【INTEGRA 9555 交流专区】英特格斯

糊涂

原帖由 Carimampus 于 23-12-2008 10:11 PM 发表

在notes 裏面有提到。  我copy paste 不到。 就是說PGMC 轉成賺了 USD 41.30m.

41.30  X 3.60 = RM148.68m.
148/300 = 49.33 sen
怎麼第三季度只有4.12sen 呢？

有問題， 有問題！！！
假如49.33 sen 變成4.12sen,  那麼第三季度是虧 = 45sen.  (哇， 好像又不大可能！）

呵呵，USD41.3是PGMC的Net Asset Value，Integrax拥有20%股权就相等于USD8.26 = RM28.9mil。
PGMC在第三季的盈利due to Integrax= RM3.88mil + 886K = 4.76mil罢了。这也与它note中提到约USD8mil对冲交易的盈利相符。(别忘了PGMC只是20%的联号公司而不是子公司)

Carimampus

哈！  糊塗大人你好！

BDI的確跟港口沒有直接， 是跟forwarding companies有直接的關係。  forwarding 公司跟港口卻有間接的關係。  要是forwarding companies生意不好，  那麼港口的生意怎麼好起來呢？ （只是用邏輯，  不一定對哦～）

關於PGMC，  我只是隨便算算而已。 因為我只看後面那几局，  賺了RM41m.. (也許我看錯吧， 還沒有認真研究）。  

大家進行討論。 歡迎歡迎～～

糊涂

原帖由 Carimampus 于 23-12-2008 11:32 PM 发表
哈！  糊塗大人你好！

BDI的確跟港口沒有直接， 是跟forwarding companies有直接的關係。  forwarding 公司跟港口卻有間接的關係。  要是forwarding companies生意不好，  那麼港口的生意怎麼好起來呢？ （只是用 ...

呵呵，没问题，有讨论才会有进步，糊涂也常常有看错的时候。

BDI对港口的确有间接的关系，所以港务股都往下滑了，强如NCB都跌至2.3左右，其它的港务股如Suria、MMC、Integrax更跌到不似股型。

我选择Integrax是因为她拥有与Tenaga长期合约，也只有一家顾客，不论市场再怎么坏也与她无关(所以糊涂就不关心BDI，当然BDI对它49.99%联号公司LMT业务有所影响，但由于她的贡献并不显著，所以糊涂就少了份担忧)。

有着这样抗跌的合约在身，Integrax却随着其它港务股跌得不明不白实在没有道理，所以糊涂就买入支持啦。

当然，这可能也是糊涂的盲点。

[ 本帖最后由 糊涂 于 23-12-2008 11:47 PM 编辑 ]

糊涂

BDI 向下滑就是表示船运的需求减少，
船运的需求减少，码头的吞吐量减少，
吞吐量减少，码头的生意额与盈利自然就减少了。

所以糊涂也认为BDI会间接影响港务股的盈利。

goodluck88

只是不明白这几天的幕后推手在搞什么。。。硬硬推高。。。短期要跌回RM0.415看来不容易。。。

老散一名

原帖由 糊涂 于 23-12-2008 11:56 PM 发表
BDI 向下滑就是表示船运的需求减少，
船运的需求减少，码头的吞吐量减少，
吞吐量减少，码头的生意额与盈利自然就减少了。

所以糊涂也认为BDI会间接影响港务股的盈利。

螞蟻小弟也是 bdi 的研究生。

ifarn

想問糊塗兄,

LBT 与 Tenaga 签下25 年合约,
我在 integrax 的年報與網站,只註明有此合約,
卻沒有看到其註明是25 年(在 RAM 的網站有看到)  ..

糊塗兄是在哪裡看到的 ?

糊涂

Integrax在2008年最后一季注销了约35mil 或相等于它在PGMC 75% 的投资，注销虽然无损它的现金流与港口业务，却足于吓退它的潜在投资者。未公布业绩前有大批在47分排队的买家一霎那间就人间蒸发了！

或许它很快又会跌回41分的水平，捡便宜货的时机又到了。

糊涂

原帖由 ifarn 于 2-2-2009 11:25 PM 发表
想問糊塗兄,

LBT 与 Tenaga 签下25 年合约,
我在 integrax 的年報與網站,只註明有此合約,
卻沒有看到其註明是25 年(在 RAM 的網站有看到)  ..

糊塗兄是在哪裡看到的 ?

丰隆的分析报告中有提起这合约，详情如下：

LBT commenced operations in 2002. It has a 25-year contract with renewal options to handle up to 6m MTPA (metric tonnes per annum) of coal for Tenaga.

Tenaga’s 2100MW Janamanjung power plant is made up of 3 units with capacity of 700MW each and each unit is expected to consume up to 2m MTPA of coal. LBT receives a fixed payment – RM71m pa, as well as a variable portion according to tonnage handled – RM2.25/tonne.

糊涂

S&P的分析报告也有提及这项合约。

80%-owned Lekir Bulk Terminal (LBT) owns a deep-water jetty off the Lekir coastline in Lumut, Perak. Independent power producer Malakoff (MAL MK, Not Ranked) owns the other 20% of LBT. The jetty is located adjacent to Tenaga’s 21,000-MW Janamanjung coal-fired power plant (TNBJ). Under a 25-year contract from Sep. 1, 2003, LBT unloads and transports coal from vessels to TNBJ’s coal yard, via a mechanized conveyor system built on the jetty. At full capacity, TNBJ’s annual coal consumption can reach 6 mln tonnes. LBT, which has the capacity to handle up to 12 mln tonnes of coal per year, handled 4.9 mln tonnes of coal in 2005, and generated revenues of MYR82.7 mln in 2005 (93% of group revenues), solely from TNBJ. LBT has been pursuing other

customers, but without success to date.

Tariffs payable by TNBJ to LBT include:

• Fixed annual facility payment of MYR45 mln

• Base operating payment of MYR26 mln, increasing by 1% annually from Year 3

• Variable tonnage payment, starting at MYR2.25 per tonne of coal handled and increasing by 1% annually

kiaoka

Company Name	:	INTEGRAX BERHAD
Stock Name	:	INTEGRA
Date Announced	:	26/02/2009

Financial Year End	:	31/12/2008
Quarter	:	4
Quarterly report for the financial period ended	:	31/12/2008
The figures	:	have not been audited

SUMMARY OF KEY FINANCIAL INFORMATION

31/12/2008

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2008	31/12/2007	31/12/2008	31/12/2007
		RM'000	RM'000	RM'000	RM'000
1	Revenue	23,813	22,557	91,180	88,842
2	Profit/(loss) before tax	-23,474	11,681	12,617	51,037
3	Profit/(loss) for the period	-25,607	10,505	2,720	42,094
4	Profit/(loss) attributable to ordinary equity holders of the parent	-27,154	8,841	-2,993	36,538
5	Basic earnings/(loss) per share (sen)	-9.03	2.94	-0.99	12.14
6	Proposed/Declared dividend per share (sen)	0.00	0.00	2.70	2.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent (RM)	1.5600		1.6000

人民幣

抗跌股???
有價沒市

watchman

With cash and cash equivalent more than RM120 million, and operating cash flow of about RM45 million to RM65 million per year, PGMC fully written-off, Indonesia operations via INDX assumed to be zero with no further capital commitment, i guess the market has already factored in and that's why priced it at the range of RM0.40 to RM0.50 for the past 6 months.

糊涂

虽然Integra的股价已开了约半番，但距离我心中的目标还相当远，
糊涂如我，自然会选择继续守下去，究竟是龙或是虫，这季度的成绩单应该就能够看出来了。

老散一名

原帖由 糊涂 于 12-5-2009 11:08 PM 发表
虽然Integra的股价已开了约半番，但距离我心中的目标还相当远，
糊涂如我，自然会选择继续守下去，究竟是龙或是虫，这季度的成绩单应该就能够看出来了。

哈哈，半番了。
都已經可以在下面 lock profit 了，選擇權已經在你手上了。

糊涂

原帖由 老散一名 于 12-5-2009 11:41 PM 发表

哈哈，半番了。
都已經可以在下面 lock profit 了，選擇權已經在你手上了。

老实说，我并不怎么看好后市，心中也不止一次兴起套利离场的念头。
但我一直努力说服自己坚持下去，最少也要开一番才走人，不然也太可对不起它了！

您又怎么看呢？

goodluck88

SUMMARY OF KEY FINANCIAL INFORMATION

31/03/2009

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/03/2009	31/03/2008	31/03/2009	31/03/2008
		RM'000	RM'000	RM'000	RM'000
1	Revenue	19,901	20,694	19,901	20,694
2	Profit/(loss) before tax	11,743	9,326	11,743	9,326
3	Profit/(loss) for the period	9,212	7,004	9,212	7,004
4	Profit/(loss) attributable to ordinary equity holders of the parent	7,750	5,640	7,750	5,640
5	Basic earnings/(loss) per share (sen)	2.57	1.87	2.57	1.87
6	Proposed/Declared dividend per share (sen)	0.00	2.70	0.00	2.70
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent (RM)	1.6000		1.5800

糊涂

第一季度的成绩单不错，可惜却少了点东西 - 股息！

股价也从近期的高峰RM0.63左右回跌至RM0.54，或许很快又会跌破RM0.50的关口。

Intergrax Berhad
Share Capital	300,806
Price	0.540
Year	Q1'09	2008	2007	2006
Revenue	19,901	91,180	88,842	90,752
PBT	11,743	12,617	51,004	47,830
Net Profit	7,750	(2,993)	36,507	35,777
Profit Margin	59.01%	13.84%	57.41%	52.70%
Net Profit Margin	38.94%	-3.28%	41.09%	39.42%
Current Asset	155,231	160,667	150,327	137,845
Current Liability	(57,749)	(53,068)	(51,800)	(50,619)
Long term liability	(105,392)	(124,421)	(155,230)	(183,648)
Total Liability	(163,141)	(177,489)	(207,030)	(234,267)
Cash	132,177	135,678	126,032	112,298
Cash Per Share	0.44	0.45	0.42	0.37
Shareholders' Equity	354,024	341,882	351,882	320,239
EPS	2.58	(0.99)	12.14	11.89
NTA	1.18	1.14	1.17	1.06
NTA Growth %	3.55%	-2.84%	9.88%	9.64%
Current Ratio	2.7	3.0	2.9	2.7
Dividend	0.0	0.0	2.7	2.0
DY	0.00	0.00	5.00	3.70
ROE	2.19	(0.88)	10.37	11.17
PE	20.96	(54.27)	4.45	4.54
D/E	0.46	0.52	0.59	0.73

Wynnes

成长中好股，又抗跌的话，只要相信管理层有能力在这次风暴中生存，没有卖的理由

糊涂

原帖由 Wynnes 于 28-5-2009 11:28 PM 发表
成长中好股，又抗跌的话，只要相信管理层有能力在这次风暴中生存，没有卖的理由

我不贪心，只要达到RM1.20的目标价我就会卖出，因为我总喜欢留点利润空间给接货的朋友。