Posted by hng33 > 2013-09-11 18:26 | Report Abuse

smartly

Good assumption, 1 bet it is highly possible, Lets make even more conservative that YTLP take 3 month for its to reach 1.85 (8.8% upside), its WB will worth at least 64sen (35% upside)

Posted by hng33 > 2013-09-11 20:10 | Report Abuse

YTLPOWR-WB（杨忠礼电力WB）


股价
目前股价：RM0.475
52周最高：RM0.555 (22/07/2013)


52周最低：RM0.369 (03/05/2013)


凭单概况
发行公司：杨忠礼电力（YTLPOWR，6742，主板基建组）
发行日期：2008年6月12日
交易期限：10年
截止日期：2018年6月11日
转换价格：RM1.21


关注原因
最近市面一直有谣传YTL有意私有化YTLPOWR，而且从YTLPOWR最近的一些企业动作可看出这种可能性其实是存在的。

首先，YTLPOWR的派息日益减少，2013年的全年净利虽然比前一年少，但仍然有14.78仙，可是该公司却只派出0.94仙，可说是历年来最低的股息。

接着，该公司在8月28日将占了股本约4%，总数2亿5000万股的库存股完全注销。

当股东们对此决定感到非常纳闷时，该公司又开始大手笔的从市场上回购自家股票。根据昨天（9月10日）大马交易网站的资料里显示，YTLPOWR目前的库存股已达到3202万股，短短一个多星期里会购了约2300万股。

而YTLPOWR的股价也从8月28日的RM1.54，逐步回升到目前的RM1.71。

公司一方面不愿派息，另一方面却注销库存股并且又大手笔回购股票，从这一连串的动作来看，其动机非常耐人寻味。

根据《资汇》第240期里透露，YTLPOWR的企业价值高达246亿。如果将这企业价值除以其总股数，相等于每股RM3.47，所以对大股东YTL来说，确实是有私有化YTLPOWR的吸引力的。

目前YTLPOWR-WB的母股高过转换价（RM1.21），所以此凭单属已到价。而且，如果此时以RM0.475买进YTLPOWR-WB，再付RM1.21转换成母股，总成本RM1.685，比起以RM1.71直接买进母股仍然有2.5仙的折价。

况且YTLPOWR应该值得更高的估价，而这也将会带动YTLPOWR-WB走高。

Posted by titus > 2013-09-12 09:11 | Report Abuse

US dollar keep on strengthen to ringgit. I guess it will be good for YTLPower. Look at how it has benefit the rubber glove counter. Not sure on ytlp plan but with constant share buy back is definitely good thing. Could it be as simple as the next Q results be good due to forex? Hope the warrant follow well with the mother shares.

Posted by smartly > 2013-09-12 10:34 | Report Abuse

epf keep selling, ytlp VS efp. who will win eventually ?

Posted by jkngo2003 > 2013-09-12 10:38 | Report Abuse

so, this share will be delisted soon?

Posted by smartly > 2013-09-12 10:51 | Report Abuse

there is reason for ytlp to buy back it own shares, the intention is to cancel and reduce the share units. this will speed up the share swap to ytl later on with lesser share units in the market but wonder by how much they want to reduce ? 10%, 20% or more ?

Posted by hng33 > 2013-09-12 11:37 | Report Abuse

The main reason to buyback and later cancel share is to reduce total number of share. The reduction in YTLP share volume in turn decrease to number of new YTLcorp share to be issue under take over offer via share swap. Translating to reduce dilution impact on Yeoh family stake in YTLcorp

Posted by JTFX > 2013-09-12 11:41 | Report Abuse

LoL..Hng, think next time someone asks the same Q agn.. just ref. them to ur relevant posts in july..aug..saliva also running dry..LoL...

Posted by hng33 > 2013-09-12 11:48 | Report Abuse

Yes, YTLP really got POWER

Posted by hng33 > 2013-09-12 11:49 | Report Abuse

JTFX

Thanks for advice.... :)

Posted by JTFX > 2013-09-12 11:53 | Report Abuse

ytlp wb powering for another uplegggggg....

Posted by smartly > 2013-09-12 11:53 | Report Abuse

YTLP go go go........

ytlp-wb should at least stay at 0.49sen. :)

Posted by Jerry > 2013-09-12 11:59 | Report Abuse

CCheers. :)

Posted by hng33 > 2013-09-12 12:13 | Report Abuse

Even YTLP-WB still lagging behind, but worry no much, as YTLP will continue share buyback, share price will gradually climb up with next target at RM 1.80 by end of these month. By then, YTLP-WB even may still dragging behind, will definitely trade above 55sen (15% gain).

If investor have more holding power, just wait another few more month, YTLP share may hit RM 1.90 to RM 2.00 by end of these year, which YTLP-WB should trade 65-75sen (35%-55% gain)

Posted by hng33 > 2013-09-12 12:15 | Report Abuse

I think market will gradually realize what really happen to YTLP and YTLP-WB and will start relook, re-rate these giant bluechip stock.

Posted by hng33 > 2013-09-12 12:18 | Report Abuse

Hope our EPF will also open its eye and relook into YTLP, don't just simply disposed it cutting its stake from 9.9% to below 7% now

Posted by smartly > 2013-09-12 12:40 | Report Abuse

EPF always work the opposite way. sometime it is good that they disposed the shares else we won't be able to collect cheap price.
Obviously now it is the tussle between EPF & YTLP, today YTLP has the edge over EPF. hope YTLP always prevail.

Posted by Jerry > 2013-09-12 13:33 | Report Abuse

Share buy back stopped at 1.70... dont expect it ll go to 1.80above. Unless you got money to push? That ll be another story

Posted by hng33 > 2013-09-12 14:25 | Report Abuse

Jerry

Share buy back stopped at 1.70 !? Yesterday share buyback at 1.70-1.71, with average RM 1.708 already. Lets see today announcement, it should range at 1.70-1.73.

YTLP need to continue share buyback in order to accumulate more share, as even aggressive share buyback, it current treasury share only reach at 0.57%. To accumulate more share, it need to bid for higher price to entice more people selling to them especially EPF. Still long way to go, to at least reach 3.5% like early these year and expect cancellation again.

Posted by smartly > 2013-09-12 14:47 | Report Abuse

agreed with hng33.
bid higher for more seller, then shares swap will be sooner.

Posted by Jerry > 2013-09-12 15:07 | Report Abuse

1.71? I see the last minute buy q at 1.70

Posted by smartly > 2013-09-12 15:10 | Report Abuse

Jerry,

pls refer to yesterday's announcement.

i think today's buyback is range from 1.70 to 1.72. hope last minute buy up to 1.73.

Posted by hng33 > 2013-09-12 15:11 | Report Abuse

Jerry

Please refer to yesterday announcement, YTLP share buyback range at 1.70-1.71: Bought total 8,517,400 share and amount paid was RM 14,555,827, translating to average purchase price of RM 1.7089

Posted by hng33 > 2013-09-12 15:19 | Report Abuse

Jerry

Yesterday, last bidding time, there is large amount of share willing to sell at 1.70, so YTLP opt to buy that amount of share and therefore closed down 1 sen at RM 1.70. Bear in mind, YTLP share buyback main purpose is to buyback share and accumulate as much as possible at lowest cost possible. This is because it is not YTLP purpose to push share price up but to buyback more share at lowest cost possible, only if there is no more seller, then YTLP have to bid higher price in order to buy more. Thus, if today during bidding time, there is another round of large volume willing to sell at 1.70, then it will be good move for YTLP to absorb these amount of share volume at lower cost.

Posted by hng33 > 2013-09-12 15:46 | Report Abuse

News/rumors that YTLP also eye Green packet's P1. YTLP already have both wimax and LTE spectrum. If it want to buy P1, the only reason could be it wan to add more capacity by another 30MHz more in the 2.3GHz band (WiMAX network) and another 20MHz more of the 2.6GHz spectrum (4G-LTE) to expand and meet demand of its growing 1 Bestarinet project.

The cost to acquire P1 require just around RM600m, compared to current Yes Wimax capex invested so far as much as RM 2.5b.

Remark: The cost refer to SK Telecom Co Ltd invested RM201.6 million in P1 for its 28.2 stake in the company.

Posted by hng33 > 2013-09-12 16:03 | Report Abuse

Another possible reason YTLP may acquire P1 is Packet One, with its licences in 2.3GHz and 2.6GHz, will run TD-LTE networks in parallel with its existing and widespread WiMAX systems, starting in the first half of 2014. Several companies from the WiMAX world are now working on dual-mode chipsets that will enable devices to support hybrid roll-outs.

Packet One has signed a technology cooperation agreement with China Mobile, aiming to spearhead TD-LTE technology in Malaysia and southeast Asia. With their combined trial, P1 will also learn how to scale up its roll-out, and with the Chinese giant driving TD-LTE adoption, a large number of ecosystem devices – including modems, routers and handsets – will come into the market in the next 1-2 years, driving prices down.

By contrast, YTL is yet to decide whether to stick with WiMAX or migrate to TD-LTE. If it decides to stay with WiMAX, that raises questions about its future viability. The rising availability and choice of TD-LTE devices over the coming 18 months will compare with limited options for WiMAX, giving LTE a rising competitive advantage. TD-LTE offers WiMAX operators the opportunity to join the large 3GPP ecosystem, and leverage benefits of economies of scale, roaming and network sharing.

Posted by Jerry > 2013-09-12 17:16 | Report Abuse

thats why which maximum price they willing to place for share buy back will be my guide line of when to sell...

Posted by simonfoo0123 > 2013-09-12 17:20 | Report Abuse

yeah, what say u, hng33?

Posted by JTFX > 2013-09-12 17:32 | Report Abuse

YTL emerging as the dark horse to buy P1..reportedly hv sent a team to do the due diligemce at P1...

Posted by hng33 > 2013-09-12 17:50 | Report Abuse

Jerry

'thats why which maximum price they willing to place for share buy back will be my guide line of when to sell...'

Everyday, after bidding time, there is big chunk of buying volume waiting for seller. Then following day, if seller reside, YTLP need to bid 1 or 2 sen higher again to entice more seller to sell their sell to YTLP. These process repeat again and uptrend to be continue, so which is the maximum price they willing to place depend on when you want to sell to YTLP either 1 week later/1 month or 3 month or until the corporate exercise like take over offer is announce.

Posted by hng33 > 2013-09-12 17:54 | Report Abuse

Today, YTLP buyback 79% of today total volume, total 11,862,800 share, paid for RM 20,392,658, translating to average purchase price at RM 1.719, increase treasury stake 0.17% to 0.74% now.

Posted by hng33 > 2013-09-12 17:59 | Report Abuse

Based on YTLP aggressive share buyback, i think there is urgency for them to buyback quick and cancel later to reduce total number of YTLP share as soon as possible, to pave way for upcoming privatization via share swap.

Posted by smartly > 2013-09-12 17:59 | Report Abuse

today's buy back more fierce, total 11,862,800 shares range between 1.69 to 1.72.
representing 78% of today's total transactions.
well done ytlp !!!!
keep up the good work.

Posted by JTFX > 2013-09-12 18:03 | Report Abuse

thats why, after they cancell the 250 mio treasury shares..its time for us to load up again...until it reach ur profit target...hohoho...

Posted by Jerry > 2013-09-12 20:00 | Report Abuse

they will stop at a price, dont believe? lets wait and see, i know yeoh's style.. still remember what ytl did after take over ytlc? they buy back to move it's price up, but maximum is how much? i dont think they will buy back at a price above 1.80 although im holding their share, and im hoping they will... but the fact telling me, they wont...

Posted by Jerry > 2013-09-12 21:31 | Report Abuse

check back the annoucement if you disagree with me, july 17 is the last date of buy back, and they stopped after that... Still hoping they wll buy until 1.80 above? what ytl did before take over ytlc? they bought bck from 1.2x-1.55... more than that they wont buy... same thing aplies to ytlp...

Posted by hng33 > 2013-09-12 22:23 | Report Abuse

Jerry

YTLP start share buyback on Mar, price start buyback at RM 1.45 last for about 4 month, temporary stop on 17 July, buyback price at RM 1.60, accumulating about 3.3%.

YTL restart again share buyback after 1 month on 21 Aug with buyback price range from 1.58-1.60 and make cancellation about 3.4% treasury share on 28 Aug and continue share buyback until now, accumulating just only 0.75% treasury share so far.

The fact that YTLP opt to cancel treasury share instead to redistribute it to shareholder is hallmark different compared to what it did on YTL corp already.

In addition the strategy adopt by YTLP share buyback is different compared to YTL corp. YTLP buyback share is through aggressive buyback during entire trading time with strategy to accumulate as much share with lowest cost possible, only if seller reside, force it to bid 1 or 2 sen higher to entice seller to sell share to them. This is vast different compared to previous YTL corp buyback share which it wait only until last bidding time to purposely push share price higher.

Posted by USApg > 2013-09-13 04:21 | Report Abuse

High gear company with bulk of intangible assets... Better avoid this stock!

Posted by Jerry > 2013-09-13 10:48 | Report Abuse

hng33, yeah exactly, they stopped at 17 aug 1.60 stopped after that.. do you know the price of ytlp at that time when they stopped buying back? ranged at 1.7x-1.80... they resumed buying back on 21 aug, thats the date market crash. remember? that why im telling you they will stop when a price reach a certain level. i just tracking the maximum price they willing to pay. currently 1.720... for your information last minute seller is depends on buyer Q, last minute seller has no choice buy to sell at any price the buyer willing to pay especially contra player.

Posted by hng33 > 2013-09-13 11:17 | Report Abuse

Jerry

If YTLP indeed wan to buyback at least another 3% stake, which it previously took almost 4 month, current treasury share of just 0.75% still long way to go. Lets assuming, YTLP stop buying at RM 1.80 and manage to accumulate treasury share again more than 3%, based on current share price of 1.72, it imply upside of 4.6% for mum share, but more than 15% upside for YTL-WB assuming discount 2.5sen remain, should trade at 56sen at least .

Posted by hng33 > 2013-09-13 11:20 | Report Abuse

If wan to investigate real time share buyback activity by YTLP, please look at how YTLP entice seller to sell their share to them and engulf volume once have big seller volume

Posted by csk396 > 2013-09-13 11:27 | Report Abuse

hng33 : why there is so many 100 unit share buy transaction going on, what's the indication ? maintaining momentum ?

Posted by Jerry > 2013-09-13 11:33 | Report Abuse

no, it doesnt mean they will buy back at 1.80 currently the maximum i saw is only 1.720... still waiting to see when they will stop. Believe me, they will stop... and dont put so much hope they will push it up to 1.80 above to buy back. although i hope they will too..

Posted by hng33 > 2013-09-13 11:44 | Report Abuse

Jerry

Ok, Lets wait and see.

Posted by hng33 > 2013-09-13 11:47 | Report Abuse

csk396

I suspect 1 lot after 1 lot is strategy adopt by YTLP to force seller to sell their share at lower bid, which they already standby q to buy already. Remember, YTLP strategy is to buy as much number of share but at lowest cost possible. However, if seller lack of response and seller volume getting build up, then YTLP no choice but to engulf it

Posted by simonfoo0123 > 2013-09-13 11:48 | Report Abuse

tqvm ..

Posted by janetooi001 > 2013-09-13 11:51 | Report Abuse

no power

Posted by csk396 > 2013-09-13 11:54 | Report Abuse

Thanks hng33.

Posted by Jerry > 2013-09-13 12:36 | Report Abuse

yeah.. wait and see

Posted by hng33 > 2013-09-13 15:59 | Report Abuse

YTLP continue strong