【YTLPOWR 6742 交流专区2】楊忠礼能源

wwloon32

第一，当你看到Wessex Water的年报时，你就会明白，这个公司已经债务缠身。如果没有债务，我会立即购买这公司。

第二，很多Bond实际上是拖长来还的，而且，一到期就要更新或还钱。

klagigi

只要它能够持续的派发不错股息和库存股，我就继续持有它。。

投资就是那么简单， 不需要把它复杂化。。

klagigi

原帖由 纸鹤 于 22-11-2008 12:49 AM 发表
讲真我有个疑问... 这是截至 30-Jun 和 30-Sep 的Statement Of Cashflow


为什么数字突然酱难看掉??
Net increase in cash&equivalents 突然跌 ...

这个是从1/7/2007到30/6/08 一整年的total amount。。

那个30/9/08的只是1/7/2008到30/9/2008， 3 个月的amount而已。。

12个月对比3个月，amount 当然相差大啦~

纸鹤

嗯...我刚发现到了...
删了, 不想制造问题~哈哈~

klagigi

原帖由 纸鹤 于 22-11-2008 01:22 AM 发表
嗯...我刚发现到了...
删了, 不想制造问题~哈哈~

没事没事。。只是看到顺便提醒一下。。

纸鹤

如果是累积的话, 我把Q4拿来减Q3, 再和30-9的cash flow 比较而言



Revenue -8% , Profit -35.6% ......

如果CashFlow的数目是累积上去的, 我把Q4-Q3后,
应该就只是Q4一个季度的数目吧?
为什么在Net Increase In Cash会出现酱大的差别??

还是又是我看错了?

xiye

原帖由 titep_shin 于 21-11-2008 06:25 PM 发表
看得出老娘是有料之人，而且有耐心教导，我可以问几个问题吗？

B8b) 里头的bond 跟B9 里头的bond 有什么不一样呢？
Bond 的目的就是为了筹钱嘛，那么B8b) 里头的bond 跟B9 里头的bond 有什么不一样呢？为什么分开 ...

看得出老娘是有料之人，而且有耐心教导，我可以问几个问题吗？

B8b) 里头的bond 跟B9 里头的bond有什么不一样呢？
Bond 的目的就是为了筹钱嘛，那么B8b) 里头的bond 跟B9 里头的bond有什么不一样呢？为什么分开放？

老娘认为这2个Bond的主要分别是在日期，也就是说看那个Bond几时开始发出。每个Bond的性質都不大一樣，包括利息，賞還方式，限期等等。

>>>YTL的经营方式是向别人借钱投资(季报里看到最多的是LongTermsBonds&Borrowing)
这些钱都要还利息的, 是说只要公司的利润有多过利息, 理论上就不会有很大问题吗?

这个问题好像就是interest coverage ratio（好像怪怪的）
的用途是吗？
Earning before interest and tax EBIT 除financecost 对吗？
所以YTLPOWER的话
profit from operation 441,217　除finance cost 228,307 = 大概是二，
对吗？
也就是说ＹＴＬＰｏｗｅｒ　如果继续他们这样的经营方式的话暂时还是没有问题的，我可以这样说吗？公用事业的interestcoverage ratio 通常大概是多少？


其實老娘也沒有想到那么深入。當然，如果要徹底了解一間公司的話，多算好過少算。老娘只是一般的股市賭徒，很多專業的用語和詞句都不是很熟悉，所以不知道什么是interest
coverage ratio。排泄。。一般來說，老娘是比較注重現金流多過注重資產。一間企業除了人事問題以外，最重要的就是資金問題。由于資產的貶值速度不是像資金流動那么快，所以就算資產方面出現問題，也還有時間可以解決。但是，要是企業面對資金的問題，那么，倒閉的風險就比較大了。

财报里放在non current asset 里头的RM9,157,000的发展开销　
是什么咚咚啊？
他们不是发展开销吗？为什么可以放在non currentasset 里头的？

老娘認為這些所謂的發展開銷是用來為現有的資產增值的費用，也可以說是實體的東西。一般的開銷，例如營運開銷，都是一些人工，運輸，材料費用等等。這些都是每個月都要重復的開銷。而發展開銷就比如建工廠或增加一些提高效率的設備，一旦付出以后，就可以享受它的成果長達某段時期。

老娘不是什么有料人啦，拍這里許多大大的馬屁都摸不到邊。。這只是老娘的看法，假如有錯的話，也請其他大大糾正糾正。

xiye

其實老娘也是蠻擔心YTLPOWER的債務。如果以目前的情況來說，大致上是沒有什么問題的。

可是，由于YTLPOWER的債務實在是很大，因此，管理層就必須更加地小心去運用手中的資金。如果資金真的周轉不靈，以它那么大的欠債來算，還利息都要命鳥！！

所以，一旦真的出現了資金周轉的問題，老娘也趕快拍屁股走人。

另外，新財報更改的地方是在現金流方面。營運活動的現金流的正數，而投資活動的現金流是負數的。也就是說，YTLPOWER暫時的日常營運還是在賺錢的軌道上。

klagigi

Malaysia IPPs want 2 yrs to pay levy-paperSun Nov 23, 2008 7:41pm EST

KUALA LUMPUR, Nov 24 (Reuters) - Malaysia's independent power producers want a one-off government levy to be paid over two years instead of one so as to enable the industry to meet its debt obligations, an industry body said.

In September, Malaysia's government scrapped plans to levy windfall taxes on independent power producers' profits, replacing it with a one-off levy.

"We put forward a proposal last month for the payments to be spread over two years instead of the current one year," Philip Tan of industry body Penjanbebas was quoted as saying in The Star newspaper on Monday.

The paper said that the total to be paid could be 550 million Malaysian ringgit ($151.9 million). According to Malaysian ratings agency RAM, outstanding bonds issued by the IPPs totalled 30 billion ringgit.

Tan said that the IPPs had delayed payments due in October and November and were waiting for a response from the government to their proposal to pay the sum over two years.

IPPs, such as YTL Power (YTLP.KL: Quote, Profile, Research, Stock Buzz), Sime Darby (SIME.KL: Quote, Profile, Research, Stock Buzz), Tanjong Plc (TJPL.KL: Quote, Profile, Research, Stock Buzz) and MRCB (MYRS.KL: Quote, Profile, Research, Stock Buzz), strongly objected to the tax plan forcing the government to climb down.

http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSKLR38713820081124

klagigi

楊忠禮電力展望不一

（吉隆坡）楊忠禮電力（YTLPOWR,6742,主板基建計劃組）首季業績表現平穩，惟分析員對其未來業務表現評價褒貶不一；抗跌高息特點為優勢，惟英鎊走貶影響旗下韋塞克斯水務盈利表現，及併購計劃進展緩慢則為隱憂。

分析員表示，此公司首季繳付一次過的暴利稅，使營運盈利按年下跌4%，本地電力盈利按年跌72%及按季跌64%。雖然首季年度核心淨利比預測低26%，主要是支付暴利稅，整體業績表現還是符合預測。

聯昌證券研究表示，此公司截至2009年6月止財政年首季業績表現平穩，韋塞克斯水務表現平穩，惟提高銷售價的優勢被英鎊匯值貶跌抵消。

“截至2008年9月杪為止，此公司手握100億令吉現金，可望在目前經濟不濟時探尋併購良機，短期收購目標包括新加坡淡馬鍚最後一個電力資產西拉也電力。”

分析員表示，此公司料可在經濟不景氣時“跑贏大市”，而催化因素包括再次派發庫存股、及增值的收購計劃。

Source URL: http://www.sinchew-i.com/node/57755

klagigi

不懂YTL POWER有第二次机会吗 。。。

Review of Bibiyana power plant tender sought

Sharier Khan

The power ministry is seeking the opinion of the government's Central Procurement Technical Unit (CPTU) to see if the ongoing tender process of the 450MW Bibiyana Power Project complies with the procurement rules.

As the cabinet's purchase committee last month raised a number of questions about the Powertek Consortium--the tender's lone bidder from Malaysia and South Korea--and its bid, the ministry recently turned to CPTU of the Implementation, Monitoring, and Evaluation Division (IMED) of the planning ministry.

"Based on the CPTU's review we shall ask the Power Cell [which floated the tender] to re-evaluate Powertek's bid," said a top source of the ministry.

The purchase committee had observed that the tariff offer of Powertek was too high and also the formation of Powertek Consortium was questionable. Malaysian company Powertek and Korean Kepco were pre-qualified along with other bidders back in January. Soon after the pre-qualification, Powertek and Kepco declared to form a consortium, thus narrowing down competition in the tender process that eventually drove away all other bidders.

Meanwhile on October 21, Powertek in a letter to the Power Cell reduced its proposed power tariff to US 4.399 cents from 4.53 cents.

Powertek's 22-year tariff offer is almost double that of the 450MW Meghnaghat project that offered 2.78 cents. In terms of taka, Powertek's offer stands at Tk 3.15 per unit while other developers now implementing small power projects seek a price of Tk 2.28 to Tk 2.79 per unit.

On October 22, Power Cell's consultant International Finance Corporation (IFC) in an e-mail said in terms of taka this tariff offer is Tk 2.38 per kilowatt hour (or a unit), which is 1.4 percent higher than the small power projects offering Tk 2.35 a unit, but equivalent to the tariffs for the larger 30MW small power projects.

The IFC said the government was currently renting 260MW at an average cost of Tk 7.252 per unit. "This is more than double the cost of the revised tariff offered by Powertek Consortium for 450MW at Bibiyana," said the letter.

A ministry source said the cell did not seek the IFC opinion on the matter at this point. The IFC comparison of power tariffs of rental power projects, some of which operate on costly petroleum oil, versus a large conventional gas based power project also lacks level playing field.

The IFC also did not obtain the actual price data of the small power projects before advocating for Powertek's reduced price, the source noted.

The power secretary on several occasions said the easily installable rental power projects would be costlier than conventional large power projects.

The Bibiyana tender initially attracted pre-qualification bids from AES, Chevron, Powertek, Kepco, Summit and Malaysian YTL late last year. Summit was conditionally selected at first but then in January it was arbitrarily disqualified; YTL was also disqualified. Previously qualified for the Sirajganj 450MW power project, Summit repeatedly requested the Power Cell to reconsider but it was ignored.

ccube

新加坡 SERAYA 暂时不卖了 。。。。 YTLPWR 明天应该会软一点。。

美丽新世界

原帖由 ccube 于 25-11-2008 22:37 发表
新加坡 SERAYA 暂时不卖了 。。。。 YTLPWR 明天应该会软一点。。

有link吗？

ccube

新加坡电视新闻报道的。。。。
网上新闻。。还没出来

[ 本帖最后由 ccube 于 25-11-2008 10:44 PM 编辑 ]

ccube

有了
http://www.channelnewsasia.com/c ... eraya&id=392166

欧贝亚

Temasek Cancels Sale of Singapore's Power Seraya (Update2)

By Glenys Sim

Nov. 25 (Bloomberg) -- Temasek Holdings Pte scrapped the sale of Power Seraya Ltd., the last of three Singapore utilities to be auctioned this year, after the global credit crisis drove down asset prices and froze funding for potential buyers.

Temasek has decided not to proceed with the tender process ``in light of the market conditions,'' the Singapore government- owned investment company said in an e-mailed statement today.

Temasek started the process of selling Power Seraya in October, further opening the industry to competition after disposing of Senoko Power Ltd., the island's biggest generator, and Tuas Power Ltd., the smallest of the three plants. Merger and acquisition transactions in Asia's power industry totaled $16 billion so far this year, a fifth of 2007, according to data compiled by Bloomberg News.

``We are flexible as to how and when we will revisit the divestment of Power Seraya,'' Temasek's Director of Investment Gwendel Tung said in the statement.

A Marubeni Corp.-led group agreed in September to pay S$1.1 million ($726,000) per megawatt of capacity for Senoko Power, and China Huaneng Group said in March it would pay S$1.58 million per megawatt for Tuas Power.

Seraya, which generates power from oil and gas, has an installed capacity of 3,240 megawatts, or 30 percent of the island's capacity.

Power Divestment

The pool of funds for mergers and acquisitions has shrunk after the collapse of the U.S. subprime mortgage market.

BHP Billiton Ltd., the world's largest mining company, today abandoned its year-long pursuit of Rio Tinto Group, blaming the rout in commodities prices and the credit-market squeeze for derailing the biggest hostile offer.

Chief Executive Marius Kloppers said the combination of $40 billion in new debt and regulatory hurdles made the $66 billion bid too risky at a time when the slowing world economy reduced demand for raw materials.

Temasek remains committed to divest all its power generating companies in Singapore, it added. In the meantime, Power Seraya will continue to operate ``as usual'' under the supervision of its board of directors and management.

Power Seraya posted a profit of S$218 million on revenue of S$2.79 billion in the financial year ended March. The Seraya Power Station, which consists of two blocks of natural gas-fired combined cycle plants and nine units of steam plants.

To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
Last Updated: November 25, 2008 06:27 EST

美丽新世界

呵呵，如果我是新加坡公民我会喜欢政府的精明，
但偏偏我是马来西亚公民又是ytl power股东。。。

ccube

YTLPOWER .. 那么多资金。。不知道要多久才能投资出去 。。。
放在银行。。利息都一天比一天低了

欧贝亚

觉得问题可能是新加坡的银行都被绑在ＬＶＳ的赌场了。本来月初ＴＥＭＡＳＥＫ就有意思延迟了，最后勉强进行，让ＤＢＳ出来安排贷款。

现在ＬＶＳ的前景坎坷，（谣传ＣＡＰＩＴＡＬＡＮＤ可能会注资。）最近新加坡的三大银行股价都跌了50％＋。

美丽新世界

之前小杨有说过，
英镑和澳币兑换马币分别下降30 + 和10 + %，
如果现在收购英国或澳州的能源公司，
单单货币兑换率几乎是处在不败之地，
但现在英国或澳州有值得收购的能源公司吗