Singapore plans to import up to four gigawatts (GW) of low-carbon electricity by 2035, or about 30% of its total supply to diversify supply and boost energy security according to Trade and Industry Minister Gan Kim Yong.
(Singapore consumed a total of 25.9 TWh of electricity
About 95% of Singapore’s electricity is generated from natural gas, though it plans to ramp up sources of renewable energy (to 30%??)

“two-year trial to import 100 megawatts (MW) of electricity from Peninsular Malaysia” … existing interconnector….expected to commence in early 2022,” said EMA … Utility YTL PowerSeraya said it has been appointed as the electricity importer for a two-year trial to import 100MW of electricity from Malaysia through existing interconnectors … PowerSeraya is licensed to generate 3,100MW and it sits on Jurong Island –Singapore’s oil, gas, and petrochemicals hub.

How big is 500 megawatts?
… as of March 2021 the government shortlisted 30 winning bidders with a combined capacity of 823MW … expected to enter into commercial operations in 2022 and 2023 … expect solar capacity to reach over 4GW by 2030, from an estimated 996MW as of end-2020
https://www.mida.gov.my/mida-news/solar-power-market-to-see-stronger-growth/
So many companies to share 823MW, but YTLPower gets 500MW in one go (because it is aim for export to Spore)

Why it is not distributing the cash is because it is investing to create future value ….
The company is developing a large scale solar farm with an electricity generation capacity of 500 megawatts in the Kulai Young Estate in the southern Malaysian state of Johor (bought from BousteadPlant). The facility is located about 60 kilometers north of Singapore (very close actually), a key market for YTL Power.

Price : 64s
NTA : RM1.59
Div Yield : 7.03
Market Cap : RM5.2b

This company may be one of the most undervalued companies on bursa. The exceptional gain of RM2.2b from just one investment, the sale of its stake in ElectraNet already is almost half its capitalization.
Even Forbes took notice of it.
https://www.forbes.com/sites/jonathanburgos/2022/02/09/malaysian-tycoon-francis-yeohs-ytl-power-sells-stake-in-australian-electric-utility-for-717-million/?sh=1aac0a3e4a33

With a total land bank of 13,000 hectares (ha), Subur Tiasa Holdings oil palm plantations are a major part of our strategic business development plans. A breakdown of the current development of our oil palm plantations located in East Malaysia’s Mukah and Kapit is as follows:
1,300ha of Mature Area, 3,100ha of Immature Area, 250ha of Young Palm Area.
Our oil palm estates are located in Sibu, Mukah, Samarahan and Kapit regions with a total land bank of over 44,000 hectares. The weighted average palm age is 8.4 years old. Our oil palm segment is expected to boost its share of contribution to the Group in line with the expansion of matured planted areas and the growth of matured crops from young mature to prime age
As the oil palm continues to mature, its yield increases and reaches peak production in years seven to 18 before gradually decreasing thereafter. The typical commercial lifespan of an oil palm is approximately 25 years.

On another note, is it a good deal? MCement Bhd plan to buy 12 subsidiaries owned from YTL for RM5.16bil. These subsidiaries include three integrated cement plants held under Pahang Cement, Perak-Hanjoong and Straits Cement plus the ready-mixed concrete business, etc

The deal will transform MCement into a major cement player with an estimated 60%-65% market share in Peninsular Malaysia. Operation-wise, there would be efficiencies to reap from economies of scale. From a corporate governance perspective, the deal reduces concerns on recurrent related-party transactions. One big positive from the exercise is that the injection of YTL Cement’s assets, will fast track MCement’s path to profitability. While the latter has been loss-making over the past three years, YTL Cement has strong operational and financial profile. For the 9months ended 31st Mar, the YTL Cement’s segment had a revenue of RM3.2b and a whopping profit of RM435m. In contrast, MCement last Q revenue was RM374m and a pretax profit of RM4m.

Still believe that the price will slowly move towards RM3.75, otherwise minority shareholders will vote no to the deal. We patiently wait and see.

Can anyone explain why 85m shares was placed out at such a low ridiculous price of RM2.79?
Why not place out at price closer to RM3.75? Whoever who bought at RM2.79 is laughing all the way to the bank. The 85m new shares listed today closed at RM3.00, the placement already made 21s.
After all in the MCement announced deal to take over YTL Cement's cement and ready-mixed concrete biz for RM5.16b, the new MCement shares and preference shares are to be issued at RM3.75.
RM3.75 per share incidentally is also the price YTL Cement paid for the acquisition of its 76.98% equity interest in Lafarge MCement way back in 2019.

Current price = RM3.16
IPO price was RM6.50
Net Cash per share is RM2.03
EPS (Last 4Q trending upwards) = 3.9s + 3.4s +6.6s + 19.3s = 29.4s
PE = 316/29 = 10.8
NTA = RM5.48
Is this stock still undervalued?

"According to market talk, the group is subject to a privatisation exercise, via a selective capital reduction of about RM1.80 to RM2 per share.

MMC shares were last traded up 10 sen or 8.33% at RM1.30, valuing it at RM3.96 billion." TheEdge

Incidentally Gamuda is also up. Anyone got any idea what is happening?

Anyone knows why MMC suspended? 10s up

Cash 122m STB 355m LTB 257m
Net debt = 355-257-122 = 490m
Gearing = Net Debt / Equity = 490/693 = 0.7
Gearing is on the high side but not too bad!
In present low interest environment, it is sometimes good to borrow money cheap, as long as you can generate lots of income from it.
Revenue this quarter is highest ever, ascending EPS last 4Qs from 4.9s to 8.6s to 10.2s to 15.2s = 39s
PE ratio is 341/39 = 8.7
One thing not highlighted by many, is its Healthcare business. The two biggest pharmaceutical distributors in M’sia are Zuellig and Diethelm, both with cold supply chains
Zuellig is S’pore owned. Diethelm M’sia belongs to DKSH (M’sia)
For DKSH read https://www.dksh.com/global-en/home/healthcare/covid19-vaccine-distribution
Not sure govt will choose Zuellig or Diethelm or even both in the vaccination rollout for GPs
Even if the vaccine is free, the govt still have to engage distributors (logistics reasons). Can’t expect the GPs to collect themselves. These companies are able to reach the most remote towns in M’sia.

https://ceomorningbrief.theedgemalaysia.com/article/2021/0191/Home/8/569687

Ex-CEO Azhar returns to MRT Corp as chairman

It is a party related transaction. If the price does not go to RM3.75, minority shareholders will know how to vote at the EGM

I bought this stock some months back, but regrettably didn't buy more!
Present price I feel is still a bargain because IPO price was RM6.50
And net cash per share is a whopping RM2.03.
Its RM1/2b PBT turn out beyond my imagination.

For "purposes of illustrating" the effects of the Proposed Placement in this Announcement, an illustrative issue price of RM2.67 per Placement Share ..........
The issue price of the Placement Shares shall be fixed at a date to be determined and announced
later by the Company after the receipt by the Company of all the relevant approvals for the
Proposed Placement (“Price-Fixing Date”).
The issue price of the Placement Shares shall be fixed based on the volume weighted average
market price of MCB Shares for the five (5) market days (“5-day VWAP”) immediately prior to
the Price-Fixing Date, with a discount of not more than 10%.

Hope starting today, we see some action ......

Current price 68s
My sympathy to those who bought at RM1.10 (IPO price) and got stuck there!
Cannot disagree that your bad comments above are indeed justified or warranted.
But at current price, there may be VALUE in LHI.
Chicken price has since improved from the lows of Mar 2020 caused by the pandemic. Many smaller independent chicken farms have since closed down, exacerbated by relatively high feedstock prices.
Demand from hotels, restaurants and cafes has been dismal but there should be light at the end of a long tunnel, on this supply and demand equation.
Luckily LHI has its own feed-mills, their latest Philippines feed-mill should be in production by now. They also have their own feed-mills in Vietnam and Indonesia.
Their Baker’s Cottage looks like quite successful judging by the number of people going to buy their RM11.90 chicken [No need to cook – dinner’s ready!]
[KFC & McD do not have their own chicken farm so their input price is higher!]
Lastly US giant food processor Tyson Food last month bought MFlour’s 49% poultry business [Dindings] for a whopping RM420m [MFlour cap is RM921m]
If 49% Dindings is worth RM420m how much is sum-of-parts LHI companies in Indonesia, Malaysia, Vietnam, Philippines and S’pore worth? You work it out ....

Isn't this counter under-valued?
Present price RM2.63.
At its height some years ago, it was RM11
YTL Cement took over the company in 2019 at RM3.75 for a whopping RM1.6b. Hence YTLC+MC now controls the cement industry in W Malaysia.
It is all about supply and demand and Lafarge gave up and throw out the bath tub including baby and all.
MCement and another cement company CIMA has each shut down one clinker plant each, effectively removing annual clinker capacity totaling 2m tonnes equivalent to 8% of industry clinker capacity from the market.
The average net cement selling price of cement has started or should start to rise.
MCement has been in the red for 16 quarters. But look at the last 2 quarters which the losses were minimal. I believe MCement should turn around and so will its price

?Stale bull liquidation

Lebuhraya EKVE Penerangan Penuh ( East Klang Valley Expressway ) Oct 2020
https://www.youtube.com/watch?v=i0tNJsAMIOw

anticipated to be completed by May 2021 within the RM1.55 bil budgeted cost...
RAM Ratings reaffirms AAA(bg) rating of EKVE sukuk
https://www.ram.com.my/pressrelease/?prviewid=5573

Market cap of AZRB only RM158m, Crazy for a company building EKVE for RM1.55b, which is expected to be completed either by May 2021 or Q3. After that 50 year concession starts.

Seller? looks exhausted?

True, but there is a slight difference between AZRB and companies like OCR (formerly Takaso) which is presently a property developer). AZRB expertise is in Infra-structural /civil engineering and is one of the very few Bumiputra Class A companies. At present I think the Govt wants CCC (China) to award 40% of jobs to local contractors but there are so few Bumi companies qualified enough to do the work. So no matter whether in Pahang, or Trengganu or wherever, ECRL, MRT extension, HSR, etc AZRB will probably be able to bid for jobs!
On another note, the EKVE is scheduled to be completed sometime in Q3 2021. The concession for EKVE is for 50 years. Right now vehicles along the NS highway will have to pass through the congested roads eg middle ring roads of KL. But once EKVE (outer ring) is completed, vehicles will be able to bypass KL completely.
Lastly I want to point out that last quarter"s losses, a huge chunk was due to forex losses (RM29m) for its plantations in Indonesia. So it is only paper loss!. As you know the USD has now weakened a lot, so you can expect forex gain the next quarter.

AZRB next!

https://www.thestar.com.my/business/business-news/2020/12/22/taraf-raya-to-be-pmc-for-pahang-portion-of-ecrl

During the recent AGM I asked the MD about AZRB winning contracts and he replied they hope to win at least one or two. Any chance AZRB also involved in the High speed rail to S'pore which decision dateline is end of this month?

Any idea why the signing ceremony of the consortium formation agreement between Ahmad Zaki Sdn Bhd and GPQ Sdn Bhd, MMC Engineering Sdn Bhd, and P-Excell Management Sdn Bhd for the ECRL project witnessed by the Trengganu menteri besar was not reported to Bursa (Sep)?
Isn't this significant material info?
On the Pahang side, today's paper, it is reported "Taraf Raya to be PMC for Pahang portion of ECRL"

“…. The management updated that the first lift boat was at a tail-end stage with 95% completion while the second lift boat was 60% completed. There is a delay in the completion of first lift boat from 3QFY17 to end-FY17. We understand that the client, Vahana Offshore (S) Pte Ltd, is currently negotiating a charter contract for the lift boat.”
http://www.theedgemarkets.com/article/eversendai-confident-hitting-rm2b-revenue-target-year (TA research dated Sep8)
This is the crux of the problem!
From Q3, the completion of Liftboat1 is now pushed back to end Q4.
Liftboat1 supposed to be delivered Feb 2016. Delayed 1½ years. And what about the LAD (late charges) Vahana owes Eversendai?
“…. currently negotiating a charter contract for the lift boat”
OMG! …. At this stage you still haven’t got a firm charter for Liftboat1 and Liftboat2 has no financing.

The receivables are thus piling up. Hence the need for share placement and …. now …. Rights issue with warrants as suggested by Mr Koon.
This by itself is already bad news! Present day times, nobody likes Rights issue.
Is Mr Koon going to underwrite all of Tan Sri’ / shareholder’s rights if we choose not to subscribe
and the banks refuse to underwrite?
If Vahana cannot charter out Liftboat 1 and 2, how is he going to pay Eversendai?
Will his pledged shares be in danger of being forced sold?
Pretty worrying there, isn’t it?

There is definitely without doubt that there is a big SELLER out there.
I can only think of two possibilities - Mr Koon selling ( or selling from his "other" account).
Or possibly even Tan Sri selling (or forced sold - worst case scenerio)
Guys and gals,Take great care! It's serious!
Hope I'm wrong here!

Finally hopefully, we may see light at the end of the tunnel.

Eversendai Offshore loads out first self-propelled jack up rig (May 2 article)
https://www.pipelineme.com/news/regional-news/2017/05/eversendai-offshore-loads-out-first-propelled-jack-up-rig/
Eversendai puts its first liftboat on display (May 5 article)
http://www.offshoreenergytoday.com/eversendai-puts-its-first-liftboat-on-display/
ALE complete transport, load-out and jacking-off of a liftboat in Ras Al Kheimah, UAE
https://www.vesselfinder.com/news/9940-ALE-complete-transport-load-out-and-jacking-off-of-a-liftboat-in-Ras-Al-Kheimah-UAE

The liftboat ARYAN is targeted to be delivered to Vahana Offshore in the third quarter of 2017. Eversendai’s Nathan said that building these liftboats in their Ras Al Khaimah yard …
Why is this important?
Because of the size of the contract.
Eversendai gets RM580mil job to build lift-boats
http://www.thestar.com.my/business/business-news/2014/05/27/eversendai-gets-rm580mil-job-to-construct-liftboats/?style=biz
More so if the contact was in USD $180m
http://worldmaritimenews.com/archives/125251/eversendai-bags-liftboat-contracts/

Of the 3 brokerages covering Eversendai, Kenanga was the most bearish stating …
“potential risk of impairments from the lift boats …”
The problem with Tan Sri Nathan is that he is very stingy in providing timely disclosures.
And most times shareholders are kept in the dark, hence lack of confidence.
I initially thought that the liftboat project had stalled until I saw the time-lapse video presentation at Eversendai’s AGM.
Now further confirmation, we can see that the 1st liftboat have been loaded-out to sea.
According to Tan Sri, the Aryan liftboat is expected to be fully released to Vahana Offshore in the third quarter of 2017 which is about now.
The 1st liftboat has bank financing, hence we hope Eversendai will not have problem collecting (RM580m / 2) x 80% of the remaining payment = RM232m from Vahana.
The receivables should come down proportionately once payment is received.

When do you consider a super investor a real super investor?

In Sendai’s case, if you check up Sendai’s annual report 2016, Citigroup Nominees (EPF) held 51,294,600 shares or 6.63%
In contrast, in annual report 2017, Citigroup (EPF) just vanished. You last hear from EPF on 20th Sept 2016 when they announced that they ceased to be a substantial shareholder.
That means they sold from 5% to ZERO.
I always dislike EPF for whom I consider a bully. They are crazy when they are bent on selling. From IPO price of RM1.70, they sold until 40s.
Are you a real super investor to buy when fund managers such as EPF sell?

Presently, Kenanga and HLI recommend SELL for Sendai. Do you dare to go against their recommendations?

Another example was VS Ind. End of 2013, VS was about 30s (corrected for bonus and division) and nobody wanted to Buy.
Fast forward, today’s price 2.29, all the analyst (see i3investor research) are shouting Buy (PB,MBB, AMMB, JF, etc)

So what are the characteristics of a real super investor? He definitely is not one who follows the herd and mumblings of analysts. He chooses a really down-beaten stock which halved from RM1.70 to 85s and halved again to 40s. He buys when no one dares to buy. Hence his average cost is very low.
Will he “Pump and dump” I think not as this is more suited to syndicates. Syndicates normally do not buy past the 5% level so they do not have to report themselves as substantial shareholders. They use channels such as i3investor to pump it up and sell to the unsuspecting and no one is wiser.

A “Real” “Super Investor” cannot off-load to retail investors because the shear volume will cause the price to collapse. So a real super investor must off-load only to fund managers(and analysts) such as those who scream Buy as in VS Ind today.
For that to happen, Sendai really has to really turn around and make plenty of $$$ in future.
Will that happen? Your guess is as good as mine. Do you have a crystal-ball? Maybe the real super investor has one. Haha! Good evening!

Placement to Macquarie Bank Limited
The issue price of the Placement Shares will be fixed at a later date with a 10% discount
To be implemented in multiple tranches within 12 months
Subscription Date : Any date that Macquarie Bank sends a subscription notice to Eversendai
Subscription Price : On each subscription date, the subscription price of each Placement Share shall be an amount equal to the VWAP of the Shares as traded on Bursa Securities during the 5 consecutive trading days immediately preceding the relevant Subscription Date less 10%
Committed Subscription : Meaning ???
Subscription Expiry Date : Subscription Agreement will expire 12 months

Good or bad?
Good is that Macquarie Bank is willing to invest in Eversendai which imply confidence which is much needed for this company (apart from Mr Koon)
The issue price has not been fixed. So it may go up. It may also go down.
Multiple tranches within 12 months. That means the placement may be broken to several tranches.

My question is why should Macquarie be given the advantage of a 10% discount. (say 98s)
To be fair to minority shareholders, they should be made to acquire in the open market just like everyone else (same with what Mr Koon did)
Eversendai’s share price has recently been quite stable. Is it just a coincidence?
(Mr Koon’s shareholder had remain at 8.30% since 19th July up to this announcement)
With this placement of 10% to Macquarie, Macquarie “out of the blue” becomes the 2nd largest shareholder ahead of Mr Koon.
How will Eversendai's share price go from now onwards? A $$$ question!
To Mr Koon (if you are reading this) I hope you can share your thoughts. Thank you

JUL 29
Power Talks: Tan Sri AK Nathan
by Star Media Group - Power Talks

https://www.eventbrite.com/e/power-talks-tan-sri-ak-nathan-registration-36220762275

Mr Koon's posting on JAKS (June 26th) should also apply to Sendai ....
....the number of shares owned by the thirty largest shareholders should not be overlooked as it tells you the maximum percentage of shares left floating in the market currently. The lesser number of shares circulating in the market, the faster the share price soars when the business is performing better in the future. Further, you will be well-rewarded if you spot any super investors or gurus owning the stock and if you buy it below its intrinsic value.

This earlier article (June 7) supports "digger888"s article ....

Eversendai executive chairman and group managing director Tan Sri A K Nathan said it is business as usual at the group’s fabrication facility in Qatar, as its operations there do not have any dealings with the other countries that have cut off ties with Qatar.

“The Qatar fabrication facility executes projects for the Qatar market and not for exports, so there is no impact to our businesses there as it is pretty much centralised.

“We also view it as an advantage — we could bid for jobs given to one of the countries that have cut ties with Qatar, since we have a factory there,” he told The Edge Financial Daily.

Hong Leong Investment Bank research analyst Jeremy Goh said Eversendai’s exposure to Qatar is minimal. “Eversendai’s exposure to Qatar is not too significant. About RM140 million of its RM3.2 billion or 4% [of its] order book is based in Qatar. Generally, while there is exposure in Qatar, it is not concentrated there per se in the bigger scheme of things,” he told The Edge Financial Daily.

This article first appeared in The Edge Financial Daily, on June 7, 2017.

For the benefit of those who is wondering what happened during Thu afternoon AGM.
[I must qualify myself that what I say is my personal opinion and your decision to buy or sell is at your own risk]
The meeting went smoothly in a smallish Istana hotel venue as there were not many shareholders attending. Tan Sri said it had been a very painful couple of years for him, which I replied was the same for us shareholders. He believes that the worst is behind as most of the possible losses have been written off.
Q1 just reported is in the black and he thinks that Q2 (and onwards) should be better.
The video presentation of the jobs won was rather impressive. It included the part showing the offloading of Liftboat No1 into the sea. More work is being done after that and hopefully we get payment by Oct which I believe will reduce the gearing of the company.
The star at the AGM was none other than Mr Koon. He was very vocal during the AGM and he reminded Tan Sri that the boss of the company is the shareholders. Mr Koon (being previously in the construction industry) stressed the importance of a good margin otherwise all the jobs won are meaningless. Mr Koon even took the opportunity to give shareholders a short investment talk during the tea break-break.
Tan Sri was very humble (which I thought compared to other CEOs at other AGM). He joined us, Mr Koon and other shareholders and we talked while we eat.
Mr Koon (if you are reading this) I thank you for making this AGM very memorable. You have given us a new confidence. I personally will not be going to sell my shares and I think I will enjoy the ride with you. Thank you again.

FYI....This morning at the AGM, I asked Datuk Kama and he clarified that 67s is his own personal figure and not an official figure. So I reckon the actual breakeven figure for many investors might be higher than that. Tq

I thought that Kama's break-even price of 67s was too low.
Anyone good at working out Black-scholes Option price analysis.
Exercise price of warrant 46s
Maturity 8/6/2020

Finally ... UAE’s Eversendai Offshore has loaded out the first of two liftboats
http://www.offshoreenergytoday.com/eversendai-puts-its-first-liftboat-on-display/

HLG's report on 25/10/16 ...

•Liftboats still a concern. Eversendai is currently constructing 2 liftboats worth USD180m for its holding-co, Vahana via an RPT. Completion on the 2 liftboats stands at 85% and 55% with deliveries scheduled for 1Q17 and 3Q17. Under the contract terms, a 20% upfront payment has already been made to Eversendai with the balance 80% upon delivery. The management of Vahana guides that it is in the midst of negotiating a JV agreement with some European parties to have the liftboats chartered out. Until this has been finalised, we remain concerned on the potential payment risk should its financing not materialise.

This was my primary concern that's why I ask Tan Sri's son who is incharge of O&G regarding this during the last AGM. He said that there is a glut of oil rigs but not lift-boats. At that time he said there were already many inquiries to lease the lift-boats.
Frankly I am not very certain. But I hope what he said is true!

To farcup7, during the last AGM I complained to Tan Sri regarding why Eversendai do not make timely announcements. He replied that some clients don't like publicity.
Nevertheless I think they are breaking KLSE rules.

The capitalisation of Tek Seng at present is about 200m inclusive of its solar business. So if the taiwanese invest 100m they should by right already own half of tek seng. Am i getting my calculations right?

Chartmaster. Any chance syndicate 1 is related to syndicate 2? They take turns to goreng? At this point do you think they stop the music? I don't think they can suck in enough new people to unload at this point. Maybe something big still we do not know?