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【MELEWAR 3778 交流专区】美丽华工业

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发表于 12-7-2007 01:36 PM | 显示全部楼层
原帖由 股魔 于 9-7-2007 10:45 PM 发表
1。55 10粒


我1.72下车啦。。。
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发表于 13-7-2007 07:46 AM | 显示全部楼层
Hi,  Kawan,

经过考虑后, 我决定放弃 FABER , 因为吃过亏, 亏过钱,(避忌)。

我正在 MONITOR = Fiamma.  Ken,  Baneng。

成交量在逐渐增加, Ken 升得太急, 正在喘气。。

Fiamma 升了再升,  Baneng 回档, 好像停下来休息。

.
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发表于 14-7-2007 05:37 PM | 显示全部楼层
上市子公司目前股價匯率股票總數股權市值
m3nergy1.5401.000125,064,17222.60%43,527,334.42
mycron0.9651.000179,000,00054.50%94,140,575.00
Gindalbie1.4202.990430,989,00017.19%314,558,623.24
子公司總市值




452,226,532.66
總資產



978,742,000.00
總債務



-355,311,000.00
淨資產




1,075,657,532.66
MIG 股票總數



226,227,011
每股淨值



4.75


[ 本帖最后由 mjchua 于 14-7-2007 06:05 PM 编辑 ]
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发表于 14-7-2007 06:08 PM | 显示全部楼层
有資金可以收購 melewar 賣完全部的資產 還可以賺很多很多
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发表于 14-7-2007 06:10 PM | 显示全部楼层
我不知道有沒有算錯 有哪位前輩可以幫忙 double check 一下
有一項可能要扣出來 Investment in associates 94.3m (若這 investment 有包括上市公司)
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发表于 14-7-2007 06:23 PM | 显示全部楼层
asset 是不是只有算以下公司 ?
Melewar Steel Tube sdn bhd 100%
Melewar Steel Mills sdn bhd 100%
Melewar Intergrated Engineering 70%
Melewar Metro sdn bhd 100%
Siam Power Generation Co. Ltd 70%

忘了算 MMM 總票數 175,721,803
M3Nergy 有 30% 的股份 也就是 Melewar 間接擁用 6.8%
6.8% x 175,721,803 x RM0.315 = RM3.8m

[ 本帖最后由 mjchua 于 14-7-2007 06:31 PM 编辑 ]
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发表于 14-7-2007 06:23 PM | 显示全部楼层
Melewar 应该还会上,条件不错,有搞发电,石油及天然气,竞标MONORAIL等等。破RM2.00应该不是梦!
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发表于 14-7-2007 06:25 PM | 显示全部楼层
原帖由 hmjj 于 14-7-2007 06:23 PM 发表
Melewar 应该还会上,条件不错,有搞发电,石油及天然气,竞标MONORAIL等等。破RM2.00应该不是梦!


淨值就有 RM4.75
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发表于 14-7-2007 06:49 PM | 显示全部楼层
公司結構

Iron & Steel Division
54.5% Mycron Steel Bhd (Investment Holdings - MainBoard Listed)
    100% Mycron Steel Sdn Bhd (Cold Rolled Coil Manufacturing)
      20% PMP Galvanizers Sdn Bhd (CRC Galvanising Plant)
100% Melewar Steel Tubes Sdn Bhd (Steel Tube Manufacturing)
100% Melewar Steel Ventures Ltd (Investment Holdings)
    17.2% Gindalbie Metals Ltd (Iron Ore Mining - ASX Listed)
100% Melewar Steel Mills Sdn Bhd (Steel Bar Manufacturing)

Engineering Division
70% Melewar Integrated Engineering Sdn Bhd (Engineering)
    50% Melewar Micromill Technology Ltd (Smelting / Billet Making / Technology Owner)

Power, Oil & Gas Division
100% Melewar Steel Engineering Sdn Bhd (Investment Holdings)
    100% Mperial Power Ltd (Investment Holdings - Power)
       70% Siam Power Generation Co. Ltd (Power Plant Owner)
    100% M-Power TT Ltd (Power Project Management)
100% Melewar Steel Services Sdn Bhd (Investment Holdings)
    23.9% M3nergy Berhad (Oil&Gas - MainBoard Listed)
        28.7% Malaysian Merchant Marine Bhd (Shipping - MainBoard Listed)
        53.5% Total Automation Ltd (Marine Oil & Gas Engineering - SOX Listed)

[ 本帖最后由 mjchua 于 14-7-2007 07:05 PM 编辑 ]
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发表于 14-7-2007 07:18 PM | 显示全部楼层
原帖由 mjchua 于 14-7-2007 06:49 PM 发表
公司結構

Iron & Steel Division
54.5% Mycron Steel Bhd (Investment Holdings - MainBoard Listed)
    100% Mycron Steel Sdn Bhd (Cold Rolled Coil Manufacturing)
      20% PMP Galvanizers Sdn B ...


垂手就可得到的资料,太好了! 谢谢!
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发表于 14-7-2007 07:19 PM | 显示全部楼层
原帖由 hmjj 于 14-7-2007 07:18 PM 发表


垂手就可得到的资料,太好了! 谢谢!


MIG 的網站也有
我打得很辛苦 哈哈
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发表于 14-7-2007 07:36 PM | 显示全部楼层
原帖由 mjchua 于 14-7-2007 07:19 PM 发表


MIG 的網站也有
我打得很辛苦 哈哈


辛苦你了! 喝杯咖啡吧!
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发表于 14-7-2007 08:29 PM | 显示全部楼层
誰可以幫忙查一查 看我的算法有沒有問題呢 ?
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发表于 15-7-2007 11:23 AM | 显示全部楼层
Friday July 13, 2007

Lower liners on the rise
Analysts: There’s still upside for second-tier counters
By LOONG TSE MIN
PETALING JAYAower-liner stocks with less familiar nameshave been showing up in the top gainers and most active lists over thepast two weeks.
Yesterday was no exception. Property playEkovest Bhd and its warrant were among top gainers for the day, rising40 sen, or 12.74%, to RM3.54 and 46 sen, or 20.91%, to RM2.66respectively.
Interior fit-out firm LCL Corp Bhd was also high on the list, moving up 40 sen, or 5.93%, to RM7.15.
A TA Securities analyst told StarBiz:“We have been recommending quite a lot of second-tier stocks in thepast month as we saw that many of the top-tier counters have alreadytrended up.”
Although many lower liners had already rallied,there was still upside for laggards and second-tier counters that hadyet to run up, said analysts.
SBB Securities senior analyst Ng Jun Sheng told StarBiz he preferred Zhulian Corp Bhd that was listed on the main board in late April.
                       
“Among the top five direct-selling companies inMalaysia, Zhulian has superior net margins of 25.2% against its peers,Amway, CNI and Hai-O,” he said.
Now mainly based in the peninsula, the company is set to expandaggressively into Sabah and Sarawak while beefing up it presence inSingapore and Indonesia.
Ng also picked semiconductor equipment manufacturer LKT Industrial Bhd.
Investors should look beyond 2007, Ng advised, with the semiconductor industry expected to rebound next year.
Trade organisation Semiconductor Equipment and Materials Internationalhas forecast a global market growth of 13.4% to US$47.77bil in 2008compared with an expected growth of only 3.7% this year.
M&A Securities Sdn Bhd research head Wee Kim Hong liked Sino Hua-An International Bhd.
The Antah group’s special purpose vehicle, which owns a 1.2million-tonne capacity coal plant in Shandong Province in China, offersinvestors the rare opportunity to invest in a China-based business.
With China’s steel consumption expected to grow 8% to 9% per year goingforward, demand for coal in steel production would continue to grow,Wee said.
For his second choice, Wee was looking at another China-focused company, Gefung Holding Bhd.
Originally based in Taiping, about 80% the company’s earnings are now derived from China.
“Gefung has ongoing projects in Shanghai, Macau and Malaysia worth a total of about RM15mil.
“With its track record, the group is hopeful of securing the casinoprojects in Singapore and Kuala Lumpur’s Mid Valley City,” he said.
TA Securities’ picks included Perisai Petroleum Teknologi Bhd and Melewar Industrial Group Bhd.
Perisai’s recently-announced foray into marginal oil field developmenthad the potential to propel earnings at a 2007-to-2012 compoundedannual growth rate of 65.7%, on par with the likes of KNM Group Bhd, itsaid.
Cold-rolled coil steelmaker Melewar has successfully diversified itsbusiness into more stable upstream play of iron ore and power, as wellas the oil and gas sector.
However, these new businesses are expected to contribute to revenue stream only beyond the financial year ending Jan 31, 2008.
In the near term, improved global demand for hot-rolled coil, whichaffects other steel prices, is expected to improve Melewar’s earnings.
Locally, demand for steel is expected to improve with the continued implementation of the Ninth Malaysia Plan.
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发表于 15-7-2007 11:28 AM | 显示全部楼层
Melewar and Australia’s Rokeby to promote mills
KUALA LUMPUR: MelewarSteel Ventures Ltd (MSV) and Rokeby Nominees Pty Ltd of Australia havesigned a memorandum of understanding (MOU) to promote and developMycroSmelt mills in Australia.
MSV is a subsidiary of Melewar Industrial Group Bhd (MIG).
“The MOU provides for the formation of a joint-venture company inAustralia on a 50:50 shareholding structure,” MSV said in a statementhere yesterday.
Rokeby is a substantial shareholder of BestBar, the third largest distributor of reinforcement bars in Australia.
MSV said MycroSmelt, a scrap-smelting and billet-making technologydeveloped by MIG, would competitively smelt smaller amounts of scrapusing induction furnaces and casting technology to produce specificsteel billets for reinforcement bar rolling mills.
“The first MycroSmelt mill by MIG, located in Shah Alam, has just been completed and is in the final commissioning stage.
“Compared with the traditional arc furnace technology, MycroSmelt technology requires lower expenditure,” it said.
MSV said the technology would eliminate the need to set up centralisedbig capacity steel making mills and could be customised to producecapacity needed for a designated state or region within any country.“This will eliminate the need for costly transport of scrap over greatdistances,” it said. – Bernama
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发表于 15-7-2007 11:29 AM | 显示全部楼层
Taking Mycron private
BY JOSE BARROCK
Melewar considers taking company off Bursa Malaysia
  MELEWAR Industrial Group Bhd may be looking to take its subsidiary Mycron Steel Bhd private, sources familiar with the matter tell BizWeek.
It is understood that Melewar is likely to make an offer of between 70 sen and RM1 for the shares in Mycron Steel it does not already own.
According to Mycron Steel’s latest annual report, Melewar and some of its affiliated companies have as much as 64% or 114.6 million shares in Mycron Steel.  
Melewaris 36% controlled by the family of Tunku Tan Sri Abdullah Tuanku AbdulRahman, who is the chairman of the company and Negeri Sembilan royalty.
“They (Melewar)are looking at taking the company (Mycron Steel) off Bursa Malaysia.They are mulling over many possibilities, all of which can only becontemplated with a privatisation.  
“Many things might happen,they might even hive off Mycron Steel, as the price could beattractive, with the strong rates for cold rolled coil steel, which isMycron Steel’s bread and butter,” an industry source says.  
At between 70 sen and RM1, Melewar is looking to cough out between RM39mil and RM55mil for the 36% or 55.3 million shares not under its purview.
As at end June this year, Melewar had as much as RM56mil in cash and bank balances while its trade receivables for the period in review stood at about RM93mil.
However the exercise may prove to be difficult. Micron Steel has morethan 7,000 shareholders, none of which have substantial shareholdings,other than Melewar.  
The significant shareholders other than Melewar, are the Employees Provident Fund and Permodalan Nasional Bhd, which each have slightly more than 3% equity in the company.  
Other than the fragmented shareholding, other issues such as pricingmay crop up as Mycron Steel shares could possibly fetch a higher price.As at end June this year, the company had a net asset per share ofabout RM1.33. For the six months ended June, Mycron Steel posted a netprofit of almost RM10mil on the back of RM127.6mil in sales. Thecompany’s earnings per share for the period in review was 5.6 sen.
Further since its floatation exercise in mid 2004, Mycron Steel hasconsistently paid out dividends and has an indicated gross dividendyield of 2.4%.  
Mycron Steel’s assets base is also relatively healthy as its officebuilding and factory in Shah Alam has a bet book value of aboutRM74mil, according to its annual report,  
“The offer is based largely on the premise that Mycron Steel’s shares have not been performing very well.
Some of the shareholders may be a tad frustrated with the way thecompany’s stock has been performing and as such, may opt to cash out,”the source says.
Since end 2004, Mycron Steel’s shares have not traded above the RM1.40banner, i.e. its initial public offering price, and since Septemberlast year the company’s stock has traded below the RM1 mark.
“And this lethargy in the company’s stock is going on while steelprices are strong... so it’s quite understandable that the controllingshareholder (Melewar)is looking to take the company private, they feel it has more valuethan its share price reflects. The PE (price earnings ratio) is alsovery low,” the source adds.
Mycron Steel has its mainstay incold-rolled coil steel sheets, which is utilised in the making ofpipes, automobile parts and appliances like refrigerators.  
Cold rolled coils are intermediate raw materials supplied to steelcentres and used to make drums, furniture, car parts and even homeappliances.
The company’s output is currently behind that of its two main rivalsMegasteel Sdn Bhd, which has an estimated capacity of 480,000 tonnes,and Ornasteel Holdings Bhd, which produces 350,000 tonnes per year.  
To its credit Mycron Steel is looking to increase its capacity to260,000 tonnes of cold rolled coil from the existing 180,000 tonnes,spending some RM120mil for the initiative. This expansion is likely toboost Mycron Steel’s earnings the coming years.
A research house which has a buy call on Mycron Steel’s stock says,“Cold rolled coils average selling price in 2QFY2007 rose 7.3% toUS$676 per tonne from US$630 per tonne in 1QFY2007.  
“We expect demand for cold rolled coil to remain robust over the comingquarters, with prices expected to remain stable and customersrestocking cold rolled coil.”
Mycron Steel has been aggressive to say the least. The company hasconducted base level negotiations with national automaker ProtonHoldings Bhd for the supply of steel to the carmaker.
It recently inked a deal to supply as much as 75,000 tonnes of steel to Sarawak based PMP Galvanizers Sdn Bhd.
Since early this month interest surrounding Mycron Steel’s sharesheightened resulting in its stock gaining as much as 15%. It endedtrading on Thursday at 79.5 sen.
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发表于 15-7-2007 11:38 AM | 显示全部楼层
TA 分析報告

The Background
Melewar was incorporated in 1969 under the name Aurora Steel Tube Manufacturing Sdn Bhd. It commenced operation with one production line in 1970 at its factory in Shah Alam with average monthly capacity of 1,000 metric tonnes (mt) of steel tubes. Later, the company was renamed as Maurichi Malaysia Steel Tube Berhad and listed on the main board of Bursa Malaysia Securities in 1986. In 2003, a new name, Melewar Industrial Group Bhd was adopted following a change in major shareholder.

In 1990, Melewar started its first cold-rolling mill in Malaysia under a subsidiary, Mycron Steel Bhd (Mycron), formerly known as Cold Rolling Industry (M) Sdn Bhd. Mycron was listed on the main board of Bursa Malaysia in 2004. The group has also acquired 20% equity stake in PMP Galvanizer, which is actively involved in manufacturing and supplying coil coating, slitting, shearing, roll forming and sheet metal. PMP Galvanizer has committed to purchase 75,000mt of cold rolled coil (CRC) from Mycron every year.

The group has also expanded to the oil and gas industry with the acquisition of M3nergy in Jan 2005, which the group owns 22.6%. M3nergy owns and operates FPSO vessels and is also Malaysia's largest Barite powder manufacturer (Barite is used in oil-well mud). In addition, M3nergy also holds 100% Ujong Kulon offshore oil block in West Java, Indonesia, 30% of Malaysian Merchant Marine Bhd (ship owner and manager) and 53% Maverick Ltd, which is listed in Singapore but is only a shell company with RM74mn cash (after it disposed of its core business).

Earlier in May 2004, Melewar bought a stake in Gindalbie Metals Ltd, a mining company listed on Australian Stock Exchange, which is involved in Iron Ore mining. The latest diversification by the group was in Dec 2005 where the company acquired 70% stake in power plant owner, Siam Power Generation Company Ltd. In brief, the group is now divided into 3 core businesses namely Iron & Steel, Engineering and Power and Oil & Gas divisions. Table 1 illustrates the group structure:


[ 本帖最后由 mjchua 于 15-7-2007 12:02 PM 编辑 ]
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发表于 15-7-2007 11:49 AM | 显示全部楼层
TA 分析報告 - 續一

First Task, Dispelling Misconceptions
One of the misconception investors have on Melewar is that it is a pure steel player which has a volatile earnings profile. As highlighted above, the group through concerted efforts has diversified its income stream towards more stable upstream play (iron ore), power income as well as oil and gas sector. Although, most of this new incomes has yet to come on stream (i.e. power division and iron ore) the potentials are definitely worth looking at.

The other misconception that investors have is its Holding Company status. As illustrated in table 2 below, we could see that more than 45% of its revenue is derived from its Melewar Steel Tube and Melewar Steel Mills, a wholly-owned subsidiary while Mycron a 54.5% subsidiary is contributing 32% to the group revenue. So as the subsidiaries are contributing more than 75% of the group's revenue and net profit, we do not believe the holding company status should be attached to Melewar.

Table 2: % Contribution from subsidiary to the Group

RevenuePBT PAT
Steel Tubes
298.527.523.7
Mycron212.414.911.1
Group652.25746.4
% Contribution of Steel Tube & Mycron to the Group78.3%74.4%75.0%
Steel Tubes45.8%48.2%51.1%
Mycron (54.5% Subsidiary)32.6%26.1%23.9%


[ 本帖最后由 mjchua 于 15-7-2007 12:20 PM 编辑 ]
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发表于 15-7-2007 11:50 AM | 显示全部楼层
我也来参一脚。 The-star broker's call Saturday Melewar Industrial Group Bhd
Recommendation: Buy

Current Price: RM1.52
Target Price: RM2.70
Net Profit Forecast FY06/07: RM48.5mil  TA Securities: One of the misconception investors have on Melewar is that it is a pure steel player which has a volatile earnings profile. The group through concerted efforts has diversified its income stream towards more stable upstream play (iron ore), power income as well as oil and gas sector.   Although, most of this new incomes has yet to come on stream (i.e. power division and iron ore) the potentials are definitely worth looking at.  The other misconception that investors have is its Holding Company status. More than 45% of its revenue is derived from its Melewar Steel Tube and Melewar Steel Mills, a wholly-owned subsidiary while Mycron a 54.5% subsidiary is contributing 32% to the group revenue.   Based on our discussion with the management, the group's steel tube is running at 50% capacity, an improvement compared to 35%-40% a year ago.   The group indicates that the higher order might be the results of 9MP but believes it is still small. The group is looking for much better days ahead starting from 2H07 in tandem with our believe that demand will pick up.  Meanwhile, its cold rolled coils (CRC) business should also improve in the near term with stabilising hot roll coils (HRC) prices. Mycron is undertaking a capacity expansion to 260,000 tonne per year from the current capacity of 180,000 tonne a year.  The good news is that its additional capacity has a ready buyer where PMP Galvanizers (its 20% associate) has signed an off-take agreement with Mycron for 75,000 tonne a year of CRC upon completion of Mycron's upgrade and expansion.  The group is looking to complete the project in calendar year 2008 and the impact to the bottomline is expected to be in FY09. The management has guided that with the expansion, Mycron would be looking to enhance its net earnings by RM16.6mil or more than 65% of its 3 year average core earnings.  Importantly, the group has made a bold move in investing upstream activities in buying into a mining company listed in Australian Stock Exchange named Gindalbie Metals Ltd. The group purchased Gindalbie back in May 2004 for A$0.10 and now the price has reached more than A$1.20.   The group continues to diversify its income stream investing in the next in-thing, which are the power and oil and gas industries. The group holds 70% stake in Siam Power Generation Co Ltd which holds a total licensed capacity of 450MW to built, operate and own power plant in Rayong, Thailand.   Meanwhile, the group’s exposure to the oil and gas sector will be spearheaded by M3nergy Bhd. As we have highlighted before, the group is the owner and operator of floating production storage offshore (FPSO) ships.   Recommendation:   Prior to this we value the company using price earnings ratio (PER) valuation using targeted PER of 7x based on 30% discount to industry PE of 9.9x to derived at a fair value of RM1.80. However, we believe the most appropriate valuation is to use sum-of-parts (SOPs) given that the group would be having 3 core businesses namely iron and steel, engineering and construction and power and oil and gas divisions.   However, given the new income stream would only come on stream beyond FY08, we have attached a discount of 20% to the group's SOPs valuation to reflect the execution risks. Hence, we derived at a higher fair value of RM2.70 which translates to a reasonable PE multiple of 10.5x based on fully diluted FY08 earnings of 25.8 sen compared to our previous RM1.80.  In addition, the group is committed to payout 50% of its net profit as well as 50% dividend received from listed subsidiaries or associates. Based on our earnings estimates, we are looking for the group to declare a gross DPS of 12 sen in FY08, which translates into a dividend yield of 7.9%.   Coupled with the possible capital appreciation of 77.6% from the current price of RM1.52, the group total return exceeds 85.5%. Hence, we maintain our BUY recommendation.
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发表于 15-7-2007 11:55 AM | 显示全部楼层
TA 分析報告 - 續二

Iron and Steel Division
Its Bread & Butter with Exciting Growth The group's core business would continue to be driven by its iron and steel division. Currently, the bulk of the group's earnings are coming from both from its steel tubes as well as cold rolled coil (CRC), led by Mycron. Admittedly, the group has suffered setbacks in 2006, where the group's iron and steel division was hit by the inventory impairment loss of more than RM30mn in FY06 as a result of sharp fall of Hot Rolled Coil (HRC) price around the world. However, given an improved demand for HRC, price has started to stabilize and the group expects the demand to continue to be strong in the next 3-5 years. Locally demand is expected to improve with the implementation of 9MP. Note that, the steel tube's main customer is from the engineering and construction industry which made up 50% of its total sales while furniture, water supply and auto industries contributed 30%, 15% and 5% respectively.

Based on our discussion with the management, the group's steel tube is running at 50% capacity, an improvement compared to 35-40% a year ago. The group indicates that the higher order might be the results of 9MP but believes it is still small. The group is looking for much better days ahead starting from 2H07 in tandem with our believe that demand will pick up.

Meanwhile, its CRC business should also improve in the near term with stabilizing HRC prices. Mycron is undertaking a capacity expansion to 260,000 tonne per year from the current capacity of 180,000 tonne a year. The good news is that its additional capacity has a ready buyer where PMP Galvanizers (its 20% associate) has signed an off-take agreement with Mycron for 75,000 tonne a year of CRC upon completion of Mycron's upgrade and expansion. The group is looking to complete the project in CY08 and the impact to the bottomline is expected to be in FY09. The management has guided that with the expansion, Mycron would be looking to enhance its net earnings by RM16.6mn or more than 65% of its 3 year average core earnings (adjusted 2006 earnings due to exceptional loss). The higher profitability can be achieved due to the group's ability to produce higher grade CRC products mix following upgrading of its machinery and systems. The group currently is collaborating with JFE Japan (one of Japan's main player in HRC and CRC) to provide technical assistance in producing thin-gauge CRC to penetrate the roofing and autoindustries. A second agreement was signed in January 2007 for JFE to assist Mycron in developing auto-grade CRC for Malaysian car industry.

Importantly, the group has made a bold move in investing upstream activities in buying into a mining company listed in Australian Stock Exchange named Gindalbie Metals Ltd. The group purchased Gindalbie back in May 2004 for AU$0.10 and now the price has reached more than AU$1.20. Based on the announcement by Gindalbie to Australian Stock Exchange on Friday (6 July 2007), the group has report an increase in Karara Megnetite resource to 1.43bn tones grading 36.3 Fe as compared to reserve of 1.29bn announced previously. Based on few reports we read on Australian Iron Ore sector, Midwest Australia where currently Gindalbie's Karara mines are located is becoming an important iron ore region in Australia, with potential similar to the established Pilbara Region. On the back of the envelope calculation, based on simple assumptions of

1)250mn tonne of magnetite over 40 years,
2) Magnetite price of US$55 per tonne,
3) Cost of recovery of USD30/tonne,
4) Capex and Financing 15% of total GPV and
5)discount rate of 15%, we arrived at Net Present Value of RM265mn or RM1.17 per share (Appendix 1).

On the other hand, if we take the last closing price of AU$1.20 for Gindalbie, the group shouldbe worth RM266mn or RM1.17 per share. It is important to highlight that our net present value assumptions are very conservative given that the total Magnetite sold throughout the period is only 250mn tonne as compared to the reserve of 1.43bn tonne.


[ 本帖最后由 mjchua 于 15-7-2007 12:01 PM 编辑 ]
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