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楼主: 无聊人

[公司专区] 6742 YTL POWER 楊忠禮電力

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x 1349
发表于 2009-8-22 13:42 | 显示全部楼层
本帖最后由 蛋散 于 2009-8-22 23:05 编辑

63# 无聊人

“加上派股息,给利息,公司的盈利根本就没累计,
只是在帐簿上一直膨胀……”


这叫做人为的ROE了。 公司盈利没法累计,将导致NAV不会一直不会快速膨胀下去,这样子就能维持高的股本回酬了(只要盈利不少于之前)。

其实公用设施股有这个现象,它不能擅自调高盈利赚幅,不属于高速成长股,唯有高息政策能吸引投资者。 只要它的营运现金流足够,它就能持续慷慨派息了。我承认这两年它的CAPEX有所提高,会影响自由现金流。 所以需要等年度报告书才能看到CAPEX到底在2009年花了多少?

至于西拉雅电力呢?之前收购时有赚了,因为那时西拉雅电力还有2座新的电力站即将完工,这也一拼列入集团公司的资产里。应该说是免费的。

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x 1349
发表于 2009-8-22 14:00 | 显示全部楼层
持续看好西拉雅电力的贡献。为什么? SERAYA POWER位于靠近JURONG的一个小岛上,新加坡是个工业国,那里经济复苏时,确实需要大量的电力供应。JURONG这一区就是工业区,许多的外资工厂是驻资这里的。

刚刚回看西拉雅电力08年的报告书, CFFO: 593893    PROFIT: 519544 ,它的营运现金/盈利的对比超过1,那就意味着这是间健康的公司。绝对能为集团提供足够的现金流入帐。只是个人认为之前它是间GLC,所以PROFIT MARGIN会不理想,相信在YTL POWER的带领下能提高盈利率。。

还是那句,我还会密切留意其成长与CAPEX的动向。

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x 0
发表于 2009-8-22 23:47 | 显示全部楼层
74# 炭炒

山芭佬相信这应该只是这一季度的问题。(希望系甘啦!)
山芭佬 发表于 2009-8-22 10:56


不一样耶去年这个季度派的是库存股40送1价值高多了

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 楼主| 发表于 2009-8-23 01:26 | 显示全部楼层
持续看好西拉雅电力的贡献。为什么? SERAYA POWER位于靠近JURONG的一个小岛上,新加坡是个工业国,那里经济复苏时,确实需要大量的电力供应。JURONG这一区就是工业区,许多的外资工厂是驻资这里的。

刚刚回看西拉 ...
蛋散 发表于 2009-8-22 14:00


其实不论是什么行业,道理就很简单,那就是有足够的现金,维持运作。
在短期内能够运作,不代表能够在长期成功,只是依靠financing cash flow来维持公司增长和运作的公司,
到最后Liabilities/ Asset和Finance Cost / Gross Profit肯定会过高,
这样公司很可能就会被拖垮,尤其是在利率低时借贷很多的公司,在利率高的时刻(或者说通货膨胀时而提高的利率),
公司的Finance Cost就会占据公司最大的成本,若超越的话那么公司就会面临失血过多而倒闭的境界。

当然,银行和基建都属于杠杆的行业,借贷长期债务用于投资赚取回报,
但是银行是得到法定保护的行业,存款都会有最后的借贷(中央银行或联储),
而基建除了需要承担由国家出让的设备外,还要投入CAPEX去运作,
而债务比例也是有规定的,所以公司一般上获取的贷款都是政府担保,
利息会比其他行业低,但是肯定和通货膨胀挂钩。

所以,我对这些行业其实是有点避忌的,因为公司被迫借贷承担费用,使用杠杆来投资。
问题不在于能否偿还这些债务,而是能够赚取足够的金额去支付债务的利息。

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x 41
发表于 2009-8-23 10:07 | 显示全部楼层
所以大部分的利率都是定的

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x 62
发表于 2009-8-24 00:28 | 显示全部楼层
除权日还没有决定的哦~?

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x 0
发表于 2009-8-24 01:08 | 显示全部楼层
本帖最后由 klagigi 于 2009-8-24 01:11 编辑

83# hong8274

都沒有share buy back﹐要派什麼﹖﹖

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 楼主| 发表于 2009-8-24 11:16 | 显示全部楼层
所以大部分的利率都是定的
井底蛙 发表于 2009-8-23 10:07


定的是公式,
比如多少%加通货膨胀,
也有可能规定一定要高过银行存款利息。
呵呵。

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x 1349
发表于 2009-8-26 19:36 | 显示全部楼层
今天公司回购21,000 在2.17的价位。。总库存56,672,745 股。

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x 0
发表于 2009-8-26 21:08 | 显示全部楼层
89# 蛋散

Notice of Shares Buy Back - Immediate Announcement
Reference No YP-090826-6D522

Company Name        :        YTL POWER INTERNATIONAL BHD  
Stock Name         :        YTLPOWR  
Date Announced        :        26/08/2009  


Date of buy back:26/08/2009

Description of shares purchased:Ordinary shares of RM0.50 each

Currency:Malaysian Ringgit (MYR)

Total number of shares purchased (units):21,000

Minimum price paid for each share purchased ($$):2.170

Maximum price paid for each share purchased ($$):2.170

Total consideration paid ($$):45,903.10

Number of shares purchased retained in treasury (units):21,000

Number of shares purchased which are proposed to be cancelled (units):

Cumulative net outstanding treasury shares as at to-date (units):56,672,745

Adjusted issued capital after cancellation(no. of shares) (units):
       

Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%):        0.95

Remarks

只是不明白为什么选在这个时候?

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x 1349
发表于 2009-8-27 00:37 | 显示全部楼层
本帖最后由 蛋散 于 2009-8-27 00:44 编辑

管理层会有机自己的决定。总不能越买越下吧。应该是等回稳时才来扶持股价吧。担心的是,孟加拉的竞标失败,所以才来回购股票。

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x 0
发表于 2009-8-27 00:52 | 显示全部楼层
难道下次要派库存股??嘻嘻

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x 0
发表于 2009-8-27 00:54 | 显示全部楼层
YTL POWER已经整年没有share buy back了。。
以其一贯的作风,任何风吹草动之前/后,都会push。。。
看样子,成绩就快出炉了。。

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x 0
发表于 2009-8-27 01:07 | 显示全部楼层
果然。。

August 24, 2009
Installation of 450 MW plant at Bibiyana: Evaluation to select qualified company begins tomorrow

Shamim Jahangir

The Power Cell will start evaluation to select a qualified power producer company from tomorrow (August 25) for installation of 450MW Power Plant at Bibiyana in Habiganj, Director General of Power Cell Abdul Mannan said.

The power cell has already received formal letter from the Power Division to start the evaluation, he said adding "We will arrange first meeting in this regard on August 25 next".

Seven power producing companies have submitted pre qualification statements on April 23 to get the work permit to install the power plant.

Prime Minister Sheikh Hasina has directed the Power Division officials last month for evaluation of the documents of seven power producing companies for installation of the big power plant without appointment of World Bank adviser to reduce the nagging power crisis in the country.

The Prime Minister has expressed her dissatisfaction over delay in the evaluation process of the plant as yet, sources said.

After Prime Minister directive, the World Bank has selected three firms of which one transaction firm will be chosen for establishing the power plant.

The World Bank said that it was interested in financing the privately owned power plant if the government appoint an adviser firm as per its directive.

The companies which submitted the pre qualification statements are Independent Power Corporation PIC of England, YTL Power International Berhad of Malaysia, Summit Industrial and Mercantile Corporation (Ptv) Limited and GE Energy LLC, Bangladesh, Ranhill Berhad of Malaysia, Joint venture of China National Machinery and Equipment Import and Export Corporation (CMEC), Shenwan Power Gas Turbine Engineering Technique Com. Ltd (NSRD) and Asian Entech Power Corporation Ltd (AEPC) and OTOBI Ltd (OTOBI), Globeteq Advisors Limited of England and MPC Consortium of Meiya Power Company (Hong Kong) and Shasha Denis Ltd of Bangladesh.

A total of Tk 2,700 crore is needed to install the power plant, according to sources.

The caretaker government of Dr. Fakhruddin had suspended the power plant project last year as Malaysia's Powertek Consortium was the only bidder for the Plant.

The advisory committee on government purchase cancelled the tender because of the overpriced quotation by Powertek and took decision in favour of re-tender at that time.

Powertek quoted 4.399 cents per kilowatt-hour of sales against its previous offer of 4.53 cents.

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发表于 2009-8-27 17:34 | 显示全部楼层
General Announcement
Reference No YP-090827-141DB  

Company Name : YTL POWER INTERNATIONAL BHD   
Stock Name  : YTLPOWR   
Date Announced : 27/08/2009   


Type : Announcement
Subject : YTL POWER INTERNATIONAL BERHAD (the "Company")
(I) PROPOSED RENEWAL OF SHARE BUY-BACK AUTHORITY ("PROPOSED SHARE BUY-BACK AUTHORITY")

(II) PROPOSED RENEWAL OF SHAREHOLDER MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS ("RRPT") AND PROPOSED NEW SHAREHOLDER MANDATE FOR ADDITIONAL RRPT (COLLECTIVELY REFERRED TO AS THE "PROPOSED RRPT SHAREHOLDER MANDATE")  



Contents : The Board of Directors of YTL Power International Berhad wishes to announce that the Company intends to seek shareholders’ approval for the Proposed Share Buy-Back Authority and Proposed RRPT Shareholder Mandate (collectively referred to as "the Proposals") at the forthcoming Thirteenth Annual General Meeting of the Company.

A statement/circular containing details of the Proposals will be dispatched to the shareholders of the Company in due course.


Announcement Details :

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发表于 2009-8-27 17:47 | 显示全部楼层
本帖最后由 mastermind 于 2009-8-27 17:48 编辑

还好我在2.12和2.14进了一点它才share buy-back
另外,这次的share buy-back和孟加拉的竞标有什么关系呀?

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发表于 2009-8-27 18:02 | 显示全部楼层
96# mastermind  

在之前竞标新加坡的3座发电厂时,在成绩公布前也是有回购股票的动作。

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发表于 2009-8-28 16:38 | 显示全部楼层
今天‘好劲’啊……是不是有内幕的好消息呀?
竞标成绩几时出啊?

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发表于 2009-8-29 00:56 | 显示全部楼层
朋友今天问我,你不怕ytl power会倒闭吗,因为这么高的负债比。至于负债这个问题,我给了他一个比方:如果甲每月要花费10000块,和乙每月花费1000,谁来的多?不用说更定是甲了。那如果甲每月有收入20000块呢,而乙只有那不稳定的800块收入呢,你会说谁危险。

我注重公司的现金流,至于公司会不会倒闭,不是债高造成,而是周转不灵所至。ytl power的确不是间净现金的公司,但他确实拥有巨大的现金在手可以好好应用。我告诉友人,我较注重它的CFFO/PROFIT的对比,只要CASH FLOW FROM OPERATING建康,而且大于盈利的对比,就视为正常了。

这是给买入ytl power的朋友小小的分析,当然买卖自负。这只是一部分的观点,至于全面性的意见,就要参考以上网友的反意见和交流了。

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发表于 2009-8-29 01:04 | 显示全部楼层
我认同它的经营模式所以收了一段时间没打算卖,而且还会乘底价慢慢累积

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