Wednesday, June 6, 2012

Sold My UOADEV



1. Sold my remaining UOADEV at RM1.47. :) Still holding some. :)

2. Congratz to all cyber friend who hold Tambun. :) hng, alwayswin, Teng & the rest. :) Look like it is set to go higher. :) Good luck guy. :)

3. BJTOTO only inch up 4sen today. :( The special dividend would be around 49sen if BJTOTO manage to list STM  in SGX by year end. :) In full anticipation waiting for this to come true. :) ha ha ha. Good Luck all !!

BToto to spin off Sports Toto in RM6b deal


Berjaya Sports Toto Bhd (BST) today announced plan to spin off its subsidiary, Sports Toto Malaysia (STM), into a business trust to be constituted in Singapore.

The group also intends to list the STM-Trust on the Singapore Bourse, SGX-ST, via an offer for sale and a new issue of units in conjunction with its initial public offer (IPO).

In a statement today, BToto said it would divest STM to the STM-Trust for RM6 billion, to be satisfied by the issuance of 4.43 billion trust units issued at about S$0.50 (RM1.24) each and some RM527.4 million (S$213.4 million) will be settled via the issuance by STM-Trust of a promissory note or bill of exchange in favour of BToto.

STM-Trust will also issue up to 460.0 million new units in conjunction with the IPO and the pricing would be determined via book-building process.


"The monies raised will be utilised to settle the aforesaid RM527.4 million note, to defray expenses of the issue and for working capital," it said.

BToto said it would also make an offer for sale of up to 540.0 million trust units at a price to be determined via the same book building process (OFS).

In all, a total of 1.0 billion STM-Trust units will be made available to institutional, corporate and retail investors in conjunction with the IPO exercise which will represent about 20.46 per cent of the total enlarged outstanding units of 4.89 billion.

On rationale, BToto expected the spin off to unlock further shareholder value in STM, by accessing a potentially larger pool of investors of non-Syariah compliant stocks.

The STM-Trust will be mandated to only invest in gaming type businesses and investments. It would be managed by a Trustee-Manager which will be incorporated in Singapore as a wholly-owned subsidiary of BToto under the proposed name, Sports Toto Malaysia Management Pte Ltd.

Maybank Investment Bank, Malaysia and Maybank Kim Eng Corporate Finance, Singapore have been retained as Adviser to BToto and Issue Manager and Adviser for the IPO, respectively.

Commenting on the scheme, BToto Chief Executive Officer Datuk Robin Tan Yeong Ching said shareholders could also expect to receive special cash dividends from net proceeds to be raised from the OFS.

The scheme would require approvals from both the Malaysian and Singapore regulators, as well as the greenlight from BToto's shareholders for the divestment of STM to the STM-Trust, which is expected to debut on the SGX by year-end.

The group yesterday announced to Bursa Malaysia its suspension from trading with effect from 9 am, today. The counter was last traded at RM4.25. -- Bernama

35 comments:

hng said...

horse

I thought UOAdev is your core holding, at cost 1.46+, waiting for 10sen dividend?

horse said...

yes, still my core holding. I sold quite fair bit at 1.52 the other day. Nevertheless still a lot remaining.
This batch that i sold at 1.47 is gotten at 1.45. 2sen profit though. :)

horse said...

Most likely keeping the rest for 10sen dividend. :)

All the best to your Tambun, hng !!!

hng said...

horse

My portfolio still have some UOAdev, at cost 1.46 acquire last 2 days. Intend to hold till it announce dividend entitlement. After all, dividend yield of 6.8% still one of the highest yield under property sector. UOAdev is expect to have better Q2 result as it have complete selling of one the office block in Bangsar South, realize capital gain almost 20m, should be recognized in Q2

hng said...

Tambun should have potential to test its immediate resistance at 58sen, Hopefully it could retain its momentum toward its AGM. end of next week.

hng said...

Global market mostly up more than 1%, Very volatile, just last few days, global market undergone severe panic selloff, then now rebound !? But so long our stock have fundamental to support and dividend to cushion, we shouldn't panic and stay on to market.

hng said...

博彩业新国上市 成功多多净利或冲淡

(吉隆坡6日讯)隨著成功多多(BJTOTO,1562,主板贸服股)宣佈有意把旗下Sports Toto Malaysia私人有限公司(STM)的100%股权,注入商业信託后在新加坡掛牌,市场分析员持有不同的看法,但他们最担忧成功多多的净利会因此而被冲淡。

配合这项宣佈,成功多多週二停牌一天,最后掛价是4.25令吉。成功多多週三恢復交易后处於涨势但涨幅不高。该股全天最高和最低的价位是4.69令吉和4.29令吉,並且是以这最低价位掛收,全天扬升4仙或0.94%,成交量为206万5100股。

根据成功多多发佈的文告,整个企业活动会分3阶段进行。第一,成功多多以把STM公司的100%股权注入STM信託(总值60亿令吉)。STM信託將发44.3亿信託单位和5.27亿令吉的票据或匯票支付收购。第二,STM信託將发4.6亿新单位集资约5.68亿令吉,成功多多也將献售5.4亿单位。第三,献售活动所获的约6.67亿令吉將用来派特別股息。

联昌国际投行分析员对上述消息感到意外,因他原本以为成功机构(BJCORP,3395,主板贸服股)会逐步吸纳成功多多的现金及股息。

无论如何,分析员对上述消息抱持中和看法。他指出,「在这一系列活动下,成功多多股东將能从献售活动中获派每股45仙股息,但博彩业的股权便会被冲淡,未来获派的股息也会降低。

增加股息派发

另一边厢,侨丰投行分析员却认为,虽然成功多多的净利会被冲淡,但却能增派股息。「成功多多卖掉STM信託的20%股权后,净利將挫跌18.6%。但整个企业活动料能释放成功多多高达11亿令吉的现金价值,进而一併提高该公司的股本回酬率(ROE)。」成功多多接近100%的派息比例超过分析员预测的85%。而根据STM信託的每单位0.50新元发售价,其週息率为6%。

与此同时,肯南嘉投行分析员並不看好成功多多祭出的计划。

分析员表示,在派发特別股息后,成功多多的估值將从每股4.52令吉跌至每股4.25令吉。而在完成所有活动后,其估值將进一步滑落至每股3.38令吉,前提是STM信託的市值维持在60亿令吉。

他引用《彭博社》的资料表示,大部份在新加坡上市的信託基金表现並不理想。有鉴於此,以上的企业活动未必能够为成功多多增值。

侨丰投行维持成功多多的「买进」评级,其合理价从4.72令吉被上修至5.01令吉。联合国际投行继续为该股掛上「超越大市」评级和5.30令吉合理价。至於肯南嘉投行,则把成功多多从「与大市同步」下修至「落后大市」,合理价也被下修至3.87令吉

horse said...

Look like market have mix feeling on BJTOTO move.
I particularly like the 6.67b turn out as special dividend for BJTOTO. :)
Nevertheless the earning for BJTOTO will be diluted by 18% to 20%, as 20% STM-TRUST will no longer belong to them. I think this is insignificant judging the maturity of the local betting network currently BJTOTO established. Will continue to keep this share for a while. :)

hng said...

horse

I think the main reason VT opt for listing through Trust fund, that only available in STS are beside realize one off windfall from IPO, it also because that the Trust fund can distribute not only all net profit, but also can payout more than 100% as it opt future discounted cash flow basis.

horse said...

Smart move from VT, leveraging on the nature of the trust fund.

horse said...

Remember those day gotten twice 50sen capital repayment. Now another soon to be special div of 49sen. :)

hng said...

Latest development of YTL Power new venture in shale oil

Enefit consortium reaches agreement with Jordanian Government on Oil Shale Fired Power Plant
Amman, June 6th 2012 - His Excellency Alaa Batayneh, the Minister of Energy and Mineral Resources, has announced that the Ministry of Energy and Mineral Resources and the National Electric Power Company have reached agreement on the terms of contract with Enefit, the world's leading developer of oil shale, YTL Power International Berhad of Malaysia and Near East Investments of Jordan, that will underpin the development of Jordan's first direct burning oil shale fired power plant.

The plant is due to come on line at the end of 2016. The plant will have a capacity of approximately 460MW and will be based at the Attarat um Ghudran oil shale deposit approximately 100km south east of Amman.

hng said...

Change my mind, sold off UOAdev at 1.50, realize contra gain first and normalize portfolio

Teng said...

Hng/Horse

Sold UOADev at 1.50.This batch was bought at 1.44& 1.47.My record with UOADev is 100% win. Still keeping some for long term.Prpbably will keep for 5 or 10 yrs( I sold YTL,AFG,Maybank for average 10 yrs)

Teng said...

Hng

Wa,today Tambun is moving faster than its WA. I bought at 51 and still holding it. Now is 54. This batch I bought more than 1st round( bought 51,sold 52).

hng said...

Teng

Beware of profit taking on Tambun and Tambun-WA. However, with good set of Q1 result and unbilled sale to support another 2year profit as well as at least 40% payout, Tambun set for re-rating.

hng said...

Teng

Beware of profit taking on Tambun and Tambun-WA. However, with good set of Q1 result and unbilled sale to support another 2year profit as well as at least 40% payout, Tambun set for re-rating.

hng said...

Bought Tambun at 51.5sen

Teng said...

Hng

Out for breakfast just now,and surprised you got Tambun at 51.5

hng said...

Bought Chuan Huat at 42sen

hng said...

Sold back today Tambun at 52.5sen, realize quick intraday gain first

Teng said...

Buy back some UOADev at 1.47

Teng said...

Hng

Visited Tambun website.They have good mixed of landed and condo as well as commercial.Notice most projects are in mainland( which may fetch lower price but can sell easily should recession or loan restriction by BNM).With Kulim High Tech Park attracts some MNC,Penang mainland should attract some buying interest

hng said...

Teng

There is at least 50% price different between Penang Mainland and Island. With upcoming 2rd bridge, the connectivity will be further enhance. The situation is very similar to JB and Singapore relationship.

Teng said...

Hng

I see now ppl willing to pay more for property come with nice landscaping and further away from city.Look at Klang's Ambang Botanic and Kajang's Jade Hill. Two storey link is 900k.Can't imagine Klang and Kajang sell for such high price

hng said...

Teng

Is getting normal now for link house command such high price. That why developer can easily realize profit margin 50%. In fact, developer even downside previous so call superlink from 24sgft to 22sft, introduce new series of house such as cluster Semi-D, zero lot bungalow etc.

hng said...

Teng

Be prepare in near future, one may come across figure with decimal point with million at the end instead of multiple hundred thousand

Teng said...

Hng

Glenmarie Temasya superlink already >1 million.And I understand few k ppl register to buy( by balotting) few hundred units

hng said...

Teng

If you interested, KSL Bandar Bestari, next to Parkland, Jalan Banting in Klang just recently launched cluster Semi-D, at around 800k.

Teng said...

Hng

Klang address is too far for me.Still prefer Subang/USJ and some part of Puchong/Shah Alam

hng said...

Teng

Are you looking for property investment now? for children or aim for cpaital gain? Sometime if count RM/sqft in land area and build up size, Some of the Semi-D still worth more than link house

Subang Jaya:
Kota Komuning/Kemuning Utama by Paramount and Gamuda,

USJ: USJ Height by Sime

Puchong: D'Alpinia by HapSeng Consoldiated,

Shah Alam: Setia Eco Park by SP Setia

Teng said...

Hng

Not really.Just committed to 1 SOHO early this year. Also,just moved to new condo end last year.
I was actively looking for condo in 2009 for own stay.Finally bought this condo from IJMland and move in last year.

Kemuning Utama Semi D and link house price went up very fast. My friend bought DSL for 360k and now worth 650K.

USJ Height/Setia Eco-Good but too big for me.Only 2 of us ( my wife and I)

D'Alpina-is it next to IOI's 16 Sierra?Too far for own stay. Maybe good for investment

I am also considering Cyberjaya for investment.MCT ( which I bought SOHO from them in One City in USD25) will launch Skypark this month.But I heard price is 500PSF or more.Don't think is worth to invest at this price

hng said...

Teng

It is wise move to stay in condo since both of you already semi-retire, less housekeeping work + safe and guarded + equip with amenities + recreation are top priority.

I think your investment in SOHO is cum with guarantee rental income, (7% return for 2 year + 2year) or (8% return for 3 + 3year) ? One concern is that once the lease expire, all owner will rush for tenant, but so long there is demand from commercial/ University/college surrounding, there will be less risk.

Teng said...

Hng

Soho I invested does not come with gurantee rental income.Most likely will sell upon VP if price is right.One City is between USJ/Puchong/Shah Alam.I think getting tenant should not be big problem.Travelling to Shah Alam in the morning is saving lot of time compare to those stay in USJ/Subang

hng said...

Frankly, i think once my age reach 50 above, i would rather invest my capital into more conservative assets, like property investment for regular rental income or capital gain, Bond Fund and REITs, seeking for 6-8% return to at least higher than inflation rate. At the moment, i still risk taker, invest mostly my capital in stock market, seeking for at least 30-50% capital return.

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