Ministry to meet planters on cess
Heard in the market.
We understand that plantation companies will be meeting government officials this week to discuss and get clarification on the cooking oil price stabilisation scheme. This could be mildly positive for the planters if the government agrees to modify the structure of the cess, possibly by raising the RM1,500 CPO price threshold at which the cess is levied.
A recap. In early May 07, Minister of Plantation Industries and Commodities Datuk Peter Chin revealed his decision to impose cess on planters effective 1 June 2007.Plantation companies were officially informed on this new form of tax two weeks ago through an official circular from the industry association, MPOB. Proceeds from the cess will be used to compensate refiners and keep domestic cooking oil prices at the current controlled price. According to press reports, the scheme will only last 12months.
What is the cess rate?
The cess is levied only when monthly average CPO price isRM1,500 per tonne and higher. A cess rate of RM2 per tonne of FFB is applicable for every RM100 per tonne increment in MPOB’s average CPO price above RM1,500 per tonne. For instance, if CPO price averages RM2,400-2,500 per tonne, MPOB will collect cess of RM20 for every tonne of FFB output. Based on the country’s oil extraction rate of around 20%, this implies a tax of RM100 for every tonne of CPO output. This works out to be 4% of the CPO price.Govt scheme and small holders exempted. Planters which own less than 40ha,any government land schemes with settlers or individual participants and any oil palm small holdings owned by individuals but managed and controlled by government agencies will be exempted from this tax.
Avg monthly CPO price (RM/tonne)* - Cess rate (RM/tonne)**
< or ="1500">1500-1600 2
>1600-1700 4
>1700-1800 6
>1800-1900 8
>1900-2000 10
>2000-2100 12
>2100-2200 14
>2200-2300 16
>2300-2400 18
>2400-2500 20
>2500-2600 22
>2600-2700 24
>2700-2800 26
>2800-2900 28
>2900-3000 30
>3000-3100 32
>3100-3200 34
>3200-3300 36
>3300-3400 38
>3400-3500 40
* Based on MPOB's average CPO price
** To be levied on FFB production
Comments
Key differences with past cooking oil schemes.
The cooking oil price stabilisation scheme is not new, having been enforced in 1999 and 2004 when CPO price soared above RM1,500 per tonne. However, we observe two key differences between past schemes and the current one. First, the current tax rate is double that in the previous scheme as cess is now levied on FFB as opposed to CPO output. Second,small holders and government schemes are spared from the cess this time around.
What next?
When the cess rate was revealed through the press about a month ago,it took many planters by surprise as the rate was higher than expected. We believe that in the upcoming meeting with the ministry, the planters will seek clarification on the scheme and may lobby for a slight change in the tax rate.
Potential point of contention.
The earnings of planters who have sold a large chunk of their 2007 production forward will be more sensitive to the cess in a rising CPO price environment. This is because the cess rate is based on MPOB’s average CPO price rather than the average CPO price achieved by the plantation companies.
Impact on planters.
We have only accounted for half of the potential cess costs in our earnings forecasts for the plantation companies we cover. This is because we had factored the 2004 cess rate into our forecasts prior to the announcement of the new cess rate. Should the cess rate stay at the approved rate after the upcoming meeting,we would have to trim 1-2% off our EPS forecasts.
Valuation and recommendation
Maintain OVERWEIGHT call on sector.
Overall, we believe market expectations already factor in the new cess rate and any reduction in the cess rate would be viewed positively by the market. We maintain our OVERWEIGHT call on the sector and view the recent decline in CPO price from its recent peak of RM2,886 per tonne as a healthy correction. Fundamentals for CPO price remain bright due to demand-supply imbalances. Key catalysts for the sector are the CPO price rise and M&A activities. Our key picks remain KL Kepong and Asiatic.
filed:cess to be pruned.pdf
30 April 2008
Cbip和Twsplnt组成50:50 JV
proposal简介-
1.Cbip和Twsplnt组成50:50 JV("PPOM")
2.JV以RM10的代价，向TRSB全面收购位于沙拉越的两块棕油园，和所有资产和负债("SG")。
PPOM
是一间single purpose company,组成目的为全面献购SG。
初始资金为RM100,000 ，预计扩大后资金为RM2000万，这是为了承担公司间债务。
由于SG拖欠TRSB协议的公司间债务为RM100millions整，所以PPOM需要另外寻找融资途径(相信是抵押品贷款)解决剩余的债务。
SG
为一常年亏损的种植公司，土地面积为5567公顷，83.3%为成熟种植地，剩余的16.7%为空地和mill house。
unaudited帐面值为 RM-11,584,000
以估值计，每公顷种植地的收购成本为RM21560，很显然的这是一个被高估的收购案，因为常年来SG的产量并不理想，截至2007底，该产量为15mt.ha，低于平均水平，姑且不考虑他的树龄已经接近了顶峰。
filed:Announcement290408.doc announced by bursa website.
amend on 1 August 2008:
The Board of Directors of the Company is pleased to announce that the Proposal was completed on 1 August 2008.
1.Cbip和Twsplnt组成50:50 JV("PPOM")
2.JV以RM10的代价，向TRSB全面收购位于沙拉越的两块棕油园，和所有资产和负债("SG")。
PPOM
是一间single purpose company,组成目的为全面献购SG。
初始资金为RM100,000 ，预计扩大后资金为RM2000万，这是为了承担公司间债务。
由于SG拖欠TRSB协议的公司间债务为RM100millions整，所以PPOM需要另外寻找融资途径(相信是抵押品贷款)解决剩余的债务。
SG
为一常年亏损的种植公司，土地面积为5567公顷，83.3%为成熟种植地，剩余的16.7%为空地和mill house。
unaudited帐面值为 RM-11,584,000
以估值计，每公顷种植地的收购成本为RM21560，很显然的这是一个被高估的收购案，因为常年来SG的产量并不理想，截至2007底，该产量为15mt.ha，低于平均水平，姑且不考虑他的树龄已经接近了顶峰。
filed:Announcement290408.doc announced by bursa website.
amend on 1 August 2008:
The Board of Directors of the Company is pleased to announce that the Proposal was completed on 1 August 2008.
28 April 2008
Malaysian palm oil futures hit fresh record on potential Indonesia CPO tax hike
KUALA LUMPUR, Feb 05, 2008 (Thomson Financial via COMTEX) -- Crude palm oil (CPO) futures traded on the Malaysian derivatives exchange hit a fresh record on Tuesday after Indonesia, the world's top palm oil producer, said it may hike its export tax on CPO in a bid to curb the rise in food prices.
At 3.30 pm, the benchmark CPO futures contract for April delivery was up 66 ringgit at 3,411 ringgit per metric ton, off a high of 3,458 ringgit.
Soybean oil futures on the Chicago Board of Trade on Monday rose to an all-time high of over 57 US cents per pound, with the May contract finishing at 56.54 cents, up 1.77 cents.
The Indonesian government said recently that tax on exports of CPO and other palm-based products may be raised to 20-25 percent from the current 9-10 percent if international CPO prices exceed 1,200-1,300 US dollars per ton.
The move is part of a government initiative announced last Friday, aimed at curbing the rise in prices of essential food items such as rice, wheat flour and palm-based cooking oil.
Edible oil supply to the international markets may drop if Indonesia raises its export tax on CPO further, analysts said.
Indonesia and Malaysia together account for more than 80 percent of the world's total palm oil output.
"We expect a higher export tax to boost global CPO prices as tight supply conditions allow producers to pass on the higher rate to consumers," said Ivy Ng, plantation analyst at CIMB Investment Bank.
The new measure will hit palm oil companies that own oil palm estates in Indonesia, Ng said in a note to clients.
"Malaysian planters stand to benefit the most from higher export taxes as they will achieve higher sales without a corresponding increase in costs," she said.
(1 US dollar = 3.23 ringgit)
10% pt reduction in palm oil duties in India.
On 14 Apr 07, the Indian government cut import duties by another 10% pts to 57.5% for refined palm oil and 50% for CPO to keep inflation in check. This is the third cut in 12 months. Import duty for soya oil in India was left at 45%. This is positive for palm oil as it enhances palm oil’s competitiveness against soyaoil in India. The stronger demand for palm will also help to narrow the price discount between palm oil and soyaoil. This is already evident – the price gap between soya oil prices quoted in the Dutch market and CPO price quoted in Indonesia has narrowed by US$91 per tonne or 47% to US$103 per tonne since a year ago.
filed: plantation sector update - Counting the fruits of our CPO price upgrade -10 May 2007
Malaysia imposes cess to subsidise cooking oil.
According to press reports, the Malaysian government will collect cess from planters from 1 June 2007 until 31 May 2008 to compensate refiners and packers of cooking oils for the higher CPO price.
We believe palm oil producers will have to pay 50 sen cess for every RM10 above RM1,450 a tonne that CPO price reaches. We have incorporated the cess in our revised earnings estimates.
filed: plantation sector update - Counting the fruits of our CPO price upgrade -10 May 2007
We believe palm oil producers will have to pay 50 sen cess for every RM10 above RM1,450 a tonne that CPO price reaches. We have incorporated the cess in our revised earnings estimates.
filed: plantation sector update - Counting the fruits of our CPO price upgrade -10 May 2007
27 April 2008
rsawit no mid-year dividend
步hapseng后尘，rsawit误把去年的5sen final dividend, 写入半年后的2rd quarter results(29/02/2008)，但相信rsawit是无心的，因为5sen实在起不了什么。
advice:报告内容最妥当。
advice:报告内容最妥当。
與砂政府聯營油棕種植‧大安4740萬中國設夾板廠
大馬財經 2008-04-26 11:50
（吉隆坡）大安控股（TAANN，5012；主板工業產品組）一口氣宣佈兩項海內外業務發展計劃，包括與砂拉越政府聯營發展油棕種植，以及斥資1500萬美元（約471億令吉）在中國設立夾板工廠。
大安控股發表文告說，獨資子公司大安種植將與砂州政府旗下的Pelita控股和地主，聯營在詩巫面積4280.2公頃土地進行油棕發展計劃。
大安種植持有60%股權，地主和Pelita各持30%和10%股權。此舉將拓展公司油棕種植面積，讓業務持續成長以達至更大的經濟效益，以及擴展盈利基礎。
此外，大安控股在中國楊州設立夾板工廠，製造高增值夾板產品，並成立新子公司管理營運。該公司將通過內部資金和銀行融資上述成本。
星洲日報／財經‧2008.04.26
（吉隆坡）大安控股（TAANN，5012；主板工業產品組）一口氣宣佈兩項海內外業務發展計劃，包括與砂拉越政府聯營發展油棕種植，以及斥資1500萬美元（約471億令吉）在中國設立夾板工廠。
大安控股發表文告說，獨資子公司大安種植將與砂州政府旗下的Pelita控股和地主，聯營在詩巫面積4280.2公頃土地進行油棕發展計劃。
大安種植持有60%股權，地主和Pelita各持30%和10%股權。此舉將拓展公司油棕種植面積，讓業務持續成長以達至更大的經濟效益，以及擴展盈利基礎。
此外，大安控股在中國楊州設立夾板工廠，製造高增值夾板產品，並成立新子公司管理營運。該公司將通過內部資金和銀行融資上述成本。
星洲日報／財經‧2008.04.26
陳華貴：邊緣地段轉種油棕‧棕油產量上看1650萬公噸
（吉隆坡）大馬2008年的原棕油產量料可增至1650萬公噸，比2007年全年產量1580萬公噸高，主要是在全球原棕油價格飆升激勵下，更多邊緣土地轉種油棕所致。
種植及原產業部長拿督陳華貴接受《路透社》專訪時表示，大馬今年的原棕油產量應該會增加，預測全年可達約1650萬公噸。因為原棕油價格飆升，使許多邊緣地段轉為種植油棕。
今年至今為止，原棕油價格揚升約13%，這主要是能源及食物領域的強勁需求所推動。不過，它上個月從每公噸4486令吉高峰猛挫逾20%。
陳華貴說：“雖然原棕油價格已經從高峰回落，不過政府還沒有對大馬市場今年推出2%混合生物柴油計劃作出最後決定，因為原棕油的價格仍然比原油來得高。”
深入研究生物柴油計劃
大馬政府較早時宣佈，計劃推出5%棕油的生物柴油及95%石油柴油。隨著雙油價格高企，使大馬政府無限期展延推行這項計劃。
陳華貴表示，政府將從各個角度深入研究，包括目前偏高的原棕油價格的問題。政府將會在未來兩三個月作出決定，即政府是否準備好推行此項計劃。
大馬的汽油及柴油價格為亞洲最低之一，主要是它們獲得政府的津貼。隨著原棕油比石油柴油更昂貴，這將增加政府的額外負擔。
大馬每年消耗約1000萬公噸的柴油。
詢及今年是否會推行棕油生物柴油計劃，陳華貴表示希望能夠推出，因為最終還是要人民，或消費者從中受惠。
星洲日報／財經‧2008.04.26
種植及原產業部長拿督陳華貴接受《路透社》專訪時表示，大馬今年的原棕油產量應該會增加，預測全年可達約1650萬公噸。因為原棕油價格飆升，使許多邊緣地段轉為種植油棕。
今年至今為止，原棕油價格揚升約13%，這主要是能源及食物領域的強勁需求所推動。不過，它上個月從每公噸4486令吉高峰猛挫逾20%。
陳華貴說：“雖然原棕油價格已經從高峰回落，不過政府還沒有對大馬市場今年推出2%混合生物柴油計劃作出最後決定，因為原棕油的價格仍然比原油來得高。”
深入研究生物柴油計劃
大馬政府較早時宣佈，計劃推出5%棕油的生物柴油及95%石油柴油。隨著雙油價格高企，使大馬政府無限期展延推行這項計劃。
陳華貴表示，政府將從各個角度深入研究，包括目前偏高的原棕油價格的問題。政府將會在未來兩三個月作出決定，即政府是否準備好推行此項計劃。
大馬的汽油及柴油價格為亞洲最低之一，主要是它們獲得政府的津貼。隨著原棕油比石油柴油更昂貴，這將增加政府的額外負擔。
大馬每年消耗約1000萬公噸的柴油。
詢及今年是否會推行棕油生物柴油計劃，陳華貴表示希望能夠推出，因為最終還是要人民，或消費者從中受惠。
星洲日報／財經‧2008.04.26
23 April 2008
Who's who in brief
Malaysian Business, Jan 1, 2007
E-mail
Print
Link
BOUSTEAD Holdings Bhd
The total landbank of the group under cultivation in 2005 was 78,739 ha, out of which oil palm continued to be the predominant crop accounting for 78,238 ha. The group intends to ride on the biofuel trend and has recently announced that it is setting up a joint venture with CTI Biofuels Malaysia LLC on a 55:45 basis to construct and operate a processing plant for the production of palm oil-based biodiesel fuel. The plant is expected to produce five million gallons of biodiesel per year with an estimated project cost of RM24.0 million.
Far East Holdings Bhd
Far East Holdings is a small pure palm oil player with a small plantation size of just around 12,900 hectares. The group is mainly linked to the Pahang State Government through Perbadanan Kemajuan Negeri Pahang, which has a 19.1% stake in the company. Its other major shareholders are Prosper Trading Sdn Bhd (27.0%) and Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang (9.6%).
The group recently had a one-for-one bonus issue completed in November 2005, which increased its paid-up share capital from RM66.52 million to RM133.10 million. The group has also entered into a joint- venture project with Rangkaian Delima Sdn Bhd to develop 2,833 ha of oil palm plantation land, which is to be fully planted by the middle of 2007.
IJM Plantations Bhd
A small mid-sized player, IJM Plantations Bhd is a pure palm oil player with its estates mainly located in Sabah. The group has also tied up with CTI Biofuels Malaysia LLC to build and operate a biodiesel plant in Sandakan, Sabah, on a 60:40 basis.
IJM currently has a plantation size of only around 25,000 ha. The group is controlled by listed construction giant IJM Corporation Bhd, which owns a 47.9% stake. IJM Corporation is one of the biggest construction players in the country and has also ventured abroad, primarily to India.
Kulim (Malaysia) Bhd
Kulim (Malaysia) Bhd is primarily the plantation arm of the Johor State Government's investment agency, Johor Corporation. Kulim is one of the large mid-sized players in the local plantation sector and has a planted plantation size totalling around 92,000 ha located in Malaysia, Indonesia and Papua New Guinea. The group is also a large oleochemical player, having acquired Natural Oleochemicals Sdn Bhd (NatOleo) back in July 1994. NatOleo today has one of the largest oleochemical plants in a single site in the world.
In February 2006, Kulim also expanded further by entering into a joint- venture agreement with Peter Cremer (Singapore) GmBH for the production of biodiesel. The joint venture will see two biodiesel plants being set up, a 100,000-tonne-per-annum (TPA) facility in Tanjung Langsat, Johor, and another 100,000 TPA facility in Jurong, Singapore. The plants are expected to be operational in the second half of this year.
Kulim has also expanded and diversified out of its core plantation business through the acquisition of QSR Brands Bhd, a leading player in the quick-service restaurant industry, with franchise ownership of the international brands `Pizza Hut' and, via KFC Holdings Bhd, `KFC' and the homegrown brand `Ayamas'. With a general offer completed successfully on Dec 12, 2005, Kulim now has a 52.1% interest in QSR.
Kurnia Setia Bhd
Oil palm plantations remain the core activity of Kurnia Setia Bhd, and will also remain as the major contributor to this pure palm oil player's profitability in the near and medium term. The company is believed to be focusing more on increasing its production of FFB and the expansion of landbank for cultivating more oil palm plantations.
However, in the short term, the group has only a small plantation size of just around 10,000 ha. The group is linked to the Pahang State Government through Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang, which has a controlling 26.9% interest in the company.
Rimbunan Sawit Bhd
Rimbunan Sawit Bhd is a relatively young and small plantation company based in Sarawak. It has only about 13,700 ha of plantation landbank located in Miri, out of which 75% is planted with oil palm. According to a research report from AmResearch, Rimbunan Sawit's FFB yields are below average due to its young trees, although its oil extraction rates are considered decent. Its operating costs are also said to be within industry norms, which the research house believes is partly due to its landbank, which sits on mineral soil compared to the landbanks of some Sarawak-based plantation companies, which are on peat soil.
Rimbunan Sawit is planning to increase its plantation landbank in the future. However, AmResearch says in its report that it believes any injection of landbank by the sister company, Rimbunan Hijau Group Bhd, is unlikely in the coming few years as Rimbunan Hijau's oil palm trees are still very young. Rimbunan Hijau, which is substantially- owned by Rimbunan Sawit's major shareholder Tan Sri Tiong Hiew King, has approximately 180,000 ha of landbank in Sarawak, although out of this amount, only 18% are planted with oil palm. .
TDM Bhd
The TDM group is mainly concentrated in three main divisions, mainly, plantation, healthcare and food. However, plantation is still the main income contributor to the group. For example, the plantation division contributed the bulk of the group's pre-tax profit of around RM22.8 million in financial year (FY)05 at RM17.1 million, with the balance attributed to non-operational income. The other two business divisions of the group are still in the red. TDM has a plantation size of around 26,300 ha, which is still considered small compared to the big plantation players with landbanks of over 100,000 ha each. The group is linked to the Terengganu State Government, with Perbadanan Memajukan Iktisad Negeri Terengganu (32.08%) and Perbadanan Menteri Besar Terengganu (18.6%) having the controlling stakes in the company.
The food division of TDM is focused on its integrated poultry farming. The division is still loss-making, although the results improved from a loss of RM2.1 million in FY04 to a much smaller figure of RM0.4 million in FY05. The production capacity here has increased for its day-old chick production from an average of 3.7 million in FY04 to 3.9 million chicks in FY05.
Meanwhile, the healthcare division of TDM is also loss-making, although the results again improved to a loss of just RM0.9 million in FY05 from RM4.2 million in FY04. The improvement was mainly attributed to increased efficiency of the two hospitals under the division. The group has finalised its plan to open another medical centre in Kuala Terengganu, which is scheduled to start operations in FY06.
TH Plantations Bhd
Just like most of the small plantation companies, TH Plantations Bhd falls into the category of having just less than 20,000 ha of plantation landbank or 16,227 ha to be exact. According to a report from AmResearch, despite the common lack of economies of scale from its small-sized plantations, the group's milling and processing efficiencies are almost on par with the bigger players and above that of the national average.
TH Plantations' landbanks are all located in Peninsular Malaysia, in the states of Pahang, Terengganu and Johor. In the short term, TH Plantations' profit growth would come from enhancements in the crude palm oil price and operational efficiencies resulting from improvements in yields and extraction rates. However, in the longer term, AmResearch believes that excitement in TH Plantations is likely to come from the injection of plantation assets from its parent company, Lembaga Tabung Haji (LTH). LTH is estimated to own 121,773 ha of landbank in Malaysia and Indonesia (excluding TH Plantation's landbank).
Should there be a need to inject size or economies of scale into TH Plantations, analysts say that it is likely that more landbanks are likely to be sourced from the group from LTH in the future.
Tradewinds (M) Bhd
Tradewinds (M) Bhd is primarily involved in two core businesses, ie, sugar refining and plantation. The group's wholly owned subsidiary, Central Sugars Refinery Sdn Bhd, is one of the largest sugar refineries in the country. Meanwhile, the group has a total plantation landbank of 112,096 ha, out of which 77,424 ha or 69.1% is cultivated.
The group undertook a merger acquisition last year where it acquired the plantation business of Johore Tenggara Oil Palm Bhd and the sugar business of Gula Padang Terap Sdn Bhd. The plantation merger, completed early this year, has increased the group's plantation landbank from 112,096 ha to 140,684 ha.
Link
BOUSTEAD Holdings Bhd
The total landbank of the group under cultivation in 2005 was 78,739 ha, out of which oil palm continued to be the predominant crop accounting for 78,238 ha. The group intends to ride on the biofuel trend and has recently announced that it is setting up a joint venture with CTI Biofuels Malaysia LLC on a 55:45 basis to construct and operate a processing plant for the production of palm oil-based biodiesel fuel. The plant is expected to produce five million gallons of biodiesel per year with an estimated project cost of RM24.0 million.
Far East Holdings Bhd
Far East Holdings is a small pure palm oil player with a small plantation size of just around 12,900 hectares. The group is mainly linked to the Pahang State Government through Perbadanan Kemajuan Negeri Pahang, which has a 19.1% stake in the company. Its other major shareholders are Prosper Trading Sdn Bhd (27.0%) and Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang (9.6%).
The group recently had a one-for-one bonus issue completed in November 2005, which increased its paid-up share capital from RM66.52 million to RM133.10 million. The group has also entered into a joint- venture project with Rangkaian Delima Sdn Bhd to develop 2,833 ha of oil palm plantation land, which is to be fully planted by the middle of 2007.
IJM Plantations Bhd
A small mid-sized player, IJM Plantations Bhd is a pure palm oil player with its estates mainly located in Sabah. The group has also tied up with CTI Biofuels Malaysia LLC to build and operate a biodiesel plant in Sandakan, Sabah, on a 60:40 basis.
IJM currently has a plantation size of only around 25,000 ha. The group is controlled by listed construction giant IJM Corporation Bhd, which owns a 47.9% stake. IJM Corporation is one of the biggest construction players in the country and has also ventured abroad, primarily to India.
Kulim (Malaysia) Bhd
Kulim (Malaysia) Bhd is primarily the plantation arm of the Johor State Government's investment agency, Johor Corporation. Kulim is one of the large mid-sized players in the local plantation sector and has a planted plantation size totalling around 92,000 ha located in Malaysia, Indonesia and Papua New Guinea. The group is also a large oleochemical player, having acquired Natural Oleochemicals Sdn Bhd (NatOleo) back in July 1994. NatOleo today has one of the largest oleochemical plants in a single site in the world.
In February 2006, Kulim also expanded further by entering into a joint- venture agreement with Peter Cremer (Singapore) GmBH for the production of biodiesel. The joint venture will see two biodiesel plants being set up, a 100,000-tonne-per-annum (TPA) facility in Tanjung Langsat, Johor, and another 100,000 TPA facility in Jurong, Singapore. The plants are expected to be operational in the second half of this year.
Kulim has also expanded and diversified out of its core plantation business through the acquisition of QSR Brands Bhd, a leading player in the quick-service restaurant industry, with franchise ownership of the international brands `Pizza Hut' and, via KFC Holdings Bhd, `KFC' and the homegrown brand `Ayamas'. With a general offer completed successfully on Dec 12, 2005, Kulim now has a 52.1% interest in QSR.
Kurnia Setia Bhd
Oil palm plantations remain the core activity of Kurnia Setia Bhd, and will also remain as the major contributor to this pure palm oil player's profitability in the near and medium term. The company is believed to be focusing more on increasing its production of FFB and the expansion of landbank for cultivating more oil palm plantations.
However, in the short term, the group has only a small plantation size of just around 10,000 ha. The group is linked to the Pahang State Government through Lembaga Kemajuan Perusahaan Pertanian Negeri Pahang, which has a controlling 26.9% interest in the company.
Rimbunan Sawit Bhd
Rimbunan Sawit Bhd is a relatively young and small plantation company based in Sarawak. It has only about 13,700 ha of plantation landbank located in Miri, out of which 75% is planted with oil palm. According to a research report from AmResearch, Rimbunan Sawit's FFB yields are below average due to its young trees, although its oil extraction rates are considered decent. Its operating costs are also said to be within industry norms, which the research house believes is partly due to its landbank, which sits on mineral soil compared to the landbanks of some Sarawak-based plantation companies, which are on peat soil.
Rimbunan Sawit is planning to increase its plantation landbank in the future. However, AmResearch says in its report that it believes any injection of landbank by the sister company, Rimbunan Hijau Group Bhd, is unlikely in the coming few years as Rimbunan Hijau's oil palm trees are still very young. Rimbunan Hijau, which is substantially- owned by Rimbunan Sawit's major shareholder Tan Sri Tiong Hiew King, has approximately 180,000 ha of landbank in Sarawak, although out of this amount, only 18% are planted with oil palm. .
TDM Bhd
The TDM group is mainly concentrated in three main divisions, mainly, plantation, healthcare and food. However, plantation is still the main income contributor to the group. For example, the plantation division contributed the bulk of the group's pre-tax profit of around RM22.8 million in financial year (FY)05 at RM17.1 million, with the balance attributed to non-operational income. The other two business divisions of the group are still in the red. TDM has a plantation size of around 26,300 ha, which is still considered small compared to the big plantation players with landbanks of over 100,000 ha each. The group is linked to the Terengganu State Government, with Perbadanan Memajukan Iktisad Negeri Terengganu (32.08%) and Perbadanan Menteri Besar Terengganu (18.6%) having the controlling stakes in the company.
The food division of TDM is focused on its integrated poultry farming. The division is still loss-making, although the results improved from a loss of RM2.1 million in FY04 to a much smaller figure of RM0.4 million in FY05. The production capacity here has increased for its day-old chick production from an average of 3.7 million in FY04 to 3.9 million chicks in FY05.
Meanwhile, the healthcare division of TDM is also loss-making, although the results again improved to a loss of just RM0.9 million in FY05 from RM4.2 million in FY04. The improvement was mainly attributed to increased efficiency of the two hospitals under the division. The group has finalised its plan to open another medical centre in Kuala Terengganu, which is scheduled to start operations in FY06.
TH Plantations Bhd
Just like most of the small plantation companies, TH Plantations Bhd falls into the category of having just less than 20,000 ha of plantation landbank or 16,227 ha to be exact. According to a report from AmResearch, despite the common lack of economies of scale from its small-sized plantations, the group's milling and processing efficiencies are almost on par with the bigger players and above that of the national average.
TH Plantations' landbanks are all located in Peninsular Malaysia, in the states of Pahang, Terengganu and Johor. In the short term, TH Plantations' profit growth would come from enhancements in the crude palm oil price and operational efficiencies resulting from improvements in yields and extraction rates. However, in the longer term, AmResearch believes that excitement in TH Plantations is likely to come from the injection of plantation assets from its parent company, Lembaga Tabung Haji (LTH). LTH is estimated to own 121,773 ha of landbank in Malaysia and Indonesia (excluding TH Plantation's landbank).
Should there be a need to inject size or economies of scale into TH Plantations, analysts say that it is likely that more landbanks are likely to be sourced from the group from LTH in the future.
Tradewinds (M) Bhd
Tradewinds (M) Bhd is primarily involved in two core businesses, ie, sugar refining and plantation. The group's wholly owned subsidiary, Central Sugars Refinery Sdn Bhd, is one of the largest sugar refineries in the country. Meanwhile, the group has a total plantation landbank of 112,096 ha, out of which 77,424 ha or 69.1% is cultivated.
The group undertook a merger acquisition last year where it acquired the plantation business of Johore Tenggara Oil Palm Bhd and the sugar business of Gula Padang Terap Sdn Bhd. The plantation merger, completed early this year, has increased the group's plantation landbank from 112,096 ha to 140,684 ha.
Kurnia boosts yields
Friday April 11, 2008
Kurnia boosts yields
By C. S. TAN
KUALA LUMPUR: Smallish Kurnia Setia Bhd was known to have a very low yield in its production of palm oil fruits. That has changed as its new management has raised crop productivity by about 40%.
Kurnia's yield per hectare was only about 14 tonnes in 2005 when new major shareholders came into the company. After two years of improved estate management practices, the yield rose to 18.7 tonnes last year, and the management is targeting more than 20 tonnes this year.
All of the group's 10 estates are in Pahang, where its Klau estate near Raub has achieved a yield of 24 tonnes. The management was trying to replicate that level in the other estates, managing director Datuk Halim Ibrahim told StarBiz recently.
The group produced 44,850 tonnes of fresh fruit bunches (FFB) in the first quarter, 55% higher than the output of 28,290 tonnes in the year-earlier period.
The new major shareholders – members of the Pahang royal family – bought a substantial stake in Kurnia in 2005, which was later increased to about 31%. The vendor was Pahang Agricultural Development Corp (LKPP), which retains a substantial ownership of about 26%.
The state government has interests in two other listed plantation companies – LKPP has a stake of 8.1% in Far East Holdings Bhd, and the state government directly owns 69% of Mentiga Corp Bhd. LKPP also owns hundreds of thousands of acres of plantations in Pahang.
Kurnia chief operating officer Tengku Datuk Zubir Tengku Ubaidillah said that as the group's results improved, LKPP still benefitted as a shareholder. “If Kurnia flourishes, LKPP also flourishes,” he said.
LKPP benefits from the dividends paid out by Kurnia and as the market value of the latter rises.
Halim has more than 30 years' experience in oil palm and rubber while Tengku Zubir previously headed the property division of Road Builder Holdings Bhd,
Kurnia obtained an average price of RM2,900 a tonne for crude palm oil (CPO) in its fourth quarter ended Dec 31, 2007. That is a very good price, considering its production cost of RM1,050 a tonne, which Halim said included depreciation and contribution to Malaysian Palm Oil Board's cess.
The price obtained for CPO enabled Kurnia to produce a net profit of RM10.2mil in the fourth quarter.
The company does not sell in the futures market, selling entirely in the spot market as it does not own a palm oil mill. It therefore achieves good prices when the CPO price trends upward.
The group intends to operate its own mills. It will build one of its own and a second jointly with LKPP.
It is raising about RM38mil cash through a rights issue for which today is the last date for acceptances. The amount raised will be used for plantation expenditure and property development.
It is not in immediate need for the cash proceeds. Kurnia held cash of RM27mil at the end of last year, and assuming operating cashflow of about RM40mil this year, it would have RM67mil or more in cash, even without the rights proceeds.
“We need a war chest in case there are opportunities for land in a very good location at a very good price,” Tengku Zubir said.
Kurnia will be developing one of its estates that are just 10km from Kuantan. “As with any other plantation company, when we have an estate near a town, we'd like to unlock its value,” Tengku Zubir said.
Kurnia boosts yields
By C. S. TAN
KUALA LUMPUR: Smallish Kurnia Setia Bhd was known to have a very low yield in its production of palm oil fruits. That has changed as its new management has raised crop productivity by about 40%.
Kurnia's yield per hectare was only about 14 tonnes in 2005 when new major shareholders came into the company. After two years of improved estate management practices, the yield rose to 18.7 tonnes last year, and the management is targeting more than 20 tonnes this year.
All of the group's 10 estates are in Pahang, where its Klau estate near Raub has achieved a yield of 24 tonnes. The management was trying to replicate that level in the other estates, managing director Datuk Halim Ibrahim told StarBiz recently.
The group produced 44,850 tonnes of fresh fruit bunches (FFB) in the first quarter, 55% higher than the output of 28,290 tonnes in the year-earlier period.
The new major shareholders – members of the Pahang royal family – bought a substantial stake in Kurnia in 2005, which was later increased to about 31%. The vendor was Pahang Agricultural Development Corp (LKPP), which retains a substantial ownership of about 26%.
The state government has interests in two other listed plantation companies – LKPP has a stake of 8.1% in Far East Holdings Bhd, and the state government directly owns 69% of Mentiga Corp Bhd. LKPP also owns hundreds of thousands of acres of plantations in Pahang.
Kurnia chief operating officer Tengku Datuk Zubir Tengku Ubaidillah said that as the group's results improved, LKPP still benefitted as a shareholder. “If Kurnia flourishes, LKPP also flourishes,” he said.
LKPP benefits from the dividends paid out by Kurnia and as the market value of the latter rises.
Halim has more than 30 years' experience in oil palm and rubber while Tengku Zubir previously headed the property division of Road Builder Holdings Bhd,
Kurnia obtained an average price of RM2,900 a tonne for crude palm oil (CPO) in its fourth quarter ended Dec 31, 2007. That is a very good price, considering its production cost of RM1,050 a tonne, which Halim said included depreciation and contribution to Malaysian Palm Oil Board's cess.
The price obtained for CPO enabled Kurnia to produce a net profit of RM10.2mil in the fourth quarter.
The company does not sell in the futures market, selling entirely in the spot market as it does not own a palm oil mill. It therefore achieves good prices when the CPO price trends upward.
The group intends to operate its own mills. It will build one of its own and a second jointly with LKPP.
It is raising about RM38mil cash through a rights issue for which today is the last date for acceptances. The amount raised will be used for plantation expenditure and property development.
It is not in immediate need for the cash proceeds. Kurnia held cash of RM27mil at the end of last year, and assuming operating cashflow of about RM40mil this year, it would have RM67mil or more in cash, even without the rights proceeds.
“We need a war chest in case there are opportunities for land in a very good location at a very good price,” Tengku Zubir said.
Kurnia will be developing one of its estates that are just 10km from Kuantan. “As with any other plantation company, when we have an estate near a town, we'd like to unlock its value,” Tengku Zubir said.
Kurnia Setia moves to expand landbank
Kurnia Setia moves to expand landbank
By TEE LIN SAY
FOREIGN funds have been nibbling on commodity-based stocks in recent weeks as prices continue to soar full throttle.
While the play on plantations isn't exactly new, it is worthwhile checking out plantation companies with good growth but are relatively unknown.
Pahang-based Kurnia Setia Bhd may be small, but its turnaround and growth potential begs a second look.
However, lack of liquidity in the stock as well as its relatively small landbank has hindered investor interest.
As it stands, Kurnia Setia owns 11,797ha of plantation land. But this is set to change.
The company targets to double its hectarage within the next three years.
It is now actively pursuing negotiations with state governments for the possible purchase of land banks or joint ventures.
Tengku Zubir (left) and Halim
“We are now exploring 3,000ha vacant land in Kuala Lipis from the state government, which we are looking to convert into a plantation land. We are also looking at possibilities in Sabah,” says Kurnia Setia's managing director Datuk Halim Ibrahim.
Kurnia Setia is essentially owned by the Pahang government. In 2005, the Pahang royal family via TAS Kurnia Sdn Bhd bought a block of shares in the company from Lembaga Kemajuan Pertanian Negeri Pahang (LKPP).
The acquisition price was at RM2 per share; Kurnia shares then were trading at around RM1.20.
TAS has since increased its stake in the company to about23%.
A new management team was also put in place. Key among them was Tengku Datuk Zubir Tengku Datuk Ubaidillah who was appointed chief operating officer in 2005.
His brother Tengku Datuk Uzir Tengku Datuk Ubaidillah was appointed to the board in 2004.
Says Halim: “We put in place better estate management practices, improved planting method and more efficient harvesting and collection, among others.”
Tengku Uzir says: “We also hired and fired. We did not renew the contracts of some of the estate managers. There was an urgent need to reshuffle and quickly turn the business around.”
Owing to these measures, the company managed to raise its efficiency levels by several notches.
Fresh fruit bunches yield improved to 16.47 tonnes per ha in FY06 from 14.55 tonnes in FY05.
Similarly, crude palm oil extraction rate has risen to 19.3% from 18.8% previously.
Tengku Zubir expects FFB yield to reach 18 tonnes in FY07 and is targeting 20 tonnes in the near future.
“Furthermore, we recently undertook a GPS (global positioning system) survey on our land bank, and we discovered that some of our plantation areas are under planted. So this means we have an extra 700ha to be planted. About 550ha will planted by this year,” says Tengku Zubir.
Earnings wise, management's effort was visible just a year later.
For its financial year ended December 2006, revenue increased 31.9% to RM56.7mil while profit after tax jumped a staggering 1,794% to RM8.9mil.
The positive performance has continued. In the first half of FY07, revenue jumped 57.5% to RM34.7mil while net profit quadrupled to RM8.9mil.
“Due to seasonal factors, our second half will be stronger than the first half. Peak harvesting happens in the second half of the year. These are exciting times for us, as 36.9% of our trees are in prime phases. Another 36.6% of trees will enter its prime phase over the next one to three years,” says Tengku Uzir.
The maturity of these trees will also coincide with the commencement of Kurnia Setia's milling operations.
At the moment the company is focussed on upstream activities, but management realises only too well the necessity to have its own mill.
“LKPP and Kurnia Setia are proposing to construct a mill in 2009 and commence operations by 2011. This will be a 51:49 joint venture respectively.”
Halim says that the proposal with the state government agency will require total investments of RM24mil.
The initial capacity of the mill is 30 tonnes/hr. The mill will support the plantation activities within Lipis district.
Tengku Uzir says capital requirements over the next two years is estimated at RM50mil, which are mainly for new oil palm estates as well as for replanting exercise, and property development works.
In the meantime, as at June 30, the group is in a net cash position of RM4.66mil.
“A cash call will be exercised as and when the need arises in the best interest of the shareholders,” says Tengku Uzir.
Property development
While plantation will be the core business of the company, Kurnia Setia is in the midst of launching its property development project in Bukit Goh, Kuantan.
About 607ha of old plantation land has been identified for development into a township.
The Seri Kurnia Mahkota township, will have a gross development value (GDV) of RM1.8bil, and will be developed over a 10-15 year period in seven development phases.
This development is located within the Eastern Corridor Economic Region (ECER) and is in close proximity to the East Coast Expressway and Kuantan-Kemaman bypass road.
In addition, it is situated within the Chenor-Gebeng petrochemical industries corridor.
“But we still want to be known as an agro-based company. The profits generated from property development will be injected into the plantation division for further growth,” says Halim.
The first phase of the township development comprises 1,200 units of residential and commercial properties with an initial GDV of RM330mil.
Zubir says that the first phase of the property launch will take place in the first quarter of 2008.
He expects more significant revenue contribution to start in 2009. The company is already in talks with a few established developers to develop Seri Kurnia Mahkota.
Meanwhile, JF Apex is forecasting the company to deliver RM28.44mil in net earnings for its full year in FY07.
This would be more than a 3-fold jump from the previous year.
These earnings would translate into earnings per share of 37.9 sen for the stock.
Based on its current share price of RM2.70, the stock is then trading at a present year price earnings ratio of 7 times.
On the basis of comparing Kurnia Setia's market capitalisation of RM203.56mil to its total hectarage of 11, 797ha, the company's per ha would be worth RM17,000.
This is still much lower when compared to the industry average of about RM28,000 per ha.
By TEE LIN SAY
FOREIGN funds have been nibbling on commodity-based stocks in recent weeks as prices continue to soar full throttle.
While the play on plantations isn't exactly new, it is worthwhile checking out plantation companies with good growth but are relatively unknown.
Pahang-based Kurnia Setia Bhd may be small, but its turnaround and growth potential begs a second look.
However, lack of liquidity in the stock as well as its relatively small landbank has hindered investor interest.
As it stands, Kurnia Setia owns 11,797ha of plantation land. But this is set to change.
The company targets to double its hectarage within the next three years.
It is now actively pursuing negotiations with state governments for the possible purchase of land banks or joint ventures.
Tengku Zubir (left) and Halim
“We are now exploring 3,000ha vacant land in Kuala Lipis from the state government, which we are looking to convert into a plantation land. We are also looking at possibilities in Sabah,” says Kurnia Setia's managing director Datuk Halim Ibrahim.
Kurnia Setia is essentially owned by the Pahang government. In 2005, the Pahang royal family via TAS Kurnia Sdn Bhd bought a block of shares in the company from Lembaga Kemajuan Pertanian Negeri Pahang (LKPP).
The acquisition price was at RM2 per share; Kurnia shares then were trading at around RM1.20.
TAS has since increased its stake in the company to about23%.
A new management team was also put in place. Key among them was Tengku Datuk Zubir Tengku Datuk Ubaidillah who was appointed chief operating officer in 2005.
His brother Tengku Datuk Uzir Tengku Datuk Ubaidillah was appointed to the board in 2004.
Says Halim: “We put in place better estate management practices, improved planting method and more efficient harvesting and collection, among others.”
Tengku Uzir says: “We also hired and fired. We did not renew the contracts of some of the estate managers. There was an urgent need to reshuffle and quickly turn the business around.”
Owing to these measures, the company managed to raise its efficiency levels by several notches.
Fresh fruit bunches yield improved to 16.47 tonnes per ha in FY06 from 14.55 tonnes in FY05.
Similarly, crude palm oil extraction rate has risen to 19.3% from 18.8% previously.
Tengku Zubir expects FFB yield to reach 18 tonnes in FY07 and is targeting 20 tonnes in the near future.
“Furthermore, we recently undertook a GPS (global positioning system) survey on our land bank, and we discovered that some of our plantation areas are under planted. So this means we have an extra 700ha to be planted. About 550ha will planted by this year,” says Tengku Zubir.
Earnings wise, management's effort was visible just a year later.
For its financial year ended December 2006, revenue increased 31.9% to RM56.7mil while profit after tax jumped a staggering 1,794% to RM8.9mil.
The positive performance has continued. In the first half of FY07, revenue jumped 57.5% to RM34.7mil while net profit quadrupled to RM8.9mil.
“Due to seasonal factors, our second half will be stronger than the first half. Peak harvesting happens in the second half of the year. These are exciting times for us, as 36.9% of our trees are in prime phases. Another 36.6% of trees will enter its prime phase over the next one to three years,” says Tengku Uzir.
The maturity of these trees will also coincide with the commencement of Kurnia Setia's milling operations.
At the moment the company is focussed on upstream activities, but management realises only too well the necessity to have its own mill.
“LKPP and Kurnia Setia are proposing to construct a mill in 2009 and commence operations by 2011. This will be a 51:49 joint venture respectively.”
Halim says that the proposal with the state government agency will require total investments of RM24mil.
The initial capacity of the mill is 30 tonnes/hr. The mill will support the plantation activities within Lipis district.
Tengku Uzir says capital requirements over the next two years is estimated at RM50mil, which are mainly for new oil palm estates as well as for replanting exercise, and property development works.
In the meantime, as at June 30, the group is in a net cash position of RM4.66mil.
“A cash call will be exercised as and when the need arises in the best interest of the shareholders,” says Tengku Uzir.
Property development
While plantation will be the core business of the company, Kurnia Setia is in the midst of launching its property development project in Bukit Goh, Kuantan.
About 607ha of old plantation land has been identified for development into a township.
The Seri Kurnia Mahkota township, will have a gross development value (GDV) of RM1.8bil, and will be developed over a 10-15 year period in seven development phases.
This development is located within the Eastern Corridor Economic Region (ECER) and is in close proximity to the East Coast Expressway and Kuantan-Kemaman bypass road.
In addition, it is situated within the Chenor-Gebeng petrochemical industries corridor.
“But we still want to be known as an agro-based company. The profits generated from property development will be injected into the plantation division for further growth,” says Halim.
The first phase of the township development comprises 1,200 units of residential and commercial properties with an initial GDV of RM330mil.
Zubir says that the first phase of the property launch will take place in the first quarter of 2008.
He expects more significant revenue contribution to start in 2009. The company is already in talks with a few established developers to develop Seri Kurnia Mahkota.
Meanwhile, JF Apex is forecasting the company to deliver RM28.44mil in net earnings for its full year in FY07.
This would be more than a 3-fold jump from the previous year.
These earnings would translate into earnings per share of 37.9 sen for the stock.
Based on its current share price of RM2.70, the stock is then trading at a present year price earnings ratio of 7 times.
On the basis of comparing Kurnia Setia's market capitalisation of RM203.56mil to its total hectarage of 11, 797ha, the company's per ha would be worth RM17,000.
This is still much lower when compared to the industry average of about RM28,000 per ha.
21 April 2008
kretam在帐面值下交易。
投资者可以做另类选择，选择这家转型成功的公司。
以RM1.4的价位买进，怎么说都不算便宜，但可以等待他被美化后的balance sheet。只要balance sheet被刻意修饰，投资者就能乘骑股价的飞涨了。
上次我所提到的两个缺点，可被期待为惊喜。
＃把retained profit修饰成可以派息的条件。
＃把债务转换为母股可让book value提高。
＃在几年前投资的bursa股票，如今已经增值了700-1000万。(看bursa股票表现)
＃随着证券行生意蒸蒸日上，等待脱售的innosabah securities相信已经增值到了7000万。
有耐心的投资者可买入，但不鼓励中期和短期的投资。
我不对以上评论准确性负责，虽然我不只一次强调这点。
对kretam的责任声明我特别重视，是因他的透明度不高，没有办法做准确判断。
以RM1.4的价位买进，怎么说都不算便宜，但可以等待他被美化后的balance sheet。只要balance sheet被刻意修饰，投资者就能乘骑股价的飞涨了。
上次我所提到的两个缺点，可被期待为惊喜。
＃把retained profit修饰成可以派息的条件。
＃把债务转换为母股可让book value提高。
＃在几年前投资的bursa股票，如今已经增值了700-1000万。(看bursa股票表现)
＃随着证券行生意蒸蒸日上，等待脱售的innosabah securities相信已经增值到了7000万。
有耐心的投资者可买入，但不鼓励中期和短期的投资。
我不对以上评论准确性负责，虽然我不只一次强调这点。
对kretam的责任声明我特别重视，是因他的透明度不高，没有办法做准确判断。
20 April 2008
14-08-2007: High palm oil prices boost Kretam 2Q07 net profit
14-08-2007: High palm oil prices boost Kretam 2Q07 net profit
by Ellina Badri
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Kretam Holdings Bhd posted a RM13 million net profit in the second quarter ended June 30, 2007 versus a net loss of RM1.3 million a year earlier, on the back of a 103.4% increase in
revenue to RM30 million from RM14.7 million.
In its unaudited quarterly report yesterday, Kretam said its performance for the period was boosted by high palm oil prices and improved contributions from its newly-matured oil palm areas in the Tawau district.
Additionally, results from the group’s stockbroking unit were boosted by improved trading volumes in light of the recent bullish stock market sentiment, and also from the sale of quoted securities received on the demutualisation of Bursa Malaysia, it said.
For the six months to June 30, its net profit and revenue stood at RM23.4 million versus a loss of RM89,000 a year earlier and RM55.3 million versus RM30 million a year earlier, respectively.
Kretam said its plantations were expected to perform well in 2007 based on bullish expectations of palm oil prices.
Revenue from the group’s new oil palm estates in the Tawau district was expected to increase progressively as more areas attained maturity, it added.
by Ellina Badri
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Kretam Holdings Bhd posted a RM13 million net profit in the second quarter ended June 30, 2007 versus a net loss of RM1.3 million a year earlier, on the back of a 103.4% increase in
revenue to RM30 million from RM14.7 million.
In its unaudited quarterly report yesterday, Kretam said its performance for the period was boosted by high palm oil prices and improved contributions from its newly-matured oil palm areas in the Tawau district.
Additionally, results from the group’s stockbroking unit were boosted by improved trading volumes in light of the recent bullish stock market sentiment, and also from the sale of quoted securities received on the demutualisation of Bursa Malaysia, it said.
For the six months to June 30, its net profit and revenue stood at RM23.4 million versus a loss of RM89,000 a year earlier and RM55.3 million versus RM30 million a year earlier, respectively.
Kretam said its plantations were expected to perform well in 2007 based on bullish expectations of palm oil prices.
Revenue from the group’s new oil palm estates in the Tawau district was expected to increase progressively as more areas attained maturity, it added.
kretam
几年前kretam在中国水利发电蒙受巨额亏损，随着restructuring plan成功过关，他们已经把核心业务放在种植。
虽然现在kretam的本益比很低，但还不是最好的进场时机。
＃目前的retained profit严重不足，无法给股息。
＃有太多的转换债券需要被消化。
虽然现在kretam的本益比很低，但还不是最好的进场时机。
＃目前的retained profit严重不足，无法给股息。
＃有太多的转换债券需要被消化。
19 April 2008
kurnia扩大的缴足资本(2007-2013april)如何冲淡利润
18 April 2008
Hap Seng shares trading at cheap valuations
Friday April 18, 2008
Hap Seng shares trading at cheap valuations
By YEOW POOI LING
PETALING JAYA: Shares in Hap Seng Plantations Holdings Bhd (HSPlant) are currently trading at cheap valuations despite crude palm oil (CPO) prices hovering above RM3,000 per tonne.
Based on Bloomberg’s earnings per share (EPS) estimate of 27.7 sen for the period ending Jan 31, 2009, and yesterday’s closing price of RM2.93, the stock is trading at a price-to-earnings (PE) of 10.6 times.
The share price is a 22% discount to its high of RM3.78 in January. The planter is one of the most efficient in terms of operational cost, which is handy in times of escalating prices.
During the listing exercise in November last year, the management indicated that fresh fruit bunch yields were at 25.3 tonnes per hectare per year.
In January, it decided to change its financial year-end to Dec 31 from Jan 31 previously, hence the current reporting period would only comprise 11 months.
For the financial year ended Jan 31, it achieved an average CPO selling price of RM2,289 a tonne and posted a net profit of RM165.6mil (including a negative goodwill of RM77.3mil) on revenue of RM216.6mil. EPS stood at 41.2 sen.
The company declared a total dividend of 10 sen per share, which translates into a yield of 3.4%. Based on its indicative dividend payout of 60% of profits, the yield is likely to improve to over 6% in the current fiscal year.
HSPlant has an aggressive forward selling policy with about half of production in 2008 already sold at about RM2,000 a tonne.
A plantation analyst said: “There should be no downside to earnings even if CPO prices were to fall significantly, as the company has already sold forward half of production.”
The remaining production will be sold at current prices. The analyst estimated HSPlant would achieve an average price of RM2,500 for calendar year 2008.
“Nothing has been sold yet for next year’s production. Hence, the company will stand to benefit in 2009, as long as CPO prices remain above RM2,500 a tonne,” he said, noting that annual production growth of 3% to 4% was likely over the next two years based on existing plantations.
HSPlant has a total land bank of 32,752ha, which are fully planted, with over 95% matured areas. The balance 5% should reach maturity next year.
More than 75% of plants are below 17 years old, indicating potential growth in the future. The planter has signalled plans to increase acreage.
A news report yesterday said the Government was reviewing the cess rate for plantations. This is good news for industry players as margins are likely to improve further.
TA Securities estimated that FY09 earnings estimates of plantation stocks under its coverage could be upgraded by 3% to 7% if the cess rate was completely removed.
Meanwhile, K&N Kenanga, in a recent report, said: “Every RM100 per tonne increase in average CPO selling price accretes 2 sen to HSPlant’s forward EPS or 30 sen to target price.”
Being a pure planter with no downstream operations, and coupled with a strong management team, HSPlant should be among the top beneficiaries of CPO prices.
Kurnia Setia hit by floods
Kurnia Setia hit by floods
By FINTAN NG
fintan@thestar.com.my
PETALING JAYA: Kurnia Setia Bhd, whose 10,000ha of oil palm plantations are mainly in Pahang, has revised down its 2007 growth target for fresh fruit bunches (FFB) harvest to 8.5% from 10% due to the floods that have inundated the company's plantations.
A company official said the new target was 178,000 tonnes, against 182,000 before. Last year, Kurnia Setia harvested 164,000 tonnes. ?On average, the annual growth industry-wide is between 5% and 8%,? he told StarBiz.
?This year's floods have hit us very badly. Two of our plantations are flooded, which makes it hard to harvest the fruits and transport them out,? he said.
?Most of the plantations in the state have been affected,? he added.
Due to the difficulty of transporting the FFBs, the company had decided to harvest only after the floods recede, he said.
?We've instructed the workers not to harvest because once it?s (the fruit) harvested and placed on the platform it rots faster. If left on the trees, it's slower to rot. So if the opportunity comes and the floods recede, then we can harvest and quickly move it out,? he said.
The official said that one bright spot was the late arrival of the monsoon rains.
?Normally, the trend is that after October, the yields would come down sharply but, due to the later monsoon season, we managed to get two tonnes per hectare for November, which was higher than October's while the first week of December was good too,? he said.
He added that for this month the yield should be about one tonne per hectare.
Due to this, the average harvest for the past two months of the year would be 1.5 tonnes per hectare compared with the usual one tonne per hectare, he said.
The company's latest crop figures released to Bursa Malaysia showed it harvested 19,863 tonnes of FFBs in November this year compared with 14,205 tonnes a year earlier.
The average yield per hectare between November and February was one tonne, which was normal, he added.
He said the first two months of next year would be quite wet too, which might dampen palm oil supply.
?We usually see production picking up in the second half of February but, if the weather is bad, I foresee less supply,? he added.
The official said production in the state was slow in the first half and only picked up from July.
By FINTAN NG
fintan@thestar.com.my
PETALING JAYA: Kurnia Setia Bhd, whose 10,000ha of oil palm plantations are mainly in Pahang, has revised down its 2007 growth target for fresh fruit bunches (FFB) harvest to 8.5% from 10% due to the floods that have inundated the company's plantations.
A company official said the new target was 178,000 tonnes, against 182,000 before. Last year, Kurnia Setia harvested 164,000 tonnes. ?On average, the annual growth industry-wide is between 5% and 8%,? he told StarBiz.
?This year's floods have hit us very badly. Two of our plantations are flooded, which makes it hard to harvest the fruits and transport them out,? he said.
?Most of the plantations in the state have been affected,? he added.
Due to the difficulty of transporting the FFBs, the company had decided to harvest only after the floods recede, he said.
?We've instructed the workers not to harvest because once it?s (the fruit) harvested and placed on the platform it rots faster. If left on the trees, it's slower to rot. So if the opportunity comes and the floods recede, then we can harvest and quickly move it out,? he said.
The official said that one bright spot was the late arrival of the monsoon rains.
?Normally, the trend is that after October, the yields would come down sharply but, due to the later monsoon season, we managed to get two tonnes per hectare for November, which was higher than October's while the first week of December was good too,? he said.
He added that for this month the yield should be about one tonne per hectare.
Due to this, the average harvest for the past two months of the year would be 1.5 tonnes per hectare compared with the usual one tonne per hectare, he said.
The company's latest crop figures released to Bursa Malaysia showed it harvested 19,863 tonnes of FFBs in November this year compared with 14,205 tonnes a year earlier.
The average yield per hectare between November and February was one tonne, which was normal, he added.
He said the first two months of next year would be quite wet too, which might dampen palm oil supply.
?We usually see production picking up in the second half of February but, if the weather is bad, I foresee less supply,? he added.
The official said production in the state was slow in the first half and only picked up from July.
Yong: Take up with KL on palm oil double tax
Yong: Take up with KL on palm oil double tax
20 November, 2007
Kota Kinabalu: The State Government has been urged to take up with the Federal Government the issue of double taxation on the palm oil industry in Sabah.
Sabah Progressive Party president Datuk Seri Panglima Yong Teck Lee who made the call said at today's prices, the tax amounts to RM30 per tonne of FFB which would costs the Sabah economy at least hundreds of millions of ringgit per annum.
The double taxation arose after the imposition of a new federal cess in June this year whereby the Malaysian Palm Oil Board imposed a graduating scale of taxes on Fresh Fruit Brunch produced by planters supposedly as subsidies for cooking oil.
"This tax for cooking oil subsidy is controversial because it is unfair for the Sabah palm oil industry to bear a disproportionately high subsidy for cooking oil prices when the population of consumers in Sabah is much smaller than that of the rest of the country which have a proportionately smaller palm oil production per capita," he said in a statement on the State Budget 2008 Monday.
"SAPP also feels that the time has come for a downward revision of foreign workers' levies for agricultural workers in order to allow the continued growth of the oil palm industry which has become a major revenue earner for Sabah.
"With competition coming from huge Indonesian oil palm plantations, the levy on plantation foreign workers, who come almost exclusively from Indonesia, should be reduced by at least RM100 per head.
"This is to prevent a shortage of workers that could stifle the oil palm industry within the next few years.
On the RM 2.33 billion budget for next year Yong said it proves that the State government has diversified its revenue base and built up enough reserves for future development plans.
This is a clear sign that the State Government's halatuju announced three years ago by Chief Minister, Datuk Seri Musa Aman, is working well and will stir more confidence among the people on the State economy, he said.
"In the 1970s and 1980s, the State Government was too dependent on timber royalties to the extent that when the timber industry weakened, State revenues became perilously low. That over dependence on a single source of revenue, which was timber royalties, was a major concern of the State leaders at the time.
"A former Minister of Finance once bemoaned the dilemma facing the State that when timber prices fell Sabah then had to cut more trees in order to balance the budget.
"But now, we see that oil palm and gaming taxes, petroleum royalties and dividends from investments constitute a major chunk of State incomes.
Forestry revenues have taken a back seat, which is a good thing."
According to Yong the projected timber royalties of only RM235 million due to reduced logging is consistent with the ITTO (International Tropical Timber Organisation) principles of sustainable forest management.
The sustainable forest management practised over the last decade is helping our natural forests re-grow for the future generations, he said.
"In the meantime, logs certified by the Forest Stewardship Council (FSC-certified) as coming from sustainably-managed forests fetch premium prices," he said, adding, "this is a win-win for Sabah in the short and long term."
20 November, 2007
Kota Kinabalu: The State Government has been urged to take up with the Federal Government the issue of double taxation on the palm oil industry in Sabah.
Sabah Progressive Party president Datuk Seri Panglima Yong Teck Lee who made the call said at today's prices, the tax amounts to RM30 per tonne of FFB which would costs the Sabah economy at least hundreds of millions of ringgit per annum.
The double taxation arose after the imposition of a new federal cess in June this year whereby the Malaysian Palm Oil Board imposed a graduating scale of taxes on Fresh Fruit Brunch produced by planters supposedly as subsidies for cooking oil.
"This tax for cooking oil subsidy is controversial because it is unfair for the Sabah palm oil industry to bear a disproportionately high subsidy for cooking oil prices when the population of consumers in Sabah is much smaller than that of the rest of the country which have a proportionately smaller palm oil production per capita," he said in a statement on the State Budget 2008 Monday.
"SAPP also feels that the time has come for a downward revision of foreign workers' levies for agricultural workers in order to allow the continued growth of the oil palm industry which has become a major revenue earner for Sabah.
"With competition coming from huge Indonesian oil palm plantations, the levy on plantation foreign workers, who come almost exclusively from Indonesia, should be reduced by at least RM100 per head.
"This is to prevent a shortage of workers that could stifle the oil palm industry within the next few years.
On the RM 2.33 billion budget for next year Yong said it proves that the State government has diversified its revenue base and built up enough reserves for future development plans.
This is a clear sign that the State Government's halatuju announced three years ago by Chief Minister, Datuk Seri Musa Aman, is working well and will stir more confidence among the people on the State economy, he said.
"In the 1970s and 1980s, the State Government was too dependent on timber royalties to the extent that when the timber industry weakened, State revenues became perilously low. That over dependence on a single source of revenue, which was timber royalties, was a major concern of the State leaders at the time.
"A former Minister of Finance once bemoaned the dilemma facing the State that when timber prices fell Sabah then had to cut more trees in order to balance the budget.
"But now, we see that oil palm and gaming taxes, petroleum royalties and dividends from investments constitute a major chunk of State incomes.
Forestry revenues have taken a back seat, which is a good thing."
According to Yong the projected timber royalties of only RM235 million due to reduced logging is consistent with the ITTO (International Tropical Timber Organisation) principles of sustainable forest management.
The sustainable forest management practised over the last decade is helping our natural forests re-grow for the future generations, he said.
"In the meantime, logs certified by the Forest Stewardship Council (FSC-certified) as coming from sustainably-managed forests fetch premium prices," he said, adding, "this is a win-win for Sabah in the short and long term."
16 April 2008
Jtiasa进军油棕业
张晓卿的木材公司，有意把触角伸到油棕业。
我估计到了2010年，油棕业会占公司3成的盈利。
他们正以每年10000公顷的步伐开发。预计到了2011年，有35000公顷的油棕进入采割期,目前只有5000公顷。
顺便说点别的，昨天有不少木材类股都有斩获，升幅都有5%，lingui-pworth-jtiasa-evergrn-eksons，但是jtiasa的姐妹公司subur却平平，这是为什么？
我估计到了2010年，油棕业会占公司3成的盈利。
他们正以每年10000公顷的步伐开发。预计到了2011年，有35000公顷的油棕进入采割期,目前只有5000公顷。
顺便说点别的，昨天有不少木材类股都有斩获，升幅都有5%，lingui-pworth-jtiasa-evergrn-eksons，但是jtiasa的姐妹公司subur却平平，这是为什么？
15 April 2008
hsplant ipo
缴足资本：800,000,000
市值(RM2.65)：2,120,000,000
上市(RM2.65): 16 nov 2007
主要股东：51.55% (hap seng consolidated, 8 jan 2008)
hsplant的ipo是以50,000,000单位的public issue和250,000,000单位的offer for sales组成。
public issue是透过扩大的缴足资本筹资。
offer for sales是hapseng献售股权，不扩大缴足资本。
hsplant上市前的缴足资本为750,000,000 ， hapseng持有其中的87.55%股权，相等于656,625,000。
完成offer for sales，股权减少到406,625,000 ，股权54.21%，
扩大缴足资本50,000,000 (public offer)，股权再度减少到50.82%
On 8 January 2008, 股权增加到51.55%。
hsplant上市工作是由他的母公司一手包办的，ipo共3亿股:
市值(RM2.65)：2,120,000,000
上市(RM2.65): 16 nov 2007
主要股东：51.55% (hap seng consolidated, 8 jan 2008)
hsplant的ipo是以50,000,000单位的public issue和250,000,000单位的offer for sales组成。
public issue是透过扩大的缴足资本筹资。
offer for sales是hapseng献售股权，不扩大缴足资本。
hsplant上市前的缴足资本为750,000,000 ， hapseng持有其中的87.55%股权，相等于656,625,000。
完成offer for sales，股权减少到406,625,000 ，股权54.21%，
扩大缴足资本50,000,000 (public offer)，股权再度减少到50.82%
On 8 January 2008, 股权增加到51.55%。
hsplant上市工作是由他的母公司一手包办的，ipo共3亿股:
hsplant的forward sale
hsplant原本可以无条件成为当红种植股首选，但是董事早在公司收购之初，就迫不及待和别人签定了不公平的远期合约。
如果我没忘，这不平等的合约，定价比当时市价(spot)低上RM600。第二次的合约定价，是在cpo spot RM3000的时候，折扣了RM1000，定在RM2000。
目前hsplant有一半的product，必须以RM2000供应。
没有人傻到出那么低的价钱，这是绝对事实。至于谁是得益者，自己想吧！
但如果投资者抱着吹毛求疵的心态，那么我建议你们不用买股票了（除了少数的大众银行），我们必须承认现实。
hsplant的yield是全马第二高的，也是成本最低之一的种植地。
他的种植地几乎可说只有一块(one lump area)，坐落在sabah州，另一个块也是坐落在sabah，但不在此one lump area。
hsplant可以享有低廉的成本，那是因为有条河流贯穿了这片土地，大大省却了灌溉的问题。此外，hsplant采用了水运输送棕果，到自己的提炼厂，这也省去了山地运载的麻烦。
他们有三座提炼厂，都坐落在这块地的范围内，他们能够很迅速的提炼采收来的棕果。
hsplant本益比可以达到7倍水平，他的派息率也有50%的水平，在成本和运作方面已经超越了国内任何同业，除了IOI。
他的股价这么低，ipo卖得那么便宜，绝对有什么内幕是外人无法挖掘的。
hapseng的两个audit committee辞职？为什么？
在31 March，hapseng在他的季报中写入了53sen的股息发放。第二天(1 April)hapseng拿下了全场升幅，最高上了27sen，闭市上了20sen报RM2.70。
当天下午，有两名董事宣布辞去audit commitee的职位，分别是Soon Seong Keat和Lee Wee Yong。 (Datuk Simon Shim Kong Yip取代)
Soon Seong Keat同时也辞去hsplant的audit commitee。(Patrick Houghton Wale取代)
2 April，董事才心甘情愿的纠正了股息发放讯息，只有区区7sen。
很怀疑，是炒作。
在创办人刘玉波刚去世几天做这事，他们令人怀疑。
怀疑。怀疑。怀疑。
当天下午，有两名董事宣布辞去audit commitee的职位，分别是Soon Seong Keat和Lee Wee Yong。 (Datuk Simon Shim Kong Yip取代)
Soon Seong Keat同时也辞去hsplant的audit commitee。(Patrick Houghton Wale取代)
2 April，董事才心甘情愿的纠正了股息发放讯息，只有区区7sen。
很怀疑，是炒作。
在创办人刘玉波刚去世几天做这事，他们令人怀疑。
怀疑。怀疑。怀疑。
土地拥有权的感想
原产品供应者在4年前或更早以前，享受了很低的施肥成本，近年来原产品价格上升了一倍，他们也乘势赚了个盆满钵满，笑不拢嘴。很多西马人飞到东马物色土地，贿赂官员，得到土地使用权。他们辛辛苦苦经营了6年的棕油园，眼看就要收成了，没想到当地官员封锁了该地，并出示了土地的证件，说明该地契是属于native land，结果自己的棕果被地方恶霸抢取掉了。
东马有个不成文规定，西马人不能在东马买地，尤其是非土著。站在法律角度，该"地主"肯定败诉。
所以说便宜没好货。
东马有个不成文规定，西马人不能在东马买地，尤其是非土著。站在法律角度，该"地主"肯定败诉。
所以说便宜没好货。
forward contract
A forward contract is an agreement between two parties to buy or sell an asset (which can be of any kind) at a pre-agreed future point in time. Therefore, the trade date and delivery date are separated. It is used to control and hedge risk, for example currency exposure risk (e.g., forward contracts on USD or EUR) or commodity prices (e.g., forward contracts on oil).
One party agrees (obligated) to sell, the other to buy, for a forward price agreed in advance. In a forward transaction, no actual cash changes hands. If the transaction is collateralized, exchange of margin will take place according to a pre-agreed rule or schedule. Otherwise no asset of any kind actually changes hands, until the maturity of the contract.
The forward price of such a contract is commonly contrasted with the spot price, which is the price at which the asset changes hands (on the spot date, usually two business days). The difference between the spot and the forward price is the forward premium or forward discount.
A standardized forward contract that is traded on an exchange is called a futures contract.
One party agrees (obligated) to sell, the other to buy, for a forward price agreed in advance. In a forward transaction, no actual cash changes hands. If the transaction is collateralized, exchange of margin will take place according to a pre-agreed rule or schedule. Otherwise no asset of any kind actually changes hands, until the maturity of the contract.
The forward price of such a contract is commonly contrasted with the spot price, which is the price at which the asset changes hands (on the spot date, usually two business days). The difference between the spot and the forward price is the forward premium or forward discount.
A standardized forward contract that is traded on an exchange is called a futures contract.
14 April 2008
kurnia2007
kurnia在2006年的种植面积为10000公顷，ffb的产量为164,068 metric ton，所以他的平均产量是16.4086。
如果把树龄尚幼列入因素，这是可以期待的。
2007年的年报还没有发表，所以我只能从quarter report下手。
180,992 metric ton
其余资料:
annual averaged selling
year cpo pko
2005 RM1392 RM1015
2006 RM1507 RM886
2007 RM2533 ?
13 April 2008
棕油稅搜集
政府應廢除棕油稅
林冠英也呼吁政府廢除食用油穩定方案中所征收的棕油稅，因為棕油價格上漲為政府帶來的額外收入已足以津貼食用油生產商。
他說，棕油價格上漲，政府的稅收增加了44億5547萬4000令吉，這足以應付3億9000萬令吉的津貼，根本沒有必要征收棕油稅。
“征收棕油稅，讓政府獲得額外17億9000萬令吉稅收，扣除3億9千萬令吉的食用油津貼，它還有14億‘盈餘”。請問，政府打算退還這筆錢嗎？”
對沙巴園主不公平
林冠英說，征收棕油稅對沙巴園主尤其不公平，因為該州政府已向園主征收每公噸37令吉的稅務，加上中央政府征收的棕油稅，這些園主的負擔就更加重了。
他說，若國際棕油價格上漲，棕油生產商將被征稅，若以此類推，國際原油價格上漲，政府也應該向國油征稅，以提供更多汽油津貼。
“這種雙重標準無法讓人接受。行動黨將在下一季國會會議中提出棕油稅的課題。”
-摘自星洲日报-
english edtion
吉隆坡２４日讯- 沙巴州政府有意调高原棕油销售税的决定，将影响到在沙巴州拥有油棕园的种植公司。
据沙州财政部长拿督慕沙阿曼表示，沙州政府正研究修改原棕油销售税征收方式。
这项修改将于年抄提呈的新预算案提出。
在目前沙州的棕油生产商，在原棕油的价格每公吨超过１千零吉时，需缴付５０零吉的销售税。
沙州政府的新建议是凡原棕油的价格每公吨超过８００零吉，将征收５％的销售税。
依据目前原棕油市价每公吨１千５００零吉计算，新的税务为每公吨７５零吉。
如果沙州政府通过这项建议，对沙巴棕油种植业者来说，不会造成重大的打击；当然，这得看园丘的大小规模而定。
举个比例，吉隆坡甲洞（ＫＬＫ，２４４５，主板种植股）所受的影响程度将会是最少，因为它在沙巴的棕油园，只占了该公司总棕油园的２８％，因此，若是以每公吨７５零吉计算，该公司受影响的税后盈利将会少过１％。在截至２００２年财政年的首９个月，吉隆坡甲洞种植业的税前盈利是１亿４千６８０万零吉，较去年同时期的３千７６０万零吉，增加了２９０％。
ＰＰＢ油棕（ＰＰＢＯｉｌ，６８２３，主板种植股）在沙巴拥有一大片棕油种植园丘，它在沙巴的棕油园占了该公司总棕油园的６２％，若是以每公吨７５零吉计算，该公司受影响的税后盈利将低过３％。
因此，对其它在沙巴拥有棕油种植园丘的业者来说，它们的税后盈利影响程度，将介于１％至３％之间。
沙巴州财政部长拿督慕沙阿曼指出，该州政府正在考虑原棕油税收的问题。
载自 南洋商报 24-08-2002
陈志慈：沙巴油棕种植人
面对双重抽税不公平
已安排陈华贵前来对话
2007-05-11 21:05:00
陳志慈州議員致詞。
（本报斗湖记者十日讯）斗湖西里丹绒区州议员陈志慈认为沙巴州油棕种植人要面对州及联邦政府双重抽税是不公平的，他已著手安排联邦种植与原产部长拿督陈华贵前来斗湖，和沙巴油棕人举行对话，以听取及了解本州油棕人所面对的困境。
陈志慈州议员是于今日中午与斗湖农业俱乐部顾问拿督丘玉荣、主席张金城、副主席刘新、总务吴秀传、理事张新华及德源机构总裁拿督方日明就联邦政府宣布由今年六月一日向种植公司增收附加税课题举行座谈。
陈志慈州议员表示赞同与会者的意见，即州政府与联邦政府抽取双重的棕油税对沙巴种植人是很不公平的。
因为目前只有东马两州向种植人抽取棕油税，沙巴州政府抽取7．5巴仙。砂州政府只抽3巴仙，而西马各州都没有抽税。
他说，联邦政府宣布由六月一日起征收的附加税是全国性的，这麽一来，沙巴种植人将要面对州与联邦政府的双重抽税。这对沙巴油棕种植业者是一项很重的负担。对油棕种植业的发展也是一项打击。
他说，现在本州种植人每吨棕油已被州政府抽去卅三元左右，而联邦政府的附加税预料每吨将抽十六元，两项税收将抽去五十元，这实在是太沉重了。
陈志慈州议员表示，他是应与会者之要求，以安排种植与原产品部长陈华贵前来斗湖，与斗湖及沙巴种植业者举行对话，以了解沙巴种植人之苦况。
他说，业者是希望联邦政府与州政府能够在这问题上进行协商及公平对待沙巴人民，以便州政府与联邦政府的两项征税加起来不要超过目前沙巴州政府所抽的7．5巴仙。
他说，目前沙州政府每吨抽7．5％，约是卅三元，如六月一日起联邦政府每吨要抽十六元，沙州政府就应该把州的抽税降底至每吨十七元。
陈志慈表示他将会尽力安排陈华贵部长前来与沙巴州的种植人对话，如部长无法安排时间前来，他将会安排沙巴州种植人代表到吉隆坡见陈部长。
联邦政府宣布由六月一日起增加油棕附加税已引起本地种植业者强烈的反弹，他们都认为沙巴州政府现在已抽取了7．5巴仙的税务，而联邦政府现在又要增附加税，沙巴种植人要面对双重抽税是非常不公平的。
他们认为油棕税应该全国划一，不应该有双重标准，否则对沙巴人民是极不公平的。（33＃）
林冠英也呼吁政府廢除食用油穩定方案中所征收的棕油稅，因為棕油價格上漲為政府帶來的額外收入已足以津貼食用油生產商。
他說，棕油價格上漲，政府的稅收增加了44億5547萬4000令吉，這足以應付3億9000萬令吉的津貼，根本沒有必要征收棕油稅。
“征收棕油稅，讓政府獲得額外17億9000萬令吉稅收，扣除3億9千萬令吉的食用油津貼，它還有14億‘盈餘”。請問，政府打算退還這筆錢嗎？”
對沙巴園主不公平
林冠英說，征收棕油稅對沙巴園主尤其不公平，因為該州政府已向園主征收每公噸37令吉的稅務，加上中央政府征收的棕油稅，這些園主的負擔就更加重了。
他說，若國際棕油價格上漲，棕油生產商將被征稅，若以此類推，國際原油價格上漲，政府也應該向國油征稅，以提供更多汽油津貼。
“這種雙重標準無法讓人接受。行動黨將在下一季國會會議中提出棕油稅的課題。”
-摘自星洲日报-
english edtion
吉隆坡２４日讯- 沙巴州政府有意调高原棕油销售税的决定，将影响到在沙巴州拥有油棕园的种植公司。
据沙州财政部长拿督慕沙阿曼表示，沙州政府正研究修改原棕油销售税征收方式。
这项修改将于年抄提呈的新预算案提出。
在目前沙州的棕油生产商，在原棕油的价格每公吨超过１千零吉时，需缴付５０零吉的销售税。
沙州政府的新建议是凡原棕油的价格每公吨超过８００零吉，将征收５％的销售税。
依据目前原棕油市价每公吨１千５００零吉计算，新的税务为每公吨７５零吉。
如果沙州政府通过这项建议，对沙巴棕油种植业者来说，不会造成重大的打击；当然，这得看园丘的大小规模而定。
举个比例，吉隆坡甲洞（ＫＬＫ，２４４５，主板种植股）所受的影响程度将会是最少，因为它在沙巴的棕油园，只占了该公司总棕油园的２８％，因此，若是以每公吨７５零吉计算，该公司受影响的税后盈利将会少过１％。在截至２００２年财政年的首９个月，吉隆坡甲洞种植业的税前盈利是１亿４千６８０万零吉，较去年同时期的３千７６０万零吉，增加了２９０％。
ＰＰＢ油棕（ＰＰＢＯｉｌ，６８２３，主板种植股）在沙巴拥有一大片棕油种植园丘，它在沙巴的棕油园占了该公司总棕油园的６２％，若是以每公吨７５零吉计算，该公司受影响的税后盈利将低过３％。
因此，对其它在沙巴拥有棕油种植园丘的业者来说，它们的税后盈利影响程度，将介于１％至３％之间。
沙巴州财政部长拿督慕沙阿曼指出，该州政府正在考虑原棕油税收的问题。
载自 南洋商报 24-08-2002
陈志慈：沙巴油棕种植人
面对双重抽税不公平
已安排陈华贵前来对话
2007-05-11 21:05:00
陳志慈州議員致詞。
（本报斗湖记者十日讯）斗湖西里丹绒区州议员陈志慈认为沙巴州油棕种植人要面对州及联邦政府双重抽税是不公平的，他已著手安排联邦种植与原产部长拿督陈华贵前来斗湖，和沙巴油棕人举行对话，以听取及了解本州油棕人所面对的困境。
陈志慈州议员是于今日中午与斗湖农业俱乐部顾问拿督丘玉荣、主席张金城、副主席刘新、总务吴秀传、理事张新华及德源机构总裁拿督方日明就联邦政府宣布由今年六月一日向种植公司增收附加税课题举行座谈。
陈志慈州议员表示赞同与会者的意见，即州政府与联邦政府抽取双重的棕油税对沙巴种植人是很不公平的。
因为目前只有东马两州向种植人抽取棕油税，沙巴州政府抽取7．5巴仙。砂州政府只抽3巴仙，而西马各州都没有抽税。
他说，联邦政府宣布由六月一日起征收的附加税是全国性的，这麽一来，沙巴种植人将要面对州与联邦政府的双重抽税。这对沙巴油棕种植业者是一项很重的负担。对油棕种植业的发展也是一项打击。
他说，现在本州种植人每吨棕油已被州政府抽去卅三元左右，而联邦政府的附加税预料每吨将抽十六元，两项税收将抽去五十元，这实在是太沉重了。
陈志慈州议员表示，他是应与会者之要求，以安排种植与原产品部长陈华贵前来斗湖，与斗湖及沙巴种植业者举行对话，以了解沙巴种植人之苦况。
他说，业者是希望联邦政府与州政府能够在这问题上进行协商及公平对待沙巴人民，以便州政府与联邦政府的两项征税加起来不要超过目前沙巴州政府所抽的7．5巴仙。
他说，目前沙州政府每吨抽7．5％，约是卅三元，如六月一日起联邦政府每吨要抽十六元，沙州政府就应该把州的抽税降底至每吨十七元。
陈志慈表示他将会尽力安排陈华贵部长前来与沙巴州的种植人对话，如部长无法安排时间前来，他将会安排沙巴州种植人代表到吉隆坡见陈部长。
联邦政府宣布由六月一日起增加油棕附加税已引起本地种植业者强烈的反弹，他们都认为沙巴州政府现在已抽取了7．5巴仙的税务，而联邦政府现在又要增附加税，沙巴种植人要面对双重抽税是非常不公平的。
他们认为油棕税应该全国划一，不应该有双重标准，否则对沙巴人民是极不公平的。（33＃）
享年92歲 劉玉波與世長辭
（吉隆坡8日訊）企業鉅子兼華團聞人丹斯里劉玉波，本月4日在吉隆坡Prince Court醫藥中心與世長辭，享年92歲。
據玉波控股發年的文告，欲前往弔唁的社團代表和親友，可至吉隆坡富貴山莊紀念館2樓的Parlour 22 Violet Hall。遺靈將從即日起在該紀念館讓人弔唁，直到本月11日。
劉玉波遺靈將在本月12日包機運返沙巴斗湖的劉玉波基金會大樓，葬禮將在本月14日進行。
劉玉波除了身為玉波控股創辦人兼主席外，也持有上市公司合成統一（HAPSENG）和馬磨石（MMOSAIC），以及其他商業機構控制性股權。
已故劉玉波1916年4月25日在中國潮安龍溪鄉出生，1936年19歲時漂洋過海來到北婆羅洲，定居沙巴。
身為精明企業家，劉玉波瞭解涉足其它商業領域的需要性，因而在1946年于沙巴斗湖設立合成公司。
“合成”的意思是“合作與成功”，該公司初期涉足木材業務。
隨馬來西亞成立，劉玉波在新政治氣候下看準商機，大事拓展業務，令他成為沙巴最大圓木出口商，也被冠上“沙巴木材大亨”稱譽。
此外，劉玉波也把業務多元化，包括持有馬賽地（Mercedes Benz）汽車代理權，爾后進軍產業發展和投資、肥料和普通貿易、金融服務，以及建立一個廣大的種植王國。
同時，劉玉波也熱心慈善，他創辦劉玉波基金並身兼主席一職。這項基金會自1991迄今已協助多項教育、科學和慈善活動。
劉玉波遺下妻子潘斯裡邱御蓮、3名孩子、9名孫子和兩名曾孫。
平民化的大老板
已故丹斯里劉玉波向來秉持傳統華人企業家的勤儉奮發作風，也非常注重人力資源培訓。
儘管坐擁億萬財富，但劉玉波日常生活起居仍然儉樸。他不講究排場、不注重錦衣玉食，出國公幹也坐飛機經濟艙，非常平民化。
他曾說：“華人有句話說，早睡早起身體好。這種良好的飲食及養生之道，很有道理。”
言簡意賅，道出他對生活的平凡要求。
劉玉波認為，企業管理，是企業成敗的關鍵。
他曾指出：“在管理上，我們強調人才第一。除了高薪聘請人才，也培養人才。事實上，企業提高員工待遇，使員工生活改善，員工自然會為公司效力。”
劉玉波在商界取得巨大成就之際，積極回饋社會，是著名慈善家及社團活躍人士。
他在沙巴州出錢出力推動教育，捐助獨中及華小，擔任斗湖巴華中學永久名譽董事長、斗湖公民小學永久名譽董事長與新華學校48年董事長。
此外，他熱心參與社團活動，曾擔任大馬潮聯會主席、沙巴中華商會聯合會主席及大馬德教會總會長等職務，憑經驗及才幹，為社會服務。
劉玉波曾在訪談中談及個人最大心願，他指出投身木材業后，便全力以赴，期望在“士農工商”各方面皆有所展。
“回想數十年來的奮鬥，總算小有成就。在‘士’方面，我關注教育的推動；在‘農’方面，我有種植業；在‘工’方面，我推動有利生產的工業；在‘商’方面，我注重出口產品，以便為國家帶來外匯。”
據玉波控股發年的文告，欲前往弔唁的社團代表和親友，可至吉隆坡富貴山莊紀念館2樓的Parlour 22 Violet Hall。遺靈將從即日起在該紀念館讓人弔唁，直到本月11日。
劉玉波遺靈將在本月12日包機運返沙巴斗湖的劉玉波基金會大樓，葬禮將在本月14日進行。
劉玉波除了身為玉波控股創辦人兼主席外，也持有上市公司合成統一（HAPSENG）和馬磨石（MMOSAIC），以及其他商業機構控制性股權。
已故劉玉波1916年4月25日在中國潮安龍溪鄉出生，1936年19歲時漂洋過海來到北婆羅洲，定居沙巴。
身為精明企業家，劉玉波瞭解涉足其它商業領域的需要性，因而在1946年于沙巴斗湖設立合成公司。
“合成”的意思是“合作與成功”，該公司初期涉足木材業務。
隨馬來西亞成立，劉玉波在新政治氣候下看準商機，大事拓展業務，令他成為沙巴最大圓木出口商，也被冠上“沙巴木材大亨”稱譽。
此外，劉玉波也把業務多元化，包括持有馬賽地（Mercedes Benz）汽車代理權，爾后進軍產業發展和投資、肥料和普通貿易、金融服務，以及建立一個廣大的種植王國。
同時，劉玉波也熱心慈善，他創辦劉玉波基金並身兼主席一職。這項基金會自1991迄今已協助多項教育、科學和慈善活動。
劉玉波遺下妻子潘斯裡邱御蓮、3名孩子、9名孫子和兩名曾孫。
平民化的大老板
已故丹斯里劉玉波向來秉持傳統華人企業家的勤儉奮發作風，也非常注重人力資源培訓。
儘管坐擁億萬財富，但劉玉波日常生活起居仍然儉樸。他不講究排場、不注重錦衣玉食，出國公幹也坐飛機經濟艙，非常平民化。
他曾說：“華人有句話說，早睡早起身體好。這種良好的飲食及養生之道，很有道理。”
言簡意賅，道出他對生活的平凡要求。
劉玉波認為，企業管理，是企業成敗的關鍵。
他曾指出：“在管理上，我們強調人才第一。除了高薪聘請人才，也培養人才。事實上，企業提高員工待遇，使員工生活改善，員工自然會為公司效力。”
劉玉波在商界取得巨大成就之際，積極回饋社會，是著名慈善家及社團活躍人士。
他在沙巴州出錢出力推動教育，捐助獨中及華小，擔任斗湖巴華中學永久名譽董事長、斗湖公民小學永久名譽董事長與新華學校48年董事長。
此外，他熱心參與社團活動，曾擔任大馬潮聯會主席、沙巴中華商會聯合會主席及大馬德教會總會長等職務，憑經驗及才幹，為社會服務。
劉玉波曾在訪談中談及個人最大心願，他指出投身木材業后，便全力以赴，期望在“士農工商”各方面皆有所展。
“回想數十年來的奮鬥，總算小有成就。在‘士’方面，我關注教育的推動；在‘農’方面，我有種植業；在‘工’方面，我推動有利生產的工業；在‘商’方面，我注重出口產品，以便為國家帶來外匯。”
sabah sales tax & Cooking Oil Price Stabilisation Scheme
ijmplnt的sabah棕油附加税务，造成盈利影响重大。
oil-palm millers in Sandakan are not happy because they have to pay cess and tax.
"A cess of RM15 for every metric tonne of Crude Palm Oil (CPO) produced by the mill is paid to the Malaysia Palm-Oil Board (MPOB) for its research and development (R&D).
"In addition, there is a Sabah sales tax of 7.5 per cent based on Sabah's monthly average CPO price for that particular month. For example, if the Sabah CPO price is RM3,201.00 per metric tonne, then the sales tax is RM240 per metric tonne," she said.
"On top of it, planters need to pay Fresh Fruit Bunch (FFB) cess for the price stabilisation of palm cooking oil with effect from June 1, 2007."
Shanty said the planters are also unhappy with cess exemption given to any government land scheme (Felda, Tabung Haji Tabung Tentera & Sawit Kinabalu).
-------------------------------------------------------------------------------------------------
Oil palm estate owners are expected to pay government cess to compensate cooking oil manufacturers for 12 months, at the most. The tax, called Supply and Cooking Oil Price Stabilisation cess was set up as a stop-gap measure to help refiners cope with high crude palm oil (CPO) prices.
Kenanga Investment Bank has said in a recent report that the scheme will hit companies that extract the least oil from their oil palm fruits.
"For the same amount of CPO produced, more fresh fruit bunches (FFB) has to be produced and therefore, more cess has to be paid," Yin Shao Yang, an analyst with Kenanga Investment said.
Tradewinds would be the most hit, he added.
The cess is not levied on the Indonesian estates owned by Malaysian plantation companies.
However, if crude palm oil (CPO) prices were to dip below RM1,500 per tonne anytime between June 1, 2007 and May 31, 2008, this Supply and Cooking Oil Price Stabilisation Scheme will cease to operate.
"If the CPO price were to go up, the planters will pay more and if it comes down, they will pay less," Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui said.If CPO prices were to drop below RM1,500 per tonne within the next 12 months, the scheme will be scrapped.
"With that pricing, refiners can make and sell cooking oil at a profit," he said.
The Supply and Cooking Oil Price Stabilisation Scheme is not new. It was implemented in 1999 and 2004 when CPO prices soared above RM1,500 per tonne.
The move was to ensure a stable supply of cooking oil in the domestic market at the controlled prices and to reduce losses suffered by cooking oil suppliers. THE END.
-------------------------------------------------------------------------------------------------
oil-palm millers in Sandakan are not happy because they have to pay cess and tax.
"A cess of RM15 for every metric tonne of Crude Palm Oil (CPO) produced by the mill is paid to the Malaysia Palm-Oil Board (MPOB) for its research and development (R&D).
"In addition, there is a Sabah sales tax of 7.5 per cent based on Sabah's monthly average CPO price for that particular month. For example, if the Sabah CPO price is RM3,201.00 per metric tonne, then the sales tax is RM240 per metric tonne," she said.
"On top of it, planters need to pay Fresh Fruit Bunch (FFB) cess for the price stabilisation of palm cooking oil with effect from June 1, 2007."
Shanty said the planters are also unhappy with cess exemption given to any government land scheme (Felda, Tabung Haji Tabung Tentera & Sawit Kinabalu).
-------------------------------------------------------------------------------------------------
Oil palm estate owners are expected to pay government cess to compensate cooking oil manufacturers for 12 months, at the most. The tax, called Supply and Cooking Oil Price Stabilisation cess was set up as a stop-gap measure to help refiners cope with high crude palm oil (CPO) prices.
Kenanga Investment Bank has said in a recent report that the scheme will hit companies that extract the least oil from their oil palm fruits.
"For the same amount of CPO produced, more fresh fruit bunches (FFB) has to be produced and therefore, more cess has to be paid," Yin Shao Yang, an analyst with Kenanga Investment said.
Tradewinds would be the most hit, he added.
The cess is not levied on the Indonesian estates owned by Malaysian plantation companies.
However, if crude palm oil (CPO) prices were to dip below RM1,500 per tonne anytime between June 1, 2007 and May 31, 2008, this Supply and Cooking Oil Price Stabilisation Scheme will cease to operate.
"If the CPO price were to go up, the planters will pay more and if it comes down, they will pay less," Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui said.If CPO prices were to drop below RM1,500 per tonne within the next 12 months, the scheme will be scrapped.
"With that pricing, refiners can make and sell cooking oil at a profit," he said.
The Supply and Cooking Oil Price Stabilisation Scheme is not new. It was implemented in 1999 and 2004 when CPO prices soared above RM1,500 per tonne.
The move was to ensure a stable supply of cooking oil in the domestic market at the controlled prices and to reduce losses suffered by cooking oil suppliers. THE END.
-------------------------------------------------------------------------------------------------
Tuesday March 25, 2008
Push to abolish palm oil cess
PETALING JAYA: The oil palm industry is pushing hard to abolish the special cess on oil palm plantation estate owners to subsidise the price of cooking oil imposed in June 2007 and also the cess on crude palm oil (CPO) price stabilisation fund imposed in 2001.
A closed-door meeting is believed to have taken place yesterday between the Malaysian Estate Owners' Association and Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui to discuss the cess issues at length.
The cooking oil price stabilisation scheme, introduced in May 2007, is due for revision by the end of May this year.
Industry consultant and former Malaysian Palm Oil Association chief executive officer M.R. Chandran said: “Industry players must do away with the subsidy mentality and learn to fully adopt the free market.”
On the special cess, he said it was not fair for oil palm players to continue subsidising cooking oil refiners and packers for a longer period, given the high CPO prices.
“Many plantation companies with low CPO yield are feeling the pinch paying the special cess. In addition to the two existing cess, they need to pay to the Malaysian Palm Oil Board (MPOB),” he told StarBiz.
The Government imposed a special cess on owners of palm oil estates covering more than 40.46ha in June 2007 to help subsidise the price of cooking oil due to the high CPO price, which was then trading at RM2,750 a tonne.
The MPOB collects a special cess of RM2 per tonne of fresh fruit bunches for every RM100 per tonne increase in the CPO price – as long as the price stays above RM1,500 a tonne.
From June 1, 2007 till May 31, 2008, palm oil estate owners are expected to contribute some RM661.2mil in taxes to compensate for the losses of refiners and packers.
About 55% of the palm oil industry fraternity, or 4,100 oil palm estates nationwide, were involved in funding 90% of the subsidy promised to the cooking oil refining industry from the imposition of the special cess.
Chandran believes that Malaysia should no longer have a controlled price of about RM2.50 per kilo for cooking oil when it is sold for much higher at about RM4 to RM5 per kilo in Thailand and about RM8 per kilo in Singapore.
Apart from the special cess, oil palm planters are required to pay cess of about RM4 per tonne of CPO to MPOB for the CPO price stabilisation fund imposed in 2001 when the commodity fell below RM600 per tonne.
“There is no justification for paying this cess (CPO price stabilisation fund) especially when the CPO price is trading above RM3,300 per tonne,” he said.
For the past 20 years, oil palm industry players have been paying cess of about RM11 per tonne of CPO to MPOB for its research works.
06 April 2008
kurnia 2 2008march的附加股送凭单分析。
概要:
每3母股,配1附加股,附送免费1凭单。
附加股和凭单转换价皆为 RM1.50
---------------------------------------附加股和凭单转换价皆为 RM1.50
kurnia
before ex-rights, 19-Mar-08 RM2.79
after ex-rights, 21-Mar-08 RM2.28(27-Mar-08 RM2.16
28-Mar-08 RM2.27
3-Apr-08 RM2.08)
28-mar-08 , kurnia-or first quote, close at RM1.50 (to 3-Apr-08, at Rm1.33)
based on 28-mar-08:
kurnia value RM2.27
kurnia-or value , except warrant=RM1.5
warrant value RM1.5 + 1.5 - 2.27 = 73sen
based on 3-Apr-08:
kurnia value RM2.08
kurnia-or value , except warrant=RM1.33
warrant value RM1.33 + 1.5 - 2.08 = 75sen
28-mar-08点评：
73sen(kurnia-wa)显得相当不合理，因为73sen加上RM1.50的转换价，并不能享有母股溢价。
结论：
１）母股跌19sen，变成3-Apr-08的局面
２）wa的合理价，在3-Apr-08趋向合理(75sen)
kurnia 1
展地庫多元化業務‧古尼亞舍地亞前景唱好
大馬財經 2008-04-04 19:13
（吉隆坡）古尼亞舍地亞（KURNIA，5193；主板種植組）積極擴展種植地庫、提高效益和多元化業務，加上原棕油好價提昇營收，前景發展備受安聯研究唱好。
安聯研究表示，即使只是擁有1萬1797公頃的地庫的小公司，古尼亞舍地亞全年營收增加至1億零330萬令吉。賺幅料因原棕油價揚升和經濟效益加強，成長潛力不可忽視。
維持派息12.5仙政策
“該股以4.9倍本益比水平交易，低於市場平均的20倍，顯然遭低估。”管理層承諾，自2008財政年起維持12.5仙股息派送政策。
在良好的管理下，古尼亞舍地亞去年的鮮果串產量增至每公頃1870萬公噸。該公司希望每公頃成熟種植的鮮果串收成能提昇至2400萬公噸；同時增購地庫，預計2010年面積擴增一倍。
“該公司預測今年平均每公噸原綜油達3200令吉，比較去年為2533令吉。”
與3機構聯營棕油廠
另外，古尼亞舍地亞與彭州政府3家機構合作，聯營在立卑縣建立和營運棕油加工廠。預計2010財政年投入運作後，營收和盈利各增加1億2000萬和400萬令吉。
安聯研究指出，與彭亨州政府聯營計劃將業務多元化至下游，將節省成本和改善盈利。
“該公司的附加股計劃進最後階段，凈現金增加至6560萬令吉，得以更積極進軍種植相關業務。”
去年11月，古尼亞舍地亞宣佈建議以3配1送1比例配售附加股和憑單，籌措約3800萬令吉作產業發展資金和興建棕油廠。
該公司在東海岸經濟走廊策略地點進行產業發展計劃，加上土地成本低廉，料帶來長期利好。首期發展總值2億6820萬令吉的產業預計6月正式推介。
星洲日報／財經‧2008.04.04
大馬財經 2008-04-04 19:13
（吉隆坡）古尼亞舍地亞（KURNIA，5193；主板種植組）積極擴展種植地庫、提高效益和多元化業務，加上原棕油好價提昇營收，前景發展備受安聯研究唱好。
安聯研究表示，即使只是擁有1萬1797公頃的地庫的小公司，古尼亞舍地亞全年營收增加至1億零330萬令吉。賺幅料因原棕油價揚升和經濟效益加強，成長潛力不可忽視。
維持派息12.5仙政策
“該股以4.9倍本益比水平交易，低於市場平均的20倍，顯然遭低估。”管理層承諾，自2008財政年起維持12.5仙股息派送政策。
在良好的管理下，古尼亞舍地亞去年的鮮果串產量增至每公頃1870萬公噸。該公司希望每公頃成熟種植的鮮果串收成能提昇至2400萬公噸；同時增購地庫，預計2010年面積擴增一倍。
“該公司預測今年平均每公噸原綜油達3200令吉，比較去年為2533令吉。”
與3機構聯營棕油廠
另外，古尼亞舍地亞與彭州政府3家機構合作，聯營在立卑縣建立和營運棕油加工廠。預計2010財政年投入運作後，營收和盈利各增加1億2000萬和400萬令吉。
安聯研究指出，與彭亨州政府聯營計劃將業務多元化至下游，將節省成本和改善盈利。
“該公司的附加股計劃進最後階段，凈現金增加至6560萬令吉，得以更積極進軍種植相關業務。”
去年11月，古尼亞舍地亞宣佈建議以3配1送1比例配售附加股和憑單，籌措約3800萬令吉作產業發展資金和興建棕油廠。
該公司在東海岸經濟走廊策略地點進行產業發展計劃，加上土地成本低廉，料帶來長期利好。首期發展總值2億6820萬令吉的產業預計6月正式推介。
星洲日報／財經‧2008.04.04
Subscribe to:
Posts (Atom)