A total of RM541 million of provision was booked in by YTLPower in Q4FY2021 for re-measurement of deferred tax charges at Wessex Waters after the UK government announced a proposed tax rate hike from 19% to 25% from 1st April 2023. Now that the proposed tax rate hike has been cancelled, YTLPower should be able to write back the bulk if not all of this RM541m provision in its Q1FY2023 or latest Q2FY2023. Anyway this is non-cash item but will increase profits substantially.

@tonywong8, you are probably right for a tax writeback from Wessex after the tax rise was cancelled.

Thanks @xiaochen
This Yes unlimited 5G plan is competitive with TM unifi plan of RM129/month at 100 Mbps and RM168/mth at 300 Mbps. Though claimed to be 300Mbps, very often unifi users can only get 100-200 Mbps on average.

What is this wireless fibre 5G plan? How much GB and charge per month?

Be patient. YTL Corp should have a good chance to climb back to RM1.00 level in next 12 - 18 months

Superb results. 8 sen dividend. Full year dividend yield at 7.8%. Long term growth stock with high dividends.

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-29-story-h1628813084-YTL_Corp_4QFY2022_Continuous_Improvements_in_Utilities_Hospitality_and_

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-29-story-h1628813084-YTL_Corp_4QFY2022_Continuous_Improvements_in_Utilities_Hospitality_and_

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-29-story-h1628812225-YTL_Power_4QFY2022_Clear_signs_of_Earnings_Growth_in_Singapore

A brief update on YTL Power

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-29-story-h1628812225-YTL_Power_4QFY2022_Clear_signs_of_Earnings_Growth_in_Singapore

A brief update on YTLPower quarterly result and key business segments

No update on the Jordan project yet pending the arbitration case. Though I think the odds of YTLPower winning the case is very high, but ultimately it comes down to where the pay checks will be.
Due to years of under-investment in local power generation industry, Jordan is facing severe issues of power shortage and needs to rely on expensive imported fuel. The national utility Nepco is not in the best position to take on huge payments for new power generation, though the shale-oil fired power station would be very good for the country as it would use indigenous fuel which is abundant in the country and which cost will not fluctuate with international oil prices.

well said @xiaochen

Another superb set of quarterly results. Thumbs up for Padini management!

I am not too sure but think YTLPower has written off some development costs related to Tanjung Jati project, as mentioned by RHB Research too.

Tanjung Jati is a huge coal-fired power plant project to be developed under a 30-year Power Purchase Agreement with Indonesian PLN. Aside with environmental issues and lack of financing interests for high carbon projects, the current super high coal prices have made this project not feasible in relation to other renewable projects like geothermal and solar power in Indonesia.

Personally I do not think this project will go ahead.

too many day traders and short term punters taking profit after good result

Another record quarterly results. Super strong operating cashflows of over RM160 million for H1FY2022, annualised to RM320m or 26 sen per share. Reserve RM70m for planned expansion capex, SEM will still have RM250m of free cashflows a year or almost 20 sen per share.
I expect imminent re-rating, just like the case of BJFood.

Another record quarterly profit of RM21.9 million for 4QFY2022, more than 10x higher than last year.
Full year operating cashflows were super strong at over RM75 million or 37 sen per share, hence supporting super high dividend payout of total 19.0 sen for FY2022.

As expected, there is no surprise in the final dividend payout. Total 4.5 sen for FY2022 is still decent to yield 6.25%. Operating cashflows before capex for FY2022 amounted to RM1,577 million, we can expect higher for FY2023 hence higher dividends next year.

YES continued making losses, which is a disappointment too. I gathered that YES could have gained ~300k-500k 5G users during the quarter, at average RM15-20 per sim card, it would have generated revenue of RM15-30 million for the quarter which was not significant enough to turn around the telco business segment.

Hence, it will need to work harder to add another 1 million 5G users minimum in order to generate meaningful profits for the telco segment.

Wessex profit contribution is a disappointment. The qtrly report blamed it on higher operating costs and higher interest costs. As sensitivity checks, a 1% increase in average interest rates would increase Wessex' interest costs by RM12.8bn x 1% = RM128 million a year or RM32 million a quarter.

That still cannot explain the huge drop in PBT from RM89m to RM14m, unless interest rates have gone up by 2% or more.

Higher operating costs are expected as inflation is high in the UK.

There is mechanism in the water tariffs that adjust for higher interest rates and higher inflation, but will have a lag effect. I think this quarter PBT is exceptionally low and expect earnings to normalise when water tariff adjustments kick in to compensate for higher interest rates and higher inflation.

Current quarter PBT for PowerSeraya jumped to RM191m, annualised to RM764m which is well within my earlier projected range of RM530-1,150m for the full year. I hope the current quarter momentum of PowerSeraya can continue into FY2023, if not better.

Core operating cashflows before capex were strong at over RM1.5 billion for FY2022, expect higher for FY2023.

Record quarterly earnings. Thumbs up!

looks like record quarterly profit coming soon

Operating cashflows before tax and capex was strong at RM283 million for 1H 2022, annualised to RM565 million. Again the cash tax was high at RM52 million, higher than usual 25% plus prosperity tax.
Anyway it is way higher than the operating cashflows of RM455m for FY2021.

AEON Bhd indeed posted a strong set of results for June quarter with revenue even surpassing the Dec 2021 qtr and profit before tax of RM92.3m, just shy of the record Dec 2021 qtr PBT of RM94.6m.

The disappointment came from the much higher than expected taxation rate of 48.75% vs the normal 25% registered in Q4FY2021.

definitely. IGBB cashflows are very strong, dividends from IGB REIT and IGBCR are more than 20 sen per share. Wait till it carries out the proposed corporate exercises then it will be able to pare down borrowings and raise dividend payouts

Company share buyback gains more tractions, it only shows that the management also sees that its company share price is very much undervalued.

If YTLPower declared a special dividend at 4th Qtr result announcement, then share price would easily reach RM0.86 but I doubt it. As the company is embarking on various new initiatives such as the green data centre venture, digital bank and 5G expansion, it will need to reserve cash for expanding these new segments.

I think we may have to wait till FY2023 to see higher dividends of 7.0 sen to 10 sen, if Wessex dividends stabilise amidst higher capex, PowerSeraya delivers higher earnings as expected and telco 5G business turns around well.

Looking at the just released June quarterly result of BJFood, I think AEON will follow suit and post a strong set of result for this June qtr

This is indeed good news, impressive and resilient set of earnings mainly from operational growth in rental and advertisement income

full year operating cashflows before capex topped RM220 million, another record.

Net debts dropped to just RM100 million level, and will turn net cash position by 2H2023

true enough another blockbuster quarterly earnings, well done management!

@TreeTopView, thanks for highlighting the short positions.

To me, these shorties are just speculative. I do not see any big risk of share price collapsing anytime soon, unless another war would start at Taiwan straits or another MCO would be announced.

Too much gaming / betting on shorts and I do not want to spend much time analysing them, but rather focus on fundamentals.

I was not aware of such a short position in AEON but 5m shares are not big.

I suspect most of these short positions were entered into in May when AEON share price was trading at RM1.55-1.69 and daily volume exceeds 3.0 million shares. With the subsequent drop in share price to RM1.26-1.28, I think most of the short positions had been unwound then, left now with net 5.0m shorts.

I expect these shorts will be covered soon when the shorties see that share price is well supported and an excellent June quarterly result announcement is coming in 2 weeks.

another blockbuster quarterly earnings to be announced later this week?

slowly inching up with steady volume indicating accumulation by investors / insiders. No sudden big surge in share price nor volume implies a gradual recovery path for at least another 2 weeks.

Yes, RM6.00 may sound high for IGBB at current moments, but I believe once it carries out the proposed corporate exercises to unlock its assets value, it will have annual operating cashflows of RM390 million or 43 sen per share. It will be able to declare high dividends of over 24-30 sen then to support a share price of RM6.00 at prospective dividend yields of 4.0% to 5.0%.

It will be a gradual re-rating as it tries to unlock its asset value one by one. Patience is the key.

YTL Corp is slightly better in the sense of much higher upsides in the long run, underpinned by different business sectors in utilities, 5G, cement, hotels, shopping malls, property development, digital bank etc. Diversified business portfolio will ensure YTL Corp to sustain long term growth in different economy cycles.

But it is undeniable that IGBB owns some of the most successful shopping malls, hotels and office buildings in the country and abroad. The management of IGBB definitely has good insight in developing good quality assets that can bring in sustainable cashflows. Furthermore, IGBB has quite a few potential catalysts that may be realised in next 12-24 months.

We need to diversify our stock holdings so that we can benefit from growth from different companies and different sectors, and potentially faster asset monetisation plans of their management.

These are all good quality companies worth long term holding. We do not know which company share price will run up first, it depends on when the management will be able to carry out earnings accretive corporate plans and when there will be good news for the sectors they operate in.

Potential catalysts are:
1) a strong set of quarterly result in 2 weeks time and a decent interim dividend plus a special dividend using part of the proceeds from the UK land disposal.
2) receipt of remaining disposal proceeds from the proposed disposal of UK land for RM550 million. In its Q4FY2021 result, IGBB received a total of RM338.569 million from disposal of a joint venture. It is not clear to me if this disposal of joint venture refers to the 50% joint venture in the UK Bkackfair land. If it is, there should be a remaining disposal proceed of RM211.4 million to be received by IGBB. Even half of this remaining proceeds is to be declared as special dividend, we could expect a special dividend of at least 10 sen per share.

3) Continued strong footfalls to IGBB shopping malls to support rental revision and higher occupancy rate in its Mid Valley Southkey Mall in JB. These would bring the timing of injection of Mid Valley Southkey into IGB REIT closer to fruition once IGBB achieves the required valuation for Mid Valley Southkey injection.

4) Continued rebounds in its hotel business to achieve back steady high occupancy rates and potential creation of a new hospitality REIT to house all its hotels

5) Successful development and commercialisation of its new quality office buildings North Tower and South Tower at Mid Valley Southkey and potential injection into IGB Commercial REIT

6) Successful launch of 18@Medini quality housing project in Johor

7) Any plan for development of new Mid Valley megamall brand in other states

No need thanks. Do not expect IGBB to surge up suddenly, it is not a goreng stock. It is a fundamentally sound company with deep values and strong cashflows. Sooner or later the market will realise its value.

IGBB is a better choice

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

Farm Fresh is good and strong but expensive at 30x PER. Can consider other retails counter at just 10x PER like IGBB

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

IGBB looks more interesting than REITs at the moment

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

or switch to IGBB that is so much undervalued

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

glove stocks will need more time to recover, meanwhile can take a look at other counters that recover well like IGBB

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

can consider accumulating other undervalued stocks like IGBB

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

hold tight tight or look at other alternatives

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

gloves stocks will need more time to recover, lets look away for other recovery counters like IGBB

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75

can take a look at other sleepy giants like IGBB

https://klse.i3investor.com/web/blog/detail/dragon328/2022-08-12-story-h1627892545-IGBB_is_an_Awakening_Property_Giant_worth_at_least_RM6_75