Highlights

THE INVESTMENT APPROACH OF CALVIN TAN

Author: calvintaneng   |   Latest post: Wed, 27 Oct 2021, 4:42 AM

 

KPOWER, SOLARVEST, SAMAIDEN & PEKAT: Compare & Contrast their Prices, Earnings & Price to Book Value, Calvin Tan

Author:   |    Publish date:


Dear Friends

Petronas has indicated that Upcoming Capex will go to Clean Green Energy - Especially Solar Power.

As such we look at these 4 Green Energy Companies: Kpower, Solarvest, Samaiden & Pekat

 

Petronas to spend up to RM45b in capex over next five years, says CEO

 

KUALA LUMPUR (Feb 26): Petroliam Nasional Bhd (Petronas) is expecting to spend between RM40 billion and RM45 billion in annual capital expenditure (capex) over the next five years, based on its projection of oil prices and outlook on the industry.

Petronas plans to spend 55% of the annual capex allocation on domestic investments, with the remainder on international investments, according to president and CEO Tengku Muhammad Taufik Aziz.

Some 9% of its annual capex will be allocated to new energy initiatives, he said, which is almost double the previous 5% allocation set in 2020.

 

From above we SEE Petronas almost double its capex for new energy from 5% to 9%

 

1) KPOWER

SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2021

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Jun 2021
30 Jun 2020
30 Jun 2021
30 Jun 2020
$$'000
$$'000
$$'000
$$'000
1 Revenue
101,305
39,361
386,091
95,843
2 Profit/(loss) before tax
8,407
10,114
51,402
17,906
3 Profit/(loss) for the period
6,613
7,308
38,234
12,776
4 Profit/(loss) attributable to ordinary equity holders of the parent
5,919
7,312
37,463
12,786
5 Basic earnings/(loss) per share (Subunit)
1.74
1.75
8.28
3.06
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.3100
0.250
 

 

 KPOWER this Qtr profit is 1.74

Annualised 1.74x 4 = 6.96 sen

Current price is 69 sen

P/E is 69/6.96 = 9.9

For a fast growing Clean Energy Company a P/E below 10 in single digit is considered undemanding

Plus Kpower Net Cash remains at Rm104 Millions & receivables have shrunk from Rm183.6 millions last qtr to Rm149.7 Millions or Rm33.9 Millions debts collected.

Payables also shrunk from rM131.7 Millions to Rm97.4 Millions or LESS Rm34.3 Millions

THIS SHOWS THAT CASH FLOW IS SOUND & BALANCE SHEET IS ALSO SOUND

AT 69 SEN WITH NAV AT 31 SEN KPOWER IS SELLING AT 2.22 TIMES PRICE TO BOOK VALUE

 

2) SOLARVEST

SUMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2021

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2021
31 Mar 2020
31 Mar 2021
31 Mar 2020
$$'000
$$'000
$$'000
$$'000
1 Revenue
63,161
51,350
224,287
253,434
2 Profit/(loss) before tax
8,534
2,845
22,691
16,485
3 Profit/(loss) for the period
6,279
3,873
16,439
15,976
4 Profit/(loss) attributable to ordinary equity holders of the parent
6,298
3,814
16,139
15,665
5 Basic earnings/(loss) per share (Subunit)
1.42
0.98
3.97
6.28
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
1.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.2100
0.2100
 

NOTE; SOLARVEST HAS YET TO REPORT ITS AUG 2021 RESULTS

MAY  QTR earns 1.42 sen

Annualised 1.42 X 4 = 5.68 sen

Current price Rm1.30

P/E 130/5.68

= 22.88 (MORE THAN DOUBLE THAT OF KPOWER)

NAV IS 21 SEN

SOLARVEST AT RM1.30 IS SELLING AT 6.19 TIMES BOOK VALUE

 

3) SAMAIDEN

SUMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2021

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2021
31 Mar 2020
31 Mar 2021
31 Mar 2020
$$'000
$$'000
$$'000
$$'000
1 Revenue
9,031
0
28,287
0
2 Profit/(loss) before tax
1,602
0
5,714
0
3 Profit/(loss) for the period
1,071
0
4,169
0
4 Profit/(loss) attributable to ordinary equity holders of the parent
1,073
0
4,172
0
5 Basic earnings/(loss) per share (Subunit)
0.58
0.00
2.24
0.00
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.2238
0.0000
 

SAMAIDEN HAS NOT GIVEN ITS LATEST RESULT FOR AUGUST 2021

MAY 21 RESULT SAMAIDEN EARNS 0.58 SEN

ANNUALISED 0.58X 4 = 2.32 SEN

CURRENT PRICE IS RM1.16

P/E = 116/2.32

= 50

NAV IS 22 SEN

AT RM1.16 SAMAIDEN IS SELLING AT 5.27 TIMES BOOK VALUE

 

4) PEKAT

SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2021

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Jun 2021
30 Jun 2020
30 Jun 2021
30 Jun 2020
$$'000
$$'000
$$'000
$$'000
1 Revenue
40,055
0
81,716
0
2 Profit/(loss) before tax
1,477
0
7,392
0
3 Profit/(loss) for the period
1,017
0
5,513
0
4 Profit/(loss) attributable to ordinary equity holders of the parent
1,043
0
5,587
0
5 Basic earnings/(loss) per share (Subunit)
0.20
0.00
1.09
0.00
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
0.1700
0.1000
 

PEKAT EARNS 0.2 SEN THIS QTR

ANNUALISED 0.2X4 = 0.8 SEN

AT 73.5 SEN

P/E IS 73.5/0.8

= 91.87

AT THIS RATE IT WILL TAKE 91.87 YEARS TO DOUBLE YOUR MONEY

BETTER PUT YOUR MONEY IN BANK FD AT 1.75%

SEE 100/1.75

= 57.14 P/E

IT WILL TAKE 57.14 YEARS TO DOUBLE YOU MONEY WITH BANK INT AT 1.75%

PEKAT NAV 17 SEN AND AT 73.5 SEN IT IS SELLING AT 4.32 TIMES BOOK VALUE

 

AS WE CAN SEE FROM THE ABOVE EXAMPLES KPOWER BEATS ALL OTHERS HANDS DOWN

 

KINDEST REGARDS

 

Calvin Tan

 

 

Please buy or sell after doing your own due diligence or consult your remisier/fund manager

 

Working for a sustainable future – Renewable Energy of a Sustainable World

sustainable future = Renewable Energy

 
 

 

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ooi8888 Post removed. Why?
26/09/2021 9:37 AM
Bgt 9963 Green energy to gogogo....
26/09/2021 9:57 AM
TreeTopView Calvin, I'm a little bit confused as to why you have done a comparison between Solarvest and KPower.

Solarvest are solely a RE/ Solar energy sector company.

KPower are a mix of various sectors, construction, healthcare, logistics and hoping to grow their RE footprint. KPower earnings currently are heavily derived from their construction business.

Would you care to enlighten us on why you felt a comparison between both companies is relevant?

Thanks and have a good day.
26/09/2021 10:39 AM
SureWin1Woh TreeTopView, simple reason...bcoz he has loaded KPower for distribution to you all
26/09/2021 1:05 PM
TreeTopView Calvin, it might be very premature to start comparing KPower's possible solar industry ambitions to the current Solarvest order book and business plan.
Comparisons may be more relevant in 12 to 24 months time if KPower can attain any traction in the solar sector.
26/09/2021 4:44 PM
calvintaneng TreeTopView Calvin, it might be very premature to start comparing KPower's possible solar industry ambitions to the current Solarvest order book and business plan.
Comparisons may be more relevant in 12 to 24 months time if KPower can attain any traction in the solar sector.
26/09/2021 4:07 PM

See this

https://www.businesstoday.com.my/2021/08/20/kpower-signs-large-scale-p...

https://themalaysianreserve.com/2020/12/08/aminvest-sees-rapid-potenti..
26/09/2021 5:35 PM
abang_misai yawn...
26/09/2021 9:52 PM
stevenckheng kpower how much of its revenue and profit is from clean energy ?
27/09/2021 11:20 AM
EatCoconutCanWin Vsolar can enter your list? It making solar too.
27/09/2021 11:54 AM
calvintaneng Vsolar ok

If want Vsolar then go buy Netx better
27/09/2021 4:25 PM


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