DK66

When it comes to Vietnam IPP u hv an advantage over tat i3lurker sbb u ada met team Andy n stil getting updates from team Andy via OTB

Jadi u punya calculations n projections mesti more accurate

Kita semua kat sini place100% reliance on u DK66 cos u verified ur details wit team Andy

Kita caya u will not let us down

8000+ visits all trusting u

Return not determined by machine but by parameters set by EVN

So knowledge

So how much difference r u talking abt?

Sarifah stick to peer comparison wit Vinh Tan 1

Let's agree to disagree n wait it out

Boleh give a very gauge

Same machines

Emphasis is on MACHINES

Makna machines less variables unlike plantations

Less variables so comparable

Vihn Tan 1 is real results generated by machines almost similar machines mcm JAKS

JAKS is DK66 investment after attaining new level of investment sophistication after learning his lessons

x boleh hv a single counter portfolio? Doing well on single counter portfolio xda credential?

DK66 single share portfolio with only JAKS is doing very well by all measures

i3lurker

Reconcile Vinh Tan 1 actual results wit ur claims

??? Ada inconsistencies....


i3lurker sslee 

CIRCULAR 
METHOD OF DETERMINATION OF ELECTRICITY GENERATION COSTS, SEQUENCE OF INSPECTION OF POWER PURCHASE AGREEMENT (PPA) 

Main input factors used for calculation of average fixed price for thermal power plants (FC): 

..
e) Percentage of ownership capital and loan capital 

f is deleted 

g) Loan interests 


10/05/2020 12:44 PM

Klau kita kat sini diberitahu how much abt Hai Duong IPP has been disclosed to OTB bila meeting team Andy then tahu kita how much information PBB ada to make its assessment

Information to OTB = information to IB...

Maintained at constant is d 12% IRR not the Fixed Capacity Price



DK66 Extracted from Vietnam Government decree. 

Article 4. Method of determination of PPA price for thermal power plants 

PPA price of a thermal power plant in the base year (VND / kWh) is determined in the following formula: 

= P G + P B 

1. P G (VND / kWh) is the generation price of the base year and is determined by the following formula: 

P G = FC + FOMC b + VC b 

Inside: 

FC: Average fixed price is determined in accordance with Article 5 of this Circular (VND / kWh); 

FOMC b : Fixed price for operation and maintenance in the fundamental year is agreed upon by the two parties in accordance with Article 6 of this Circular (VND / kWh); 

VC b : Variable price The base year is determined in accordance with Article 7 of this Circular (VND / kWh). 

CLEARLY O&M COST IS INCLUDED IN PPA

10/05/2020 11:19 AM

Bukan ka

throughout... means keep revising throughout the life of the IPP

so tat the IRR is alway maintained at 12%

Otherwise ia kan bilang pre determined at d inception of the project

12% IRR is guaranteed by EVN and maintained throughout the economic life of the project



..... throughout the entire economic life of the project.


..... internal of return of the power plant project will not exceed a regulatory rate (i.e. 10% or 12% depends on each case).





Fixed Capacity Price is a fixed number which is pre-determined throughout the entire economic life of the project. Fixed Capacity Price is calculated so that the internal of return of the power plant project will not exceed a regulatory rate (i.e. 10% or 12% depends on each case).

10/05/2020 11:31 AM

i3lurker u cannot la

12% IRR

Klau take in debt d equity IRR % wil go thru d roof due power of leverage tapi there wil b a bit to give a way tapi stil very very good

Ok la let u go... bye

Experts always talk details provide data specify specifications...

i3lurker u r a fraud

Don't try to avoid jawap ni


SarifahSelinder i3lurker 

How do some IPP wit 12% IRR hit mid teens IRR? 

Insider mcm u must know

09/05/2020 6:23 PM

Tapi both punya project cost lebih kurang same ma

IPP mainly machine not so many variables

2 machines of d same kind produce almost identical products

i3lurker

How do some IPP wit 12% IRR hit mid teens IRR?

Insider mcm u must know

No.. both shd be SUBSTANTIALLY d same

More similarities thn differences

I3lurker oiiiiiiiiiiii i3lurker mana u 'yang?

i3lurker always ada jer overwhelming evidences... but...

DK66

Ya

Sarifah can fly tapi x boleh tunjuk la

Tapi Sarifah can fly tahu

i3lurker

the all things IPP knowing I3lurker (self claimed IPP expert wanna be)


SarifahSelinder i3lurker 

the all things IPP knowing i3lurker (self claimed) 

Some IPP wit EVN given 12% IRR somehow can capai mid teens IRR how do they do tat?

09/05/2020 5:09 PM

So u see speculation doesn't pay

Sarifah always hv profit kat JAKS


PureBULL ... All Great winning stocks = Ms U on KLSE fly from 

i. M 1 = Std 1 to Std 6, then stop for awhile for 
ii. M 3 = Std 6 to Form 6 n stop for awhile finally to 
iii. M 5 = Tertiary 

jaks always failed at Std 6. 


How did i know ? 
I CUT loss 2 times, at super FAST speed !





PureBULL ... All Great winning stocks = Ms U on KLSE fly from 

i. M 1 = Std 1 to Std 6, then stop for awhile for 
ii. M 3 = Std 6 to Form 6 n stop for awhile finally to 
iii. M 5 = Tertiary 

jaks always failed at Std 6. 

How did i know ? 
I CUT loss 2 times, at super FAST speed !

09/05/2020 5:17 PM

Ni bukan testing u haha

i3lurker

the all things IPP knowing i3lurker (self claimed)

Some IPP wit EVN given 12% IRR somehow can capai mid teens IRR how do they do tat?

Yes all dah settled by then

Risk free

6x is good

4x is simply great

DK66

Given ur profit projections10% ni kan dibeli at PE apa agak nya?


DK66 Dear OTB, Thank you for the information 

---------------- 
OTB Posted by probability > May 8, 2020 12:00 PM | Report Abuse 

yeah....best is if they can show some sign that thwy will increase their stakes to 40% 

may be sifu OTB can dig this info 
------------------ 
Ans : 
Jaks will increase their stake to 40% once COD is in place. 
May be less than a year after COD. 
I was told in this way. 
Thank you. 
08/05/2020 12:10 PM

08/05/2020 12:21 PM

The problem is the term IRR is being used very very loosely n as such means different things to different ppl n on context

As Sarifah said before wat u said has merit too


Investee 


Also I think IRR should cover U$1.87b capital investment only without debt and tax.

07/05/2020 5:11 PM

Klau u derived u 16% based in Vihn Tan 1 reported results tis 16% IRR probably is the sum of capacity payment + energy payment

Capacity payment = 12%
Energy payment 4%

Hai Duong also can hit mid teens IRR

Capacity payment = 12%
Energy payment = sales of electricity



probability sarifah, kamu yg kata Hai Duong and Vinh Tan 1 is apple to apple...tapi i kata Vinh Tan 1 pine-apple sebab i estimate IRR dia around 16% 

sebab tu i kata jangan banding dgn Vinh Tan 1 

Klu you ada bukti IRR Vinh Tan 1 sama at 12%...then berita baik la untuk Hai Duong... 

harap mengerti

07/05/2020 4:49 PM

Taksiran Sarifah EVN granted 12% IRR to ALL the IPP at the time when Hai Duong was approved

12% IRR mcm mana the IPP companies want to twist n turn with their funding critical sama mana EVN x kisah

Knew u r going to ask

Can't b too difference isn't it?

Anyway where do u see it is not 12% IRR?


probability sorry sarifah, where is the info that EVN guranteed 12% IRR to Vinh Tan 1? 

kindly share

07/05/2020 4:35 PM

12% IRR EVN guaranteed only d capacity payment n doesn't include energy payment.....

Sarifah think mcm mana critical x relevant sgt

EVN guaranteed IRR 12% to both Vihn Tan 1 and Hai Duong n both funding structure 75:25 make them apple to apple enough

Follow Vinh Tan 1

Klau Vihn Tan 1 is an apple

Hai Duong IPP is an apple

Follow Vinh Tan 1 is comparing an apple to an apple

x pernah dengar ke let's d figure speaks for itself

probability

U ni a nonsense

Post details x nak post keep talking round n round

The best is u show ur calculations using ur understanding of the 12% IRR

Tapi


SarifahSelinder Peer comparison wit Vinh Tan 1 is DK66 best work

07/05/2020 2:45 PM

Admittedly wat u bilang kat sini ada merit n might tally wit wat Sarifah said


SarifahSelinder Must clarity 

Did EVN specify the 75:25 funding requirement bila it quoted the 12% IRR?

07/05/2020 1:47 PM

X

SarifahSelinder Did EVN ever bother itself with funding structure of an IPP?

07/05/2020 1:50 PM


probability The below gives step by step sample evaluation: 

Project IRR and Equity IRR: A Curious Connection 

https://feasibility.pro/project-irr-and-equity-irr-a-curious-connection/ 


Calculation of the internal rate of return considering only the project cash flows (excluding the financing cash flows) gives us the Project IRR.

07/05/2020 2:45 PM

Peer comparison wit Vinh Tan 1 is DK66 best work

Anyway Sarifah dah decided to remain invested in JAKS Hai Duong IPP

Yes

Vihn Tan 1 is real result

Vinh Tan 1 result is after deducting interest

Vinh Tin 1 guaranteed IRR quoted by EVN is probably 12% IRR too

No tis is not true

Sbb Vinh Tan 1 oso ada debt financing


probability 

However, hope i can conclude that the only argument you have that we should use FCF-E on Project IRR given by management of 12% is because, FCF-F will wipe out the Earnings significantly below Vinh Tan 1.