IronShirt don't have to bang boss-roger,,,,,i have a old "kuih kapit" tool,,,you can use it daily when you see jaks going to 40c 23/08/2018 08:01 <-- Talking nonsense...
I enjoy myself talking to a no-brain like roger. Sailang in Jaks but talk rubbish in puncak and kps. Jaks will announce 1-1 rights issue soon. First, they have to bring the price down to 40 cents
On Tuesday, Gamuda and Taliworks Corp Bhd were informed by Air Selangor of a cut in the bulk water supply rate for the third phase and first phase of the Sungai Selangor Water Treatment Plant (SSP) by 2 sen/m3 and 5 sen/m3, respectively.
" Nothing to do with Splash",,,,,,,SSP3 Service Contract,,,,,,if Don't want can give to KPS
Right on track...everything is above board & progressing smoothly.
SELANGOR WATER SAGA NEARS END
By The Edge Financial Daily | 2018-08-28 09:04:41
KUALA LUMPUR: The long-drawn saga of Selangor’s water restructuring over is nearing an end, after both Gamuda Bhd and Taliworks Corp Bhd accepted the offer from Pengurusan Air Selangor Sdn Bhd (Air Selangor) as part of the latter’s acquisition of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).
In a filing with Bursa Malaysia, Gamuda said the board of directors of its 80%-owned subsidiary Gamuda Water Sdn Bhd and Splash yesterday accepted the offer from Air Selangor to acquire its 40%-owned associate Splash.
“Gamuda will make the necessary announcement to Bursa Securities upon the finalisation and execution of the termination and settlement agreement and the new operations and maintenance agreement (OMA) of Sungai Selangor Water Treatment Plant Phase 3 (SSP3) which, inter alia, are subject to and are conditional upon the completion of the share purchase agreement to be entered into between Splash Holdings Bhd and Air Selangor,” it added.
Gamuda has until Sept 3 to revert to Air Selangor’s offer for Splash.
Splash is a wholly-owned subsidiary of Splash Holdings, in which Gamuda owns a 40% stake, while Kumpulan Perangsang Selangor Bhd owns 30%. The remaining 30% is held by Sweet Water SPV Sdn Bhd, a private investment vehicle of businessman Tan Sri Wan Azmi Wan Hamzah.
Air Selangor is offering RM2.55 billion cash to take over Splash, which is the concession holder of SSP1 and SSP3, which controls about 45% of the treated water supply in Selangor, Kuala Lumpur and Putrajaya.
Seeing the result quite impressive at first sight .... but got one questin to ask the main source of profit is from associate SPLASH amounting to 40.6 m for that qtr that almost is the bottomline, after SPLASH disposed, will the bottomline significantly reduced ....
Just for discussion purpose .... but good thing is KPS had purchased new subsidiaries .... but the golden goose had been disposed .... if wrong correct me ... since not going into detail ....
Using the 2Q18 result, excluding the Splash contribution of RM40.6mil, PBT from other businesses (excluding Splash) is only around RM1mil. If we were to extrapolate this to 4 quarters, that would mean KPS recurring income/ PAT excluding Splash is only RM4mil (this might be an overstatement as i did not conclude any tax).
Current market cap is RM924mil. That translate to a PE of 262x..
Assuming they pay off all their debts using the cash from the sales of Splash (Cash receive RM765mil. Debt outstanding RM636mil ).
This would actually help save borrowing cost by RM9mil per quarter(which is the total finance cost for 2Q18) or RM36mil per year. This would increase the recurring PAT to RM40mil (still i did not include any potential tax).
pbt from other business(excluding plash)might more than 1m coz there is a one time exp(non recurring)incurred when they acquired cpi. u go and see note to an account no.7 investment holding recorded revenue of RM 2.2million as compared to RM15.1million in the corresponding quarter 2017, mainly from dividend received during the corresponding period . Consequently, this sector recorded a loss before tax and zakat of RM 15.8million as compared to a profit before tax of RM2.9 million in the corresponding quarter 2017 coupled with the finance cost incurred in the current quarter in financing CPI acquisition. manufacturing sector oredi contribute more than 11m this quarter,some small losses in ceres tele,sprint toll, property invest, maybe some write off for leo hostibility(rent out). kps Group’s core businesses continued to improve its financial performance, reporting RM7.2 million operating profit(excluding associate) in 2Q18 from RM0.8 million operating loss a year ago. so my calculation will be 7.2m+ 9m saved interest from splash sale= 16m per quarter
i buy kps not because of asset sales(splash)and hope for special dividend but the future prospect of the com. l always avoid glc but i like kps.usually glc like monopoly bus and don't like open competition. last time i'm amazed by the com sold their golf club and properties and involved into manufacturing business.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
goodguess
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Posted by goodguess > 2018-08-20 15:30 | Report Abuse
Taliwork moving.....KPS soon.......