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Haha on Government guarantee (GGU)
* The GGU provides Vietnam Government Guarantee on all payment obligations of MOIT under the BOT contract and the EVN under the PPA.
* The guarantee on PPA is for 18 years from COD, and the full term of the BOT in the case of MOIT.
* Guarantor shall also pay interest on any sums outstanding.
* GGU also guarantee USD currency conversion and right to remit
* repayment of principal, interest, etc under financing document
* quarterly and annually profit distribution to JPP
* repayment of charter capital
* any expenses due to contracts goods imported
* any expenses due to foreign service contracts
* any payment that are due in foreign currency

Understand the Key Contractual Obligations of the project award
 
Investment certificate
* JHDP shall be entitled to 10% tax rate for the full term of the project.
* JHDP shall be exempted from corporate income tax for 4 years and 5% tax rate for another 9 years from 1st year with taxable income or 4th year whichever is earlier.

法律及不可抗力风险
根据购电合同PPA条款，因法律的变化对项目投资方带来不利影响的风险由越南工贸部负责承担，越南政府提供担保。合同也保障该项目不被不可抗力（天灾人祸）突发事件所影响。

另外，根据中电工程委托的法律事务所出具的律师工作备忘录内容，中电工程对本项目的投资不违反中国及越南两国法律规定，所规划的投资方案不存在法律障碍。法律事务所对境外投资架构的合法性、中电工程对BOT项目公司的控制权、跨境担保的合法性以及关于融资关闭逾期的法律后果出具了相关法律意见，均不存在法律障碍。

燃煤电厂于2016年3月28日动土。机组建设工期为42+6，2016年10月1日开始计时，按照里程碑计划2020年2月28日#1机组完成临时移交，2#机组顺延6个月。工程正如火如荼的进行中。至今，估计已完成50%。
Jaks越南海阳燃煤电厂项目有何风险 ？

越南海阳2X600MW燃煤电厂，是中国能建所属中国电力工程顾问集团有限公司（简称“中电工程”）与马来西亚JAKS以70:30投资股比合作开发和建设的越南BOT项目。该项目是“一带一路”沿线的重点项目，总投资约18.685亿美元，是目前中国企业在越南单笔投资额最大的项目。在此探讨海外BOT项目投融资所涉及的主要风险及防范措施。

越南海阳BOT电厂项目位于河内以东100公里，建设两台600MW燃煤机组，采用四炉两机配置，计划为海阳省及河内输送电力，是越南政府吸引外资开发电力建设的重点项目。马来西亚的Jaks公司在2008年获得该项目的开发经营权。随后Jaks与越南工贸部经过近三年的谈判，于2011年6月签署了25年特许经营期的BOT合同，同时签署的有关协议还包括与越南煤炭公司的购煤协议（25年）；与越南电力公司的购电协议（25年）；与海阳省人民委员会的土地租赁协议；政府担保与承诺协议。根据购电协议，海阳电厂所发全部电量由越南电力公司收购；煤价与电价联动，即煤价上升，电价也随之上涨，投资方的收益始终保持在一个稳定范围内。根据政府担保协议，越南政府对越南煤炭公司和越南电力公司的付款违约提供政府担保，项目收益可以100%转换为美元转入到投资方的国外账户。项目建设期54个月，2020年终必须完工。项目收益享有优惠税务，施工材料与设备进口税收全免。25年特许经营期满后移交越南政府。

中电工程与Jaks经过一年多的谈判，于2015年7月签署了合作投资协议，中电工程为项目70%股东，Jaks为30%股东，由中电工程负责项目的银行融资并承担EPC工程建设。

中国工商银行，中国建设银行股份有限公司，与中国进出口银行三家银行集团为此项目提供了75%的融资。
国家政治风险

越南近年来与中国因南海主权问题曾发生多次摩擦，在该国开展投资项目有一定的国家风险和政治风险。但中、越两国地缘相邻，经济上互补性很强，越南经济对中国的依赖更大，从长远发展角度看表现出积极主动的合作态势。

战争、征收、汇兑和罚没属于政府违约范畴，可能造成企业无法继续正常生产以及项目收益无法兑换成美元汇出。虽然越南政府为海阳项目提供了项目收益100%转换成美元的保证，但在25年运营过程中仍然存在因故无法兑现该保证的可能性。

海阳项目的投资上，中电工程分别就股权和债权投保了中信保海外投资险，其中债权险是银行融资的要求，股权险是出于企业自身在越南进行投资的资本金安全考虑。通过投保海外投资险，发生上述风险时，先由中信保赔偿企业相应的损失，中信保再代表中国政府向越南政府索要保险赔款，企业面对的风险实际上转成由中信保承担。

投资收益风险
投资收益风险，主要考虑项目投资回报率及除政治风险以外的与项目建设、运行有关的主要风险是否得到有效分配和规避。通过购煤协议，电厂特许经营期25年内需要的原料通过25年期购煤协议得到基本保证。协议还规定，如出现越南煤炭公司因故不能提供燃煤，需由BOT公司自行购煤的情况，煤价的超出部分由越南煤炭公司负责补偿。

购电协议中电价由容量电价、电量电价及补充电价三部分组成。根据购电协议，电厂建成即使不发电，越南电力公司也要支付容量电价。电厂所发电量将全部由越南电力公司承购，即电量消纳有保障。补充电价主要包括实际土地赔偿费用。

通过土地租赁协议，项目建设所需土地得到有效保证。

通过政府担保协议，越南政府对越南煤炭公司及越南电力公司的付款违约提供政府担保，即如发生上述两家公司付款违约行为，其付款责任由越南政府承担。同时，越南政府保证投资方卖电获得的当地货币收益100%可以转换为美元汇出越南境外，有效规避了当地币发生大幅度贬值的风险。

针对项目投资回报率，中电工程聘请了国际著名财务事务所担任投资顾问，建立项目财务模型，在反复落实模型主要输入条件后，得到了比较理想的项目收益率。该收益率是基于长期的购煤、购电协议前提条件下获得的，因此较可靠。

海阳项目的投资收益风险通过上述各项协议得到了有效化解和分摊，并且项目投资收益率较为理想，该项目的投资收益风险可控制。

Haha 。Jaks管理层曾透露内部回酬IRR介于12%，PAYBACK PERIOD为8至9年… is on 40 % shares in Vietnam Joint Venture company ke …

As calculated from 4 years payback 30 % … ard 7 years for 40 % shareholding …

Jaks

1.) Vietnam Power Plant Share of Profit n Dividends :


2020 : RM 3.8 million ( 1 Power Plant is COD on Nov 2020 )


2021 : RM 140.7 million ( The 2nd Power Plant is COD on January 2021 ) .


2022 : RM 156.2 million , Dividend RM 70.0 million


2023 : 1QR = RM 28.326 M , 2QR = RM 32.312 M , 3QR = RM 35.862 M , 4QR = RM 34.503 M plus Dividend RM 27.386 M

2023 : RM 131 million , Dividend RM 27.385 million


Total Share of Profit = RM 431.703 Million

Total Dividend = RM 97.386 Million

Grand Total = RM 529.089 Million

Jaks 30 % share in Vietnam Power Plant Joint Venture invested ard RM 600 Million.

Initially PayBack 8 to 9 years ..

Referring to the Grand Total , PayBack period is by 2024 .. ie : from 2021 to 2024 ~~ 4 years ..

按照购电协议，电力售价将随原料价格波动。意味着业务盈利贡献获得保证。Jaks管理层曾透露内部回酬IRR介于12%，PAYBACK PERIOD为8至9年

Introducing Jaks Resources Vietnam Thermal Power Plant

JAKS RESOURCES(Jaks)在2011年争取的越南海阳燃煤电厂项目在经过了6年的风雨终于开工建设了。由于项目总投资达18.685亿美元，JAKS无法找到任何银行资助该项目，所以电厂的建设推迟了好几次，期间更换了2个中国伙伴。直到于2015年7月Jaks与中国电力工程顾问集团有限公司(CPECC)达至协议。Jaks让出项目控制权从以往60:40改为30:70的股权合资开发此工程。CPECC负责融资及全部工程建设。CPECC在进行发电和输变电厂的工程非常有经验。参与了约90％的中国煤电工程。共完成了49,000兆瓦燃煤厂工程。

为确保整个项目能够圆满完成，CPECC承担全部责任完成电厂建设，包括如需要额外的资本。 JAKS在建设期间将获得项目的4.5455亿美元工程。而此工程也将由CPECC承包。实质上，JAKS肯定会在施工期间赚取大约4亿令吉。此利润将流回合资公司充当JAKS的股权资金。换句话说，JAKS只需要拨出2亿令吉来拥有电厂30％的股份。完成发电厂项目后，JAKS在3年内有权向CPECC以成本购买另外10％而拥有合资公司的40%股权。

CEO洪南坡在2011年下了一个胆大包天的赌注，在世界面对金融风暴时刻，啃下一个陌生领域而且需要庞大资金的巨大BOT模式燃煤电厂工程。当时越南高速经济成长造成严重电力短缺，以至越南政府颁发了多个发电厂工程。因为资金需求庞大，大型的燃煤电厂工程都以BOT模式颁发了给外资企业。当时便有3个类似燃煤电厂供外企竞标。Mong Duong燃煤电厂是颁发给美国的AES Corporation (51%), Posco Energy (30%) and China Investment Corporation (19%)， 越南永新燃煤电厂一期BOT项目是由中国南方电网有限责任公司（55%）、中国电力国际有限公司（40%）和越南煤炭集团电力有限公司（5%）共同投资。而越南海阳燃煤电厂项目则颁给Jaks。CEO洪南坡被访问时表示去越南本意是寻找内行的水务工程，可机缘巧合发现越南严重缺电，所以竞标陌生的燃煤电厂工程。

可看到得标者个个都是几百亿市值，财力雄厚，经验丰富的跨国集团。何以势单力薄的Jaks也会得标 ？也许当时正处金融风暴而且项目多，竞标者少。

Jaks於2011年动工清理场地后便处于静态，前后换了2 个中国伙伴都因为无法得到任何银行资助而无法动工。2014年5月中越南海纠纷引发了一场“反华暴动”，中国冻结了对许多越南工程。Jaks已耗资2亿令吉。眼看将要泡汤。曾一度与TENAGA商讨合作，后来中国越南领袖互相拜访重新友好。中国大减钢铁产能而冻结燃煤产量导致煤电厂工程喊停。此举导致煤电公司出走寻找机会。又逢中国发起的一带一路计划给合格的项目得以融资。同时，越南政府也修改了政策以便项目的条例符合中资银行的严格融资条件。机缘巧合，天时地利，海阳燃煤电厂项目办妥了。

按照购电协议，电力售价将随原料价格波动。意味着业务盈利贡献获得保证。Jaks管理层曾透露内部回酬IRR介于12%，PAYBACK PERIOD为8至9年

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19/3/2024 10.00am

Finally both Line are in Neutral , No more in Oversold level :

RSI(14) Neutral 38.0
Stochastic(14) Neutral 22.2


20/3/2024 9.40 am

RSI(14) Neutral 38.4
Stochastic(14) Neutral 25.0

Haha Never Respect Kon and Actor ..

3rd Lies

Stock: [INSAS]: INSAS BHD
hours ago | Report Abuse


During stock bet : Tunepro 0.45 on 10/3/21 , cut win 0.49 on 12/3/21 after 2 days - Why ? .. Lee aka Victor Yong aka Good123 in Tunepro since Jun 2020. 





>> Lee Posted in Insas on Jan 2022 that sold Tunepro after 2 years ..

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1st Lies :

Stock: [INSAS]: INSAS BHD
hours ago | Report Abuse


Haha wow KonLee is an “ Attention Seeker “ .., approached me 1st in Netx on 2020 telling Lies replied my post which directed to Konstockraider to bail out Stockraider on Insas-WB whom play wayang in Insas-WB forum with Callvin with invested RM 5000 …


Then KonLee said Raider Win 1 Myvi in Netx RI .. Raider said Win 2 Myvi… both blowing bla bla bla clon the Wayang Script on Insas-PB and WC …


—-


Conartist Callvin n kon Stockraider had been Promoted Netx ( 1 of 46 Con stocks ) since 4Q 2019 until early 2021 ..

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Haha Young Young Fresh Fresh Old Old Ahkua 👯‍♀️Kon Income after kixcking Virgin Island by old ahkua Koni3lurkker aka Balian started doing business in Jln Alor serve Banggla RM 1.50 per protein milk to pursuit Income RM 1,000,000 Dream ..

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Haha interesting Questions :

LSS5 2000MW Solar Project RFP is starting from April to December 2024 …

Each Bidder can bid Up to maximum 500 MW … Project Capital is estimated RM 1.8 Billion…

1.) Jaks will Bid how many MW ?? 500 MW ? Where will be the money source??

👉Formed a Consortium Partners like in CGPP Solar Project as following:

> With reference to the above, the Company is pleased to enclose the press release in conjunction with the successful bid for a 29.99MW solar photovoltaic project under the Corporate Green Power Program by JAKS Solar Power Sdn Bhd, a wholly owned subsidiary of JAKS, together 👉👉👉with its consortium partners, Ann Joo Green Energy Sdn. Bhd. and Fabulous Sunview Sdn. Bhd. 


This announcement is dated 9 August 2023.

-

👉 From Warrant C as posted earlier:

with Warrant C ….issued on 2020 , Ex price RM 0.49…


👉👉👉 Illustration : 525,564,900 outstanding Warrants C are EX . ( Initial is 646 ,036,652 )

X 0.49 = 257.5 million


Maturity 2025-11-18

—

👉 From Retention Sum of Vietnam Power Plant EPC2 construction US$454m ( ~ RM 2000 million ) :

If Normal 5 % Retention Sum = RM 100 million under Trade and Other Receivables:

>> QR ended December 2023 : 

Trade and Other Receivables = 
344,372,000

-

👉 From Vietnam JV Company yearly share of Profits and Dividends ….

👉 After the Warrant B is Expired on December 2023 and the Insiders are compensated with LTIP … it is time to look at 2nd RI at RM 0.22 with Warrant C ….issued on 2020 , Ex price RM 0.49…


👉👉👉 Illustration : 525,564,900 outstanding Warrants C are EX . ( Initial is 646 ,036,652 )

X 0.49 = 257.5 million


Maturity 2025-11-18


👉Jaks Shl be from Bottom to Uptrend …

Remember Do 3 Own : Own Homework, Own Analysis n Own DecisionS as only you know your Risk level . 



DecisionS: is changed Upon new information, new facts n figures.

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Haha just curious how much is the Retention Sum ???

—

Date : Time :
JAKS RESOURCES BERHAD
Registration No. 200201017985 (585648-T) (Incorporated in Malaysia)
SUMMARY OF KEY MATTERS DISCUSSED
AT THE TWENTIETH ANNUAL GENERAL MEETING OF THE COMPANY
29 June 2022, Wednesday 10.30 a.m.
Set forth below are the Key Matters Discussed:


—
👉 The trade receivable doesn't seen to be improved, does JAKS faced with difficulties to get payment from clients?

👉 - The trade receivables include retention sums which are not due for payment yet.

—

QR ended December 2020 :

Trade and Other Receivables = 381,898,000

QR ended December 2021 :

Trade and Other Receivables = 349,886,000.

QR ended December 2022 :
Trade and Other Receivables =
340,873,000

QR ended December 2023 :

Trade and Other Receivables =

344,372.000

===


- As at 25 May 2022, the Group has approximately RM36.4 million in order book value from the Vietnam EPC 2 contract, which is expected to be fully recognised in FY2022.

Jaks

Refer 4QR ended December 2023 :



Non Current Assets :

—

PPE. 296,599,000

Investment Properties 584,206,000

Investment in Joint Venture. 904,495,000

>> Haha Investment in Joint Ventures increased from :

March 2021 = 601,150,000

To

March 2023 = 829,105,000

To

December 2023 = 904,495,000

JAKS RESOURCES BERHAD
Registration No. 200201017985 (585648-T)
(Incorporated in Malaysia)
SUMMARY OF KEY MATTERS DISCUSSED
AT THE NINETEENTH ANNUAL GENERAL MEETING OF THE COMPANY
Date : 29 June 2021, Tuesday
Time : 2.30 p.m.
Set forth below are the Key Matters Discussed:

15. The profit of construction works from
JHDP Vietnam power plant should be
sufficient to take up the balance 10%
share of the power plant that increase
Jaks holding to 40%. 2020 AGM Mr Andy
mentioned the plan is underway to take
the 10% balance and will update
shareholders on the next AGM. What is
the current progress status? What is the
range of the exercise price? When is the
estimate completion and the tentative
timeline to book this profit under Jaks
report.

What is the rationale for deferring
subscription to the 10% interest when
there is no definitive identification of
investments that are more lucrative than
subscribing to the 10% option at this point
in time?
What is the balance of unappropriated
EPC profit that is expected from its
Vietnam EPC contract which may be used
to exercise the 10% optional interest in
JPP?

👉👉👉- The group has 3 years upon the Commercial
Operation Date (“COD”) to subscribe for the
additional 10% stake in the Hai Duong power plant.

👉👉- The Company is looking at various funding options
to exercise the 10% option in JHDP, including using
👉internal funds, borrowings and other source of
funding. Alternatively, the dividends from the
power plant can also be re-invested for the 10%
option.

Haha cash just flow out le … shall stripping you slowly n softly ….

Haha Insaf thru its Associate Company Divfex invested RM 40 million in Glove company Duramitt ( 50.1 % ) on November 2020 .. New Glove factory to be Operational in 1st Half 2021 ..

What is the Impairment Loss since Investing in Duramitt ? A Big ? mark !!!

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Haha on Jaks … 6 Consecutive trading days is Green with buying support…

Let’s see this week MACD Fast Line can Divergent Up cross Slow Line or not…

Haha on Jaks :

👉👉Jaks price had been press down on 2018 n on 2021 until RM 0.155 …on 2024..

52w 0.145 - 0.245

NTA 0.67

👉 PE : 23.66
( If based on FY22 ended December 2022 .. PE = 6.86 )

Nosh 2.370 Billion shares

>> Taken current Price 0.155 >>
Margin of Safety = 332 %

Jaks Gearing Ratio is 0.350X as issued 2 times RI n 5 times PP to finance the Projects ..esp :

1.) Vietnam Power Plant ( USD 1.87 billion ~ RM 8.0 Billion) … COD on January 2021…

2.) LSS4 50MW Project ( RM 240 million)..
COD on 21 August 2023 …


👉👉👉 Remark : the 1st RI issued in Warrant B RM 0.25 on 2018 with EX price RM 0.64 , is changed to Ex price RM 0.34 on 2022 ..Purpose is to Prevent Take Over on 2018 ..

> All Warrant B is not Converted … A Disaster to both end even Jaks insiders n minorities shareholders..

>> Warrant B is Expired on December 2023 ..

So far CAGR is Improving:

3Y -21 % TTM + 29.9 %
5Y. -15.8 % TTM. + 0.5 %

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Haha recalled the Gap up on ard 1/9/2023 from RM 0.205 to RM 0.245 … Why stopped at RM 0.245 ? 




👉👉👉As during the 2017/ 2018 Mr.KY case intention to take over ( Choivo Capital posted is holding 30 % , 150 million Jaks share ) there is RI issued in Warrant B with issue price RM 0.25 is issued on 2018 . 



👉 After the Warrant B is Expired on December 2023 and the Insiders are compensated with LTIP … it is time to look at 2nd RI at RM 0.22 with Warrant C ….issued on 2020 , Ex price RM 0.49…


👉👉👉 Illustration : 525,564,900 outstanding Warrants C are EX . ( Initial is 646 ,036,652 )

X 0.49 = 257.5 million


Maturity 2025-11-18


👉Jaks Shl be from Bottom to Uptrend …

Haha Do Beware Gaipo Actor Xiaoeh Twisting …

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Haha finally Today both line are Neutral , Not in Oversold level :


RSI(14) Neutral 38.0
Stochastic(14) Neutral 22.2

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Haha as posted earlier on YTLpower .. price is press down since 2013 … Uptrend until on May 2013 is Rm 1.10 ..

Fund Manager / Goreng average cost is ard RM 2.00 … their Unloading Price Range is ard RM 2.00 to RM 4.00 due to holding High Volume ..

Do check how many Times over RM 4.00 .. including Today …

Haha Beware of Actor Xiaoeh is Acting …🤩🤣🤣🤣

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Haha really laugh live me at Xiaoeh , said want to Learn wow , being stucked at Jaks ard RM 0.36 ( Recalled only ) due to earlier Promoter ( Ah Seng )…

Did not study the Fundamentals wow ..but So So Free to be Gaipo Actor ..

Beware Gaipo Actor Xiaoeh….

Post removed.Why?

Post removed.Why?