The FBM KLCI has descended into negative territory for the year with a YTD decline of 1.5%.
14 component stocks outperformed the index while 16 underperformed.
The best performing stock was Telekom Malaysia (T MK, NEUTRAL, TP: MYR6.10) with a 35.1% YTD gain.
Petronas Dagangan (PETD MK, NR) was the worst performer, declining 46.1%. Generally the telecom, healthcare, utilities include oil & gas, banks, plantations, gaming and auto.
We are cautiously optimistic on the prospects for the market in 2015.
The global economic recovery remains intact, with improving growth outlooks for the developed economies, which will help to lift exports and GDP growth, while monetary policy will stay accommodative.
Corporate earnings are also forecast to trend higher in 2015.
Our stock Top Picks include Press Metal (PRESS MK, BUY, TP: MYR5.75),
SapuraKencana Petroleum(SAKP MK, BUY, TP: MYR4.02) and
1。 To double its smelting capacity for aluminium in gots in Samalaju, Sarawak to 640,000 tonnes from the present 320,000 tonnes in order to meet the fast-growing demand globally (“Proposed Phase III Smelter”).
2。Also owns and operates another smelter in Mukah, Sarawak with a 120,000-tonne capacity under its 80%-owned Press Metal Sarawak Sdn Bhd (“PMS”).
总共:Wow, Smelting capacity to 760,000 tpa !! ( ~1.5% of global primary aluminium consumption ! )
3。在Proposed Phase III Smelter,SEB has entrusted us with an additional 500MW of power which is another important milestone@PMETAL to expand our presence in the aluminium industry.
4。The Japanese partner has the first refusal right to maintain a 20% stake in this new project.
5。Press Metal’s further investment in the Sarawak Corridor for Renewable Energy (SCORE) will also create more job and business opportunities for the people in Sarawak. (国政政府发展SARAWAK州的大PROJECT @NKEA)
6。再加上The new plant is expected to cost less than the amount we spent to build Phase II, even though Phase III has a similar capacity. Simply because Phase III will be sharing some common facilities that are already in place。
7。Generating healthy cash flow. Comfortable that can fund the project with bank borrowings and using internally-generated funds。
8. Conclusion:
8.1 今世今日, PRESS METAL operates two aluminium smelting plants in Mukah and Samalaju in Sarawak.
8.2 Also operates aluminium extrusion plants in Selangor, Malaysia, Guangdong & Hubei, both in China, with a combined extrusion capacity of 190,000 tpa.
8.3 RHB@OSK 所给的TP RM5.75理想及可信任的目标价。
8.4 净利 8.4.1 Dec 2013 rm15 mil 8.4.2 Dec 2014 rm263 mil (F) 8.4.3 Dec 2015 rm417 mil (F) 8.4.4 Dec 2016 rm 555 mil (F)
8.5 有不错的股息(Maintaining its Generous Dividend Payout Policy of 30%-50%.)
8.6 PMETAL will further invest into Sarawak Corridor for Renewable Energy ( SCORE).
To be able to increase its total smelting capacity from the existing 440,000 tonne to 760,000 tonne。
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....
siulong1
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Posted by siulong1 > 2014-11-26 16:08 | Report Abuse
no eye see