Collection on KLSE.8K article

回覆:EON的业绩分析12/2000

value_investor
Publish date: Tue, 13 Mar 2012, 10:51 PM
Collection of KLSE.8k articles from a famous chinese forum in Malaysia.

He was a very dedicated investment guru who contributed his knowledge to the public.

I plan to share those old articles from my local archive to this community and hope everyone can enjoy and benefit from it.

More References: a post from another i3 member - http://klse.i3investor.com/blogs/kianweiaritcles/11579.jsp

Published Date: 2001-03-02

EON的业绩报告还把公司所赚取的税前盈利分类如下:

汽车:441millions(56.9%)
金融:312millions(40.3%)
产业:12millions(1.5%)
制造:15millions(1.9%)
其他:-5millions(-0.6%)
总数:775millions

值得注意的是EON在汽车业赚取了441millions的利润,这主要是现金。扣除了分发的股息148millions,EON手头上的现款又增加了211millions。(411–148=293)2000年所分发的股息是148millions。(293x72%=211)扣除28巴仙的所得税。

根据我个人的估计EON手上的现款应该接近700millions。
(2000年和1999年累积了450millions加上以前的250millions,所以我的估计是700millions)

这笔庞大的现款肯定会有很大的作为,我相信EON的管理层不会让它永远躺在银行里赚取那微薄的利息。如果EON要回购本身10巴仙的股票,那也只是区区的22.8millions股,就算每股购价15零吉,也将只动用342millions的现款而已。


EON现在的股权分配大约如此:DRB-HICOM32%,JARDINE20%,EPF14%,所以市场上流通的票数大约只有34巴仙或者78millions股而已。


这可是个双赢的策略呀!公司赢,因为可以节省股息。小股东也赢,因为股价上升。
因此我希望EON在2001年的股东大会里将会建议回购本身的股票。
所以身为小股东我们应该向管理层提出这项建议。

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