Click on this forum : Price target above, click on View : Kenanga analyst report of the 24th (yesterday)
The key takeaways from the (analyst) briefing … proceeds will not be used to fund Wessex Water's future capex requirements …. Similarly, the Brabazon UK property development will not receive support from the group … proceeds will not be used to fund RANHILL
Our view: We are positive about this corporate exercise. The proceeds will be used to fund key projects, particularly the data centre projects..

I do not quite believe Tan Sri and his board of directors did not study the matter properly before announcing the non-tradable warrants issue
Tan Sri made it quite clear …
“YTL continues to reward long-term shareholders”
https://www.thestar.com.my/business/business-news/2025/01/24/ytl-continues-to-reward-long-term-shareholders
The emphasis is LONG-TERM SHAREHOLDERS.
Non-transferable/non-tradable means …. short term players are going to lose out …. but long-term investors will gain.
Most short-term players (if they have exited) are expected not to take up the warrants anyway and they soon will be forgotten (less man more share and less dilution)
For me, having bought the bulk of my shares at around 60s, I intend to hold YTL+Power as a medium term investment until 2026/7, with plenty of time to convert.
I believe this will be a one time off event, weeding out short term players, including some foreign short-term funds.
The knee-jerk 40s drop (or possibly more in the next few days) will be painful for many short-term players. They have the absolute liberty to throw YTLPower (PE 8) for some other stock such as KOPI (PE 40)
Not a problem for us, longer term players who have a conviction that YTLPower has great potential.
and surely we will prevail.

It is indeed a surprise to hear that the EPF added back 6m shares (reported 13 Jan 25, price around 4.25) so as to cross back above 5%, after selling 14.9m shares (reported 20 Dec 24, price around 4.08) to cross below the 5% level.
Since Local institutions had been off-loading heavily the last few days, the million dollar question is who are these LOCAL INSTITUTIONS?
There are not many possibilities, Permodal Nasional Bhd, Allianz Life Insurance, Great Eastern Life Insurance, etc, (All three are not substantial shareholders)
So if Foreign institutions + EPF are net buyers, the other Local institutions likely may not have very big chunks more to sell I think😁
Dragon and OTB, what are your take on this?

Don't have such a site. Send (pm) by my HLG remisier

Yesterday, Foreign fund 3rd top net buy was YTLPower with 21m
Local institution 2nd top net sell was YTLPower with 26m done.
Any one have any idea why Local institutions selling like crazy?

And the culprit yesterday ..... Local institution's top stock counter net sell of RM43m
My suspect is the EPF.
EPF went off radar when they sold 14.9m shares to below 5% (reported to bursa on 26/12/24)

Barron's : S&P 500 Ends Higher as Investors Shrug Off AI News
Wall Street shrugged off some weakness in stocks linked to the artificial intelligence trade

The more recent concern is the reported problem of the blackwell chips overheating and glitching

…. the new rules because they are set to take effect 120 days from publication, giving the incoming Trump administration time to weigh in.
120 DAYS means YTL Nvidia will have already got the chips

In another article reported by Reuter ...
Under the new rules, major cloud providers such as Microsoft, Alphabet-owned Google and Amazon.com can apply for approval to bypass licensing requirements for AI chips, allowing them to establish data centers in countries affected by U.S. chip import restrictions.
"The companies that have access to the most advanced chips (in this case, the big cloud providers) will have an advantage."

YTL Power ‘confident’ not affected by potential US chip export curbs amid Nvidia partnership
https://ceomorningbrief.theedgemalaysia.com/article/2025/0895/Home/2/740851

Power managing director Datuk Seri Yeoh Seok Hong reiterated that the group is the first non-US company selected in Asia to partner Nvidia to deploy and manage a supercomputer driven by the GB200 Blackwell GPUs or graphic processing units in the region.
“We are confident that we will not be affected by the latest announcement on the limitation on the export of GPUs,” said Yeoh.
“We understand that American hyperscalers, which include Nvidia, are not subject to the limits. As the only non-US company selected by Nvidia in Asia to deploy its latest chips on its DGX Cloud AI platform, there should be no issue with our roll-out,” he said.
To be sure, under the alleged proposed regulation, firms headquartered in the US can apply for blanket US government permission to ship chips to data centres in most other parts of the world, based on certain volumes.
Separately, Nvidia DGX Cloud vice-president Alexis Black Bjorlin also named YTL Corp as one of five partners, alongside Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle Cloud, which will “bring cutting-edge Nvidia technology to their clouds”.
A fund manager, when contacted, believes that the policy will be positive for YTL Power in view that “even less [parties] will get access to GB200 [GPUs] in its vicinity, while it has preferential treatment”.

Yesterday was interesting!
Despite the huge overall bursa net selling by foreign funds (325m),
YTL and YTLPower were not in the top 10 buy/sell net counters for foreign funds.
Meaning they stayed put.
The culprits were Local institutions that sold 11m of YTL and 8m of YTLPower
Good sign because I think foreign funds knows what is happening in the US.
Anyway YTLPower confirmed it in the edge article.

YTL Power was the 3rd top net foreign inflow counter from the beginning of 2025 till last Friday at 82m (after Gamuda 180m and CIMB 103m)
The daily data for Friday 10th, YTL Power was 4th top net inflow at 15m (after Gamuda 40m, CIMB 34m and Natgate 27m)
Local funds (I believe EPF, etc) were the main sellers.
(Nvidia fell 3%, on 10th Jan after US holiday on 9th Thu for President Carter’s funeral)
We wait tmr to see what happened today if the data available.
(Sometime cannot get the data from HLG)

The big drop last Thu was because "Nvidia and AI Chip Stocks Brace for Impact as Biden Administration Considers New China Export Ban"
[Nvidia fell 3% last Fri]
Since then, "Nvidia and SIA fire back at US gov's new export restrictions on AI GPUs to China"
https://www.tomshardware.com/tech-industry/artificial-intelligence/nvidia-and-sia-fire-back-at-u-s-govs-new-export-restrictions-on-ai-gpus-to-china
Malaysia is under Tier 2
Tier 2: Most countries in the world (including Eastern Europe, the Middle East, Mexico, and Latin America) will face limits on computing power they can procure.
However, individual companies from these countries will be able to get higher compute capability if they obtain 'validated end user' (VEU) status by complying with U.S. regulations.
YTLPower having Nvidia as a direct partner, will have an advantage over all others including Google, Microsoft etc.

Yesterday was interesting! Despite the overall market outflow by Foreign funds,
Foreign funds top stock net buy was YTLPower (19m)
Local institutions sold a massive amount (23m) of YTLPower
(As usual don't understand how our local analyst and fund managers think😀)

Companies making new investments in qualifying manufacturing and services — such as in artificial intelligence and quantum computing supply chain, medical devices, aerospace manufacturing and global services hub — will enjoy a special tax rate of 5% for up to 15 years, according to a statement.
https://ceomorningbrief.theedgemalaysia.com/article/2025/0893/Home/3/740213

@dragon328
GBP3.6 billion equity value
That would be almost RM21 billion of equity value to YTL Power for its 100% stakes in Wessex
If based on 1.5x RCV, and expected RCV of GBP7.0 billion in 2030, Wessex Waters would achieve a valuation of:
1.5 x GBP7.0b - debts GBP4.9b = GBP5.6 billion or RM32.5 billion by 2030
Wow! Tq dragon328

UOBKH Research expects both Genting Bhd’s and Genting Malaysia’s 4Q24 results to improve quarter-on-quarter with Resorts World Genting’s gross gaming revenue (GGR) returning to about 100% of 2019’s level.
UOBKH Research said TauRx reported convincing 24-month Phase 3 clinical trial data for its Alzheimer’s HMTM drug earlier in March 2024.
“That said, TauRx’s potential valuation of US$15bil may translate into around RM3.54 per share for Genting’s 20.3% stake, which is over 94% of its current market cap.”
https://www.thestar.com.my/business/business-news/2025/01/02/gaming-sector-expected-to-see-better-performance-in-1h25

“The fight to clean up Britain’s rivers”
Today’s Star article talked about “the 10 privatised water companies in England and Wales have all been the subject of investigations for releasing untreated sewage during non-emergency conditions, such as storms.”
… particularly those run by Thames Water, England’s largest water company.
… Thames Water is struggling under the weight of £15bil (RM84bil) in debt, and its shareholders are reluctant to inject new cash into the business.
Ofwat has proposed increasing water bills by over 20% in the coming five years.
… In fact, more than 80% of Britons support the idea of nationalising the water companies, according to a recent poll. Scotland and Northern Ireland already have publicly owned water utilities, while one of Wales’ companies converted to a non-profit in 2001.
Can Dragon comment a bit on the above. If ever, should the water companies be nationalized, the govt will have to give a fair price, right? How much will Wessex fetch?
(Recall Wessex Water, a UK-based water and sewerage utility company, was acquired by YTL Corporation of Malaysia in 2002 for £1.2 billion)
https://www.thestar.com.my/news/focus/2025/01/02/the-fight-toclean-up-britains-rivers

Not sure about today, but on 31st Dec 2024, Foreign funds bought 8m net
and Local retailer sold 6m net

First 'game-changing' Alzheimer's pill that slows disease to be considered for NHS use
https://www.birminghammail.co.uk/news/health/first-game-changing-alzheimers-pill-30676855
Miracle Alzheimer's drug considered for use on the NHS
https://www.msn.com/en-nz/news/other/miracle-alzheimer-s-drug-considered-for-use-on-the-nhs/ar-AA1wFloP?ocid=weather-verthp-feeds&apiversion=v2&noservercache=1&domshim=1&renderwebcomponents=1&wcseo=1&batchservertelemetry=1&noservertelemetry=1

Never understand the minds behind the EPF analysts.
(Wait till they get burnt playing the US market)
They reversed direction and sold a massive 15m shares on the 20th Dec.
Despite that, the price and volume increased, meaning bigger players than them bought into the stock.
Let's patiently watch a see what happens.

Appears that those who received their bonus shares 3 days ago had been selling!
Good that they have got rid of their shares😀

AI Overview (Google)
The major shareholders of YTL Power International are:
YTL Corporation: Owns 54.46% of YTL Power International, giving it a large influence over the company's operations and strategic decisions
Yeoh Tiong Lay & Sons Holdings Sdn. Bhd. Owns 9.784% of YTL Power International
Employees Provident Fund: Owns 4.985% of YTL Power International
Seok Hong Yeoh: Owns 1.689% of YTL Power International

If Foreign funds own 30% as reviewed by Mx during the AGM, then there is not much free float of the share.
I believe it may be a good stock to goreng if syndicates/taikor wants to play it😀

2,843,898,687 Gamuda Shares will be issued pursuant to the Bonus Issue of Shares and will be listed and quoted on the Main Market of Bursa Securities with effect from 9.00 a.m. on 23 December 2024

On 18 Dec 2024 EPF bought 1,565,900 shares, bringing its total to 412,118,400 shares or 5.019%
So EPF is now back on the radar, above 5%.
EPF had been continuously selling YTLPower up to 2 Jun 2023 when its share dipped below 5% and out of the radar. The price on 2 Jun 2023 was 72s.
It is clear that EPF is now very under weighted in this Bursa component/utility/tech/data center/AI stock. They need to buy more.😁
(In contrast Foreign funds hold 30% of YTLPower as revealed to me at the last AGM)

OpenAI CFO thinks business users will pay thousands monthly for AI tools
https://theedgemalaysia.com/node/737359

Thank you OTB.
"company has invested over RM20 billion in the AI space to date"
should be phased "company is investing over RM20 billion in the AI space" to be more accurate

Google is a USD2.3trillion company.
So where does google makes its money?
I checked Google's Gemini and asked the same question
The answer is inferior to ChatGPT
That is why Google is scrambling to catch up.
Large language models (LLMs) are machine learning models that can comprehend and generate human language text, instead of just a search.
Maybe you make want to ask for a "Mana ikan asam pedas yang istimewa" recommendation😀
or "Best kereta EV"

"YTL Power said that with Ilmu 1.0, the 500MW green data centre and strategic partenrship with Nvidia, the company has invested over RM20 billion in the AI space to date"
Can someone explain the figure RM20b? It's avery huge number!

So how did YTLPower have it already running so fast?

What computer hardware is needed to run large language model (LLM)
ChatGPT said:
Running a large language model (LLM) like GPT or similar models requires powerful hardware, especially if you're hosting the model for inference or fine-tuning. The hardware requirements depend on the model size, workload, and application. Below is a breakdown of the necessary components:

1. GPU (Graphics Processing Unit)
Primary Role: Accelerating matrix computations and parallel processing, which are critical for LLMs.
Specs to Consider:
Memory (VRAM): At least 24 GB for moderate models like GPT-3 or similar, but larger models may require 40 GB or more. GPUs like the NVIDIA A100 (40/80 GB) or H100 are commonly used for LLMs.
CUDA Cores: Higher CUDA cores mean better parallel processing.
Tensor Cores: Essential for mixed-precision calculations to improve speed and efficiency.
Multi-GPU Setup: Required for large-scale models or fine-tuning. Distributed GPU setups like NVIDIA NVLink enable faster data sharing.
2. CPU (Central Processing Unit)
Primary Role: General-purpose processing, coordinating tasks, and managing data input/output.
Specs to Consider:
High core count (e.g., AMD EPYC or Intel Xeon CPUs) for multi-threading during data preprocessing.
High clock speed for faster task handling.
3. RAM … [I have deleted ... to make it short]
4. Storage …
5. Networking …
6. Power Supply and Cooling …
Example Hardware Setup for LLMs:
Large Models (e.g., GPT-3, BLOOM):
Multi-GPU setup: 4–8 NVIDIA A100 (80 GB) GPUs.
128–256 GB RAM.
2–4 TB NVMe SSD.
High-speed interconnect (InfiniBand).

Ask ChatGPT : How profitable are data centers?
Answer : Colocation Providers: EBITDA margins often range from 35% to 50%, depending on efficiency and scale.
Cloud Service Providers: Margins are higher, typically 50% to 70%, due to value-added services.
No wonder that is a continuous stream of applications / roll-out for data centers, especially with close proximity to Singapore.
The latest in the news. NTT plans 290MW data center campus in Johor, Malaysia
“The company aims to develop six buildings totaling 290MW of capacity at the site. The first 48MW building is due to launch in April 2027”
“NTT Data this week announced its proposed acquisition of a 68.5-acre parcel of land in Gelang Patah, Johor Bahru, for a data center campus”
That means NTT now only is acquiring the land; in contrast YTL Power acquired Kulai Young Estate from BPlant back in early-2022 (when hardly anyone was talking about data centers)
Hence I believe YTLPower being an early player have a head-start advantage.
Only YTLPower is a direct proxy for the data center business on Bursa; Tenaga, property companies, construction firms are only indirectly involved, but have also spiked handsomely.
Ask ChatGPT why IT companies are given a higher valuation on the stock market
Many IT companies have higher price-to-earnings (P/E) ratios because investors are willing to pay a premium for expected future earnings growth, even if current earnings are modest or negative.
YTLPower PE is still in single digits.
YTLPower may in future be also considered an IT company, besides the steady income of Utilities.

I believe the figures given at the AGM are more accurate than the ones given by the investment banks.
I asked specifically and they replied directly. They probably have backroom people including the secretary/registrar to provide the latest figures.
I have noticed errors made by the investment banks before. At times their total buy sell by foreign funds, local institutions and retail does not add up.
Furthermore past few days the foreign funds net buy figures were not available. Maybe sometime they work, sometime they don't.
So like it or not, foreign funds are a major player determining the direction of the share price at a point in time
But for us it is better we go by the fundamentals. as hinted.

@Dragon
The Foreign shareholding of YTLPower is 30%, YTL is 24% and MCement is 2.9% as at the end of November24
Q Will YTLPower price reach 7 ringgit by the end of 2025?
A Well, all depends on you and the public confidence in the company. I think there is enough research done on our company and the fundamentals. People are beginning to be more aware. As you know our company has the lowest PE of all the top 20 companies. We are in single digits. All the other companies are in double digits, the high twenties or low twenties, whatever you call that. So we have a long way to go.

YTL capitalisation RM24b, YTLPower RM30b
Crazy 99SM got included in FTSE Bursa Index
with a capitalisation of RM21b.
How ridiculous for a company selling retail goods from rented premises, with many competitors such as KKMart, 7Eleven, MrDIY, Giant, Lotus etc. (I believe research gone wrong!)
There are no real PROXY for Data centers/A! in Malaysia except YTL/Power.
Property firms jump because of one off land sales, and construction firms also from one off projects.
But YTL/Power has potential to double its current profits apart from a stable Utilities, once data center profits kick in.

For those who are interested to know the Foreign shareholding of YTL as of end of November, it is 24%.
For YTL Power, it is 30%.
At the earlier YTLPower AGM , I was a bit surprised to hear management comment a bit on the share price.
Normally management will be vague saying things like it depends on supply and demand, etc
So when someone asked if YTLPower will go to RM7,
Datuk Yeoh Seok Hong commented about PE ratio of single digits, compared to the top bursa counters of double digits, some in the lower, some in the upper twenties.
I take it as a hint from him that the YTL counters are undervalued.

I raised the question on what is the present foreign ownership in the company
and the answer was 30%. Wah! Didn't expect so high despite all the recent selling
Love it, hate it, Foreign funds buy, foreign funds sell.
I like the last part when MD was asked if the price will reach RM7
and his answer was we are in single digits; all the other top companies are in double digit high 20s; so "We have a long way to go"👍

Anyone have any idea for to view two AGMs at the same time.
I checked with Tricor, they say use two devices.
I tried just now. It doesn't work!
Gamuda AGM now at 9.30am and YTLPower at 10am

We have attended a site visit to YTLDC in Kulai, Johor, and stay upbeat on its
DC development. YTLDC and AI-DC are expected to be group’s next growth
phase. Development remains on track for DC1-DC3, as per management’s
unchanged guidance. YTL AI Cloud, utilizing NVidia GB200 chipsets, is on
schedule to complete construction (core & shell) in Jan-25, targeted to fit in IT
equipment within 2-3 months, and commissioning in Apr-25. There will be no
overheating issue, as YTLDC will be utilizing Direct-To-Chip cooling system. We
reiterate our BUY recommendation on YTLP with an unchanged TP of RM7.00
based on 10% discount to FD SOP (RM7.73).
Above is the Summary. The beauty is that they have done the site visit and been briefed the latest.
No wonder the share price is shooting up.
But if want to read more, you can always pm Dragon

Against a backdrop of net overall selling by Foreign funds of 415m

Yesterday was a huge day indeed!
YTLPower was Foreign fund's top buy at 33m, while local institutions bought around 29m of YTLPower and 20m of YTL.
Local retailers sold 19m YTLPower and 14m YTL
Today hope to see further confirmation that the falling knife has hit the floor😀

Yesterday's trading was heavy, so we need to know who is buying and who is selling.
Foreign funds net buy YTLPower was only 6m (8th position after INH, KPJ, Gamuda, Harta, Itmax, PetDag, GENM)
Possibly, individual foreign funds changing hands among themselves.
On the other hand, Local retail sold YTL 7m (1st position) and YTLPower 5m (4th position)
Let's see what happens today, looking out for confirmation I think. Chartist please do share. Tq

@TradeBursaForALiving From my remisier in HLIB
Lately YTL and Power mainly not in the top 10 sell. Hope their selling tapering off.
Maybe some foreign funds selling while some foreign funds buying, so cancelled off.
But obviously those who are selling are taking rich gains from shares bought cheap last year.
If you ask me why EPF sold like crazy at 50-60s last year, my guess is their cost is even lower,
and they think they can make more in the US market.
Alternately foreign funds are waiting for the quarterly results to come out in the next few days.

In today's NYT article .... this paragraph ....
A 15-minute drive away, another dusty construction site looked out of place surrounded by palm trees. It’s the location of a large Nvidia data center that is part of a $4.3 billion partnership with YTL Power International, an energy subsidiary of one of Malaysia’s biggest conglomerates.
Note NYT call it "Nvidia data center"😀

Same old thing!
Every time YTL and YTLPower are down, it is because of Foreign selling!
Yesterday they sold YTLPower (16m)
I presume it is the same today.
Still too much profit to take I think
So not sure when the falling knife is gonna hit the cement floor with a thud.😀

Yesterday ......
Foreign net buy was KGB (20m) CIMB (12m) Tanco (10m) MrDIY (5m) YTLPower (4m) YTL (4m)
While Local inst sold both YTLPower and YTL
Hope the reversal stays today.

The Blackwell systems are already started running from last month Oct with “Microsoft becoming first cloud to offer Nvidia Blackwell system”
https://www.datacenterdynamics.com/en/news/microsoft-becomes-first-cloud-to-offer-nvidia-blackwell-system/
If YTL is the first to deploy the Blackwells outside the US, that will really be an eye opener worldwide.
But definitely “YTL will be among the first companies to adopt NVIDIA GB200 NVL72”
“Data centre investment on course, says YTL Power” The Edge Malaysia 12 Nov 2024.
Rest assured …. It’s coming!

Thank you Dragon for doing the investigative work.
I am grateful that the YTL investor relation dept and YTL DC chief took the trouble to answer your queries
Now, this info is being shared among all investors, which include I am sure some analysts may also be following what you write.
“Nvidia sells the whole thing as a complete system”
GB200 NVL72 connects 36 Grace CPUs and 72 Blackwell GPUs in a rack-scale design. The GB200 NVL72 is a liquid-cooled, rack-scale solution that boasts a 72-GPU NVLink domain that acts as a single massive GPU.
So this info tallies with “The IR dept added that YTLP buy the GPUs in cabinet servers so they have no exposure to Super Micro” as written by you.

Date: 2024-11-04
Firm: TA
Stock: YTLPOWR
Price Target: 6.39
Price Call: BUY
Last Price: 3.20
Upside/Downside: +3.19 (99.69%)
...... TA's TP on Nov 4 is for YTLPower to double.
Now with the clarifications given by Yeoh, wonder what the analysts has now got to say ....