YTL Power
YTL Power
这是朋友精选的的一支股.
这是朋友精选的的一支股.
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15-06-2007: JPMorgan maintains overweight on YTL Power
Email us your feedback at fd@bizedge.com
JPMorgan Securities (Malaysia) Sdn Bhd research is maintaining its "overweight" rating on YTL Power and maintains its December 2007 price target of RM2.90, which is a 17% potential upside from the current price.
In its report on Tuesday, it said YTL Power's free cash flow has hit RM823 million for the nine months to March.
"We also expect tax-free interim dividends to be a recurring feature every quarter," it added.
On the outlook, it said a mergers and acquisition rerating was imminent as the management starts to maximise its balance sheet's potential as it looks at increasing its stake in PT Jawa — rolling out brownfield and greenfield projects in Indonesia.
JPMorgan Research expected Wessex Water to benefit from the lucrative fees in YTL Corp Bhd's recent RM1 billion river-cleaning project.
It also said that YTL Power had been undertaking environmentally-friendly measures and the green initiatives were making emissions cleaner. It is also bidding for river cleaning contracts in Malaysia.
"Also, all of YTL Power's plants are gas-fired, which are considered a relatively less polluting fuel," it said.
It retained its December 2007 revised net asset value-based price target of RM2.90.
"We maintain our 'overweight' rating on the stock. Risk to our price target is an adverse outcome of the power purchase agreement renegotiations," it said.
--- end ---
23-08-2006: YTL Power: A steady utility stock
YTL Power International’s share price appears to have stabilised at the current level of around RM1.90, after coming under some pressure in the past two months.
While the issue of renegotiations on its power purchase agreements (PPA) has yet to be resolved, it’s the current consensus that repercussions, if any, will be relatively contained. If this is indeed the case, the stock could regain favour in the near future.
Modest valuations
At the prevailing price, YTL Power is valued at just about 12.5 times our estimated annualised earnings for 2006, which is below the average valuation of 14-15 times for the broad market. The stock is particularly appealing to longer-term funds and investors seeking lower risks options –- and steady dividend income.
YTL Power is one of the purer utility stocks on the local bourse. Tanjong plc and Genting have exposure to the gaming and other businesses while Malakoff will soon be de-listed (upon completion of its assets sale to MMC Corp).
Dependable dividends
The company has consistently rewarded shareholders with dividends. For the current year, investors can expect 10 sen per share payment, at least. That’s equivalent to roughly 5.3% yield.
In addition, there could be special dividend in specie. YTL Power has accumulated some 246 million shares under its buy-back programme (which also provides support to the share price), almost sufficient to cover a 1-for-20 shares distribution. That would translate into an additional net yield of 5%. The company had previously implemented two similar payouts in 2002 (1-for-50) and more recently in 2005 (1-for-25).
PPA renegotiation impact overplayed?
The government’s directive for talks between the country’s independent power producers (IPPs) and Tenaga Nasional Bhd over perceived imbalances in the pricing of their power purchase agreements (PPAs) have cast questions over valuations for the former.
Latest reports suggest that IPPs may agree to lower their selling prices in exchange for the license to operate beyond existing concession periods. If true, such arrangements should result in minimal impact on their overall project valuations. This should not bother a long-term investor but profits in the near term will be lowered (while P/E [price-earnings] valuations will rise slightly). Some resolution is expected before the year-end.
Still a defensive business
PPA renegotiations aside, YTL Power’s earnings remain relatively low risks in nature. Its income stream comes from three primary sources –- two power-generating plants in Paka and Pasir Gudang, UK-based water services and sewerage utility company Wessex Water and 35% stake in Jawa Power, a coal-fired IPP in Indonesia. All are long-term concessionaires with fairly predictable annual earnings –- and cash flow.
Gearing stood at about 143%. But most are non-recourse project financing. (It’s normal for utilities to finance a big portion of upfront capital expenditure secured against future income stream.) The company has cash of some RM4.9 billion and borrowings of RM12.6 billion.
Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.
Manila Standard Today, Philippines
14 Aug 2006
4 firms vying for Maynilad
By Lawrence Agcaoili
Four groups are vying for the government’s 83.97 percent interest in Maynilad Water Services Inc. after Japanese conglomerate Marubeni Corp. backed out of the public bidding Friday.
The groups that submitted financial and technical bids are the Ayala-controlled Manila Water Co. Inc. and partners JW International and BPI Capital Corp.; the tandem of Metro Pacific Corp. and DMCI Holdings Inc.; India’s Infrastructure Leasing & Financial Services Ltd.-Strategic Alliance; and the consortium of Rubia Holdings, Noonday Asset Management Asia Pte Ltd. and YTL Power International Bhd of Malaysia.
Marubeni Corp. did not submit financial and technical bids after it failed to find a local partner. The Japanese conglomerate was one of the five bidders prequalified by the special bids and award committee.
The government has set a minimum bid price of $56.4 million for its 83.97 percent stake in Maynilad held by the state-owned Metropolitan Waterworks and Sewerage System. French utilities group Suez SA owns the remaining 16.03 percent.
The amount is on top of the $30-million performance bond and the $2.5-million bid guarantee required on bidders that passed the technical and business criteria.
The special bids and awards committee of the MWSS is scheduled to open the financial bid envelope of qualified bidders on Aug. 25 to determine the winning bidder. ABN-AMRO is serving as financial advisor of the government in the privatization of its shares in Maynilad.
The interagency Privatization Council, which is under the supervision of Department of Finance, will award the contract to the winning bidder.
Under the term of reference approved by the board of directors of Maynilad, the winning bidder will take over and continue operations of the west zone for the remaining years of the 25-year concession.
The winning bidder will also assume Maynilad’s obligations under a “debt and capital restructuring agreement” with the MWSS.
The Lopez family earlier tied up with Lyonnaise Asia Water Holdings Pte Ltd. of France to win the west service concession zone that was bid out by the MWSS in 1997.
However, Maynilad submitted itself to court rehabilitation and ceded control of the franchise to MWSS following its failure to pay fees and other dues to the water regulatory agency. It blamed its financial woes on the financial crisis that battered Asia in 1997.
Maynilad serves six-million customers in Manila, Makati and Quezon City and the whole of Malabon, Navotas, Muntinlupa, Caloocan, Pasay, Parañaque, Las Piñas, Valenzuela and Cavite towns.
On the other hand, the Ayala-controlled Manila Water Co. Inc. continues to service the east service concession zone that it won together with US-based Bechtel Overseas Corp. and Northeast Water of England in 1997.
Manila Water serves parts of Manila, Makati and Quezon City and the whole of Marikina, Mandaluyong, Makati, Pasig, Pateros, San Juan, Taguig, and Rizal towns.
Francis Yeoh, chairman of Malaysian conglomerate YTL
By Sonia Kolesnikov-Jessop
Friday, March 14, 2008
SINGAPORE: To the untrained eye, Francis Yeoh, chairman of the Malaysian conglomerate YTL, has had a charmed life in business. But appearances, Yeoh will tell you, can be deceiving.
"People think it's very easy," Yeoh said recently during a business trip to Singapore. "My God, it's so far from the truth. I've been like Sisyphus - every time rolling a stone up the hill and the next morning it rolls down again." After a brief pause, he added, laughing, "Well today, I still feel like Sisyphus but at least some stones are now staying up there."
YTL, controlled by Yeoh's family, is one of the largest Malaysian conglomerates, with a market capitalization of 12.3 billion ringgit, or $3.86 billion, and a significant presence in property development, cement manufacturing, power generation and information technology. The group recently posted a net profit of 189.33 million ringgit for the quarter through Dec. 31, up 24 percent from a year earlier, on 7 percent growth in revenue, to 1.52 billion ringgit.
The forerunner of the YTL group was a small construction company founded by Yeoh's father, Yeoh Tiong Lay, in 1955, a year after Francis was born. However, when the 24-year-old joined his father's business in 1978 as executive director, he was not handed a business on a silver tray: The company had ran into financial difficulties during the 1970s oil crisis and his father had had to scrape together enough money to send his eldest son to study in Britain.
"My father absolutely insisted on me studying," Yeoh, 53, recalled. "He realized the vagaries of his industry. He knew things were changing."
Because Yeoh had not spent his teenage years in malls or amusement parks, but on construction sites, where from the age of 16 he had supervised projects and made decisions - "really moonlighting as a student" - he felt ready to take over when the time came.
"My father trusted me," Yeoh said. "And when I joined he was happy to surrender. He'd worked out hard already, he was still quite young, but he understood that the industry was moving on."
His first major decision, one that would change the company's future, was to invest in engineers and equipment. "My father was looking at it as a risk, worrying about the next contract," Yeoh explained. "But I felt you will never get the contracts if you don't invest in people."
Yeoh established YTL's reputation in the 1980s by using the latest technologies, which allowed it to build high-rise properties faster than its competitors. "We came up with a technique using slim-form where we could build a floor every seven days," he said.
The young businessman impressed the then prime minister, Mahathir bin Mohamad, and YTL was given government contracts to build 12 district hospitals throughout the country.
Moving into owning property was a natural progression from being a contractor, and YTL started acquiring huge land banks. Today it has 122 million square feet, or 11.3 million square meters, of land in the capital city, as well as prime beach real estate in Malaysia. It also has holdings in Thailand, Indonesia and Singapore.
But probably Yeoh's boldest move was to venture into power generation in 1994, when the Malaysian government started to privatize the sector. Because he could not get his plans financed in ringgit by foreign banks, which wanted deals only in U.S. dollars, he persuaded the government to raise funds through a 15-year ringgit-denominated bond.
With smaller foreign currency exposure than other Asia-based companies, YTL emerged from the Asian financial crisis at the end of the 1990s in better shape to expand abroad. YTL bought British utility company Wessex Water for £1.2 billion, or $2.4 billion at the current exchange rate, in 2002 and owns power investments in Indonesia and Australia. Today, Yeoh pointed out, 70 percent of the company's revenue comes from abroad.
"YTL Power is one of the few companies that has demonstrated a steady yield and commendable growth for regulated assets," said June Ng, an analyst from Hwang DBS Vickers Research, in a recent report.
His next move will be into coastal development. Yeoh, who is an avid art collector and flies his own helicopter, has been accumulating coastal land in Southeast Asia.
"Just like there was wealth in Europe and property prices on the coast went up 1,500 percent over 25 years, I think the same thing will happen to coastal properties in Southeast Asia," he said. "But here it will take a maximum 15 years, and we've already been in this curve for seven years."
-International Herald Tribune | www.iht.com
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