The first turbine wet test already started since 12th of June, and I think that 2 & 3 turbines also already in wet test status. Whereas selling power generated from wet test will only started by end of this month (September).
I think for growing company with foreseeable good prospect in 2020-2022 not to forget about the coming LSS3 project,PE 12 at rm10.80 is very conservative.PE 15 at rm13.50 is more reasonable,rught!
@KL Tneoh, I can see you are using only 80% capacity. Mind to share the reasoning behind? Hence, with your calculation above, there is still a 20% margin of safety for this stock even with RM6.3 target price!!
@ utopia86, 80% is used because there will be no hydro power plant can run up to 100% capacity due to various reason, besides during the dry season for Mekong river, the running rate for Don Shahong can be as low as 77% (according to management). Public Investment Bank estimation is based on 80%, so to be conservative I used 80% too.
@limcs you can refer to the analysis report from both the Public Investment Bank & Maybank, at the end of the report they clearly stated the Sum Of Parts Valuation for the TP.
@ KL Tneoh Yes, please explain a llittle bit more on the calculation from investment bank? Besides that, base on your esimation calculation, this share consider under value.
Ya good news.In the last q report page 16,Mfcb reported using interest rate swab of 2.5% to hedge against any rising LIBOR for its revolving credit facility.That means its rm713m short term loan interest is capped at 2.5% which will be about rm4.45m each quarter. Another thing is in page 9,company disclosed that total outstanding ordinary shares is 399.9m plus warrants not yet convert 50m so total shares is abt 450m excluding esos!
Those looking for more information can refer to the company's PowerPoint slides during the Invest Malaysia earlier this year. They did present the dam information there.
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Davidl
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Posted by Davidl > 2019-07-17 21:18 | Report Abuse
Time to accumulate!