【MAGNUM 3859 交流专区】万能 （前名MPHB 马化控股）

VALUE_INVESTOR

最近发现 MPHB (undervalue)

请对 MPHB 发表你的评语, 适合可以持有超过一年投资者。谢谢
I found MPHB still undervalue, May I have all you thought & comment...
Thank you so much

[Sorry, my Chinese is not very good]


请读以下文章 in the link. 对它有更好 understanding
http://www.biznewsdb.com/english/newspage/newspage1.asp?ID=70625130&file1=7&bulan=06&kw=multi%20purpose%20holding



[ 本帖最后由 蚂蚁小弟 于 27-7-2009 08:46 AM 编辑 ]

VALUE_INVESTOR

Extracted from Biznews website.

MPHB completes makeover

Updated : 25-06-2007
Media : The Star
Story By : C. S. TAN
via www.biznewsdb.com
Mail this story or page to friend(s).

KUALA LUMPUR: Multi-Purpose Holdings Bhd¡¦s (MPHB) major makeover is now complete. Its balance sheet now reflects that of a cash-rich group in contrast to its highly indebted form previously.

One aspect of this transformation was achieved after MPHB raised its stake in Magnum Corp Bhd which then became a subsidiary instead of an associated company previously. This enabled MPHB to book its share of Magnum¡¦s assets and liabilities into its own balance sheet.

¡§That¡¦s how Multi-Purpose has totally changed,¡¨ MPHB¡¦s managing director Datuk Surin Upatkoon told StarBiz recently.

The transformed balance sheet in MPHB gives it a quality of strength, upon which it will be able to leverage for acquisitions of synergistic assets or expansion into new businesses when opportunities arise.

In addition, the group could de-gear completely if additional assets sales are made later in the year.

The group may acquire new businesses of which property development would be one of the possibilities, he said. He declined to elaborate.

At present, MPHB¡¦s three core businesses are gaming, general insurance and stock broking.

With Magnum as a subsidiary, MPHB can also book its share of Magnum¡¦s revenue and earnings. Hence, MPHB¡¦s revenue rose to RM824.8mil for the first quarter (Q1) ended March 31, 2007 from RM57.2mil in the same quarter last year.

At the same time, MPHB¡¦s net profit was RM172.9mil in Q1 as against RM34.2mil previously.

Meanwhile, transformation progress was also achieved at Magnum, now a 55% owned subsidiary of MPHB. Magnum sold, in particular, 368 acres of land in Sepang that was held by subsidiary West Country Sdn Bhd, for RM183mil cash.

Magnum also sold 94.38 million MPHB shares in February. That sale is understood to have produced a profit of about RM100mil for Magnum.

The MPHB shares, amounting to 9.9% of its equity, was bought by Magnum in early 2005 when they traded around RM1 a share, and before the price shot past RM2 early this year.

¡§Analysts criticised me when Magnum bought the MPHB shares,¡¨ Surin said. That criticism stemmed from the bad experience investors had from appalling investments made by previous management.

Magnum sold its MPHB shares when the former became a subsidiary of the latter because subsidiaries are not allowed to own shares in their parent companies.

That sale, together with that of the Sepang land, boosted Magnum¡¦s cash holdings to enable it to offer special dividends totalling 70 sen a share, in addition to a final dividend of 8 sen.

¡§That would be a payout of more than RM1bil in dividends by Magnum this year,¡¨ he said.

Of that amount, MPHB would get about RM500mil and it still has about RM300mil worth of shares in Sarawak Energy Bhd, which it intends to sell.

The cash that would be raised would be about equal to MPHB¡¦s borrowings of about RM800mil. ¡§Multi-Purpose will become debt-free,¡¨ he said.

When Surin came into the group in 2000, MPHB had borrowings of RM2.4bil and no cash flow because most of the member companies were associated companies, and not subsidiaries.

That state of affairs has completely changed and throughout that process, he was advised by boutique corporate consultancy Newfields Advisors Sdn Bhd. ¡§They¡¦ve done a good job for us,¡¨ he said.

Each year, Magnum distributes most of its profits as dividends.

It has, however, investments, both listed and unlisted, that could be sold at a profit. One of these is a stake in Yantai Raffles Shipyard that builds ships and oil rigs at its facility in Shandong province, China.

It was after Surin entered the MPHB group that Magnum invested in Yantai where the chief executive is Brian Chang, a Singaporean who is known here as a major shareholder of Promet Bhd in the 1980s.

The cost of Magnum¡¦s investment in Yantai was about RM60mil and that was currently worth over RM100mil, Surin said.

Yantai is listed on the Oslo over-the-counter (OTC) market and has a market value of about RM3.1bil. The company plans to seek a listing on the main board of the Singapore Exchange this year, according to reports.


www.biznewsdb.com

VALUE_INVESTOR

每天一要点及原因:

已经从 borrowings of RM2.4bil and no cash flow 转变成  cash-rich group. [Refer to Balance Sheet]

chengyk

VALUE_INVESTOR 兄，可不可以 POST 一些你的功课上来让大家分享分享??

nsl

	QTR 1	QTR 2	QTR 3	QTR 4	QTR 1	ROLLING 4 QTRS
	2006-03-31	2006-06-30	2006-09-30	2006-12-31	2007-03-31
Turnover	57,214	49,168	54,092	290,833	824,827	1,218,920
Profit before Taxation	36,366	41,225	35,226	86,430	344,427	507,308
Net Profit	34,227	39,807	30,333	60,519	172,889	303,548
Basic EPS* Sen		4.2	3.2	6.3	18.1	31.8
Div PS Sen	0	0	0	0	5	5

nsl

迟些我认为他将私由化万能。

VALUE_INVESTOR

原帖由 chengyk 于 3-8-2007 05:41 PM 发表
VALUE_INVESTOR 兄，可不可以 POST 一些你的功课上来让大家分享分享??

我会慢慢贴出要点及原因...
Go thru the Annual Report so that you have better understanding...

VALUE_INVESTOR

今年 Diluted Core EPS 估计应该是 32sen. 8sen per QTR.
如果 PE 8 means the price to be rm2.56. Very conservative estimation...
Thank you.

Invest in your own risk. It is ur $$$

VALUE_INVESTOR

MPHB 持有 55% of MAGNUM (subsidiary)  股票.

MAGNUM 市值 = 1447m Shares X rm2.83 (03/08/2007 Price) = rm 4095m
MPHB 市值 = 954m Shares X rm1.99 (03/08/2007 Price) = rm 1898.5m

如你所看到, MPHB 持有的股票已经值得 rm 2047m. 那已经超过 MPHB 自己的市值.
Mr. Market value MPHB 其他 Businesses & Investment as zero.

Invest in your own risk. It is ur $$$

VALUE_INVESTOR

如果你对 MAGNUM 有兴趣及信心, 你可买 MPHB as cheaper entry.

Same theory with:
1. If you have confident & interest to buy KLK, you can buy BKWAN as cheaper entry.
2. If you like GPACKET, you can buy OSKVI as cheaper entry
3. If you like WILMAR, you can buy PPB as cheaper entry

你买 1000 units MPHB, 相等你持有 834 units of MAGNUM.

Mr.Business

请问VALUE_INVESTOR兄，
Magnum的派彩率是不是真的比其他两家公司高？

原帖由 dreamer55 于 3-8-2007 08:52 AM 发表
。。。。。。
很多美国人到赌场去，其实志在娱乐，不赌身家。因为赌场凭概率是肯定吃定赌客的，偶尔有少数幸运的赌客会赢钱，但是大多数是输钱的。赌场不和你赌运气，只和你赌数量，只要概率设好参予的人数够多堵注又分散，赌场就赢定了。这就是所谓的大数定理 (law of large number)。万字公司也是以此赢钱的。

呵呵，讽刺的是，赌场本身务必会做到所有赌场里的赌具都是公平的赌具，以使大数倾向他预设的那一边（赌具是公平的，概率却是不公平的）。所以若有任何biased的赌具，赌场反而要换掉这些赌具，以免被人看出破绽。

另外值得一提的是，马来西亚有三家合法经营万字的上市公司，分别为 Tanjong, BJToto,以及 Magnum。这几年来，Magnum 的赔出率是最高的，而管理层常常以此作为借口说明该年盈利表现不理想。我一直觉得很奇怪，一年一家公司最少开彩一百五十次，每次参与的人数以万计，再加上公司也已经设定了“红字”以避免大家同买一个字及短暂概率可能带来的损失，数量这么庞大的投注额且投注的字已被分散，为什么 Magnum 的派彩率会比其他两家公司高？根据大数定理，必然有些不寻常的情况发生了。

其中有两个可能：其一，Magnum 的摇珠是 biased 的，而且已被人发现了其中的规律！其二，若上述条件不成立，结论只可能有一个了，那就是有人暗中搞鬼。呵呵，怎么搞鬼，我就不说了。无论哪一个情况，我都觉得不对劲。于是在三年前我把我的 Magnum 清光了，因为我不再相信他们。

呵呵，当然股票起不起，还是很多其他因素的。我希望不会有人因为我这篇文章做出了投资的决定，我只是分享我所观察到的一些现象。

http://chinese2.cari.com.my/myforum/viewthread.php?tid=932702&page=3#pid31071250

khokhokho

MPHB    馬化控股
MAGNUM  萬能
如果你对 MAGNUM 有兴趣及信心, 你可买 MPHB as cheaper entry。
馬化控股一直以來都是非常讓人不知大股東下一步要如何走，一下又講要私有化萬能，等一下又講沒有這回事情，另外MAGNUM  萬能卻欠債於馬化控股，這就好比成功集團要把成功資本私有化，也是欠多多的錢，現在還清了給多多，下來就要私有化成功資本.

還有另外一點，為何MAGNUM有超過十億現金卻不還給MPHB，而且MAGNUM一直脫掉手上的資源，用意何在?

小股東可以講投資了這麼久了，但是切是沒有得到利益，反觀IOI和DIGI切讓小股東得益，而且另一個板本就是看看成功集團就好了，成功資本也沒讓小股東有利，現在卻私有化，而且在私有化時切還清了多多的債務，如果不私有化，肯定成功資本股價會高升，所以反過來看看，MAGNUM  萬能是有能力還清債務，而且是有現金流的上市公司，為何到現在還是負債馬化控股，所以種種猜測讓人覺得太有問題了。

KelvinLiew

我自己的認知－－這支股票的涉及面結構和互相持股已經重組了好幾回－包括甘文丁在內－－前傳言馬哈迪代言人[華人－我一時想不起名字－絕對不是郭另璨]辭去萬能CEO開始。。。。

不碰－－

糊涂

VALUE_INVESTOR兄，

马化控股是一家极为复杂的公司，它的管理层变卖资产就像变儿戏般，可惜就没能从中为股东带来多大的价值。也许就是这个原因另糊涂对它避而远之，从不肯下心机好好的去研究它，糊涂在此帖上我的一些资料希望能够让大家更加了解它。

Multi-Purpose Holdings Bhd (MPHB) is an investment holding company with interests in gaming, financial services,

utilities and property development. The group was controlled by the Malaysian Chinese Association through Koperatif

Serbaguna Malaysia until 1989 when Kamunting Corporation took a 29% interest in the group. Kamunting later sold its

stake to Quantum Aspects, a company owned by a group of businessmen in Penang.

1991 Sold MPHB’s 39.8% stake in Magnum to Dunlop Estates at RM7.42 per Magnum share or RM375m.

1995 Completed the restructuring of the group’s financial services under Multi-Purpose Capital Holdings.

Sold 51% of Magnum to Dunlop Estates’ shareholders on the basis of nine Magnum shares for every ten Dunlop

shares at a revised offer price of RM4 per Magnum share. Sarawak Enterprise (previously known as Dunlop

Estates) also acquired 45% of Sarawak Electricity Supply Corp for RM1.4bn.

2000 Quantum Aspects acquired a 31% stake in MPHB from Kamunting Corporation.

Disposed of 70% of Alliance Bank Malaysia to Malaysian Plantations for RM480m that was satisfied by cash of

RM286m and issuance of 176m new Malaysian Plantations shares.

Acquired 100% of Dynamic Pearl from Malaysian Plantations for a cash consideration of RM126m.

Dynamic Pearl acquired 100% of A.A. Anthony & Co. for RM174m and the remaining 4.3% of JB Securities

for RM10.7m. Subsequently AA Anthony was merged with JB Securities in 2002.

Sold 5% of West Country for a cash consideration of RM19m.

2001 Disposed of 72m shares in Malaysian Plantations in the open market for RM84m.

Acquired a 5.91% stake in Multi-Purpose Capital from Kamunting Corporation for RM32.7m. The options to

purchase the remaining 14.7% and 2.9% of Multi-Purpose Capital from Magnum and Magnum 4D, respectively,

were extended to June 2003.

2002 Sold Multi-Purpose Management (owns 21.9% of Alliance Bank) to Malaysian Plantations for RM303m.

Sold 33% of Bandar Raya Developments to Ambang Sehati for RM351m or RM2.25 per share.

2003 Sold 40% of West Country to Magnum for RM120m.

khokhokho

這里我也點到為止，是否有做過手腳，是不是自已人做，為何有人退出股東，是何原因，一個會生金蛋的機器，誰不要呢?

原帖由 khokhokho 于 3-8-2007 04:32 PM 发表

摇珠是可以控制出什麼字的，听講有人要地下埸萬字虧錢，都會有消息講今晚這字會出，那麼他們就會把這字變成買不到，所以買的人轉去買地下埸萬字。

另外也有听過大老板會暗中叫人幫他們買，是不是這樣子，我也是只講而已。

如果這些事件被人知道了話，我想這家萬字埸應該會倒閉，知人知見。

原帖由 江湖 于 3-8-2007 05:08 PM 发表



题外话，
如果你知道摇珠出什麼字的话， 你要一次暴厂，还是每期赢他30千？  

原帖由 khokhokho 于 4-8-2007 06:18 PM 发表

如果我知，當然每期赢他30千，10期就300萬了，如果一下讓它暴厂，我肯定吃官司，人家會以為我做了手腳

KelvinLiew

原帖由 糊涂 于 6-8-2007 09:42 PM 发表
VALUE_INVESTOR兄，

马化控股是一家极为复杂的公司，它的管理层变卖资产就像变儿戏般，可惜就没能从中为股东带来多大的价值。也许就是这个原因另糊涂对它避而远之，从不肯下心机好好的去研究它，糊涂在此帖上 ...

你比我用功

我完全靠記憶的說－－也許可以樓主多點空間發揮下－－我也期待你的中文分享－－我英文爛的說－－難得大家看法一致

cheongcy

小弟还没认真去读他的财报。。。
不过随便算了下，在这九年中，平均收益为负8分（-0.08），利润也不稳定。。。。

四伯爽

以前我手上有一些MAGNUM4D的
结果 母公司出一个烂价
把MAGNUM4D私有化了

所有MAGNUM4D的现金都变成母公司的 （以前就是看MAGNUM4D的所持有的现金才投资的）
不然的话，我看现在MAGNUM还在半死不死啦

8years

我认真的去研究了。看了stock performance guide,看了2006annual report,也看了first quater report。

一个字，“好“
有票的千万不要卖，可以长期投资。

还有一个地方我还没有研究。希望有人可以提供者公司的负债情况的资料，比如那里借钱，借多少等等。我已经计划买进这股来投资。不过是买进母股而不是warrant。

VALUE_INVESTOR

谢谢大家的 comment
I will try my best to answer based on what I know…

Invest in your own risk. It is ur $$$
Invest only when you have confident. Thx.

[ 本帖最后由 VALUE_INVESTOR 于 7-8-2007 12:14 AM 编辑 ]