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[公司专区] 2852 CMSB 砂州日光

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发表于 2013-12-10 10:31 | 显示全部楼层
Cahya Mata Sarawak - Exciting Times Ahead

Reiterate BUY. CMS has grown from strength to strength with strategic acquisitions and investments. In the briefing last Friday, CMS indicated another significant milestone as its phosphate plant JV would be finalised soon. In 2014, CMS could surprise positively with more strategic investments, higher dividend payouts and corporate exercises. Meanwhile, its core businesses would continue to ride on SCORE developments and growing urbanization in Sarawak. Our discounted SOP-based TP of MYR7.20, representing 10x FY14 PER (ex-net cash of MYR1.31/sh), is undemanding. Maintain BUY.
Phosphate JV to finalise soon. CMS is confident of concluding the integrated phosphate JV with Malaysian Phosphate Additives S/B (MPA, non-listed) and the JV finalising the power purchase agreement (PPA) with Sarawak Energy before year-end. The investment cost for the 500,000 MT p.a. phosphate plant is e.MYR1b and CMS would have a 40% stake in the JV. CMS’s equity interest would be financed via 30% borrowings and 70% cash. The phosphate JV is expected to contribute significantly to CMS’s bottom line in 2016. Land clearing works would begin soon and the plant would start operation in 2016.
Positive catalysts in the making. CMS is scouting for other investment opportunities to enhance its recurring income. Besides, CMS intends to raise its current 30% dividend payout policy in 2014. Based on 40%/50% net profit payout, this could translate into a decent FY14 dividend yield of 3.8%/4.7%. In addition, there could be some corporate exercises in the pipeline. Management hinted CMS could be making some positive announcements next year, as early as in Jan.
Robust growth prospects. SCORE developments in Sarawak would continue to drive CMS’s earnings. In addition to strong demand for cement, its cement division would benefit from the usage of cheaper local coal which we have not reflected in our earnings estimates. The construction materials division could also grow further by ramping up on production as its capacity is still not fully utilised. Meanwhile, OMS phase 1 construction is on track (48% completed currently) and would begin operations in 1H14. The property land sale to Sentoria (SNT MK, NR) is close to completion, pending approval from the government.  
        Source: Maybank Research - 10 Dec 2013

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发表于 2013-12-11 12:11 | 显示全部楼层
末季入账售地获利 砂查也马特盈利料创新高  2013-12-11 11:47





(吉隆坡10日讯)随着售地盈利预计在末季入账,砂查也马特(CMSB,2852,主板工业产品股)2013财年盈利料再创历史新高。

砂查也马特董事局在分析员汇报会上透露,脱售于建乐(SNTORIA,5213,主板产业股)的其中一片土地料将在第四季完成,届时将有2000万令吉获利在末季入账。

兴业研究表示,在2013财年首9个月强劲表现扶持下,砂查也马特盈利表现有望于本财年再创高峰。

去年3月恢复运作的洋灰渣块(Clinker)厂房是扶持砂查也马特首9个月业绩出色的主要推动力。

兴业研究表示,2013财年只将该升级厂房微幅盈利纳入考量,该厂房明年才能完全达到最佳水平,以及预计的产量和撙节成本效用,料能再推高明年的盈利表现。

拟提高派息率

安联研究表示,管理层在汇报会上重申,在OM Sarawak旗下铁合金厂于明年7月投产后,有意在2014财年后提高派息率。

安联研究将这点纳入考量,并将2014财年和2015财年派息率预测,从原本的30%调高至40%-50%,转换为每股股息22至32仙,周息率为3.5至5.1%。

兴业研究从3月起开始追踪砂查也马特至今,股价已上扬103.8%,但仍被市场低估,目前市值仅能完全反映其洋灰业务价值,因而维持“买入“评级,则给予7.55令吉的目标价格。

安联研究则认为,该公司具垄断性质的洋灰业务,以及其在OMSarawak的20%股权投资价值仍未获得市场的追捧,并维持给予该股“买入“评级,目标价格为7.57令吉。

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发表于 2013-12-13 19:35 | 显示全部楼层
 (吉隆坡13日訊)剛上市不到2個月、為大馬今年最大宗首發股的合順油氣,聯同5只股,包括西港控股及亞航長程,從本月23日起獲納入70隻隆綜指股;唯6股作價未受激勵,跌多起少。

 富時集團(FTSE Group)和大馬交易所宣布,寶實得、國家稻米、JCY國際、巴迪尼、常青油棕及馬化國際,將被踢出70隻隆綜指股名單。取而代之的是西港控股、合順油氣、激成、豐隆資本、砂日光,以及亞航長程。

 在這6只即將登入70隻隆綜指股內,僅有合順油氣呈升勢,早盤一度揚9仙至3.87令吉。

豐隆資本跌幅最大

 處于跌勢的股項當中,豐隆資本的跌幅最大,盤中下滑16仙至9.50令吉,緊接著是盤中跌11仙,至6.46令吉的砂日光。激成則盤中跌7仙,至7.04令吉。

 不過,亞航長程則無起落,掛在1.02令吉的價位。

 富馬隆綜指咨詢委員會是在半年度檢討富馬指數時,作出上述決定;下一輪檢討落在2014年6月5日進行。

 該委員會通過,將西港控股、合順油氣及馬重船舶工程(MHB,5186,主要板貿易),納入富馬伊斯蘭投資指數(FTSE Bursa Malaysia Hijrah Shariah Index)。

 被取代的是沙布拉肯油(SKPETRO,5218,主要板貿易)、布米亞馬大(ARMADA,5210,主要板貿易),以及實達集團(SPSETIA,8664,主要板房產)。

70隻隆綜指股新進榜股項
股項        截至4時半股價(令吉)        波動(仙)
西港控股(WPRTS,5246,主要板貿易)        2.55        -3
合順油氣(UMWOG,5243,主要板貿易)        3.84        +6
激成(KSENG,3476,主要板工業)        6.98        -13
豐隆資本(HLCAP,5274,主要板金融)        9.50        -16
砂日光(CMSB,2852,主要板工業)        6.48        -9
亞航長程(AAX,5238,主要板貿易)        1.02        -

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发表于 2013-12-14 08:46 | 显示全部楼层
本帖最后由 csern888 于 2013-12-14 08:50 编辑

CAHYA MATA SARAWAK BERHAD12 Dec 2013 11:53AMFinalising JV with MPA soonAlliance Research Sdn BhdUpdate ReportBuy

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发表于 2013-12-20 17:23 | 显示全部楼层
OTHERS DISPOSAL OF TWO (2) ORDINARY SHARES OF RM1.00 EACH REPRESENTING THE ENTIRE EQUITY INTEREST IN SARAWAK ALUMINIUM COMPANY SDN BHD
CAHYA MATA SARAWAK BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionDISPOSAL OF TWO (2) ORDINARY SHARES OF RM1.00 EACH REPRESENTING THE ENTIRE EQUITY INTEREST IN SARAWAK ALUMINIUM COMPANY SDN BHD

Introduction

Pursuant to Paragraph 9.19 (24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Cahya Mata Sarawak Berhad (“CMSB” or “the Company”) wishes to announce that its subsidiary company, Sarawak Aluminium Industries Sdn Bhd (“SAI”) had, on 20 December 2013, disposed two (2) ordinary shares of RM1.00 each representing the entire equity interest in Sarawak Aluminium Company Sdn Bhd (“SALCO”) to Dato’ Richard Alexander John Curtis and Dato Isaac Lugun for a total cash consideration of RM2.00 (“Disposal”).


Upon completion, SALCO will cease to be a wholly owned subsidiary company of SAI, which is in turn a wholly owned subsidiary company of Samalaju Industries Sdn Bhd, a wholly owned subsidiary company of CMSB.



Background information on SALCO


SALCO was incorporated in Malaysia on 8 August 2007 as a private limited company and has an authorised share capital RM100,000 comprising 100,000 Ordinary Shares, of which two (2) Ordinary Shares have been issued and are fully paid-up. SALCO is currently dormant and there are no plans to activate this company.


Following the disposal, SALCO has ceased to be a wholly owned subsidiary company of SAI, which is in turn a wholly owned subsidiary company of Samalaju Industries Sdn Bhd, a wholly owned subsidiary company of CMSB. SALCO will apply to the Companies Commission of Malaysia for striking off pursuant to Section 308 of the Companies Act, 1965.



Financial Effects


The Disposal will not have any material effect on the earnings
and net assets of the CMSB group for the financial year ending 31 December 2013.



Directors' and Substantial Shareholders' Interests


Saved as disclosed below, none of the other directors and/or major shareholders of CMSB or persons connected to them have any interest, direct or indirect, in the proposed Disposal.


Dato’ Richard Alexander John Curtis is a Director of CMSB. However, he does not have any equity interest in CMSB.



Statement by Directors


The Board of Directors is of the opinion that the Disposal is in the best interest of the Company.



APPROVALS REQUIRED


The Disposal does not require the approval of the shareholders of CMSB or any other regulatory body.



This announcement is dated 20 December 2013.







Announcement Info
Company NameCAHYA MATA SARAWAK BERHAD  
Stock Name CMSB   
Date Announced20 Dec 2013
CategoryGeneral Announcement
Reference NoCM-131220-CA3CB

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发表于 2013-12-20 17:31 | 显示全部楼层
有谁能给我解释吗?英文不好

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发表于 2013-12-23 17:43 | 显示全部楼层
MEMORANDUM OF UNDERSTANDING CAHYA MATA SARAWAK BERHAD MEMORANDUM OF UNDERSTANDING BETWEEN CMS AGROTECH SDN BHD AND UNIVERSITY MALAYSIA SARAWAK
CAHYA MATA SARAWAK BERHAD

TypeAnnouncement
SubjectMEMORANDUM OF UNDERSTANDING
DescriptionCAHYA MATA SARAWAK BERHAD
MEMORANDUM OF UNDERSTANDING BETWEEN CMS AGROTECH SDN BHD AND UNIVERSITY MALAYSIA SARAWAK

We refer to the Company’s announcements dated 23 June 2010, 23 September 2010, 23 December 2010, 23 March 2011, 23 June 2011, 23 September 2011, 23 December 2011, 23 March 2012, 22 June 2012, 21 September 2012, 22 March 2013, 21 June 2013 and 23 September 2013 respectively pertaining to the Memorandum of Understanding signed between CMS Agrotech Sdn Bhd (“CMS Agrotech”), a wholly-owned subsidiary company of CMS Infra Trading Sdn Bhd which in turn is a subsidiary company of Cahya Mata Sarawak Berhad (“CMSB”) and University Malaysia Sarawak (“UNIMAS”) to undertake the Research and Development project for “Improvement of the Composting Technology For Production of Value Added Compost/Biofertilizer” (“the R & D project”).


The updates of the R & D project are as follows:





1.      Utilization of palm oil empty fruit bunches into value added products (Biofertilizers) via Inoculation of Effective Microbes and Nutrient Isolates



Pot trials were conducted on soya beans and the preliminary trials have showed good results in plant growth. The next step of work would include field/plot trials of these Oil Palm Empty Fruit Bunches compost containing Effective Microbes on different types of soil and plants.


2.     Development of Antagonistic Bacteria for Biological Control of Plant Diseases




The research in UNIMAS have also successfully isolated and characterized several bacterial candidates for biological control purposes against plant pathogenic fungi which commonly associated with pepper plant. These effective metabolites are hydrolytic enzymes and fatty acid methyl esters, has the potential to be developed as fine chemical products. The next step is to identify the effective metabolites various properties in other industries such as textile, food & etc.








This announcement is dated 23 December 2013.








Announcement Info
Company NameCAHYA MATA SARAWAK BERHAD  
Stock Name CMSB   
Date Announced23 Dec 2013
CategoryGeneral Announcement
Reference NoCM-131223-68E25

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发表于 2013-12-31 17:57 | 显示全部楼层
砂州日光聯營10.4億磷酸鹽中心


吉隆坡31日訊)砂州日光(CMSB,2852,主板工業產品組)與大馬磷酸鹽創投私人有限公司(MPVSB)等三造簽署聯營協議,以在砂拉越沙瑪拉如(Samalaju)興建資本開銷料達10億4千萬令吉的綜合性磷酸鹽中心。



該公司發文告表示,獨資子公司——沙瑪拉如工業私人有限公司(SISB)今日與MPVSB、大馬磷酸鹽添加公司(MPASSB)和Arif Enigma私人有限公司(AESB)簽署聯營協議,以進行綜合性磷酸鹽中心建設工作。

根據聯營協議,SISB和MPVSB將持有MPASSB的40%股權,其餘20%歸AESB所有。

同時,MPASSB也與SISB簽署土地買賣協議,以向後者購買佔地350英畝土地來建設綜合性磷酸鹽中心,再與Sesco公司簽署購電協議,以為中心提供150兆瓦電力。

砂州日光董事經理拿督理察克蒂斯表示,透過這項在砂拉越再生能源走廊(SCORE)的第二項投資將是重大的里程碑,因這不僅是國內抑或東南亞首項類似中心,更是SCORE首個非金屬工廠,將帶領SCORE和公司走向提供長期需求可持續增長,以及更具彈性的新工業領域。

相關中心可年產50萬公噸磷酸鹽和相關產品,整個建設工作將在2014年第一季開始,並從2016年首季開始分階段投入運作,整個建設工作預計在2018年第二季完成,資本開銷料達10億4千萬令吉,將透過內部資金和長期銀行貸款進行融資。(星洲日報/財經)

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发表于 2013-12-31 18:50 | 显示全部楼层
OTHERS CAHYA MATA SARAWAK BERHAD ("CMSB" OR THE "COMPANY")  DISPOSAL OF APPROXIMATELY 350 ACRES OF LAND WITHIN LOT 117 BLOCK 1 KEMENA LAND DISTRICT REGISTERED UNDER SAMALAJU INDUSTRIES SDN BHD
CAHYA MATA SARAWAK BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionCAHYA MATA SARAWAK BERHAD ("CMSB" OR THE "COMPANY")
DISPOSAL OF APPROXIMATELY 350 ACRES OF LAND WITHIN LOT 117 BLOCK 1 KEMENA LAND DISTRICT REGISTERED UNDER SAMALAJU INDUSTRIES SDN BHD


The Board of Directors of Cahya Mata Sarawak Berhad (“CMSB” or “the Company”) wishes to announce that Samalaju Industries Sdn Bhd ("SISB"), its wholly owned subsidiary company, had, on 31 December 2013, entered into a Sale and Purchase Agreement with Malaysian Phosphate Additives (Sarawak) Sdn Bhd ("MPA Sarawak"), for the disposal of 350 acres
more or less within Lot 117 Block 1 Kemena Land District registered under SISB to MPA Sarawak.

Please refer to the announcement details attached.




This announcement is dated 31 December 2013.



Attachments

Sale of Land.pdf
48 KB




Announcement Info
Company NameCAHYA MATA SARAWAK BERHAD  
Stock Name CMSB   
Date Announced31 Dec 2013
CategoryGeneral Announcement
Reference NoCM-131231-37472

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发表于 2013-12-31 18:50 | 显示全部楼层
OTHERS CAHYA MATA SARAWAK BERHAD (“CMSB” OR “THE COMPANY”) JOINT VENTURE BETWEEN SAMALAJU INDUSTRIES SDN BHD, MALAYSIAN PHOSPHATE VENTURE SDN BHD, ARIF ENIGMA SDN BHD AND MALAYSIAN PHOSPHATE ADDITIVES (SARAWAK) SDN BHD
CAHYA MATA SARAWAK BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionCAHYA MATA SARAWAK BERHAD (“CMSB” OR “THE COMPANY”)
JOINT VENTURE BETWEEN SAMALAJU INDUSTRIES SDN BHD, MALAYSIAN PHOSPHATE VENTURE SDN BHD, ARIF ENIGMA SDN BHD AND MALAYSIAN PHOSPHATE ADDITIVES (SARAWAK) SDN BHD




The Board of Directors of Cahya Mata Sarawak Berhad (“CMSB” or “the Company”) wishes to announce that Samalaju Industries Sdn Bhd ("SISB"), its wholly owned subsidiary company, had, on 31 December 2013, entered into a Shareholders Agreement with Malaysian Phosphate Venture Sdn Bhd, a wholly owned subsidiary company of Malaysian Phosphate Additives Sdn Bhd, Arif Enigma Sdn Bhd and Malaysian Phosphate Additives (Sarawak) Sdn Bhd (MPA Sarawak) in respect of the Project via the joint venture company, MPA Sarawak.
Please refer to the announcement details attached.

This announcement is dated 31 December 2013.



Attachments

JV.pdf
58 KB

Press Release.pdf
108 KB




Announcement Info
Company NameCAHYA MATA SARAWAK BERHAD  
Stock Name CMSB   
Date Announced31 Dec 2013
CategoryGeneral Announcement
Reference NoCM-131231-DFD6E

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发表于 2013-12-31 21:38 | 显示全部楼层
砂查也马特 联营10.4亿综合磷酸厂


(吉隆坡31日讯)砂查也马特(CMSB,2852,主板工业股)週二宣布,其独资子公司--沙玛拉,朱工业(Samalaju Industries)私人有限公司和马来西亚Phosphate Venture私人有限公司(MPVSB)与马来西亚Phosphate Additives(砂拉越)私人有限公司(MPASSB)和Arif Enigma私人有限公司正式签署股东协议(SHA) ,以联合建设总值10亿4000万令吉的综合磷酸厂房。

在联营公司的股东协议下,沙玛拉朱工业和MPVSB將各拥有Phosphate Additives的40%股份;而Arif Enigma私人有限公司则拥有其余20%股份。

年產50万公吨磁砖

砂查也马特集团董事经理拿督理查卡迪(Richard Curtis)指出,这是公司在砂拉越再生能源走廊的第二项投资发展项目。

他指出,PhosphateAdditives今日也签署献议,向沙玛拉祖工业购得一块佔地350英亩位于工业园(SIP)的土地,作为建设综合磷酸厂房项用途。

他补充,该工厂完成后,预测年生產將达到50万公吨磷酸及相关產品。「该项计划会在2014年首季开工,2016年首季投入营运阶段,以及在2018年次季完全投入生產。」

鑑于民都鲁沙马拉朱地区每年能够生產约50万吨的磷酸盐產品,他认为,通过人口不断增长,需求会持续上升,人们的饮食习惯改变,使到肥料使用量增加。

他表示,该综合磷酸厂房將会是大马和东南亚第一项综合磷酸工厂,並坐落在砂拉越沙玛拉朱工业园(Samalaju Industrial Park),也是位于砂拉越再生能源走廊(SCORE)区域內。

这是希望能够借助当地长期的低价电力供应成本,及基建设施的优势。在签署股东协议的同时,Phosphate Additives也和SESCO有限公司签署电力购买协议,以获取150兆瓦的电力供应,预计于2014年1月首季正式签署。
[東方日報

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发表于 2014-1-1 10:49 | 显示全部楼层
砂日光聯營斥10.4億 建東南亞首個磷酸鹽廠
   


31 Dec 2013 23:06                                                                                                                                                                                                                                   
                                                                                                                                                                                                                       






 (吉隆坡31日訊)砂日光(CMSB,2852,主要板工業)將與多方在沙拉馬祖建設東南亞首個綜合磷酸鹽(Phosphate)聯營工廠,涉及金額料高達10億4000萬令吉。
 該公司向馬證交所報備指出,上述年產量達50萬公噸的磷酸鹽工廠,建設在沙拉馬祖深水碼頭附近,土地面積達350英畝。
 報備文件指出,上述建設工程預計2014年首季動工,並于2016年首季分階段營運,並于2018年次季完全投產。
 砂日光子公司沙拉馬祖工業私人有限公司(SISB)與其他股東包括大馬磷酸鹽創投(MPVSB)、大馬磷酸鹽添加物(砂拉越)私人有限公司(MPASSB)及Arif Enigma私人有限公司簽訂協議,共同興建該工廠。
 報備文件指出,總值10億4000萬令吉的資本除了由股東根據股權比例出資,亦將申請長期銀行貸款,目前在處理中。
 根據協議,上述聯營公司MPASSB將由沙拉馬祖工業及大馬磷酸鹽創投各持股40%,剩余20%則是Arif Enigma所持有。【中国报财经】

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发表于 2014-1-1 12:41 | 显示全部楼层
联手2公司‧东南亚首座 砂查也马特打造磷酸盐厂 2014-01-01 11:56



(吉隆坡31日讯)砂拉越最大综合基建发展集团———砂查也马特(CMSB,2852,主板工业产品股)与2家公司联营,打造全马和东南亚首座磷酸盐(phosphate)综合大楼。

砂查也马特今天发出文告,旗下的沙马拉祖工业私人有限公司(Samalaju Industries),与大马磷酸盐投资私人有限公司(MPVSB)及Arif Enigma私人有限公司,联营设立大马磷酸盐添加剂私人有限公司(MPASSB)发展磷酸盐厂房。

依据股东协议,沙马拉祖工业和MPVSB将各持有联营公司MPASSB的40%股权,其余20%则是属于ArifEnigma。

2年后分阶段投产

该厂房将是大马和东南亚的首个磷酸盐综合大楼,坐落在砂拉越再生能源走廊(SCORE)旗下的沙马拉祖工业区,并可望以较低价获取长期电力供应和基建支援。

靠近沙马拉祖深海港的综合大楼,磷酸盐和相关产品的年度产量约达50万公吨。

建筑工程预估2014年首季动工,从2016年首季开始分阶段投产,2018年次季全面营运。

厂房估计将雇用近1000名员工,资本开销将通过股票和银行贷款融资,预估为10.4亿令吉。

新磷酸盐综合大楼将可减少我国对磷酸盐尼品进口的依赖,并扩大清真动物饲料和肥料生产。

配合最新股东协议,MPASSB与Sesco公司完成购电协议条款清单(PPATerm Sheet),以获供应所需的150兆瓦(MW)电力。

双方将在2014年首季初,正式签署购电协议。

此外,MPASSB也跟沙马拉祖工业签署买卖协议,以2500万令吉,收购350英亩的沙马拉祖工业区地段,打造综合大楼。http://www.nanyang.com/node/589755?tid=462

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发表于 2014-1-2 08:34 | 显示全部楼层
Cahya Mata Sarawak In JV To Build RM1.04 Billion Phosphate Complex

KUALA LUMPUR, Dec 31 (Bernama) -- Cahya Mata Sarawak Bhd (CMSB) is teaming up with three parties to build a phosphate plant in Samalaju Industrial Park, involving an estimated capital expenditure (capex) of RM1.04 billion.

The plant will be Malaysia and Southeast Asia's first integrated phosphate complex.

CMSB said in a statement Tuesday that its wholly-owned unit, Samalaju Industries Sdn Bhd (SISB), has inked a shareholders' agreement with Malaysian Phosphate Venture Sdn Bhd (MPVSB), Malaysian Phosphate Additives (Sarawak) Sdn Bhd (MPASSB) and Arif Enigma Sdn Bhd (AESB) to develop the plant.

Under the agreement, SISB and MPVSB will each hold a 40 per cent stake in the joint venture company, namely MPASSB, while AESB will own the remaining 20 per cent.

CMSB said the complex, with an annual production capacity of about 500,000 metric tonnes of phosphate and related products, will be built on about 141.64 hectares of land strategically located near the Samalaju deepwater port which is currently under construction.

"Construction of the complex is expected to start in the first quarter of 2014 and to be operational in phases starting from the first quarter of 2016 and to be fully commissioned by the second quarter of 2018.

"The complex is expected to employ nearly 1,000 skilled workers and staff, and the capex of RM1.04 billion will be funded via a mixture of shareholders equity and long-term bank funded debt, which is currently being arranged," CMSB said.

MPASSB Executive Director Lim Lee Wan said the success of its first phosphate additives plant in Lumut, Perak has proved the value and scaleability of the company's particular manufacturing processes.

"Our Sarawak phosphate complex will enable Malaysia to both reduce imports of phosphate products and to expand the production of 'halal' animal feed and fertilisers.

"For Malaysia's food and fertiliser industries, this will enhance both supply security and price competitiveness as well as establishing a platform for future export-oriented downstream industries," he added.

Concurrent with the signing of the agreement, CMSB said MPASSB has also finalised the power purchase agreement (PPA) term sheet with Syarikat Sesco Bhd for the supply of the 150 megawatt of power required.

It said the parties are expected to sign the PPA term sheet in early January 2014 and this would be followed up with a PPA between the parties, which is expected to be signed in the first quarter of next year.

BERNAMA

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发表于 2014-1-2 13:14 | 显示全部楼层
Cahya Mata Sarawak - Another Undertaking In SCORE Project
Date: 02/01/2014

Source : RHB
Stock : CMSB     Price Target : 8.57     |     Price Call : BUY
Last Price : 6.89     |     Upside/Downside :   +1.68 (24.38%)
Back


We  welcome  CMS’  latest  undertaking  of  a  40%  stake  in  MPVSB, especially  on  the  latter’s  planned  500,000  tpa  phosphate  and  related products plant undertaking. We did not incorporate the plant’s earnings and  valuations,  as  meaningful  contributions  are  only  expected  from 2017.  That  said,  we  raise  our  FV  to  MYR8.57  (from  MYR7.55)  after incorporating its associates’ valuations. Maintain BUY.

  • Formal  joint  venture  (JV)  for  MPASSB. Subsequent  to  the memorandum  of  understanding  (MOU)  inked  on  7  June  2012,  CMS’ wholly-owned subsidiary Samalaju Industries SB (SISB) has entered into a  shareholders’  agreement  with  Malaysian  Phosphate  Venture  SB (MPVSB), Arif Enigma SB  (AESB), and  Malaysian Phosphate Additives (Sarawak) SB (MPASSB)    for the development of the 500,000 tonne per annum (tpa) plant. As the JV company, MPASSB will be owned by SISB, MPVSB and AESB on a 40%:40%:20% basis respectively.
  • Another power hungry project. The plant will be Malaysia’s and SouthEast Asia’s first integrated phosphate complex, and will be located in the Samalaju Industrial Park (SIP),  Sarawak. The  JV partners  are expected to  sign  a  150  megawatt  (MW)  power  purchase  agreement  (PPA)  term sheet in January, which the  formal PPA expected to be signed  in  1Q14. As  the  plant  is  expected  to  be  operational  in  phases  starting  from 1QCY16  –  it is slated  to be  fully commissioned by 2QCY18  –  we have not  incorporated  any  earnings  and  valuation  for  the  project  at  this juncture. The plant’s estimated capex is MYR1.04bn.
  • Reiterate BUY,  with FV raised  to MYR8.57.  Separately, MPASSB has entered  in  a  sales  and  purchase  agreement  with  SISB  to  purchase approximately 350 acres of land in SIP  from  the latter  for MYR25m  for the plant. We are positive  on this, as it  will translate into a MYR21m  net gain  for  the  group.  That  aside,  CMS’  share  price  continues  to  inch higher,  gaining  123.3%  since  our  initiation  in  March  2013.  As  we  are conservative  on  our  valuations,  we  have  decided  to  incorporate  the group’s  20%  stake  KKB  Engineering  (KKB  MK,  NEUTRAL,  FV: MYR2.74) and 25% stake K&N Kenanga (KNK MK, NR) into our  SOP valuation, which bump ups our FV to MYR8.57. Maintain BUY.


        Recommendation Chart

        Source: RHB

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发表于 2014-1-2 15:49 | 显示全部楼层
砂州日光磷酸鹽中心計劃受唱好
2014-01-02 14:50      


(吉隆坡2日訊)砂州日光(CMSB,2852,主板工業產品組)敲定綜合性磷酸鹽中心計劃,普遍受到市場分析員唱好,特別是新工廠料可取得便宜電力,有助推動砂州日光未來長期盈利表現及增長。
安聯研究指出,由於在2016年首季才開始分階段營運,有必要先厘清一些關鍵事項,包括正式簽署供電合約,敲定主要原料供應商及客戶,以及安排融資等,才進一步重估其財測與評級。(星洲網)

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发表于 2014-1-2 17:44 | 显示全部楼层
砂州日光磷酸鹽中心助推動盈利


(吉隆坡2日訊)砂州日光(CMSB,2852,主板工業產品組)敲定綜合性磷酸鹽中心計劃,普遍受到市場分析員唱好,特別是新工廠料可取得便宜電力,有助推動砂州日光未來長期盈利表現及增長。



安聯研究指出,由於在2016年首季才開始分階段營運,有必要先厘清一些關鍵事項,包括正式簽署供電合約,敲定主要原料供應商及客戶,以及安排融資等,才進一步重估其財測與評級。

興業研究指出,砂州日光收購大馬磷酸鹽創投私人有限公司(MPVSB)的40%股權,由於該工廠在2016年首季才開始運作,以及在2018年次季全面完成,尚未將之列入盈利預測及評估在內。

大馬磷酸鹽添加公司(MPASSB)也以2千500萬令吉,向其獨資子公司——沙瑪拉如工業私人有限公司(SISB)收購350英畝土地,將使該公司取得2千100萬令吉淨利。

興業指出,砂州日光持有許甲明工程(KKB,9466,主板工業產品組)20%股權,及持有肯納格控股(KENANGA,6483,主板金融組)25%股權,以綜合估值方式的合理價格揚升至8令吉57仙。

安聯認為,若是上述新工廠是以70%債務及30%股份融資進行它需要3億1千200萬令吉股份融資,而砂州日光的部份則是1億2千500萬令吉。

安聯指出,雖然砂州日光股價最近走高,惟仍持續被低估,或等於2014年財政年預測本益比約9.5倍水平(扣除淨現金),特別是通過砂州日光洋灰壟斷砂州市場,及在OM砂州持有的20%股權。

馬銀行研究指出,隨著砂州日光敲定綜合性磷酸鹽中心計劃,預料該公司將在2014年宣佈潛在正面及更策略性投資,更高派息率以及企業動作等利好。該計劃將取得重复盈利,及推動長期盈利增長。
(星洲日報/財經)

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发表于 2014-1-4 18:34 | 显示全部楼层
联营打造磷酸盐厂 砂查也马特收益看涨
财经新闻 财经  2014-01-04 12:08



市场低估了砂查也马特垄断性的洋灰业务。

(吉隆坡3日讯)砂查也马特(CMSB,2852,主板工业产品股)宣布与2家公司联营磷酸盐(phosphate)工厂后,分析员认为,在水力发电领域竞争激烈之际,新磷酸盐业务将为砂查也马特的收益增值。
安联研究指出,尽管上述工厂最快于2016年竣工,但目前沙马拉祖(Samalaju)电力发电厂的价格竞争激烈。
耗电量大
“相信这个磷酸盐业务可为该公司的收益增值。”
而且该行分析员说,为了要从廉价的水力发电中获得最大的利益,磷酸盐厂会专注于生产食物和工业产品。
但他预计,食物和工业磷酸盐产品的生产,会比生产肥料更耗电。
无论如何,由于目前为止最新计划缺乏详情,所以分析员预计,任何贡献只会从2016财年起才显现。
股价被低估
安联研究指出,尽管砂查也马特股价最近上扬了,但是,该股仍被低估。
“市场低估了该公司垄断性的洋灰业务,这项业务既不受电费上扬影响,也不受因竞争激烈而遭打击。”
兴业研究也认为,磷酸盐是耗电量庞大的工业,不过,显著的净利贡献将于2017年才开始。
但脱售土地予大马磷酸盐添加剂私人有限公司(MPASSB)后,即取2100万令吉净收益,所以正面看待最新进展。
受到利好消息激励,砂查也马特今日开市即扬6仙至6.93令吉。
盘中受到投资者青睐,股价保持扬势。
闭市时,该股收在6.78令吉,跌7仙。
带来重复性收入
马银行投行指出,磷酸盐厂可为砂查也马特带来重复性收入,而且可提升收益的长期增长率,因此,重申“买入”评级。
同时,该行分析员相信,该公司可能带来更多惊喜,包括再宣布多项策略性投资活动、更高股息及进行企业活动。
此外,虽然砂查也马特售地予建乐(SNTORIA,5213,主板产业股)的计划展延了,导致2013财年净利表现可能低于预测,但可由其他业务较预期高的贡献抵销。
而且,分析员认为,脱售计划展延,也意味着该公司2014财年还有上涨空间。
该行分析员预测,砂查也马特产业业务2013至2015财年净利贡献为2500万令吉,其中在最新联营计划下,脱售土地予大马磷酸盐添加剂私人有限公司,即可为2014财年锁定2100万令吉的净收益。

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发表于 2014-1-6 18:06 | 显示全部楼层
OTHERS
CAHYA MATA SARAWAK BERHAD

TypeReply to query
Reply to Bursa Malaysia's Query Letter - Reference IDGG-140103-51772
SubjectOTHERS
DescriptionCAHYA MATA SARAWAK BERHAD ("CMSB" OR THE "COMPANY")
DISPOSAL OF APPROXIMATELY 350 ACRES OF LAND WITHIN LOT 117 BLOCK 1 KEMENA LAND DISTRICT REGISTERED UNDER SAMALAJU INDUSTRIES SDN BHD
Query Letter Contents We refer to the Company's announcement dated 31 December 2013, in respect of
the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-

The expiry date of the leasehold Land;
Whether approvals required from the authorities for the
development/construction of the Chemical Complex had been obtained;
To clarify whether the disposal consideration is only RM25 million or to
include RM34.4 million reimbursement by the Purchaser;
To provide background information on the alienation of the Land to SISB;  
The basis to arrive at the purchase consideration other than willing-buyer
willing-seller basis, including further elaboration that the purchase
consideration is based on "management's best estimate" as well as the market
value of industrial lands located in the surrounding vicinity of the Land;
The nature of working capital to be financed by the disposal proceeds;
To quantify the amount of the land premium and other incidental costs
pertaining to the alienation of the Land that is to be reimbursed to SISB, and
the basis to apportion the land premium and incidental cost;
Further clarification on this statement "The full Sale Consideration shall
become immediately due and payable in the event SISB shall cease to become a
shareholder of MPA Sarawak" and the basis to derive at an interest of 8% p.a.
to be charged on any overdue payment; and
Tabulation of the gain on disposal of RM21 million taking into account, amongst
others, that the cost of the Property is RM34.4 million.

Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.


Yours faithfully




HENG TECK HENG
Vice President, Issuers
Listing Division
Regulation
HTH/IJ
c.c:- General Manager and Head, Market Surveillance, Securities Commission  
(via fax)

We refer to the Company’s announcement dated 31 December 2013 (Ref: CM-131231-37472) in relation to the above and Bursa Malaysia Securities Berhad’s ("Bursa Securities") letter dated 3 January 2014 (Ref: GG-140103-51772) for additional information on the abovementioned matter.



The additional information requested is attached herewith.  


















This announcement is dated 6 January 2014.  

















Attachments

Additional Info.pdf
43 KB




Announcement Info
Company NameCAHYA MATA SARAWAK BERHAD  
Stock Name CMSB   
Date Announced6 Jan 2014
CategoryGeneral Announcement
Reference NoCM-140106-44168

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发表于 2014-1-6 18:47 | 显示全部楼层
起到够够力,强

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