MEGAN 怎麼回事?

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请看。。。


http://announcements.bursamalays ... $FILE/Table%20A.doc

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General Announcement
Reference No CM-050617-BBE6F  
Company Name : MEGAN MEDIA HOLDINGS BERHAD  
Stock Name  : MEGAN
Date Announced : 17/06/2005


   
Type : Announcement
Subject : AMENDED AND RESTATED PUT OPTION AGREEMENTS

Contents :

1. Introduction

The Board of Directors of Megan Media Holdings Berhad ("MMHB" or "Company") wishes to announce that the Company has today entered into the following two (2) agreements:

(a) the Amended and Restated Put Option Agreement ("DEG ARPOA") with DEG-Deutsche Investitions-UND ENTWICKLUNGSGESELLSCHAFT MBH, a financial institution incorporated and existing as a limited liability company under the laws of the Federal Republic of Germany ("DEG"), P.T. Megaplast Jayacitra, a corporation organized and existing under the laws of the Republic of Indonesia ("PTMJ"), MJC (Singapore) Pte Ltd, a corporation organized and existing under the laws of the Republic of Singapore ("MJC"), Jimmy Samantha, an Indonesian national ("JS") and Edy Kusnadi, an Indonesian national ("EK") in order to inter alia amend the provisions of the Put Option Agreement dated 3 February 1999 ("Original DEG POA"); and

(b) the Amended and Restated Put Option Agreement ("IFC ARPOA") with International Finance Corporation, an international organization established by Articles of Association among its member countries including the Republic of Indonesia ("IFC"), PTMJ, MJC, JS and EK in order to inter alia amend the Put Option Agreement dated 3 February 1999 ("Original IFC POA").

2. Background Information
(a) DEG ARPOA

By a Loan and Subscription Agreement dated 22 October 1998 between PTMJ and DEG ("Original Loan and Subscription Agreement"), DEG has subscribed for and acquired eight point nine three per cent (8.93%) of PTMJ's common stock for an amount of United States Dollar Two Million and Five Hundred Thousand (US$2,500,000.00) and agreed to grant PTMJ a loan of up to United States Dollar Eleven Million Five Hundred Thousand (US$11,500,000.00).

By an Amendment to the Original Loan and Subscription Agreement dated 12 July 2004 between PTMJ and DEG, as further amended by Amendment No. 2 to the Loan and Subscription Agreement dated 30 September 2004 (as so amended, the "Amendment Agreement" and the Original Loan and Subscription Agreement as amended thereby, the "Loan and Subscription Agreement"), DEG and PTMJ amended certain provisions of the Original Loan and Subscription Agreement dated 22 October 1998 between PTMJ and DEG subject to the conditions of the Loan and Subscription Agreement in order to enlarge the scope of the Project (as defined in the Loan and Subscription Agreement) to include PTMJ's proposed Optical Disc Project (as defined in the Loan and Subscription Agreement).
In consideration of DEG entering into the Amendment Agreement and in order to fulfill the conditions of effectiveness of the Amendment Agreement, PTMJ, MJC, JS, EK and MMHB have agreed to undertake the obligations contained in the DEG ARPOA and to amend and restate the Original DEG POA on terms and conditions contained in the DEG ARPOA.

(b) IFC ARPOA

By the Investment Agreement dated 22 October 1998 between PTMJ and IFC as amended by an Amendatory Agreement dated 3 February 1999 (together the "Investment Agreement"), IFC has agreed upon and subject to the terms and conditions set forth therein to subscribe and pay United States Dollar Two Million and Five Hundred Thousand (US$2,500,000.00) for eight point nine three per cent (8.93%) of PTMJ's common stock and agreed to grant PTMJ a loan of up to United States Dollar Eleven Million Five Hundred Thousand (US$11,500,000.00).

By an amendment No.2 to the Investment Agreement dated July 12, 2004 between PTMJ and IFC ("Amendment No.2 to the Investment Agreement") IFC and PTMJ have agreed to amend certain provisions of the Investment Agreement in order to enlarge the scope of the Project to include PTMJ's proposed Optical Disc Project (as therein defined).

In consideration of IFC entering into the Amendment No.2 to the Investment Agreement and in order to meet the conditions of effectiveness of the Amendment No.2 to the Investment Agreement, PTMJ, MJC, MMHB, JS and EK have agreed to undertake the obligations contained in the IFC ARPOA and to amend and restate the Original IFC POA on terms and conditions contained in the IFC ARPOA.
3. Information on MJC

MJC was incorporated in the Republic of Singapore on 28 January 1993. MJC is currently a wholly owned subsidiary of MMHB. The authorized share capital of the company is SGD60,000,000.00 comprising 60,000,000 ordinary shares of SGD1.00 each of which 32,875,000 ordinary shares are currently issued and fully paid-up.

MJC is principally involved in the manufacture, supply and distribution of blank data storage products. MJC operates from its plant located at Changi South Street 1, Changi South Industrial Estate.

4. Information on PTMJ

PTMJ was incorporated in the Republic of Indonesia on 24 January 1996. The authorized share capital of the company is USD28,000,000.00 comprising 28,000,000 ordinary shares of USD1.00 each currently issued and fully paid-up. The present shareholders of PTMJ and their respective shareholdings are as follows:

Name No. of Shares %
MJC 11,500,000 41.07
JS 5,750,000 20.54
EK 5,750,000 20.53
DEG 2,500,000 8.93
IFC 2,500,000 8.93
28,000,000 100.00

PTMJ's principal activity is manufacturing of video tape cassettes.. The company started its commercial operations in June 1999. PTMJ's products are sold in domestic and international markets. PTMJ operates from its plant located in Cikarang, West Java.

5. Details of the Transaction

5.1 Salient Terms of the DEG ARPOA and IFC ARPOA

a) DEG ARPOA
i) Upon DEG's delivery of a Put Notice to MJC, JS and EK("collectively "Shareholders"), who undertake the obligations in the DEG ARPOA on a joint and several basis, DEG shall have the right to sell and transfer to the Shareholders part or all of the Option Shares at any time during the Put Period (as defined therein) and the Shareholders shall buy from DEG the Relevant Option Shares (as defined therein) by paying the relevant Purchase Price in Dollars on the Settlement Date (as defined therein).
ii) If MJC shall fail, for any reason whatsoever, to fully and completely perform its obligations to purchase and pay for the Relevant Option Shares, then MMHB shall, within thirty (30) days of DEG's written notice to MMHB to such effect, pay for that portion of the Relevant Option Shares as shall not then have been acquired and paid for by MJC at the Purchase Price set out in the relevant Put Notice.
b) IFC ARPOA
i) IFC may at any time during the Put Period (as defined therein) deliver one or more Put Notices (as defined therein) to the Shareholders who undertake the obligations set forth in the IFC ARPOA on a joint and several basis. Upon the delivery by IFC of a Put Notice, the Shareholders shall buy from IFC the Relevant Options Shares (as defined therein) by paying the relevant Put Price (as defined therein) in Dollars on the Settlement Date (as defined therein).

ii) If MJC shall fail, for any reason whatsoever, to fully and completely perform its
obligations to purchase and pay for the Relevant Option Shares, then MMHB shall,
within thirty (30) days of IFC's written notice to MMHB to such effect, pay for that
portion of the Relevant Option Shares as shall not then have been acquired and paid
for by MJC at the Put Price set out in the relevant Put Notice.

To be continue....

slim3

5.2 Basis of the purchase price for the Option Shares

The purchase price for the Relevant Option Shares ("Purchase Price") shall be equal to the highest of each of the amounts set forth in sub-paragraphs (a) to (d) below:
(a) the amount equal to twelve (12) times the Average Earnings per Share multiplied by the number of Relevant Option Shares; Average Earnings per Share shall be the amount which is the arithmetic mean of net income (profit after taxes) of PTMJ for each of the two complete consecutive financial years ending immediately before the date of the Put Notice as stated in the corresponding financial statements of PTMJ divided by the total number of Shares at the end of the second such financial year;
(b) the amount obtained by multiplying the Net Compounded Shares Dollar Cost by the Option Shares Ratio. Net Compounded Shares Dollar Cost shall mean an amount which is equal to (a) the aggregate of (i) the amount of Dollars paid by DEG or IFC for the Option Shares pursuant to the Loan and Subscription Agreement and (ii) accrued interest thereon calculated (A) at 5% p.a. (five percent per annum), compounded annually from the date or dates of the relevant disbursement by DEG or IFC up to December 31, 2002, and (B) at 6.25 % p.a. (six point two five percent per annum) compounded annually from January 1, 2003 to the relevant Settlement Date, both dates inclusive, less (b) the aggregate of the amount of Dollars (if any) received by DEG or IFC as the proceeds of conversion of cash dividends paid by the PTMJ to DEG or IFC on the Option Shares compounded annually (A) at five percent (5%) per annum, from the date or dates of receipt of DEG or IFC of such dividends up to December 31, 2002, where such cash dividends have been received not later than December 31, 2002; and (B) at six point two five percent (6.25%) per annum, from January 1, 2003 or the date or dates of receipt by IFC of such dividends if received after January 1, 2003, to the relevant Settlement Date;
(c) the amount obtained by multiplying Book Value per Share as of the date of the Put Notice by the Relevant Option Shares; or
(d) the stock market price of the Relevant Option Shares as of the date of the Put Notice, in the event any of the Shares are listed and available for trade on a stock exchange.
6. Financial Information on PTMJ

The summary of key audited financial data of PTMJ for the last five (5) financial years is set out in the Table A below.

7. Financial Effects of the Transaction

There are no material effects on the share capital, shareholders' fund and earnings of MMHB Group.

8. Effect of Shareholdings of Substantial Shareholders

There are no material effects on the shareholdings of the Substantial Shareholders of MMHB.

9. Directors and Substantial Shareholders' Interest

Dato' Dr. Haji Mohd. Adam bin Che Harun, a Director and major shareholder of MMHB, is a director of MJC and a President Commissioner of PTMJ.

Yeo Wee Siong, a Director and major shareholder of MMHB, is a director of MJC and PTMJ.

Datuk Dr. Nordin bin Yusof, a Director of MMHB, is a President Director of PTMJ.

Save and except as disclosed, none of the other Directors or major shareholders of MMHB and persons connected to them has any interest, direct or indirect, in the Transaction.

10. Securities Commission ("SC") Policies and Guidelines on Issue/Offer of Securities

The Transaction is not expected to depart from the SC's Policies and Guidelines on Issue/Offer of Securities.

11. Directors' Recommendation

The Board of Directors of MMHB is of the opinion that it is in the best interest of MMHB to enter into the DEG ARPOA and the IFC ARPOA.

唉 。。。
还是 MEGAN。

自从发表了小弟对 MEGAN 的看法之后， 夜夜无法入眠。头脑无时无刻想着 KLSE。8K 前辈女儿买了那么多 MEGAN。 一定是有一些小弟看走眼的地方。

看了那么多篇关于 MEGAN 的文摘后，心想应该是时候算一算 MEGAN 的 INTRINSIC VALUE 了吧！

引用 WARREN BUFFET 的 INTRINSIC VALUE 算法，用五年的 NET PROFIT，DISCOUNT RATE 15%，5 YEARS DISCOUNT FACTOR 10%， SUBSEQUENT YEARS 5% ：

INTRINSIC VALUE = RM1。95
WITH MARGIN OF SAFETY 25% APPLIED，

ATTRACTIVE SHARE PRICE TO BUY = RM1。46。

希望各位大大 (更希望 KLSE。8K，PSRGURNEY 前辈 可提出宝贵的意见) ON 小弟 INTRINSIC VALUE 的算法。

在此小第再 SUMMARIZE MEGAN 的业绩 ：

REVENUE GROWTH RATE ：

1999 -> 2000 ： 15%
2000 -> 2001 ： 27%
2001 -> 2002 ： 41%
2002 -> 2003 ： 56%
2003 -> 2004 ： 170%

GROSS PROFIT GROWTH RATE ：
1999 -> 2000 ： -37%
2000 -> 2001 ： 152%
2001 -> 2002 ： 32%
2002 -> 2003 ： 42%
2003 -> 2004 ： 41%

GROSS PROFIT MARGIN ：
1999 ： 28%
2000 ： 15%
2001 ： 30%
2002 ： 28%
2003 ： 26%
2004 ： 14%

NET PROFIT GROWTH RATE ：
1999 -> 2000 ： 180%
2000 -> 2001 ： 112%
2001 -> 2002 ： 19%
2002 -> 2003 ： 21%
2003 -> 2004 ： 77%

NET PROFIT MARGIN ：
1999 ： 16%
2000 ： 11%
2001 ： 19%
2002 ： 17%
2003 ： 13%
2004 ： 9%

ROE ：
1999 ： 33%
2000 ： 15%
2001 ： 17%
2002 ： 18%
2003 ： 16%
2004 ： 21%

ROCE ：
2000 ： 18%
2001 ： 15%
2002 ： 14%
2003 ： 12%
2004 ： 15%

CURRENT RATIO :
2001 : 1.67
2002 : 1.20
2003 : 1.27
2004 : 1.01

QUICK RATIO :
2001 : 1.53
2002 : 1.08
2003 : 1.16
2004 : 0.92

LT DEBT:CASH RATIO :
2001 : 2.6 YEARS NEEDED TO FULLY PAY LONG TERM DEBT
2002 : 3.7 YEARS NEEDED TO FULLY PAY LONG TERM DEBT
2003 : 6.3 YEARS NEEDED TO FULLY PAY LONG TERM DEBT
2004 : 4.3 YEARS NEEDED TO FULLY PAY LONG TERM DEBT

MAJOR SHAREHOLDERS ：
tabung haji, Phillips securities, Maybank trustee, BHLB, Commerz Asset fund manager, EON finance Bhd, Avenue Asset, AA Asset ,Citicorp
(有 INSTITUTIONAL BUYER AND KEEPER OF MEGAN SHARES)

BUSINESS NATURE ： MANUFACTURE OF DVD-R， CD-R TO MALAYSIA + SINGAPORE MARKET ONLY
(AS PER 2004 ANNUAL REPORT)。
EVEN THOUGH IN IT INDUSTRY，THERE IS REPETITIVE DEMAND FOR GENERIC CD/DVD PRODUCT。
THUS DEMAND IS CONSTANT (IF NOT INCREASING) FOR MANY YEARS TO COME。(AS DVD IS STILL MAIN STORAGE MEDIA FOR VIDEO， GAMES AND SOFTWARE ETC THROUGHOUT THE WORLD)

MAIN WEAKNESS ： HEAVY BORROWING。 BUT WITH IMPROVED CASH FLOW IN 2004， MAY FULLY PAY ALL LONG TERM DEBT IN 4。3 YEARS TIME。 NOT A BIG ISSUE。

小弟也问过了 EARNST & YOUNG 和 DELOITTE 的 AUDITORS。THEY GAVE SAME OPINION THAT MEGAN IS A GOOD COMPANY WITH STRONG FUNDAMENTAL， WITH NO GOING CONCERN PROBLEM。
LIQUIDITY ISSUE RELATIVELY IS NOT SUBSTANTIAL AT THIS MOMENT OF TIME。

在此，有请各位大大给予意见与指点。

葉孤一座城

MarginOfSafety 于 20-6-2005 03:37 AM  说 :
唉 。。。
还是 MEGAN。

自从发表了小弟对 MEGAN 的看法之后， 夜夜无法入眠。头脑无时无刻想着 KLSE。8K 前辈女儿买了那么多 MEGAN。 一定是有一些小弟看走眼的地方。

看了那么多篇关于 MEGAN 的文摘后， ...

看来你对Megan的研究很有心得！
很好，很好。
希望明年新年我们一同举杯痛饮！

its a good summarization.
thanks a lot !!

psrngurney

MarginOfSafety 于 20-6-2005 03:37  说 :
唉 。。。
还是 MEGAN。

多謝你的支持。投機方面我還算可以，8k的算法我只會一點點罷了。之前我有說過10月後如果我的算法是錯的我才會放棄現在的算法然後學8k的。

megan好的訊號提早一天來臨後就這樣變成跌式了嗎？這我也不知道，最好不要重反0.98，如果跌破就是變成壞的訊號了！

我相信8k不會算錯的，我也相信太多人買這隻股就會令這隻很難向上，我也相信new share issue, right issue, 有很多convern to original share的股短期是向下的，最新的列子是incken. 以前的列子有bjgroup, ekran等等（看新聞看到的）megan，kimble(right issue)，L&G, priceworth(new share issue pay to same company), talam, fountain( loan stock convern to original share) , gperak(loan stock & warrant B convern to original share)還有很多很多。
最後就是算對了不要太在意它的股，等待應該要到來的時間就可以了。

psrngurney 于 20/6/05 01:32 PM  说 :

多謝你的支持。投機方面我還算可以，8k的算法我只會一點點罷了。之前我有說過10月後如果我的算法是錯的我才會放棄現在的算法然後學8k的。

megan好的訊號提早一天來臨後就這樣變成跌式了嗎？這我也不知道，最 ...

tgl mmm 也是.

花脸

psrngurney 于 20-6-2005 01:32 PM  说 :

多謝你的支持。投機方面我還算可以，8k的算法我只會一點點罷了。之前我有說過10月後如果我的算法是錯的我才會放棄現在的算法然後學8k的。

megan好的訊號提早一天來臨後就這樣變成跌式了嗎？這我也不知道，最 ...

有道理。大大是否真的住在Gurney呢？小弟duduk在那附近。

psrngurney

花脸 于 20-6-2005 15:48  说 :
有道理。大大是否真的住在Gurney呢？小弟duduk在那附近。

是的，我是住在Pesiaran Gurney. 有什麼“康頭”嗎？

花脸

psrngurney 于 20-6-2005 03:58 PM  说 :

是的，我是住在Pesiaran Gurney. 有什麼“康頭”嗎？

哈哈，约个时间，大伙出来聊聊。

AlvinLow

Count me in, let's go "lem tea". I stay at Bayan Lepas.

psrngurney

從megan談到約會去了，真的不好意思。
星期1~5沒有時間外出，星期6&7都可以。

玩短消息比較好。有空要喝kopi的傳短消息給我。ok

nvdie

喝 kopi 的话我也有兴趣啊！！！切磋切磋一下经验罢！

或应该说是学习吧！ 因小弟没什么料的。。。哈！哈！哈！

invest2229

小弟住在BUTTERWORTH。有KANGTAU，可记得小弟！

daredevil

誰有去MEGAN的股東大會?...快來報告...

psrngurney,葉孤一座城,小李波特 前辈 及 各位大大：

星期六或日如有空可去喝 KOPI。

小弟刚学股票半年，日后还须多多向各位大大学习。

小弟住 GREENLANE 地带。去 GURNEY 很近。

小弟的 CONTACT NO  是 012-4990922
EMAIL ： ALEXSIEW_BOBDOG@YAHOO。COM

小弟如今还在求学 (读 CFA)。喝茶时间多得是。

有喝茶记得通知小弟啊！

欢迎各位大大来 EMAIL 讨论股市话题。

shuhjiunho

有趣有趣，冲劲不足，Megan开始滑落了。
看看这次能不能破RM 1.00，再破RM 0.90，然后再破RM 0.80呢？
CI会下跌多久？政府有时又放“不定”的好消息出来，CI的走势被玩弄之间。。。
真的很难预测。。。呵呵！

jbtrader

shuhjiunho 于 27-6-2005 11:34 AM  说 :
有趣有趣，冲劲不足，Megan开始滑落了。
看看这次能不能破RM 1.00，再破RM 0.90，然后再破RM 0.80呢？
CI会下跌多久？政府有时又放“不定”的好消息出来，CI的走势被玩弄之间。。。
真的很难预测。。。呵呵！

何老板,

你要等RM1.00还是八毛?