【MBL 5152 交流专区】麻坡万利

icy97

股海宝藏：麻坡万利 种植展望佳激励

股海宝藏 财经周刊 投资观点  2012-09-10 13:00
创立于1987年，麻坡万利（MBL，5152，主板工业产品股）核心业务可分为3个：
1.设计，生产，安装和经营油籽压榨厂房。
2.设计和生产油籽压榨器及辅助机械。
3.制造和销售配件。

麻坡万利的部分投资重点包括：
1.获得证实的过往记录；
2.油棕领域的良好需求展望，受需求推动和供应推动因素所提振；
3.正面盈利成长和拥有强劲的资产负债表，净现金达2千600万令吉或相等于每股28仙。加上凭单发行活动所筹的的资金，将提供足够现金，供未来更高的股息派发和拓展活动之途；
4.低廉的估值水平，仅为本财年本益比5.2倍（同业为9.1倍）。而在去除净现金后（28仙或相等股价的26%），它的股价目前是处在本益比仅3.9倍水平交易。

具备多元化的客户群，积极拓展至诸如非洲，中美洲和南美洲等新市场超过80%的产品进行出口，传统上从印尼市场获得大量营业额。

截至2011财政年，首3位客户来自印尼（占营业额的58%），马来西亚（16%）和巴布亚新几内亚（11%）。其余的15%来自东协地区，中美洲和南美洲，非洲等20多个国家）过去多年，麻坡万利积极多元化旗下营业额来源，目前拥有更为平衡的营业额来源地缘分布。

值得一提的是，新市场渗透率来自中美和南美，如此可发展油棕种植地，冀此获得生物燃油和石化替代物质的可持续性棕油来源。

注：
1.麻坡万利是在2009年10月上市。
2.处于1.09令吉水平，麻坡万利是在12财年5.2倍水平交易，年度化12上半财年的每股盈利为10.4仙
3.建议以2股配1比例发行凭单（10年期限）的除权日。
a）9月中-转换价的确定日期以及宣布除权日
b）10月中-凭单上市日
c）根据8月7日发给投资者的说明书

管理层展望乐观
在检讨2012年上半年业绩时，麻坡万利管理层表示，尽管欧洲债务危机未解决以及中国增长放缓，但是他们对2012财政年展望仍然乐观，因为该公司手上握有强劲合约。

这是该公司持续进行市场行销、塑造品牌以及促销活动后所取得的成果。

此外，印尼和马来西亚经济保持稳健，这对麻坡万利有利，因为它的客户主要是来自这两个国家。

根据世界银行表示，印尼的经济增长率在2012年和2013年分别可取得6%和6.5%增长率，而大马这两年的经济增长率则分别为5%和5.5%（资料来源：联昌国际证券研究报告）。

根据安联证券研究报告显示，原棕油价格将继续保持稳定，平均价格处在3千令吉以上水平。

这是因为产量减少以及出口改善的因素所支撑。此外，在大豆油市场，高企的大豆油价格还没有出现放缓的趋势，因为北美洲地区年底可能出现欠收的现象。所以，原棕油价格将继续保持稳定。

销售机械创经常收入
麻坡万利另一个吸引人之处是它的商业模式，就是它销售机械之后，将可以创造经常收入，因为有关机械需求购买部件来进行维修工作。

由于有关机械是订制的，所以外来的竞争非常少。整体而言，这个业务继续保持增长，因为该公司已经获得两项合约，以兴建新的压榨厂。

研发麻疯树果实压机
麻坡万利在2008年便对麻疯树果实压榨机械进行研究与开发，以及在2008年11月，它已经签署一项谅解备忘录，分别于2009年及2010年兴建麻疯树果实压榨厂。

麻疯树作物是一种前景更佳的生物柴油作物，因为它不能食用以及含油量高。

受惠油棕业强劲成长
全球油棕领域的稳健成长惠及麻坡万利，因其部分营业额来自棕仁压榨领域的服务供应。因此，麻坡万利展望基本上取决于：
●油棕和其衍生品的供需展望
●菜油的长期正面需求鼓励更多种植活动，进而带动油棕厂房的需求
●非洲，中美和南美洲内新可耕种土地的出现，相对于全球现有最大出产国———印尼和大马
●油棕生产相对廉宜，因每公顷的产油量更高，经济期限更长（逾20年）

市场对棕仁油的需求增长：简单的说，棕仁是棕油鲜果串榨出原棕油之后的副产品。棕仁接着将在棕仁厂以榨出棕仁油和棕仁糕。

棕仁油被食品及工业领域广泛采用。最近几十年，随着研发出油脂化学可以运作在非食品产品中之后，油棕和其衍生产品需求便大增。

虽然欧元区现有的经济不稳定，可能拉低近期植物油（包括棕油）的价格和需求，但是长远而言种植领域展望仍然是正面的。

这主要受到以下几个因素支撑：
（1）人口以及人均收入增加（这意味着市场对植物油的需求增加）；以及
（2）植物油种植地减少，这将提升棕油需求量，因为油棕是最具成本优势的植物油。[Nanyang]

文：慧眼

icy97

MUAR BAN LEE GROUP BERHAD

12/09/2012 05:12:23 PM

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) COMBINATION OF NEW ISSUE OF SECURITIES
Description	MUAR BAN LEE GROUP BERHAD (“MBL” OR “COMPANY”) -        PROPOSED RIGHTS ISSUE OF WARRANTS; AND -        PROPOSED ESOS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 4 June 2012 in relation to the Proposals. We refer to the announcements dated 4 June 2012, 12 July 2012, 27 July 2012 and 27 August 2012 in relation to the Proposals. On behalf of the Board, AFFIN Investment wishes to announce that the Board had on even date resolved to fix the exercise price of the Warrants to be issued pursuant to the Rights Issue of Warrants at RM0.80. The aforementioned exercise price of RM0.80 per Warrant represents a discount of approximately 27.59%, based on the five (5)-day VWAMP of MBL Shares up to and including 11 September 2012 (being the last trading date immediately preceding the price-fixing date) of approximately RM1.1054.

icy97

MUAR BAN LEE GROUP BERHAD

01/10/2012 05:06:50 PM

EX-date	16/10/2012
Entitlement date	18/10/2012
Entitlement time	04:00:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Single-tier tax exempt interim dividend of 3.0 cents per share of RM0.50 each for the financial year ending 31st December, 2012.
Period of interest payment	to
Financial Year End	31/12/2012
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Plantation Agencies Sdn Berhad 3rd Floor, Standard Chartered Bank Chambers, Lebuh Pantai, 10300 Pulau Pinang. Tel No. 04-262 5333
Payment date	05/11/2012
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	18/10/2012
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.03

icy97

MUAR BAN LEE GROUP BERHAD

03/10/2012 05:55:24 PM

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) COMBINATION OF NEW ISSUE OF SECURITIES
Description	MUAR BAN LEE GROUP BERHAD (“MBL” OR “COMPANY”) -        PROPOSED RIGHTS ISSUE OF WARRANTS; AND -        PROPOSED ESOS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
On behalf of the Board, AFFIN Investment wishes to announce that the revised timeline for the implementation of the Rights Issue of Warrants is as follows: Month Event Mid October 2012    Announcement of the Entitlement Date for the Rights Issue of Warrants. End October 2012     Entitlement Date for the Rights Issue of Warrants.     Commencement of trading of the provisional allotment of the Warrants Early November 2012    Despatch of the Abridged Prospectus together with the notice of provisional allotment of the Warrants and the rights subscription form to the Entitled Shareholders     Last day for the trading of the provisional allotment of the Warrants Mid November 2012     Last day for the receipt of acceptance of and applications for the Warrants Early December 2012     Listing of and quotation for the Warrants on the Main Market of Bursa Securities The revised timeline for the implementation of the Rights Issue of Warrants is due to the on-going preparation of the Abridged Prospectus and the necessary documentation for the registration of the Abridged Prospectus to the Securities Commission. The relevant announcements in relation to the implementation of the Rights Issue of Warrants will be made in due course.

icy97

MUAR BAN LEE GROUP BERHAD

16/10/2012 05:36:41 PM

EX-date	29/10/2012
Entitlement date	31/10/2012
Entitlement time	05:00:00 PM
Entitlement subject	Rights Issue
Entitlement description	RENOUNCEABLE RIGHTS ISSUE OF 46,000,000 WARRANTS IN MUAR BAN LEE GROUP BERHAD (“MBL”) (“WARRANT(S)”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MBL (“MBL SHARES”) HELD AS AT 5.00 P.M. ON 31 OCTOBER 2012 AT AN ISSUE PRICE OF RM0.10 PER WARRANT (“RIGHTS ISSUE OF WARRANTS”)
Period of interest payment	to
Financial Year End
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Plantation Agencies Sdn Berhad 3rd Floor, Standard Chartered Bank Chambers Lebuh Pantai 10300 Pulau Pinang Tel. No.: (604) 262 5333 Fax No.: (604) 262 2018
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	31/10/2012
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)	46000000
Entitlement indicator	Ratio
Ratio	1 : 2
Rights Issues/Offer Price	0.1

Remarks :

The Abridged Prospectus together with the Notice of Provisional Allotment and the Rights Subscription Form (collectively referred to as the “Documents”), will only be dispatched to the shareholders of MBL whose name appears on the Records of Depositors at 5.00 p.m. on 31 October 2012 (“Entitled Shareholders”) at their address in Malaysia or who have provided the share registrar with an address in Malaysia in writing by 5.00 p.m. on 31 October 2012. The Documents will also be made available on Bursa Malaysia Securities Berhad’s website(www.bursamalaysia.com) from 31 October 2012 onwards. The Documents will not be dispatched to the foreign Entitled Shareholders who have not provided an address in Malaysia. Foreign Entitled Shareholders who do not have an address in Malaysia and wish to provide a Malaysian address, should inform their respective stockbrokers to effect the change of address by 5.00 p.m. on 31 October 2012. The Documents will be dispatched to the Entitled Shareholders on 2 November 2012. The last date and time for acceptance, excess application and payment for the Warrants is 19 November 2012 at 5.00 p.m. or such later date and time as the Board of Directors of MBL may determine and announce not less than two (2) market days before the stipulated date and time.

Despatch Date	02/11/2012
Date for commencement of trading of the rights	01/11/2012
Date for despatch of abridged prospectus and subscription forms	02/11/2012
Date for cessation of trading of the rights	08/11/2012
Date for announcement of final subscription result and basis of allotment of excess Rights Securities	26/11/2012
Listing date of the Rights Securities	03/12/2012

Last date and time for	Date	Time
Sale of provisional allotment of rights	07/11/2012	at	05:00:00 PM
Transfer of provisional allotment of rights	12/11/2012	at	04:00:00 PM
Acceptance and payment	19/11/2012	at	05:00:00 PM
Excess share application and payment	19/11/2012	at	05:00:00 PM

Rights Securities will be listed and quoted as the existing securities of the same class:

No

To specify the entitlement that the holders of the Rights Securities will not be entitled to (if No):

The holders of the Warrants are not entitled to any voting rights or to participate in any distribution and/or offer of further securities in MBL until and unless such holder of the Warrants are issued with new MBL Shares arising from the exercise of the Warrants.

jason8reading8

昨天下滑 0.16

jason8reading8

jason8reading8 发表于 30-10-2012 08:46 AM
昨天下滑 0.16

对。如何计算？

机会

想请教大大，如果有10，000 股MBL ×1.16 = RM11600
除权日 10，000股MBL x 1.04 = RM10400
相等于WR 是 RM1200/5000 = RM0.24 一股

可是今日开市价是RM0.13。。有点不明白。。

有谁可以解释一下。。谢谢

etking

机会 发表于 1-11-2012 09:35 AM
想请教大大，如果有10，000 股MBL ×1.16 = RM11600
除权日 10，000股MBL x 1.04 = RM10400
相等于WR 是  ...

如果不是低于市价，我相信你也不会买吧

越低证明MBL希望你们买，那么它就可以拿到钱了。。。

机会

可是原本的股东们就亏了差不多一半咯。。

etking

机会 发表于 1-11-2012 02:43 PM
可是原本的股东们就亏了差不多一半咯。。

怎么讲？

Vincent1818

机会 发表于 1-11-2012 09:35 AM
想请教大大，如果有10，000 股MBL ×1.16 = RM11600
除权日 10，000股MBL x 1.04 = RM10400
相等于WR 是  ...

这 WR 是以市场来决定价格的，谁不想买 Warrant 的，有一个星期可以出售表格 (WR)，
Warrant 的价格到时才会出来。。。

机会

etking 发表于 1-11-2012 09:05 PM
怎么讲？

想请教大大，如果有10，000 股MBL ×1.16 = RM11600
除权日 10，000股MBL x 1.04 = RM10400
相等于WR 是 RM11600-RM10400 = RM1200/5000
                                                     = RM0.24 一股

可是今日开市价是RM0.13。。有点不明白。。

就是有母股的朋友在纸上的盈利会减少RM11600-RM10400 = RM1200，可是WR的纸上盈利才RM0.13x5000=RM650
那么算起来就亏了RM1200-RM650=RM550,是不是小弟算错什么？？

机会

Vincent1818 发表于 2-11-2012 12:26 PM
这 WR 是以市场来决定价格的，谁不想买 Warrant 的，有一个星期可以出售表格 (WR)，
Warrant 的价格到时 ...

你好，那么想请问比如WR最后一天的收市价是RM0.250，那么WARRANT的开始价格是不是会定在RM0.250+RM0.100=RM0.350 呢？？

谢谢。。

Vincent1818

机会 发表于 6-11-2012 12:52 AM
你好，那么想请问比如WR最后一天的收市价是RM0.250，那么WARRANT的开始价格是不是会定在RM0.250+RM0.100= ...

不是这样算的，这个 Warrant 的价格会从 RM0.10 跳起。。。

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30/09/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/09/2012	30/09/2011	30/09/2012	30/09/2011
		$$'000	$$'000	$$'000	$$'000

1	Revenue	17,653	17,694	59,981	42,555
2	Profit/(loss) before tax	3,040	4,156	12,825	9,016
3	Profit/(loss) for the period	2,711	4,056	12,245	8,818
4	Profit/(loss) attributable to ordinary equity holders of the parent	2,711	4,056	12,280	8,818
5	Basic earnings/(loss) per share (Subunit)	2.95	4.41	13.35	9.58
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	3.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.8600		0.7600

icy97

MUAR BAN LEE GROUP BERHAD

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) COMBINATION OF NEW ISSUE OF SECURITIES
Description	MUAR BAN LEE GROUP BERHAD (“MBL” OR “COMPANY”) -        PROPOSED RIGHTS ISSUE OF WARRANTS; AND -        PROPOSED ESOS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 4 June 2012 in relation to the Proposals. We refer to the announcements dated 4 June 2012, 12 July 2012, 27 July 2012, 27 August 2012, 12 September 2012, 3 October 2012, 16 October 2012 and 31 October 2012 in relation to the Right Issue of Warrants. On behalf of the Board, AFFIN Investment wishes to announce that as at the close of acceptance and payment for the Rights Issue of Warrants at 5.00 p.m. on 19 November 2012, the Warrants have been oversubscribed by 66.74% over the total number of 46,000,000 Warrants available for subscription under the Rights Issue of Warrants. The details of the acceptances and excess applications received as at the close of acceptance and payment for the Rights Issue of Warrants as at 5.00 p.m. on 19 November 2012 are set out below: No. of Warrants % Acceptances 45,093,310 98.03 Excess applications 31,607,850 68.71 Total acceptances and excess applications 76,701,160 166.74 Total Warrants available for subscription pursuant to the Rights Issue of Warrants 46,000,000 100.00 Over subscription 30,701,160 66.74 The Board reserves the right to allot any excess Warrants applied for under Part II of the Rights Subscription Form in such a manner as it deems fit and expedient in the best interest of the Company subject always that such allocation being made on a fair and equitable basis and that the intention of the Board set out in (i) to (v) below are achieved. The Board also reserves the right to accept any Excess Warrant Application, in full or in part, without assigning any reason in respect thereof. Nevertheless, the allocation of the excess Warrants will be made in a fair and equitable manner. Following the above, the Board has resolved to approve to allot the excess Warrants based on the following: (i)             firstly, to minimise the incidence of odd lots to the Entitled Shareholders; (ii)            secondly, for allocation to the Entitled Shareholders who have applied for the excess Warrants on a pro-rata basis and in board lots, based on their respective shareholdings as at the Entitlement Date, subject always to the maximum number of excess Warrants applied for by them; (iii)           thirdly, for the allocation to the Entitled Shareholders who have applied for the excess Warrants on a pro-rata basis, calculated based on the quantum of their respective Excess Warrants Application; (iv)          fourthly, to minimise the incidence of odd lots to the renouncee(s) and/or transferee(s) and on a pro-rata basis to the renouncee(s) or transferee(s) who have applied for the excess Warrants, taking into consideration the quantum     of their respective Excess Warrants Application; and (v)           lastly, in the event that there are still unsubscribed Warrants after allocating all the excess Warrants, the remaining unsubscribed Warrants will be subscribed by MBL Realty, who has given its irrevocable undertaking to subscribe in full for the remaining Warrants which are not subscribed for by the other Entitled Shareholders of the Company. For Warrants to be listed, there must be at least 100 warrantholders holding not less than one (1) board lot each. A minimum of 100 holders holding not less than one (1) board lot each has been met prior to the listing of the Warrants on the Main Market of Bursa Securities. The Warrants are expected to be listed and quoted on the Main Market of Bursa Securities on 3 December 2012.

icy97

MUAR BAN LEE GROUP BERHAD

Instrument Type	Warrants
Description	Renounceable rights issue of 46,000,000 warrants in Muar Ban Lee Group Berhad (“MBL”) (“Warrant(s)”) on the basis of one (1) Warrant for every two (2) existing ordinary shares of RM0.50 each in MBL (“MBL Shares”) held as at 5.00 p.m. on 31 October 2012 at an issue price of RM0.10 per Warrant (“Rights Issue of Warrants”)

Listing Date	03/12/2012
Issue Date	29/11/2012
Issue/ Ask Price	MYR 0.1000
Issue Size Indicator	Unit
Issue Size in Unit	46,000,000

Maturity Date	28/11/2022
Revised Maturity Date
Exercise/ Conversion Period	10.00Year(s)
Revised Exercise/ Conversion Period
Exercise/Strike/Conversion Price	MYR 0.8000
Revised Exercise/Strike/Conversion Price
Exercise/ Conversion Ratio	1 Warrant: 1 MBL Share
Revised Exercise/ Conversion Ratio
Mode of satisfaction of Exercise/ Conversion price	Cash
Settlement Type/ Convertible into	Physical (Shares)

icy97

MUAR BAN LEE GROUP BERHAD

EX-date	17/12/2012
Entitlement date	19/12/2012
Entitlement time	04:00:00 PM
Entitlement subject	Second interim dividend
Entitlement description	Single-tier tax exempt second interim dividend of 4.0 cents per share of RM0.50 each for the financial year ending 31st December, 2012.
Period of interest payment	to
Financial Year End	31/12/2012
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Plantation Agencies Sdn Berhad 3rd Floor, Standard Chartered Bank Chambers, Lebuh Pantai, 10300 Pulau Pinang. Tel No. 04-262 5333
Payment date	31/12/2012
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	19/12/2012
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.04

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2012	31/12/2011	31/12/2012	31/12/2011
		$$'000	$$'000	$$'000	$$'000

1	Revenue	18,818	12,507	78,799	55,062
2	Profit/(loss) before tax	4,890	3,364	17,703	12,380
3	Profit/(loss) for the period	4,863	3,373	17,096	12,191
4	Profit/(loss) attributable to ordinary equity holders of the parent	4,878	3,390	17,126	12,208
5	Basic earnings/(loss) per share (Subunit)	5.30	3.68	18.62	13.27
6	Proposed/Declared dividend per share (Subunit)	3.00	2.50	10.00	4.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.8900		0.7600