Wednesday, October 28, 2009

清谈 Mah Sing 2009 3Q report

无惊无险又到了 MahSing 3Q report,以下是我整理了的一些数据:











可以看到 MahSing 的盈利开始恢复了,EBITDA margin 和 Profit Margin 都有增进的显示。更重要的是 Current ratio 和 debt ratio 都维持得很好。

这次季报的重点不在数据上,而是一起公布的 Annoucement 上。

在公布季报的同时,Mah Sing 也公布了三个 Annoucement。

1。Private placement & Bonus issues
2。Purchase land in Selayang
3。Purchase land in Petaling Jaya

先看看第一个:

For illustrative purposes, assuming the Placement Shares are issued at an indicative issue price of RM1.63 per Placement Share based on a discount of approximately 9.9% to the five (5)-day weighted average market price up to 27 October 2009 of RM1.81, the Proposed Private Placement is expected to raise aggregate gross proceeds of up to approximately RM102.704 million. The utilisation of proceeds raised from the Proposed Private Placement is as set out below:

Minimum Scenario : Assuming none of the Outstanding ESOS Options are exercised prior to the Proposed Private Placement

Maximum Scenario : Assuming the Proposed Private Placement is implemented pursuant to the exercise of the Outstanding ESOS Options

这次的 Private placement 不会超过总股数的 10%,而折扣的价钱也不超过 10%。Private placement 一直都是对小股东不公平的举动,Mah Sing 这次的举动也不例外。MahSing 在报告里做了一个假设性的数据,这个 Placement 大概能帮公司增加 RM102.704 million 的现金。虽然折扣卖股对小股东不公平,可是我们也做不到什么。

Placement 得到的资金将会用于发展用途。

我觉得应该关注的反而是谁是 Placement 的主人,如果我没有记错,之前 PNB 有卖股的现象,难道它知道有这个 placement 所以先卖一些股,然后再用折扣的价钱买入?

如果真的是 PNB 买入,也代表着 MahSing 和政府的关系越来越好。还有一点要注意,MahSing 和 PNB 要发展的 KL 产业计划还没有公布,会不会给小股东一个惊喜呢?

另外也宣布派发红股,以 5 送 1 的方式进行,可是却要在 Placement 之后。

"It will be developed into a mixed development comprising commercial and residential components with an estimated gross development value of RM838 million. The development period is anticipated to span a period of 5 years."

MahSing 以 RM89,000,000 向 Panasonic 买入 (853,863 square feet or 19.60 acres) 位于 PJ 的土地。用来发展 8 亿的产业计划,这个计划应该没有什么问题,可是我看了 announcement,这个土地是属于工业土地,好奇的想 MahSing 如何改成产业土地,费用方面不知道需要多少?

"The Land is located in the matured township of Selayang, approximately 2km from the Group’s successful Perdana Residence. It will be developed into a gated and guarded residential development to be named Perdana Residence 2, comprising mainly super link homes. Perdana Residence 2 has an estimated gross development value of RM209million."

最后就是 Selayang 的地,MahSing 用了 RM41,650,000 来买入 (1,136,098 square feet or 26.08 acres) 的地,用来发展 2 亿 的产业计划。

Mah Sing 一次过公布了那么多计划,有好也有坏,可是我觉得好多过坏。是不是配合预算案后才公布? 想想又好像没有什么关连。

无论如何,Mah Sing 在这年内收购了很多土地,良好的财务报表也显示出未来的发展不成问题,
有了那么多动听的故事,Mah Sing 的股价还能不动?

注明: 我的资料只供参考,我不对任何看了我的文章进行买卖的亏损负责任,买卖自负