Posted by hng33 > 2014-02-20 18:14 | Report Abuse

Expect YTL Yes broadband to record even better result than Q2 (1 Oct- 31 Dec 2013) as 1BestariNet already completed in late last year, and should record maiden earning these year onwards to show in Q3 result (1Jan- 31Mac 2014)

Posted by hng33 > 2014-02-20 18:16 | Report Abuse

I think YTLP sbb absence today in conjunction to release its Q2 result.

Posted by hng33 > 2014-02-20 18:21 | Report Abuse

For those fund institutional hunger for dividend, it is re-rating for them to at least hold on their stake. Share dividend is fairness than cash dividend, have dual impact, reward long term shareholder, while at the same time lowering cost for warrant holder

Posted by Fat Cat Tim Buddy > 2014-02-20 18:28 | Report Abuse

hng33, i don't understand why share dividend will lower the exercise..

can u explain it to me.. or gimme a link of website that explain it?

Posted by hng33 > 2014-02-20 18:36 | Report Abuse

Warrant holder interest is protected under Deed Poll from the first date it issue. It is stated clearly the formula adjustment to exercise price if underlying share undergo corporate exercise like issue new warrant, right share, share dividend. You can refer to any company issuing warrant under warrant deed poll.....YTLP-WB is 10 year warrant and the detail of its deed poll is on posted in 2008 bursa website

Posted by hng33 > 2014-02-20 18:38 | Report Abuse

YTLP Q2 result EPS = 3.82, about 8.5% increase than corresponding period.

Posted by Jerry > 2014-02-20 18:39 | Report Abuse

today result released. I guess wont have any dividend. YTL maybe

Posted by Fat Cat Tim Buddy > 2014-02-20 18:39 | Report Abuse

k.. thx!

Posted by Jerry > 2014-02-20 18:43 | Report Abuse

net profit getting slightly lower, increase in eps due to cancellation of shares purchased

Posted by hng33 > 2014-02-20 18:49 | Report Abuse

The Board of Directors of YTL Power International Berhad is pleased to declare a distribution of one (1) treasury share for every twenty (20) existing ordinary shares of RM0.50 each held (“Share Dividend”). The book closure date for the Share Dividend is 13 March 2014 (“Book Closure Date”). Fractions of treasury shares are to be disregarded.
The exercise price of the Warrants 2008/2018 will be adjusted in accordance with the Deed Poll dated 5 May 2008 and such adjustments will be effective from the commencement of the day next following the Book Closure Date for the Share Dividend. Holders of Warrants 2008/2018 who have not exercised their warrants by 5.00 p.m. on 3 March 2014 will be notified in due course of the quantum of the adjustment to the exercise price of the Warrants 2008/2018.

Posted by gark > 2014-02-20 18:52 | Report Abuse

woo hoo for YTLP-WB holders get 8 sen bonus from francis yeoh..XD

Posted by gark > 2014-02-20 18:54 | Report Abuse

fat cat read the deed poll of WB.. in there all the example calculations are given

Posted by rlch > 2014-02-20 18:58 | Report Abuse

Share dividend(1 for 20) is better than treasury share cancellation and cash dividend if amount small eg 0.9375 sen the last time dividend announced.

Posted by smartly > 2014-02-20 18:58 | Report Abuse

huat lai liao.

Posted by Peter5151 > 2014-02-20 19:00 | Report Abuse

I've always said the share distribution is possible. Just that the ratio I've expected is 10:1

Posted by Peter5151 > 2014-02-20 19:01 | Report Abuse

By doing so, the FY holding remain same as if the has been cancelled

Posted by rlch > 2014-02-20 19:01 | Report Abuse

This time buyback not yet reach 10%.

Posted by gark > 2014-02-20 19:02 | Report Abuse

after distribution SBB got more ammo to fight on. :)

Posted by Peter5151 > 2014-02-20 19:04 | Report Abuse

The wb ex price will change to 1.15

Posted by Fat Cat Tim Buddy > 2014-02-20 19:06 | Report Abuse

garkgarkakaka.. gark, if u holding a large number of wb, you really should release some at 80c , 76c ,70.5c , 68c , etc etc and buy back lower.. kikiki..

Posted by gark > 2014-02-20 19:18 | Report Abuse

fat cat fat cat.. nah ... hold longer better. :p

Posted by Peter5151 > 2014-02-20 19:19 | Report Abuse

Hng33, the adjustment is 6c NOT 8c

Posted by denver > 2014-02-20 19:20 | Report Abuse

hng33, thanks for the explaination :)

Posted by Peter5151 > 2014-02-20 19:21 | Report Abuse

0.95 × 1.21 = 1.1495 ~ 1.15

Posted by hng33 > 2014-02-20 19:24 | Report Abuse

Peter5151

Are you sure!? anyway, the adjustment have to take into account amount of total share volume, converted warrant. The actual quantum of adjustment will be notified on 3 Mar.

Posted by hng33 > 2014-02-20 19:26 | Report Abuse

Peter5151

The formula adjustment is not simple as that, aside ratio of share dividend, it need to take into account total outstanding warrant as some of the warrant already convert into share + total outstanding share

Posted by tengtj > 2014-02-20 19:27 | Report Abuse

Mobile division currency quarter loss is RM28 million. Same quarter last year loss is RM77 millions. Coming quarters mobile division should breakeven or post small profit

Posted by Peter5151 > 2014-02-20 19:30 | Report Abuse

Hng33
yes I'm sure.
The previous is 40:1 or 2.5%
0.975X 1.25 = 1.218 ~ 1.21
The current is 20:1 or 5%
0.95 X 1.21 = 1.1495 ~ 1.15

Posted by thekennkenn > 2014-02-20 19:33 | Report Abuse

(跪地。。。)
日盼夜盼啊啊啊。。。
终于来了一个消息。
YTLPWR on spot light tomorrow

Posted by hng33 > 2014-02-20 19:41 | Report Abuse

Adjusted warrant conversion price = [(C-D)/C] x RM 1.21

Posted by Peter5151 > 2014-02-20 19:44 | Report Abuse

Correct. Due to the huge volume share issue 7b, factor for 20:1 is always close to 0.95. Thermal be a bit different Iin 0.001 ..taking into consider the treasure share

Posted by hng33 > 2014-02-20 19:49 | Report Abuse

Ok, Peter5151 is right, but the formula should be as below

Adjusted warrant conversion price = [(C-D)/C] x RM 1.21

C= current share price, preceding to date of the announcement, 1.70
D= share dividend ratio x current share price, 0.085

Adjusted warrant conversion 1.1495

Posted by hng33 > 2014-02-20 20:01 | Report Abuse

The adjusted warrant conversion 1.1495, but according to Deed poll, any adjustment to the warrant exercise price will be rounded down to the nearest one sen, which mean the actual adjusted price will be 1.14

Posted by hng33 > 2014-02-20 20:05 | Report Abuse

The condition is same as previous adjustment in exercise price

The previous is share dividend 1:40
Adjusted warrant conversion price = [(C-D)/C] x RM 1.25

C= current share price, preceding to date of the announcement, 1.77
D= share dividend ratio x current share price, 0.0443
Adjusted warrant conversion 1.2187

Actual adjustment is 4sen to 1.21


The current share dividend 1:20
Adjusted warrant conversion price = [(C-D)/C] x RM 1.21

C= current share price, preceding to date of the announcement, 1.70
D= share dividend ratio x current share price, 0.085
Adjusted warrant conversion 1.1495

Actual adjustment is 7sen to 1.14

Posted by boonwei98 > 2014-02-20 20:43 | Report Abuse

I'm sorry for my ignorance but can someone shed some light to me as why YTLP choose to distribute treasury share instead of canceling it? What difference does it make?

Posted by smartly > 2014-02-20 21:11 | Report Abuse

in fact distribute shares benefit both ytlp & wb. better choice than cancellation.
1. ytlp shareholders get more shares
2. wb exercise price get adjusted
3. treasury shares get reduce 5% instead of 3.5% (cancel) higher margin
4. sbb got higher margin to exercise
5. first good news to both ytlp & wb

Posted by Peter5151 > 2014-02-20 21:24 | Report Abuse

In % term, whether share distribution or cancellation, it remains the same for FY. But share distribution will create selling pressure on ytlp, indirectly help sbb buy more @ lower price. And FY gain more in way if compare with cancellation

Posted by hng33 > 2014-02-20 21:53 | Report Abuse

1. Yeoh stake
There is difference between share dividend and cancellation on Yeoh stake, in which Yeoh effective stake is increase higher more in cancellation compared to share dividend. This is because the total number of share is reduce in cancellation compared to share volume redistribute back in share dividend.

2. Share price
The share dividend have more positive impact on share price compared with share cancellation. As shareholder is rewarded additional free share in short term compared to cancellation which have longer term impact on EPS. Fund manager and analyst will prefer share dividend than cancellation, and share price likely subject to re-rating as share dividend indirectly give to dividend yield and YTLP will perceived as high yield stock which can command higher valuation

Posted by thekennkenn > 2014-02-20 22:14 | Report Abuse

Peter5151, may i know why share distribution will create selling pressure? As we know share holder will be getting 5% free share distribution, will it suppose to attract more buying?

Posted by Sarjit Singh > 2014-02-20 22:21 | Report Abuse

Ya, i am curious also:) Hope to get expert professional advice. And the share bonus will have greater impact on YTL power share or WB warant? For this moment, we should buy WB or preferably YTL power itself? Thanks

Posted by imoogi99 > 2014-02-20 22:42 | Report Abuse

Whether share dividend or real dividend is still a dividend. Ytlpower shares price had been stagnant for quite some time because of no dividend or little dividend. This is also due to losses in the mobile network/broadband division. Looking at this quarter results in this division, it will be in the black in the coming quarters. Believe analyst re-rating in the pipelines. Whether mother shares or WB, both are good buys.

Posted by kucingmeow > 2014-02-20 22:44 | Report Abuse

All this adjustment to the conversion of warrants price... How about loan stock like ck and cl? Anyone and help in this questions?

Posted by Fat Cat Tim Buddy > 2014-02-21 05:59 | Report Abuse

ya wo, do structured warrant like cj ck cl will get adjustment as well?

Posted by cgtan2020 > 2014-02-21 08:17 | Report Abuse

structured warrant exercise price will be adjusted as well

Posted by hng33 > 2014-02-21 08:25 | Report Abuse

1MBD replaces auditors, gets time extension to submit accounts

......................... On another matter in relation to 1MDB, the Govern-ment said that it had yet to award the 2,000 megawatt coal-fired power plant project called Project 3B.

The Energy, Green Technology and Water Ministry in a statement dismissed talk on 1MDB being awarded the project as “baseless and mere speculation.”

The ministry said the Energy Commission would make an announcement soon on the award. “The process is transparent in line with the competitive bidding system that has been put in place for the bidding of projects by independent power producers, which is to ensure, among others, fairness and competitiveness,” it added.

1MDB is in a neck-and-neck race with YTL Power International Bhd for the rights to build the power plant, with its bid marginally higher at 25.65 sen per kWh as compared with YTL Power’s bid at 25.23 sen per kWh

Posted by leek > 2014-02-21 08:35 | Report Abuse

I don't think sultan will let it go so easily....

Posted by hng33 > 2014-02-21 08:38 | Report Abuse

The Energy, Green Technology and Water Ministry in a statement dismissed talk on 1MDB being awarded the project as “baseless and mere speculation.”

Posted by lbhock123 > 2014-02-21 08:45 | Report Abuse

this is malaysia boleh!
the officials will always deny, but ultimately still happen

Posted by Peter5151 > 2014-02-21 08:48 | Report Abuse

hng33, you are right there is difference, but it's very small.

let said, FY hold 60%

If Share Cancellation of 5%, the FY holding will increase as below

60% / 0.95 = 63.15%

If Share disctribution of 5%, the FY holding of 60% will increase another 3%

60% + 3% = 63%

There is only 0.15% difference.

Posted by Peter5151 > 2014-02-21 08:50 | Report Abuse

thekennkenn, in short term, it will attrach buyer, in longer term those FM depanding on the dividend will start selling the extra share in order to payout the dividend on it own fund.