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KLSE : PUNCAK       PUNCAK NIAGA HOLDINGS BHD
Last Price Avg Target Price   Upside/Downside Price Call
3.24 3.74     +0.50 (15.43%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
02/10/2014 3.38 3.99 +0.61 (18.05%) BUY KENANGA Price Target News
15/09/2014 3.44 3.40 -0.04 (1.16%) HOLD AMMB Price Target News
22/08/2014 3.31 4.01 +0.70 (21.15%) TRADING BUY RHB Price Target News
22/08/2014 3.31 4.44 +1.13 (34.14%) HOLD MIDF Price Target News
22/08/2014 3.31 3.99 +0.68 (20.54%) BUY KENANGA Price Target News
22/08/2014 3.31 4.28 +0.97 (29.31%) BUY CIMB Price Target News
22/08/2014 3.31 3.40 +0.09 (2.72%) HOLD AMMB Price Target News
13/08/2014 3.44 3.40 -0.04 (1.16%) HOLD AMMB Price Target News
05/08/2014 3.41 3.40 -0.01 (0.29%) HOLD AMMB Price Target News
01/08/2014 3.29 3.40 +0.11 (3.34%) HOLD AMMB Price Target News
08/07/2014 3.28 3.40 +0.12 (3.66%) HOLD AMMB Price Target News
27/06/2014 3.63 3.40 -0.23 (6.34%) HOLD AMMB Price Target News
23/06/2014 3.76 4.30 +0.54 (14.36%) BUY KENANGA Price Target News
23/06/2014 3.76 4.28 +0.52 (13.83%) BUY CIMB Price Target News
12/06/2014 3.38 3.40 +0.02 (0.59%) HOLD AMMB Price Target News
11/06/2014 3.25 4.01 +0.76 (23.38%) TRADING BUY RHB Price Target News
11/06/2014 3.25 4.28 +1.03 (31.69%) BUY CIMB Price Target News
11/06/2014 3.25 3.40 +0.15 (4.62%) HOLD AMMB Price Target News
30/05/2014 2.98 3.13 +0.15 (5.03%) HOLD RHB Price Target News
30/05/2014 2.98 3.41 +0.43 (14.43%) HOLD MIDF Price Target News
30/05/2014 2.98 3.19 +0.21 (7.05%) HOLD KENANGA Price Target News
30/05/2014 2.98 3.21 +0.23 (7.72%) HOLD CIMB Price Target News
30/05/2014 2.98 3.40 +0.42 (14.09%) HOLD AMMB Price Target News
22/05/2014 3.03 3.40 +0.37 (12.21%) HOLD AMMB Price Target News
19/05/2014 3.08 3.13 +0.05 (1.62%) HOLD RHB Price Target News
19/05/2014 3.08 3.40 +0.32 (10.39%) HOLD AMMB Price Target News
15/05/2014 2.92 3.40 +0.48 (16.44%) HOLD AMMB Price Target News
02/05/2014 2.92 3.40 +0.48 (16.44%) HOLD AMMB Price Target News


Price Target Research Article/News (past 6 months)
02/10/2014  KENANGA Water Utilities - Deal Finally Sealed
15/09/2014  AMMB Water Sector - Fed and state seal the deal NEUTRAL
22/08/2014  RHB Puncak Niaga - Within Expectations
22/08/2014  MIDF PuncakNiaga - Significant pick-up in oil and gas business
22/08/2014  KENANGA Puncak Niaga Holdings Bhd - Patience Pays
22/08/2014  CIMB Puncak Niaga Holdings - Still looking to close the deal
22/08/2014  AMMB Puncak Niaga - Maiden contributions from Pan Malaysia job HOLD
13/08/2014  AMMB Puncak Niaga - Bidding for Kepong incinerator job HOLD
05/08/2014  AMMB Puncak Niaga - Shortlisted for Pengerang contract HOLD
01/08/2014  AMMB Puncak Niaga - Signs water extraction agreement
08/07/2014  AMMB Water Sector - Selangor to maintain offer for SPLASH NEUTRAL
27/06/2014  AMMB Puncak Niaga Holdings - EGM likely in end-Aug or Sept HOLD
23/06/2014  KENANGA Puncak Niaga Holdings Bhd - Finally, the deadlock resolved…
23/06/2014  CIMB Puncak Niaga Holdings - Take the cash and grow
12/06/2014  AMMB Puncak Niaga - Finalisation expected in 2-3 months HOLD
11/06/2014  RHB Puncak Niaga - Light At The End Of The Tunnel
11/06/2014  CIMB Puncak Niaga Holdings - Here comes the boom
11/06/2014  AMMB Puncak Niaga - Accepts RM1.5bil offer in principle HOLD
30/05/2014  RHB Puncak Niaga - Below Expectations
30/05/2014  MIDF PuncakNiaga - Disappointing non-water business
30/05/2014  KENANGA Puncak Niaga Holdings Bhd - Missed Expectations
30/05/2014  CIMB Puncak Niaga Holdings - Still clogged up
30/05/2014  AMMB Puncak Niaga - A slow 1Q due to deferred O&G works HOLD
22/05/2014  AMMB Puncak Niaga - Still in discussions HOLD
19/05/2014  RHB Puncak Niaga - Another Potential Twist Of Event
19/05/2014  AMMB Water Sector - One step closer NEUTRAL
15/05/2014  AMMB Water Sector - Economic Council steps in NEUTRAL
02/05/2014  AMMB Puncak Niaga - Wins RM97mil job to build Sarikei WTP HOLD



  9 people like this.
 
kahhoeng hng33, thanks for clarification.
17/10/2014 09:04
hng33 Puncak current weakness could be due to the fact that it also have substantial exposure in oil and gas service provider, so, its just follow other big player like sapurakencana to reflect current tumbling in crude oil price
17/10/2014 09:11
kahhoeng Thought I will be sheltered in bad time due to sale of water asset, guess not
17/10/2014 13:09
sudahkena Waiting the circular. .... how long to wait...
17/10/2014 14:33
hng33 Puncak WB offer cheaper entry
17/10/2014 14:34
kahhoeng sold all my puncak for wa already, not really attractive if you look at the spread of its warrant... buy only at 2.16, sell at 2.10
17/10/2014 16:39
sudahkena Maybe fed need increase offer to splash.. then pkr will shut up
17/10/2014 16:52
hng33 The current take offer price for water treatment plant and their respective treated water capacity in milion litre per day (MLD)

1. Splash treated water capacity: 2000 MLD
Splash control by Gamuda 40%; KPS 30%: Sweet Water Alliance, Wan Azmi: 30%

(a). Take over equity price now: RM 250.6m
(total assets and liab: 1.84 bil)

(b). Take offer price in 2009: RM 1.56 bil
(total assets and liab: 2.98 bil)


2. PNSB treated water capacity: 1900 MLD
Wholly own by Puncak

(a). Take offer equity price now: RM 1.18 bil
(total assets and liab: 2.91 bil)

(b). Take offer price in 2009: RM 620m
(total assets and liab: 1.936 bil)


3. Abbas treated water capacity: 530 MLD
KPS control 91%

(a). Take offer price now: RM 99m
(total assets and liab: 990m)

(b). Take offer price in 2009: RM 125m
(total assets and liab: 946m)


4. Langat 2 project, Selangor portion cost RM 3.6bil for water treatment plant under phase 1, to build 2 water treatment plant, each 565 MLD capacity, total 1130 MLD. If take into account cost of construction to build 44.6km tunnel link Pahang to Selangor and construction dam in Pahang at cost RM 5.05 bil, then, total Langat 2 project cost is RM 8.65 bil.

(a) Capacity: 1130 MLD (phase 1, ready by 2017
(b) Capacity: 760 MLD (phase 2, cost pending til after phase 1 completion)

Total langat 2 treated water capacity is just 1890 MLD.


Remark: Langat 2 total cost RM 8.65 bil is 4.7x more expensive than to acquire splash for just RM 1.84 bil or if exclude tunnel/Pahang cost, court only two new water treatment plant, each 565 MLD capacity, cost RM 3.6 bil is still almost 2 x higher than splash and yet the total treated water capacity is just 0.57x than splash

Langat 2, phases 1, capacity 1130 MLD vs. Splash capacity 2000 MLD
18/10/2014 16:23
hng33 What i like to highlight here is that water treated from Langat 2 will be very expensive, even with leaseback for 45 year, it need to cover cost of construction either just from 2 new water treatment plant in selangor portion with each 565 MLD only for RM 3.6 bil + perhaps the water traffic also need to cover cost to build 44.6 km tunnel cost + Pahang portion cost + 10x higher raw water payable to Pahang than source from Selangor.

Comparing to existing water concession, they actually can afford to wait little longer if the take over price is no attractive. State rush to take over exiting water concession is try to neutralize partial future water traffic hike impact once the upcoming expensive Langat 2 is ready in 2017.
18/10/2014 16:49
kahhoeng seems like the fed is trying to hide the details of Langat 2, wonder who is benefitted from this?
19/10/2014 17:14


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