Posted by speakup > 2014-03-13 07:59 | Report Abuse

think hard to push up yesterday coz market weak. CI-10.
big fishes with inside info have bought yesterday, today they will push up?

Posted by sudahkena > 2014-03-13 08:01 | Report Abuse

I also win angeluna...since I only hold kps..... but wht mean... only acquire aset not equity for puncak n gamuda? I also can't understand english... kampong mari maaaaa...

Posted by sudahkena > 2014-03-13 08:03 | Report Abuse

Rm0.50 special div...... enough 4 me.......!

Posted by iafx > 2014-03-13 09:40 | Report Abuse

$1.54b? totally out. with $1b debt and no new business, the sp.div will not be far (possible lower) from khsb deal.

Posted by samsoongyc > 2014-03-13 09:54 | Report Abuse

Happy to see water saga ended ! Lose money but not complaining...

Posted by iafx > 2014-03-13 10:05 | Report Abuse

kps gets 80c per share only, with provision of huge debts and no new business, there should be sp.div but will not be far (possible lower) from khsb deal. kps will not get a cent until syabas is in the s.gov's pocket.

recent water shortage crisis will definitely hit all concessionaires coming q result, which kps already recorded -2.7 in the last.

Posted by TheTunaTrader > 2014-03-13 10:24 | Report Abuse

i think kps is a safer bet compared to puncak and gamuda..
cox KPS belong to Sgor anyway..

Posted by Dylan1027 > 2014-03-13 10:56 | Report Abuse

9 B also it dropping..

Posted by iafx > 2014-03-13 11:12 | Report Abuse

until everything is black & white, there is chance thing might turn-around again. that's y kps share is hesitating... afterall, the advantage is not that attractive per say.

Posted by sudahkena > 2014-03-13 12:11 | Report Abuse

Special div 0.20 0r 0.50 or rm1...... but why kps drop? Ppl can't see ths gold include insider also? Or I made false calculation????

Posted by wealthyman > 2014-03-13 12:55 | Report Abuse

(sudahkena- satu kali?)...kps came back from its low, not drop.....staying at current price since the MOU, right?
do not let ppl negative comment influence....hold, buy or sell..you decide base on the company net worth and business fundamental

Posted by wealthyman > 2014-03-13 12:58 | Report Abuse

iafx continuous comment of such for what purpose...?

Posted by sudahkena > 2014-03-13 13:26 | Report Abuse

Tq 4 ur calculation...... now I can take dinner... looking for 5 series...

Posted by sudahkena > 2014-03-13 14:17 | Report Abuse

Without tmsb n splash... kps share price will adjust to ?? Hehe... to many question.... hehe

Posted by stkoay > 2014-03-13 14:17 | Report Abuse

http://www.theedgemalaysia.com/business-news/280088-parliament-minister--federal-govt-to-take-over-water-assets-if-selangor-concessionaire-talks-fail.html

Posted by sudahkena > 2014-03-13 15:42 | Report Abuse

Sory laa angelina... I fr kampong maaaa

Posted by stkoay > 2014-03-13 16:16 | Report Abuse

Aiyoo....... Accepted offer already still dropped more than 4%.
Something must be very wrong......

Posted by JayC > 2014-03-13 16:26 | Report Abuse

KPS accept also useless le, water consolidation asset cannot happen unless ALL 4 conssesion agree

Posted by Dylan1027 > 2014-03-13 16:30 | Report Abuse

-4% that's huge. never ending and the selling Q keep increasing...

Posted by stkoay > 2014-03-13 16:38 | Report Abuse

Ya loh.....regret buying this stock....

Posted by morivae > 2014-03-13 16:40 | Report Abuse

speculate speculate.....

Posted by calvintaneng > 2014-03-13 17:27 | Report Abuse

For Water Deal YLI & JAKS WILL BENEFIT

Posted by Wee Shiong Cheong > 2014-03-13 19:52 | Report Abuse

i will go EGM to vote.

Posted by Wee Shiong Cheong > 2014-03-13 21:16 | Report Abuse

i am the shareholder of KPS, thank you angelina2 for your explanation. I am still holding

Posted by lwyy60 > 2014-03-13 21:40 | Report Abuse

history tell all....dont let history tell u again..XD peace

Posted by JayC > 2014-03-14 10:23 | Report Abuse

this counter also down. jialat.

Posted by MikeT > 2014-03-14 10:43 | Report Abuse

angelina- so what price is kps worth based on ur analysis?

Posted by longterminvest > 2014-03-14 11:05 | Report Abuse

Now, Angelina what r u going to say about earlier caution by iafx??

Posted by iafx > 2014-03-14 11:16 | Report Abuse

merely share the fact only, same in puncak. good luck!

Posted by wealthyman > 2014-03-14 11:17 | Report Abuse

longterminvest...why pointing at angelina? she done and given out good analysis...your choice buy sell or hold.
what ealier caution iafx...comment is free...destroyers do not help

Posted by hng33 > 2014-03-14 11:38 | Report Abuse

angelina2

Based on offer price

1. Splash: equity RM250.6m (cash), assumption of water assets RM 1584m
2. TMS: Equity 86.2m (cash), assumption of water assets RM 904m

KPS control Splash 30% and TMS 90.83%, therefore the figure above have to pro-rate to calculate the actual amount KPS entitle


1. KPS 30% splash: equity, RM 75.18m (cash), assumption of water assets RM 475.4m
2. KPS 90.83% TMS: equity, RM 75.27m (cash), assumption of water assets RM 820.8m

Therefore in total, after KPS opt to selloff its water assets, it stand to received, cash RM 150.45m (30sen/share only) and total assumption of water asset: RM1296.2m,

Based on latest quarter report, KPS have total borrowing RM 1072.4m (short term: 408.4m + long term: 664m) and concession liabilities RM 173m. But, KPS also have cash RM 213m (42.7sen/share).

Posted by hng33 > 2014-03-14 11:58 | Report Abuse

angelina2

Please refer back to announcement on 27 Feb, all the offer price is based on splash and TMS as whole total RM 2.8b, which mean the actual amount offer is accordance with the respective proportions of their holdings in the SPLASH and TMS, in which KPS only hold 30% stake in splash and 90.83% in TMS. Therefore, your augment that KPS stand to received RM 2.8b is UNTRUE and MISLEADING In addition, only equity portion is in cash payable.


Reproduce announcement make in bursa on 27 Feb

for TMS

(ii) The payment ascribed to the equity contribution referred to in paragraph 2.2 (i) above shall, subject to such adjustments as are provided for therein, be notified by KDEB to the holders of the TMSB Equity and paid to holders of the TMSB Equity on a pro rata basis in accordance with the respective proportions of their holdings in the TMSB Equity after the conditions set out in paragraph 2.3 below have been fulfilled or (to the extent permitted by law) waived by KDEB.

for Splash
(ii) The payment ascribed to the equity contribution referred to in paragraph 2.2 (i) above shall, subject to such adjustments as are provided for therein, be notified by KDEB to the holders of the SPLASH Equity and paid to holders of the SPLASH Equity on a pro rata basis in accordance with the respective proportions of their holdings in the SPLASH Equity after the conditions set out in paragraph 2.3 below have been fulfilled or (to the extent permitted by law) waived by KDEB.

Posted by sudahkena > 2014-03-14 12:03 | Report Abuse

Since kps already accept.. so the deal is ON...same as offer... but not 4 gamuda n puncak... kdeb hold more than 50% kps... so kali can get back fr the div....

Posted by JayC > 2014-03-14 12:07 | Report Abuse

angelina, should i switch from puncak to KPS, since both also down... no harm switching

Posted by JayC > 2014-03-14 12:20 | Report Abuse

i am here to make money la. where got like/love any stock? i dont love puncak. i only love money

my only concern is puncak might not reward the minority shareholder if even SSG offer of RM9.68 hold true

Posted by hng33 > 2014-03-14 12:35 | Report Abuse

Based on offer price

1. Splash: equity RM250.6m (cash), assumption of water assets RM 1584m
2. TMS: Equity 86.2m (cash), assumption of water assets RM 904m
3. PNSB: equity: 1117.5m, assumption of water assets RM 1359.5m
4. Syabas (70% stake): equity: 437.8m, assumption of water assets RM 2679.2m

Total offer for Splash, TMS, and PNSB and 70% Syabas are RM 8.418 billion, if take into account another 30% syabas stake control own by KDEB itself at RM 1335.86m, then total amount to restructuring State water assets work out to be RM 9.75bilion

Posted by iafx > 2014-03-14 12:38 | Report Abuse

save yr breath, already shown once even without pro-rate, the max is only 80c. her $ her choice!

Posted by stkoay > 2014-03-14 12:46 | Report Abuse

Agree with iafx. AmInvestment Bank only value KPS at 1.42/share, For Puncak, CURRENT fair value 3.40/share.
That's from AmResearch, NOT ME.

Posted by hng33 > 2014-03-14 13:12 | Report Abuse

In summary

1. Gamuda: 40% stake in Splash:
offer actual amount: RM 100.2m (cash) + assumption of water assets RM 633.6

2. KPS: 30% stake in Splash + 90.8% in TMS
Actual amount from Splash: RM 75.18m (cash), assumption of water assets RM 475.4m
Actual amount from TMS: equity, RM 75.27m (cash), assumption of water assets RM 820.8m

3. Puncak: 100% stake in PNSB + 70% in Syabas
Actual amount from PNSB: RM1117.5m (cash), assumption of water assets RM 1359.5m
Actual amount from Syabas: 437.8m (cash), assumption of water assets RM 2679.2m

4. KDEB: 30% Syabas
Actual amount from Syabas: 187.6m (cash), assumption of water assets RM 1148.2m


All in all total amount to restructuring Selangor state water assets work out to be RM 9.75bilion.

Posted by longterminvest > 2014-03-14 13:35 | Report Abuse

Agree with iafx. I m here to disc n get input on how to make money on investment..not behave like some woman talking about patriotisms or emotion

Posted by longterminvest > 2014-03-14 13:37 | Report Abuse

Even the directors have bn selling like mad at 2.00, how to believe it can go 2.50? Only some self claimed patriotic fellow?

Posted by stkoay > 2014-03-14 14:41 | Report Abuse

Strongly agree with longterminvest !!!!!!!!

Posted by hng33 > 2014-03-14 17:20 | Report Abuse

angelina2

It make no different at all, the important is the offer price for splash is fixed at: equity RM250.6m (cash), assumption of water assets RM 1584m and these amount is proportion pro-rate to shareholder of Splash. Currently, 40% of Splash is held by Gamuda Bhd with the rest equally divided between The Sweet Water Alliance Sdn Bhd (TSWA) and Kumpulan Darul Ehsan Bhd (KDEB). Therefore the summary is as below:


(A) Splash: Equity RM250.6m (cash), assumption of water assets RM 1584m
1. Gamuda (40%): RM 100.2m (cash) + assumption of water assets RM 633.6
2. KPS (30%): RM 75.18m (cash), assumption of water assets RM 475.4m
3. The Sweet Water Alliance (30%): RM 75.18m (cash), assumption of water assets RM 475.4m

(B) TMS: Equity 86.2m (cash), assumption of water assets RM 904m
1. KPS (90.8%): RM 75.27m (cash), assumption of water assets RM 820.8m
2. Unknown holder (9.2%): RM 10.93m (cash), assumption of water assets RM 83.2m

(c) PNSB: Equity: 1117.5m (cash), assumption of water assets RM 1359.5m
1. Puncak (100%): 1117.5m, assumption of water assets RM 1359.5m

(d) Syabas: Equity: 625.4m, assumption of water assets RM 3827.4m
1. Puncak (70% stake): equity: 437.8m, assumption of water assets RM 2679.2m
2. KDEB (30% stake): 187.6m , assumption of water assets RM 1148.2m



All in all, Selangor state water restructuring offer price is sum of Splash (RM250.6m + RM 1584m) + TMS (RM86.2m + RM 904m) + PNSB (RM 1117.5m + RM 1359.5m) + Syabas ( RM625.4m + RM 3827.4m) = RM 9754.6m (RM 9.75 billion)

Posted by longterminvest > 2014-03-14 17:30 | Report Abuse

No, my point is share n debate or even argue over opinions but don't start personal attack. We r here to try to find direction for investment decision.

Posted by hng33 > 2014-03-14 17:34 | Report Abuse

angelina2

What i wan is to highlight that your statement that KPS stand to received RM 2.8b is wrong (you are assume KPS wholly own entire Splash + TMS). Therefore need to rectify that these amount need to proportion pro-rated among all shareholder of Splash (Gamuda 40% + KPS 30% + The Sweet Water Alliance ) and TMS (KPS 90.8% + unknown person 9.2%)

Posted by hng33 > 2014-03-14 18:05 | Report Abuse

As i said previously, after KPS opt to selloff its water assets, it stand to received cash RM 150.45m for its equity portion or about 30sen/share and the balance of RM 1296.2m is through assume all its water assets and liabilities.

Based on latest quarter report, It balance sheet shown, KPS have total borrowing RM 1072.4m (short term: 408.4m + long term: 664m) and concession liabilities RM 173m as well as cash RM 213m (42.7sen/share).

It is possible if KPS decide to payout all the cash proceed from water divestment RM 150.45m to payout to shareholder 30sen/share and all its borrowing to be assume under water assets and liability assumption, give rise to KPS free of debt and balance cash of RM 213m or 42.7sen/share

Summary
1. Cash received: RM 150.45m + assume water asset/liability: RM RM 1296.2m
2. Balance sheet: total borrowing RM 1072.4m + concession liabilities RM 173m
3. Balance sheet: cash RM 213m

After accept offer
1. Cash: RM 150.45m + RM 213m = RM 363.45.
2. Total borrowing + concession liability (RM 1245.4m) offset by amount received from water asset assumption (RM 1296.2m)

In short, after KPS accept offer, it will give rise to KPS free of debt and net cash 72.8sen/share

Posted by stkoay > 2014-03-14 19:42 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1567461
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1567193

Posted by Wee Shiong Cheong > 2014-03-14 21:32 | Report Abuse

价值是永恒的，股价是暂时的。
对于Puncak 和Kps的跌跌跌，
心里不禁在想，
如果当初我在高点放掉就好了，
还等什么股息呢！
还等什么瓦伦呢！

其实往深一层想，
如果他们在高点后再创高点呢？
你现在会不会在幸庆当时没有放掉啊？！

其实大家都懂得，
水务对于雪州来说很重要，
时常断水的问题，
多多少少都会影响民情，
就算很多雪州州民懂断水是州政府控制不了的，
但如果长久下去，
雪州州民一定会对州政府解决问题的能力有所质疑。
所以Puncak能等，
但卡力不能等，
但现在卡力有langat 2 这个筹码在手，
所以不排除在i love you, you love me的情况下，
卡力批准langat 2计划得到水务的控制权，
而puncak 和kps也通过卖掉子公司获得一大笔钱。

再来，
就算水务收购最终失败，
但Puncak 每年60仙eps不是灌水的，
而kps除了那卖掉khsb的26仙股息，
还有很多子公司准备卖，
在股价<NTA的情况下，
卖掉越多资产，
占上风的永远是股东。

最后，
回到主题，
如果我是用TA来买股，
如果我是用第六感来买股，
如果我是trader，
那么这个星期的跌幅会令我很难过，
但我只是个价值投资者，
只能粗劣的计算公司价值，
所以就算少赚了，
也只能写写部落提醒自己，
价值是永恒的，股价是暂时的。

Posted by beLIEve > 2014-03-15 00:52 | Report Abuse

Max for WSIA is 3 months. I read that on thestar yesterday.

Honestly if the dividend is worth $2, the stock would be trading at a price beyond $2. Don't forget, there is always a premium in the share price because you're investing for a return.

I really hope you did not dump in $1m on this counter, unless you're really loaded.

Posted by iafx > 2014-03-15 03:15 | Report Abuse

v) Liabilities to be assumed are all the outstanding water-related debts owed by TMSB <SPLASH Holdings and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (“SPLASH”)>, which include: a. Bonds acquired by Acqua SPV Berhad (“Acqua SPV”) or remaining in the capital markets;
b. Commercial loans, if applicable; and

c. Government loans, if applicable.

since when the proposal also include the entire debts of KPS? hahahahahahaa... aiyoooo... simply assumed entire $1b+ debts of KPS is water assets.