Showing posts with label Tenaga. Show all posts
Showing posts with label Tenaga. Show all posts
Sunday, December 4, 2011
Tenaga Dec 2011
Tenaga has received a letter from the government that provides a fuel cost sharing mechanism to address the utility’s increased cost due to the gas shortage. Tenaga, Petronas and the government would each equally share the differential cost incurred by Tenaga due to dispatching on alternative fuels and also imports, from Jan 1, 2010 until Oct 31, 2011 amounting to approximately RM3.07 billion. Presently, Tenaga is facing a higher operational cost due to the extra cost of generation arising from running the power plants on expensive alternate fuels and power import from Singapore and Thailand . In view of the urgency of the matter and the critical financial situation facing Tenaga, Tenaga will be liaising as soon as possible with the relevant parties to implement this mechanism.
Monday, September 12, 2011
About Tenaga ... March
Tenaga which has large amounts of yen denominated loans, is turning out to be an indirect casualty of Japan ’s massive earthquake. With Japanese currency rallying to record highs in the aftermath of the disaster, It could be sitting on potential forex losses of rm182 million. According to its latest financial statements for the period ended Nov 30, 2010, Tenaga had rm5.26 billion in yen denominated debt, which accounted for a quarter of its total debt of rm21.28 billion.
These forex translations losses, however, will not likely be reflected in Tenaga’s upcoming results for the quarter ended Feb 28 (2Q2011) as most of its 3.5% rally in the yen occurred after the March 11 earthquake.
As of Nov 30, 2010, Tenaga also had debts totaling rm4.5 billion denominated in the US dollar, which has been weakening against the ringgit. Hence, some of the losses from its yen denominated loans will be offset against the forex gains from its greenback debt.
At the end of FY2010, it was estimated that Japanese investors held around US$2 trillion in foreign assets, net of reserves. Since the earthquake, the yen has been surging against currencies, including the US dollar, euro and the ringgit, due to speculation that Japanese insurers and investors will repatriate their overseas assets to pay for damage, claims and reconstruction activities in their homeland.
Going forward, these forex losses may be temporary if the yen reverses its course later. Repatriation may support the yen in the short term, but the longer picture depends on economic fundamentals. The long term of the yen is negative. After the earthquake, we will see higher imports of capital and construction goods and lower exports due to damaged plants and infra. That will narrow Japan ’s current account surplus.
Tenaga has managed to trim its borrowings substantially over the years. Tenaga also not expecting to secure a tariff hike until after the general elections.
These forex translations losses, however, will not likely be reflected in Tenaga’s upcoming results for the quarter ended Feb 28 (2Q2011) as most of its 3.5% rally in the yen occurred after the March 11 earthquake.
As of Nov 30, 2010, Tenaga also had debts totaling rm4.5 billion denominated in the US dollar, which has been weakening against the ringgit. Hence, some of the losses from its yen denominated loans will be offset against the forex gains from its greenback debt.
At the end of FY2010, it was estimated that Japanese investors held around US$2 trillion in foreign assets, net of reserves. Since the earthquake, the yen has been surging against currencies, including the US dollar, euro and the ringgit, due to speculation that Japanese insurers and investors will repatriate their overseas assets to pay for damage, claims and reconstruction activities in their homeland.
Going forward, these forex losses may be temporary if the yen reverses its course later. Repatriation may support the yen in the short term, but the longer picture depends on economic fundamentals. The long term of the yen is negative. After the earthquake, we will see higher imports of capital and construction goods and lower exports due to damaged plants and infra. That will narrow Japan ’s current account surplus.
Tenaga has managed to trim its borrowings substantially over the years. Tenaga also not expecting to secure a tariff hike until after the general elections.
Sunday, August 7, 2011
JIT News - POS,Tenaga,Proton,MasterSkill,KNM,Dayang.. 19/1/2011
POS: Khazanah Nasional Bhd will invite bids from 17 Jan 2011 - 21 Jan 2011 for its stake in Pos Malaysia Bhd ... Rumours of the bidders are SapRes, Scomi Marine, DRB-Hicom, Konsortium, Ekuinas
POS: 3.17 (Inter Pacific), 3.80 (AMResearch), 3.66 (CIMB), 4.45 (OSK)
Tenaga is due to release its 1QFY11 results today 19/01/2011
Proton: Proton Holdings Bhd is in talks with CIMB bank and several others to secure loans and investments totalling 480mil (RM2.35bil) needed to turn around Group Lotus. It hopes to sign an agreement for the loan within Feb 2011 as they are in talks with several banks including our own banker CIMB.
Proton: 4.67 (MBB), 5.95 (CIMB), 4.60 (MIDF), 6.18 (OSK), 6.60 (HDBS), 6.00 (HLB), 6.10 (AMResearch), 5.20 (UOB Kay)
POS: 3.17 (Inter Pacific), 3.80 (AMResearch), 3.66 (CIMB), 4.45 (OSK)
Tenaga is due to release its 1QFY11 results today 19/01/2011
Proton: Proton Holdings Bhd is in talks with CIMB bank and several others to secure loans and investments totalling 480mil (RM2.35bil) needed to turn around Group Lotus. It hopes to sign an agreement for the loan within Feb 2011 as they are in talks with several banks including our own banker CIMB.
Proton: 4.67 (MBB), 5.95 (CIMB), 4.60 (MIDF), 6.18 (OSK), 6.60 (HDBS), 6.00 (HLB), 6.10 (AMResearch), 5.20 (UOB Kay)
MasterSkill: US-based SmallCap World Fund Inc reduced its shareholding in Masterskill Education Group Bhd to 5.48% after it disposed of 1.85 million shares on Jan 12 and 13 2011. The fund disposed of 1.55 million shares on Jan 12 and 300,000 shares the next day. After these transactions, SmallCap World Fund’s stake was reduced to 5.48% or 22.45 million shares. Recent filings showed that FMR LLC and FIL Ltd sold disposed of 2.42 million shares on Jan 6 and 1.33 million shares the next day, reducing its shareholding to 29.74 million shares or 7.26%.
KNM: It has received another 4 years’ extension until Feb 2015 for its term loan facility secured from Maybank. The loan’s principal outstanding as at Jan 7, 2011 was at rm351 million. The term loan should come as a relief to KNM, which has short and long term borrowings of rm1.06 billion as at Sept 2010. Its net gearing is at 0.43 times. Its cash and cash equivalents had also been reduced to rm296 million. Its job orders are increasing to rm4 billion.
KNM: 3.10 (MBB), 3.45 (AMREsearch), 3.50 (HDBS), 0.47 (Kenanga), 2.96 (OSK), 3.09 (RHB), 3.10 (MBB)
Dayang: It has fixed the issue price for its rights issue at rm1.10 per rights share.
Dayang: 3.40 (HDBS), 3.17 (ECM), 3.86 (RHB)
KNM: It has received another 4 years’ extension until Feb 2015 for its term loan facility secured from Maybank. The loan’s principal outstanding as at Jan 7, 2011 was at rm351 million. The term loan should come as a relief to KNM, which has short and long term borrowings of rm1.06 billion as at Sept 2010. Its net gearing is at 0.43 times. Its cash and cash equivalents had also been reduced to rm296 million. Its job orders are increasing to rm4 billion.
KNM: 3.10 (MBB), 3.45 (AMREsearch), 3.50 (HDBS), 0.47 (Kenanga), 2.96 (OSK), 3.09 (RHB), 3.10 (MBB)
Dayang: It has fixed the issue price for its rights issue at rm1.10 per rights share.
Dayang: 3.40 (HDBS), 3.17 (ECM), 3.86 (RHB)
JIT News - SP Setia,Hing Yiap,SelProp,Tenaga,QL.. 18/1/2011
SP Setia: It has confirmed securing 40 acres of prime land along Jln Bangsar. It also announced a fund raising exercise via a proposed placement of 15% of new shares to be done via book building that could easily raise rm1.14 billion. The fund raising comes tandem with a one for two bonus issue.
Assuming a plot ratio of four to five times and an average selling price of rm1200 psf, the gross development value of the Bangsar land would amount to rm8 billion to rm10 billion. Assumes also that SP Setia has a 50% to 60% stake in the project, the surplus value from the land at a net cost of rm700 million for the 1NIH Complex alone would be around rm550 million or 48 sen per share, boosting the revised net asset value to rm6.21.
SP Setia: 7.23 (OSK), 8.00 (CIMB), 6.90 (MBB), 4.94 (Inter Pacific), 8.05 (RHB), 5.50 (Kenanga), 6.80 (AMResearch), 5.20 (ECM)
Hing Yiap: It has received an unconditional takeover from Everest Hectre Sdn Bhd to acquire all the remaining shares for rm1.500 per share.
Selangor Properties: It is potentially poised to be one of the beneficiaries of the Greater Klang Valley MRT project. Currently it has a 34 acre developable land bank and 1.2 million sq ft office space in Pursat Bandar Damansara, where an MRT interchange could possibly be developed. It is in good position to bid for the MRT interchange at Pusat Bandar Damansara to be located in its site.
The group is majority owned by Kayin Holdings Sdn Bhd which holds 66.3% interest. Its cash and cash equivalent amounted to rm598 million as at Oct 2010, against debts of rm397 million. This means that it was sitting on a net cash position of almost rm200 million. It had not undertaken any equity fund raising exercise over the past decade. It has a book value of rm5.12.
Industry observers are of the view that since some of Selangor’s assets are ripe for revaluation, the shares’ prevailing discount to its book value could become even wider … A research house said the strongest RNAV growth over the next three to five years is expected to hit rm11.71 per share by then based on land value appreciation. Given its strategic land bank, attractive valuation and concentrated shareholding, it could be a potential M&A or JV target or privatization candidate.
Assuming a plot ratio of four to five times and an average selling price of rm1200 psf, the gross development value of the Bangsar land would amount to rm8 billion to rm10 billion. Assumes also that SP Setia has a 50% to 60% stake in the project, the surplus value from the land at a net cost of rm700 million for the 1NIH Complex alone would be around rm550 million or 48 sen per share, boosting the revised net asset value to rm6.21.
SP Setia: 7.23 (OSK), 8.00 (CIMB), 6.90 (MBB), 4.94 (Inter Pacific), 8.05 (RHB), 5.50 (Kenanga), 6.80 (AMResearch), 5.20 (ECM)
Hing Yiap: It has received an unconditional takeover from Everest Hectre Sdn Bhd to acquire all the remaining shares for rm1.500 per share.
Selangor Properties: It is potentially poised to be one of the beneficiaries of the Greater Klang Valley MRT project. Currently it has a 34 acre developable land bank and 1.2 million sq ft office space in Pursat Bandar Damansara, where an MRT interchange could possibly be developed. It is in good position to bid for the MRT interchange at Pusat Bandar Damansara to be located in its site.
The group is majority owned by Kayin Holdings Sdn Bhd which holds 66.3% interest. Its cash and cash equivalent amounted to rm598 million as at Oct 2010, against debts of rm397 million. This means that it was sitting on a net cash position of almost rm200 million. It had not undertaken any equity fund raising exercise over the past decade. It has a book value of rm5.12.
Industry observers are of the view that since some of Selangor’s assets are ripe for revaluation, the shares’ prevailing discount to its book value could become even wider … A research house said the strongest RNAV growth over the next three to five years is expected to hit rm11.71 per share by then based on land value appreciation. Given its strategic land bank, attractive valuation and concentrated shareholding, it could be a potential M&A or JV target or privatization candidate.
Tenaga: Its earnings for the first quarter of its financial year ending Aug 31 (FY11) is expected to fall due to lingering concerns of rising coal prices.
QL: It has completed the book building exercise for the offering of 20.83 million new shares pursuant to its private placement exercise to raise rm116.6 million, It has been fixed at rm5.60 per placement share.
QL: It has completed the book building exercise for the offering of 20.83 million new shares pursuant to its private placement exercise to raise rm116.6 million, It has been fixed at rm5.60 per placement share.
Saturday, August 6, 2011
JIT News - Gamuda/MMC,Affin/CIMB,Tenaga,Faber,Mah Sing,KFC/QSR.. 13/1/2011
Gamuda/MMC Corp: Contracts for work on Malaysia 's first mass rapid transit (MRT) line, linking Kajang and Sungai Buloh, will be awarded in May 2011. The Land Public Transport Commission chief executive officer Mohd Nur Ismal Kamal said tenders for the preliminary and main works will likely be called by Syarikat Prasarana Negara Bhd at the end of April 2011, with the awards to be announced "around mid-May 2011. The three lines may cost RM36.6 billion in total, going by Gamuda-MMC's initial estimates in 2009, but this has yet to be determined. More news on the second and third lines may be unveiled in late March or early April 2011.
MMC Corp: 4.05 (HDBS), 3.52 (OSK), 3.80 (Credit Suisse)
Gamuda: 4.51 (RHB), 3.80 (MBB), 5.25 (HDBS), 4.28 (AMResearch), 4.41 (ECM), 4.64 (OSK), 3.96 (Nomura), 4.10 (MIMB), 4.38 (MBB), 4.90 (HDBS)
Affin/CIMB: Affin Holdings Bhd deputy chairman Tan Sri Lodin Wok Kamaruddin said he was not aware of rumours that Affin Bank is being eyed for a takeover by CIMB Bank. Asked if such a deal was possible, Lodin replied: "Well, anything is possible." Sources close to CIMB Group said the rumour completely goes against the group's ambition to become a major regional financial player and they also think that it is not true.
Affin: 3.55 (RHB), 3.50 (Inter Pacific), 4.04 (CIMB)
CIMB: 8.50 (MIDF), 9.77 (OSK), 9.60 (AMResearch), 10.10 (HDBS), 8.80 (ECM), 9.15 (HLG)
Tenaga: It has awarded rm2.14 billion contracts for the construction of its Ulu Jelai Hydroelectric project.
Tenaga: 7.20 (AmResearch), 10.00 (HDBS), 10.50 (RHB), 9.76 (OSK), 8.54 (MIMB), 10.12 (BNP Paribas), 10.47 (Kenanga), 10.10 (ECM), 7.50 (MBB), 9.20 (JP Morgan), 9.98 (MIDF)
Faber: It has received non renewed notices for three maintenance services contracts worth a total of rm184 million in Abu Dhabi from the Emirate’s Dept of Municipal Affairs. The non renewal of the contracts will affect Faber’s earnings and its net asset per share of four sen for the financial year ending Dec 31, 2011.
MahSing:: PNB has ceased to be a substantial shareholder in Mah Sing after it disposed 1.45 million shares in the company on Jan 6, 2011 to less than 5%. ASB has also ceased to be a major shareholder in Dec 2011.
MahSing: 2.20 (Inter Pacific), 2.30 (MBB), 2.10 (HLG), 2.35 (CIMB), 1.94 (MIDF), 2.50 (RHB)
KFC/QSR/JCORP: KFC and QSR chairman and director Tan Sri Muhammad Ali Hashim has resigned ahead of the EGMs by Johor Corp listed companies scheduled on Jan 17, 2011 to oust him. JCorp president and CEO Kamarruzzaman Abu Kassim has taken over Ali;s positions in both companies.
MMC Corp: 4.05 (HDBS), 3.52 (OSK), 3.80 (Credit Suisse)
Gamuda: 4.51 (RHB), 3.80 (MBB), 5.25 (HDBS), 4.28 (AMResearch), 4.41 (ECM), 4.64 (OSK), 3.96 (Nomura), 4.10 (MIMB), 4.38 (MBB), 4.90 (HDBS)
Affin/CIMB: Affin Holdings Bhd deputy chairman Tan Sri Lodin Wok Kamaruddin said he was not aware of rumours that Affin Bank is being eyed for a takeover by CIMB Bank. Asked if such a deal was possible, Lodin replied: "Well, anything is possible." Sources close to CIMB Group said the rumour completely goes against the group's ambition to become a major regional financial player and they also think that it is not true.
Affin: 3.55 (RHB), 3.50 (Inter Pacific), 4.04 (CIMB)
CIMB: 8.50 (MIDF), 9.77 (OSK), 9.60 (AMResearch), 10.10 (HDBS), 8.80 (ECM), 9.15 (HLG)
Tenaga: It has awarded rm2.14 billion contracts for the construction of its Ulu Jelai Hydroelectric project.
Tenaga: 7.20 (AmResearch), 10.00 (HDBS), 10.50 (RHB), 9.76 (OSK), 8.54 (MIMB), 10.12 (BNP Paribas), 10.47 (Kenanga), 10.10 (ECM), 7.50 (MBB), 9.20 (JP Morgan), 9.98 (MIDF)
Faber: It has received non renewed notices for three maintenance services contracts worth a total of rm184 million in Abu Dhabi from the Emirate’s Dept of Municipal Affairs. The non renewal of the contracts will affect Faber’s earnings and its net asset per share of four sen for the financial year ending Dec 31, 2011.
MahSing:: PNB has ceased to be a substantial shareholder in Mah Sing after it disposed 1.45 million shares in the company on Jan 6, 2011 to less than 5%. ASB has also ceased to be a major shareholder in Dec 2011.
MahSing: 2.20 (Inter Pacific), 2.30 (MBB), 2.10 (HLG), 2.35 (CIMB), 1.94 (MIDF), 2.50 (RHB)
KFC/QSR/JCORP: KFC and QSR chairman and director Tan Sri Muhammad Ali Hashim has resigned ahead of the EGMs by Johor Corp listed companies scheduled on Jan 17, 2011 to oust him. JCorp president and CEO Kamarruzzaman Abu Kassim has taken over Ali;s positions in both companies.
JIT News - Tenaga, Steel Players, Cocoa/F&N, H Seng, MTD Cap, KEuro ... 6/1/2011
Tenaga: The severe flooding in Australia has resulted in a dip in Tenaga share price on the back of rising coal prices following a supply disruption. In its financial year ended Aug 31 2010, TNB purchased about 17% of its coal from Australia , 71% from Indonesia and 11% from South America . For TNB, the costs of coal in FY2010 accounted for 48% of its fuel expenses based on full year average cost of US$88.20 per tonne.
Target Prices: Tenaga: 9.00 (AmResearch), 10.00 (HDBS), 10.50 (RHB), 9.76 (OSK), 8.54 (MIMB), 10.12 (BNP Paribas), 10.47 (Kenanga), 10.10 (ECM), 7.50 (MBB), 9.20 (JP Morgan), 9.98 (MIDF)
Lion Industries/Ann Joo/Kinsteel/Sino Hua-An: Possible tightening of supply of coal is yet to be reflected in the share prices of most local steel players. Several steel counters saw their share prices rising during the same period. Among the local steel players, Ann Joo would require cooking coal to fuel its blast furnace, for which commissioning is expected to be delayed until the end of this quarter. It is unsure whether Ann Joo has yet to stock up on cooking coal or has already done so but eventually everyone is going to be affected by rising costs.
Despite present high prices, millers have not been able to react immediately, let alone rising iron ore prices. Most steel players would require electricity to power their steel plants. Hence they would not be immune to TNB’s pending tariff review, which in turn would be affected to a certain extent by the increase in coal prices especially if the mines are shut for an extended period. Sino Hua An produces coking coal exclusively for the China market and does not expect the situation in Australia to have any significant impact on the company as it sells and buys locally.
It is estimate that half of the world’s coking coal for Asia’s steel mills from Australia . The floods have forced 75% of its coal mines to close.
Cocoaland/F&N: Cocoaland was given a contract to prepare, package and deliver F&N Beverage products with an option to extend the contract for another year. F&N is a major shareholder of Cocoaland with a 23.08% stake.
Target Prices: 2.18 (CIMB), 3.11 (TA), 3.70 (AMResearch)
Hap Seng: It is set to distribute 50% of its group net profit in the form of dividends, after its board approved the dividend policy. The group had approved the dividend policy of 50% of group profit after tax taking into account the level of cash, gearing, return on equity and retained earnings. The company also said it will make necessary announcements to Bursa if and when there is a definite corporate proposal in relation to the possible bonus issue and share split. Eight million shares crossed off-market via a direct deal on 03 Jan 2011 at a total value of RM48.32 million or RM6.04 a share. The new owner of the shares has not been announced to Bursa Malaysia yet.
MTD Capital: Its subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit. MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike. Its legal counsel had yet to receive any order or notice of action from the Supreme Court. A temporary restraining order could not undo the implementation of the toll rate hike which had already been implemented.
Target Prices: Tenaga: 9.00 (AmResearch), 10.00 (HDBS), 10.50 (RHB), 9.76 (OSK), 8.54 (MIMB), 10.12 (BNP Paribas), 10.47 (Kenanga), 10.10 (ECM), 7.50 (MBB), 9.20 (JP Morgan), 9.98 (MIDF)
Lion Industries/Ann Joo/Kinsteel/Sino Hua-An: Possible tightening of supply of coal is yet to be reflected in the share prices of most local steel players. Several steel counters saw their share prices rising during the same period. Among the local steel players, Ann Joo would require cooking coal to fuel its blast furnace, for which commissioning is expected to be delayed until the end of this quarter. It is unsure whether Ann Joo has yet to stock up on cooking coal or has already done so but eventually everyone is going to be affected by rising costs.
Despite present high prices, millers have not been able to react immediately, let alone rising iron ore prices. Most steel players would require electricity to power their steel plants. Hence they would not be immune to TNB’s pending tariff review, which in turn would be affected to a certain extent by the increase in coal prices especially if the mines are shut for an extended period. Sino Hua An produces coking coal exclusively for the China market and does not expect the situation in Australia to have any significant impact on the company as it sells and buys locally.
It is estimate that half of the world’s coking coal for Asia’s steel mills from Australia . The floods have forced 75% of its coal mines to close.
Cocoaland/F&N: Cocoaland was given a contract to prepare, package and deliver F&N Beverage products with an option to extend the contract for another year. F&N is a major shareholder of Cocoaland with a 23.08% stake.
Target Prices: 2.18 (CIMB), 3.11 (TA), 3.70 (AMResearch)
Hap Seng: It is set to distribute 50% of its group net profit in the form of dividends, after its board approved the dividend policy. The group had approved the dividend policy of 50% of group profit after tax taking into account the level of cash, gearing, return on equity and retained earnings. The company also said it will make necessary announcements to Bursa if and when there is a definite corporate proposal in relation to the possible bonus issue and share split. Eight million shares crossed off-market via a direct deal on 03 Jan 2011 at a total value of RM48.32 million or RM6.04 a share. The new owner of the shares has not been announced to Bursa Malaysia yet.
MTD Capital: Its subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit. MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike. Its legal counsel had yet to receive any order or notice of action from the Supreme Court. A temporary restraining order could not undo the implementation of the toll rate hike which had already been implemented.
KEuro: KEURO priced the placement at RM1.22 per share.
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