我的另一个心水股 ZECON－WA。

InsiderInfo

ZECON基本面也不俗，每股淨資產值達1.42令吉。最重要的是，該公司還持有一項在2006年被估計值1億1千萬令吉的民營大橋經營權。

由于大部份股東的股價成本都比全面收購價高，相信ZECON私有化成功的機率不高。 過去私有化不成而之后股價猛漲的E&O產業發展，就是一個很好的例子。這是因為大股東獻購價實在低估了公司的資產。大膽投機者在那時若敢進場的話，便會大唱豐收。

ZECON的情況和當年E&O產業發展的案例有些相似。

所以，危機就是良機，若ZECON-WA因私有化計劃失敗而大難不死，敢在暴跌后買進該憑單的朋友必有后福。

thierry_henry

死了....给你讲到心 yok yok.

hui0909

原帖由 InsiderInfo 于 1-8-2008 07:42 PM 发表
ZECON基本面也不俗，每股淨資產值達1.42令吉。最重要的是，該公司還持有一項在2006年被估計值1億1千萬令吉的民營大橋經營權。

由于大部份股東的股價成本都比全面收購價高，相信ZECON私有化成功的機率不高。 過去 ...

不错，值得考虑

hasayaki

现在才0。07喔~

InsiderInfo

私有化肯定不成功！

这只是另一个大股董诈取散户的伎俩，你们还不知道吗？

射股英雄

報仇機会来了:@ :@ :@

InsiderInfo

ZECON－WA 是一只短期风险低，长期有好几倍上生潜能的凭单。大股董其实还再市场上大量买进凭单。只是没有宣布罢了。私有化献购协议结束后，ZECON 和 ZECON－W 肯定会大起。我保守估计 ZECON－W 最少会到 ３０SEN－４０SEN。

skycs

几时到期哦？？？

InsiderInfo

ZECON－WA 的截止日期是 ２０１７年。

马可冒险家

那这个私有化献购协议几时结束？？  

guazing

投机zecon-wa 绝对不是个适合普通散户的选择。zecon 已经过很多个月的无情打压，庄手上已经控制多少％票没人知！如大市继续没起色，私有化会可能成为事实！如万幸否定了私有化，此庄的长期凶狠折磨肯定会淘汰很多很多追随者。如果zecon三年里在20-40仙徘徊，你手上拿着7仙买进的zecon-wa,公司盈利开始恶化甚至亏损，老兄，你能捌开不看其他股项炒得火红，坚持买进时的信心吗？

hancom

这时就是考验自己的耐力与信心的时候了。

khokhokho

原帖由 hancom 于 3-8-2008 10:31 PM 发表
这时就是考验自己的耐力与信心的时候了。

耐力与信心是要付出代價的

問問早期中過 1分錢來收wa的朋友，他們就會了解當時的情形是多麼火大。

hancom

对啊！这就是要付出的代价啦！高风险投机所带来的压力不是每一个人都能承受的。不是大赢，就是大输，没有中间的灰色地带。

InsiderInfo

我不认同 ZECON－WA 是高风险的投资，而是低风险高回酬。你认为大股董有这么傻，会以５０SEN的价钱买进只有２０－３０SEN的股票吗？大股董其实是欺骗散户的钱，不过还是有很多人不知道。傻傻的卖掉，过后才来后悔莫及。ZECON 大股董就是炒家，要赢钱就要跟炒家买进。ZECON 肯定不会除牌！

狙击王

要等几久? 各位有经验吗?

InsiderInfo

指数大跌２０＋点。ZECON－WA 不但不跌，反而起１SEN。大股董暗地里买进 ZECON－WA。信不信由你。

dicman

你个人觉得你所说的会几时反映出来？你那么坚持大股东在收票，我想你心里应该有个时间吧。

股友

不是说要好好的投资吗？干嘛又玩起烂股了？

股友

4 August 2008: Corporate: Should shareholders accept GO for Zecon?
By Nadia S Hassan
Email us your feedback at fd@bizedge.com
Things have come full circle for Sarawak-based property and construction outfit Zecon Bhd (formerly known as Zecon Engineering Bhd). On July 15, Zecon's major shareholder Datuk Zainal Abidin Ahmad and parties acting in concert extended a voluntary general offer (VGO) for the remaining shares and warrants they don't own in the company.
The offer price is 50 sen per share and one sen per warrant to be settled in cash. Once the exercise is complete, the joint offerers say they are not planning to keep Zecon's listing status.
The VGO is expected to cost Zainal Abidin - who is also Zecon's CEO - and his partners RM36.4 million. Although it's no secret that Zecon has been going through some tough times despite its solid order book, the company may have turned the corner following a series of restructuring exercises.
Hence, considering that Zecon is poised for improvement, is the offer price fair and should Zecon's shareholders accept? In the days leading up to the VGO, Zecon's share price was on a downward trend, hovering around the 47 to 50 sen mark, with the stock not even traded on certain days.
The day before the counter was suspended for the announcement, Zecon's share price closed at 50 sen, exactly the offer price. At the time of writing, Zecon's stock was trading at 48.5 sen, which means that Zecon shareholders would be getting very little premium.
From a valuations standpoint, according to Kim Eng Research, the VGO values Zecon at a FY2008 PER (price-earnings ratio) of 6.4 times.
"This appears fair vis-à-vis Muhibbah Engineering Bhd whose FY2008 PER is 8.3 times and market capitilisation is 13.4 times that of Zecon," says Kim Eng in its July 16 report.
However, both Kim Eng and Standard & Poor's (S&P) note that the offer price is at a deep discount to Zecon's historical NTA (net tangible assets) per share of RM1.32.
"But Zecon's weak track record in securing and replenishing its construction order book and potential 41.7% dilution from the conversion of its warrants would likely cap any upside to the company's share price, going forward," says S&P.
It is an interesting end for Zecon which analysts once viewed as the little company that could outshine its Main Board peers. Despite the Second Board-listed company's small size - its share base is only a 119.1 million shares - its order book boasts some impressive contracts.
This includes three packages under the Teriang Water Supply Scheme in Jelebu, Negri Sembilan, worth RM241 million and the 31.3km Matang Highway Project worth RM325 million, among others.
Its biggest completed project thus far is the first phase of Universiti Malaysia Sarawak (Unimas) worth RM750 million. According to its annual report for FY2007, Zecon was bidding for almost RM1 billion worth of projects, which include package five of the Teriang Water Supply Scheme (RM170 million) and Unimas' faculty of medical and health science (RM200 million). In addition to its construction division, Zecon owns 2,060 acres of prime land in Sarawak with an estimated gross development value of RM3.2 billion. Zecon's independent chairman is Datuk Dr Hatta Solhi, who was formerly the deputy state secretary of Sarawak.
There is no question that Zecon has potential, but the sluggish replenishment of its order book and slow delivery of its projects have caused confidence in the company to drop.
"Having reported multiple quarters of earnings disappointments, most recently a net loss of RM2.3 million for its 1QFY2008, Zecon has little to show so far for its RM365 million order book," says S&P.
In fact, that has always been the analysts' biggest gripe about Zecon. That despite its numerous big-ticket contracts, the company has been unable to elevate itself to the next level. Even Zecon's plans to move from the Second Board to the Main Board by the end of last year fell through.
Kim Eng has a "hold" call on Zecon, while S&P upgraded its recommendation from "sell" to "hold" when the VGO was announced. To be fair to Zecon, the company has been actively embarking on asset realisation exercises in order to strengthen its books. According to its annual report, it has been actively selling off subsidiaries that did not fit into its core business of construction and property over the past two years.
The company also just issued RM70 million Sukuk medium-term notes to refinance its current loan obligations and for working capital. Zecon's cash pile as at March 31 was RM47.5 million, while its short-term borrowings was RM39.1 million. Long-term debt stood at RM132 million.
Industry observers believe that the joint offerers will be successful in their VGO bid.
"Since the joint offerers already hold close to 39% of Zecon, they need only another 11% for the VGO to become unconditional," says Kim Eng.
It is normal for companies to be taken private because they are seen as undervalued. Although admittedly it is not a boom time for construction companies, given the small premium offered, shareholders may want to ask if enough was done to improve Zecon's fortunes despite its obvious potential.