Posted by DK66 > 2020-05-14 21:22 | Report Abuse

qqq3, stop pretending to be the good guy. You are already very well known.

Posted by CT > 2020-05-14 23:34 | Report Abuse

DK66 just ignore qqq3. Dont waste time to read his comment. Tin kosong only

Posted by qqq33333333 > 2020-05-14 23:43 | Report Abuse

refer to Jaks forum page 848

Posted by Investee > 2020-05-14 23:45 | Report Abuse

Not so agree because Vietnam Government is a financing guarantor.

If you think it's 12% on $1.87b, that means debt structure is irrelevant and EVN doesn't care how the project is financed, right? In this case, it contradicts with Appendix 2 of Circular No. 56/2014 which includes principal repayment under cash outflow. In other words, the fixed capacity charge includes a portion for debt repayment and hence debt structure is relevant in EVN's 12% computation. Does this make sense?

This is also the reason why EVN cap equity at 20%-30% of project cost in the circular. Too high equity % will be too costly for EVN. EVN needs to give 20-30% to incentivise foreigners to build and transfer knowledge. EVN will make sure capacity charge is enough to service debt repayments and add on 12% return on invested equity.

The issue with Vinh Tan 1 is that we have no detailed financial breakdown to analyse. Any one-off income will throw that out of whack. Mong Duong 2 has detailed financials disclosed up to Q1'19, just not in its IR section. Haha, need to search harder.
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DK66 Investee, You have to take risk into account.

Think of it this way, when you invest USD1.87b on a project, whether you use borrowing or not your total risk is USD1.87b. If you can't complete the power plant, you lost USD1.87b, not 468m.

In the 25 years of operation. Your capacity payment is only guaranteed if you make the capacity available. If for any reason your power plant does operate because of your fault (not Vietnam EVN's fault), there is no capacity payment, and your total loss will be the whole sum not just the equity portion. Therefore, you think you will base your projection on 468m and not 1.87b ?

In any case, Vinh Tan 1 would not have achieved its results had its IRR is equity based.

Posted by qqq33333333 > 2020-05-14 23:46 | Report Abuse

dk66...u think pretend is all that is needed?


just pretend to be pig eat tiger?


refer to page 848 Jaks forum...........

Posted by qqq33333333 > 2020-05-14 23:50 | Report Abuse

just because invested in Jaks then can pretend to be any thing?


what about dragging others down the drain with you?

investee is awake......even if OTB and his whole cabal is asleep................