It is very childish to expect politics to be clean. This is not happening even in US or UK, the countries with the best political system, some may say. The most important thing is we select a right govt. Unity Govt or Pas led govt? Which govt can bring a better Malaysia. Let's move on. HK
All research reports expect PowerSeraya to normalise which is good. Take example of Kenanga report, even at normalise earnings from PowerSeraya, they still give TP of RM 1.85. They have not factor in future earnings from green data power centre which has long long growth and able to secure high PE or valuation if they list it as data centre REIT. Look at PE for data centre REIT listed in US you know...
ytl share price not affected. only YTLP, likely funds like EPF take profit... Current price has not priced in extraordinary profit. If you look at analyst reports, their TPs are based quite conservative and sustainable power supply income from Spore. There are other catalysts like UK, forex gain, and other ventures
Now everything in right track,eg green power, HSR, less corruption etc. If Anwar govt can survive this state election, investors more confidence Must vote for Anwar govt. If racist party in power koyak all foreign investors cabut...
all things look good if Anwar pro-business govt not collape after state election . And racist Pas and PN and Tun M will make noise for selling land to YTL... PAS should remain to lead the poorest Kelantan state only after state election.
Yesterday, Armada announced that one of the three malfunctioned HSP transformers for the Armada Kraken FPSO has been reconditioned. We gather that the vessel’s operational performance has returned to approximately 90% of pre-shutdown levels. We are positive on this development. Previously because of the shutdown, we have imputed a 6-months downtime for the FPSO based on a daily charter rate of approximately USD480k/day (or USD175m/year) – which we now realise is not as severe as expected. In view of this Kraken FPSO issue likely being entirely resolved by FY23 and assuming full status quo in FY24f, we maintain our BUY recommendation on Armada with a higher TP of RM0.71 – pegged to a P/E multiple of 6x on rolled-over mid-FY24f earnings, which is at a 35% discount to its peer Yinson’s one-year forward multiple of 9x. With that, we reinstate Armada as our top pick in the sector.
NEWSBREAK Yesterday, Armada announced that one of the three malfunctioned HSP transformers for the Armada Kraken FPSO has been reconditioned. We gather that the vessel’s operational performance has returned to approximately 90% of pre-shutdown levels. HLIB’s VIEW Positive – two out of four HSP transformers are now up and running. Recall that Armada earlier announced on 21 June 2023 that its Armada Kraken FPSO has startup and was at 60% of pre-shutdown production levels – following the failure of three out of four of its critical HSP transformers previously. Now, we understand that the said FPSO is running on two out of four HSP transformers after one of the faulty ones has been reconditioned and the FPSO’s performance has returned to about 90% of pre-shutdown levels. We are positive on this development.
Not as severe as initially expected. Previously because of the shutdown, we have imputed a 6-months downtime for the FPSO based on a daily charter rate of approximately USD480k/day (or USD175m/year) – which we now realise is not as severe as expected. However, we highlight that there is a good possibility that because of its current suboptimal production levels (optimal would be 95% and above), the group may not be able to rake in full bareboat charter rates until the problem gets fully resolved.
Forecast. Unchanged. We view that a downtime of 6 months is prudent enough (for additional repair and maintenance costs due to Kraken’s shutdown) given the current developments of the group. To be conservative, we make no changes to our forecasts and we now believe that there is a possibility of upside earnings risk to our FY23f net profit estimates.
OTHERS TOYO VENTURES HOLDINGS BERHAD ("TVHB" OR "THE COMPANY") - UPDATE ON PROGRESS OF BOT CONTRACT AND THE GOVERNMENT GUARANTEE FOR THE INVESTMENT PROJECT OF BUILDING OF SONG HAU 2 THERMAL POWER PLANT IN VIETNAM TOYO VENTURES HOLDINGS BERHAD
Type Announcement Subject OTHERS Description TOYO VENTURES HOLDINGS BERHAD ("TVHB" OR "THE COMPANY") - UPDATE ON PROGRESS OF BOT CONTRACT AND THE GOVERNMENT GUARANTEE FOR THE INVESTMENT PROJECT OF BUILDING OF SONG HAU 2 THERMAL POWER PLANT IN VIETNAM Further to the announcement dated 29 December 2020, 24 June 2022, 5 July 2022, 12 July 2022, 26 July 2022, 8 December 2022 and 31 March 2023 on the execution of the BOT Contract with the Ministry of Industry and Trade of the Socialist Republic of Vietnam (“MOIT”) and the Government Guarantee (“GGU”) with the Government of the Socialist Republic of Vietnam for the investment and development of “Song Hau 2 Thermal Power Plant Project” in Vietnam (“the Project”), the Board of Directors of the Company wishes to inform that Song Hau 2 Power Company Limited ("SH2PC"), a wholly-owned subsidiary of Toyo Ink Group Berhad (“TIGB”) which is in turn a wholly owned subsidiary of TVHB, had on 11 May 2023 received an Indicative Principal Terms and Conditions for the Project syndicated loan.
TVHB will make the necessary announcement on the progress of the project and once the Indicative Principal Terms and Conditions have been signed and finalized to Bursa Securities in due course.
Good start to imagine the valuation. If 124km with average 5.2 years remaining give valuation of RM 4.3billion. WCE 233km with about 30+10 years concession should give valuation of at least RM 10b (RM4.3b x 3), just my imagination.
--------------- in 2022 ALR paid the following generous amount to take over the soon to be expired highway concessions (let's omit Smart in the discussion) : $1.19 bil for Kesas , 57.5 km concession expiring 2023(1 year left from 2022) $2.21 bil for LDP, 40km concession expiring 2030 (8 years left from 2022) $863 mil for Sprint ,26.5 km , concession expiring 2031/2034 (avg 10 years left) Total sum paid for 3 highways = $4,263 mil Total length for 3 highways = 124 km Remaining concession live (weighted avg basis) = 5.2 years only ! (Note ; once concession expire, no toll would be collected)
Let's factor in the distance and concession remaining live into the equation : ALR paid $4,263 mils for 124 km and for 5.2 years concession, ie $6.6 mil per km per concession year !
WCE is 233 km and remaining concession is 40+10 years (concession runs from 2013, 10 years lost!) . How much should it potentially worth ??