Stock [HTPADU]: HEITECH PADU BHD Announcement Date 11-Mar-2024 Director's Particular: Name MR WONG THEAN SOON Details of Changes: Currency - Date of Change Type Number of Shares 07-Mar-2024 Acquired 14,572,300 Registered Name Nature of Interest Nature Interest Deemed Interest Shares Ordinary Shares Reason Deemed interest by virtue of his substantial interest in MY E.G. Services Berhad, the holding company of MY E.G. Capital Sdn Bhd pursuant to Section 8(4) of the Companies Act 2016. Total no of securities after change: Direct (units) 0 Direct (%) 0.00 Indirect (units) 14,572,300 Indirect (%) 14.40 Total (units) 14,572,300 Total (%) 14.40 Date of Notice 08-Mar-2024
MyEG has now emerged as a new substantial shareholder of Heitech Padu. According to the news, MyEG acquired Heitech for about RM 2.21 per share.
Now that we know why there was a run up in the share price for the past few weeks. But from a fundamental perspective, is the current price at RM 3.05 per share justified?
This will depend on whether there are projects that MyEG can help to secure for Heitech that would boost Heitech earnings.
I last blog about Heitech in 2022 where I compared the performance of a number of ICT companies. The average ROE achieved by Heitech was negative 5 % compared to MyEG average of 31%.
Based on the 2021 book value and assuming that Heitech can match the 31% ROE, we will have an EPS of RM 0.33 per share. So for those excited about Heitech Padu, you can imagine a PE valuation based on this earnings? https://i.postimg.cc/cJgzhp5C/HT-peer-results.png
Are we going into the realm of speculation? The best I can say at this stage is that MyEG price would probably be a floor price but the ceiling would depend on the new business of Heitech.
Its historical businesses is not going to give it the earnings multiplier to justify even the floor price. And to achieve the 31% ROE, Heitech has to take care of its historical businesses to ensure that there are not loss making.
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Dehcomic01's comments did not take the current situation into consideration. It is Htpadu that got shortlisted for the NIISE project while Myeg chose to buy into it because it didn't. Does he know how big the project is? Myeg sees the value.
Another new Substantial Shareholder appeared with 15.905% of HTPADU. Rosetta Partners S/B
TS Wong acquired 1.5116 million direct shares to bring up his total shareholding of HTPADU to 15.889%.
What's the current status of the JV Agreement with Regal Orion signed in early 2022 to develop a RM350 million data centre on HTPADU's land in Shah Alam? Very quiet on this. Did it proceed to the construction stage?
Sori, I misread the announcement statement. TS Wong does not own any HTPADU shares directly. All 15.889% shareholding of HTPADU (16,083,900 units) are owned by MYEG controlled by him.
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paktua73
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Posted by paktua73 > 2024-03-11 09:46 |
Post removed.Why?