（吉隆坡）TH種植（THPLANT，5112；主板種植組）通過換股和現金方式，以1億9900萬令吉向其母公司收購9930公頃的土地。分析員預計，此項收購計劃讓該公司進軍沙巴，對其每股凈利沖淡作用亦微乎其微。
該公司也建議1送1的紅股計劃以及推出僱員認股計劃（ESOS）。
在詳情未出爐前，分析員根據2010年的本益比，保持此股的盈利預測及4令吉的目標價，同時也獲得逾8%的週息率扶托。
無論如何，也有分析員認為，儘管此項收購計劃有盈利增強作用，但卻建議“售出”此股，因原棕油供應量走高，使原棕油價格走弱，預計原油價格亦走緩，歐美國家的生物燃油政策也不如較早般積極。
大馬研究說對上述收購計劃不感訝異，因TH種植曾多次暗示會向母公司朝聖基金購買沙巴的地段，並認為這項收購計劃是正面的，TH種植的地庫將從2萬8730公頃增至3萬8660公頃。
收購價格合理
收購計劃的購價合理，因每公頃的地段估計值2萬82令吉，與CB工業（CBIP，7076；主板工業產品組）最近在砂拉越成交的兩項交易，分別為每公頃1萬8000令吉及2萬6000令吉相符。
大馬研究估計這項收購計劃將提高TH種植的2009財政年每股凈利達1.3%至44.8仙，較早為44.8仙。
通過現金融資對該公司來說也不是很大的問題，因TH種植集團的資產負債表強穩，集團截至2007年底手握3860萬令吉的現金。
該公司通過發售4770萬股以及4000萬令吉現金成交上述收購計劃。
亞歐美研究認為，在當前原棕油價格企穩於每公噸3000令吉之際，上述收購計劃的購價合理，每公頃可收割地段的企業價值為3萬9136令吉至4萬8964令吉（包括5000萬令吉的煉油廠），與砂種植（SWKPLNT，5135；主板種植組）及合成種植（HSPLANT，5138；主板種植組）最新的油棕地段交易價相去不遠。
負債率將增至25%
收購計劃預計在今年末季完成，此計劃完成後，公司的負債率應當從首季的7%增至25%，仍然處於可調控水平。
隨著此項收購計劃，TH種植將達到其中期關鍵表現指標，以在2009年前成為一家中型的種植公司，擁有3萬2000公頃的地段。
以長期來說，亞歐美認為朝聖基金將注入廖內8萬公頃的嫩樹地段進入TH種植。
經紀簡評
建議 目標價
亞歐美研究 買進 4令吉
大馬研究 售出 2令吉65仙
-----------------------
收购价比别人便宜，就是合理？也不想想现在的cpo会不会跌到不见底？
记得朝聖基金售出的地段不太好？
还须确定。
一个说4令吉，一个说2令吉65仙。
总好过侨丰"大行"，竟然当没事发生。
Showing posts with label cbip. Show all posts
Showing posts with label cbip. Show all posts
11 August 2008
26 July 2008
Receives RM33m Modipalm contract
BUY
RM4.20
Target Price: RM5.60
13 June 2008
ambg.com.my
YE to Dec FY07 FY08F FY09F FY10F
EPS (sen) 32.8 47.0 64.0 63.8
PE (x) 12.8 8.9 6.6 6.6
CB Industrial Product Holding Bhd (“CBIP”) has received a Letter of Award from PT Astra Agro Lestari for the construction of a 45 tonnes/hour Modipalm mill. The contract value is RM32.6m. This is the third Modipalm mill contract that PT Astra Agro Lestari has awarded to CBIP.
Also, this is the second contract that CBIP has secured this year. So far this year, CBIP has received RM60.3m worth of contracts. The other contract was awarded by Lembaga Tabung Haji (“LTH”) in April. LTH’s contract was in respect of the construction of a kernel crushing and biomass plant.
We would not be revising our earnings estimates as we have already assumed that CBIP would secure RM250m worth of contracts this year (FY07: RM276m). Despite this, it looks like the contract flow for CBIP is slowing and we would be visiting the group soon to get updates.
A concern is rising steel costs. Since the start of the year, steel costs have increased by 93%. We have assumed that the EBITDA margin for CBIP’s construction division would decline from 17% in FY07 to 13% in FY08F.
Despite potentially lower construction earnings, CBIP is still expected to record double-digit profit growth this year due to stronger plantation earnings. We estimate the plantation division to account for 37% of group EBITDA in FY08F. This should rise to 66% of group EBITDA in FY09F.
For now, we maintain Buy on CBIP. However, we would be reviewing our target price and earnings forecast for CBIP again due to slowing contract flows. Our target price is based on FY08F PE of 12x.
RM4.20
Target Price: RM5.60
13 June 2008
ambg.com.my
YE to Dec FY07 FY08F FY09F FY10F
EPS (sen) 32.8 47.0 64.0 63.8
PE (x) 12.8 8.9 6.6 6.6
CB Industrial Product Holding Bhd (“CBIP”) has received a Letter of Award from PT Astra Agro Lestari for the construction of a 45 tonnes/hour Modipalm mill. The contract value is RM32.6m. This is the third Modipalm mill contract that PT Astra Agro Lestari has awarded to CBIP.
Also, this is the second contract that CBIP has secured this year. So far this year, CBIP has received RM60.3m worth of contracts. The other contract was awarded by Lembaga Tabung Haji (“LTH”) in April. LTH’s contract was in respect of the construction of a kernel crushing and biomass plant.
We would not be revising our earnings estimates as we have already assumed that CBIP would secure RM250m worth of contracts this year (FY07: RM276m). Despite this, it looks like the contract flow for CBIP is slowing and we would be visiting the group soon to get updates.
A concern is rising steel costs. Since the start of the year, steel costs have increased by 93%. We have assumed that the EBITDA margin for CBIP’s construction division would decline from 17% in FY07 to 13% in FY08F.
Despite potentially lower construction earnings, CBIP is still expected to record double-digit profit growth this year due to stronger plantation earnings. We estimate the plantation division to account for 37% of group EBITDA in FY08F. This should rise to 66% of group EBITDA in FY09F.
For now, we maintain Buy on CBIP. However, we would be reviewing our target price and earnings forecast for CBIP again due to slowing contract flows. Our target price is based on FY08F PE of 12x.
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.
Subscribe to:
Posts (Atom)