【水务股交流区】

icy97

雪州政府96亿献购4水务公司

財经 2013年2月20日
（吉隆坡20日讯）继上週宣布献购雪州產业集团（KHSB，6246，主板產业股）的股权后，雪州政府再次出手献购该州水务资產，决定以96亿5000万令吉，一口气献购4家雪州水供特许经营公司，即雪州水供公司（Syabas）、雪州水务公司（Splash）、雪州水务集团（Abass）与商业高峰（Puncak Niaga）。        

此举意味著，雪州政府正式启动接管雪州水务的计划。雪州行政议会今日已批准州政府投资臂膀─达鲁益善集团（KDEB）的此项收购计划。

同时，雪州大臣卡立今午主持行政议会会议后，也在记者会上披露，他已经签署献购书，要求收购这4家公司。

大马交易所週三闭市后，雪州柏朗桑集团（KPS，5843，主板贸服股）宣布，接获雪州政府旗下达鲁益善集团的献议，以共28亿2680万令吉的价格，收购该集团所持有雪州河水水供公司和TITISAN MODAL私人有限公司的全数股权。

达鲁益善集团分別出价18亿3460万令吉和9亿9220万令吉，献议收购雪州柏朗桑集团所持有雪州河水水供公司的30%股权，以及TITISAN MODAL的90.83%股权。

两者的献购价格均纳入水务资產、股权和每年12%股本回酬率（ROE）的计算考量。

接受期限3月6日前文告补充，达鲁益善集团將以现金和承担所收购公司的债务来偿付上述款项，后者涵盖Acqua SPV有限公司所收购的债券、商业贷款和政府贷款。

此献议的接受期限为3月6日或之前。雪州柏朗桑集团表示，董事局和管理层將审视上述献议，並提醒投资者应谨慎交易其股票，因此献议最终成事尚未存在確定性。

另一方面，商峰（PUNCAK，6807，主板基建股）也宣布，接获达鲁益善集团献购旗下商峰（马）私人有限公司的全数股权，以及后者未持有的雪州水供公司（SYABAS）股权的传真函。

商峰未公佈上述信函的详情，只表示將在適当时做出公佈。[东方日报财经]

icy97

四度出击买水务资产 雪州政府献购不受看好

财经新闻 财经  2013-02-22 10:10
（吉隆坡21日讯）雪兰莪州政府第四度献购雪州4家水供特许经营公司，但因大选日期临近，券商普遍预期，这次献购将再无功而返。

雪州政府昨日通过投资臂膀———达鲁益善集团（KDEB），献议亿96亿5000万令吉收购雪州4家水供特许经营公司：雪州水供公司（Syabas）、商业高峰私人有限公司（Puncak Niaga）、雪州水务公司（SPLASH），及雪州水供财团（ABASS）。

这4家公司必须在14天内，即3月6日之前，回复是否接受献购。

肯纳格投资研究指出，全国大选迫在眉睫，市场传闻首相将会在近期解散国会，雪州政府的献议，无疑是向4家水供公司施压，尽快做出决定。

抱持同样观点的侨丰投资研究也表示，全国大选将在近几周进行，然而此并购活动却需要数月完成，加上达鲁益善为雪州政府投资臂膀，州议会的解散将为这项献购增添不确定因素，涉及公司难以作出决定。

“当然，达鲁益善拥有专业的管理团队，但在水供公司的大型交易上，州务大臣和州议会的批准，仍会是其中关键。”

商峰决定成败

此外，丰隆投资研究则认为，以雪州水务分配网络来看，以Syabas为首，意味着商峰（Puncak，6807，主板基建股）的决定，将决定这次献议的成败。

“雪州政府唯有成功收购Syabas，才得以完成整项交易，否则，就算SPLASH和ABASS接受献议，这项交易亦将以第四次告吹结束。”

相较于2011年1月提出的90亿令吉，雪州政府这次出价加码至96亿5000万令吉。

根据柏朗桑集团（KPS，5843，主板贸服股）的文告，达鲁益善对雪州水务公司30%股权的出价是18亿3460万令吉，对Titisan Modal（雪州水供财团母公司）的90.83%股权出价则是9亿9220万令吉。

这意味着雪州向商峰提出献购价是68亿令吉，相等于每股2.10令吉，而商峰旗下的油气业务估值则在每股84仙，因此获艾芬投资研究维持“短线买入”评级，目标价格定于3.20令吉。[南洋商报财经]

yffpp

这步棋够狠 。。。一步错满盘皆输

icy97

雪政府獻購4水供公司 出價84億下月或有定案

企業財經22/02/2013 20:50
（吉隆坡22日訊）雪州水供公司整併案逐漸白熱化，近期相關公司紛紛向馬證交所報備收到獻購通知書，3月6日或有定論；目前4家水供公司收到的獻購價合計為84億令吉，遠不及州政府原先開出的97億令吉。

聯昌證券研究指出，州政府欲以現金56億令吉代價收購商業高峰的水資產，收購價包含雪州投資機構（PNSB）100%股權（25億令吉）和雪州水供有限公司（Syabas）70%股權（31億令吉）。

原先開價97億

“針對雪州投資機構和雪州水供有限公司公司的債務問題，商業高峰管理層想要從州政府那裡取得更多詳細資料；該公司已安排下週和州政府開會面議。”

該行指出，州政府曾在2011年的開出每股2.23令吉收購價格，稍早2009年也曾開出每股2.73令吉收購價；56億令吉等同于每股2.77令吉收購商業高峰水資產，不排除該公司有可能再一次拒絕州政府的收購提議。

“州政府開出的價格雖然很吸引人，但卻也有爭議之處，原因是州政府仍未付給雪州水供有限公司19億令吉賠償金。”

問題還不僅僅是商業高峰的賠償金問題，該行指出，州政府目前收購4家水供公司的價格合計為84億令吉，與其原先開出的97億令吉價格不符。

聯昌證券研究指出，2.77令吉收購價比商業高峰目前1.30令吉股價溢價1.1倍，對投資者來說或具吸引力，但大選迫在眉梢，這項收購案預期無法在2013上半年完成。

金務大料不接受獻議

雪州政府透過子公司達魯益山集團（KDEB）洽購4家水供公司，但開給金務大（GAMUDA，5398，主要板建築）的價碼過低，券商相信金務大不會接受這項收購獻議。

金務大擁有雪州水供控股（SPLASH）40%持股權，昨日也接獲獻購通知書，載明股東可在3月6日前做決定。

達魯益山集團欲以18億令吉收購雪州水供控股，包含12%股本回酬（ROE）率為2億5100萬令吉，及16億令吉資產價值。

艾芬投資銀行針對這項收購獻議指出，12%股本回酬只能換算得6.2%內部回酬率（IRR），相信該公司不會接受這項收購獻議。

“這只占特許經營權現有工程的內部回酬率的一半。”[中国报财经]

icy97

PLASH 出价不吸引 金务大或拒雪献购

财经新闻 财经  2013-02-27 12:17
（吉隆坡26日讯）有券商认为，雪州政府对雪州水务公司（SPLASH）提出的献购价没有吸引力，认为持有40%股权的金务大（Gamuda，5398，主板建筑股）很大可能拒绝接受。

雪州政府日前通过投资臂膀—达鲁益善集团（KDEB），献议以96亿5000万令吉收购雪州4家水供特许经营公司，包括雪州水供公司（Syabas）、商业高峰私人有限公司（Puncak Niaga）、雪州水务公司（SPLASH），及雪州水供财团（ABASS）。

兴业投资研究指出，根据该行的计算，12%的回酬率仅相等于内部回酬率的6.2%，较目前特许经营权工程的内部回酬率低一半。

“再者，扣除债务后的净献购价实际仅7亿3000万令吉，意味金务大的40%股权仅总值3亿令吉，但在金务大过去的洽商中，包括营运及维修公司后的水务资产所获得的出价介于8亿至10亿令吉。”

大选后再定夺

不过，安联投资研究则持不同看法，分析员认为此次雪州政府的献购价较2009年7月的出价高16.2%，若金务大营运及维修承包商的地位不变，雪州水务公司倒是很大可能接受献购。

金务大持股70%的金务大水务公司，是SSP3水供过滤厂的营运与维修承包商。

当然，在金务大和商峰（Puncak，6807，主板基建股）日前公布雪州政府的献购价后，大部分券商维持此次献购将破局的预期，主要是全国大选在即，相信相关公司难以在3月6日前决定。

分析员普遍认为，这些公司可能会等待全国大选后再做决定，毕竟国阵是否会重夺雪兰莪还是个未知数，而达鲁益善集团隶属于雪州政府，未来变数太多。[南洋网财经]

williamnkk81

Selangor water: Privatisation gone awry

FEBRUARY 26, 2013, 11:16 AM
In October last year, residents at several suburbs in Selangor woke up to dry taps. What followed was another episode in the four-year wrangling over the water industry in the state.

Pointing their fingers at one another was water distribution concessionaire Syarikat Bekalan Air Selangor (Syabas) and the state government. But whose fault was it?

The original sin

Subramaniam Pillay is an economist who worked on the earlier offers made by the Pakatan Rakyat-led Selangor government to consolidate the fragmented industry. Mismatch between what the state is willing to offer and what the concessionaires are willing to accept has led to the stalemate hogging headlines today.

But Subramaniam says that the story of how the water industry became fragmented in the first place is the story of the original sin. This story, he says, begins in 1994 with the first bite of the privatisation apple.

Before 1994, Selangor water works was handled by the state. Jabatan Bekalan Air Selangor (JBAS) would source water from its rivers, treat it and distribute it to consumers—and mostly at a profit.

Researchers estimate that JBAS turned profits of RM50 to 80 million annually in the 1980s. Subramaniam claims that JBAS veterans whom he met in the course of his work assisting the state government attest to this.

“They told me that JBAS was a significant contributor to the state coffers,” he said.
So why the need to privatise?

“Demand for water in Selangor grew and the existing water treatment plants were not sufficient. The idea was that private companies are more efficient, can build them faster and can raise their own funds through bonds etc,” Subramaniam says.

First dibs

The first winner of the water privatisation exercise was Puncak Niaga Sdn Bhd (PNSB)—a company owned by Umno-linked Rozali Ismail.

In 1994, PNSB became the first Selangor water concessionaire, winning a 25-year concession to take over and refurbish 27 water treatment plants. The next year, it won another 25-year concession to build and operate phase two of the Sungai Selangor Water Supply Scheme.

In 2000, 40-percent Gamuda-owned Syarikat Pengeluaran Air Sungai Selangor Sdn Bhd (Splash) was awarded a 30-year concession to build and operate phase three of the same scheme, and take over the first phase.

The next year saw another 30-year concession go to the then half-state owned Konsortium Abass Sdn Bhd for the Sungai Semenyih Scheme. Abass was a company then-shared almost equally between the state and Titisan Modal (M) Sdn Bhd. Titisan Modal was 45-percent owned by Operasi Murni Sdn Bhd, a company affiliated to Selangor’s then-Umno-led administration.

In comes Syabas

The concessionaires would then supply water to JBAS, which despite being corporatised into Perbadanan Urus Air Selangor Berhad (Puas), continued to belong to the state government.

Subramaniam said that the separation of the treatment and distribution sectors of the industry saw the dismantling of the cross-subsidisation model employed by JBAS. Distribution of water was a less profitable aspect of the business, as it required large capital expenditure—something that Puas soon found it could not afford.

By 2001, Puas was in trouble. It was paying the concessionaires a fixed price for treated water, but was unable to recover costs through tariffs as close to half of the water would be lost through leaking pipes, theft and inefficient equipment.

All of the water concessionaires made profits, ranging from RM35 million to RM180 million while Puas was RM350 million in the red. To deal with this, Puncak Niaga Holdings’ subsidiary Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) came in to take over Puas.

For a 30-year concession, Syabas agreed to reduce non-water revenue by fixing pipes etc. But unlike Puas, it would be able to pay for this through huge tariff hikes (see chart), which were not announced to the public when the concession agreement was signed in Dec 2004.

In March that year, the BN government was re-elected with an overwhelming majority. “The BN felt very secure, and believed they can push through such things,” Subramaniam said.

Thus the model that prevails today, where the Selangor government sells raw water to the three water treatment companies, which in turn sell to distributor Syabas which pipes it to customers in Selangor, Kuala Lumpur and Putrajaya.



Rectifying the mistakes

In the next few years, however, it became apparent that the water privatisation model in several states was not providing the efficiency expected. Large capital expenditure remained the biggest complaint, particularly among distributors.

To alleviate this, the federal government mulled re-consolidating the state water industries, only this time, under a federal agency. Eventually the federal government set up the Water Asset Management Company (PAAB, its Malay acronym), set up under the Water Services Industry Act 2006.

Like a conventional landlord-tenant arrangement, it was envisaged the federal agency will lease out licences for the operations of the water works but will foot capital expenditure to maintain the assets.

Sources privy to earlier discussions of water consolidation in Selangor told KiniBiz that talks of re-consolidation were already in the background when Syabas was awarded the concession.

“The state government was starting to look at the numbers for consolidation as early as 2007,” one source said. This is a mere three years after Syabas was awarded the 30-year deal.

In January 2008, the federal cabinet decided that the Selangor government will be leading talks with concessionaires for consolidation. This would mean agreeing on a price upon which the state will pay the concessionaires for taking over their water businesses.

The fight begins

Two months later, the BN lost Selangor. Pakatan Rakyat, elected among others over its promise to freeze tariff hikes, did just that. The government argued that Syabas had breached its concession agreement, which required it to reduce non-revenue water (NRW – water lost to leaking pipes, theft, etc), and thus did not qualify to raise tariff hikes.

The state, which owns 30 percent of Syabas through its investment arms, also moved to freeze all capital expenditure until consolidation is through.

“It is a catch-22. The state won’t give Syabas money because its NRW is high but Syabas can’t reduce its NRW without money,” the source said.

Rozali, in an advertorial to rebut the state’s claims of its inefficiency said the capital expenditure freeze is “illogical” and “extremely impractical” as it has proven that it has successfully reduced NRW from 43 percent in 2005 to 32 percent in 2008.



He said that what the Selangor government is doing is sabotaging the replacement of 5,400 km of aging water pipes and fix water pumps. This, he said, would reduce quality of service. This includes dry taps on several occasions last year.

But Tricia Yeoh, who participated in the negotiations as an officer of the Selangor Menteri Besar’s Office up to April 2011 said that the state was justified to do so.

Yeoh said that the state found that Syabas had prior to this exhausted allocated capital expenditure and had used some of it on operating expenditure.

“The Auditor-General’s Audit Report for 2009-2011 showed that the funds Syabas received for capital expenditure from the Selangor government were actually used for operating expenditure. If such funds were necessary for the upgrading of water pumps, then they should not have been misallocated,” she said.

The state had previously also cited things like failure to award over RM600 million of contracts via open tender, import of RM375 million worth of pipes from an Indonesian company linked to Rozali among breaches which justify the freeze.

It also questions Puncak Niaga top management’s remuneration. In 2011, Puncak Niaga’s highest paid official, presumably Rozali, went home with between RM8.35 million and RM8.4 million, despite suffering a pre-tax loss of RM75.2 million.

Bad blood

This heavy politicking between Selangor and the Puncak Niaga Group has weighed down the consolidation exercise. Having already bought over most of Abass, the state has only Splash and Puncak Niaga Group to deal with. Latest reports indicate that Splash is likely to sell its assets to the Selangor government.

Sources familiar with the negotiations claim that the state has taken a “take it or leave it” stance, instead of pursuing a willing buyer-willing seller deal which is “fair”.

Despite holding 41.25 percent of Puncak Niaga shares, Rozali says that as a public-listed company Puncak Niaga needs to get the buy-in of all its shareholders. He also said that Puncak Niaga needs the golden shareholder, the federal government, to okay the deal before it can move.

Yeoh claims that from 2009 to 2011, the state held many meetings with the companies, trying to come to a middle ground in terms of valuation.But some things, like demands for higher returns on equity, she said, are just not feasible.

After four years of back and forth, Selangor Menteri Besar Abdul Khalid Ibrahim said that the RM9.65 billion collective offer last week is its last. If there is no deal by March 6, he said, the state is urging international arbitration.

But will this election-eve offer be enough to seal the deal?

- See more at: http://www.kinibiz.com/story/cor ... thash.PRrhXJov.dpuf

williamnkk81

Will Selangor’s RM9.65 bil bid succeed?

FEBRUARY 27, 2013, 13:30 PM
After four years of back and forth, the Selangor government last week put its foot down and said enough is enough. With this, it made its fourth and final offer to take over the state’s water concessionaire for a total sum of RM9.65 billion.

If the concessionaires are unhappy, Selangor Menteri Besar Abdul Khalid Ibrahim said, the water companies–Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash), Konsortium Abass Sdn Bhd (Abass), Puncak Niaga Sdn Bhd (PNSB) and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas)–can take it up in arbitration.

Latest reports indicate that  Selangor has won half the battle, with Abass and Splash indicating that they will accept the offer. This would mean 58 percent of the state’s water treatment capacity under the state’s control.



But analysts say that without PNSB and Syabas, the deal goes nowhere. This is especially so as Syabas is the sole distributor of water. Syabas is 70-percent owned by Puncak Niaga Holdings, which also wholly-owns PNSB. Holding the trump card is Puncak’s largest shareholder, and Umno-linked executive chairperson Rozali Ismail who holds 41 percent of the company.

And whether Rozali will take up the offer by the March 6 deadline depends on both politics and finance.

Is the Selangor offer fair?

On the numbers side, Abdul Khalid claims that at 12 percent return on equity, the offer is more than fair. Analysts, however, say that the rub lies in the valuations of assets.

According to Kenanga Research, the RM5.6 billion collectively offered to the Puncak entities is 20 percent higher than Selangor’s 2011 offer and is “fairly attractive”. (see chart)

CIMB Research said the deal could earn Puncak Niaga RM1.1 billion, but this is lower than its discounted cash flow value of RM1.5 billion for PNSB and Syabas. Am Research in a report last year valued Puncak water entities at RM1.66 billion.

Although the offer gives a premium of more than 100 percent above existing share price, it is still doubtful that Puncak will bite. It said that at RM2.70 per share, the value is not far off from previous state offers of RM2.23-2.73, rejected by Puncak.

There is also the ongoing dispute over the water concession agreement. This includes the refusal of the state to allow the promised tariff hikes, citing Syabas’ non-performance.



Partisan politics at play

Selangor argues that its decision to freeze hikes is based on the concession agreement, but its motivation is political. The Pakatan Rakyat government was voted in because it promised, among others, not to raise tariffs.

CIMB Research noted that the state has refused to pay RM1.9 billion for loss of income due to tariff freezes. The state is also adamant that it will not give any compensation, including for loss of future income from the concessions.

“There is no compensation for this. It doesn’t make sense (to provide compensation) and was not provided for in the concession agreement,” Pakatan Rakyat lawmaker Tony Pua, who is part of the state’s water consolidation committee, said.

Selangor has indicated that it may go ahead and take over Splash and Abass, with or without Puncak’s agreement, but the water analyst believes that this would only raise the political stakes.

If anything, said one analyst with an investment bank who declined to be named citing the sensitivity of the issue, a successful takeover of Splash and Abass would mean that politics would play an even more crucial role than before.

“We will see a head-on collision between Pakatan Selangor and BN federal-backed Puncak,” said the analyst.

Besides Rozali’s background as a former Selangor Umno office-bearer, previous developments may have given the impression that the BN federal government is on Puncak’s side.

In 2011, for example, federal agency Pengurusan Aset Air Bhd (PAAB) allegedly  “bailed out” Puncak through the purchase of the water bonds just as they were at risk of a downgrade.

“The failure of these companies to service their debts, had no bailout been offered by the BN administration, would have necessitated these companies to come to the table and negotiate the terms of restructuring with the Selangor state government or other parties which have made offers to acquire the businesses and assets.” Pua had said in a press statement.

What’s in it for Rozali?

Among all the concessionaires, Puncak is the only one who has played hardball and rejected all the offers. But prospects for Syabas are not so great. Besides the state government, it is also fighting legal battles with the other water treatment companies for not paying for treated water.

If the state takes over Abass and Splash, can it wind up Syabas due to non-payments? “It’s more complicated than that. There are legal clauses which Syabas is relying on to pay less than what it owes, due to the freeze on tariff hikes,” the water analyst said.

He said that negotiating with Puncak may also go beyond the water industry. With Puncak Niaga dipping its toes in oil and gas, “other areas of compensation” might have been a reason for not taking up the deal just yet. Puncak Niaga’s oil and gas division is a contender for Petronas’ marginal oil field jobs.

For OSK Research, accepting the Selangor deal now would be risky, as it is happening so close to the election. What more with political pundits saying that both sides of the political divide having equal chance of winning Selangor.

Snap polls must be called before April 28, upon which the parliament is dissolved automatically. Elections must be held within 60 days of dissolution. The Selangor state assembly term matches the parliamentary term.

“This type of merger and acquisition could take months to complete…The impending dissolution of the Selangor state assembly may cause confusion as to the ultimate decision maker of this exercise.

“We believe that these types of transactions will need the blessings of the MB and possibly the approval of the state assembly,” OSK said.



A political proposition

For Selangor MB’s political secretary Faekah Husin, “it all depends on Rozali” and the only reason he would hold out is if he thinks he could get a better deal from an Umno-led government.

Rozali could not be reached for comment, but has in advertorials rebutting the Selangor government said that the decision is not solely on his shoulders. He said that the deal will also need buy-in from the 58.75 percent minority shareholders.

In a statement last week, he said that Puncak will need to check with the federal government, as it holds the golden share in Syabas. Minister in charge of water Peter Chin did not respond to calls or text messages.

“It is all politics, so our political proposition is this: we believe we can retain Selangor, and if Pakatan Rakyat takes over the federal government, too, the offer can be slashed up to half,” Faekah said.

Meantime, it looks like Selangor’s bid will only partially succeed with Puncak unlikely to accept the offer for its water assets.

- See more at: http://www.kinibiz.com/story/iss ... thash.iKl8Ynb5.dpuf

williamnkk81

雪州政府已获水供半壁江山
重组成败现系于罗查里一人

新闻分析
经过4年多的争论和僵持，雪州政府终于在上周提出第4次，也是最后一次的收购献议，准备要以96亿5000万令吉来收购州内4家水供特许经营业者，以一劳永逸解决雪州的水供争议。不过，这项收购献议是否能够取得成功，现在系于商业高峰公司执行主席罗查里（Rozali Ismail）一人。

根据《当今财经》报道，最新的发展显示，雪州政府已经成功拿下半壁江山，因为其中两名业者雪州水务公司（Splash）和雪州水务集团（Abass）已经同意雪州政府的献议。这意味雪州政府将会控制58%的滤水厂。

不过，分析员表示，如果另外两名业者——商业高峰私人有限公司（PNSB）和雪州水供公司（Syabas）都不肯点头，那么这项收购献议将宣告失败，特别是雪州水供公司目前控制州内的输水系统。

详文见：http://www.malaysiakini.com/news/222471

M.Fish

很难啦。。。联邦政府拒绝，多少亿都没用咯。。

wengsky

我想問下ho。既然他們是特许经营业者，只要政府收回特许经营權不就行了嗎？
表插我

keddylau32

执行主席罗查里.....((((((

williamnkk81

wengsky 发表于 1-3-2013 11:09 AM
我想問下ho。既然他們是特许经营业者，只要政府收回特许经营權不就行了嗎？
表插我

哈哈。。。 你讲的没错。。。 但现在是州政府VS联邦政府。。。。。

williamnkk81

接管特许公司股权转交雪州
水务协会吁中央助水务重组

2013年3月6日 下午4点33分
面对雪州水务重组僵局，水务与能源研究协会（AWER）建议，中央政府应根据救失债券额度，接管特许水务公司部分股票，并将它转交给雪州政府，这样就可以协助完成水务重组。

该组织批评，中央政府直接拨款7亿2600万令吉予雪州水供公司（SYABAS），以及推动雪州水务债券的“救市”行动其实已是干预雪州水务重组，违反2006年水务业法。

水务与能源研究协会今天发表问答录，解析雪州水供重组疑难。该问答录有10项问题，主要回答3项问题：一、中央政府有无干预雪州重组水供；二、雪州政府献议收购条件是否合理；三、中央政府与雪州政府如何走出水供重组僵局。

该组织建议，如果提特许水务公司拒绝雪州政府收购献议，中央政府应该从特许水务公司手中，接管与雪州水务债券的“救市”金额（58亿令吉）相等价值的股权，然后再将这些股权转交给雪州政府。雪政府成为大股东，就可以完成重组。

详文：http://www.malaysiakini.com/news/223106

icy97

商業高峰反覆‧獻議期或延長‧雪州政府水務整合耗時

熱股評析  2013-03-07 17:24
（吉隆坡7日訊）雪州政府為水務整合計劃空杯注入半滿的水，但卻面對商業高峰（PUNCAK，6807，主板基建計劃組）模稜兩可答覆阻擾，分析員認為談判大門依舊敞開，州政府可能延長獻議期限，而全國大選等不明朗因素將增添工作難度，預期整個計劃將非常冗長。

商業高峰：56億全購案不完整

商業高峰宣佈無法做出是否批准或接受雪州政府收購水供資產決定，主要是相關總值56億令吉的全購案並不完整和不確定性，但仍願意和達魯益山集團（KDEB）討論此獻議，只要後者願意對該公司提出的問題提供確實的答案。

雪州柏朗桑（KPS，5843，主板貿服組）則在研究了相關獻購條件和考慮了主要顧問馬銀行投行及獨立顧問Crowe Horwath公司的建議後，原則上接受收購獻議。

該公司將不會尋求替代性方案，以尋求競標該公司所持有的Titisan Modal公司（TMSB）的90.83%股權及雪河公司（SPLASH）的30%股權。

金務大：將與魯益山
尋求進一步談判

金務大（GAMUDA，5398，主板建筑組）已致函達魯益山集團以尋求進一步的討論和談判，以便獲得澄清達魯益山集團在2月20日的文件中所設定的參考條款。

不過，該公司表示，該公司願意尋求和達魯益山集團達致協議，只要得到滿意答覆和獲得同意。

雪州大臣是在2月20日通過達魯益山集團，獻議96億5千萬令吉給4家特許經營水供公司，即雪州水供公司（Syabas）、商業高峰、雪州水務集團（ABASS）及雪河公司（Splash），以重組雪州水供工業，啟動重新接管水供程序，杜絕壟斷現象。

聯昌研究表示，商業高峰含糊不清的回覆早在意料之中，主要是聯邦政府旗下的水務資產管理公司（PAAB）據稱對州政府全購獻議並不清楚，而PAAB需承擔州政府股權價值以外的其他收購考量因素，因此其參與至關重要。

“雖然商業高峰並未拒絕相關獻議，而當前情勢顯示州政府可能延長接受獻議期限，畢竟商業高峰若不首肯，整個全購計劃將再次以失敗告終。＂

水務股變持中和評級

聯昌認為，相關全購計劃仍未取得一致共識，預期整個計劃可能非常冗長，若有政治勢力介入恐進一步延遲，因此建議投資者持續在場外觀望，維持領域“中和＂評級。

不明朗因素太多

興業研究指出，商業高峰決定不叫人意外，更進一步證實短期水務資產整合交易困難重重的觀點，預見相關收購案將面對多元不明朗因素影響，主要是全國大選可能在未來數週內公佈，而水務資產整合案至少需要數月時間才能完成。

“達魯益山集團作為雪州政府的投資臂膀，作為最終決策者的雪州州議會解散可能對此造成混淆。＂

該證券行說，達魯益山集團固然有自己的管理團隊，但相信相關交易需要州務大臣和州議會的批准才能通過。

不過，興業認為，商業高峰未將談判大門關閉，仍願意與達魯益山集團進行下一步洽商，為投資者帶來了些許希望，甚至有望保持股項的“炙手＂程度。

估值遭低估
限制股價下行風險

“我們也專注於公司遭低估估值，可能限制股價下行風險。我們注意到公司近期淨利出現顯著改善，歸功於非落實的高水費賠償，現僅紀錄在賬面上，仍等候法院判決方可帶來具體現金流，但盈利表現改善也是基本面另一提振因素。＂

興業補充，集團近期也成功進軍回酬豐碩的石油與天然氣領域，也為投資者提供另一值得歡呼的原因，因此維持其“短線買進＂評級，目標價為2令吉。（星洲日報／財經）

icy97

冷岳2势在必行 中小型水管商成赢家

财经新闻 财经  2013-07-30 13:06
（吉隆坡29日讯）基于雪兰莪水库告急情形日益加剧，投行认为，冷岳河第二期输水计划（Langat2）最迟需在今年底开始动工，而中小型的水管生产商料是最大潜在受惠者。

自2008年开始，雪兰莪主要资本开销中包括水管替换，以将无收益水（NRW）拉低。

马银行投行粗略估计，雪兰莪共有6000公里的水管需要替换，潜在价值超过10亿令吉。

一旦主要水管替换计划复苏，加上冷岳河第二期输水计划（Langat2）输配水管推动下，国内水管生产商料能从中受惠。

另外，大马水管生产商受国内一些条例保护，受监管单位批准以进口特定种类的水管。

因此，该投行认为，投资者应关注与雪兰莪水务基建相关的公司，并专注在中小型的水管生产商。

总值13亿

在所有该投行追踪的水管生产商当中，该投行并没有给予投资评级，但相当看好勇达集团（ENGTEX，5056，主板贸服股），该公司是同行中提供最多样化的产品，料能从水管替换计划以及冷岳河第二期输水计划中取得相当多的合约。

此外，捷硕资源（JAKS，4723，主板建筑股）和友联工业（YLI，7014，主板工业产品股）也是当中的受惠公司，前者在大型直径软性钢管（Mild Steel Price）中相当有名，料能应付冷岳河第二期输水计划。

至于友联工业与勇达集团，是本地在球墨铸铁管生产上具有优势地位的公司，不过，勇达同样生产小至中型软性钢管，产品相当多元化。

马银行投行相信，冷岳河第二期输水计划首阶段总值为12亿至13亿令吉，参与竞标的公司包括金务大（GAMUDA，5398，主板建筑股）、IJM（IJM，3336，主板建筑股）以及WCT（WCT，9679，主板建筑股）。

雪州水库告急

马银行投行预测，雪兰莪2012年和2011年储水量（reserve margin）分别为3.5%和7.5%，并在今年将下降至不到1%水平。

联邦政府在2011年发起加强产量措施，预计在2013至2015年将增加13%或601mld（百万公升）净水（treated water）。国家水务委员会（SPAN）指出，这仅能应付需求至2016年。

雪兰莪产水量在2009年至2012年复合年增长率（CAGR）为2.7%，无收益水（NRW）则在32至33%，相对较高水平。

彭亨-雪兰莪输水转换计划的工程已经来到尾声，预计在2014年5月完工。若冷岳河第二期输水计划届时缺席，这项上游基建工程将成为“白象计划”。

分析员预计，冷岳河第二期输水计划首阶段工程产量预计为1130mld，联合第二阶段工程后，雪兰莪产水量相信会来早7338mld。

目前，产水量为4477mld，2015年则将添加额外610mld。[南洋网财经]

chenvy

雪水供计划将在近期公布，Puncak，KPS， KHSB，JAKS 将会有一轮作为。 Utopia将会是未来这两个月的明星股。

icy97

雪州水供僵局有望破冰 水务股前景转乐观

财经新闻 财经  2013-08-15 08:07
（吉隆坡14日讯）雪兰莪州水务僵局近数周终于展露曙光，雪州政府和联邦政府之间欲解决拖延多时的水务整合计划出现越来越强的讯号，有望解放雪州水供特许经营的潜在价值，促使分析员唱好水务领域前景。

雪州政府和联邦政府近期着手各种管道，积极为水务僵局寻求解决方案，特别是州政府今年2月提出的96亿令吉献议，更让大马研究分析员对水务领域的看法转正面。

媒体上周报道，联邦政府重申愿意合作，促进州政府通过达鲁益善集团（KDEB）率领的水供整合计划；相对州政府需划分出沙登150英亩土地，促进建设Perdana医疗大学。

拟接受KDEB献议

大马研究分析员认为，近期发展是联邦与州政府双方履行各自承诺的最新讯号，以解决一些僵持不下的课题，特别是拖延多时的水务整合问题。
雪州水供应链相关机构的消息透露，谈判僵局有望破冰，就算最终条件目前还不清楚。

雪州水务公司（SPLASH）及雪州水供财团（ABASS）亦透露有意接受KDEB的献议。

分析员认为，水务整合计划需要加速推行，因为水务处理业者供应食水予雪州水供公司（SYABAS）的应收账款不断累积，预测截至去年杪达到20亿令吉。

此外，分析员相信SYABAS被迫延迟调升水费，所以仅支付供应商发票（Invoice）总额的42%。

释放潜在价值 建议增持

基于市场看好水务整合可达成协议，所以第13届全国大选后，雪州水务相关股走势凌厉。

不过，分析员是考虑到近期发展朝着顺利解决的方向迈进，他调升水务领域评级，从“中和”至“增持”。

除此之外，他点出，联邦和州政府联手，将可揭开雪州水供特许经营公司所蕴含的深层价值。

分析员推算，雪州主要水供业者———商峰（PUNCAK，6807，主板基建股）、柏朗桑集团（KPS，5843，主板贸服股）和金务大（GAMUDA，5398，主板建筑股）目前以净资产价值的17至61%平均折价交易。

水供应链相关业者———达力（TALIWRK，8524，主板贸服股）及捷硕资源（JAKS，4723，主板建筑股）则以账面价值的52和17%折价交易。

商峰评级上调至买入

考虑到所有水务相关单位近期表态解决雪州水务僵局，大马研究分析员上调商峰投资评级，从“守住”至“买入”。

同时目标价也从2.41令吉上修至4.03令吉。

除了联邦和州政府示意，分析员认为，SYABAS旗下逾20亿令吉的应收账款，是另一个推动商峰接受合理献售水务资产的因素。

尽管水务整合洽商的最新详情如价格仍不清楚，但商峰的风险回酬率正随之逐步改善。

分析员指出，水务整合顺利解决，将有助释放商峰水务资产的价值。

柏朗桑上升空间大

分析员指出，雪州水务资产收购洽商重启，将带动柏朗桑集团兑现价值。随着水务领域整体评级上调至“增持”，他相信一旦水务整合计划顺利完成，柏朗桑集团将有更大上升空间。

以KDEB最新献购、雪资产集团（KHSB，6246，主板产业股）脱售57%股权予KDEB，以及柏朗桑集团其余资产和业务推算，他估计柏朗桑集团的每股净资产价值，可达4.23令吉。

假设KDEB的献购维持不变，柏朗桑集团有望从脱售手上的SPLASH和ABASS股权中，进账15亿令吉。

柏朗桑集团目前持有SPLASH的30%股权，并透过持股91%股权的Titisan Modal握有ABASS所有股权。[南洋网财经]

icy97

冷岳食水處理廠成敗‧牽動雪州水務整合

行業走勢  2013-08-23 17:37
（吉隆坡23日訊）雪州水務整合死灰復燃消息不斷，市場預見僵局曙光乍現，帶動水務類股連月大起，但分析員認為後續發展胥視僵局死結能否解開，而箇中焦點在於冷岳第二食水處理廠成敗。

《星報》報導，中央政府即將在3個月內出台方案來解決延宕多時的雪州水務整合問題，同時雪州州務大臣丹斯里卡立也重申已準備就緒展開整合洽商和冷岳第二食水處理廠發展計劃。

商業高峰漲幅大

水務整合重啟消息不斷，令投資者憧憬撥雲見日，帶動水務股從7月開始普遍呈漲勢發展，其中商業高峰（PUNCAK，6807，主板基建計劃組）一度從6月杪的1令吉91仙暴漲55.5%至2令吉97仙，但後來漲勢隨著馬股盤整回吐至今日閉市的2令吉66仙，漲幅仍達39.27%。

雪州柏朗桑（KPS，5843，主板貿服組）表現也不惶多讓，從6月杪的1令吉42仙一路飆升至2令吉零2仙高位，漲幅達到42.25%。該股今日收報1令吉84仙，跌2仙，相比之下，金務大（GAMUDA，5398，主板建筑組）表現低迷，閉市挂4令吉34仙，挫12仙。

大馬研究認為水務整合消息正面，雖然最新交易細節未公佈，但雪州柏朗桑（KPS，5843，主板貿服組）和金務大旗下雪州水務集團（ABASS）及雪河公司（Splash）早前已經表達有意接受雪州政府在今年2月的提案，只有商業高峰仍未點頭接受。

雪州大臣在今年2月20日通過達魯益山集團（KDEB），獻議96億5千萬令吉給4家特許經營水供公司，即雪州水供公司（Syabas）、商業高峰、雪州水務集團及雪河公司，以重組雪州水務領域。

大馬研究說，水務整合計劃的中心問題在於冷岳第二食水處理廠，必須透過興建食水處理廠來處理向彭亨州引進的生水來解決州內水供短缺問題，而政府列為總值21億令吉首期工程的最後3位決選承包商名單中，包括MMC機構（MMCCORP，2194，主板貿服組）、實康（SALCON，8567，主板貿服組）和阿末查基資源（AZRB，7078，主板建筑組）。（星洲日報／財經）

icy97

雪州水務有望整合‧水務股聞聲漲

2013-09-05 11:21      
（吉隆坡4日訊）雪州水務領域可望在3個月內完成整合，水務股聞聲大漲，成為馬股週三最搶眼股類。

商業高峰漲20仙

其中，商業高峰（PUNCAK，6807，主板基建計劃組）全天漲20仙或7.6%至2令吉83仙，雪州柏朗桑（KPS，5843，主板貿服組）則揚18仙或9.32%至2令吉11仙，有望從冷岳2濾水站計劃中受惠的JAKS資源（JAKS，4723，主板建筑組）和實康（SALCON，8567，主板貿服組），亦各漲4.5仙和1.5仙，以50.5仙和64.5仙收盤。

持有雪河公司（SPLASH）40%股權的金務大（GAMUDA，5398，主板建筑組），也小漲1仙至4令吉59仙。

能源、綠色工藝與水務部長拿督斯里麥西慕昨日透露，內閣已批准雪州政府收購4家水務特許經營公司，先決條件是雪州政府須批准冷岳河2濾水站計劃，同時給予該部3個月時間與雪州政府接洽和完成這項交易，意味拖延4年的雪州水務整合計劃很可能在未來3個月內敲定。（星洲日報／財經）

icy97

年底前解決收購資產 水務股應聲走高

財經26 Sep 2013 16:50
（吉隆坡26日訊）雪州政府子公司達魯益山集團（KDEB；前稱達魯依山集團）希望年底前解決收購雪州水務資產與水供問題，水務股應聲走高。

JAKS資源（JAKS，4723，主要板建築）以52仙開盤，便逐步盤高，休市時報53.5仙，起1.5仙至53.5仙。截至4時半，JAKS資源收在53.5仙，升1.5仙。

商業高峰（PUNCAK，6807，主要板基建）以3.08令吉開市就稍微下滑至3.06令吉，隨后扭轉跌勢上揚4仙，報3.10令吉。截至4時半，商業高峰增12仙，掛3.18令吉。

雪州柏朗商（KPS，5843，主要板貿易）以2.43令吉開跑，盤中觸及2.46令吉，增3仙；隨后回吐漲幅，休市報2.44令吉，起1仙。截至4時半揚升3仙，報2.46令吉。

《The Star》媒體報導，達魯益山集團希望年底前解決收購雪州水務資產與水供問題。

該報導引述達魯益山集團總裁蘇海米指出，一旦中央政府和州政府在收購資產的結構和框架達成協議，達魯益山集團將作出新的獻議。

不過，蘇海米表示，獻購價可能與第4次獻購相同，或總值97億令吉。“這將根據12%股本回酬（ROE）和水務資產。股權和12%股本回酬總值20億令吉，剩餘的77億令吉則支付水務資產與負債，包括政府的貸款與債券。”

大馬投資研究分析師保持該領域增持的投資評級，並建議買進商業高峰，目標價格為4.02令吉。[中国报财经]