIA,5099,主板贸服股)于 2010至2011年签署的合作协议,违反竞爭法令,因此,各被罚款1000万令吉。马航表示,將会检討此项罚款,亚航则声言將抗辩,並在30天之內作出 回应。

马银行金英投行分析员表示,两家航空公司有能力承担此罚款,不会影响其营运及资產负债表。此外,MIDF研究分析员也认同,1000万令吉罚款,对亚航盈利影响不大,仅相等于每股0.4仙。

马来西亚竞爭委员会指出,当两家公司同意共享市场,表示他们同意停止竞爭,这將伤害消费者利益。

马银行金英投行分析员认为,由于两家航空公司合共持有的市场份额超过90%,因此,要推翻竞爭委员会的裁决,相信並不容易。分析员称,马航虽然表示会检討 有关的罚款,但並无进一步的敘述。其实,马航並不是首次被控诉违反竞爭法,过去几次该公司都乖乖付钱了事,对公司的股价並没有带来衝击。因此,分析员认 为,马航此次最终相信依旧会接受1000万令吉的罚款。

亚洲航空则宣称抗辩到底,因亚洲航空一直在法律框架內遵守条例。分析员估计,亚洲航空在接下来的几个月,会陆续发出更多相关的文宣。

整体而言,MIDF研究分析员认为这事件影响不大。相反的,油价及令吉的疲软走势,带来的影响更大。分析员指出,美国攻打敘利亚迫在眉睫,但所幸现货飞机燃油价格仍保持在可管理水平,8月30日的价格为每桶130美元,按年下跌4.4%。

至于令吉及区域货幣同步走弱,则將对该亚航的盈利带来更高的压力,因燃油成本將隨之提高。

额外成本转嫁乘客

若目前的情况持续下去,亚洲航空將会把额外成本转嫁给乘客。截至6月30日止,亚洲航空对冲其33%的燃油需求平均每桶123.4美元的价格。

在政府可能脱售股权的预期下,马航股价过去一周受到到市场的追捧。马航于周一的成交量为3685万9000股,居大热门榜第4位,上涨0.5仙或1.562%,以0.325令吉闭市。

《彭博社》指出,市场预期马航將在2014財政年转亏为盈,届时政府可能脱售其所有或部份的持股,在这样的预期中,投资者纷纷在该股跌低时抢进,让该股持续受到追捧。

在竞爭委员会发表文告后,亚洲航空股价于上周五下跌3.1%,亚洲航空在周一上涨1仙或0.4%,以2.510令吉掛收,全天成交量为1182万8000股。

马银行金英投行分析员对于此罚款事项持中和態度,维持马航及亚航「守住」投资评级,目標价分別是0.35令吉及2.95令吉;MIDF研究分析员则维持亚洲航空「买进」评级,及3.78令吉目標价格。
【东方日报】

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Saturday, 7 September 2013

MyCC acts tough on airlines

IT is a landmark decision by the Malaysia Competition Commission (MyCC) to fine two airlines – national carrier (Malaysia Airlines) and South-East Asia’s largest low-cost airline, AirAsia.

Their fault – both collaborated way back in August 2011 to distort competition in the local aviation scene.

The penalty is a fine of RM10mil each. Though it is a small amount for the airlines, it sends a very strong message to the market place that anti competitive behaviour is not welcomed now that MyCC is in existence.

“If it was any other country, the comprehensive collaboration framework (CCF) would have been shot down even before it was started,” said an analyst.

He says that “since MyCC started it has been so quiet” but after two years, it has sent a very powerful message and that is the kind of action people are wanting to see and the AirAsia/MAS cooperative pact was something too blatant to ignore.”

Yesterday MyCC surprised the market with its “proposed decision” to slap fines of RM10mil each on both AirAsia and MAS for infringing Section 4(2) (b) of the Competitions Act by entering into an agreement that has as its objective the sharing of markets in the air transport services sector within Malaysia provided by both airlines.

“Market sharing is considered a serious infringement under the Act as it is deemed to have the object of significantly preventing, restricting, or distorting competition in any market for goods and services,” said MyCC chairman Tan Sri Siti Norma Yaakob in a statement released yesterday.

“When businesses agree to share markets, they are agreeing to stop competing at the expense of the consumers,” she added.

Financial penalties

The statement said the financial penalties were based on the turnover earned between Jan 1, 2012 and April 30, 2012 for the Kuala Lumpur-Kuching, Kuala Lumpur-Kota Kinabalu, Kuala Lumpur-Sandakan and Kuala Lumpur-Sibu routes.

The financial penalties were less than 10% of their respective worldwide turnovers between January and April 2012, MyCC said.

It is a “proposed decision” which means that the two airlines are given 30 days to argue their case either orally or in writing as to why they think what they did was not seen to be an anti-competitive behaviour.

MAS group chief executive officer Ahmad Jauhari Yahya in an SMS to StarBizWeek says that “we are reviewing the charge.”

The airline told Bursa Malaysia later that it would submit its written representation and indicate whether it intends to make an oral representation to MyCC no later than Oct 18 that it was reviewing the proposed decision in consultation with its legal counsel.

AirAsia in its strongly worded statement says it “intends to vigorously defend the allegations.”

AirAsia says it has always put compliance as its utmost priority and similarly taken necessary steps to ensure that the CCF was in compliance with applicable law in every respect. “As such we will review the matter with our counsel and reply to MyCC with our defence within the specified period of time.”

Fighting it all the way

Separately, AirAsia group CEO Tan Sri Tony Fernandes said in an SMS that “we will fight it all the way.

“I or Datuk Seri Kamarudin Meranun was never called to discuss this. It was well documented that Firefly jet operations were losing large amounts of money. After the collaboration ended, MAS has not restarted their jet operations because it was losing money.

“So we are extremely disappointed and I am sure MAS is. It is easy to try to make MAS and AirAsia an example when there are so many real anti competitive situations in the country,” Fernandes says.

He added that “it is such a traversity that AirAsia is one company that has fought for a level playing field and has injected so much competition into the market and yet again another obstacle is put in front of it. When will the authorities see the amazing good AirAsia has done for the country? I am at a loss but I will never give up the fight for my staff.”

To recap, AirAsia and MAS were locked in a battle for the local and regional air market share for many years.

But the fight intensified when MAS via its wholly owned unit, Firefly entered the low cost air space by offering cheap fares for flights into Sabah and Sarawak. It used jets for the service and its entry heighten competition in the sector.

Though Firefly was losing money on the routes, it continued to attract travellers because it offered full services at low-cost fares. To diffuse competition a deal was hammered on Aug 9, 2011 so that both the airlines will be “friends’’ and cooperate instead of being bitter rivals.

Hence came the CCF where both parties agreed to sharpen their focus of core competencies, deliver better products and choice for customer and ultimately create greater value for all stakeholders.

As part of the collaboration, a share swap deal was also hammered out whereby AirAsia via its parent company, Tune Air Sdn Bhd took up a 20.5% equity stake in MAS.

In turn MAS parent, Khazanah Nasional Bhd (which has nearly 70% stake in MAS) took 10% in AirAsia. This led to Fernandes and Meranun sitting on MAS board while some of Khazanah’s representative sat on AirAsia board. Then it was agreed that MAS will remain a full service carrier, Firefly will cease to operate its jet services, and AirAsia will stay a low cost carrier.

But the pact drew widespread criticism as the CCF was seen as anti-competitive in nature and its current and future business practices were seen to be an abuse of its dominant position.

Competition law

Competition law regulates both horizontal agreements between companies operating at the same level in the production or distribution chain and vertical agreements - which are agreements between companies operating at different levels of the supply chain.

But the CCF and share swap went though despite all the grouses by many parties. However, when the Competition Act came into force on Jan 1, 2012, the Malaysian Consumer Association (Fomca) lodged a complaint with the MyCC on Feb 24, 2012 against the cooperation between MAS and AirAsia.

Eight months after the share swap was inked and after intense lobbying by MAS Employees Union (Maseu) the share swap was unwound.

An analyst said “even though both the airlines want to argue their case, the fact remains that MyCC is seen to be doing something and even if the fine is reduced to RM1mil it is still a strong signal sent out by MyCC that the market does not condone anti-competitive behaviour and that is important in a globalised market place.”

This is also MyCC’s first big case where it fines a company since the Competition Act came into force. However, it had closed the Cameron Highlands Floriculturist Association case that involved price-fixing on their products but no penalty was imposed. MyCC now has 40 complaints of which 26 are under investigations.