回网友留言：
我不信他的管理层，主要原因是我感觉大股东只想把散户套在高点，而不用心打理公司。
你点击一下
http://timcheeso.blogspot.com/2008/05/cepat.html
cepat的最高点是RM 1.5x ，是cepat“误报”季报的隔一天。cepat在当天闭市后作出了修正，之后股价就一路下跌了。
之后cepat宣布了8千万的生物发电。
为什么是8千万？
原因是， 8千万/shareholders' equity <25% ， 不需要经过股东大会投票，也不必寄东西给股东，可以省很多麻烦。（我的阴谋论）
这个生物发电计划，要很久很久才能完成，所以我们不能期待盈利能够马上写入盈利表里。
举个例子，kmloong在2004年-2005年之间，就说要搞生物发电，一讲就是4年多，到现在还没有看见盈利。
他们的董事只会说，明年完成，明年又明年，到底要等几年？
tsh在2001年就已经开始成立新公司了，要到2005的年头，才能看到生物发电的盈利实现。（这个算快了）
你问到说，cepat最近几天开始了回购是好是坏？我认为是好的，试想，如果你心目中的理想价格是RM1.5，公司愿意以RM1的价格回购，提高每股盈利，这应该没有坏处。
http://www.cepatgroup.com/plantation-operations.aspx
（reference: 1公顷 = 2.47105 acre）
我认为真正能带给cepat盈利的园丘，应该只有5665公顷，如果根据cepat2008年所赚的，除以公顷数，每公顷净利是 RM7237。
我认为不够好。因为cepat的园丘和提炼厂都是在很好的状态下操作的。要不是因为收购了新的园丘和新种植地刚刚成熟，平均产量应该可以突破24吨/公顷。（cepat有20%的园丘刚成熟）。
尽管如此，RM7237 还是不错的。 如果对比ioi和klk，它们的园丘净利是过万元。（扣除税务以后的个人预估值）
cepat在2008年，平均cpo销售价为 RM 2792，比市场来得高。
油棕局公布的2008年平均售价：
RM2777（全国）
RM2739 （sabah）
结论：
或许是我的个人偏见，导致我不相信cepat吧。
其实这个市场，没有公平性可言。
genp的股价成本可以卖到RM60000一公顷，但一些小型种植公司却是RM20000一公顷，以cepat的行情来算，它可以卖到RM32000一公顷，算是不错了。
（如果从“质与量”来评估，目前最低的是kretam。但这是一间有很多term and condition的公司。）
cepat市值 2.24亿， 还没扣掉回购数量。
园丘面积 算它 7000公顷。
近期种植股可能会上升（连小型种植股都会动一动），很可能和出口需求上升有关，我相信这是闻鸡起舞现象，小型股最终还是会冷却下去的，我们的市场还是以大市作为导向。
该买该卖，我不知道。
很多事情都是要分析过后，你才能对公司建立起好感的，或许我会对cepat的感觉会慢慢地好起来。
Showing posts with label cepat. Show all posts
Showing posts with label cepat. Show all posts
10 November 2009
27 October 2009
绿色能源虽然赚钱，但不是很容易给你拿到。
我一直都想整理出一套完整的资料，但因为没有时间整理这些“琐碎”事，才把这个课题耽搁了。
因为我的组合都是重型股，生物能源贡献只是一个小部分。
以下资料是粗略整理出来的。
通常小型种植公司都会搞绿色能源和生物能源发电，整个过程是这样的：
1.成立一间公司，筹资（如债券）。
2.向tenaga申请小型供电scheme（不超过10MW）。
3.tenaga批准了之后，找人帮你做厂。
4.向欧洲政府申请售卖碳配额。
以2002年的行情计算，起一座发电厂的投资成本是RM45m，以2009年的行情计算，是RM80m。
2002年卖电给tenaga，价格是20sen/kwh，算到来，可以从tenaga那里，收取RM16m的现金流。
（注：连“自用“的电也算上去。）
biomass 和 biogas的比例大约为3比1。
等到你的工厂起好了，请人帮你向欧洲政府批准碳配额。
如果没有错，你必须先upgrade你的mill，以cepat公司的规模而言，必须投入RM6m upgrade。
假设cepat的提炼厂每年能够提炼3十万吨的油棕果， 他所释放出来的碳含量是30000吨，而每吨售价大约为12欧元，算到这里就是每年150万的现金流。
来看看，他们的回报率：
biomass and biogas ： 6年回本。
carbon credit : 4年回本。
另外，
bio-fertilizer ： 3年内回本。 （设施很简单，不必投入太多，每间公司都会做，也没有任何要求。）
整个概念大致上是这样，读者如果模糊，可以参考这个旧闻Cepatwawasan sees ROI of 15% from palm oil bio-energy projects 。 因为我自己也很模糊。
申请这一系列的动作，快则2年，慢则4年，也就是说，很难申请，时间也要算准。
cepat花 RM80m 做这个，虽然他们说明年能投入现金流，但我是半信半疑的。
还有一个条件是，提炼厂的产能要够多，不然你不够economic of scale。也就是说，至少要有20000-30000公顷的油棕园做后盾。
还有一个问题是，我和朋友都不喜欢cepat。
cepat把两年“全盛期”里赚来的钱，全部投入在这个project。
不是我不信这个project，是我不信这个管理层。
拭目以待。
因为我的组合都是重型股，生物能源贡献只是一个小部分。
以下资料是粗略整理出来的。
通常小型种植公司都会搞绿色能源和生物能源发电，整个过程是这样的：
1.成立一间公司，筹资（如债券）。
2.向tenaga申请小型供电scheme（不超过10MW）。
3.tenaga批准了之后，找人帮你做厂。
4.向欧洲政府申请售卖碳配额。
以2002年的行情计算，起一座发电厂的投资成本是RM45m，以2009年的行情计算，是RM80m。
2002年卖电给tenaga，价格是20sen/kwh，算到来，可以从tenaga那里，收取RM16m的现金流。
（注：连“自用“的电也算上去。）
biomass 和 biogas的比例大约为3比1。
等到你的工厂起好了，请人帮你向欧洲政府批准碳配额。
如果没有错，你必须先upgrade你的mill，以cepat公司的规模而言，必须投入RM6m upgrade。
假设cepat的提炼厂每年能够提炼3十万吨的油棕果， 他所释放出来的碳含量是30000吨，而每吨售价大约为12欧元，算到这里就是每年150万的现金流。
来看看，他们的回报率：
biomass and biogas ： 6年回本。
carbon credit : 4年回本。
另外，
bio-fertilizer ： 3年内回本。 （设施很简单，不必投入太多，每间公司都会做，也没有任何要求。）
整个概念大致上是这样，读者如果模糊，可以参考这个旧闻Cepatwawasan sees ROI of 15% from palm oil bio-energy projects 。 因为我自己也很模糊。
申请这一系列的动作，快则2年，慢则4年，也就是说，很难申请，时间也要算准。
cepat花 RM80m 做这个，虽然他们说明年能投入现金流，但我是半信半疑的。
还有一个条件是，提炼厂的产能要够多，不然你不够economic of scale。也就是说，至少要有20000-30000公顷的油棕园做后盾。
还有一个问题是，我和朋友都不喜欢cepat。
cepat把两年“全盛期”里赚来的钱，全部投入在这个project。
不是我不信这个project，是我不信这个管理层。
拭目以待。
01 May 2009
从《彭發展機構》谈起
kurnia setia由于和彭亨州皇室关系过于密切，我相信这是令他的股价折扣的最大原因，当然这个世上是不会有“最便宜”和“超便宜”这种事，因为低估一定有低的原因。
还有一个例子就是kulim，kulim每公顷地段只要RM20000，如果我们把英国上市和PNG的两家公司，餐饮部（pizza hut and KFC）列入，pasir gudang工厂列入，他拆解后的value在RM9以上。
说他们的好话，是会被扛着正义旗帜的人反对的，因为他们的恶评太多了。
与副首相不可分割的柔佛信托基金（虽然看起来和他或kulim无关），还有最近在网际网络闹得很大的山埃采金事件（因为《彭發展機構》和kurnia有关系），都是“不可分割”的。
我只能做的是尽量以中肯角度分析。
上述两只股，我比较排斥kulim，一方面也是他规模太大，怕讲不好，所以这里只说kurnia。
前几年，kurnia是不赚钱的公司，原因有：
1.树龄分布不均。
2.突发事故，如棕果被偷，洪水，油棕树被大象推倒。（大象是几年前的年报说的，不是乱吹的。）
3.榨油率不高，只有18.X%到19.X%。
针对以上几点说明。
棕果被偷是内部人士做的，可能性很低。
榨油率不高，是因为kurnia没有自己的提炼厂，是和官联公司签contract的。
根据一份从网络资源拿到的研究报告指出，官联公司经营的mill，OER不超过20%是普遍现象，这可以解释为什么kurnia的OER不高了。
上市公司的OER是最高的，其次是私人公司（resource-based)，再来是官联公司。对于有上市的官联公司而言，他被归类为上市公司。
即使如果kurnia的mill能竣工，对总体公司而言，效果还是不大的，因为kurnia的estate遍布在pahang州，他依然要和官联公司签长约。
kurnia和asiatic一样，是以市价卖出cpo的，他的好处是很容易预测盈利，和透明度高。
“最便宜”的种植股，是处处都有的，比如cepat。
但cepat不是一间好公司，因为cepat所赚的钱没有充分利用，例如最直接方式--股息。
而且cepat的老板喜欢“套杀”散户，这是和朋友讨论的结果，source.
“最便宜”的种植股，有的人认为是TDM，我曾一度认为是leweko（但这种想法只停留了20秒）。
所以说，“最便宜”只是你心中的一个衡量标准，没有一定的答案。
以下是一篇对《彭發展機構》作出的批判新闻，批判内容是相当盲目的，文中说，kurnia setia的亏损（或是累计亏损）为4千万。
与《彭發展機構》有关的公司，有fareast，看看他赚不赚钱才说吧。
或许PKNP是个烂机构，但“乱乱报”的结果是，读者照单全收。
13間子公司僅3間賺 彭發展機構虧掉4.4億
東海岸 2007-04-17 22:24
（關丹訊）彭亨州發展機構（Perbadanan Kemajuan Negeri Pahang）大虧錢，13間子公司只有3間是賺錢的，累積虧損高達4億4355萬7000令吉！
這筆累積虧損，比彭亨州今年度發展開銷4億3040萬來得高，也是彭亨州政府財政預算案1425萬令吉赤字的40倍。
其中，巴斯迪資源私人有限公司，自成立以來至今，累積的虧損高達3億零741萬令吉，阿斯丹娜高爾夫球渡假有限公司則虧了6420萬令吉。
令人擔憂的是，截止今年度財政年中（2006年上半年或首3個月），7個子公司的財政報告繼續出現虧損，另3個子公司則不獲提供數據。
除了彭亨州發展機構，Mentiga Corporation Berhad、Kurnia Setia Berhad，以及彭亨州信託有限公司（Amanah Saham Pahang Berhad），也是嚴重虧損的州政府公司。
Mentiga Corporation Berhad的累積虧損達1億零577萬令吉，Kurnia Setia Berhad的累積虧損也很驚人，達4000萬令吉，至於另一嚴重虧損的彭亨州信託有限公司，為467萬1016令吉。
大臣：獲州政府1.8億貸款
彭亨州務大臣拿督斯里安南耶谷表示，截至今年3月，州政府給予4個政府機構高達3億1950萬令吉的貸款，其中彭亨州發展機構獲得1億7830萬令吉。
他說，彭亨州信託有限公司則獲得9200萬令吉貸款、彭亨州農工業發展機構獲得4510萬令吉，彭亨州基金局獲410萬。
“彭亨州發展機構的貸款用來發展格賓工業區，以及全彭策略性地點房屋及店屋發展用途。
彭亨州農工業發展機構所獲得的貸款，用作重新安頓勞勿及立卑縣農民，以及雲冰稻米種植計劃。
至於給予彭亨州信託有限公司的9200萬令吉貸款，則用來成立彭亨土著基金，以及重組Mentiga Corporation Berhad。”
盈虧不能衡量效率
他在回答直涼州行動黨州議員梁金福的問題時表示，人民不能從州政府機構的盈虧來衡量效率，相反地，上述機構為人民帶來提供各種社會服務，為發展彭亨州作出努力。
“在這些機構中，有些為教育作出貢獻，也有些為人民提供經商的地方。”
星洲日報／東海岸‧2007.04.16
还有一个例子就是kulim，kulim每公顷地段只要RM20000，如果我们把英国上市和PNG的两家公司，餐饮部（pizza hut and KFC）列入，pasir gudang工厂列入，他拆解后的value在RM9以上。
说他们的好话，是会被扛着正义旗帜的人反对的，因为他们的恶评太多了。
与副首相不可分割的柔佛信托基金（虽然看起来和他或kulim无关），还有最近在网际网络闹得很大的山埃采金事件（因为《彭發展機構》和kurnia有关系），都是“不可分割”的。
我只能做的是尽量以中肯角度分析。
上述两只股，我比较排斥kulim，一方面也是他规模太大，怕讲不好，所以这里只说kurnia。
前几年，kurnia是不赚钱的公司，原因有：
1.树龄分布不均。
2.突发事故，如棕果被偷，洪水，油棕树被大象推倒。（大象是几年前的年报说的，不是乱吹的。）
3.榨油率不高，只有18.X%到19.X%。
针对以上几点说明。
棕果被偷是内部人士做的，可能性很低。
榨油率不高，是因为kurnia没有自己的提炼厂，是和官联公司签contract的。
根据一份从网络资源拿到的研究报告指出，官联公司经营的mill，OER不超过20%是普遍现象，这可以解释为什么kurnia的OER不高了。
上市公司的OER是最高的，其次是私人公司（resource-based)，再来是官联公司。对于有上市的官联公司而言，他被归类为上市公司。
即使如果kurnia的mill能竣工，对总体公司而言，效果还是不大的，因为kurnia的estate遍布在pahang州，他依然要和官联公司签长约。
kurnia和asiatic一样，是以市价卖出cpo的，他的好处是很容易预测盈利，和透明度高。
“最便宜”的种植股，是处处都有的，比如cepat。
但cepat不是一间好公司，因为cepat所赚的钱没有充分利用，例如最直接方式--股息。
而且cepat的老板喜欢“套杀”散户，这是和朋友讨论的结果，source.
“最便宜”的种植股，有的人认为是TDM，我曾一度认为是leweko（但这种想法只停留了20秒）。
所以说，“最便宜”只是你心中的一个衡量标准，没有一定的答案。
以下是一篇对《彭發展機構》作出的批判新闻，批判内容是相当盲目的，文中说，kurnia setia的亏损（或是累计亏损）为4千万。
与《彭發展機構》有关的公司，有fareast，看看他赚不赚钱才说吧。
或许PKNP是个烂机构，但“乱乱报”的结果是，读者照单全收。
13間子公司僅3間賺 彭發展機構虧掉4.4億
東海岸 2007-04-17 22:24
（關丹訊）彭亨州發展機構（Perbadanan Kemajuan Negeri Pahang）大虧錢，13間子公司只有3間是賺錢的，累積虧損高達4億4355萬7000令吉！
這筆累積虧損，比彭亨州今年度發展開銷4億3040萬來得高，也是彭亨州政府財政預算案1425萬令吉赤字的40倍。
其中，巴斯迪資源私人有限公司，自成立以來至今，累積的虧損高達3億零741萬令吉，阿斯丹娜高爾夫球渡假有限公司則虧了6420萬令吉。
令人擔憂的是，截止今年度財政年中（2006年上半年或首3個月），7個子公司的財政報告繼續出現虧損，另3個子公司則不獲提供數據。
除了彭亨州發展機構，Mentiga Corporation Berhad、Kurnia Setia Berhad，以及彭亨州信託有限公司（Amanah Saham Pahang Berhad），也是嚴重虧損的州政府公司。
Mentiga Corporation Berhad的累積虧損達1億零577萬令吉，Kurnia Setia Berhad的累積虧損也很驚人，達4000萬令吉，至於另一嚴重虧損的彭亨州信託有限公司，為467萬1016令吉。
大臣：獲州政府1.8億貸款
彭亨州務大臣拿督斯里安南耶谷表示，截至今年3月，州政府給予4個政府機構高達3億1950萬令吉的貸款，其中彭亨州發展機構獲得1億7830萬令吉。
他說，彭亨州信託有限公司則獲得9200萬令吉貸款、彭亨州農工業發展機構獲得4510萬令吉，彭亨州基金局獲410萬。
“彭亨州發展機構的貸款用來發展格賓工業區，以及全彭策略性地點房屋及店屋發展用途。
彭亨州農工業發展機構所獲得的貸款，用作重新安頓勞勿及立卑縣農民，以及雲冰稻米種植計劃。
至於給予彭亨州信託有限公司的9200萬令吉貸款，則用來成立彭亨土著基金，以及重組Mentiga Corporation Berhad。”
盈虧不能衡量效率
他在回答直涼州行動黨州議員梁金福的問題時表示，人民不能從州政府機構的盈虧來衡量效率，相反地，上述機構為人民帶來提供各種社會服務，為發展彭亨州作出努力。
“在這些機構中，有些為教育作出貢獻，也有些為人民提供經商的地方。”
星洲日報／東海岸‧2007.04.16
28 October 2008
Cepatwawasan sees ROI of 15% from palm oil bio-energy projects
source : thestar
KUALA LUMPUR: Cepatwawasan Group Bhd expects return on investment (ROI) of about 15% on average for its two bio-energy projects costing RM80mil that would use palm waste to generate electricity.
Executive chairman Datuk Mah King Thian said he expected the 3MW biogas plant and 10MW biomass fired plant, which would be built in Sandakan, to contribute about RM20mil annually to group revenue by 2011.
He told StarBiz that construction on the plants would be tendered out and work was expected to start by mid-2009 and commissioned by 2010. Financing would be from the company’s own funds and project financing.
“The projects have been endorsed by the Energy, Water and Communications Ministry under the small renewable energy programme to supply green power to the electricity grid,” he said.
Under the agreement signed last Friday, Cepatwawasan would sell power to the Sabah Electricity Sdn Bhd (SESB) and generate carbon credits derived from reduction of green house gas emissions worth more than RM20mil per annum.
Denmark’s Climate and Energy Ministry and Nordysk Elhandel A/S will undertake the clean development mechanism (CDM) projects with Cepatwawasan. The Danish government would then buy the carbon credits.
“Construction cost of the plant was RM60mil for the biomass plant and RM20mil for the biogass plant,” Mah said.
He added that Cepatwawasan was expected to sign a renewable energy power purchase agreement with SESB early next year.
Mah said the projects would utilise all waste products from the palm oil milling process to generate electricity.
Asked if the company was affected by the declining crude palm oil (CPO) prices, Mah remained optimistic about its business.
“We will be affected,” he said, but based on the first six months of this year, Cepatwawasan’s operating cost was below RM1,200 per tonne.
“So even at the current low, we are still confident that we are profitable. We have a low gearing of 0.1 times,” he said.
On the sharp fall in CPO prices, he said the panic reaction was not linked to global demand,” he said. CPO third-month futures closed at RM1,390 per tonne last Friday.
Royal Danish Ambassador Svend Waever exchanging documents with Cepatwawasan MD Datuk Mah King Seng. Looking on are Royal Danish Embassy counsellor Bo Monsted (extreme left) and Cepatwawasan Berhad executive chairman Datuk Mah King Thian (extreme right) after the signing ceremony for Clean Development Mechanism ( CDM ) project at Le Meriden Hotel, Kuala Lumpur. - Starpix by Victor K.K. Ng
another news from bernama
October 24, 2008 18:25 PM
Cepatwawasan Expects RM20 Million Annual Revenue By 2011 From Bio-Energy Business
KUALA LUMPUR, Oct 24 (Bernama) -- Main-board listed oil palm plantation company, Cepatwawasan Group Bhd, expects its bio-energy generation business to contribute about RM20 million in revenue annually by 2011.
The projection is based on the sale of electricity to Sabah Electricity Sdn Bhd (SESB) and also the carbon credits derived from certified emission reduction, its executive chairman Datuk Mah King Thian said on Friday
He said Cepatwawasan is expected to sign a renewable energy purchase agreement (Repa) with SESB early next year.
Mah was speaking after the signing of agreement for Clean Development Mechanism (CDM) projects between the Danish Ministry of Climate and Energy and Mistral Engineering Sdn Bhd, a subsidiary of Cepatwawasan. An agreement was also signed between Nordjysk Elhandel A/S and Mistral Engineering and Cash Horse (M) Sdn Bhd.
The ceremony was officiated by the new Danish Ambassador to Malaysia, Svend Waever.
Cash Horse is also a subsidiary of Cepatwawasan, while Nordjysk Elhandel is a Danish private limited company involved in trading and generation of power.
Cepatwawasan's two green bio-energy projects at the Prolific Yield Palm Oil Mill in Sandakan, Sabah, will utilise all waste products from the palm oil milling process and turn it into electricity.
The projects have been endorsed by the Energy, Water and Communications Ministry under the Small Renewable Energy Programme (SREP) to supply green power to the electricity grid.
The projects -- Biogas Energy Plant, at RM20 million cost, will be generating about three megawatt of power for supply to the grid of SESB, while the Biomass Energy Plant to cost RM60 million, will be able to export 10 megawatt of power to the grid of SESB.
"The total cost of RM80 million will come from internally generated funds and from project financing mainly using the Repa. The construction is expected to commence mid next year and we expect it to be completed by 2010," said Mah.
Cepatwawasan's two bio-energy projects are expected to be registered for the CDM, which is part of the United Nations Framework Convention for Climate Change and the Kyoto Protocol.
CDM allows emission reducing projects to generate carbon credits and trade these with countries, which have binding targets for emission reductions under the Kyoto Protocol.
On another development, Mah said the group is setting up a Cepatwawasan Education Resource Center (CERC) at Sukau, Kinabatangan, Sabah as part of its corporate social responsibility programmes.
Mah said CERC is to provide high-level pre-school to primary education for children around Segaliud, Sukau and will benefit around 100 children from four to 12-years old.
"The total cost is estimated at about RM1 million and it will occupy an area of less than two acres. Construction is to commence next two weeks and to be completed by May 2009," he said.
Asked on the declining crude palm oil price, Mah said: "In the first six months of this year, we have analysed our operating cost at below RM1,200 per metric tonne of oil. So even at current low, we are confident that we are still profitable and also we have a low gearing at about 0.1 times."
Meanwhile, Waever said through the CDM, Denmark will assist Danish companies to enter the Malaysian market as there is a vast potential for CDM projects in Malaysia.
On the impact of the global financial crisis on trade between Denmark and Malaysia, he said the Danish Embassy expected bilateral trade to increase with Malaysia as the country was not expected to be very much affected by the crisis.
He said Danish exports to Malaysia increased by almost 20 percent year-on-year from 2006-2007 within various sectors particularly in the areas of pharmaceuticals and food.
-- BERNAMA
KUALA LUMPUR: Cepatwawasan Group Bhd expects return on investment (ROI) of about 15% on average for its two bio-energy projects costing RM80mil that would use palm waste to generate electricity.
Executive chairman Datuk Mah King Thian said he expected the 3MW biogas plant and 10MW biomass fired plant, which would be built in Sandakan, to contribute about RM20mil annually to group revenue by 2011.
He told StarBiz that construction on the plants would be tendered out and work was expected to start by mid-2009 and commissioned by 2010. Financing would be from the company’s own funds and project financing.
“The projects have been endorsed by the Energy, Water and Communications Ministry under the small renewable energy programme to supply green power to the electricity grid,” he said.
Under the agreement signed last Friday, Cepatwawasan would sell power to the Sabah Electricity Sdn Bhd (SESB) and generate carbon credits derived from reduction of green house gas emissions worth more than RM20mil per annum.
Denmark’s Climate and Energy Ministry and Nordysk Elhandel A/S will undertake the clean development mechanism (CDM) projects with Cepatwawasan. The Danish government would then buy the carbon credits.
“Construction cost of the plant was RM60mil for the biomass plant and RM20mil for the biogass plant,” Mah said.
He added that Cepatwawasan was expected to sign a renewable energy power purchase agreement with SESB early next year.
Mah said the projects would utilise all waste products from the palm oil milling process to generate electricity.
Asked if the company was affected by the declining crude palm oil (CPO) prices, Mah remained optimistic about its business.
“We will be affected,” he said, but based on the first six months of this year, Cepatwawasan’s operating cost was below RM1,200 per tonne.
“So even at the current low, we are still confident that we are profitable. We have a low gearing of 0.1 times,” he said.
On the sharp fall in CPO prices, he said the panic reaction was not linked to global demand,” he said. CPO third-month futures closed at RM1,390 per tonne last Friday.
Royal Danish Ambassador Svend Waever exchanging documents with Cepatwawasan MD Datuk Mah King Seng. Looking on are Royal Danish Embassy counsellor Bo Monsted (extreme left) and Cepatwawasan Berhad executive chairman Datuk Mah King Thian (extreme right) after the signing ceremony for Clean Development Mechanism ( CDM ) project at Le Meriden Hotel, Kuala Lumpur. - Starpix by Victor K.K. Ng
another news from bernama
October 24, 2008 18:25 PM
Cepatwawasan Expects RM20 Million Annual Revenue By 2011 From Bio-Energy Business
KUALA LUMPUR, Oct 24 (Bernama) -- Main-board listed oil palm plantation company, Cepatwawasan Group Bhd, expects its bio-energy generation business to contribute about RM20 million in revenue annually by 2011.
The projection is based on the sale of electricity to Sabah Electricity Sdn Bhd (SESB) and also the carbon credits derived from certified emission reduction, its executive chairman Datuk Mah King Thian said on Friday
He said Cepatwawasan is expected to sign a renewable energy purchase agreement (Repa) with SESB early next year.
Mah was speaking after the signing of agreement for Clean Development Mechanism (CDM) projects between the Danish Ministry of Climate and Energy and Mistral Engineering Sdn Bhd, a subsidiary of Cepatwawasan. An agreement was also signed between Nordjysk Elhandel A/S and Mistral Engineering and Cash Horse (M) Sdn Bhd.
The ceremony was officiated by the new Danish Ambassador to Malaysia, Svend Waever.
Cash Horse is also a subsidiary of Cepatwawasan, while Nordjysk Elhandel is a Danish private limited company involved in trading and generation of power.
Cepatwawasan's two green bio-energy projects at the Prolific Yield Palm Oil Mill in Sandakan, Sabah, will utilise all waste products from the palm oil milling process and turn it into electricity.
The projects have been endorsed by the Energy, Water and Communications Ministry under the Small Renewable Energy Programme (SREP) to supply green power to the electricity grid.
The projects -- Biogas Energy Plant, at RM20 million cost, will be generating about three megawatt of power for supply to the grid of SESB, while the Biomass Energy Plant to cost RM60 million, will be able to export 10 megawatt of power to the grid of SESB.
"The total cost of RM80 million will come from internally generated funds and from project financing mainly using the Repa. The construction is expected to commence mid next year and we expect it to be completed by 2010," said Mah.
Cepatwawasan's two bio-energy projects are expected to be registered for the CDM, which is part of the United Nations Framework Convention for Climate Change and the Kyoto Protocol.
CDM allows emission reducing projects to generate carbon credits and trade these with countries, which have binding targets for emission reductions under the Kyoto Protocol.
On another development, Mah said the group is setting up a Cepatwawasan Education Resource Center (CERC) at Sukau, Kinabatangan, Sabah as part of its corporate social responsibility programmes.
Mah said CERC is to provide high-level pre-school to primary education for children around Segaliud, Sukau and will benefit around 100 children from four to 12-years old.
"The total cost is estimated at about RM1 million and it will occupy an area of less than two acres. Construction is to commence next two weeks and to be completed by May 2009," he said.
Asked on the declining crude palm oil price, Mah said: "In the first six months of this year, we have analysed our operating cost at below RM1,200 per metric tonne of oil. So even at current low, we are confident that we are still profitable and also we have a low gearing at about 0.1 times."
Meanwhile, Waever said through the CDM, Denmark will assist Danish companies to enter the Malaysian market as there is a vast potential for CDM projects in Malaysia.
On the impact of the global financial crisis on trade between Denmark and Malaysia, he said the Danish Embassy expected bilateral trade to increase with Malaysia as the country was not expected to be very much affected by the crisis.
He said Danish exports to Malaysia increased by almost 20 percent year-on-year from 2006-2007 within various sectors particularly in the areas of pharmaceuticals and food.
-- BERNAMA
09 July 2008
年报找不到cepat种植资料?
cepat不在我们的考虑，但无可非议的cepat是热门的。
值得提的是cepat在年报中透露他们在fy2007取得25.81mt/h的成绩。其实这骄人成绩主要来自于cepat最新的公布报告落于 2006 apr 1 - 2007 dec 31 八个月里，正好是年尾迈入高收成的季节。
如果我们算完12个月，均产是22.8mt/h。这对比去年的26.44mt/h有显著下降。
此扭曲其中原因来自
2007年5月11号买种植地(通过增持一家公司股权)，均产22mt/h。
existing land的均产下降。
根据年报的资产名单和模糊讯息，做了一个breakdown但不能保证对。：
4400h-------existing land-------yield:25.4 (12 month)
1100h-------new land-------yield:22 (8 month)
根据模糊资料，他还有1800公顷的面积在2008收成，所以age distribution不会是成长隐忧。
总结
配合当今投资环境，还是不建议买进(RM1.18)，直至公司提高监督和透明度。
本益比不是监督股价的方法。
值得提的是cepat在年报中透露他们在fy2007取得25.81mt/h的成绩。其实这骄人成绩主要来自于cepat最新的公布报告落于 2006 apr 1 - 2007 dec 31 八个月里，正好是年尾迈入高收成的季节。
如果我们算完12个月，均产是22.8mt/h。这对比去年的26.44mt/h有显著下降。
此扭曲其中原因来自
2007年5月11号买种植地(通过增持一家公司股权)，均产22mt/h。
existing land的均产下降。
根据年报的资产名单和模糊讯息，做了一个breakdown但不能保证对。：
4400h-------existing land-------yield:25.4 (12 month)
1100h-------new land-------yield:22 (8 month)
根据模糊资料，他还有1800公顷的面积在2008收成，所以age distribution不会是成长隐忧。
总结
配合当今投资环境，还是不建议买进(RM1.18)，直至公司提高监督和透明度。
本益比不是监督股价的方法。
20 May 2008
趁"高"抛售cepat
经过我们的讨论，Cepat的Corporate Governance可以和任何一个烂股做比较。拜cpo上升所赐，Cepat的财务才可以保持在不崩溃的位置。如果cpo和几年前一样，保持在1500的位置，你说cepat不会中pn吗？
为了不扫投资者的兴，我们本来想把这感想埋葬的(Cepat在本blog中不予考虑)，一直到前几天发生了让股东不愉快的事(虚报盈利)。虽然他们紧随一天作出修补，但他们的举动已经引起我们的注意了。
Profit/(loss) attributable to ordinary equity holders of the parent
14/05/2008
18,906
15/05/2008
14,742
The amendment is in relation to an error in consolidation adjustment for the gain on disposal of jungle land in a subsidiary which should be RM5.4 million instead of RM9.6 million as announced. As such, profit for the current quarter was revised from RM19.48 million to RM15.32 million mainly due to a consolidation adjustment for the gain on disposal of jungle land in a subsidiary amounting to RM4.16 million. This consolidation adjustment relates to the reversal of group land cost arising in the consolidated account. The gain on disposal of jungle land in the subsidiary level remains at RM9.6 million. Overall, there is no impact to the Group’s revenue and gross profit.
衷心期待15/5被套的可以在这个礼拜"解套"。
也许你解了他以后他炒到二元？
不如等在关口被破以后，RM1.5买回去。
是你让我觉得你是炒股。
CWG:MK
为了不扫投资者的兴，我们本来想把这感想埋葬的(Cepat在本blog中不予考虑)，一直到前几天发生了让股东不愉快的事(虚报盈利)。虽然他们紧随一天作出修补，但他们的举动已经引起我们的注意了。
Profit/(loss) attributable to ordinary equity holders of the parent
14/05/2008
18,906
15/05/2008
14,742
The amendment is in relation to an error in consolidation adjustment for the gain on disposal of jungle land in a subsidiary which should be RM5.4 million instead of RM9.6 million as announced. As such, profit for the current quarter was revised from RM19.48 million to RM15.32 million mainly due to a consolidation adjustment for the gain on disposal of jungle land in a subsidiary amounting to RM4.16 million. This consolidation adjustment relates to the reversal of group land cost arising in the consolidated account. The gain on disposal of jungle land in the subsidiary level remains at RM9.6 million. Overall, there is no impact to the Group’s revenue and gross profit.
衷心期待15/5被套的可以在这个礼拜"解套"。
也许你解了他以后他炒到二元？
不如等在关口被破以后，RM1.5买回去。
是你让我觉得你是炒股。
CWG:MK
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