【GAMUDA 5398 交流专区1】金务大

弹煮

不是每天都要有大动静吧？

Mr.Business

新闻。

28-02-2008: Lin: I was surprised by the reaction

by Jose Barrock & Siow Chen Ming

Question and answer session with Gamuda’s managing director Datuk Lin Yun Ling.

Q: Did you expect this reaction?

Firstly, I was in Singapore attending a seminar on parenting. The impression created was that I was running away. I was a bit surprised at the strength of the reaction, but on hindsight I can see how it came about. I’m trying to share with you how I see it.

Even when we went for listing 16 years ago, I had a 16% stake and other directors had about 7% to 8%. And over the past 15 years I had made placements once every five or six years. In fact this is the fourth one. I remember after the last placement, (in April 2002), the price went down to RM6 (from RM6.85) but then eventually it went back up again. Initially I thought there would be a reaction but it would get over and the share price would come right back again. But on hindsight, I see that the nervousness was in the signal that I was leaving. A lot of people were unhappy that I had not given prior notice. And where will Gamuda be without a successor? The concerns were well founded.


Q: Why the sale?

Even before the placement, all the other directors had 0.5 % to1% shares in the company. In fact, in the last 10 years we have not perceived ourselves to be shareholders with a controlling block. Even when my stake in the group was reduced, it did not stop our efforts to grow the group. If we have a job to do, we will want to do it well… we get not only job satisfaction, our self esteem, our satisfaction, we get a lot of gratification from it.

I don’t think of the impact on my stake. A lot of it has to do with passion. I don’t claim that I love every part of my job… (for instance) If I get a job in Vietnam which impacts the group, I get a sense of pride, satisfaction, regardless of the share price. When I go home, I think about it (the new job). I don’t even know how much the share price is. Its quite obvious that a group of our size, Gamuda will evolve very soon into a group run by a CEO and senior management who are non-shareholders.

Of course, you have many successful examples, but I’m not saying it’s the best. You also have many examples where the controlling shareholders manage the group. You look at CapitaLand, Southeast Asia’s largest developer. The company’s growth is more than 30% a year, but none of the top people have a stake in the company. Closer to home, like in IJM (Corp Bhd), (Datuk) Krishnan Tan doesn’t have a stake in the company. (Tan is the managing director of IJM Corp)

What I was saying is that I have done share placements over the last 16 years since listing. Every five-six years I did one placement, the last one was in 2002. Gamuda will evolve to be a group like CapitaLand. My responsibility is to see that in five years or slightly more from now, there will be a group of people that can replace the current group and there will be a CEO who will succeed me. There is succession planning. Of course as with any group, succession planning and senior management development is a very critical part of our work in the management. I spend a lot of time working... I make it a point to work with our top 30 people myself, not going through anyone so that I can size him up, know how far he can go and move him up as quickly as possible.

I think most people in the industry will acknowledge the strength and depth of our senior management. In our group, among the current second echelon who are in their early 40s or mid 40s, there are two or three people who do have the potential to take over. As you know this is not an overnight process. You hurry too fast, you might break him. So, we know how to challenge them and, in the mean time, enable them to grow.

But also you have to know that I am only in my early 50s. I think my colleagues and me (in the first echelon) can still contribute to the group. Don’t put us out so soon. I mean, someone suggested to me ‘a management lock up of five years’. That’s the easy part. If you put yourself in my shoes, and if you have brought up Gamuda to what it is now... are you going to leave it in a way that it then collapses immediately? It is more personal… it is a matter of pride, legacy and self esteem.

I am definitely not prepared to leave the company in such a situation. I never think that the sale is going to tilt the balance of power or anything. To start of with, I only had 5.23%. It’s not like I have 30% and when I do a placement it will tilt the balance of power and I lose control of the company. My people do not listen to my instruction because I had a 5% stake. It’s because they think I have a damn good idea.


Q: Why sell a big block now when the market generally thinks that there is a lot more going for Gamuda?

I think there is a lot of fear that we cannot achieve the guidance we have given. That definitely is not the case. There is never a right time for a CEO to sell. People will say, if the next two years are so good, why don’t you wait for these two years and then sell. But in two years from now, we can still be even better than now. So there really is never a good time.


Q: There are some concerns in the market on the viability of certain projects of the group, such as the double-tracking project where the cost of raw materials has gone up significantly and that has an impact on Gamuda. What is your comment?

In our guidance, whether it is good or bad news, we just put it all on the table. I know that people will say there are problems with the double-tracking project and that there is a problem with the bumi contractors. These are things that we have got ways of dealing with and we are very comfortable with the strategies that are in place. If there is anything, we would tell investors for sure.


Q: What is the reaction of Fidelity, Gamuda’s largest shareholder?

Actually, I am not supposed to share this. But as far as I know, they haven’t shown anything. This is the feedback I get from my people. But the filings take two weeks to come, so I wouldn’t know until the filings.


Q: Do you know who bought your block?

I do know but it (the placement) was done by Credit Suisse. They won’t tell me because these are the wishes of their clients.


Q: Is there a possibility for Gamuda to be taken over?

I am not saying that it is not possible. If it is substantially undervalued for a long time, then it will increase the possibility of that. But my own view is that it is not a very straight forward proposition.

If I put myself in the shoes of the acquirer, he will have to ask himself whether he can retain the senior people or not… not just myself but the top 20-30 of them. It’s a very people dependent business. Even like the Vietnam project I have ties with certain top-level people but I don’t know the mid-level people. Only my chief there will know how to handle them. If that guy goes, even I will have a problem. So, the acquirer will have to be able to retain the senior people. It is not a given that you can easily retain people. My people and I have been together for 20-over years. We grew up together, prospered together, went through thick and thin… so the bonds are there.


Q: In hindsight, would you have done the share disposal differently?

We should take the blame for the communication part. It created the impression that I am only there for the next 18 months and then I am going to leave… for that we have to take the blame.


Q: Can we safely say that you will be in Gamuda for the next five years?

Most of the time my word is good enough. I am not used to giving more than my words. But, anyway, the reasoning is there. I was joking with somebody just yesterday night, I can play golf and fly around the world but after two months I will come running back to the job because it is so boring. If you do it two weeks in a year it’s a lot of fun. But if do it too long, your adrenaline doesn’t flow, then you will come running back.

http://www.theedgedaily.com/cms/ ... a-1d7b2220-b098f3e7

[ 本帖最后由 Mr.Business 于 28-2-2008 09:39 PM 编辑 ]

Mr.Business

新闻。

28-02-2008: Lin: I will stay on for another 5 years

by Jose Barrock & Siow Chen Ming

KUALA LUMPUR: Amidst speculation of a new shareholder emerging in Gamuda Bhd, its long-standing managing director Datuk Lin Yun Ling, who hogged the limelight for the wrong reasons last week, stressed he does not plan to exit the company.

Lin said he didn’t expect such negative reaction from investors after he reduced his interest in Gamuda, adding he would stay on for ‘another five years or more’ while they groom the second echelon.

“I was surprised by the reaction but on hindsight I understand the impression created was that I was running away. A lot of people were unhappy, as I gave no prior notice. I brought it (Gamuda) up to where it is now. I wouldn’t leave when it is the essence of me,” Lin says during a meeting with The Edge.

Lin hived off some 70 million shares in the construction company in the middle of last week, reducing his equity from 5.2% to 1.7%, in a move perceived by many as him exiting Gamuda.

The reaction was severe to say the least, with Gamuda losing about a quarter of its market capitalisation and other construction outfits such as IJM Corp Bhd also feeling the ripple effect. It also fuelled speculation of a new shareholder coming into Gamuda.

Lin did not discount the possibility of a takeover. But he felt that it was not a straight forward proposition.

“If I put myself in the shoes of the acquirer, he will have to ask himself whether he can retain the senior people or not, not just myself but the top 20-30 of them. It’s a very people- dependent business,” he said.

Much of Gamuda’s success — its order book of RM11 billion and its splendid track record of completing projects ahead of time — is attributable to Lin. The 53-year-old Lin has been with the company for the last 30 years and has been its main driver since its initial public offering some 16 years ago.

The more prominent jobs secured by Gamuda include a 50% stake in the northern portion of the RM12.5 billion double-tracking rail project. In Vietnam, Gamuda nicked a job to build a RM3.5 billion integrated commercial complex in Hanoi, developing a five-star hotel, international convention centre and luxury condominiums among others. In Laos, the company secured a RM2 billion hydroelectric project in late 2004 to construct a dam on a build, operate and transfer basis.

Lin did not deny his pivotal role in the company, but said his sale was part and parcel of Gamuda’s future direction, where the company would eventually be run by a group of professional managers who are not shareholders.

He likened the evolution of Gamuda to Singapore-based CapitaLand Ltd, Southeast Asia’s largest developer, which is helmed entirely by professionals.

“I think it’s quite obvious that a group of our size and given that all of us (the directors) are not controlling shareholders, Gamuda will evolve very soon into a group run by a CEO and senior management who are non-shareholders,” he said.

On the rationale for the sale considering that the prospects for Gamuda are looking good with a bursting order book and blossoming foreign businesses, Lin said there was never a good time for a CEO to sell his stake.

“There’s never a good time for a chief executive officer or a managing director to sell. My responsibility is to see that in five years, there is a group of people who will succeed the current group managing Gamuda. It is not an overnight process,” Lin said.

On speculation that the sale of his shares was a prelude to Gamuda not being able to achieve what it had promised investors, Lin said that whatever guidance they had provided to investors still stood and “nothing had changed”.

http://www.theedgedaily.com/cms/ ... a-1d7b2220-d8be7578

Mr.Business

林雲琳售股不影響公司前景‧金務大部署接班大計

2008-02-28 18:25

（吉隆坡）金務大（GAMUDA，5398；主板建築組）表示，董事經理拿督林雲琳減持股權不會對公司前景帶來影響。

該公司發文告表示，拿督林雲琳於本月21日脫售7000萬股公司股票，並不會對公司營運帶來影響，並正積極物色合適的主要管理層成員。

拿督林雲琳在本月21日，宣佈減持金務大持股從現有的5.2%至1.7%，惟將留任董事經理一職，導致該股蒙受龐大賣壓，單日股價一度深跌16%。



另一方面，林雲琳表示，金務大在進行繼承人計劃，他保證在未來5年或更久，公司會順利的轉變，預見在未來該公司會由不是公司股東的專業管理層經營。

他強力否認他的減持股權會嚴重影響集團的基礎和盈利前景。他說：“我在過去25年扶持這家公司成長，我當然不會突然的退出公司，而會有安排，現有我們已經有兩三個名字，是有潛能接手執行位子的人選。”

他也表示他從公司上市以來就不是控制股東，只持有16%股權。在過去16年，他4度脫售持股，都是資產管理計劃，並沒有其他原因，並沒有影響他對公司的承諾和公司成長。

否認越南計劃表現差

他說：“我知道這次謠言滿天飛，諸如我們的越南計劃表現不好，我的健康有問題，但我強調我賣股與這些猜測完全沒有關係，只是單純的個人財富管理。”

但他也承認，對投資者而言，首度執行員在任何時候售股，都不是好時機。

看好大馬建築業前景

他也否認售股和土著承包必須達30%的壓力有關，因為這問題已經解決。他也看好大馬建築業前景，因為美國次貸衝擊，政府必須以內需提振經濟，會有更多工程發放。

或私有化環城大道

與此同時，根據報導，林雲琳也透露，金務大可能脫售水務股權，並將上市大道公司環城大道（LITRAK，6645；主板基建計劃組）私有化。

他說，該公司目前處於初步洽商，脫售雪州水務公司（SPLASH）的30%股權。

星洲日報／財經‧2008.02.28

http://biz.sinchew-i.com/node/10132

东风不破

原帖由 Mr.Business 于 28-2-2008 09:52 PM 发表

你看他笑得多开心。
设计对白：走得快，好世界，你地慢慢涯世界啦。

yusiang

太平的一位老功臣/co-founder说他要跑到新加坡另开公司进军越南,因为为什么要酱辛苦在越南打拼然后在大马把30%随便送给人。

8years

哇，megan的精彩列子啊，只是不同的是一个越南，一个中国。
哈哈，有这股的朋友自己要自己保重了。

股友

原帖由 东风不破 于 2-3-2008 10:18 AM 发表



你看他笑得多开心。
设计对白：走得快，好世界，你地慢慢涯世界啦。

是不是成功人士面相都是很奇怪的。

koay7899

你认为这行业的前景如何?
这么说你也不看好这支股了.
进场4.86    5000
进场4.74   10000
进场4.22   10000
进场3.68   10000        sell 3.86   10000

olympic

你手上还有不少票叻。。。。。。。。

东风不破

原帖由 股友 于 2-3-2008 01:51 PM 发表


是不是成功人士面相都是很奇怪的。

越怪相越成功。

股友

瓦老eh，这个强。还有吗？

yewsin56

GAMUDA此股在急跌的前几天，市场开始出现一点点恐慌，但整体上散户的信心还有，只是心里感到不爽而已。散户的信心其实是源于去年的牛市，当去年大牛市在短短两个多月上升到一千五百多点之后，大家都期望历史可以重演。所以，散户把每一次急跌都看成是一个千载难逢的买入机会。结果就。。。。。
此股如今天再急跌，也不是买入机会。（个人观念）

lengzhai1111

说此股的坏话请让我的放了再说 。。。

等再低我还会再吸！！不怕不怕

yewsin56

假如天天都认为是底，就是守株待兔的作法.
我还有个观点，这股已做了头部的股票和在头部下反弹的股票，又派又收，我倒是认为它已派发成功率占了很大的％，别以为如果大势涨，你的股票就不跌。想赚钱，不能靠运气，静下心，学点什么。否则哭都没有眼泪。（纯属个人观点）

股友

很像去年的proton。剧跌，拉升，放软。今天又差不多要跌回原形了。有什么消息吗？

东风不破

从昨天到今天的跌势，恐怕大家的信心也跌了一半。

yewsin56

gamuda的今天，是谁造成的？散户心里有数了吧！
说一套，做另一套？散户眼睛擦亮了吗？
他又回到他的寻梦园了，留下手尾您们去担吧！
哈哈！又多一位神仙啦！

股友

今天的一拉一推死了不少人。请问会看盘的如何解读今天的交易？

Mr.Business

他卖股的时机选得真好。。。