对于 UWC 最近这几天增量（交易量是过去一个星期的几倍）下跌的课题，相信投资者们肯定会担心 尤其是在接近 RM 7.500 左右再追进去的投资者！

那么大家必定会关心公司是否还值得投资的问题，今天就来跟大家谈谈这个话题好了 ~

就以 PE 估值而言，目前 UWC 的估值大约为 67.9 倍左右。很显然投资者是为公司的未来前景买账，而 UWC 前景以公司涉足的半导体（“Semiconductor”）领域以及生命科学（“Life Science”）都是非常具有前景的 而从 2019 上市至今，公司的业绩也没有退步过，依然还是在不断成长中的~

其实 UWC 过去从零部件（以前这家公司的名字是 Unique Wire Cut，所以才有今天的 UWC）至今都已经有了非常多次的转变 那么说最近的转变的话就是公司刚完成 10k 洁净室产房打算进军到前段半导体的领域了！

那么讲了那么多次的前段半导体，可能大家对于这个概念还是有点模糊.. 前段半导体来说呢，总之对于晶圆进行处理或者针测工序（跟 Wafer 紧紧相关）都是属于半导体，而后端的话则是进行封测，也就是本地非常多的 ATE 所涉足的业务都是属于半导体领域后端的..

UWC 本身当然也有产品属于半导体领域的后端，并且主要是进行 Handler 以及 Functionality 功能测试的。至于公司移到前段来说不只是技术上的突破，但是对于盈利以及顾客组合来说未来也会有望接触越来越强的公司！

*当然，现在的客户来说已经是很不错了

UWC 现在的顾客群可以分为 Semiconductor、Life Science 还有重工业（“Heavy Industries”）的机械。那么在最新的季报内大家可以关注到 Heavy Industries 的营业额占比已经是越来越低了 相信这有可能是公司的其他顾客群订单加大导致占比出现变化，也有可能是 Heavy Industries 自身的占比减少，不过无论如何，公司出现这样的变化都是可喜的！

为什么呢？

据了解呢，其实 Semiconductor / Life Science 的净利率会比较高 因此我们看到近期公司的净利率越来越强劲，甚至到最新一个季度的净利率为 35.01%！

总的来说，下个季度公司没有意外的话应该还会继续成长的.. 只是接下来我们就要看前段半导体可以为公司带来多大的营业额以及盈利了！不过，关于估值方面还是想问问大家怎么看，大家觉得 UWC 现在还是贵吗？

- 完 -

Nice la, UWC is coming back sooner or later

This article is not bad, saw it on malaysia stock biz and sharing to you guys

RE.PEKAN is currently in the midst of subscribing RPS in Halpro Engineering Sdn. Bhd. (“HESB”), which this company operates a 30.00 MW solar photovoltaic power generation facility in Pekan. RE.PEKAN is similar to RE.ARAU, which RE.ARAU had just completed their RPS acquisition recently.



On a side note, RE.PEKAN have the same directors as reNIKOLA and the single shareholder isreNIKOLA as well. The company does not have any existing RPS.



RE.SOLAR was newly setup and was involved in the provision of operations and maintenance, treasury and management services for solar plants. This would serve as the management company for all the power plants under reNIKOLA’s management. The directors are same as reNIKOLA and the single shareholder is reNIKOLA.



As for RE.BKH, the company was poised to be a project based company to design, construct and commission a new solar photovoltaic power generation facility with the capacity of 250 MW. Currently the directors of the company includes YAM Teng Zaiton Ibni Sultan Abu Bakar and Boumhidi Abdelali. The two respective directors held 44.5% and 0.5% shares respectively and the rest of 55.0% was held by reNIKOLA.



reNIKOLA Total Solar Photovoltaic Plant Capacity


To recap, RE.ARAU now has 3.996 MW capacity per annum and signed a PPA with TNB. RE.GEBENG is operating another solar power plant with 29.916 MW and RE.PEKAN was operating another 30.00 MW solar photovoltaic power plant. The total in operation capacity would be 63.912 MW capacity per annum and a new plant with 250 MW, adding up to be 313.912 MW. However, under the joint press statement by PEB and reNIKOLA, they mentioned that the MWp would be up to 418, which enhances the potential value of the company.



In Nov 2020, reNIKOLA also received a AA3 rating for their issuance of ASEAN Green SRI Sukuk Programme for a total of RM 390 Million for project refinancing purposes. This SUKUK is aligned with the transparency and disclosure requirements of Securities Commission Malaysia (“SC”), Sustainable and Responsible Investment Sukuk Framework (“SRI”), the ASEAN Green Bond Standards (“ASEANGBS”) and globally recognised Green Bond Principles (“GBP”).



I am only able to share so much to not confuse investors and give investors some time to digest these information. Yes I had invested in PEB, and this company would surpass SAMAIDEN's market cap any time now. Heed my words, DO NOT miss out on this company!

PITAHAYA had purchased 37.4% shares from the existing major shareholders of the company and emerges as the single largest shareholder of the company. However, the purchase of 37.4% had triggered the 33% threshold to issue an unconditional mandatory take-over offer (“MGO”). This means that to be fair to minor shareholders, PITAHAYA or Lim Beng Guan had to purchase all remaining shares from the other shareholders at the price of RM 1.07 per share. It is up to the existing shareholder to commit to sell the shares or not, but based on the future expansion plan of reNIKOLA, the actual number of people selling should be close to 0.



As of the shares for reNIKOLA, it is currently being held by Boumhidi Abdelali which holds 70% of the shares and YAM Tengku Zaiton Ibni Sultan Abu Bakar held the remaining 30% shares. It was also known that Lim Beng Guan held preference shares of the company. However, the dilution effects are yet unknown.



Moving on, RE.ARAU held around 3,000,000 Redeemable Preference Shares (“RPS”) in SBU Power Sdn. Bhd. (“SBUP”). SBUP is currently operating a solar photovoltaic power generation facility with capacity of 3.996 MW per annum located in Arau. RE.ARAU had signed a Power Purchase Agreement (“PPA”) with Tenaga Nasional Berhad (“TNB”) or under SEDA. The business model involved would be build, own, operate (“BOO”) and maintain.



Under SEDA, there are 2 models of renewable energy generated to be sold to TNB or SEDA. Under the Feed-in Tariff mechanism, you may export your solar energy generated to TNB at a certain price. As for NEM, you may go through this mechanism and generate your own electricity and reduce electricity bill. In short, reNIKOLA falls under the FiT category. Despite FiT was known to be indexed to inflation rate since 2013, it should also be noted that the rate remains unknown.



The directors of this company are same as reNIKOLA, and the sole shareholder is reNIKOLA. RE.ARAU announced that they have 7,468,500 RPS, but based on Rating Agency Malaysia (“RAM”), the ultimate or economical shareholding would still 100% belong to reNIKOLA.



RE.GEBENG holds 8,600,000 RPS in RE Gebeng Sdn. Bhd. (“REG”), which operates a solar photovoltaic power generation facility with the compacity of 29.916 MW. The directors of this subsidiary is similar to reNIKOLA and the single shareholder is reNIKOLA as well. The company did have 42,425,520 RPS which did not state the ultimate shareholder.

These companies, collectively known as reNIKOLA are involved in the green energy, a.k.a. solar power segment. Before we discuss deeper about these subsidiaries, we will now take a better look at PEB first.



PEB has been a cash company under PN16 and held RM 70.32 Million in cash, PEB will attempt to purchase reNIKOLA via issuance of new shares, in which the numbers of shares to be issued shall vary but would be based on an issue price of RM 1.07 per share.



For example, if the acquisition would be RM 50 Million, hence the number of share issuance would be RM 50 Million divided by RM 1.07 per share. If it would be RM 100 Million, then the number of share issuance would be RM 100 Million divided by RM 1.07 per share.



The basis of RM 1.07 originates from the acquisition of Pitahaya (M) Sdn. Bhd. (“PITAHAYA”), despite not having the final information shown as who is Pitahaya (M) Sdn. Bhd., but upon studies it was identified that Ciruela Sdn. Bhd. (“CIRUELA”), which is the holder of convertible preference shares of reNIKOLA. CIRUELA was also known to be own by Lim Beng Guan.

Introduction



Just recently, Pimpinan Ehsan Berhad (“PEB”) had entered a Heads of Agreement (“HOA”) with group of reNIKOLA. HOA is beyond the scope of Memorandum of Understanding (“MoU”), which is only known as a “handshake” between 2 parties. It is also beyond Memorandum of Agreement (“MoA”), which has very little legal binding. HOA is a more serious and proper way for corporate exercises especially on merger & acquisition.



The origin of PEB could traced back to it being named under TRIplc Berhad. However, it had been considered as a PN16 company under Main Market Listing Requirement (“MMLR”). PN16 is equivalent to GN2 in ACE Market. It simply means the exchange had recognised this company as a temporary “shell” and cash vehicle waiting for vehicle after its core business disposal. PEB had sold its principle subsidiary to Puncak Niaga Holdings Berhad (“PUNCAK”).



Corporate Structure


Interestingly, under reNIKOLA there were 5 key subsidiaries that investors should take note.


reNIKOLA (Arau) Sdn. Bhd. (“RE.ARAU”);

reNIKOLA (Gebeng) Sdn. Bhd. (“RE.GEBENG”);

reNIKOLA (Pekan) Sdn. Bhd (“RE.PEKAN”);

reNIKOLA Solar Sdn. Bhd (“RE.SOLAR”).; and

RE Gebeng BKH Sdn. Bhd. (“RE.BKH”).

https://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=24347

Nice la, slowly up

Hi Just88, thank you for your sharing.

I would also like to add on that under MMLR PN16 Paragraph 2.2, the exchange requested any cash company to make a Requisite Announcement that contains:
(a) Details of the proposal;
(b) Timeline for the complete implementation of the proposal; and
(c) Inclusive of a Principle Advisor for the announcement.
In this case, the MGO was assisted by Hong Leong Investment Bank Berhad and MIDF Amanah Investment Bank, which they would in turn, be the advisor (or one of them) of the RTO proposal.

Both are well known in handling such cases.
I think your group somehow misunderstood the RM 1.070 valuation. The new shares are issued based on the MGO, and the number of shares is not determined yet. Take ANCOMLB as an example, the RTO reference price per share of RM 0.100, and the LDP for ANCOMLB is RM 0.375.

Hence, reference price serves as a reference, but the dilutive effect does not drag down the share price as per said.

Next interesting argument is on profitability and reNIKOLA being a newly set-up company. Do note that the corporate structure of reNIKOLA is complex so I don’t expect all to understand. However, SBU Power Sdn. Bhd. was incorporated in 15th September 2016, and RE Gebeng Sdn. Bhd. was incorporated in 20th November 2015. And don’t forget Halpro Engineering Sdn. Bhd. was incorporated in 20th July 2016. As the ultimate shareholder of this companies, I think the claim that reNIKOLA is a newly incorporated company with no profit background is merely hoax and false statement. I would like to also add on that RAM has certified these companies and assisted in issuing a AA3 ASEAN Green SRI Sukuk. Please enlighten me if you find any similar company that is doing RTO that receive the same rating.

*Fun Fact: The Sukuk issuance was also aligned with SC’s framework.
These 3 companies contributed a total of 64 MWac (MWac and MWp has some difference in it, maybe you could ask your group to explain to you). Which is larger than CYPARK, SAMAIDEN or SLVEST. So when we are talking about a company with a market cap of RM 152 Million, how is it expensive?

As for the PACs issue, I do not understand what the group is trying to say and if the admin of your group suspects a share manipulation, he or she should report to SC. And I would also know more about the group – now that SC has banned “sifus” for charging people for analysis, how is this DK still operating?

The trend line is nice, now is like staircase going up.....
Can buy and average up again.