【SUNINFR 交流专区】双威基建能起死回生吗?

InsiderInfo

低成本，高回酬的股 － SUNINFR（５０７８）

SUNWAY 已经起近了两倍。SUNINFR 是SUNWAY 的子公司。相信将是炒家的目标。

[ 本帖最后由 Mr.Business 于 28-2-2008 06:02 PM 编辑 ]

yusiang

PN17的...大家自己注意咯。

InsiderInfo

雙威基建 SUNINFR（７０５８）的全名是 SUNWAY INFRASTRUCTURE BERHAD。它在主板基建组交易。主要业务是经营收费大道－加影外環公路（SILK）。SUNINFR 的大股董是雙威控股（SUNWAY HOLDING BHD），持有 SUNINFR ３６。３３％的股权。

SUNINFR 是其中一间被列入17/2005陷困公司。因为股東股份低至2670萬2000令吉，比9000萬令吉的繳足資本低於50%，從而觸犯上市條例17/2005條文。使它需遵守17/2005陷困公司條例。

SUNINFR 最坏时期已过。未来的业绩将越来越好。因为 SILK 的交通流量随着周边住宅区增多而大幅增加。这就是为什么有好几个国内与国外投资者对 SUNINFR 有兴趣。

SUNINFR 拥有经营加影外環公路（SILK）直到２０３７年。因为大道工程已经完成，所以将没有任何庞大支出。反而每年将获得庞大数目的大道收费。

SUNINFR 是马来西亚股市中最便宜的大道上市公司。



[ 本帖最后由 InsiderInfo 于 4-10-2007 09:22 AM 编辑 ]

tescopuchong

原帖由 InsiderInfo 于 3-5-2007 09:38 PM 发表
雙威基建 SUNINFR（７０５８）的全名是 SUNWAY INFRASTRUCTURE BERHAD。它在主板基建组交易。主要业务是经营收费大道－加影外環公路（SILK）。SUNINFR 的大股董是雙威控股（SUNWAY HOLDING BHD），持有 SUNINFR ...

我行加影外環公路（SILK）。很冷,没甚也car岂???

InsiderInfo

Investor to inject funds into SunInfra

PETALING JAYA: Kajang Silk Highway owner and operator Sunway Infrastructure Bhd (SunInfra) has found an investor that will inject capital to enable it to settle its Islamic bonds.

SunInfra had reported a net loss of RM114mil for the 18 months ended June 30, mainly due to provisions in finance costs, and after accounting for revenue of just RM37.6mil during that period.

Traffic on the highway was 75% below a traffic forecast the company had relied on when it embarked on the project, it said in announcing its results.

The company told Bursa Malaysia yesterday its board had proposed an offer of RM740mil cash as a ¡§full and final settlement¡¨ of all its BaIDS Islamic debt securities.

This would be funded by an injection of RM580mil by a new investor into the company through a share subscription of about RM160mil and shareholder¡¦s loan of RM420mil.

A rights issue of RM45mil at an estimated issue price of 30 sen a share, after a capital reduction, is also proposed. At the same time, there would be an additional issue of shares at 30 sen each, for which the BaIDS holders would be given first right of refusal to subscribe.

SunInfra said the exercise would require the approval of BaIDS holders, its shareholders and the authorities.

An analyst said it was not easy for the Sunway group to find such an investor, which he believed to be a foreign private equity fund, to provide so much money to resolve its debts.

The proposal would eliminate the issue of the BaIDS for which repayment would commence in August next year. ¡§It would enable the BaIDS holders to get their capital back although I think there would be a haircut on the accrued interest or finance cost in this case,¡¨ he added.

The haircut is inferred from the offer of RM740mil as settlement of the BaIDS amounting to RM950mil reported in SunInfra¡¦s latest accounts. That would mean a haircut of RM210mil, he said, adding that this would be finance cost and not the principal sum, which stood at about RM580mil when the facility was first taken.

¡§This offer would enable the company to start afresh and the bond holders would get their principal sum back. It¡¦s a good deal. There is real money on the table now, compared to when SunInfra¡¦s ability to settle its debts seemed quite uncertain before,¡¨ he added.

The first barrier to this exercise would be agreement by the BaIDS holders, for which an EGM will be held.

[ 本帖最后由 Mr.Business 于 28-2-2008 05:51 PM 编辑 ]

InsiderInfo

Bina Fikir draws up SILK plans

Bina Fikir Sdn Bhd, the adviser to the bondholders of Sunway Infrastructure Bhd (SIB), is drawing up a term-out solution for SIB's SILK highway bonds. The consulting and advisory firm is also collaborating to draft an alternative proposal by a local investor interested in SIB. "We expect both proposals to be finalised within weeks. Definitely something concrete has to come out by the end of the year," says a bondholder.
However, it remains to be seen whether bondholders holding at least three quarters of the outstanding bonds are able to reach a consensus on either option, especially since there is already some resistance to terming-out or extending the bonds.
Mayban Fortis Holdings Bhd, for instance, is known to be against a term-out of the bonds. It is the largest single bondholder, with 34% of the outstanding SILK bonds.
"I don't see what is the significant benefit if you extend the existing bonds' tenure of 20 years to 25 years or more until the concession runs out [in 31 years]. Given the slow growth of the traffic on SILK, bondholders can only expect to get the bulk of the repayment in the later years. Not everyone wants to prolong their risks," says a source.
It is worth noting that the current traffic flow on the SILK highway is only a quarter of the original volume projected. This has made it difficult for Bina Fikir to come up with a feasible term-out plan acceptable to all.
It would seem that bondholders favour the alternative proposal, which is for an investor to inject fresh capital to buy out the bonds. This allows the bondholders to make their exit without exposing themselves to the future uncertainty of the SILK highway concession.
"Definitely, our preference is that someone will make a cash offer to buy out the bonds. But the offer price has to be higher compared with the buyout recently proposed by SIB, which failed to garner enough support," says a bondholder.
On Oct 12, those holding 36% of the outstanding SILK bonds turned down SIB's proposal for a foreign private equity group to buy up the RM950 million bonds for RM740 million or at a 22% haircut. The proposal required the approval of 75% of the bondholders to succeed. It is learnt that two major holders of the SILK bonds, Mayban Fortis Holdings Bhd and the CIMB group (which holds 21% of the bonds), took opposing views of the proposal.
With its proposal turned down, SIB has no other proposals on the table at this juncture. The foreign private equity group roped in by SIB is unwilling to up its offer further. Thus, the pressure is on Bina Fikir to find a solution.SIB has been asked to furnish details regarding the operating status of its SILK highway concession as well as its financial position to the bondholders' trustee and Bina Fikir. The latter is deliberating the information to work out a term-out solution for the SILK bonds.
In the meantime, Bina Fikir also passes on the information and collaborates with the local investor to come up with an alternative proposal, which may involve the investor injecting fresh capital in SIB to help redeem the SILK bonds. The identity of the said local investors is kept confidential, even from bondholders. Nevertheless, Bina Fikir's cordial relationship with Khazanah Nasional Bhd has led to speculation that an offer to participate in SIB's debt restructuring was being made to GLCs in the highway concessions business such as PLUS Expressways Bhd.
Although some news reports have said that PLUS denies wanting to buy out the SILK bonds, the company has not furnished any statement of clarification to BursaMalaysia regarding SIB. Hence, the market continues to speculate.
The search for a solution for the SILK bond is becoming more urgent. The bond is due for its first redemption of a sum of RM150 million next August. Before that, in February, certain payments are to be deposited into the sinking fund.
All the parties concerned are trying to prevent the SILK bonds from going into default, the outcome of which would be troublesome for bondholders and SIB as well as its parent Sunway Holdings Inc Bhd (SunInc).
SunInc, as the promoter of SIB during the latter's initial public offer in 2003, has an undertaking to make good any shortfall by SIB on its repayment of the SILK bonds.
However, the tricky part is that SunInc would first need to get its own shareholders' approval, in an extraordinary general meeting, in order to advance money to associate SIB to make up the shortfall. It will be unlikely that such a resolution will be passed in the EGM.
"Any legal wrangling between the bondholders and SunInc regarding the latter's undertaking for the SILK bond should be avoided. It won't do any party any good," says a source.
At the moment, it would seem that the most acceptable solution lies in the offer from the local investor said to be interested in SIB and its SILK highway concession. The question is, at what price?

[ 本帖最后由 Mr.Business 于 28-2-2008 05:51 PM 编辑 ]

SUNINFR-  (5078wa)？？？？如何？

InsiderInfo

Tricky SILK bond solution

Sunway Infrastructure Bhd (SIB) has come up with a solution to resolve its debt woes. By roping in a new investor, the group proposes to pay RM740 million to fully settle the RM2.01 billion BaIDS Islamic bonds secured on its SILK (Sistem Lingkaran Lebuhraya Kajang) highway concession.
However, the proposal has not gone down well with all BaIDS holders and SIB may find it difficult to get the 75% approval required at a bondholders' meeting this Thursday.
"It may not go through next week but I believe the BaIDS holders will come to terms once they have evaluated the situation," says a person familiar with the exercise.
SIB had announced last week that the bulk of the funding for the cash settlement would come from a foreign private equity group as well as SIB's parent Sunway Holdings Inc Bhd (SunInc).
The private equity group, which was not named, will pump in RM580 million by subscribing for SIB shares worth RM160 million (at 30 sen a share compared to SIB's current share price of 14 sen), plus provide a seven-year loan of RM420 million at a weighted average interest rate of 7.8% per annum.
Meanwhile, SunInc will underwrite SIB's rights issue at RM45 million (30 sen a share) as well as an additional issue of RM70 million (30 sen a share) for which BaIDS holders will be given first right of refusal. The remaining RM45 million cash will come from SIB.
Should the scheme be successfully implemented, the existing 20-year RM2.01 billion BaIDS, which has a rather "high profit rate" of about 10.6%, will be replaced by the RM420 million loans provided by the private equity group.
This scheme will significantly reduce SIB's debt burden relative to the cash flow generated from its highway concession. Current traffic flow is only a quarter of the original forecast upon which the bonds were structured.
SunInc is eager to resolve the BaIDS issues in SIB, which has been dragging down the group's valuations.
It appears SIB may have already obtained the support of Mayban Fortis Holdings Bhd, the biggest holder of the BaIDS with 34%. But this still doesn't mean the proposal will go through, since the management needs 75% approval. The CIMB group is the second largest holder with 21% of the bonds.
Bond holders' biggest concern is that they will take a haircut of about RM210 million should they accept the cash settlement of RM740 million. That is the difference between the RM740 million settlement and the estimated net present value (NPV) of the BaIDS of roughly RM950 million (imputing the "profit rate" of about 10.6%). The principal amount of the RM2.01 billion BaIDS issue is RM580 million, being the actual proceeds raised by SIB.
"They should up the offer and not ask us to take such a haircut. We won't have any issue if they offer, say, another RM100 million or so. You know what kind of returns these private equity groups are looking at? They won't be interested if they think they cannot make more than 20% from their investment," says a disgruntled bond holder.
If the cash offer cannot be raised, he says SIB's management should look at restructuring or terming out the BaIDS to better match the highway's cash flow. With a remaining concession period of 31 years, his argument is that there is a huge amount of potential cash flow that SILK can reap in the future.
"Traffic is slow at the moment [25% of original forecast] but I am sure it has strong potential given the rapid development in the Klang Valley," he adds.
By giving up the bonds at a haircut now, he says BaIDS holders are getting the short end of the stick while existing and new investors reap the upside potential from the 31 years remaining on the concession. He also claims that SIB's parent SunInc is pushing for the BaIDS buyout because it wants to extricate itself from having to honour its undertaking to BaIDS holders.
SunInc's reputation is at stake as it had earlier provided an undertaking to honour any shortfall should SIB fail to redeem its bonds. With the first redemption of RM150 million due next August, SunInc needs to resolve the matter quickly. While next year's shortfall is expected to be small as the bulk of the obligation is already in the sinking fund, there are concerns that SunInc may have difficulty fulfilling future redemptions.
For SunInc to honour its undertaking, it will have to call for shareholders' approval. While SunInc and SIB's common director and major shareholder Tan Sri Jeffrey Cheah will abstain from voting, SunInc's minorities will probably vote against the move. This may lead to an embarrassing legal wrangle.
The management of SunInc and SIB prefer a long-term solution for the BaIDS.
"Why would anybody want to reject the cash settlement proposal? At RM740 million, this deal ensures that the principal amount of RM580 million is protected. On top of that, those who hold the BaIDS from day one still earn a compounded interest of about 4.5% per annum from inception to the end of 2006. The haircut is only on the interest payment. Okay, you were supposed to earn a 10.6% profit rate but now you only get 4.5%. But you are getting cash; you can take the cash and invest on other A grade bonds and earn 7%-8%," says a person familiar with the proposal.
He says the cash offer is the best that SIB could do after reviewing bids from a group of investors. The next best offer was from South East Asian Strategic Assets Fund (Seasaf), which valued the BaIDS' buyout at RM600 million, based on a mixture of cash and non-cash settlement. Seasaf is a private equity fund launched by CIMB and Standard Bank of South Africa.
"If you want a higher price, nobody will step in because they are also taking a big risk. Honestly, I don't think the investor concerned is looking at more than 20% return from this. We are talking about a highway concession here," says the source.
He doubts that SIB can solve its problems by restructuring or terming out the BaIDS. This is because the discrepancy between the existing traffic flow and the original forecast is too huge.
"The SILK highway traffic is 75% below forecasts. Even if you restructure or term out the BaIDS, with so much uncertainty, the ratings will be affected and there will be no market for it. The fear is that should traffic flow again turn out below expectations, the outcome could be costly to all parties," he says.
By prolonging the issues, the source says the investor may get turned off and SIB won't be able to find a better offer. Meanwhile, the deadline for next year's redemption is approaching and matters will get complicated.
SunInc has been writing down its investments in SIB and after two or three quarters, its investments in SIB will be zero. This means that it won't have to equity account further losses from SIB.
"The cash settlement offer is not the most exciting but at least we can move on," says Filip Coremans, executive director of Mayban Fortis.
However, other bond holders may hold different views.

[ 本帖最后由 Mr.Business 于 28-2-2008 05:52 PM 编辑 ]

水之道

合适的买价是多少？ 这个0.165超级低了。

InsiderInfo

请大家详读以上的英文帖子，它将帮助你了解 SUNINFR 的真正价值。欢迎大家发表意见。

sinkuzai

SUNINFR 5078
   ROLLING 4-QUARTER RESULTS   latest financial year ending 20070630  (in RM thousand)

	QTR 2	QTR 3	QTR 4	QTR 1	QTR 2	ROLLING 4 QTRS
	2005-06-30	2005-09-30	2005-12-31	2006-09-30	2006-12-31
Turnover	5,740	6,310	6,686	7,301	7,200	27,497
Profit before Taxation	18,975	18,295	19,180	18,880	19,524	75,879
Net Profit	18,979	18,299	19,184	18,883	19,529	75,895
Basic EPS* Sen		10.2	10.7	10.5	10.8	42.2
Div PS Sen	0	0	0	0	0	0

The figures below are based on last closing price, last audited financials, last quarter NOSH & unadjusted earnings

PRICE INDICATORS as at 20070425
CLOSING PRICE	0.175	MARKET CAP	31.500
52-WEEK HIGH	0.205	52-WEEK LOW	0.120
3-YR HIGH	1.640	3-YR LOW	0.120
PE RATIO	N/A	DIV YIELD	0.00
MC RATIO	0.69	MIV RATIO	0.02
BD WTG	0.00	BD-SECT WTG	0.10

ACCOUNTING RATIOS
CURRENT RATIO	4.39	CREDIT DAYS OUTSTANDING	28.78
ACID TEST RATIO	4.39	DIVIDEND TIMES COVER	0.00
DEBT EQUITY RATIO	29.07	INTEREST TIMES COVER	N/A

PER SHARE INDICES
EARNINGS PS	0.634	NET FREE CASH PS	6.791
DIVIDENDS PS	0.000	NET FREE CURRENT ASSET PS	6.775
TURNOVER PS	0.209	NET WORTH PS	0.253
OPERATING CASH PS	0.175	NET TANGIBLE ASSET PS	6.757
CURRENT ASSETS PS	0.59	CURRENT LIABILITIES PS	0.13
INTANGIBLE ASSETS PS	7.01	LONG TERM LIABILITIES PS	7.23
FIXED ASSETS PS	0.02	TOTAL BORROWINGS PS	7.362
LONG TERM ASSETS PS	-0.00	GROSS MARGIN PS	-
TOTAL ASSETS PS	7.616

水之道

请问红字代表negative吗？

InsiderInfo

马来西亚大道公司的股价 ：－

PLUS    - RM3.08
LITRAK  - RM3.70
MTDINFR - RM1.13

SUNINFR - 16.5sen

henryong83

不是去了荷兰要人陪你啊
还是 one way ticket

henryong83

Close date: May 3 2007

Stock	Code	Prev	Open	High	Low	Close	Vol	PE	DY	MCR	MIV	P/OC	52W-HI	52W-LO	52W-HLV	52W-HCV	52W C%VR
SUNINFR	5078	0.175	0.165	0.175	0.160	0.160	1082	-0.25	0.00	0.63	0.02	0.91	0.205	0.120	41.46%	21.95%	52.941%

Warrant Details        Loan Details

在过4 个月公司就赔完了
最坏的时候也没差了

henryong83

	Per Share Indices & Ratios
The figures below are based on last closing price, last audited financials, last quarter NOSH & unadjusted earnings PRICE INDICATORS as at 20070425 CLOSING PRICE 0.175 MARKET CAP 31.500 52-WEEK HIGH 0.205 52-WEEK LOW 0.120 3-YR HIGH 1.640 3-YR LOW 0.120 PE RATIO N/A DIV YIELD 0.00 MC RATIO 0.69 MIV RATIO 0.02 BD WTG 0.00 BD-SECT WTG 0.10 ACCOUNTING RATIOS CURRENT RATIO 4.39 CREDIT DAYS OUTSTANDING 28.78 ACID TEST RATIO 4.39 DIVIDEND TIMES COVER 0.00 DEBT EQUITY RATIO 29.07 INTEREST TIMES COVER N/A PER SHARE INDICES EARNINGS PS 0.634 NET FREE CASH PS 6.791 DIVIDENDS PS 0.000 NET FREE CURRENT ASSET PS 6.775 TURNOVER PS 0.209 NET WORTH PS 0.253 OPERATING CASH PS 0.175 NET TANGIBLE ASSET PS 6.757 CURRENT ASSETS PS 0.59 CURRENT LIABILITIES PS 0.13 INTANGIBLE ASSETS PS 7.01 LONG TERM LIABILITIES PS 7.23 FIXED ASSETS PS 0.02 TOTAL BORROWINGS PS 7.362 LONG TERM ASSETS PS -0.00 GROSS MARGIN PS - TOTAL ASSETS PS 7.616

NTA = -6.757  
这种股还没除牌也真稀奇

Johnny88

SUNINFR 的前景不乐观。就算PRIVATE FUND 借贷420mil 利息7.8%。以它现在的交通流量，利息肯定还不起，不用说赚钱了。
420mil x 7.8% = 32.76mil/365days = $89,753/day
estimated 交通流量 = 40,000/day x $2 = $80,000/day (已高估了）

很多人都绕道而行，因为短短的路程竟收费$2.00。

InsiderInfo

SUNINFR 将重组它的债券，以减少利息负担。SUNWAY 将负责 SUNINFR 的债务重组。因为 SUNINFR 的资产是大道经营－SILK，是一个会生金蛋的鹅。

intrexpo

这间公司不可能被除牌吧。。

现在1.55。。

好像没什么成交量。。

origen

想要说的是我就居住在silk邻近。这大道流动量不是很多，从不堵塞！