RTO ni

Tapi yg ni IPP PEB beli bukan build sendiri

Purchase price belum tentu lagi u TP 5???


SarifahSelinder Issuing shares at 1.07 se syer to buy

Tapi purchase price not yet set

Jadi is PEB a good buy at present price?

It all depends on if offerors wil leave anything on the table

Klau paid full value to offerors then no point nothing left on d table dan tones of syer will b issued


Side note it will be interesting to see how d IPP are valued guna DCF ke? PE ke? Owner earning ke? Apa ke?

A guide for valuing JAKS

21/02/2021 9:42 AM

U ingat IPP wil b sold to PEB cheap?

Klau not cheap at 1.07 se syer kena issue 1,000,000,000 of syer

Klau issue 1,000,000,000 syer to acquire IPP tu TP lagi 5??

Issuing shares at 1.07 se syer to buy

Tapi purchase price not yet set

Jadi is PEB a good buy at present price?

It all depends on if offerors wil leave anything on the table

Klau paid full value to offerors then no point nothing left on d table dan tones of syer will b issued


Side note it will be interesting to see how d IPP are valued guna DCF ke? PE ke? Owner earning ke? Apa ke?

A guide for valuing JAKS

Sampai hati ada yg nak shorting JAKS

Jgn sekali pun u Sold (SBL) ur shares to short sellers

Also pun jgn u participate in IDSS JAKS bila unfrozen esok nanti

Sarifah proudly berjiwa IPP unapologetic angkuh dan liar

Dana insituisi sapu sapu sapu

Apa ni?

Baru 10% PP dah cabut lari?

Byk lagi RI PP klau nak big big IPP

Baru start only

Especially PAT anggaran ballpark

No

Like Sarifah say PAT for IPP satu jer

Whatever numbers Sarifah use or u use PAT for the IPP tetap satu saja

Debt 75% Equity 26% sori

U memang confused Sarifah can c

U gross up JAKS figure

Sarifah gross down u punya figure

Whatever tapi IPP PAT tatap satu je

Finance dgn debt 25% equity 75%

Toyoven ambil 25% equity in IPP JV

U gross up Sarifah gross down

Sarifah punya balances semua assume 25% equity in IPP JV

Kiranya guna pakai yg ni


.... , this would mean annual earnings could be approximately RM440mn on a 100% basis 


25% = PAT RM 110,000,000

NOS 214,000,000

EPS = 0.5140186916

PE 10x = 5.14

5.14 vs 10.55 (3+7.55)

Dah over valued?

Financial close belum lagi

NOS after RI 214,000,000

U cuba try to derive the EPS mungkin guna JAKS as reference and guna PE 10x to see if worth it to buy at current price bearing in mind u kena tunggu possibly 4 5 years lagi

Katakan harga skrg is 3.00

Jadi total kos u to bring the IPP to fruition is 3.00 + 7.55 = 10.55 per share

NOS skrg 107,000,000

107,000,000 kena raise RM 807,500,000

Say by 1:1 RI = 7.55 per share

Kiranya capital requirement for 25% equity in IPP JV

= RM 3,230,000,000×25%x4×25%
= RM 807,500,000

Assume Toyo cuma mampu sell ink to IPP JV

Sell ink Toyo punya core competency

Dan over kat JAKS Andy dah bilang no banks kan loan to finance investment in IPP

Kiranya Toyo takes 25% equity

Close to norm dan setakat yg Toyo mampu

If 1:1 RI Toyoven NOS kan double

O satu point lagi the IPP site land kat Pulau Indah belongs to TADMAX so a big part of RM 167m tu is for buying the land

TOYOVEN IPP site kat Vietnam bukan TOYOVEN yg punya

Kan JAKS price is going up COD by COD?

As the IPP progresses value ia kan incease tapi at current stage current valuation Sarifah think is way ahead of its its fundamentals

JAKS has got exceptionally good terms

JAKS is the exception

Sarifah mungkin salah u semak la check sendiri

Yg ni klau TADMAX jual je IPP JV ni Sarifah rasa ada pula impairment of the investment into the IPP klau x salah dah sampai RM300m

Bila TOYOVEN kan financial close?

Belum tahu lagi dah value so high?

At CPCC signed stage IPP JV baru di valued at RM 167m


implied valuation of RM167 million for the entire 100% equity interest of Pulau Indah Power Plant,”

In a separate statement to Bursa today, Tadmax said it had entered into a share sale agreemen with Worldwide Holdings Bhd to sell a 35% stake comprising 17.5 million shares in Pulau Indah Power Plant to Worldwide for RM58.45 million cash.

Tadmax said today the proposed disposal is in line with the Heads of Agreement (HOA) entered into by the company with Worldwide and Korea Electric Power Corp (Kepco) on Sept 14, 2018.

Tadmax said that in accordance with the HOA, Tadmax will own 40% of Pulau Indah Power Plant while Worldwide and Kepco will hold 35% and 25% respectively.

“The disposal consideration of RM58.45 million for the 35% equity interest in Pulau Indah Power Plant is based on an implied valuation of RM167 million for the entire 100% equity interest of Pulau Indah Power Plant,” Tadmax said.

Tadmax said the disposal is expected to be completed by the first half of 2020.

TADMAX ni dah financial close and sign CPCC agreement

TADMAX ni status ia dah more advance sikit compared to TOYOVEN yg baru jz signed PPA jer

TADMAX yg ni

Tadmax Resources Bhd's wholly-owned subsidiary Pulau Indah Power Plant Sdn Bhd, which is developing the estimated RM3.3 billion 1,200 MW combined-cycle gas turbine power plant on Pulau Indah, Selangor,

Masih can recall TADMAX?

Atau PP

PP very dilutive for pelabur size nyamuk

Per Andy kat JAKS banks x bagi loan to finance investment in IPP mesti RI

Toyoven risk adjusted price utk masa kini sepatut max RM 1.30 only

Awal awal lagi very very risky kena bagi high risk discount

Fund yg perlu to take up 25% of IPP JV ada la lebih kurang RM 800,000,000

Kiranya going for 1 for 1 RI iaitu yg least dilutive anda perlu bayar sebanyak RM 8 per share lagi

Sarifah proudly berjiwa IPP unapologetic angkuh dan liar

JAKS is top choice in 2021 competition

Tapi yg more important dana instituisi r coming in d mcm jangkaan Sarifah

2020 was great financial wise

2021 harap kan great health wise

Long wait lagi

Klau ink company cannot do EPC even longer wait

Boleh ink company even pretend can do EPC to get some EPC profits early?

Sarifah proudly berjiwa IPP unapologetic angkuh dan liar

Not so long profitable journey

Dari jz chimney to now kat pocket tons of money