|
查看: 3571|回复: 14
|
Perwaja Versus Kinsteel
[复制链接]
|
|
|
看过一些股民不了解kinsteel 和perwaja的生意性质。特此放上这篇文章，我不的空，你们自己读。
Perwaja focuses on upstream steel production and is Malaysia’s largest DRI producer, is benefiting from robust global demand for steel as a result of a construction boom. Its business is already on track and is the largest contributor to Kinsteel’s earnings and cash flow.
In contrast, Kinsteel focuses more on downstream operations which does not generate as much earnings as Perwaja.
Industry observers said that post listing, Perwaja will appear to be more attractive than Kinsteel.
There is a notion that the listing of Perwaja is merely to fulfill the needs of some existing shareholders of the company, something which the founder and MD of Kinsteel denies. Kinsteel owns 51% in Perwaja while the other 49% is held by the Maju Group.
Post listing, Perwaja’s earnings will be more attractive. And since investors will have direct exposure to Perwaja, there is a high possibility that investors will switch to Perwaja from Kinsteel.
For Kinsteel, one may need to be ready for a long term play with Kinsteel shares. Its downstream operations (carried out at its plant in Gurun, Kedah) have not really taken off. It may take a few years to buck up and see an increase in the utilization rate.
No doubt Perwaja will appear to be more attractive after the listing, but investors should bear in mind that Kinsteel, with Perwaja in it, is an integrated steel manufacturer with upstream, midstream and downstream operations. All it needs is waiting for its downstream operations to pick up.
While Kinsteel’s current earnings are mainly from the upstream operations, both have their own plans and will see how.
Going Forward …
Both Kinsteel and Perwaja have lined up plans for expansion in the next few years that will see synergistic to both companies. Kinsteel iss looking at going into upstream operation as well, though no timeline has been set.
For shareholders interested in both companies, they will benefit from the business growth of both Kinsteel (downstream) and Perwaja (upstream) directly as we are still they are still one of the most integrated steel manufacturers in this region.
Kinsteel will use the proceeds from the exercise as working capital for further expansion. If opportunity arises, Kinsteel and Perwaja wil acquire steel producers, preferably in Indonesia, China and Vietnam
Meanwhile, there are concerns that there would be earnings dilution in Kinsteel after Perwaja’s listing, given that Kinsteel’s stake in Perwaja will be reduced to 37% (Before the conversion that will raise Kinsteel’s stake in Perwaja back to 51%).
To convert its Perwaja’s ICULS into Perwaja, Kinsteel will need some RM450 million to convert all the ICULS at RM2.90 per share. It will finance the conversion using internal working capital or via rights issue.
谢绝google 翻译。
 |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 01:22 PM
|
显示全部楼层
王杰唱：＂爱上一个不回家的人＂
PERWAJA唱：＂爱上一个不会升的股＂ |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 01:27 PM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 02:00 PM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 02:50 PM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 03:38 PM
|
显示全部楼层
回复 6# 江湖 的帖子
我输到反省了 |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 03:39 PM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 04:10 PM
|
显示全部楼层
果然是一派无言！！！骗骗骗 |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 05:58 PM
|
显示全部楼层
|
真的害人不浅啊！ |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 06:28 PM
|
显示全部楼层
大马钢铁股这两天崩盘了!
LION IND 14天 两块跌剩九毛
P/E 仅剩 0.75 |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 07:41 PM
|
显示全部楼层
原帖由 hdcyng 于 15-10-2008 06:28 PM 发表 
大马钢铁股这两天崩盘了!
LION IND 14天 两块跌剩九毛
P/E 仅剩 0.75
如果王杰有买马国钢铁股，演唱会时紧握着钢铁，双眼望着它唱：＂你是我胸口永远的痛＂
可想而知，那会有多深情投入啊，简直帅呆了。。。 |
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 08:46 PM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 15-10-2008 08:55 PM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 16-10-2008 01:01 AM
|
显示全部楼层
|
|
|
|
|
|
|
|
|
|
|
发表于 15-4-2009 04:08 PM
|
显示全部楼层
|
Perwaja曾经害我输不少钱。不敢动它！:@ :@ :@ |
|
|
|
|
|
|
|
|
|
| |
 本周最热论坛帖子
|
变色卡
千斤顶
1335 
213
