Monday, June 8, 2015

KLSE : Day Trades Dated 8/6/2015

1. YTL - Bought back all at 1.57. ^^

2. Good Luck. ^^


Teng said...

Bought YTL 153 last friday.Hope to make some money here

hng said...

Hi horse, Teng

Long time no here already, Lets update my current latest position, I'm in the midst of concentrating most of capital in Puncak again. Today, bought Puncak at 2.58-2.67

I'm opine, in time of uncertainty, its better concentrate on cash rich stock. For Puncak, the net cash is worth of RM 4.31/share, or RM<4.02/(share + warrant converted) or RM 3.68/fully diluted share volume (warrant + sukuk), are all much higher than its current share price of RM 2.62.

Since Rozali said clearly that next extension is last extension to complete the deal + Azmin and Ongkili, both expect to joint announce completion of the deal within these or next week, therefore, the odds is in our favor now.

Based on Latest Q1 result, after Puncak disposed water assets, the net cash position is as below:

Puncak after exclude total assst and total liabilities classified for sale, it will give net assets balance of RM 1.415 bil, but Puncak will get higher offer at RM 1.555 billion, resulting Puncak recognized one off gain of 140m

Puncak liabilities (current + non current)in latest Q1 result (exclude assets/liabilities classified for sale: RM 222m. These RM 222m is also include sukuk debt RM 141.6m (sukuk inssue at discount of RM 160m and carry coupon interest 4.35%). These sukuk is convertible to Puncak share at RM 2.00. Therefore, if all sukuk holder opt to convert into Puncak share, it will give rise to additional 80m share and sukuk debt will take off from debt, resulting Puncak save interest cost about 6.5m pa, reducing total debt from 222m to 80m.

Current Puncak share volume= 413m
Warrant converted = 452m (add cash RM 41m from conversion RM 1)
Fully diluted (sukuk and warrant converted = 532m (reduce liabilities by 141.6m)

In summary, based on net cash received from state gov of RM 1.555 billion + cash balance in current balance sheet of RM 443.5m = total cash after water assets disposal RM 1.998 bil

1. (RM 1,998 - RM 222m) / 412 = 4.31

Net cash RM 4.31/share
(Current Puncak share volume= 413m, net off total liabilities RM 222m)

2. (RM 1,998 - RM 222m + RM 41) / 452 = 4.02

Net cash RM 4.02/ share (warrant converted)
(warrant conversion, Puncak share volume= 452m, net off total liabilities RM 222m - cash proceed from warrant conversion = RM181m)

3. (RM 1,998 -( RM 222m-141.6m) + RM 41) / 532 = 3.68

Net cash RM 3.68/fully diluted share (warrant and sukuk all converted)
(bother warrant + sukuk converted, fully diluted share volume 532m, net off total liabilities RM 222m - sukuk converted RM 141.6m - net cash proceed from warrant)

Teng said...


Good analysis. One question I like to ask is Puncak-WB.For those who do not convert warrant B into ordinary share( I assume most holder will convert),will exercise price be adjusted? What is adjusted exercise price if there is adjustment?RM1-1.5 is negative

hng said...


Puncak-WB exercise price is RM 1.00, if warrant holder opt not convert, these exercise price will adjust according to deed poll formula to reflect upcoming special dividend RM 1, likely adjust down to about 5sen-10sen region

hng said...

Selangor water restructuring exercise to be finalised in 2 weeks

By Nuradzimmah Daim - 17 June 2015 @ 6:18 PM

KUALA LUMPUR: The water restructuring exercise for Selangor is expected to be finalised within two weeks, the Dewan Rakyat was told today. Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili said ministry's officials were in the midst of finalising the supplementary agreement which include the revised list of assets owned by Selangor. "Menteri Besar Mohamed Azmin Ali had given his assurance that permits on the works at the (water treatment plant) Langat 2 project site will be reissued once the agreement is finalised.

"On the dispute over pipelines and the land involved with them as raised by the state government, the practice with other states is that the assets should include the land above and below. "However, we decided to compromise and forego the land and only have the pipelines listed in the assets included in the agreement. However, we have asked the state government to replace with three other assets to match the RM1.86 billion fund allocated by the federal government," he said during the debate on the water issue in Selangor earlier.

Azmin had in the previous sitting told the house that the state government could not agree on the terms of the agreement which states that the land above and below the 26,000km pipeline are also included as assets. He had said that the agreement originally covered only the pipelines and assets, and did not include state land. It was reported that after numerous discussions, both the federal and state government finally agreed on the terms in the master agreement and would conclude the deal soon.

Read More :

Remark: Ongkili, PAAB chairman, Azmin and Rozali now all in same tune, same pathway, are all reaffirming that the deal to be seal within 2 week, or end of these month

horse said...

Hi hng & Teng,

How are you ?

I am fully invested. Mostly on YTL & CMMT.
Now not doing much since market is slowing down lately. :(

PUNCAK - has been up & down. So long as Selangor government is still under PR rule, i guess it should be okay but not buying on this. Stick to my preference.

horse said...

Try not to throw all egg into one basket.

Not touching PUNCAK due to lots of uncertainty in Selangor tussle between DAP & PAS.

hng, Hope you make money, abundantly !

horse said...

Selangor water restructuring exercise has been too long overdue since Khalid time. :(
Delay after delay. Now puasa time, for all you know it may drag further till after Hari Raya Puasa. !?

hng said...

MB jamin Selangor terus utuh

SHAH ALAM, 23 JUN: Selangor memberi jaminan untuk terus mengukuhkan pentadbiran kerajaan di sebalik krisis yang berlaku antara parti komponen dalam Pakatan Rakyat (Pakatan).

Dato’ Menteri Besar, Mohamed Azmin Ali, berkata fokus kini diberi untuk memenuhi aspirasi rakyat melalui penjanaan pertumbuhan ekonomi dan keadilan sosial.

azmin rmm“DYMM Sultan Sharafuddin Idris Shah mengambil maklum penjelasan yang saya berikan dan baginda mahu Kerajaan Negeri terus stabil untuk membangunkan Selangor dan melaksanakan tanggungjawab kepada rakyat,” katanya dalam satu kenyataan.

Mohamed Azmin berkata, beliau turut memaklumkan kepada baginda berkenaan kemajuan memuktamadkan Perjanjian Utama Penstrukturan Semula Industri Perkhidmatan Air di Selangor.

Mohamed Azmin mengadakan pertemuan bersama DYMM Sultan Selangor untuk memaklumkan berkenaan urusan kerajaan sebelum mesyuarat mingguan Majlis Mesyuarat Kerajaan Negeri (MMKN), pada 22 Jun lalu.

hng said...

hng said...

Selangor to sign supplementary water agreement with Putrajaya tomorrow

KUALA LUMPUR (June 24): Selangor will sign a new supplementary water agreement with the federal government tomorrow, said a source close to the matter.

The decision to draft out a supplementary water agreement comes after both the federal and state governments had agreed last month to end the water impasse in two months.

"Selangor exco will meet today and a decision will be made to pass the supplementary water agreement that will be signed tomorrow," said the source.

This supplementary water agreement was drafted out after the master agreement had lapsed in March this year, over unresolved issues, the source added.

The master water agreement was signed by former Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim and Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili on Sept 14, last year.

But the master agreement had lapsed in March this year, after Selangor refused to grant its third extension on the master agreement.

To recap, Selangor decided not to give the federal government a third extension to the master agreement over unresolved issues including land matters where the water assets are located.

Ongkili in a statement last month said the Selangor water impasse will be resolved in the next two months, and that the Langat 2 water treatment project and the distribution system would be continued.

He added that Selangor government had promised to honour all the commitments made to expedite the issuance of the necessary approvals for permits and land required for the Langat 2 water treatment plant and its distribution system.

The state government has also agreed to revive the master agreement for which Selangor declined to grant an extension when it lapsed in March.

Teng said...


I am fine,busy lately as a good friend of mine is in KL hospital for treatment

Trade small quantity of YTL recently. Bought 153/4 sold 157,and bought back 154

horse said...


Trading YTL should be of no problem making money, patient is the key. ^^

Hope you make money abundantly just like hng. ^^

Teng said...


Trade small quantity recently

Yesterday sold YTL 156 and this morning bought back 154

Teng said...

Yesterday also bought CMMT at 1.37. Will keep this stocks for its dividend

horse said...


Give you a like. ^^

hng said...

02/07/2015 05:20 PM

Azmin confident water deal with Putrajaya done soon
The Selangor MB says the restructuring process is now in the final stage and hopes that it can be finalised before Aidilfitri

SHAH ALAM: Selangor Menteri Besar Azmin Ali has written a letter to Deputy Prime Minister Muhyiddin Yassin to ensure issues concerning the restructuring of the state's water industry can be resolved immediately.

Azmin said the restructuring process was now in the final stage and that he really hoped that it could be finalised before Aidilfitri.

"Yesterday, I managed to meet with the DPM, who is also the chairman of the Special Cabinet Committee on Selangor Water Issues, and discussed several issues concerning the restructuring of the water industry and I'm happy that the issues were resolved.

"Today, I have written a letter to the DPM as a follow up to ensure one or two other issues can also be resolved immediately because I really hope that the restructuring process can be finalised before Hari Raya," he told reporters here today.

The menteri besar, however, refused to comment further.

Azmin also expressed thanks to Prime Minister Najib Razak for the determination and commitment shown by the federal government in ensuring success of the master agreement on the restructuring of the state's water industry.

"Thanks to the PM and DPM for giving good cooperation and support to see the state government's efforts to expedite the restructuring process and to finalise the master agreement.

"The state government will also give its approval and expedite the Langat 2 project if it receives the application from the relevant quarters to solve the water supply woes in Selangor and the Klang Valley," he said.

On water disruption occurring in Hulu Langat and Kuala Langat, Azmin gave assurance that the state government would not implement water rationing anytime soon.

"The water disruption in the two areas occurred because of the shortage of treated water supply...but there is no water rationing implemented so far," he added.


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