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KLSE: PASDEC       PASDEC HOLDINGS BHD
Last Price Avg Target Price   Upside/Downside Price Call
0.375 0.57     +0.195 (52.00%)
* 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
No Price Target available for this stock.





  3 people like this.
 
goldeye KUALA LUMPUR (Aug 3): Pasdec Holdings Bhd shareholders have been told to reject the takeover bid launched by its substantial shareholder Datuk Seri Tew Kim Thin, which has been deemed "not fair and not reasonable" by independent adviser Public Investment Bank Bhd (PIVB).

Tew, who is an executive director of Pasdec, is proposing to pay 52.5 sen per share for the remaining 228.41 million shares, or a 57.05% stake, he does not own in the Kuantan-based property developer, as well as one sen per warrant for the remaining 35.78 million warrants, or 31.28%, of the total number of warrants in Pasdec.

In an independent advice circular today, PIVB said although the share offer price represents a premium ranging from 1.98% to 31.71% over the last traded price of Pasdec shares as at July 2, 2018 of 47 sen and the five-day, one-month, three-month, six-month and 12-month volume-weighted average market price (VWAMP) of Pasdec shares, it, however, is lower than the estimated revalued net asset value (RNAV) per Pasdec shares of RM2.11, which represents a substantial discount of RM1.585 or 75.12% to the estimated RNAV per Pasdec share.

Premised on this, PIVB deems the share offer price not fair.

The warrant offer price is also not fair in view that it is at a 90% discount to the theoretical value of the warrant as at July 2, 2018. It also represents a substantial discount of 90% and 90.79% over the last traded price of the warrants as at July 31, 2018 of 10 sen and the five-day VWAMP of 10.86 sen.

The independent adviser said the offer is also not reasonable, considering that the offeror intends to maintain Pasdec's listing status, which means that shareholders will still be able to participate in the trading of Pasdec's shares and warrants.

"In the event that Pasdec declares any distributions in the future, shareholders are entitled to receive the distributions," it added.

"Premised on these, we are of the opinion that the offer is not fair and not reasonable. Accordingly, we advise and recommend that shareholders to reject the offer," said PIVB.

In a filing with Bursa Malaysia today, Pasdec's board of directors concurred, advising shareholders to reject the takeover offer by Tew.

On July 3, Pasdec had received a conditional mandatory general offer (MGO) from Tew through his private investment vehicle Jasa Imani Sdn Bhd, after his shareholding increased to 38.61% from 27.98% following the subscription of rights shares with warrants in the group. Together with the persons acting in concert with the offeror, their collective shareholdings increased to 42.26% from 31.68%.

Pahang State Development Corp, which owns a 26.57% stake in the group, has irrevocably undertaken not to accept the MGO.

Pasdec shares ended the morning session unchanged at 52 sen today, with 53,000 shares done, bringing a market capitalisation of RM208.19 million.
06/08/2018 1:52 PM
Kidir89 Pasdec, game over
10/08/2018 10:08 AM
Kidir89 Fake news
10/08/2018 4:34 PM
taitee Its going private
13/08/2018 3:12 PM
taitaumau First closing date (FCD): 14.8.18 (Tuesday)
Deadline for revision in FCD (2 day earlier): 11.8.18 (Friday)

So, as at to-day, it is clear that there is no extension of the offer.
WILL the offer become unconditional (>50%) by 5 p.m. tomorrow ??
13/08/2018 4:07 PM
HoselGoh Since the estimated revalued net asset value (RNAV) per Pasdec shares of RM2.11, and today closing price is RM0.45. Don't do you think the offeror will buy more in open market? Today volume a lot compared to pass few days.
13/08/2018 9:16 PM
HoselGoh Once break 0.47 next will be 0.5.
14/08/2018 10:31 AM
HoselGoh It seems like the take over is serious. 0.49...
14/08/2018 11:52 AM
14/08/2018 11:55 AM
HoselGoh Please go and read the latest announcement, the director keep on buying in the open market.
14/08/2018 12:09 PM
Kidir89 Boleh pergi lagi ke ni
14/08/2018 9:35 PM
Weeyaa what will happen 2moro... any comment
14/08/2018 9:58 PM
Gilbertron Pasdec major shareholder fails in takeover bid due to insufficient acceptance level http://www.theedgemarkets.com/article/pasdec-major-shareholder-fails-takeover-bid-due-insufficient-acceptance-level (Share from StockHunter)
14/08/2018 11:10 PM
oldchinaman if warrant drop below 8c, then just buy
14/08/2018 11:39 PM
apolloang bro oldchinaman,last time u ipo king,now u warrant king ar? hehe
14/08/2018 11:58 PM
Mohd Zaimi any comment utk bsok ?
15/08/2018 12:02 AM
Sam1026 Bsk boss nak beli lagi,hari ni beli tak cukup
15/08/2018 2:03 AM
taitaumau Offer document says return of acceptance shares shall be made immediately. So 3 trading days suffice?
15/08/2018 9:25 AM
oldchinaman hi apolloang, i buy you bkt if you free
15/08/2018 10:27 AM
15/08/2018 10:33 AM
Weeyaa construction slow now...
15/08/2018 5:36 PM
Kidir89 Tidur lagi pasdec
20/08/2018 2:36 PM
taitee why falling .... talak minyak mau tolak ke?
20/08/2018 3:52 PM
Kidir89 Pasdec membuang Cabut
21/08/2018 2:35 PM
dex Finish. Bad Qr
30/08/2018 5:46 PM
Kidir89 Nasib dah cabut awal ,isnin drop lagi
30/08/2018 6:14 PM
Yew Chee Kong There's actually big improvement in revenue @ 50.647 mil compared to 26.087mil
the previous qtr, & the loss had reduced a lot from - 0.41/share compared to loss of - 1.27/share in the last qtr.
31/08/2018 4:43 PM
Solehajb1989 No good cmpy
14/09/2018 4:18 PM
Solehajb1989 Qr loss
28/11/2018 12:44 PM
57keong Monday gap down
02/12/2018 4:33 PM
naaim207 company's director is buying, any good news coming?
07/12/2018 3:30 PM
57keong Ok, gap down
12/12/2018 10:03 PM
57keong Qr , out
12/12/2018 10:05 PM
naaim207 all other stocks already wakes up. this one, keep on sleeping
07/01/2019 4:16 PM
taitee ZZZzzzzzzzzz
14/01/2019 10:30 AM
naaim207 wake up without volume? or, continue sleeping?
18/01/2019 10:09 AM
AiOne Corner This is a Good News ..
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6031941

Shouldnt be down .. Must be up ...
29/01/2019 9:52 AM
Johor Post removed. Why?
29/01/2019 9:53 AM
commonsense The company has failed to deliver any consistent profit to its shareholders for the past 10 years. The company would likely post a loss of more than RM10mil in FY18 and I doubt they can reverse the losses in FY19 given the current weak property market (which is even worse outside of Klang Valley).

Investors may need to wait for the property market to rebound back for the company to start posting profit but I still doubt it would be substantial enough when compared to the company’s market cap. Even if you take the FY17 profit of RM6.5mi, at the current share price, the company would still be valued at a high valuation of more than 22x PE.

If you are looking to diversify your portfolio outside of Pasdec (due to its earnings uncertainties and relatively high valuation) I would recommend you to look at MBMR.

MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.9x PE (based on target FY18 profit of RM145mil. 9m profit is already RM106mil). PB is low at only 0.7x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17.

FY19 growth will be driven by the still high demand of the new Myvi and the newly launched SUV Aruz and also the newly revamp Alza in 2H19. The recent announcement of closure and potential disposal of the loss-making alloy wheel manufacturing business alone is expected to boost the company’s profit by an additional RM20mil. I am projecting a profit to shareholder of RM170 mil for FY19 which at the current price values MBMR at only 5.9x PE.

Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions. There are 8 analysts in total covering the stock with most of them having a TP of above RM3 (all have a buy rating). The average TP for the 8 analysts is around RM3.50.

Good luck.
29/01/2019 3:43 PM
birkincollector lol...directors eveyday play play for fun
14/02/2019 10:18 AM
naaim207 Birkin, how do you know that it's played by the directors? seem no update in the disclosure of directors/shareholder.
15/02/2019 11:48 AM
Soleha sykt kroni najib ni ,,, tiada job lagi
26/04/2019 3:50 PM
Soleha Welcome to PN17 ,,haaaaaa
02/05/2019 7:22 PM
Gore Victor Lee shame of Pahang
08/05/2019 9:36 AM
Gore Victor Lee menteri besar should stepdown
08/05/2019 9:37 AM
Gore Victor Lee how to manage a closed-link govt listed company like Pasdec in such critical situation.......all sleeping kah? I think all Pahang EXCO member should step down to show responsibility!!!
08/05/2019 9:43 AM
Gore Victor Lee pakatan harapan also good for talk and good for nothing, like ECRL,BANDARMALINGSIA...ALL TALK, TALK...SUDDENLY NO NEWS, AND WANT CUTTING HERE AND THERE...INTERNATIONAL AND LOCAL INVESTORS ALL CONFUSED.....NO DETAIL...GIVE SMOKE BOMB...WHO WILL HAVE FAITH......DAP NOW WORST THAN MCA AND GERAKAN..REALLY USELESS
08/05/2019 9:48 AM
Gore Victor Lee PAKATAN HARAPAN NOW CHANGE TO PAKATAN HANCURAN...
08/05/2019 9:49 AM
57keong Pasdec (1MDB)??????
10/05/2019 2:42 PM
longvalley Gaji menteri berbanding dgn elaun sy swasta n glc jadi penyebab mrk jelous terat sangat..........!!!!!??
20/05/2019 12:16 AM


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