金猪年（2007）：新年愿望笔记栏

Recent Change of Share Holdings Announcements

Announcement
Date Date of
Change Shrs Acquired/
(Disposed) Director/Substantial Shareholder Shrs Held
After Change
21-Nov-06  17-Nov-06  233,800  Nautical Investments Limited 278,431,100  
21-Nov-06  17-Nov-06  233,800  Mountbatten Corporation 278,431,100  
10-Nov-06  08-Nov-06  94,000,000  Mackenzie Cundill Investment Management Ltd 94,000,000  
31-Oct-06  27-Oct-06  200,000  Mountbatten Corporation 275,074,600  
31-Oct-06  27-Oct-06  200,000  Nautical Investments Limited 275,074,600  
30-Oct-06  20-Oct-06  (91,000,000)  Honest Opportunity Limited 47,957,100  
30-Oct-06  23-Oct-06  732,700  Mountbatten Corporation 274,874,600  
30-Oct-06  23-Oct-06  732,700  Nautical Investment Limited 274,874,600  
17-Oct-06  13-Oct-06  464,000  Mountbatten Corporation 274,141,900  
17-Oct-06  13-Oct-06  464,000  Nautical Investments Limited 274,141,900

Canadian fund buys into Mulpha

PETALING JAYA: Canada-based fund manager Mackenzie Cundill Investment Management Ltd has emerged as a substantial shareholder in property group Mulpha International Bhd.

Mulpha told Bursa Malaysia on Friday that the fund had bought 94 million shares, equivalent to 7.5% stake, in the company.

It said Mackenzie bought the shares on Wednesday “on behalf of its clients in its role as investment adviser”.

Mulpha has also been buying back its shares after shareholders approved the management's decision to allocate between RM70mil and RM80mil for the exercise.  

Based on the company's announcement to Bursa on Friday, it has bought back 10,000 shares at between RM1.35 and RM1.36, increasing the number of its treasury shares to 70.2 million.

CHLaw

谢谢！Sample Text

古晋人开始参与 CARI 财经论坛
最近论坛增加了很多人。
不错不错！

Snapshots 03-Jun-06  Thestar

MULPHA International shares rose four sen, or 3.48%, to RM1.19 yesterday on what analysts attributed to spill-over interest due to the proximity of the company's project near the land belonging to UEM World Bhd and its unit, UEM Builders Bhd. Both were recently reported to be planning to develop the huge Nusajaya township in Johor. Mulpha also owns large parcels of land in Johor.

这个讯息很明显
第九大马计划 如果发展 南柔
UEMWORLD，UEMBUILDER 如果找 MULPHA 一起合作的话
大家都有利益。
不排除 MULPHA 也是收益者之一。

Snapshots 03-Jun-06  Thestar
MULPHA International shares rose four sen, or 3.48%, to RM1.19 yesterday on what analysts attributed to spill-over interest due to the proximity of the company's project near the land belonging to UEM World Bhd and its unit, UEM Builders Bhd. Both were recently reported to be planning to develop the huge Nusajaya township in Johor. Mulpha also owns large parcels of land in Johor.  

[ 本帖最后由 bursamsia 于 21-11-2006 11:58 PM 编辑 ]

开番

暗示：明年大选要派糖。派糖 = 发展。 发展哪里？谁会拿到好处？呼之欲出。

In transformation Mulpha stays its course

TheStar

By TEE LIN SAY

A COUPLE of weeks ago, via a married deal, 91 million Mulpha International Bhd shares were crossed at a price of RM1.28 a piece.  

The seller was Hong Kong-based Honest Opportunity Ltd, which was previously the second largest shareholder in Mulpha with a 10.15% stake.  

The buyer was Deutsche Bank on behalf of US and Singapore based funds.  

There are two significant aspects to this deal.

  
Lee
Firstly the acquisition cost was no small change. It represents a 7.25% stake based on Mulpha’s existing paid up capital, which makes them substantial shareholders of the company.  

Based on Mulpha’s net asset value (NAV) as at June 2006, (based on historical cost), the stock is worth some RM1.71. Some analysts value the stock on a revised net asset value (RNAV) of RM2.80 on a fully diluted basis.

While news of the latest off market transaction may not appear to be a major development, it does however signal one positive – Mulpha may be gradually transforming itself into an institutional stock.  

Indeed, the growth in Mulpha's NAV in recent years is hard to dismiss. The company's executive chairman Lee Seng Huang asserts this point further: “When I first took over in 2003, we had an NAV of 90 sen. Less than three years, and we have doubled that.  

“Mulpha has a mandate to constantly improve value for shareholders and we are still doing that. We are not driven by the annual profit and losses reports. We are committed to making the underlying share value go up.”  

In other words, what Lee is saying is that it would not deter the company from making an investment that will reap long-term gains although it may be earnings dilutive in the short term.  

Looking at Mulpha’s earnings for the six months to June 2006, revenue was down 40.41% to RM414.79mil while net profit was a dismal RM8.61mil compared to its previous RM122.58mil.

“Mulpha’s earnings are lumpy and volatile. But we are value investors, and we make good investments even if it does not generate earnings immediately. For example, we bought Sanctuary Cove although it meant that our earnings had to struggle for the first two years. Many companies only buy assets that are earnings accretive in the first few years and this significantly narrows their choice of investments,” explains Lee.

Recall that in September 2005, shareholders of Mulpha had approved the disposal by its indirect Australian subsidiary, Mulpha Norwest Investments Pty Ltd of 49.9% economic interest in Mulpha Norwest Ltd to FKP Ltd (Australia) for A$143mil. This disposal was paid via the issuance of new FKP shares and the balance by cash.  

As a result, Mulpha’s interest in FKP increased to approximately 12% from 4.7% previously, making it the single largest shareholder.

Interestingly, when Mulpha first entered the deal, the FKP shares were capped at A$3.60 as partial payment of the transaction. Today the stock is trading almost double that at A$6.12. Thus, Mulpha’s 27 million shares in FKP are today worth some A$160mil or RM468.95. (RM2.838= A$1)  

FKP's market capitalisation stands at some A$1.3bil, which is more than double that of Mulpha’s. FKP is the fifth largest property developer in Australia as well as the largest owner and operator of retirement villages in Australia, with operations in Queensland, New South Wales, Victoria, Tasmania and South Australia.  

FKP is also the largest retirement homeowner operator in New Zealand and has a joint venture with Macquarie Bank Ltd on most of its retirement assets.

With this, two analysts from foreign research houses have valued Mulpha shares at around RM3. This is based on the fact that Mulpha is the largest Malaysian real estate investor and developer in Australia, owning assets that include Sanctuary Cove and Hyatt Regency Sanctuary Cove in Queensland, InterContinental Sydney, Hilton Melbourne Airport, Bimbadgen Estate in New South Wales' Hunter Valley and the award-winning Hayman Great Barrier Reef.

  
Mulpha’s Australian assets are valued at RM2.2bil, while its Malaysian properties are valued at RM1.09bil. After taking into account its stakes in listed companies such as FKP, Greenfield Chemical Holdings (51%), Mudajaya Group Bhd (23%) and Mulpha Land Bhd (50.6%), these stakes are worth some RM144.8mil. This is how one analyst has derived Mulpha’s RNAV of RM2.80.

In addition, with the launch of the Southern Johor Economic Region (SJER) Masterplan (scheduled for today) many view Mulpha as one of the beneficiaries given its track record, deep pockets and the fact that it is one of the largest landowners in the area.

The Southern Comfort



Lee is highly optimistic over the launch of the SJER as he believes in the upside potential for Mulpha which commenced operations in that area back in 1992.

“Any impact on the SJER means an upside for Mulpha. Development will be accelerated if foreign parties are allowed to invest and develop the area. I see the potential and we want to increase our landbank in this area,” says Lee.

Mulpha’s exposure in Johor is through its Leisure Farm Resort, which is slated to be one of Malaysia’s most prestigious gated resort development. This 1,371-acre free hold high-end development in Gelang Patah is within SJER. The resort includes a 36-hole golf course, clubhouses and equestrian facilities.

The development is 11km away from Tuas, Singapore, via the Second Link near the Johor Baru city centre. It is accessible from the Sultan Ismail International Airport in Senai as well as the North-South Expressway. Notably, it is close to Singapore, as it is just 40 minutes from Orchard Road.

With a gross development value of RM2.08bil, the Leisure Farm project includes 1,200 residential lots, commercial area, hotels and condominiums to be developed over eight years. If RM12.2bil is to be spent on SJER, this could lead to higher land and property prices. Leisure Farm has 700 acres of landbank that has yet to be developed.

Mulpha has been in talks with the government on its landbank expansion, and sources say it is looking at about 1000 acres, more than double its existing landbank.  

Towards this end, Lee says that Mulpha has constantly held talks with the government.

“We want to be the Damansara of SJER. We have never been in a hurry to aggressively market the Leisure Farm Resort. At RM40 per square feet (psf), our property is already selling well. Where else can you find vast land that is cheap yet so close to Singapore? Even if land prices increases to RM100 psf, this is still cheaper than land in Singapore. You can’t even buy a suburban home in Australia at this price,” says Lee.  

He adds: “I would say that Mulpha has the ability to spot trends and be ahead of its time.  

We were already in Vietnam in 1991, when only now people are investing in Vietnam. We were also already in Hong Kong since 1996. We do not believe in selling assets in exchange for some sub standard stuff just to show profits,” says Lee.

In terms of its capital management, Mulpha has been buying back its shares from the open market over the last two years.  

As of end-October this year, the company has 69.45 million shares retained in its treasury.  

During Mulpha’s AGM in June, shareholders had approved management’s decision to allocate between RM70mil and RM80mil for share buybacks. Lee says that Mulpha will continue buying back its shares as long as it views its shares as being undervalued.

“We have received offers from institutions to buy our treasury shares, but we are not interested ... at least not at the current price,” he says.  

On a year to date basis, Mulpha’s shares are already up by 116.67%. Thus, based on the development in SJER, Mulpha’s plans for landbank expansion, its RNAV of RM2.80 and the stock being institutionalised, a further re-rating on Mulpha, says an analyst, should not be ruled out.

^ska^

投机型？？
短期阿？

raulhong

mulpha-uem-uembldr-tebrau
全部都是亲戚。

原帖由 raulhong 于 22-11-2006 01:22 AM 发表
mulpha-uem-uembldr-tebrau
全部都是亲戚。

短期目标 ： RM1.70
长期目标 ： RM2.80
投机目标 ： RM3.50

napster

请问AMMB 今天恢复交易对吗？

OhIsU

AMMB-OS恢复交易吧liao,
其他还S'PEND

napster

原帖由 OhIsU 于 22-11-2006 09:18 AM 发表
AMMB-OS恢复交易吧liao,
其他还S'PEND

AMMB-WA呢？几时恢复交易？

OhIsU

原帖由 napster 于 22-11-2006 09:23 AM 发表

AMMB-WA呢？几时恢复交易？

明天。。。

OhIsU

哎呀，为什么这样好运呵。。。
进场。。。反而跌了。。。

很好，在这里公开贴士，也可能会造成一窝蜂效应，令致股价扶摇直上。

OhIsU

PLUS-CA 来料，来料。。。
要来料。。。。。。。

MISC    Target Price:     RM12.00

        Execise Price :   RM 9.15

                         ----------
                         RM  2.85     / 2 x CW
                        
                         ------------

          MISC-CB        RM 1.425

               Now :     RM 0.505

                         ----------
                         RM 0.92   to go !

有人要大炒～～～~~~~