2014-12-24 17:11

國能撥233億資本開銷PESTECH料受惠

（吉隆坡24日訊）國家能源（TENAGA,5347,主板貿服組）未來4年將投入233億令吉資本開銷，分析員看好PESTECH國際（PESTECH,5219,主板貿服組）獲利不淺，而集團積極部署新業務來促進增長動能，未來盈利前景可期。
媒體報道指出，國能為確保電力供應穩定，將在2014至2017年投入233億令吉資本開銷，其中63%資本開銷將用於分銷，其餘37%則為電力輸送，興業研究相信PESTECH國際將可從中受惠。

“PESTECH國際旗下的傳送和分銷業務佔總銷售的80%，我們相信未來數年傳送和分銷業務仍是其主要收入來源，但隨著集團近期開始探討，並將更多資源配置在嵌入式系統（Embedded system）軟件與產品開發及發電在內的兩項新業務，將確保新舊業務業務交替可無縫增長和持續擴張。”
手握5.4億合約
興業研究說，截至2014年9月杪，PESTECH國際手握5億4千600萬令吉合約，其中包括3項足以讓集團未來2年持續忙碌的大型合約，同時集團也積極競標海內外總值14億令吉合約，將可確保未來盈利持續增長。
“經過近期賣壓，PESTECH國際股價開始顯得誘人，因此我們上調其評級從｀中和’至｀買進’，目標價維持在4令吉16仙。”（星洲日報／財經‧報道：洪建文）

it seems like stock market has overreacted in a very short period, nothing we can do now, must have faith

aih.... bo bian, one whole year profit got wipe off in one month...

shit, what happen

bear market now, all counter drop

dreaming klseboy2014

why drop so much?

why ajiya cannot up wan?

buy low and sell high, short term profit, volatility provides opportunity

Aiyo now only 4.65, wtf

up pls

wa, today drop kao

hi mneo, good question, how to distribute the remaining FY14 profit, i'm also not sure, maybe need some professional accountant or auditor to explain this.

hi phantom2020, i'm not sure whether your calculation is correct...

but lets look at it this way,

look at page 20, proforma I:

the NA attributable to owners of the company is 230,603,795 (RM 5.71 per share),
and they will distribute 195,000,000 (RM 4.83) to you,
so 230,603,795 (RM5.71) - 195,000,000 (RM4.83) = 35,603,795 (RM0.88)

at proforma II, you will see NA attributable to owners of the company become 35,603,795 which is RM0.88.

35,603,795 (RM0.88) is what remain in TECNIC after the disposal of 3 subsidiaries.

note:
the 195,000,000 or RM4.83 can also translate to: 2.35 + 4.27x0.58 = 4.83 (i think, please correct me if i'm wrong)

zackyh, if you think my calculation is correct, you should keep your share, because now it is still undervalue.

phantom2020, you cannot add 3.93 with 4.27xskp share, because

3.93 come from: 158642400/40397333 = 3.93

40397333 is the number of shares of TECNIC, and
158642400 is part of the 200 million paid by skp to tecnic to buy the 3 companies,
and this 200 million is 100 million cash and 100 million skp shares,
so if you add 3.93 with 4.27*skp share, you already overlap......

it is really very complicated, and very confusing when reading the announcement, not so easy to understand....

when i post my previous comment, my equation only consider the asset of 3 subsidiary of tecnic, i miss out the asset of TECNIC at holding company level. SKP use 200 million to buy the total assets of 3 subsidiaries of TECNIC which is Plastictecnics, STSM and BPSB. SKP did not buy the entire assets of TECNIC, there is still some asset left at the holding company level which belong to all shareholder TECNIC.

so the equation should be:

tecnic share price = (skp share price x 4.27) + 2.35 + 0.88

the 2.35 come from : 95000000 / 40397333 = 2.35
the 0.88 come from : 35603795 / 40397333 = 0.88,

40397333 is the total issued shares of TECNIC.
95000000 is the cash paid by SKP to TECNIC. (100 million - 5 million = 95 million)
35603795 is the asset of TECNIC at holding company level.

hence,

if skp = 0.58, tecnic = 5.71
if skp = 0.67, tecnic = 6.10
if skp = 0.70, tecnic = 6.22
if skp = 0.80, tecnic = 6.65

latest skp share price is 0.665, so tecnic share price should be at 6.07, therefore tecnic share price is still undervalue.

This is why tecnic share price can go beyond the purchase price of RM4.95. SKP only buy the asset of the 3 subsidiaries, they did not buy remaining asset of Tecnic at holding company level. The remaining asset of TECNIC will be distributed to all shareholders of TECNIC at a later date.

Hope this helps, cheers :)

but tecnic's company is better fundamentally,
tecnic share price still up ler today....

in theory,

it should be:

if skp=0.58, tecnic=4.95
if skp=0.67, tecnic=5.33
if skp=0.70, tecnic=5.46
if skp=0.80, tecnic=5.89

tecnic share price = (skp share price x 4.27) + 2.47

now tecnic RM5.07 ler...

huat lar! ptaras shareholder! earn kao kao...

announcement should be out on thursday.

@yongyou yes yongyou, i agree with you, we don't know what is going on, there is no official announcement of any good news

ok thanks :)

monday up?

@iphone4 but i think this aluminium business is not easy to do, too many competitor, and i am not convinced with this company's future planning at the moment, anyway i need to monitor and see until there is a good sign in this company then i'll buy back the shares.

@greddym3 how do you know LTKM has KSL shares? what other shares has LTKM bought? can you share?

cresndo keep buying back its own shares.

@iphone4 ya the managing director got promoted, but don't know whether the new replacement is good or not. @Danny Kc i also sell all my alcom shares already after the AGM, cause i not confident with the managing director, and now he resigned, lol.

the managing director just resigned, good news or bad news?

good result, well done tecnic

sure or not? privatisation?

ajiya finally come liao, should explode like hell very soon.....

alcom quarter result coming out soon, hopefully it is good.

alcom today drop big, haih...

alcom chiong ahh!!!! chiong!!!!

HUAT LAR ALCOM!!!!!! GOGOGO!!!!!!

dunno what happen

nice article, very meaningful

ajiya go go go!

if go until RM8, then i really huat huat huat lar!

joilintai, which project is in trouble? can share a bit?

nice! tecnic gogogo!

nice story, 注意细节, very important

walao, this stock ki siao kah? go so high.....