Posted by YouWin > 2022-05-21 22:15 | Report Abuse

UOBKH research back in 2014, 49% sale also can bring the target price to rm2.8*,now 100% gonna go where?

国行准卖马化保险49% 马化资本盘中扬6%

财经新闻 财经 2014-11-07 11:39
（吉隆坡6日讯）国行批准卖马化保险49%股权的消息，激励马化资本（MPHBCAP，5237，主板金融股）股价今日一度涨5.65%。

马化资本在本年初，接到潜在买家主动献议，与马化保险结为策略联盟，而国行也批准马化资本提供购股选择权予对方。

今年8月，马化资本正式向国行提出脱售马化保险的申请，并于昨日获国行回函批准脱售。

券商看法正面

消息传出后，马化资本股价闻风上扬，上午一度上扬13仙或5.7%，至2.43令吉。

今日闭市时，该股收涨8仙或3.48%，一度攀抵全日最高价2.43令吉，最终以2.38令吉挂收，全日共有109万400股易手。

大华继显研究分析员就国行批准脱售马化保险一事，给予正面看法。

“除了双方可达到协同效应，所获资金也可加快马化资产的房产发展业务，以及资本管理业务。”

他料公司即将宣布成交价，并估计总值或相等于账面价值2.4至2.5倍，因为市场缺乏潜在普险卖家。

他也维持该股买入评级，以及2.8令吉目标价。【南洋网财经】

Posted by YouWin > 2022-05-21 22:21 | Report Abuse

I do think all IB is so corrupt, never clean though

Posted by Goh123 > 2022-05-22 08:47 | Report Abuse

su want more share for privatization...so give us dividend....

Posted by Goh123 > 2022-05-22 08:47 | Report Abuse

ppl will. sell our the share b4 ex ...

Posted by Goh123 > 2022-05-22 08:48 | Report Abuse

pls hold till rm 2.50...if no dont want sell

Posted by TheContrarian > 2022-05-22 13:44 | Report Abuse

Posted by speakup > 1 day ago | Report Abuse

Favco declared 85sen dividend when Favco was 2.40, now Favco 3.22+
so Mphbcap after declare 45sen dividend should be 1.57+0.45=2.02
When SCGM announced special dividend and capital repayment totalling RM2.21, share price dropped 9 sen to RM2.29.

Posted by chkhooju > 2022-05-22 14:44 | Report Abuse

So, roughly the opening price for. MPHBCap tomorrow will be how much.

Posted by Just88 > 2022-05-22 15:01 | Report Abuse

This sounds like Puncak few year ago after it has sold its water business. Many years of losses after distribution. Not a good sign for minority shareholders.
*********************************
Johnzhang
Speakup, come on lah ! The proposed payout ($322 mil) is only 26.8% of the total $1.2 bil proceeds from all the assets monetized from day one including the final insurance sales. After the proposed dividend and capital repayment, $878 mil (1,200 mil - $322 mil) is retained and left idling . Pls tell us what existing business of mphb require cash standby of $878 mil to cushion economic crisis. Total revenue ex insurance sales is not even $50 mil a year !
If the management has not done anything to develop the landbanks or to look for new venture in the past 8 years to enhance the value of the share, what makes you think that they can and will do so now ?
SU objective is just want to Screw your kau kau and you seem happy to that .

Posted by Goh123 > 2022-05-22 15:33 | Report Abuse

so thecontrarian what u see ? opening price tomorrow

Posted by markgold > 2022-05-22 15:54 | Report Abuse

Wait for 9 am tomorrow.

Posted by TheContrarian > 2022-05-22 18:29 | Report Abuse

@Goh123, it's very hard to predict. In SCGM's case, retailers were predicting limit up but it was a shock when it went red. MphbCap has one similarity with SCGM, both needs 75% shareholders approval for their disposals. If not approved there will be no special dividend and capital repayment.

Posted by TheContrarian > 2022-05-22 18:31 | Report Abuse

SCGM has been praised for being fair to minorities by proposing to pay out RM2.21 but yet the share price dropped and last closing price was merely RM2.29.

Posted by TheContrarian > 2022-05-22 18:35 | Report Abuse

If Surin doesn't have the required 75% in his pocket, then he needs to buy up and share price will go north. If he already has 75% (via proxies and friendly parties) then price wouldn't move much and might even drop.

Posted by TheContrarian > 2022-05-22 18:41 | Report Abuse

The proposed disposal of the insurance unit has already been announced 11 months ago, only the disposal consideration was not known then but if one does his homework, he would have been able to guess that the consideration would be around RM500 million, so it wasn't really a surprise (only dumb dumb The Edge predicted RM330 million). What retailers want to know 8s how much will be distributed as special dividend/capital repayment. Since there will be around RM1 billion cash available, most people expect generous payout.

Posted by TheContrarian > 2022-05-22 18:44 | Report Abuse

Myself expected a minimum of 65 sen, so 45 sen is a disappointment to me.

Posted by Goh123 > 2022-05-22 19:28 | Report Abuse

su will buy more share in open market...

Posted by Goh123 > 2022-05-22 19:30 | Report Abuse

johnzhang i hold the share since 2017 till now..in open market no much share to buy liao.ppl all hold till announced dividend

Posted by Goh123 > 2022-05-22 19:31 | Report Abuse

i see no much share in open market

Posted by YouWin > 2022-05-22 19:36 | Report Abuse

For Illustration purpose only.
share price 1.57-0.45=1.12
Nta 2.80-0.45=2.35
Don't you wanna buy more if the share price is 1.12 and expect an annual dividend of 0.05 since it's doesn't need bnm approval and is cash rich.
After it gave you back the 0.45, you use the money to buy more at 1.12, but it will be very snck if boss suddenly say company got no money to pay dividends.

Posted by Goh123 > 2022-05-22 19:45 | Report Abuse

ya still buy in 0.68-0.90 since 2020-2021

Posted by YouWin > 2022-05-22 19:56 | Report Abuse

There is still more than RM 1 billion retained earnings detained by mphbcap

Posted by YouWin > 2022-05-22 20:10 | Report Abuse

To contrarian..scgm is totally a different case,it already gave you back most of the capital back, there's no way it gonna go to above 4.40, after you received the payback , the price probably will stay at about 0.70

Posted by YouWin > 2022-05-22 20:12 | Report Abuse

Scgm is not delisted after the capital repayment, you can still buy sell

Posted by YouWin > 2022-05-22 20:15 | Report Abuse

0.7probably too high, maybe 0.2---0.40

Posted by TheContrarian > 2022-05-22 20:19 | Report Abuse

@Youwin, what are you talking about?

Posted by YouWin > 2022-05-22 20:22 | Report Abuse

I was talking about your complaining about scgm not rising

Posted by Goh123 > 2022-05-22 20:27 | Report Abuse

hold dont sell till privatization...

Posted by TheContrarian > 2022-05-22 20:27 | Report Abuse

SCGM closed at RM2.29. If price remains, after the special dividend and capital repayment of RM2.21, price will adjust only 8 sen.

Posted by Just88 > 2022-05-22 20:29 | Report Abuse

Johnzhang, what is the expected earnings of mphbcap post disposal of its insurance business ? Thanks

Posted by TheContrarian > 2022-05-22 20:30 | Report Abuse

@Goh123, there's no certainty of a privatisation. Even if there is one eventually it could be years before such a proposal be floated.

Posted by TheContrarian > 2022-05-22 20:31 | Report Abuse

@Just88, MphbCap Board of Directors already said post disposal of insurance business there will be operating losses.

Posted by YouWin > 2022-05-22 20:39 | Report Abuse

I have no idea what your expectations for scgm .. contrarian

Posted by YouWin > 2022-05-22 20:46 | Report Abuse

Whatever mphbcap price is gonna be for the coming days before the egm... you guys just deduct 0.45 cent to decide whether you should buy, sell or hold

Posted by YouWin > 2022-05-22 20:51 | Report Abuse

NTA of mphbcap is so off, the hidden value of it land banks is not revaluate at all

Posted by YouWin > 2022-05-22 20:55 | Report Abuse

Property in imbi is selling like 4 or 5k per square feet?

Posted by TheContrarian > 2022-05-22 20:55 | Report Abuse

@Johnzhang, I don't think that soon. MAA took several years before the controlling proposed a ridiculously low offer price and prior to that MAA's market price drifted down to 50 sen level.

Posted by TheContrarian > 2022-05-22 20:56 | Report Abuse

controlling shareholder*

Posted by YouWin > 2022-05-22 21:03 | Report Abuse

It's not a surprise if boss privatize mphbcap after egm seeing now all the economy is not good.
Bcoz after COVID , Russia war end, economy is brighter,he might need to give a higher price

Posted by TheContrarian > 2022-05-22 21:11 | Report Abuse

Do you think Surin has 75% votes in his pocket to approve the disposal?

Posted by TheContrarian > 2022-05-22 21:13 | Report Abuse

MAA was cash rich with NTA above RM2 after disposal of their insurance unit; privatisation offer was merely RM1.10.

Posted by TheContrarian > 2022-05-22 21:15 | Report Abuse

Privatisation of MAA failed and market price crashed to 60 sen level currently.

Posted by YouWin > 2022-05-22 21:19 | Report Abuse

I copy paste some parts from the cari.com forum,9 years ago,2022 it value should be more high now.

马化资本目前的土地及產业价值，相等於每股1.30令吉，將脱售浮罗山背的土地的盈余计算在內，土地及资產价值相等於每股1.57令吉。以该公司目前1.51令吉的价格计算，投资者其实等於免费拥有马化资本的普险业务。

分析员给予该股2.12令吉的目標价，以及「买入」的评级。[东方日报财经]


本帖最后由 icy97 于 5-10-2013 07:44 PM 编辑

Posted by TheContrarian > 2022-05-22 21:24 | Report Abuse

I believe there's close to RM460 million invested in Nomura i-income Fund which will be liquidated soon since it has been classified as discontinued operation. There's no EGM required for the liquidation, so how does the Board of Directors plan to do with the additional RM460 million?

Posted by TheContrarian > 2022-05-22 21:26 | Report Abuse

If tomorrow price hits RM2.12 I might sell off all.

Posted by YouWin > 2022-05-22 21:27 | Report Abuse

Can you give a link or copy paste the info here contrarian

Posted by YouWin > 2022-05-22 21:49 | Report Abuse

Stop misleading with the Nomura thing, there's no additional 460m, all the unit fund hold by insurance business is already included in the sale to generali.

Posted by TheContrarian > 2022-05-22 21:54 | Report Abuse

Lol at Youwin.

Posted by TheContrarian > 2022-05-22 22:09 | Report Abuse

The Nomura i-income Fund was valued at RM380 million as at 31/12/2020 and close to RM460 million as at 31/12/2021. How did the value go up by RM80 million within a year. Did MphbCap buy more units of the Fund?

Posted by Opportunate > 2022-05-23 00:16 | Report Abuse

I went through the announcement and quarterly report yesterday.

My finding as above

Total cash and short term investment = about 980MM

After deduction of 508.16MM , with RM480MM in hand , which equal to RM0.66 per share.

Asset ( property and land) = 791MM at book value

Conservative calculation , value above RM2B

My view , utilization proceed of 518.16MM will be 1st phase of the action , more action follow after completion of phase 1 action.

More news will be release phase by phase to get the analysts excited like M&A etc

Posted by Opportunate > 2022-05-23 00:22 | Report Abuse

@theContrarian

Here is my understanding about the Nomura fund

When Generali purchased 49% of MPHBCAP Insurance business , MPHBCAP granted a 3 years call option to increase further 21% and a 5 years Put Option for Generali to resell the 49% of MPHBCAP insurance business to MPHBCAP if the Call Option failed to executed.

As a probation to the Put Option , MPHBCAP need to keep the fund to repay Generali when the Put Option executed.
In the Put Option , stated clearly the calculation of the redeem price ( adjustment ) where MPHBCAP increases the amount over time from cash in hand