【YTLPOWR 6742 交流专区3】楊忠礼能源

icy97

2业务亏损缩减．杨忠礼电力表现可期

怡保叶先生问：

投资杨忠礼电力（YTLPOWR，6742，主板基建计划组）已经很久了，股价总是没有太好的表现，最近有点想脱手，请问前景还好吗？还有，合理价大概是多少？

答：杨忠礼电力最新公布的业绩落后市场预期，而债务提升也影响估值，导致分析员全线调低目标价。

受税率增加7%影响，杨忠礼电力第一季核心净利按年减少6%，只占市场全年预测的18%。

联昌研究估计，杨忠礼电力将推出更低价的移动宽频配套，而登嘉楼北加发电厂也已在9月起供电，随着这2项业务的亏损逐步缩减，该公司其余季度表现可期。

该行认为，杨忠礼电力正兴建印尼27亿美元（约111亿令吉）的发电厂，也持有约旦21亿美元（约86亿令吉）页岩油发电厂的45%股权，该行预计这2大项目的回酬可达双位数，而这些利多尚未完全反映在股价上。

虽然该行依照现金债务数据调整目标价，从1令吉80仙降至1令吉50仙，但依然看好整体估值和7%潜在周息率等优势。

该行估计杨忠礼电力2018至2020财政年负债率各报175%、205%和236%。

MIDF研究因杨忠礼电力债务和融资开销增加，而狠砍2018财政年盈利预测15%，惟看好北加发电厂可改善核心业务表现。

肯纳格研究也依据现金流量调低杨忠礼电力目标价。该行指出，尽管北加发电厂重新启用改善国内业务表现，但新加坡发电业务依然面对剧烈竞争。

该行表示，该公司的英国韦塞水务（Wessex）表现料持平，并面临英镑波动风险。

大马投行则因该公司第一季表现逊色而下修2017至2019财政年盈利预测2至3%。

综合各证券的分析，目标价约是1令吉20仙至1令吉50仙。


文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2017.12.03

icy97

杨忠礼电力
狮城开放售电利好

2018年1月9日

分析:达证券
目标价：1.17令吉

最新进展

下半年，新加坡政府将为130万个家庭执行电力市场开放计划，消费者可自由向零售商购电。

目前，零售电力业者数量增加至15个，包括杨忠礼电力（YTLPOWR，6742，主板基建股）子公司新加坡西拉雅（PowerSeraya）。

行家建议

预计零售领域的会竞争激烈，因竞争者过多，纷纷打价格战，削薄赚幅。

与缺乏营销及支援系统的小业者相比，新加坡西拉雅拥有优势。

新加坡能源服务公司（SPS）的顾客可能转投新加坡西拉雅，推高营业额，但对盈利的贡献温和。

粗略计算，在最好的情况下，新家庭会提高新加坡西拉雅2018财年的营业额17%，税前盈利15%。

不过，对杨忠礼电力而言，这只会稍微提升税前盈利2%。

由于杨忠礼电力派息能力下降，维持“卖出”评级和1.17令吉目标价。接下来，该公司料维持或降低派息。

该公司近期现金流被大型项目限制，且负债率偏高，达1.4倍。同时，杨忠礼电力正保留现金供未来合并用途。



【e南洋】

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	2,640,852	2,464,731	5,219,248	4,805,355
2	Profit/(loss) before tax	227,315	239,946	440,183	428,726
3	Profit/(loss) for the period	164,688	190,147	319,819	340,751
4	Profit/(loss) attributable to ordinary equity holders of the parent	136,497	166,756	268,945	313,304
5	Basic earnings/(loss) per share (Subunit)	1.74	2.15	3.44	4.05
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 ($$)	1.6300		1.7100

icy97

杨忠礼电力
两年财测下修

2018年2月28日

分析:马银行投行研究
目标价：1.25令吉

最新进展：

杨忠礼电力（YTLPOWR，6742，主板基建股）截至12月杪次季，净利按年跌18.15%，报1亿3649万7000令吉。

营业额则报26亿4085万2000令吉，按年增7.15%。

累计上半年，净利按年减14.16%至2亿6894万5000令吉；营业额按年升8.61%至52亿1924万8000令吉。

行家建议：

首半年业绩低于预期，核心净利2亿7500万令吉，仅达我们和市场全年预测的36%。

净利表现不如预期，是因为利息开销和税务比想象中更高。

在纳入较高的利息开销和税务，以及预计子公司新加坡西拉雅（PowerSeraya）电力公司和移动宽频业务的差劲表现后，我们将未来两财年的净利预测下调29%。

同时，将目标价由1.34令吉，下修至1.25令吉。

公司去年末季以每50股派发1股库存股做股票红利扩大了股本，而且债务也已走高。

不过，维持“守住”评级。

随着股息不再具吸引力，我们的研究方向将会围绕在公司的新项目，但这些项目离开展之期尚有一些时日。



【e南洋】

icy97

杨忠礼电力2.9亿购荷兰酒店
Sangeetha Amarthalingam/theedgemarkets.com
March 19, 2018 16:21 pm +08

（吉隆坡19日讯）杨忠礼电力（YTL Power International Bhd）以6030万欧元（2亿8960万令吉）收购荷兰公司Bel Air Den Haag Beheer BV。

杨忠礼电力向大马交易所报备，此次收购是通过间接独资子公司YTL Jawa Energy BV进行。

收购计划一旦完成，Bel Air将成为YTL Jawa的独资子公司，以及杨忠礼电力的间接子公司。而Bel Air独资子公司BV Hotel Bel Air Den Haag，将因此成为YTL Jawa和杨忠礼电力的间接子公司。

Bel Air成立于荷兰阿姆斯特丹，是拥有306间客房酒店Mariott The Hague的合法和实益拥有者。Bel Air和BV Hotel从事酒店经营业务。

杨忠礼电力表示：“这项收购计划将提高集团的盈利潜力，且预计不会对本财政年的集团盈利、净资产或负债有任何实质影响。”

（编译：陈慧珊）

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 16 March 2018, entered into an agreement with Bel Air Hotel Holdings S.à.R.L.  (“SPA”), for the acquisition of 1,768,000 ordinary shares, representing the entire issued and outstanding shares in the share capital of Bel Air Den Haag Beheer B.V. (“Bel Air”), for the consideration of EUR60,300,000.00 in cash subject to such adjustments as set out in the SPA (“Proposed Acquisition”). Upon completion of the Proposed Acquisition, Bel Air will become a subsidiary of YTLJE and an indirect subsidiary of YTL Power. B.V. Hotel Bel Air Den Haag (“BV Hotel”), a wholly-owned subsidiary of Bel Air, will consequently become an indirect subsidiary of YTLJE and YTL Power. Bel Air was incorporated in Amsterdam, the Netherlands on 26 May 2011. Bel Air is the legal and beneficial owner of the Marriott The Hague, a 306-guestroom hotel located at Johan de Wittlaan 30, 2517 JR The Hague, Netherlands (“Hotel”). Bel Air and BV Hotel are engaged in the business of operating the Hotel. The Proposed Acquisition will enhance the Group’s earnings potential and 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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icy97

Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF A 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 Yakin Telesel Sdn Bhd (“Yakin Telesel”) on 30 March 2018 as a wholly-owned subsidiary of Konsortium Jaringan Selangor Sdn Bhd (an indirect subsidiary of the Company) (the “Incorporation”). As a result, Yakin Telesel has become an indirect subsidiary of YTL Power. Yakin Telesel was incorporated with an issued share capital of RM1.00 comprising 1 ordinary share. Yakin Telesel will be principally involved in planning, development, implementation and management of telecommunications infrastructure and information communication technologies services. 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.

icy97

Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF A 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 YesLinc Sdn Bhd (“YesLinc”) on 4 April 2018 as a wholly-owned subsidiary of YTL Communications Sdn Bhd (an indirect subsidiary of the Company) (the “Incorporation”). As a result, YesLinc has become an indirect subsidiary of YTL Power. YesLinc was incorporated with an issued share capital of RM1.00 comprising 1 ordinary share. YesLinc will be principally involved in providing solution & services relating to Internet of Things (IoT) initiative, including managing and protecting any intellectual property and/or rights, as well as such initiatives associated with providing such services. 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.

沙拉斯

小弟还是刚入门的投资菜鸟。写一些自己的分析给各位前辈指点指点。谢谢
https://salasinvestment.blogspot.my/2018/04/ytl-power.html

Ztd3088

杨忠礼电力（YTLPOWR，6742，主板基建股）最近表现欠佳，原因是公司赚钱能力下降，所以仍处下跌趋势中。但是再过三年多，等待公司新建的海外发电厂投入生产，盈利势必走高。我观察这支有15年左右了，从1.90令吉至今0.95令吉，进进出出都让我赚些比银行定存利率高点的收益。所以本人认为有闲钱的朋友可以买进长期持有，三年后必有善果子收。如果是短线操作者，建议离开好，否则资金有被困之危机。纯属个人观点，盈亏自负，谢谢各位大大们！阿弥陀佛！

icy97

icy97

Expiry/Maturity of the securities

YTL POWER INTERNATIONAL BHD

Instrument Category	Securities of PLC
Instrument Type	Warrants
Type Of Expiry	Expiry/Maturity of the securities
Mode of Satisfaction of Exercise/Conversion price	Cash
Exercise/ Strike/ Conversion Price	Malaysian Ringgit (MYR) 1.1100
Exercise/ Conversion Ratio	1:1
Settlement Type / Convertible into	Physical (Shares)
Last Date & Time of Trading	23 May 2018 05:00 PM
Date & Time of Suspension	24 May 2018 09:00 AM
Last Date & Time for Transfer into Depositor's CDS a/c	04 Jun 2018 04:00 PM
Date & Time of Expiry	11 Jun 2018 05:00 PM
Date & Time for Delisting	12 Jun 2018 09:00 AM

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5783857

Attachments YTL Power - Notice of expiry and final exercise of warrants 2008-2018.pdf

Ztd3088

第三季财报出来了，盈利步步走低，加上大股东YTL机构及EPF都大量卖出10%多股票，YTL Power前途暗淡……

Ztd3088

杨忠礼电力公司现有价位真是价亷物美，公司有90亿现金，杨老板只要拿出40亿就可以私有化了，太诱人了呀！

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2018	31 Mar 2017	31 Mar 2018	31 Mar 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	2,590,016	2,386,464	7,809,264	7,191,819
2	Profit/(loss) before tax	218,153	215,559	658,336	644,285
3	Profit/(loss) for the period	165,623	190,313	485,442	531,064
4	Profit/(loss) attributable to ordinary equity holders of the parent	145,018	160,625	413,963	473,929
5	Basic earnings/(loss) per share (Subunit)	1.83	2.07	5.27	6.12
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 ($$)	1.6000		1.7100

icy97

Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF A 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 KJS Alunan Sdn Bhd (“KJS Alunan”) on 24 May 2018 as a wholly-owned subsidiary of Konsortium Jaringan Selangor Sdn Bhd (an indirect subsidiary of the Company) (the “Incorporation”). As a result, KJS Alunan has become an indirect subsidiary of YTL Power. KJS Alunan was incorporated with an issued share capital of RM1.00 comprising 1 ordinary share, and will be principally involved in investment holding. 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.

icy97

icy97

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 Konsortium Jaringan Selangor Sdn Bhd (“KJS”) (an indirect subsidiary of YTL Power) has disposed its entire shareholding in Yakin Telesel Sdn Bhd (“Yakin Telesel”) comprising 1 ordinary share and representing the total number of issued shares in the capital of Yakin Telesel, to KJS Alunan Sdn Bhd (“KJS Alunan”) (a wholly-owned subsidiary of KJS) for RM1.00 (“Re-organisation”). As a result of the Re-organisation, Yakin Telesel has become a direct subsidiary of KJS Alunan and remain an indirect subsidiary of YTL Power. Yakin Telesel was incorporated on 30 March 2018 and will be principally involved in planning, development, implementation and management of telecommunications infrastructure and information communication technologies services. 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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Date of change	29 Jun 2018
Name	DATO YEOH SEOK KIAN
Age	60
Gender	Male
Nationality	Malaysia
Type of change	Redesignation
Previous Position	Deputy Managing Director
New Position	Executive Director
Directorate	Executive