【CEPAT 8982 交流专区】捷博集团

huatchai07

購6油棕公司價格合理‧IOI集團強化上下游業務

• 大馬財經

2008-03-19 18:38

• 
  
  

（吉隆坡）IOI集團（IOICORP，1961；主板種植組）以4億3990萬令吉現金收購東馬5家油棕種植公司的65%有效股權，普遍獲市場肯定，認為收購價格合理，中期對集團有積極作用，並展現公司未來明確的成長步伐。
IOI集團或因這項收購每年凈利增加4500萬至5200萬令吉，對2009和2010財政年的預測凈利或作出少過3%的貢獻，但分析員表示，收購強化公司最有利可圖的上游種植業，同時也提高公司大幅跨越下游業務的供應保障。
更多新併購活動將出爐
分析員相信，該接下來會有更多的新併購活動陸續出爐，而IOI集團目前仍積極籌資，今年1月份發出第3次的6億美元可轉換債券後，坐擁的現金膨脹至接近30億令吉，有充足的併購“子彈”。
受收購計劃激勵，儘管棕油價繼續下跌，但IOI集團股價走高，一度揚升35仙至7令吉水平，惟有套利干擾，收市掛6令吉
75仙，揚升10仙。
IOI集團上述收購計劃概括砂拉越總共4萬4350公頃的地段，預計在未來3個月完成後所持種植地段的有效股權為65%，另35%股份由砂拉越土地托管和發展局（LCDA）和當地土著擁有。
大馬研究表示，收購地段的企業價值為每公頃1萬677令吉，相信這是合理的價格，比較該集團在2006年9月於砂州購買的未開發地段達9040公頃，每公頃為5597令吉，CB工業（CBIP，7076；主板工業產品組）最近在相同園坵購置的成熟地段為每公頃1萬7963令吉。
這收購計劃僅提高該集團2009財政年凈利達1.6%，因只有10%的地段是可收割園坵。資本開銷方面，若其地段座落在泥炭土壤，其種植發展開銷較高，每公頃大約是1萬3500令吉，比較礦質土壤每公頃為1萬2000公頃。
IOI集團在過去5年以7億2940萬令吉累積收購沙巴、印尼和砂拉越的地段共8萬3466公頃。
達證券則表示，若上述收購計劃以現金成交，IOI集團的盈利貢獻將少過2%，但肯定這項收購計劃，因可以強化公司上游種植業和提高其下游業務的供應保障。
聯昌研究則認為，收購的種植公司在2007財政年凈利為2930萬令吉，若全年貢獻的話，對2009財政年僅作出0.5%的盈利貢獻，對收購計劃評價“中和”，但因購價合理，預計新資產產生累積盈利作用。
大馬種植地段增加26%
IOI集團這項收購計劃將提高集團在大馬的種植地段達26%至21萬3800公頃，砂州現有的9000公頃地段，總共擁有5萬3350公頃地段，成為砂拉越持有最多地段的地主之一。”
達證券保持此公司的盈利預測，因對集團的盈利貢獻不大，股價的催化劑來自強勢的原棕油價格和潛在的收購計劃、優質股票流通量和強勢的管理層。
IOI集團也獲得公司回購股票計劃的扶托，在2008年3月12日至14日期間，該公司以每股6.95至7.40令吉回購總共1150萬股。
收購計劃中期正面
亞歐美研究相信，上述收購計劃在未來2至3年的凈利貢獻每年達4500萬至5200萬令吉（若原棕油價格保持每公噸2500令吉），短期對此項收購計劃保持“中和”，中期則是正面的，因此集團持續擴大其種植地規模，展現未來明確的成長步伐。









怎么看不到CEPAT WAWASAN 的名字？？？ 记者写漏了吗？？？:@ :@ :@ :@ :@

huatchai07

Cepatwawasan trading at attractive valuation

By YEOW POOI LING

ON THE MOVE

PETALING JAYA: Shares of Cepatwawasan Group Bhd are trading at an attractive valuation in the plantation sector on the back of strong yield and firm crude palm oil (CPO) prices.  

Based on latest two months results ended Dec 31, 2007 (the financial year-end was changed from April 30 to Dec 31), the group’s annualised EPS is estimated at 28 sen.  

Using Wednesday’s closing price of RM1.21 as a reference, Cepatwawasan is trading at calendar year 2008 price-to-earnings ratio of 4.3 times only, one of the lowest among listed plantation companies. The company’s price to net tangible assets is at 1.3 times.  

It has a total plantation land bank of 10,684.08ha in Sabah, of which 8,094ha are planted.  

For its fiscal year ended April 30, 2007 (FY07), Cepatwawasan in its annual report noted that 71% of the planted area consists of prime trees aged between eight and 16 years, while the remaining 29% will reach maturity this year, signifying future high production growth.  

Its fresh fruit bunches (FFB) yield of 26.44 tonne per hectare is among the highest in the country, similar to IOI Corp Bhd’s FFB yield of 26.72 tonne per hectare. Average oil extraction rate is satisfactory at almost 20%.

In October 2005, listed and experienced MHC Plantations Bhd bought some 32% of Cepatwawasan at RM1.77 a share, hence becoming the largest controlling shareholder.  

A new management team has since been established in Cepatwawasan, with Datuk Mah King Seng as managing director while Tan Ah Seng is the company’s chief executive officer.  

Tan was previously the plantation controller of IOI Corp’s Sandakan regional office in Sabah. With a stronger team, Cepatwawasan is likely to see higher yield and better operational efficiency.  

Its net profit for the two months ended Dec 31 doubled to RM10mil compared with RM5mil for three months ended Jan 31, 2007.  

Net borrowings as at end-December improved to RM10.8mil, implying a net gearing of 0.04 time, compared with net borrowings of RM23.7mil as at end-April.  

Dividend per share is expected to improve from 2 sen in FY07, owing to better profits and stronger cashflow. The company has declared an interim dividend for its eight months ended Dec 31 of 2 sen a share.  

Assuming Cepatwawasan declares a final dividend of 4 sen for year ending Dec 31, 2008, this would put its dividend yield at 3.3%.  

With CPO prices hovering above RM3,000 per tonne, the plantation sector still boasts high profit margins as the cost per tonne is about RM800 to RM1,000.  

While other industries might bear the brunt of a global economic slowdown, the profitability of plantation companies would seem to be high and assured.  

High CPO prices and increased FFB growth will translate into windfall profits for Cepatwawasan, giving rise to an opportunity for investors to re-rate the company.  

今天STAR 经济版说CEPAT被低估了，有谁认同呢？

弹煮

根本是低估到没有人有，只是还没有人去炒

小散户

油棕股最近很DOWN...

vampire2000

那现在是进货的好时机了。还等什么啊？

小散户

原帖由 vampire2000 于 24-3-2008 10:13 PM 发表
那现在是进货的好时机了。还等什么啊？

老早进了..在收割了..可是价钱很低..不舍得卖

弹煮

偶有1.20，现在水钱都不够，哈哈哈

小散户

原帖由 弹煮 于 25-3-2008 09:14 AM 发表
偶有1.20，现在水钱都不够，哈哈哈

1.24 了..你可以赚了...

弹煮

我买很小而已，起4sen还不够贴水

小散户

帮CEPAT喊下 !!!

vampire2000

Cepat 下个月会派息吗？期待，。。

goldenwkl

请问大大，我要换头像，怎样换呢？？？谢谢！！

小散户

原帖由 goldenwkl 于 28-3-2008 02:50 PM 发表
请问大大，我要换头像，怎样换呢？？？谢谢！！

竟然来CEPAT问这个问题..

控制面板--编辑个人资料--头像..

弹煮

General Announcement

Reference No CA-080331-42198

Company Name	:	CEPATWAWASAN GROUP BERHAD
Stock Name	:	CEPAT
Date Announced	:	02/04/2008

Type	:	Announcement
Subject	:	Proposed Final Dividend
Contents	:	The Board of Directors of Cepatwawasan Group Berhad is pleased to propose a final dividend of gross 2.0 sen per share less 26% Malaysian income tax for the financial period ended 31 December 2007 to the shareholders for approval at the forthcoming Annual General Meeting. Subject to the approval by the shareholders, the entitlement and payment dates of the aforesaid dividend would be announced at a later date.

小散户

原帖由 弹煮 于 2-4-2008 07:41 PM 发表
General AnnouncementReference No CA-080331-42198
Company NameEPATWAWASAN GROUP BERHAD Stock Name EPATDate Announced:02/04/2008

Type:AnnouncementSubjectroposed Final Dividend
Contents:The B ...

2 仙那么少的...还要扣26%...
2500*0.02=50RM
还要再扣26%.. RM37罢了

弹煮

您想要丢掉cepat吗？

弹煮

KUALA LUMPUR (Dow Jones)--Malaysia's end-month palm oil stocks may have reached yet another record high for the fourth time in five months in March and possibly touched 2 million metric tons for the first time, trade and plantation executives said Wednesday.
"It largely depends on how much of the volumes imported from Indonesia get factored in the stocks," said a Kuala Lumpur-based official at a global trading company.
He said one of the refineries in Malaysia imported 23,000 tons of CPO from Indonesia last month to take advantage of the strengthening of the Malaysian currency, and the country's imports may have totaled around 100,000 tons.
If last month's imports from Indonesia were more than 50,000 tons, stocks would have definitely reached 2 million tons, said a trader in Singapore.
An executive with the government-run Malaysian Palm Oil Board declined to comment.
MPOB estimated end-month inventories in February at an all-time high of 1.93 million tons and is expected to issue estimates for March on April 10.
Traders said suppliers in Indonesia also shipped out some of their palm oil for storage at ports in Malaysia ahead of a hike in export taxes, which were doubled late last month.
They said a large part of these volumes has been or will eventually be shipped out from Malaysian ports to importing destinations elsewhere.
"This can lead to statistical discrepancies. Cargo surveyors may show these shipments as Malaysian exports even though they are of Indonesian origin, but MPOB data is unlikely to take them into account," said a trading executive.
He said the MPOB's data may show export shipments as lower than the estimates of cargo surveyors.
"The weather has been favorable for palm oil production this month except for some transportation and harvesting problems in east (Malaysian province of) Sabah," said an executive at the Malaysian Palm Oil Association, a lobby group of local plantations.
He said this is likely to boost output and stocks.
He said it is possible that stocks may have reached 2.0 million tons, but this is still not a cause of concern for the bottom lines of plantation companies because Malaysia is passing through a high-stocks-high-prices phase while in the past, higher inventories dragged down prices.
Malaysia's palm oil production is expected between 10% and 15% higher on month in March due to favorable weather, said a trader in Singapore.
"With Malaysia's palm oil production likely to be around 17 million tons this year, stocks of 2.0 million tons is not a cause of worry," said a trader with a local brokerage.
He said strong demand is likely to reduce the stockpile during the next few months.
Demand from China is expected to be strong in the next few months, said Citigroup in its latest report.
Quoting data from cargo surveyor SGS (Malaysia) Bhd, the report said Malaysia's palm oil exports to China rose 81% on month in March. In March 2007, exports had increased by 48% on month, said the report.
"This indicates there is strong incremental demand (in China) this year," said the report.
It said even India's abolition of the import duty on crude edible oils this week could result in higher demand for palm oil.
However, traders sounded a note of caution that palm oil prices could see some downward pressure on ample supplies and high inventories after the three-week-old strike by soybean growers in Argentina in protest against a hike in export taxes is lifted and the global vegetable oil trade flow returns to normal.
They also pointed out that the bulk of India's edible oil imports constitute Indonesian crude palm oil.

vampire2000

垃圾CEPAT,2 仙那么少...

弹煮

我还没回本，想丢都不可以。

小散户

原帖由 弹煮 于 2-4-2008 08:13 PM 发表
您想要丢掉cepat吗？

死都不卖..