【YTLPOWR 6742 交流专区3】楊忠礼能源

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SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2014	31/12/2013	31/12/2014	31/12/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	3,039,606	3,770,052	6,398,316	7,751,184
2	Profit/(loss) before tax	348,289	328,101	651,162	577,380
3	Profit/(loss) for the period	250,014	255,155	487,551	490,831
4	Profit/(loss) attributable to ordinary equity holders of the parent	245,131	247,025	488,980	481,847
5	Basic earnings/(loss) per share (Subunit)	3.51	3.82	7.10	7.16
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		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 ($$)	1.4000		1.5400

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Notice of Interest Sub. S-hldr (29A)

YTL POWER INTERNATIONAL BHD

Particulars of Substantial Securities Holder

Name	AMANAHRAYA TRUSTEES BERHAD - SKIM AMANAH SAHAM BUMIPUTERA
Address	TINGKAT 4, BALAI PNB, 201-A JALAN TUN RAZAK, 50400 KUALA LUMPUR
NRIC/Passport No/Company No.	766894-T
Nationality/Country of incorporation	MALAYSIA
Descriptions (Class & nominal value)	ORDINARY SHARES OF RM0.50 EACH
Name & address of registered holder	AMANAHRAYA TRUSTEES BERHAD -SKIM AMANAH SAHAM BUMIPUTERA TINGKAT 4, BALAI PNB, 201-A JALAN TUN RAZAK, 50400 KUALA LUMPUR

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	09/03/2015
No of securities	360,465,082
Circumstances by reason of which Securities Holder has interest	PURCHASE OF SHARES
Nature of interest	DIRECT
Price Transacted ($$)
Total no of securities after change
Direct (units)	360,465,082
Direct (%)	5.12
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	09/03/2015

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寬頻計劃或取消‧楊忠禮電力不跌反起

2015-03-19 10:28      
（吉隆坡18日訊）雖然楊忠禮電力（YTLPOWR,6742,主板基建計劃組）旗下41億令吉之1 Bestari寬頻計劃，有取消之潛在風險，其股價不跌反起。

該股週三一度上揚6仙或4.05%至1令吉54仙，閉市漲4仙或2.7%，掛1令吉52仙。

英文《星報》引述國會公共賬目委員會（PAC）主席拿督諾加茲蘭說，該委員會建議教育部取消41億令吉之1Bestari寬頻計劃，第一期上述計劃以6億3千300萬令吉成本完工，並沒有獲得預期之效果。

然而，《The Edge》財經日報卻引述同一名人士指出，教育部有意保留楊忠禮電力子公司作為上述計劃承包商，儘管還是有些缺失。

聯昌研究說，取消上述計劃將擴大楊忠禮電力之寬頻業務虧損，截至2015財政年上半年虧損達1億2千800萬令吉。

衝擊不顯著

“然而，對楊忠禮電力來說，衝擊並不顯著，何況根據The Edge說，儘管該委員會提出上述建議，教育部將保持與楊忠禮電力的合作關係，彰顯取消該寬頻並不那麼直截了當。”

儘管該委員會過問楊忠禮電力的執行力，有關執行力至目前為止仍完好，因而聯昌研究維持“加碼”評級，目標價2令吉零4仙。

楊忠禮電力旗下的楊忠禮通訊，是於2011年以公開競標方式，獲頒發價值逾40億令吉之計劃，長達15年。（星洲日報／財經）



買進券商心頭好．一個精明學習網若取消 對楊忠禮能源影響微
財經股市19 Mar 2015 20:34
http://www.chinapress.com.my/node/607555

券商：聯昌證券研究
合理價：2.04令吉

icy97

购电协议若延长提振盈利　杨忠礼电力短利长淡

财经  2015年04月03日
（吉隆坡3日讯）分析员指出，若杨忠礼电力（YTLPOWR，6742，主板基建股）购电协议（PPA）获得延长，有望小幅提振公司的盈利表现，也有利于股息派发；不过，由于公司缺乏长期有利因素，特別是海外业务面临更严谨的监管条例及激烈的营运竞爭，所以维持该股「守住」投资评级。

艾芬黄氏资本分析员指出，近期，能源委员会（EC）决定延长一些现有发电厂的经营权，这对于第一代的独立发电厂购电协议而言，是正面消息。至于所谓第一代购电协议，则是在「Track2」协议下，在2012年並没有获得更新。

PPA延长机率高

分析员表示，这也导致市场关注2016至2018年的5000兆瓦（MW）產能或面对展延的课题。若保守估计，该些新发电厂延迟2年，那么大马电力供应赚幅预料將下跌至22到24%，低于能源委员会设定的25%舒適水平。

分析员认为，在3家发电厂（总產能约2000兆瓦）的购电协议可能获得延长当中，杨忠礼电力购电协议获得延长的机率蛮高，主要是其电力產能达1212兆瓦，显著高于其余两家联合起来仅880兆瓦的產能，而且杨忠礼电力的燃气发电厂也更具效率。

该分析员补充说道，若杨忠礼电力的购电协议获得延长，该公司的发电厂將取得较低的费率，因为在无须承担庞大资本开销或贷款之下，其產能支付（capacity payments）將会明显降低。

分析员指出，假设费率保持不变，以目前情况来看，其2016及2017財政年盈利预测预计將提高8%至12%，还未纳入该公司的翻新成本。

分析员指出，值得注意的是，该公司虽然在短期內有潜在的利好因素支撑，但却缺乏长期的有利因素，加上购电协议若不如预期般获得延长，其2016財政年盈利预测预计將缩减8%。

因此，艾芬黄氏资本研究分析员维持该股「守住」投资评级，及1.54令吉目標价。【东方网财经】

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Type	Announcement
Subject	OTHERS
Description	RE-ORGANISATION OF GROUP STRUCTURE
Pursuant to Paragraph 9.19(5) of Bursa Malaysia Securities Berhad Main Market Listing Requirements, YTL Power International Berhad (“YTL Power”) wishes to announce that Frog Education Limited (formerly known as Frogtrade Limited) (“Frog Ed”) has transferred all its shares in I Education Limited (“I Ed”) comprising 1,020 ordinary shares of 5 pence each and representing 51% of the issued and paid-up share capital of I Ed (“Asset”), to Frog Education Group Limited (“Frog Ed Grp”), the holding company of Frog Ed and an indirect subsidiary of YTL Power, by way of a dividend in specie declaration by Frog Ed on the Asset to Frog Ed Grp (“Re-organisation”). As a result of the Re-organisation, I Ed has become a direct wholly-owned subsidiary of Frog Ed Grp and remain an indirect subsidiary of YTL Power. I Ed was incorporated in England & Wales on 12 March 2007 and is principally involved in educational media and information technology software. The Re-organisation is not expected to have any material effect on the earnings, net assets or gearing of the YTL Power Group for the current financial year.

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SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2015	31 Mar 2014	31 Mar 2015	31 Mar 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	2,680,337	3,300,188	9,078,653	11,051,372
2	Profit/(loss) before tax	338,899	305,954	990,061	883,334
3	Profit/(loss) for the period	220,269	261,508	707,820	752,339
4	Profit/(loss) attributable to ordinary equity holders of the parent	222,735	255,573	711,715	737,420
5	Basic earnings/(loss) per share (Subunit)	3.17	4.07	10.26	11.21
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		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 ($$)	1.4600		1.5400

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楊忠禮電力全年淨利下調

2015-05-23 11:13      
（吉隆坡22日訊）新加坡業務及通訊業務衝擊楊忠禮電力（YTLPOWR,6742,主板基建計劃組），首9個月營業額下跌17.9%至91億令吉，淨利下滑3.5%至7億1千170萬令吉。

MIDF研究表示，該公司新加坡業務及通訊業務營業額分別下滑26.9%及21.1%，僅英國Essex水務公司業績表現亮眼，首9月營業額及稅前淨利分別按年成長6.35及12.5%，主要是水費提高，加上賺幅改善1.6%。

分析員下調該公司2015財政年全年淨利預測約20%，目標價從1令吉83仙下調至1令吉66仙，評級保持“中和”不變。



（星洲日報／財經）

icy97

楊忠禮能源90億收購楊忠禮公用

財經26 Jun 2015 22:06
（吉隆坡26日訊）配合內部重組計劃，楊忠禮能源（YTLPOWR，6742，主要板基建）以90億令吉，向楊忠禮發電私人有限公司收購楊忠禮公用有限公司（YTL Utilities Bhd）股權。

該公司向馬證交所報備，雙方已簽署買賣協議，收購楊忠禮公用全數股權。

此后，楊忠禮公用成為楊忠禮能源直接持有子公司，但這項內部重組計劃不會影響楊忠禮能源盈利表現。

楊忠禮公用于2002年8月設立在開曼群島，是一家投資控股公司。【中国报财经】

Type	Announcement
Subject	OTHERS
Description	RE-ORGANISATION OF GROUP STRUCTURE
Pursuant to Paragraph 9.19(5) of Bursa Malaysia Securities Berhad Main Market Listing Requirements, YTL Power International Berhad ("YTL Power") wishes to announce that as part of a further inter-company re-organisation, YTL Power has entered into a sale and purchase agreement with YTL Power Generation Sdn Bhd ("YTLPG"), a wholly-owned subsidiary of YTL Power, for the acquisition of 3 ordinary shares of GBP1.00 each and 45,000 ordinary shares of USD1.00 each, representing the entire issued and paid-up share capital of YTL Utilities Limited ("YTL Utilities") from YTLPG, for a consideration of RM9,000,000,000 subject to the terms and conditions set out in the agreement ("Re-organisation"). As a result of the Re-organisation, YTL Utilities will become a direct subsidiary of YTL Power. YTL Utilities was incorporated in the Cayman Islands on 8 February 2002 and is principally involved in investment holding. The Re-organisation is not expected to have any material effect on the earnings, net assets or gearing of the YTL Power Group for the current financial year.

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传伦敦裁决有利 杨忠礼电力可收回7亿

财经新闻 财经  2015-06-28 10:22
（吉隆坡27日讯）传伦敦仲裁庭已作出有利于杨忠礼电力（YTLPOWR，6742，主板基建股）的裁决，该公司可望从国家石油（Petronas）收回高达7亿令吉的多付款项。

《The Edge》引述消息报道，伦敦仲裁庭自今年3月展开听证会后，已作出有利于杨忠礼电力的裁决。

然而，实际的追讨金额、何时及如何支付，则还未有定案，因和解方案还未敲定。

值得注意的是，杨忠礼电力在2014年的年报里，已将一笔总值2亿6106万令吉的金额，列为“可从供应商收回的金额”（recoverable amount）。

董事部表示，收回多付款项的前景合理，只是有待向国油展开仲裁过程。

消息透露，在和解协议下，杨忠礼电力能得到的金额料高达7亿令吉。

不过，杨忠礼电力管理层拒绝就此事发言，仅表示会适时公布所有关于仲裁的结果。

虽然可潜在收回的金额规模颇大，但相比公司109亿令吉的市值而言，乃相对不明显。

假设真的能收回7亿令吉，将相等于是每股10仙的收益。根据上周1.55令吉的闭市价，这已占去股价的6.5%。

国油天然气价格分歧

这起仲裁案可追溯至1997年，因双方对国油所需支付的天然气价格，存有分歧。

1993年，杨忠礼电力与国油签署供应天然气协议，当时决定天然气价格将依据市价计算。

在原定合约下，杨忠礼电力可以低于其他独立发电业者的价格来购买天然气。

但1997年亚洲金融风暴后，政府将天然气供应价格，规定在每百万英热单位（mmbtu）6.40令吉，意味着杨忠礼电力无法再享受原定合约中“特别”优惠，因此追讨“多付”的天然气成本。【南洋网财经】

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若贏國油官司可得7億‧楊忠禮電力延長購電成重點

2015-06-29 17:05      
（吉隆坡29日訊）楊忠禮電力（YTLPOWR，6742，主板基建計劃組）若是贏得向國家石油（PETRONAS）追討約7億令吉官司，料可獲一次過的每股現金8.5仙或是每股調整淨有形資產4.5%，這不會顯著影響公司基本面，該公司本地兩座獨立發電廠，能否獲得延長購電合約才是重點。

料獲每股現金8.5仙

日前楊忠禮電力獲得英國倫敦仲裁庭有利判決，以向國油索回7億令吉過度繳付的天然氣供應付款，肯納格研究認為，這對該公司基本因素不會產生衝擊，惟可取得一次過的賠償。

這是楊忠禮電力在1993年與國油簽署合約，以便以市場價格相關方程式計算天然氣價格，惟國油卻在1997年的亞洲經濟風暴時撤銷有關計算法，並改為固定價每單位6令吉40仙計算。

肯納格認為，該公司兩座發電廠的購電合約能否延長，比贏得有關官司更為重要，因旗下峇卡獨立發電廠的購電合約將在今年9月到期，而巴西古當的發電廠購電合約將在明年初到期。

其他業務方面，楊忠禮電力旗下的新加坡發電廠則受到市場供應增加的干擾，惟新元匯值增長則抵銷部份利空。旗下通訊業務——YES的業務前景料可改善，至於英國的韋塞克斯水供表現平平。這使肯納格研究將其2015年至2017年財測維持不變。

聯昌研究認為，若是楊忠禮電力取得國油7億令吉追討款項，將使該公司2016年及2017年的淨利預測上調2%，綜合估值目標價增加10仙至2令吉14仙，主要是受到持有更多現金利好拉動。該筆款項占其市值約6%，及加強該公司資產負債表。

現金可增至104億

達證券指出，上述7億令吉款項將等於每股10仙，或占該公司股東基金約7%水平。截至2015年第三季，該公司手握現金97億令吉，若是取得額外7億令吉將增加至104億令吉。

達證券表示，短期里，更關注其英國韋塞克斯潛在水費下調的衝擊，即在2019/2020年的有效水費將削減8.5%，惟英鎊兌馬幣匯率走高將彌補部份損失利空，2015年至2017年的淨利預測仍下行3%至11%。

但達證券重申，目前楊忠禮電力股價跌幅有限，而該公司重新擬定派息政策將是推動股價的催化因素之一。



（星洲日報／財經‧報導：李文龍）

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Type	Announcement
Subject	OTHERS
Description	NEW SUBSIDIARY
Pursuant to Paragraph 9.19(23) of Bursa Malaysia Securities Berhad Main Market Listing Requirements, YTL Power International Berhad (“Company” or “YTL Power”) wishes to announce the incorporation of YTL Property Holdings (UK) Limited (“YTLPUK”) in England and Wales on 8 July 2015 as a wholly-owned subsidiary of YTL Utilities (UK) Limited (an indirect wholly-owned subsidiary of the Company) (the “Incorporation”). As a result, YTLPUK has become an indirect wholly-owned subsidiary of YTL Power. YTLPUK was incorporated with an issued share capital of GBP1 comprising 1 ordinary share of the nominal value of GBP1. YTLPUK is intended to be principally involved in investing in development land in UK. The Incorporation is not expected to have any material effect on the earnings, net assets and gearing of the YTL Power Group for the current financial year. None of the Directors or major shareholders of the Company or persons connected with them has any interest, direct or indirect in the Incorporation.

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Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF SUBSIDIARIES
Pursuant to Paragraph 9.19(23) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, YTL Power International Berhad (the “Company” or “YTL Power”) wishes to announce the incorporation of the following as wholly-owned subsidiaries of YTL Power: 1)    YTL Jordan Power Holdings Limited (“YTLJPH”); 2)    YTL Jordan Services Holdings Limited (“YTLJSH”) (collectively, the “Incorporations”). YTLJPH and YTLJSH were incorporated on 13 July 2015 and 10 July 2015, respectively in the Republic of Cyprus, each with an authorized share capital of EUR5,000 divided into 5,000 shares of EUR1.00 each, and issued share capital of EUR1,000 comprising 1,000 ordinary shares of EUR1.00 each. YTLJPH and YTLJSH will be principally involved in investment holding. The Incorporations are not expected to have any material effect on the earnings, net assets and gearing of the YTL Power Group for the current financial year. None of the Directors or major shareholders of the Company or persons connected with them has any interest, direct or indirect in the Incorporations.

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Type	Announcement
Subject	OTHERS
Description	NEW ACQUISITION OF SUBSIDIARY
Pursuant to Paragraph 9.19(23) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, YTL Power International Berhad (“Company” or “YTL Power”) wishes to announce that YTL Jawa Energy B.V. (“YTLJE”), an indirect wholly-owned subsidiary of the Company, has on 15 July 2015,  entered into an agreement with the sellers (“Sellers”) listed in the table below (“SPA”), for the acquisition of a total 2,000,000 ordinary shares of the nominal value of USD1 each in the capital of P.T. Tanjung Jati Power Company (“TJPC”), representing 80% of the issued and paid-up share capital of TJPC, for an aggregate consideration of USD2,000,000.00 in cash (being the nominal value of the shares), subject to the terms and conditions set out in the SPA (“Proposed Acquisition”). Name of Seller Number of ordinary shares disposed P.T. Bakrie Power 750,000 TJA Power Corporation (Asia) Ltd 1,250,000 TOTAL 2,000,000 Upon completion of the Proposed Acquisition, TJPC will become a subsidiary of YTLJE and an indirect subsidiary of YTL Power. TJPC was incorporated in Indonesia in April 1997 to undertake the development of a 2 x 660MW power project in Java known as Tanjung Jati ‘A’ Coal Fired Independent Power Project (the "Project").  In this respect, TJPC entered into a Power Purchase Agreement (the "Original PPA") on 2 April 1997 with PT PLN (Persero) ("PLN”) under which TJPC agreed to sell and PLN agreed to purchase power generated from the Project. On 18 December 2014 TJPC and PLN entered into a Side Agreement (the “Side Agreement”) for the purpose of reviving the Project and to establish the process under which TJPC and PLN will re-negotiate the Original PPA. The Side Agreement required, inter alia, that TJPC identify new equity sponsors for the Project and following discussions with the Sellers, YTLJE entered into the SPA to undertake the Proposed Acquisition. The Proposed Acquisition is not expected to have any material effect on the earnings, net assets or gearing of the YTL Power group for the current financial year. None of the Directors or major shareholders of the Company or persons connected with them has any interest, direct or indirect in the Proposed Acquisition.

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Type	Announcement
Subject	OTHERS
Description	COMPLETION OF ACQUISITION BY YTL JAWA ENERGY B.V. OF 80% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF P.T. TANJUNG JATI POWER COMPANY
On 15 July 2015 the Company announced that YTL Jawa Energy B.V. (“YTLJE”), had entered into a Share Purchase Agreement (“SPA”) for the acquisition of a total of 2,000,000 ordinary shares of the nominal value of USD1 each in the capital of P.T. Tanjung Jati Power Company (“TJPC”), representing 80% of the issued and paid-up share capital of TJPC, for an aggregate consideration of USD2,000,000.00 in cash. TJPC is undertaking the development of a 2 x 660MW power project in Java known as Tanjung Jati ‘A’ Coal Fired Independent Power Projec. The Board of Directors of the Company is pleased to advise that the acquisition has been completed. Consequent thereto, TJPC has become a subsidiary of YTLJE and an indirect subsidiary of the Company.

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2015	30 Jun 2014	30 Jun 2015	30 Jun 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	2,847,250	3,385,234	11,925,903	14,436,606
2	Profit/(loss) before tax	240,513	243,260	1,230,574	1,126,594
3	Profit/(loss) for the period	197,433	456,408	905,253	1,208,747
4	Profit/(loss) attributable to ordinary equity holders of the parent	189,438	464,994	901,153	1,202,414
5	Basic earnings/(loss) per share (Subunit)	2.69	7.11	12.95	18.30
6	Proposed/Declared dividend per share (Subunit)	10.00	10.00	10.00	10.00
		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 ($$)	1.6100		1.5400

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EX-date	05 Oct 2015
Entitlement date	07 Oct 2015
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Interim Single Tier Dividend of 20% or 10 sen per ordinary share of RM0.50 each in respect of the financial year ended 30 June 2015
Period of interest payment	to
Financial Year End	30 Jun 2015
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	YTL Corporation Berhad11th Floor, Yeoh Tiong Lay Plaza,55 Jalan Bukit Bintang,55100 Kuala LumpurTel. No: 603-2142 6633
Payment date	23 Oct 2015
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	07 Oct 2015
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.1000

icy97

公用業務競爭激烈‧楊忠禮電力無驚喜

2015-09-04 17:03      
（吉隆坡4日訊）楊忠禮電力（YTLPOWR，6742，主板基建計劃組）2015年第四季及全年業績表現符合市場預測，惟分析員認為，由於旗下大部份公用設施業務競爭依然激烈，中短期業務表現料將難有重大正面驚喜。

豐隆研究指出，楊忠禮電力於2015年第四季核心淨利1億7千830萬令吉，全年為9億3千230萬令吉，符合市場預測，該公司國內發電廠——峇卡及巴西古當發電廠料在2015年9月到期，公司管理層成功將峇卡發電廠購電合約更新，即延長至2016年3月至2018年12月的短期合約，惟新電費率將較低。

豐隆表示，新加坡西拉雅發電廠的前景較為暗淡，因市場出現供過於求現象，而英國的韋塞克斯（Wessex）水務業務面對價格下調，及資金成本管理回酬的問題。該行對其財測保持不變。

MIDF研究指出，楊忠禮電力旗下公用設施及流動通訊業務表現，預料在中短期里不太可能會改善，因為各領域的競爭依然激烈，從而負面衝擊它們的營收及賺幅。惟英國水務業務的穩定盈利及賺取英鎊，將稍為支撐其盈利表現。

隨著該行盈利模式納入較高有效稅率，MIDF將2016及2017年淨利預測下調3%至4%，分別至9億零760萬令吉及10億4千零70萬令吉。

達證券將楊忠禮電力的目標價上調至1令吉92仙（之前為1令吉88仙），主要是馬幣兌主要貨幣走貶，使旗下英國及澳洲業務取得更多的馬幣收益。

楊忠禮機構淨利跌31%
派息9.5仙

另一方面，楊忠禮機構（YTL，4677，主板貿服組）2015年全年淨利下跌31%至10億6千970萬令吉，稍低預期，惟符合營運盈利及稅前盈利的預測。

MIDF將其2016及2017年淨利預測，分別下調7至8%，主要是該行盈利模式里納入較高的有效稅率所致。

雖然楊忠禮機構2015年全年淨利表現較為遜色，惟仍慷慨派發每股9.5仙股息。（星洲日報／財經‧報導：李文龍）

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需资金印尼购电厂 杨忠礼电力股息看跌

财经新闻 财经  2015-09-24 12:14
（吉隆坡23日讯）杨忠礼电力（YTLPOWR，6742，主板基建股）因过去两年派发10仙的股息，重回“股息股”的地位，不过，近期收购印尼发电厂计划潜在的资本开销，可能影响未来的派息率。

杨忠礼电力早前宣布，以200万美元（约856万令吉）收购印尼P.T.Tanjung Jati电力公司的80%股权。该公司负责的项目，包括印尼西爪哇的丹绒加迪A（Tanjung Jati A）1320兆瓦的燃煤发电厂发展计划。

料需8.5亿

丹绒加迪A发电厂为1990年颁发予Bakrie集团的项目，不过，却因受到亚洲金融风暴的打击，加上该集团的资本拮据，迟迟无法投产。

有新闻报道指，该发电厂需注资29兆印尼盾（约8亿5000万令吉），以在2019年和2020年陆续启动两座发电单位。

马银行投行分析员在报告指出，由于该项交易公布的细节有限，加上该公司不愿透露更多详情，不过察觉到丹绒加迪A发电厂的规模，和持股20%的爪哇电力发电厂（Jawa Power）相似。

“假设以相似的特许经营权条例来看，保守估计持股80%的丹绒加迪A发电厂，将会为杨忠礼电力的目标价格，额外增加30仙。”



曾为4A电厂减股息

分析员认为，基于杨忠礼电力或会倾向保留现金，作为资本开销或合并方案，因此，这项新投资将为未来的股息带来风险。

分析员说，这是因为在2012和2013财年，该公司曾以保留现金作为Track4A发电厂的资本开销为由，而削减股息。

“估计丹绒加迪A发电厂的项目成本约42亿令吉和为期4年的兴建期限，我们相信，杨忠礼电力达10亿令吉年度自由现金流（FCF），仍足以支付每年10仙股息。

不过，鉴于前车可鉴，因此不能完全忽略股息面对的潜在风险。

在等待丹绒加迪A发电厂相关财务讯息公布前，暂时维持财测和“守住”评级不变，并将目标价定在1.58令吉。



【南洋网财经】

icy97

Name	YTL CORPORATION BERHAD
Address	11TH FLOOR, YEOH TIONG LAY PLAZA 55 JALAN BUKIT BINTANG KUALA LUMPUR 55100 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	92647H
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	ORDINARY SHARES OF RM0.50 EACH
Name & address of registered holder	YTL CORPORATION BERHAD

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction	Description of Others	Date of change	No of securities	Price Transacted (RM)
Others	EXERCISE OF WARRANTS	28 Sep 2015	160,536,609

Circumstances by reason of which change has occurred	EXERCISE OF 2008/2018 WARRANTS
Nature of interest	DIRECT
Direct (units)	3,669,342,970
Direct (%)	47.547
Indirect/deemed interest (units)	485,502,822
Indirect/deemed interest (%)	6.291
Total no of securities after change	4,154,845,792
Date of notice	29 Sep 2015

icy97

Name	YEOH TIONG LAY & SONS HOLDINGS SDN BHD
Address	11TH FLOOR, YEOH TIONG LAY PLAZA 55 JALAN BUKIT BINTANG KUALA LUMPUR 55100 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	44947D
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	ORDINARY SHARES OF RM0.50 EACH
Name & address of registered holder	YTL CORPORATION BERHAD - 160,536,609 SHARESYEOH TIONG LAY & SONS HOLDINGS SDN BHD - 425,482,662 SHARES

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction	Description of Others	Date of change	No of securities	Price Transacted (RM)
Others	EXERCISE OF WARRANTS	28 Sep 2015	586,019,271

Circumstances by reason of which change has occurred	EXERCISE OF2008/2018 WARRANTS BY THE FOLLOWING:YTL CORPORATION BERHAD - 160,536,609 WARRANTSYEOH TIONG LAY & SONS HOLDINGS SDN BHD - 425,482,662 WARRANTS
Nature of interest	DIRECT & INDIRECT
Direct (units)	713,795,693
Direct (%)	9.25
Indirect/deemed interest (units)	4,154,845,792
Indirect/deemed interest (%)	53.839
Total no of securities after change	4,868,641,485
Date of notice	29 Sep 2015