【YTLPOWR 6742 交流专区2】楊忠礼能源

klagigi

Malaysia's 40 Richest
Last Laugh
Lan Anh Nguyen, 05.28.09, 06:00 PM EDT
Forbes Magazine dated June 08, 2009



Head of conglomerate YTL, Francis Yeoh went hunting for bargains when the markets crashed. He's not done shopping yet.

Francis YeohDuring the height of the equity markets, Francis Yeoh sat restlessly on the sidelines watching rivals bid up prices. When Singapore's Temasek decided to unload three of its power-generating firms last year, Yeoh, whose YTL Corp. is one of Southeast Asia's biggest power companies, made offers he thought were fair. But he initially lost out, first in March 2008 to China Huaneng Group and then four months later to Japan's Marubeni ( MARUY.PK - news - people ).

It was a tough time for Yeoh. "You don't know what kind of pressure I had before," says the 55-year-old scion, as he sits in his penthouse office overlooking YTL's Ritz-Carlton in Kuala Lumpur. His father, billionaire Yeoh Tiong Lay, founded YTL as a construction firm in 1955, but Francis took over daily operations two decades ago, transforming it into a $3.4 billion (market cap) multinational conglomerate. "When I had $3.8 billion in cash, a lot of people, especially fund managers and analysts, criticized me," says Yeoh, "They said: 'We can't recommend your stock because you have so much cash and you don't know what to do with it.'"

But Yeoh, who is known for his flamboyant lifestyle, including his two helicopters, a private island and famous friends such as the late Luciano Pavarotti, is prudent in business. "I could not buy assets that were two or three times the market value," he says, despite the fact that hedge funds and private equity players were paying those prices.

Yeoh must have been one of the few businesspeople in the world who was relieved when the markets collapsed. He could finally go shopping: In October YTL paid $180 million in cash to buy control of Macquarie Prime Real Estate Investment Trust and its holding company, paying 49% of net asset value. Renamed Starhill Global REIT, it includes two shopping malls on Singapore's busy Orchard Road, Wisma Atria and Ngee Ann City.

Then in late November Temasek shelved the auction of PowerSeraya, Singapore's second-largest power generator, because of unfavorable market conditions. Days later it privately called Yeoh to negotiate. Within a week subsidiary YTL Power agreed to pay $2.4 billion in stock and debt, or ten times Ebidta. When the sale was finalized in March, Yeoh, who converted to Christianity at age 16 and is deeply and overtly religious, issued a press release thanking "our Lord Jesus for blessing us with stewardship of this important asset."

Divine intervention not withstanding, the latest purchase strengthens YTL's standing as a leading power supplier. "This puts us in a very strategic position to win more power assets globally, especially with our large cash reserves," says Yeoh, who favors utilities because of the typically long-term concessions and steady profits. The conglomerate now gets 60% of its $2 billion sales from such assets.

The deals also illustrate Yeoh's tendency to preserve cash during boom times so he can spend during downturns. "YTL thrives in times when acquisition opportunities are aplenty at reasonable valuations," says Bernard Ching, associate director of ECM Libra Research. "We expect YTL to pounce on a few assets before this recession is over." One thing you won't probably see is a sale: an eager buyer at the right prices, YTL is a reluctant seller in any market.

Investors seem pleased. Net profit more than doubled in the third quarter ending Mar. 31, following the consolidation of the results from the two acquisitions. The stock is down 7% for the year--outperforming the Kuala Lumpur Composite Index, down 21%--but it is up 27% since September. Francis' father, who controls 53% of YTL's shares, is again Malaysia's seventh richest, worth $1.8 billion, despite dropping $300 million in the past year.

Yeoh fils' conservative approach is born of his family's early history. A dirt-poor Chinese immigrant, his father started a construction business at the age of 30, eventually building army barracks and other government quarters. But business almost collapsed during the 1970s oil crisis. Relatives and employees pawned jewelry to help keep the firm going.

Still, his father, who never went to college, collected enough money to send Francis, the oldest of his seven children, to study engineering at Kingston University in the U.K. His hope was that his son, then 16, would come back and reinvigorate the business.

Yeoh returned four years later, in 1978, to work for the company. He was eventually joined by all six siblings, who now help run various businesses. Within a decade he was named managing director. One of his earliest ventures was developing a site on Pangkor, an island off Malaysia's west coast. Today its lavish Pangkor Laut Resort, which Yeoh's late wife helped design, is one of several luxurious resorts in the group's portfolio.

But Yeoh didn't get an engineering degree to only develop vacation spots, and he eventually moved the company into more technically complex sectors. YTL now employs 3,000 engineers, who help build factories, power plants, hotels, even a rail link, at competitive prices.

Yeoh's big break came in 1992, sparked by a Malaysia-wide blackout. Fed up, the government awarded YTL the first license to operate a private power plant, breaking the monopoly held by the national utility. But foreign investors hesitated to fund the project and wanted risk premiums. So Yeoh arranged for the first-ever 15-year bond issued in Malaysian ringgits, sharply reducing its foreign-currency exposure. He later persuaded the Kuala Lumpur Stock Exchange to allow its subsidiary, YTL Power, to go public as an infrastructure project company, fast-tracking the offering by five years, well before the project was complete.

These moves proved fortuitous during the 1997 Asia crisis when the ringgit's value plunged by more than a third against the dollar. During that time YTL was able to pay down some debts, get more favorable rates and pick up bargains including prime properties in Kuala Lumpur. It paid $130 million in 1999 to buy two shopping malls, Starhill and Lot 10, and the JW Marriott from struggling outfit Taipong Consolidated. The Starhill mall, now called Starhill Gallery, cosponsored a luxury watch gala with Forbes last December. (The Forbes family played no role in initiating or compiling this story.) In 2000 YTL Power bought a 33.5% stake in ElectraNet, which operates the power transmission grid for the state of South Australia under a 200-year concession.

When Enron collapsed and sold off its assets, including Wessex Water plant in the U.K., YTL surprised rivals by beating out a consortium led by Royal Bank of Scotland ( RBS - news - people ) for the plant in 2002. The $1.3 billion deal brought Yeoh international exposure and controversy. After the deal was done, Wessex's chief executive was arrested for alleged improper payments from YTL; he was eventually cleared of any wrongdoing. No one from YTL was ever charged. The business, says Yeoh, is now worth $3.5 billion.

Yeoh has had setbacks. For years he tried to get approval from the Malaysian government to build a fast train connecting Singapore and Malaysia, but the project was shelved in April 2008, apparently stalled by politics. Now Yeoh seems to be trying again, with Siemens ( SI - news - people ) Malaysia as a partner. He won't say much. "The more I talk about it, the more the project will never come alive," he worries. Still he argues that people didn't believe in his high-speed rail between Kuala Lumpur International Airport and the city center, which carries 4.5 million people a year. "I pray that this project will come in my lifetime. Even if it is not done by me, I want to see it happen between the two countries."

YTL also had the misfortune of partnering with now defunct Lehman Brothers ( LEHMQ - news - people ) to develop a resort in Thailand's Koh Samui. But it was a small deal, and YTL is negotiating to acquire the whole lot.

With YTL still sitting on $2.8 billion in cash, more deals are likely. Yeoh says he is looking into a water business in China and plans to spend up to $700 million to build Malaysia's first 4g network. EMC Libra analyst Ching thinks the U.K. is a "good hunting ground" for the conglomerate, in view of the weaker pound.

No doubt Yeoh will try not to overpay. Says he: "I just can't play that game."

[ 本帖最后由 klagigi 于 26-9-2009 01:36 AM 编辑 ]

siokae0422

几 时 还 有 dividen 拿 ？ 等 到 颈 开 始 长 了

mywuneng

非一般商人楊肅斌‧娓娓道來利惠人民生意經
    * 投資致富
2009-09-28 13:24


大馬十大富豪之一丹斯里楊肅斌，業務遍佈全球，要約他做媒體專訪，有相當的難度。
近年他在本地市場似乎較沉靜，在特殊因緣下，他早前接受《投資致富》的專訪，對集團的業務表現、未來前景、藍海策略、及他個人的領導哲學等等，暢所欲言。
更重要的是，他可能借助標獲的WIMAX服務之25億令吉重大投資，在本地重新大展拳腳。
由楊肅斌率領的楊忠禮集團，是經濟低潮期的收購高手，主要因為管理團隊卓越，手握雄厚的資金，就算經濟不景，集團表現也仍然可圈可點。
楊肅斌娓娓道來，楊忠禮集團在經濟不景時表現仍然非常卓越，主要因為集團的業務模式不是以季度衡量，集團的業務模式是受管制資產，不像獨立發電廠特許權只長達21年，SERAYA電力卻是永久性的。

“我們鍾愛能夠長期提供強勢盈利和派息的公司，因此，就算經濟低迷，我們仍然手握雄厚資金，以為收購作出最佳準備。”

去年全球經濟衰退時，此集團把握良機收購了新加坡的SERAYA電力及升喜全球（StarHillGlobal），後者付出的購價只是半價，這些產業坐落在新加坡烏節路主要辦公樓及購物廣場，前者價格也非常“漂亮”。
他說，楊忠禮集團持續探討的業務，是對集團盈利、銷售帶來增長的業務，但卻不受每季度劇烈波動影響的業務。
有鑒於此，他有信心的說，楊忠禮集團接下來的業務表現預料還是相當出色。
他打比喻說，如果你在楊忠禮機構（YTL,4677,主板建築組）於1986年上市時投資了100萬令吉，今天，你的股票已值1億5000萬令吉，漲幅高達150%！
楊忠禮集團許多股東都是“長情”股東，他們成功把投資集團股票所獲得的賺利供孩子上大學，這些股東都致函給楊肅斌，向他道謝呢！

“我們都希望可以為長期股東提供可觀的回酬。”

集團如何把握現有低迷市場良機？
他透露，楊忠禮集團手握巨額現金及現金持續增長，因集團所擁有的業務，都創造巨幅現金，集團沒有爛賬，不像銀行業務，因此，集團擁有龐大的股息資金讓公司持續增長，相信在未來一年展現無限的商機，包括在電力、水供、洋灰、產業及WIMAX業務。
楊肅斌表示，集團探討的領域，必須是它擅長的領域，企業計劃不會改變，而且會持續探求更多層次盈利的業務，如水供、洋灰、電力、產業、產業信托和WIMAX，只要具備工程元素及可以增加集團的管理技術，楊忠禮集團都會有興趣。
如果與工程業務不相干，此集團不會涉足，如種植、藥劑或煙草等。集團的核心專長是建築與工程，鑒於深懂設計和興建，因此，集團興建的產業、酒店和購物中心
成本都相對廉宜，任何與工程相關的領域，集團都具備優勢，如水供、發電廠等，這是集團自1986年以來具備的專長，從開始到現在都不曾改變。
集團雄心勃勃拓展的WIMAX服務，也是一項工程，它是屬於電子與電器工程，也是集團所擅長的工程領域。

mywuneng

成功秘訣：力量來自信仰

楊忠禮集團成功的基礎，是根據領導人的價值觀作為根基，楊肅斌是虔誠基督徒，把宗教教義貫徹在管理學上，最重要是不自負，所做的生意能夠為人類帶來裨益。

集團領導人也非常尊敬客戶的期望，做生意時必定非常謙遜，對客戶必須謙虛，否則不能做生意，“態度謙虛表示我們會慎重探討客戶所需及提供他們物有所值的東西，不管是從事任何行業，如發電業、水供、酒店業等。”

如從事房產業，集團會提供卓越的房產產品，確保房產價格會漲升，房產價格挺升對買家非常重要，因為它可以讓買家抵押購買第二間房子，或是取獲銀行一些額外資金經商。

“若房產價格下滑，你可能因而陷困而需填補不足的借款資金給銀行。有鑒於此，為買家提供物有所值的產品，是我們爭取從事的行業。”

楊肅斌說：“我們永遠銘記要為普羅大眾帶來裨益，這是我對上帝信仰的價值觀。”

集團的雇員，他都鼓勵他們相信上帝，不管是基督教的上帝或是其他宗教的上帝，也是他們需掌握的三大“語文”之一（上帝語文：擁有道德價值觀，不貪污、要勤 奮、要廉正），雇員另兩個需掌握的“語文”是“人類語文”（在英國精通英文，在中國需精通中文，可以全面表達你的理想，讓大家聽從），以及“機械語文 ”（精通工具，如科技或其他從商的工具）。

楊忠禮集團一般可以擊敗其他競標者，脫穎而出，楊肅斌說，主要因為集團可以以五分一的價格出價，即可啟動建設工程。

如連接吉隆坡國際機場及吉隆坡中環廣場的ERL電動鐵軌，其他公司每公里需耗資1億5000萬令吉，而此集團每公里只需耗3500萬令吉，是全球最低廉的價格。

到底集團如何能夠做到？

他說，首先是不涉及貪污，二來是集團具有遠瞻的長遠看法，因特許權長達60年，再者，所有此項工程的出類拔萃大馬工程師，都是在英國訓練，但他們的收費並沒有以英國收費為標準，同時交出彪炳的成績單。

他認為，高達450萬至500萬人口乘搭電動火車，收費只是35令吉，非常低廉，比德士更廉宜，讓大家都非常高興。

在倫敦，這類相同的電動鐵軌火車，車費比大馬高出5倍至10倍。就算一半的路程，車費也高出2至3倍。

這是楊忠禮集團以長遠目光為大馬作出努力，以提供人民非常卓越的產品和服務。

楊忠禮集團收購英國的韋塞克斯水供（Wessex Water）及新加坡的SERAYA電力時，都持有100%股權，沒有任何股權伙伴，有些人或許會認為，楊忠禮集團無法與其他人合作。

楊肅斌說：“這說法是不正確的，因為我嘗試在我的生命中與所有的人攜手合作，但在這些年來，我發現很少公司像楊忠禮集團般，可以一起分享長遠目光的看法，因為我們收購資產後，很少說要脫售出去，但很多人卻半途可能就售股，多數只維持2至3年，讓集團感到有點沮喪。”

市場詭異難測，在市場低迷時，楊忠禮集團具備的長遠目光作風，也使它持有龐大現金進行低價收購，但集團的伙伴如果衰弱，因為它持有集團股權，卻沒有長遠看法，最終將拖累集團本身，這也是集團為何難以尋獲分享長遠目光的適當股權伙伴之因由。

楊忠禮集團卻擁有長期的科技公司伙伴，如集團與SIEMENS合夥約50年，律師和銀行也是長期的合作伙伴，陪伴大家一起成長。

集團沒有股份伙伴，是因為他們已把較早股份脫售，反而是公司小股東是集團的長期伙伴，他們多數是一般的小市民。

每年在公司大會看到他們時，楊肅斌都會非常喜悅，集團也為這些長情小股東帶來生活上的好處。

藍海策略

立意創新
闖過一波波藍海

楊忠禮集團所涉獵的業務，都是充滿挑戰，但是，楊忠禮集團在“藍海策略”學有專長，走別人從未走過的路，敢作出新嘗試，也是它的強項，並且會突破萬難往前衝。

1986年時，此集團在怡保巴占興建雙層廉價排屋，增設多一間睡房和一個客廳，仍然以2萬5000令吉售出。

當時的廉價屋興建，一般是600平方尺，五層樓高，沒電梯，兩間房，這類傳統的廉價屋，難容納人口眾多貧苦人家。

楊肅斌認為，貧苦人家孩子較多，這類傳統的廉價屋不太適合一般人居住，而作出上述改變。

結果，就算當時經濟衰退，市民仍然涌往搶購集團新設計的廉價屋，當時，集團也興建了上萬間。

這就是楊忠禮集團的“藍海策略”，做別人沒做過的事，也是集團秉持的業務策略方針。

集團也曾興建高樓建築物，日本公司需花21天興建一層樓，我們只需花7天就可以興建一層樓，主要是用科技取勝，這也是集團為何可以攫取許多工程的原因，這也是另一項“藍海策略”。

比方說興建醫院，一般公司需花3至4年，甚至可能長達7年時間完成，但楊忠禮集團卻是以一攬子設計方式，只花2年半時間就可完成。

興建獨立發電廠時，此集團首開先河通過發售馬幣債券融資，但其他機構都發售美元債券，美元會受匯率的波動，本地工程以馬幣債券融資則不受影響。這是全球從來沒有做過的事，也是集團另一個“藍海策略”。

再者，楊忠禮集團曾建議政府首開先河創造基建計劃公司（IPC）上市，讓公司可以提早5年上市，不需符合盈利要求的標準，而楊忠禮電力（YTLPOWR,6742,主板基建計劃組）是首家在此領域上市的公司。

如果沒有基建計劃公司上市計劃，集團的電力公司可能需要先興建發電廠，5年有利可圖，才可申請上市。集團也成功發售長達15年的債券融資獨立發電廠（當時只允許5年）。

“我們告訴政府，為何不採取主動的策略，因為投資者喜愛投資這類基建公司，不要阻止我（上市），只要允許這類公司上市，我可以到全球籌資，我當時也在全球籌集到21億令吉發展發電業。”

此集團當時背負16億令吉的銀行貸款，利息高達14%，楊肅斌把這筆貸款撤回，賺取了2億多令吉，這是另一個籃海策略，不是集團與國家能源（TENAGA，5347，主板貿服組）打好關係取來的。

他認為，許多人都簡單看待事情，不懂得如何做，也以為此集團很輕易獲取合約，卻不知此集團背後經歷的痛苦，花了不少的心思，才取得政府信任。

人生當中難免會面臨各類坎坷挑戰，當楊忠禮集團當初收購韋塞克斯發電廠時，英國報章當時就打標題看貶質疑：到底誰是楊忠禮集團？（Who's the hell of YTL？），當時的競爭對手是蘇格蘭皇家銀行（當時是全球第6大銀行集團，目前已破產），另一家對手是香港李嘉誠長江實業。

這項韋塞克斯投標工程計劃不容易取獲，但集團最終合約在握，在集團努力發展下，韋克塞斯在過去3年已崛起成為英國頂尖水供公司，這又是集團的另一項藍海策略。

集團過去面對過無數挑戰，但仍然意志堅忍，必須要游過藍海，做別人沒做過的事情，就必須更勤奮，不能坐享其成。

“我們的思維必須逃出舊框框，開拓沒人走過的市場，紅海策略就是大家一窩蜂做相同的事情，最後以削價戰取勝，這是我無法苟同的策略，我喜歡別人沒做過的事情。”

WIMAX服務對楊肅斌來說也是藍海策略，集團不與現有市場競爭者爭鋒，此集團會創造客戶從來沒有經歷的體驗。

只要WIMAX準備就緒，人民就會使用它，就像建設連接機場至市區的電動火車。

有人或許會質疑，機場不算很遠，此快速電動火車可行嗎？但有超過400萬人乘搭，這也是藍海策略的思維。

此計劃對集團來說也不簡單，因為火車樞紐行程安排時間不同，此集團就建議把此快速電動火車車站建立在吉隆坡中環廣場，以便市民轉車時更方便和便宜，才有35令吉的收費，否則，如果是200令吉的收費，誰會乘搭？

如果現在不建，以後再建，成本可能會更高了。

他說，挑戰無處無時不在，但此集團都會想盡辦法游過藍海，惟準備的功課也不可小覷，當然，也不是每一件事情都會100%正確，但至少吸取一些經驗。

他對WIMAX信心滿滿，此服務的技術伙伴是絕佳的，來自美國的思科（CISCO）及提供配備的三星（SAMSUNG）。

他相信這是充滿刺激的體驗，相信年輕人需要它，也喜歡它，以追上時代前端和領先世界，知識是一種權利，權利在你手上，有智慧的人會都知道如何善用它。

管理哲學

有人就有貪腐
正確道德須確立

由楊肅斌領導的楊忠禮集團，每年交出令市場驚嘆的成績單，他的管理和領導哲學，自然有其獨特的一套。

他說，相信上帝很重要，否則，會欠缺道德觀念，若沒有道德觀念和廉正，任何的商業都難以持久。

“我閱讀過許多人失敗的案例，從以前的希臘帝國、羅馬帝國、布列顛帝國至中國和印度皇朝的帝國，都告瓦解，沒有人經得起時間的考驗，共同的因由是貪腐敗國，只要有人的地方都會發生貪腐。”

公司要奠定非常強勢的基礎，道德觀念價值不可或缺，就算有任何的經濟風暴，公司都將經得起考驗，屹立不倒。

經濟如果建立在判斷力改變（shiftingsense）基礎上，是可怕的，判斷力改變是由貪婪的人主張，貪婪無厭的人沒有扎實的基礎，只有低劣的素質，一旦風吹雨打，都很容易摧毀。

亞洲面對這一次全球金融風暴的吹襲，所受打擊較輕，主要因為經歷過1997/98年的亞洲金融風暴歷煉，西方人面對的打擊較慘重，許多人失去工作，都是因為一些不行正道的人搞起的金融風暴，導致許多無辜的人遭殃。

集團的成功不是因為非經濟關係，集團取獲英國的韋塞克斯水供工程，並不是因為拜訪過首相布萊爾的關係，取得澳洲的輸送業務，也不是因為拜見了澳洲總理。新加坡合約的情況也是如此。

因此，在大馬，如果商業價值不能超越“非經濟因素”，是難以經商的。集團非靠“非經濟關係”取獲合約，這對集團管理人員和員工辛勤付出的血淚汗是不公平的。

“有人說我是某首相的乾兒子，以為我們很容易獲得合約，我感到非常恥辱，這是非常錯誤的想法。”

大馬不能以此方式（非經濟因素）持續經商，如果持續下去，會引發民眾不滿，因為系統沒有改善，將影響他們日常的生活。

“我感到很難過，因為集團是全球最佳的水供公司之一，但在大馬卻沒有涉足任何水供計劃。”

楊忠禮集團目前85%的業務是在海外，不是在大馬，主要是因為沒有選擇。

他相信，現有政府近期展開的開放開明政策，如放寬外資委員會措施，是前所未有及親商的，它提供不同的概念及實行藍海策略，值得贊許，也是此集團有意大筆投資WIMAX的原因。
星洲日報／投資致富‧投資焦點‧2009.09.28

klagigi

我看一天Bangladesh的最后成绩不出来，都不会confirm派股息的日期。。。
这个Bangladesh政府效率死北慢。。。都已经给他们浪费延迟几个月了就是不爽快一点。。:@

slutodomo

最近它好静。

wangwang9111

大动？？希望不是大跌！！

烂命一条

昨天宣布派息3.75% 就是派多少呢？小弟真不明白。

悍马

50Cents 3.75% = 1.88 Cents.

烂命一条

真的西北少。。。要等明年３月才再有派息。　

Stevej

股息好少..心痒痒想买这个股很久了，可是股价稳定到...  闷

悍马

原帖由 烂命一条 于 16-10-2009 03:55 PM 发表
真的西北少。。。要等明年３月才再有派息。　

还有第三季业报在十二月。所以明年一月应该还会有Kangtao。

siokae0422

原帖由 悍马 于 17-10-2009 08:49 PM 发表


还有第三季业报在十二月。所以明年一月应该还会有Kangtao。

好 像 很 久 这 样 。 。 。 。 。 。

独孤球拍

YTL Power produced the most inexpensive electricity per unit
------------------------------------------------------
Our IPP in Malaysia is among the more profitable ones for a few reasons. This is because we did the first 15-year bond in Malaysia; we financed it in ringgit, which mitigated us from the Asian financial crisis at the time.

We invented the IPC (Infrastructure Project Company) listing category on the Kuala Lumpur Stock Exchange (KLSE). From that, we've got RM2.1 billion. We have at that time RM1.6 billion of floating debt at 14%. So when we retired the RM1.6 billion debt at 14 %, our bottom line in the first year improved by RM200-odd million. That is why we are more profitable than others. If you had geared like us in a similar manner and done an IPC listing you would have the same results. The analysts and the newspaper seem to think we got a fat deal from Tenaga. This is lack of analysis and truth. We have the most inexpensive electricity per unit. We have no inflation clauses.

Look at our train from the airport to the city. We did it at RM35 million per km, other transport companies did it at RM150 million per km, five times the price. The difference is simple; we are not going to sell it. Look at all the other concessions, all back in the government's hands. The people who did the concessions have gone bust and sold it back to (Syarikat) Prasarana because they made all the construction profits up front and then dump the concessions.

But why is Berkshire Hathaway worth so much and why is Warren Buffett the second richest man in the world? and I admire him as he doesn't sell his Coca- Cola stock. He bought it 20 to 30 years ago and when times were down, he bought more. He bought many companies and he grew them huge. He gets all the dividends from Coca- Cola and reinvests them for his investors. He doesn't payout dividends like us. That is the difference. I think our model is the same. I think our YTL Power, our YTL Cement and YTLe are all little Coca-Colas. If you look at Asia as an economic power house then our future is very bright as we are quite Asian-centric.

Wessex alone is worth RM16 billion, more than whole market capitalisation of YTL Power which means all the other businesses, including Seraya (Power), including Electra Net, accounts for zero, even negative value.
------------------------------------------------------
The Edge Malaysia, October 19, 2009

独孤球拍

Quality Assets at Good Price - Target: RM2.60 (+20%)
---------------------------------------------------------------------------------
YTL Power is extracting much more value from its PowerSeraya acquisition than we initially thought. The company continues to grow from strength to strength and we believe that any concerns on Wessex Water or the group's plans to participate in WiMax have been overblown. We upgrade our recommendation to Buy (from Outperform) and raise fair value to RM2.60 (from RM1.90).
---------------------------------------------------------------------------------
KAF, October 16, 2009
By Mabel Tan

YTL Power International
Target: RM2.60 (+20%)
BUY

YTL Power is extracting much more value from its PowerSeraya acquisition than we initially thought. The company continues to grow from strength to strength and we believe that any concerns on Wessex Water or the group's plans to participate in WiMax have been overblown. We upgrade our recommendation to Buy (from Outperform) and raise fair value to RM2.60 (from RM1.90).

Issues To Consider
- We believe that PowerSeraya will be a strong growth driver for the overall group, making up 57% of the power division's earnings (overtaking the domestic IPPs) and 27% of total operating profit.

- We expect group earnings to expand structurally from RM1-1.1bn in FY07-FY09 to the RM1.3-1.4bn range. Our revised forecasts exceed consensus' estimates by 17% in FY10 and 8% in FY11.

- There are two issues that YTL Power is currently saddled with, namely (1) Wessex Water  regulatory risk and weakness in the GBP currency and (2) dividends  risk of a cut in payouts if a lot of cash is diverted to an aggressive roll-out of WiMax infrastructure. We show that these risks are largely manageable.

- The stock has been a significant underperformer YTD. Valuations are undemanding at 13.3x FY10 PER and 2.2x P/B.

Actionable Ideas
-Buy YTL Power for its well diversified portfolio of quality assets. It offers a 7% gross yield as well as potential M&A-driven growth.

Key Catalysts
-Strong pick-up in Singaporean economy, PowerSeraya gains market share, strength in the S$ and GBP currencies, positive outcome in Ofwat's final determination for Wessex Water, consistent earnings delivery, generous dividend distributions.

Key Risks
-Cuts in dividend payments, high capex commitments for WiMax roll-out, weakness in the S$ and GBP currencies, regulatory risks.

monet

YTLPOWER 今天接近闭市时突然插水，是谁在丢票？？？

.paylink.

股息太少，大家都不满意了　

klagigi

那些迟买的人当然会不满意咯。。

wwloon32

看来基本上我都会够入这公司来去开会了。

独孤球拍

原帖由 wwloon32 于 2-11-2009 01:15 PM 发表
看来基本上我都会够入这公司来去开会了。

你是大股东之一？