【YTLPOWR 6742 交流专区1】楊忠礼能源

jeffsyk

原帖由 股市菜鳥 于 6-5-2008 10:05 AM 发表
好像是这样，我之前也有ytlpowr的凭单,是在2010年到期,有一定的轉换价,如果提早换母股，好像也行,不过需写信回总公司，现在所推出的凭单是於1.25换价吗？如可即刻轉换的話,不是很化算？一定是有人搅错了。

没有人搅错 ， 这是ytlpowr 给 股东 的礼物， 凭单 listing 了 , will open around 母股价 -1.25  。 ytlpowr  凭单 normally 都没 溢价 。 只要填 form 1凭单 + 1.25  就可以 轉换 1 母股

elvingan

没错,这的确是份大礼物......圣诞快乐YTLPOWER

feifei88

好是好，但可没那么好。

二十亿 unit of rights, dilute YTLPower 的股票到傻。

Existing Shares :　　5,291,222,250, Price= 2.63, Value=13915914517.5
Existing Rights:         860,578,544, Ex-Price=1.39, Value=1196204176.16
New Rights:         2,205,127,393, Ex-Price=1.25, Value=2756409241.25

Ｔｏｔａｌ　Ｖａｌｕｅ　＝　17868527934.91
Ｔｏｔａｌ　Ｓｈａｒｅｓ　＝　8356928187

Ｄｉｌｕｔｅｄ　Ｓｈａｒｅ　Ｐｒｉｃｅ　＝　2.1４

２．１４　－　１．２５　－　０．１　＝　０．７９

０，７９／３　ｕｎｉｔ　ｏｆ　ＹＴＬＰｏｗｅｒ　＝０．２６３　

分析错了，　别打我喔　

股市菜鳥

原帖由 jeffsyk 于 6-5-2008 10:22 AM 发表


没有人搅错 ， 这是ytlpowr 给 股东 的礼物， 凭单 listing 了 , will open around 母股价 -1.25  。 ytlpowr  凭单 normally 都没 溢价 。 只要填 form 1凭单 + 1.25  就可以 轉换 1 母股

請问需等到预訂的日期才可换回母股吗？

cschiaw

22億新憑單轉換將沖淡盈利　楊忠禮電力評級下修

2008年5月7日
　  
（吉隆坡6日訊）隨著楊忠禮電力（YTLPOWR，6742，主板基建股）建議發售的22億500萬張新憑單活動，將在5月13日正式除權，分析員相信這批憑單轉換成母股后，將沖淡該集團的每股盈利和重估淨資產值(RNAV)，因此調低對楊忠禮電力的評級至「賣出」。

大馬研究分析員表示，這批新憑單轉換成母股后，楊忠禮電力的繳足資本也將從目前的66億股，增長33%至88億股，將沖淡楊忠禮電力的每股盈利約19%至20%。

根據該分析員的計算，22億的新憑單轉換價為1.25令吉，可沖淡其每股淨資產值達13%至2.23令吉。再根據以上的計算模式和三項式評估模式(Trinomial valuationmodel)，新憑單的每股價值為1.03令吉，投資者繳付了每股10仙的認購成本后，將可從憑單中賺取93仙的獲利。

同時，在計算入其每股10仙的認購價和每3股楊忠禮電力配1股憑單后，該分析員認為，投資者在其新憑單除權之前，可最高給予楊忠禮電力2.56令吉的買入定價。

股價仍落后大市

除權日之后，投資者應脫售楊忠禮電力至2.25令吉的價格。其新憑單的合理價格為1.03令吉，而現有憑單楊忠禮電力-Wa的合理價格則為93仙。

在過去12個月，楊忠禮電力的股價共上升16%，仍落后大市24%。他認為，在其這批新憑單于5月13日除權后，該股將重新找到其現時價位的扶持水平。

至目前為止，該集團並沒有確定任何的特定併購計劃。該集團截至2007年6月30日，共擁有60億令吉現金和140億令吉的借貸，以及57%的淨負債率，在完成了其債券和憑單的發售活動后，料其淨資本負債比率並不會改變。

儘管楊忠禮電力將擁有超過80億令吉的現金，一些市場人士認為，該集團或將利用這筆附加股取得現金，來參與一些收購活動。

Doreamo

好股不容当 ！益了股东，累了股价 ！

我命由我不由天

长期来说 发了WR后股价回跌是当然的 权益分薄了嘛
股价慢慢会上 可是买进的好时机就不要错过了
报纸说分了会下到2.25 <----你们认为如何？

Doreamo

那边霜，AEON 大派红股，大起超过10％。。。
又不说沖淡权益。。。

jeffsyk

5 May 2008: Corporate: Warrants stir up staid YTLP
By Nadia S Hassan
Email us your feedback at fd@bizedge.com
YTL Power International Bhd (YTLP) saw excitement surrounding its stock last week, thanks to its proposed sale of warrants to go along with its bond issue.
What breathed new life into the steady performing stock was the fact that the 10-year warrants were deeply in the money with a strike price that was roughly half the underlying share.
As a result, YTLP's share price gained 14 sen, or 5.7%, week-on-week to close at RM2.59 on Friday as investors snapped up shares in hopes of capital gains from the warrants. Previously, YTLP's share price had been flat, trading around the RM2.45 mark.
So it begs the question, is setting a low conversion price for warrants a good way of rewarding YTLP shareholders?
According to analysts, the answer is yes, but it comes with a catch.
“While it does enhance value for the shareholders through good capital management; it is not earnings accretive for the company," says an analyst.
He explains that the eventual dilution coming from the conversion of the warrants will erode earnings per share in the long run.
“Also, if the company were to place a higher strike price, when the warrants are eventually converted, it would mean an increase in cash flow for YTLP. Because the exercise price is so low, the increase in cash flow would prove minimal," he says.
YTLP does not skimp on its dividends either, which could prove a factor. According to a report by Hwang-DBS Vickers Research, YTLP's dividend payouts appear to be on the rise.
“Given the improving cash flow from its power and water assets, we expect YTLP to maintain net dividend per share at 11.2 sen for the next two financial years," states Hwang-DBS.
As such, shareholders looking to cash in on dividends would forgo the capital appreciation gained from trading the warrants despite its long lifespan (warrant holders are not entitled to dividends, and warrants lose their value closer to their expiry date).
The good news is that it is unlikely that the bulk of the warrants will be converted in the near term given that some 60% of YTLP's shares are held by executive chairman Tan Sri Yeoh Tiong Lay and YTL Corp Bhd.
"t is likely that the major shareholders are fully aware of dilution effects from the warrants and will hold off doing so," says an analyst.
According to filings at Bursa Malaysia, Yeoh now holds a 60.6% stake in YTLP, while the Employees Provident Fund is the second biggest shareholder with an 8.9% stake.
The attractive terms set for the warrants will definitely prove to be an incentive for shareholders to hold on to YTLP stock.
Although the majority of research houses have “buy" or “outperform" calls on the counter, it is mostly on the basis of it being a defensive stock rather than for capital appreciation. As a result, target prices are modest, ranging between RM2.77 to RM3.10 per share.
To clarify, YTLP is the country's oldest independent power producer, and the only one with a “take or pay" clause in its power purchase agreement. This means that Tenaga Nasional Bhd has to pay for at least 70% of YTLP's power capacity, regardless of whether Tenaga uses it.
YTLP is also the concession holder for Wessex Water in the UK, which is the biggest contributor to overall revenue for the group (74.4%). Other power assets under the company's umbrella include a 35% stake in PT Jawa Power and a power transmission business in South Australia.
As a result, there is very little earnings excitement when it comes to YTLP despite the company being flush with cash. According to reports, YTLP's gross cash balance stands at RM7.6 billion as at the end of last year.
The proposed RM2.2 billion convertible bonds, along with the warrants, should also help to further augment YTLP's cash pile.
YTLP has been very vocal about its plans to expand both its power and water business through acquisitions. However, the company has not added anything new to its stable for the past four years.
According to an industry observer, YTLP is very close to securing a new asset, but it is not known whether it will be a power or water asset.
Although YTLP recently lost its bid for Tuas Power in Singapore, Hwang-DBS states that the bidding process for two more of the country's power plants, namely, Senoko Power and Power Seraya, will soon begin. There are also more regulated assets up for bid in China and the Middle East.
In the end, it comes down to a question of balance. There is no dispute that the recent issue of warrants have managed to kick-start an otherwise staid stock. However, if earnings growth remains flat, it is uncertain how long YTLP shareholders will hold on to the shares.

publicpang

原帖由 股市菜鳥 于 5-5-2008 09:09 PM 发表
我收了整十年,它是我的主力,跟随我成长直到白头。

挖老.....在股海飘了10年....还算是菜鸟吗....?

loong81

谦虚的精神实在高深

publicpang

哎......要做菜鸟也不简单.........真是要虚心学习......

我命由我不由天

原帖由 Doreamo 于 7-5-2008 01:48 PM 发表
那边霜，AEON 大派红股，大起超过10％。。。
又不说沖淡权益。。。

老实说我当然希望YTLp也一样阿 ！！！！

feifei88

The Board of Directors of the Company wishes to announce that pursuant to Condition 3 of the Third Schedule and Clause 2(iii)(c) of the Memorandum to the Deed Poll dated 13 March 2000 as amended by Supplemental Deed Poll dated 18 June 2004 (“Deed Poll”) constituting the 2000/2010 Warrants, the exercise price of the 2000/2010 Warrants will be adjusted downwards from RM1.35 to RM1.20. In accordance with Clause 2(iii) of the Memorandum to the Deed Poll, the adjustment to the exercise price of the 2000/2010 Warrants will take effect from 9.00 a.m. on 16 May 2008, being the day next following the entitlement date for the Offer for Sale of 15 May 2008.

The adjustment to the exercise price was made in accordance with the provisions of the Deed Poll in order to ensure that the status of the holders of the 2000/2010 Warrants will not be prejudiced after the Offer for Sale.

The notice to warrant holders containing details of the adjustment to the exercise price will be dispatched to the holders of 2000/2010 Warrants on 8 May 2008.

feifei88

更新。。

好是好，但可没那么好。

二十亿 unit of rights, dilute YTLPower 的股票到傻。

Existing Shares :　　5,291,222,250, Price= 2.63, Value=13915914517.5
Existing Rights: 860,578,544, Ex-Price=1.20, Value=1032694252.8
New Rights: 2,205,127,393, Ex-Price=1.25, Value=2756409241.25

Ｔｏｔａｌ　Ｖａｌｕｅ　＝　17705018011.55
Ｔｏｔａｌ　Ｓｈａｒｅｓ　＝　8356928187

Ｄｉｌｕｔｅｄ　Ｓｈａｒｅ　Ｐｒｉｃｅ　＝　2.12

２．１2　－　１．２５　－　０．１　＝　０．７7

０，７7／３　ｕｎｉｔ　ｏｆ　ＹＴＬＰｏｗｅｒ　＝０．２56

分析错了，　别打我喔　

股市菜鳥

原帖由 publicpang 于 7-5-2008 03:38 PM 发表



挖老.....在股海飘了10年....还算是菜鸟吗....?

pang大哥,別笑小弟嘛，人家还停留在十年前的程度啊。

股市菜鳥

原帖由 loong81 于 7-5-2008 03:45 PM 发表
谦虚的精神实在高深

是欺笑还是誇奖,我都照單全收，大家开心就好。

elvingan

售債券憑單籌資金&#8231;楊忠禮電力或有重大併購
大馬財經  2008-05-07 11:55
（吉隆坡）楊忠禮電力（YTLPOWR，6742；主板基建計劃組）在發售債券兼憑單的重大籌措資金計劃後並沒有宣佈重大收購計劃，因此分析員預期，市場可以期待或在未來宣佈重大的併購計劃。

大馬研究說，儘管該集團坐擁逾80億（22億令吉來自債券計劃）的現金總額，但其凈負債並沒有改變，市場預計集團或為收購計劃鋪路，這可能性或許存在。但值得一提的是，楊忠禮電力在過去時期籌資，過後並沒有重大的收購計劃。

在過去，除了充作再融資、資本開銷和營運資本用途外，楊忠禮電力也利用其資金積極收購本身的股票，過後再派發給股東，但令人爭論的是，後者對該公司的價值創造沒有甚麼作用。

股票13日除權&#8231;新憑單合理價1.03令吉

楊忠禮電力的22億新憑單將上市，根據轉換價1令吉25仙計算，有望推高該公司股價至2令吉56仙，但分析員建議投資者在下週（5月13日）的除權日後，可以2令吉25仙“售出”該股，新憑單合理價為1令吉3仙，建議以每單位93仙“售出”現有憑單。

大馬研究表示，22億新憑單，全數轉換的話會擴大公司股本33%，並沖稀該集團的調整凈資產價值高達13%至每股2令吉 23仙，建議投資者在5月13日憑單除權日或之後，以大約2令吉25仙售出楊忠禮電力，而新憑單的合理價為1令吉3仙。

對現有的楊忠禮電力WA（YTLPOWR-WA，6742W；Call Warrant） ，建議投資者以93仙作為售出此股的合理價。

大馬研究透露，楊忠禮電力的新憑單將會全面沖稀每股凈利，而此公司全面沖稀的繳足資本（不包括未償付的僱員認購股票計劃帶來的衝擊）將從66億股增至大約88億股。換句話說，在上述憑單計劃後，楊忠禮電力的全面沖稀每股凈利將沖淡19%至20%。

新憑單計劃也將降低該集團的每股調整凈資產價值至大約2令吉23仙至2令吉28仙，比較較早為2令吉56仙，視真正的規模而定，這表示減幅介於11%至13%。

楊忠禮電力過去12個月揚升16%，並超越大市表現達24%，今日收盤（週二，6日）掛2令吉62仙，跌2仙。楊忠禮電力WA則以1令吉11仙作收，跌3仙。

電力盈利成長預料呆滯

楊忠禮電力的業務沒有重大改變，水供和排污佔集團盈利的59%，35%來自電力，水供和排污在未來仍然是其盈利驅動力，而電力的盈利成長預料呆滯。

國家能源（TENAGA，5347；主板貿服組）或與獨立發電廠重新洽談電費的問題，該行認為對楊忠禮電力預料不會有重大影響，但並不排除楊忠禮電力獲得延長其特許權期限之可能性，對集團或帶來正面影響。

siokae0422

要等13号过后就会收到信了

elvingan

请问大家,当13日除权后,
股价会否根据派送1/3比率WR,自动 - 33分开始交易???
比如12日RM2.63,13日就减成RM2.30开始呢???