Showing posts with label MASTEEL. Show all posts
Showing posts with label MASTEEL. Show all posts
Friday, April 1, 2011
加码LTKM
这个星期全数清完我的MASTEEL，转战LTKM，目前正在加码中。钢铁行情的不确定性让我打消了持有masteel的念头，随着粮食的成本上涨，粮食股也必然跟着上涨。因为把价钱转嫁给消费者的当儿，公司肯定会在当中获取相对的利润。此外LTKM正在开发的玻璃业务相信可以提高LTKM的本益比，这是其中一个值得加码的原因。 马股这几天涨势惊人，自从日本核能泄漏危机以后，首次回升至1550点。股市虽然高涨，但是却还看不到人们达到了疯狂的程度。 我手上虽然持有股票，但是实在期待大牛市的到来。
Saturday, March 26, 2011
卖出部分masteel
最近我把我的masteel一部分给卖出了，虽然回酬不如预期的好，但是由于担心中国钢铁的产能过剩，会影响到全球钢铁的价格，因此为了减低风险，我暂时卖出了部分股票。
根据我所得到中国钢铁产能过剩的数据：
2008年6月，286.9万吨；
2009年6月，896万吨；
2010年6月，1572万吨。
2010年的粗钢（crude steel）在中国的总产量达到7.7亿吨，预计2011年的总产量将达到8亿吨。尽管如此，以目前中国的发展计划，至2015年的需求也只是6.7亿吨至7.5亿吨，意味着产能过剩将持续大幅增加。
极为幸运的一点就是，目前日本的重建计划获奖需要大量钢材，而从中国进口钢材的可能性也是极为可能的，或许可以多少抵消一些产能过剩。不过，由于日本本身也是钢铁出口过，他们自己生产的钢铁相信都会用于自己的国内重建计划。这是因为日本自己本身也是一个产能过剩的国家。
一旦全球钢铁价下跌的话，讲会影响钢铁公司的盈利，因此我承认了我的投资失误。
另一方面，大马钢铁协会（MSA）提议政府禁止大马进口钢铁废料或提高进口税从目前的10%至30%。这是因为我国本身的废料已经供不应求。此外，MSA同时也要求禁止出口铁矿（iron ore）。不过这些建议目前尚未落实。
根据我所得到中国钢铁产能过剩的数据：
2008年6月，286.9万吨；
2009年6月，896万吨；
2010年6月，1572万吨。
2010年的粗钢（crude steel）在中国的总产量达到7.7亿吨，预计2011年的总产量将达到8亿吨。尽管如此，以目前中国的发展计划，至2015年的需求也只是6.7亿吨至7.5亿吨，意味着产能过剩将持续大幅增加。
极为幸运的一点就是，目前日本的重建计划获奖需要大量钢材，而从中国进口钢材的可能性也是极为可能的，或许可以多少抵消一些产能过剩。不过，由于日本本身也是钢铁出口过，他们自己生产的钢铁相信都会用于自己的国内重建计划。这是因为日本自己本身也是一个产能过剩的国家。
一旦全球钢铁价下跌的话，讲会影响钢铁公司的盈利，因此我承认了我的投资失误。
另一方面，大马钢铁协会（MSA）提议政府禁止大马进口钢铁废料或提高进口税从目前的10%至30%。这是因为我国本身的废料已经供不应求。此外，MSA同时也要求禁止出口铁矿（iron ore）。不过这些建议目前尚未落实。
Friday, February 25, 2011
鋼鐵價揚‧營收破10億‧馬鋼廠全年轉虧為盈
吉隆坡24日訊）歸功於需求增加和高鋼鐵價，馬來西亞鋼廠（MASTEEL, 5098, 主板工業產品組）截至2010年12月31日止財政年成功轉虧為盈，錄得高達2千817萬6千令吉淨利，前期為淨虧損809萬2千令吉，全年營業額更是突破10億令吉關口，按年增長46.2%至10億零478萬5千令吉。
以第四季論，馬來西亞鋼廠淨利下滑15.08%至899萬令吉，前期為1千零58萬6千令吉，營業額為2億9千197萬7千令吉，比前期的1億9千168萬6千令吉上揚52.32%。
公司董事經理兼首席執行員拿督斯里戴賢龍表示，10億令吉銷售不僅是集團歷史里程碑，更反映集團創建40年來的營運效益。
“我們的電弧爐（Electric arc furnace）採用廢鐵為主要原料，鋼鐵製造業務並未受鐵礦沙和焦煤價格高漲影響，加上預期全球市場復甦將提高鋼筋和鋼坯需求，對未來應成長動力延續感到樂觀。”
http://biz.sinchew-i.com/node/44251
以第四季論，馬來西亞鋼廠淨利下滑15.08%至899萬令吉，前期為1千零58萬6千令吉，營業額為2億9千197萬7千令吉，比前期的1億9千168萬6千令吉上揚52.32%。
公司董事經理兼首席執行員拿督斯里戴賢龍表示，10億令吉銷售不僅是集團歷史里程碑，更反映集團創建40年來的營運效益。
“我們的電弧爐（Electric arc furnace）採用廢鐵為主要原料，鋼鐵製造業務並未受鐵礦沙和焦煤價格高漲影響，加上預期全球市場復甦將提高鋼筋和鋼坯需求，對未來應成長動力延續感到樂觀。”
http://biz.sinchew-i.com/node/44251
Friday, November 26, 2010
[ANNOUNCEMENT] Masteel's revenue may hit RM1b this year
Company Name:MALAYSIA STEEL WORKS (KL) BHD
Stock Name :MASTEEL
Date Announced:26/11/2010
Reference is made to the article which appeared in The Edge Financial Daily ("TEFD"), on Thursday, 25 November 2010 on the subject matter.Masteel would like to clarify that the revenue may hit RM 1 billion for the financial year ending 31st December, 2010 was an internal management forecast, barring any unforseen circumstances. Dato' Sri Tai Hean Leng, Managing Director/Chief Executive Officer ("MD/CEO") further informed that the Company has planned to invest approximately RM 100 million in various capital expenditure ie.to build a new steel mill; expand its rolling mill to 500,000 metric tonnes per annum (mtpa) from 350,000 mtpa as well as to increase the billet capacity from 450,000 mtpa to 650,000 mtpa by 2012,in order to meet the anticipated increase in steel demand under the various infrastructure and development projects announced under the various government initiatives.This announcement is dated 26 November 2010.
Stock Name :MASTEEL
Date Announced:26/11/2010
Reference is made to the article which appeared in The Edge Financial Daily ("TEFD"), on Thursday, 25 November 2010 on the subject matter.Masteel would like to clarify that the revenue may hit RM 1 billion for the financial year ending 31st December, 2010 was an internal management forecast, barring any unforseen circumstances. Dato' Sri Tai Hean Leng, Managing Director/Chief Executive Officer ("MD/CEO") further informed that the Company has planned to invest approximately RM 100 million in various capital expenditure ie.to build a new steel mill; expand its rolling mill to 500,000 metric tonnes per annum (mtpa) from 350,000 mtpa as well as to increase the billet capacity from 450,000 mtpa to 650,000 mtpa by 2012,in order to meet the anticipated increase in steel demand under the various infrastructure and development projects announced under the various government initiatives.This announcement is dated 26 November 2010.
Sunday, November 21, 2010
【新闻】Masteel to ride on govt building projects
KUCHING: Malaysia Steel Works (KL) Bhd (Masteel) might report a surprise surge in the latter half of the year in tandem with its efforts to import cheaper scrap metal.
OSK Research Sdn Bhd (OSK Research) in its recent visit to Masteel’s offices affirmed the group was hopeful of riding on a long list of projects announced by the government, especially with its expansion plans well under progress.
The research firm’s construction analyst Ng Sem Guan revealed that during the visit, Masteel’s management explained more on its operations overview as well as the current steel industry outlook.
“After spending some RM60 million to RM70 million over the past two years to modify its furnace and billet caster, management expects billet capacity to progressively increase from 450,000 tonnes per year (tpy) in the financial year 2012 (FY12) by deploying in stages 130mm billets instead of the original 120mm ones,” he said.
“The company has also identified a plant near its existing rolling mill to embark on its downstream expansion plan.
“As the said plant only requires minimum modification conversion to install a new rolling facility, the company has identified three machine suppliers from China to expedite the delivery of the required machines.”
Ng continued to add that Masteel was targeting to increase its rolling capacity to 500,000 tpy upon full commissioning in FY12 with hopes that this would be on time to ride on the string of public infrastructure and building projects announced by the government.
While the OSK Research analyst envisaged weak financial performance from steel mills in the second half of 2010, Masteel suggested that the company’s sales tonnage was particularly encouraging.
“The company has been endeavouring to import containerised scrap metal after the liberalisation of the scrap market since the end of 2008,” Ng underscored. “Although we are surprised at the possible increase in sales volume, we think Masteel may have benefited from being centrally located in the catchment areas of steel demand.
“Being a smaller mill also makes it easier for the group because the volume it produces is way easier for the market to absorb.”
Ng further suspected that the group might have accumulated enough experience in dealing with cheaper scrap imports by container which were normally priced at about a US$20 (approximately RM61.80) discount compared with bulk imports.
“Therefore, we are revising upwards our FY10 estimates by 62.7 per cent to RM42.4 million and FY11 numbers by seven per cent to RM47.5 million.
“We upgrade our call trading to buy with a new target price of RM1.22 per share,” he ended.
http://www.theborneopost.com/?p=74023
OSK Research Sdn Bhd (OSK Research) in its recent visit to Masteel’s offices affirmed the group was hopeful of riding on a long list of projects announced by the government, especially with its expansion plans well under progress.
The research firm’s construction analyst Ng Sem Guan revealed that during the visit, Masteel’s management explained more on its operations overview as well as the current steel industry outlook.
“After spending some RM60 million to RM70 million over the past two years to modify its furnace and billet caster, management expects billet capacity to progressively increase from 450,000 tonnes per year (tpy) in the financial year 2012 (FY12) by deploying in stages 130mm billets instead of the original 120mm ones,” he said.
“The company has also identified a plant near its existing rolling mill to embark on its downstream expansion plan.
“As the said plant only requires minimum modification conversion to install a new rolling facility, the company has identified three machine suppliers from China to expedite the delivery of the required machines.”
Ng continued to add that Masteel was targeting to increase its rolling capacity to 500,000 tpy upon full commissioning in FY12 with hopes that this would be on time to ride on the string of public infrastructure and building projects announced by the government.
While the OSK Research analyst envisaged weak financial performance from steel mills in the second half of 2010, Masteel suggested that the company’s sales tonnage was particularly encouraging.
“The company has been endeavouring to import containerised scrap metal after the liberalisation of the scrap market since the end of 2008,” Ng underscored. “Although we are surprised at the possible increase in sales volume, we think Masteel may have benefited from being centrally located in the catchment areas of steel demand.
“Being a smaller mill also makes it easier for the group because the volume it produces is way easier for the market to absorb.”
Ng further suspected that the group might have accumulated enough experience in dealing with cheaper scrap imports by container which were normally priced at about a US$20 (approximately RM61.80) discount compared with bulk imports.
“Therefore, we are revising upwards our FY10 estimates by 62.7 per cent to RM42.4 million and FY11 numbers by seven per cent to RM47.5 million.
“We upgrade our call trading to buy with a new target price of RM1.22 per share,” he ended.
http://www.theborneopost.com/?p=74023
Monday, November 8, 2010
MASTEEL-WA 被高估
MASTEEL-WA 上个星期三上市以0.36开始交易，目前上升至0.425，母股价钱1.02.
转换成母股的成本是0.18认购价，0.67的转换价共0.85，1.02的价钱溢价0.17，相对MASTEEL-WA的股价应该是在0.35. 目前的MASTEEL-WA完全是高估的价位。
以eps15sen的盈利预测的话，8倍目标价设在1.20.
1.20-0.85=0.35
MASTEEL-WA的目标价也就是0.35而已。
明显的MASTEEL-WA 已经超过目标价。除非MASTEEL的未来盈利大涨，否则目前应该卖出。
转换成母股的成本是0.18认购价，0.67的转换价共0.85，1.02的价钱溢价0.17，相对MASTEEL-WA的股价应该是在0.35. 目前的MASTEEL-WA完全是高估的价位。
以eps15sen的盈利预测的话，8倍目标价设在1.20.
1.20-0.85=0.35
MASTEEL-WA的目标价也就是0.35而已。
明显的MASTEEL-WA 已经超过目标价。除非MASTEEL的未来盈利大涨，否则目前应该卖出。
Tuesday, October 26, 2010
我不认购MASTEEL-WA的原因
MASTEEL WARRANT 共发行105378333股，接受认购的有98380520股，也就是说有6997813股是放弃认购的。数据看来认购的人很多，那么假设在市场以0.16 购买认购权的投资者要不亏钱的话，MASTEEL-WA必须至少0.34.
假如庄家或大户有转换的话成本就是0.18，那么MASTEEL-WA股价在0.18是稳定了。我相信庄家在MASTEEL-WR交易期间只在的大量成交量是为了维持散户的购买力。我本身在MASTEEL-WR结束交易前终于决定放弃认购MASTEEL-WA，原因是我认为0.16-0.18的MASTEEL-WR的股价是不合理的高，认购后的风险将会提高。MASTEEL-WA上市后安全界限在0.85，以0.34的WA必须让母股上升至1.01，而我的目标价实在1.17，这样我的profit margin只有15.8%，如此的几率过低，不值得一搏。
经过上次的估值错误，今天MASTEEL股价是0.935，持有MASTEEL-WA的人要在0.18的成本而不亏损的话，唯有推高MASTEEL的股价，目前MASTEEL-WA的等价是0.265；庄家如果要把0.18变成0成本的话，就必须在母股赚至少9sen，也就是母股会推高到0.94. 即将公布的钢铁财务报告预计盈利会向好，所以股价继续上升不是难事。
假如庄家或大户有转换的话成本就是0.18，那么MASTEEL-WA股价在0.18是稳定了。我相信庄家在MASTEEL-WR交易期间只在的大量成交量是为了维持散户的购买力。我本身在MASTEEL-WR结束交易前终于决定放弃认购MASTEEL-WA，原因是我认为0.16-0.18的MASTEEL-WR的股价是不合理的高，认购后的风险将会提高。MASTEEL-WA上市后安全界限在0.85，以0.34的WA必须让母股上升至1.01，而我的目标价实在1.17，这样我的profit margin只有15.8%，如此的几率过低，不值得一搏。
经过上次的估值错误，今天MASTEEL股价是0.935，持有MASTEEL-WA的人要在0.18的成本而不亏损的话，唯有推高MASTEEL的股价，目前MASTEEL-WA的等价是0.265；庄家如果要把0.18变成0成本的话，就必须在母股赚至少9sen，也就是母股会推高到0.94. 即将公布的钢铁财务报告预计盈利会向好，所以股价继续上升不是难事。
[Announcement] MASTEEL WARRANT 超额认购72.61%
Type:Announcement
Subject:MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR “COMPANY”)RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 NEW FIVE (5)-YEAR WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MASTEEL HELD AT 5.00 P.M. ON 4 OCTOBER 2010 (“ENTITLEMENT DATE”) AT AN ISSUE PRICE OF RM0.18 PER WARRANT (“WARRANTS ISSUE”)
Contents:-
Announcement Details :
Further to the earlier announcements in relation to the Warrants Issue and on behalf of the Board of Directors of Masteel, MIMB Investment Bank Berhad (“MIMB”) wishes to announce that as at the close of acceptance and payment for the Warrants Issue at 5.00 p.m. on 19 October 2010, the total acceptances and excess applications for the Warrants Issue were 181,892,553 Warrants, which represents an over subscription of 72.61% over the total number of 105,378,333 Warrants available for subscription under the Warrants Issue.
Details of the acceptances and excess applications received as at the close of acceptance and payment for the Warrants Issue at 5.00 p.m. on 19 October 2010 are set out in the table below:-
-------------------------------------------No. of Warrants ---------%
Acceptances-------------------------------98,380,520-----------93.36
Excess applications------------------------83,512,033-----------79.25
Total acceptances and excess applications--181,892,553---------172.61
Total Warrants available for subscription--105,378,333----------100.00
Over subscription-------------------------76,514,220-----------72.61
The Board has approved the basis of allocation for the excess Warrants applied for under the Warrants Issue in the following priority:-
(i) firstly, to minimise the incidence of odd lots;
(ii) secondly, for allocation to applicants who have applied for excess Warrants on a pro-rata basis and in board lot, calculated based on their respective shareholdings as at the Entitlement Date; and
(iii) thirdly, for allocation to applicants who have applied for excess Warrants on a pro-rata basis calculated based on the quantum of excess Warrants applied for.
For consistency, the abbreviations used above are the same as those previously defined in the Company's announcement dated 18 May 2010.
This announcement is dated 25 October 2010.
Subject:MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR “COMPANY”)RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 NEW FIVE (5)-YEAR WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MASTEEL HELD AT 5.00 P.M. ON 4 OCTOBER 2010 (“ENTITLEMENT DATE”) AT AN ISSUE PRICE OF RM0.18 PER WARRANT (“WARRANTS ISSUE”)
Contents:-
Announcement Details :
Further to the earlier announcements in relation to the Warrants Issue and on behalf of the Board of Directors of Masteel, MIMB Investment Bank Berhad (“MIMB”) wishes to announce that as at the close of acceptance and payment for the Warrants Issue at 5.00 p.m. on 19 October 2010, the total acceptances and excess applications for the Warrants Issue were 181,892,553 Warrants, which represents an over subscription of 72.61% over the total number of 105,378,333 Warrants available for subscription under the Warrants Issue.
Details of the acceptances and excess applications received as at the close of acceptance and payment for the Warrants Issue at 5.00 p.m. on 19 October 2010 are set out in the table below:-
-------------------------------------------No. of Warrants ---------%
Acceptances-------------------------------98,380,520-----------93.36
Excess applications------------------------83,512,033-----------79.25
Total acceptances and excess applications--181,892,553---------172.61
Total Warrants available for subscription--105,378,333----------100.00
Over subscription-------------------------76,514,220-----------72.61
The Board has approved the basis of allocation for the excess Warrants applied for under the Warrants Issue in the following priority:-
(i) firstly, to minimise the incidence of odd lots;
(ii) secondly, for allocation to applicants who have applied for excess Warrants on a pro-rata basis and in board lot, calculated based on their respective shareholdings as at the Entitlement Date; and
(iii) thirdly, for allocation to applicants who have applied for excess Warrants on a pro-rata basis calculated based on the quantum of excess Warrants applied for.
For consistency, the abbreviations used above are the same as those previously defined in the Company's announcement dated 18 May 2010.
This announcement is dated 25 October 2010.
Tuesday, October 12, 2010
MASTEEL RIGHT SHARE 结束交易了
warrant right 结束交易了，最后成交价是0.165.
我假设买入的人平均价在0.16，如果打算转换成masteel-wa的话，就必须付0.18，总计成本就是0.34；原有股东的成本就是0.18，所有计算不包挂手续费。
那么masteel-wa上市后会涨至0.34吗？如果不会，那么所有转换的新股东就全军覆没了。
由于原有的股东成本在0.18，所以只要母股高于0.85，他们就不会亏；
母股保持，masteel-wa保持，股东会持有；
母股保持，masteel-wa下跌低过0.18，可以考虑购买masteel-wa来转换母股；
母股下跌，masteel-wa保持的话，可以直接买入母股，或者继续持有，等待母股上涨。
母股下跌，masteel-wa也下跌的话，可以考虑买入masteel-wa，等待母股上涨。
我假设买入的人平均价在0.16，如果打算转换成masteel-wa的话，就必须付0.18，总计成本就是0.34；原有股东的成本就是0.18，所有计算不包挂手续费。
那么masteel-wa上市后会涨至0.34吗？如果不会，那么所有转换的新股东就全军覆没了。
由于原有的股东成本在0.18，所以只要母股高于0.85，他们就不会亏；
母股保持，masteel-wa保持，股东会持有；
母股保持，masteel-wa下跌低过0.18，可以考虑购买masteel-wa来转换母股；
母股下跌，masteel-wa保持的话，可以直接买入母股，或者继续持有，等待母股上涨。
母股下跌，masteel-wa也下跌的话，可以考虑买入masteel-wa，等待母股上涨。
Friday, October 8, 2010
masteel warrant值得认购吗？
目前的warrant right 0.175，现在买的人到时必须以0.18的价钱购买warrant，否则就是废纸了。
假设现在的人以0.17买入的人，加上转换0.18，成本就是0.35了。
warrant上市后的价钱肯定会比母股贵，但是如果交易在0.35未免太高了吧？
0.35+0.67的母股转换价，就是1.02的价了。
倘若warrant到时在0.35左右交易，母股在0.89的话绝对不会有人要转换成母股。既然那么有信心达到1.02的话，那么不如干脆直接买入母股，可以赚个0.13，不是更好吗？当然，买warrant 你可以说是看好5年未来，那么假如warrant能起0.13的话母股也能起0.13；这么一来，也是有赚。但是，关键在于持有那么高成本的warrant，风险似乎比较高很多。
另一方面，假如warrant徘徊在0.18左右，那么以那么高价购买warrant right的人不是全部亏大本吗？
那么为什么warrant right会交易在那么高价呢？我相信可能是大户或庄家特地拉高以在高价卖出，让散户高价接货，到时不转换的人只好亏损离场。转换的人少了，warrant还是卖得出的，因为会有人认购多余的warrant。所以，对公司来说是绝对没有亏损的。如此，假如庄家就是公司本身的话，他们赚钱免费的一笔资金还可以超额认购最后还是有低成本的warrant在手。
因此，我目前的看法是趁高卖出，待masteel warrant上市后买进。
假设现在的人以0.17买入的人，加上转换0.18，成本就是0.35了。
warrant上市后的价钱肯定会比母股贵，但是如果交易在0.35未免太高了吧？
0.35+0.67的母股转换价，就是1.02的价了。
倘若warrant到时在0.35左右交易，母股在0.89的话绝对不会有人要转换成母股。既然那么有信心达到1.02的话，那么不如干脆直接买入母股，可以赚个0.13，不是更好吗？当然，买warrant 你可以说是看好5年未来，那么假如warrant能起0.13的话母股也能起0.13；这么一来，也是有赚。但是，关键在于持有那么高成本的warrant，风险似乎比较高很多。
另一方面，假如warrant徘徊在0.18左右，那么以那么高价购买warrant right的人不是全部亏大本吗？
那么为什么warrant right会交易在那么高价呢？我相信可能是大户或庄家特地拉高以在高价卖出，让散户高价接货，到时不转换的人只好亏损离场。转换的人少了，warrant还是卖得出的，因为会有人认购多余的warrant。所以，对公司来说是绝对没有亏损的。如此，假如庄家就是公司本身的话，他们赚钱免费的一笔资金还可以超额认购最后还是有低成本的warrant在手。
因此，我目前的看法是趁高卖出，待masteel warrant上市后买进。
Tuesday, October 5, 2010
我的失算
我一直以为，masteel推高会导致warrant随着上涨，却忽略了masteel在推高至0.95后，由于2配1warrant，随后调整了10仙。
这时我才领悟到，原来这个调整就是因为要赚取免费认购warrant。
开市前：
以昨日收市价0.87，今天masteel-wr开始交易，待会开市的masteel-wr将会以0.02开市。
早上10点：
九点开市时，masteel-wr从theoretical price0.02溢价950%，以0.19成交开盘，随后一直滑落至目前0.15.，相信将会持续滑落至最后一天。我会考虑在最后几天以低价买入。
这时我才领悟到，原来这个调整就是因为要赚取免费认购warrant。
开市前：
以昨日收市价0.87，今天masteel-wr开始交易，待会开市的masteel-wr将会以0.02开市。
早上10点：
九点开市时，masteel-wr从theoretical price0.02溢价950%，以0.19成交开盘，随后一直滑落至目前0.15.，相信将会持续滑落至最后一天。我会考虑在最后几天以低价买入。
Wednesday, September 29, 2010
[ANNOUNCEMENT] MASTEEL - NOTICE OF RIGHTS ENTITLEMENT
Company Name : MALAYSIA STEEL WORKS (KL) BHD
Stock Name : MASTEEL
Date Announced : 24/09/2010
RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TW0 (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL”) HELD AT 5.00 P.M. ON 4 OCTOBER 2010 AT AN ISSUE PRICE OF RM0.18 PER WARRANT (“WARRANTS ISSUE”).
Kindly be advised of the following :
1) The Rights commence of trading : [ 5 October 2010 ]
2) The Date of Despatch of the Prospectus and Provisional Allotment Letter of Offer :
[ 6 October 2010 ]
3) The last day and time for Acceptance, Renunciation and Payment :
[ 19 October 2010 @ 5:00pm ]
4) The Rights cease quotation : [ 12 October 2010 ]
The Stock Short Name, Number and ISIN Code [ MASTEEL-WR, 5098WR and MYL5098WR004 ] respectively.
RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TW0 (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL”) HELD AT 5.00 P.M. ON 4 OCTOBER 2010 AT AN ISSUE PRICE OF RM0.18 PER WARRANT (“WARRANTS ISSUE”).
Kindly be advised of the following :
1) The above Company's securities will be traded and quoted [ "Ex - Rights Issue" ]
as from : [ 30 September 2010 ]
2) The last date of lodgement : [ 4 October 2010 ]
3) Retention Money : Where securities are not delivered in time for registration by the seller, then the brokers concerned :-
a) Selling Broker to deduct [ 1/3 ] , of the Selling Price against the Selling Client.
b) Buying Broker to deduct [ 10% ] of the Purchase Price against the Buying Client.
c) Between Broker and Broker, the deduction of [ 1/3 ] of the Transacted Price is applicable.
Stock Name : MASTEEL
Date Announced : 24/09/2010
RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TW0 (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL”) HELD AT 5.00 P.M. ON 4 OCTOBER 2010 AT AN ISSUE PRICE OF RM0.18 PER WARRANT (“WARRANTS ISSUE”).
Kindly be advised of the following :
1) The Rights commence of trading : [ 5 October 2010 ]
2) The Date of Despatch of the Prospectus and Provisional Allotment Letter of Offer :
[ 6 October 2010 ]
3) The last day and time for Acceptance, Renunciation and Payment :
[ 19 October 2010 @ 5:00pm ]
4) The Rights cease quotation : [ 12 October 2010 ]
The Stock Short Name, Number and ISIN Code [ MASTEEL-WR, 5098WR and MYL5098WR004 ] respectively.
RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) WARRANT FOR EVERY TW0 (2) EXISTING ORDINARY SHARES OF RM0.50 EACH IN MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL”) HELD AT 5.00 P.M. ON 4 OCTOBER 2010 AT AN ISSUE PRICE OF RM0.18 PER WARRANT (“WARRANTS ISSUE”).
Kindly be advised of the following :
1) The above Company's securities will be traded and quoted [ "Ex - Rights Issue" ]
as from : [ 30 September 2010 ]
2) The last date of lodgement : [ 4 October 2010 ]
3) Retention Money : Where securities are not delivered in time for registration by the seller, then the brokers concerned :-
a) Selling Broker to deduct [ 1/3 ] , of the Selling Price against the Selling Client.
b) Buying Broker to deduct [ 10% ] of the Purchase Price against the Buying Client.
c) Between Broker and Broker, the deduction of [ 1/3 ] of the Transacted Price is applicable.
Tuesday, September 21, 2010
MASTEEL简介
主要生产：
Steel bar
Steel billet
MASTEEL出口业务有出口至AUSTRALIA,其产品符合Reinforcing Steels Ltd的严格标准，获颁Australian Certification Authority。随后，获得Stemcor UK 价值RM120million的合约。
MASTEEL 旗下子公司：
Steel Dynamics (M) Sdn. Bhd.
100%（DORMANT)
Bio Molecular Industries Sdn. Bhd.
100% Manufacturing, research and development of radioisotopes and radiopharmaceuticals products.
Steel bar
Steel billet
MASTEEL出口业务有出口至AUSTRALIA,其产品符合Reinforcing Steels Ltd的严格标准，获颁Australian Certification Authority。随后，获得Stemcor UK 价值RM120million的合约。
MASTEEL 旗下子公司：
Steel Dynamics (M) Sdn. Bhd.
100%（DORMANT)
Bio Molecular Industries Sdn. Bhd.
100% Manufacturing, research and development of radioisotopes and radiopharmaceuticals products.
[Announcement] Important Relevant Dates for Renounceable Rights
Trading of Rights Announcement (20100920TR00267)
Company Name
MALAYSIA STEEL WORKS (KL)BHD
Stock Code / Short Name
5098 / MASTEEL
Date & Time Announce
20/09/2010 6:15:08 PM
Subject
Important Relevant Dates for Renounceable Rights
Content
Stock Par Value: 0.00
Commencement date
: 05/10/2010
Cessation date
: 12/10/2010
Description
MALAYSIA STEEL WORKS (KL) BHD (Masteel or Company)RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (WARRANTS) ONTHE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OFRM0.50 EACH IN MASTEEL (MASTEEL SHARES) HELD AT 5.00 P.M. ON 4 OCTOBER 2010 ATAN ISSUE PRICE OF RM0.18 PER WARRANT (WARRANTS ISSUE)
Despatch date: 06/10/2010
Last splitting date: 11/10/2010
Last splitting time: 5:00:00 PM
Last acceptance & payment date: 19/10/2010
Last acceptance & payment time: 5:00:00 PM
Last renunciation & payment date: 14/10/2010
Last renunciation & payment time: 4:00:00 PM
Last excess share application& payment date: 19/10/2010
Last excess share application& payment time: 5:00:00 PM
Remarks
The last date and time for acceptance and payment as well as for excess
application and payment is 19 October 2010 or any such later date and time as
may be determined and announced by the Directors of Masteel not less than two
(2) market days prior to the stipulated closing date.
This announcement is dated 20 September 2010.
Submitted By/Contact Person:
Lau Chia E
Entitlement News (20100920EA00279)
Company Name
MALAYSIA STEEL WORKS (KL)BHD
Stock Code / Short Name
5098 / MASTEEL
Date & Time Announce
20/09/2010 6:28:09 PM
Subject
WARRANTS ISSUE 1 : 2
Content
Stock Par Value: 0.00
Description: Rights Issue
Date
Announcement Date: No Date Stated
Ent. in %: 0.000%
EX-Date: 30/09/2010
Ent. in Sen: 0.000
To SCANS Date: No Date Stated
Entitlement
Ent. Numerator: 1.000
Entitlement Date: 04/10/2010
Ent. Denumerator: 2.000
Entitlement Time: 5:00:00 PM
Payment Date: No Date Stated
Ent. Type: RI
Ent. Indicator: Cum
Ent. Remarks
RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (WARRANTS) ONTHE BASIS OF ONE (1) WARRANT FOR EVERY TW0 (2) EXISTING ORDINARY SHARES OFRM0.50 EACH IN MALAYSIA STEEL WORKS (KL) BHD (MASTEEL) HELD AT 5.00 P.M. ON 4OCTOBER 2010 AT AN ISSUE PRICE OF RM0.18 PER WARRANT (WARRANTS ISSUE)
Book Closure
Share transfer book & register of members closure
Start Date: No Date Stated
End Date: No Date Stated
Period of Interest Payment from: No Date Stated
Period of Interest Payment to: No Date Stated
Share Deposited into Depositor's Securities Account before Date (exempted from mandatory deposit): No Date Stated
Share Deposited into Depositor's Securities Account before Time (exempted from mandatory deposit):
Year Ending/Period Ending / Ended : No Date Stated
Shares Transfer Before Date: 04/10/2010
Shares Transfer Before Time:
Rights Issue Price: 0.180
Registrar's Particulars
Tricor Investor Services Sdn Bhd (118401-V)
(Formerly known as Tenaga Koperat Sdn Bhd)
Level 17, The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Wilayah Persekutuan
Tel: (03) 2264 3883
Remarks
You are advised to read the full contents of the announcement or attachment at
http://www.bursamalaysia.com.
Submitted By/Contact Person:
Lau Chia E
Company Name
MALAYSIA STEEL WORKS (KL)BHD
Stock Code / Short Name
5098 / MASTEEL
Date & Time Announce
20/09/2010 6:15:08 PM
Subject
Important Relevant Dates for Renounceable Rights
Content
Stock Par Value: 0.00
Commencement date
: 05/10/2010
Cessation date
: 12/10/2010
Description
MALAYSIA STEEL WORKS (KL) BHD (Masteel or Company)RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (WARRANTS) ONTHE BASIS OF ONE (1) WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OFRM0.50 EACH IN MASTEEL (MASTEEL SHARES) HELD AT 5.00 P.M. ON 4 OCTOBER 2010 ATAN ISSUE PRICE OF RM0.18 PER WARRANT (WARRANTS ISSUE)
Despatch date: 06/10/2010
Last splitting date: 11/10/2010
Last splitting time: 5:00:00 PM
Last acceptance & payment date: 19/10/2010
Last acceptance & payment time: 5:00:00 PM
Last renunciation & payment date: 14/10/2010
Last renunciation & payment time: 4:00:00 PM
Last excess share application& payment date: 19/10/2010
Last excess share application& payment time: 5:00:00 PM
Remarks
The last date and time for acceptance and payment as well as for excess
application and payment is 19 October 2010 or any such later date and time as
may be determined and announced by the Directors of Masteel not less than two
(2) market days prior to the stipulated closing date.
This announcement is dated 20 September 2010.
Submitted By/Contact Person:
Lau Chia E
Entitlement News (20100920EA00279)
Company Name
MALAYSIA STEEL WORKS (KL)BHD
Stock Code / Short Name
5098 / MASTEEL
Date & Time Announce
20/09/2010 6:28:09 PM
Subject
WARRANTS ISSUE 1 : 2
Content
Stock Par Value: 0.00
Description: Rights Issue
Date
Announcement Date: No Date Stated
Ent. in %: 0.000%
EX-Date: 30/09/2010
Ent. in Sen: 0.000
To SCANS Date: No Date Stated
Entitlement
Ent. Numerator: 1.000
Entitlement Date: 04/10/2010
Ent. Denumerator: 2.000
Entitlement Time: 5:00:00 PM
Payment Date: No Date Stated
Ent. Type: RI
Ent. Indicator: Cum
Ent. Remarks
RENOUNCEABLE RIGHTS ISSUE OF 105,378,333 FIVE (5)-YEAR WARRANTS (WARRANTS) ONTHE BASIS OF ONE (1) WARRANT FOR EVERY TW0 (2) EXISTING ORDINARY SHARES OFRM0.50 EACH IN MALAYSIA STEEL WORKS (KL) BHD (MASTEEL) HELD AT 5.00 P.M. ON 4OCTOBER 2010 AT AN ISSUE PRICE OF RM0.18 PER WARRANT (WARRANTS ISSUE)
Book Closure
Share transfer book & register of members closure
Start Date: No Date Stated
End Date: No Date Stated
Period of Interest Payment from: No Date Stated
Period of Interest Payment to: No Date Stated
Share Deposited into Depositor's Securities Account before Date (exempted from mandatory deposit): No Date Stated
Share Deposited into Depositor's Securities Account before Time (exempted from mandatory deposit):
Year Ending/Period Ending / Ended : No Date Stated
Shares Transfer Before Date: 04/10/2010
Shares Transfer Before Time:
Rights Issue Price: 0.180
Registrar's Particulars
Tricor Investor Services Sdn Bhd (118401-V)
(Formerly known as Tenaga Koperat Sdn Bhd)
Level 17, The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Wilayah Persekutuan
Tel: (03) 2264 3883
Remarks
You are advised to read the full contents of the announcement or attachment at
http://www.bursamalaysia.com.
Submitted By/Contact Person:
Lau Chia E
Friday, September 17, 2010
[ANNOUNCEMENT] WARRANTS ISSUE FOR MASTEEL
Submitting Merchant Bank:MIMB INVESTMENT BANK BERHAD
Company Name:MALAYSIA STEEL WORKS (KL) BHD
Stock Name :MASTEEL
Date Announced:17/09/2010
Type:Announcement
Subject:MALAYSIA STEEL WORKS (KL) BHD (“Masteel” or “Company”)
WARRANTS ISSUE
Contents:
Further to earlier announcements in relation to the Warrants Issue and on behalf of the Board of Directors of Masteel, MIMB Investment Bank Berhad (“MIMB”) is pleased to announce that Masteel had on 17 September 2010 entered into an underwriting agreement with MIMB for the underwriting of up to 68,019,390 Warrants to be issued by Masteel pursuant to the Warrants Issue.For consistency, the abbreviations used in the above are the same as those previously defined in the Company's announcement dated 18 May 2010.
This announcement is dated 17 September 2010.
Company Name:MALAYSIA STEEL WORKS (KL) BHD
Stock Name :MASTEEL
Date Announced:17/09/2010
Type:Announcement
Subject:MALAYSIA STEEL WORKS (KL) BHD (“Masteel” or “Company”)
WARRANTS ISSUE
Contents:
Further to earlier announcements in relation to the Warrants Issue and on behalf of the Board of Directors of Masteel, MIMB Investment Bank Berhad (“MIMB”) is pleased to announce that Masteel had on 17 September 2010 entered into an underwriting agreement with MIMB for the underwriting of up to 68,019,390 Warrants to be issued by Masteel pursuant to the Warrants Issue.For consistency, the abbreviations used in the above are the same as those previously defined in the Company's announcement dated 18 May 2010.
This announcement is dated 17 September 2010.
Wednesday, September 15, 2010
[转贴]Standard and Poor recommend BUY on MASTEEL
Stock Code: 5098
Bloomberg: MSW MK
Price: MYR0.85
12-Month Target Price: MYR1.10
Date: September 1, 2010
Board: MainSector: Industrial Products
GICS: Materials/Steel
Market Value - Total: MYR179.2 mln
Summary: Malaysia Steel Works (KL) (Masteel) is a steelproducer with a capacity of 800,000 tons per annum (tpa). Itproduces steel billets and bars that are sold to downstreamsteel companies for the manufacturing of bars and other longproducts for the construction sector. The stock is acomponent of FBM EMAS.
Analyst: Su Peng Ng
Results Review & Earnings Outlook•
Masteel’s 1H10 results were within our expectations, after net profit ofMYR14.4 mln accounted for 48% of our 2010 estimate.
1H10 revenue rose 43% YoY, helped by higher sales volume andaverage selling price (ASP). With the recovery in global growth,Masteel booked in an operating profit (MYR21.3 mln) vs. an operatingloss in 1H09 (- MYR25.1 mln).
Improved sales volume (+15% QoQ) was the main factor for the 2Q10revenue growth of 23% QoQ. Margins, however, were slightly affected(4.9% vs. 5.1%), given the contraction of the market from mid-Mayonwards, which hurt ASP and margins.
While we expect a more subdued 2H10 due to the fasting month andmonsoon season, the lower average raw material price may helpoffset potentially lower volume. Masteel had stocked up on its rawmaterial requirements at a low price in June/July 2010, while 3Q10ASP has picked up slightly (+5% QoQ) thus far。
We maintain our 2010-2011 earnings estimates.
Recommendation & Investment Risks
We maintain our Buy recommendation on Masteel, with an unchanged12-month target price of MYR1.10.
Although our target price warrantsa more aggressive recommendation, we believe the rising risk ofslower global economic growth and the potential dilution from its upcomingwarrant issue may limit share price gains in the near term.
Our target price remains derived using a blend of PER and P/Bmethodology. We utilize a PER of 6x and P/B of 0.5x (both unchanged)against our estimated 2011 EPS and BVPS respectively. The multiplesare in line with peer valuations.
In May 2010, Masteel proposed an issue of 1 warrant for every 2shares held to raise MYR21.4 mln to fund working capital. The group ispreserving its gearing levels in anticipation of its new MYR300-mlndownstream project that is expected to come in by 2012. The potentialdilution from these warrants on the group’s FY11 EPS is a significant28%.
Risks to our recommendation and target price include lower steelprices, higher-than-expected raw material prices and lower-thanexpecteddemand.
http://www.klse.com.my/website/bm/listed_companies/cmdf_bursa_research_scheme/eResearch.jsp
Bloomberg: MSW MK
Price: MYR0.85
12-Month Target Price: MYR1.10
Date: September 1, 2010
Board: MainSector: Industrial Products
GICS: Materials/Steel
Market Value - Total: MYR179.2 mln
Summary: Malaysia Steel Works (KL) (Masteel) is a steelproducer with a capacity of 800,000 tons per annum (tpa). Itproduces steel billets and bars that are sold to downstreamsteel companies for the manufacturing of bars and other longproducts for the construction sector. The stock is acomponent of FBM EMAS.
Analyst: Su Peng Ng
Results Review & Earnings Outlook•
Masteel’s 1H10 results were within our expectations, after net profit ofMYR14.4 mln accounted for 48% of our 2010 estimate.
1H10 revenue rose 43% YoY, helped by higher sales volume andaverage selling price (ASP). With the recovery in global growth,Masteel booked in an operating profit (MYR21.3 mln) vs. an operatingloss in 1H09 (- MYR25.1 mln).
Improved sales volume (+15% QoQ) was the main factor for the 2Q10revenue growth of 23% QoQ. Margins, however, were slightly affected(4.9% vs. 5.1%), given the contraction of the market from mid-Mayonwards, which hurt ASP and margins.
While we expect a more subdued 2H10 due to the fasting month andmonsoon season, the lower average raw material price may helpoffset potentially lower volume. Masteel had stocked up on its rawmaterial requirements at a low price in June/July 2010, while 3Q10ASP has picked up slightly (+5% QoQ) thus far。
We maintain our 2010-2011 earnings estimates.
Recommendation & Investment Risks
We maintain our Buy recommendation on Masteel, with an unchanged12-month target price of MYR1.10.
Although our target price warrantsa more aggressive recommendation, we believe the rising risk ofslower global economic growth and the potential dilution from its upcomingwarrant issue may limit share price gains in the near term.
Our target price remains derived using a blend of PER and P/Bmethodology. We utilize a PER of 6x and P/B of 0.5x (both unchanged)against our estimated 2011 EPS and BVPS respectively. The multiplesare in line with peer valuations.
In May 2010, Masteel proposed an issue of 1 warrant for every 2shares held to raise MYR21.4 mln to fund working capital. The group ispreserving its gearing levels in anticipation of its new MYR300-mlndownstream project that is expected to come in by 2012. The potentialdilution from these warrants on the group’s FY11 EPS is a significant28%.
Risks to our recommendation and target price include lower steelprices, higher-than-expected raw material prices and lower-thanexpecteddemand.
http://www.klse.com.my/website/bm/listed_companies/cmdf_bursa_research_scheme/eResearch.jsp
【Press Release】MASTEEL FULLY REPAYS RM50 MILLION CAPONE CLO
MASTEEL FULLY REPAYS RM50 MILLION CAPONE CLO
Dato’ Sri Tai Hean Leng, Managing Director/Chief Executive Officer of Malaysia Steel Works (KL) Bhd (“Masteel”) announced that the Company has on 15th day of September 2010 fully repaid its existing term loan facility with CapOne Berhad amounting to RM50.0 million in one lump sum payment which forms part of the financing portfolio under the Collateralised Loan Obligation Bond Issuance (“CapOne CLO”) issued by CapOne Berhad expiring on 20 September 2010.
With the aforesaid settlement, Masteel again has demonstrated its sound financial capacities by the timely fulfillment of all its financial obligations.
About Masteel
Malaysia Steel Works (KL) Bhd or its stock name, Masteel, is listed on the Main Market of Bursa Malaysia Securities Berhad. It is involved in the manufacturing of high-tensile deformed steel bars, mild steel round bars and steel billets. It exports 30% to 40% of its products and has 68 domestic dealers and several international trading houses as partners in Australia, New Zealand, Indonesia, Singapore, Thailand, Vietnam and The Philippines.Masteel is one of the top five integrated steel companies in Malaysia and currently commands a market share of about 10% of the industry.
http://www.klse.com.my/website/bm/listed_companies/company_announcements/announcements/index.jsp
Dato’ Sri Tai Hean Leng, Managing Director/Chief Executive Officer of Malaysia Steel Works (KL) Bhd (“Masteel”) announced that the Company has on 15th day of September 2010 fully repaid its existing term loan facility with CapOne Berhad amounting to RM50.0 million in one lump sum payment which forms part of the financing portfolio under the Collateralised Loan Obligation Bond Issuance (“CapOne CLO”) issued by CapOne Berhad expiring on 20 September 2010.
With the aforesaid settlement, Masteel again has demonstrated its sound financial capacities by the timely fulfillment of all its financial obligations.
About Masteel
Malaysia Steel Works (KL) Bhd or its stock name, Masteel, is listed on the Main Market of Bursa Malaysia Securities Berhad. It is involved in the manufacturing of high-tensile deformed steel bars, mild steel round bars and steel billets. It exports 30% to 40% of its products and has 68 domestic dealers and several international trading houses as partners in Australia, New Zealand, Indonesia, Singapore, Thailand, Vietnam and The Philippines.Masteel is one of the top five integrated steel companies in Malaysia and currently commands a market share of about 10% of the industry.
http://www.klse.com.my/website/bm/listed_companies/company_announcements/announcements/index.jsp
MASTEEL 估价
以最近的4季eps来看，masteel拥有19.62sen盈利。6倍本益比目标价为1.17.
MASTEEL目前的每股净现金=0.138
每股净股东资金=0.544
刚刚宣布的MASTEEL warrant发售价设在0.18，每2股配售一股，exercise price为0.67，一股换一股。
以目前股价0.90来算的话，持有一股warrant的成本是0.18+0.67=0.85，看起来好像是持有warrant比较值得。以0.544的净股东资金为准的话，我的风险高达0.31，风险率36.5%。
以4500股masteel计算的话：
卖出4500×0.90，大约取回现金为RM4021，然后买入4500股warrant的话，大约RM839，可以取回RM3182。假设warrant跌至36.5%，即最低价为0.11。我的亏损为RM350；假设股价上升至目标价1.17，warrant的等值为0.50，即每股上涨0.32，赚幅为RM1440，相比于0.90涨至1.17的0.27涨幅的赚幅为RM1215。
由于持有warrant的成本只是RM900以下，我的净现金流可以增加RM3182;比起持有母股的高成本划算的多。
这种情况下是母股涨1分，warrant跟着涨1分；低于0.18时，warrant跌1分，母股需跌4.7分. 即使持有到exercise date，股价不起反跌的话，我的亏损也只是安全线的RM350，甚至全军覆没RM839，只是我的额外现金流RM3182的26.37%，只需将RM3182在期限内生产26.37%的回酬即可，唯一的缺点是warrant并不享有股息。
一般情况来说，warrant的期限是3-5年，随时可以exercise。也就是说，warrant价只会贵过fair value。由于目前股价仅0.90，公布这消息后，母股肯定被推高，因为持有母股才能有warrant的认购权，加上warrant的风险极低，以小博大。
假设母股推高至1.00，那么warrant的价肯定至少0.33；即使不推高母股，以现价认购warrant已经有0.05的盈利在手，除非母股跌。预计接下来masteel的盈利稳定，母股跌的几率不大，除非有心人压低股价，逼迫投资者低价卖出warrant，低价收购warrant，再来拉高母股带动warrant股价上涨，以获取暴利。这样的情况下，长期投资者不妨趁低吸购warrant，等待回升，warrant到期前肯定有至少一个涨幅，因为大庄也要趁机赚一笔，市场流通的warrant预计不会太大，否则公司容易陷入被收购的状态。
问过remiser，exercise股价的价钱如下：
handling charges RM10
bankdraft RM2.15
registrar fee 介于RM10-50
总计最高RM60左右，即0.06分。0.06/4500股，每1000股的手续费必须保留0.013的折扣，一般上这个折扣不会过1sen。
MASTEEL配售105378333股warrant，以配售价0.18计算，筹资总额RM18968099.94.
倘若全数warrant转换成母股，MASTEEL 的EPS将会被冲淡，除非盈利增加。当股东们以0.67的价钱exercise时，总股份就增加至316164999股，净股东资金为RM185367483.10，每股净股东资金就是RM0.586.以此看来除了EPS会被冲淡之外，安全线并不受影响，因此有必要调整随着MASTEEL的EPS来更新它的的目标价。至于warrant，暂时是不受影响，接下来还得留意它的股东经资金的变化。
对于MASTEEL的下游工厂预计将在2012年完成，开始投入生产。以我所见，假设MASTEEL今年的盈利保持的话，估价就不变。2011年盈利预计保持，2012年新厂投入生产后预计将会减低成本以但能否增加新收入，暂时还是未知数。
至于我有没有忽略那些重要因素，我也不清楚，目前看到的就这些，如有差错，还盼见谅。
##盈亏自负，我只是不专业的投资者一名～
MASTEEL目前的每股净现金=0.138
每股净股东资金=0.544
刚刚宣布的MASTEEL warrant发售价设在0.18，每2股配售一股，exercise price为0.67，一股换一股。
以目前股价0.90来算的话，持有一股warrant的成本是0.18+0.67=0.85，看起来好像是持有warrant比较值得。以0.544的净股东资金为准的话，我的风险高达0.31，风险率36.5%。
以4500股masteel计算的话：
卖出4500×0.90，大约取回现金为RM4021，然后买入4500股warrant的话，大约RM839，可以取回RM3182。假设warrant跌至36.5%，即最低价为0.11。我的亏损为RM350；假设股价上升至目标价1.17，warrant的等值为0.50，即每股上涨0.32，赚幅为RM1440，相比于0.90涨至1.17的0.27涨幅的赚幅为RM1215。
由于持有warrant的成本只是RM900以下，我的净现金流可以增加RM3182;比起持有母股的高成本划算的多。
这种情况下是母股涨1分，warrant跟着涨1分；低于0.18时，warrant跌1分，母股需跌4.7分. 即使持有到exercise date，股价不起反跌的话，我的亏损也只是安全线的RM350，甚至全军覆没RM839，只是我的额外现金流RM3182的26.37%，只需将RM3182在期限内生产26.37%的回酬即可，唯一的缺点是warrant并不享有股息。
一般情况来说，warrant的期限是3-5年，随时可以exercise。也就是说，warrant价只会贵过fair value。由于目前股价仅0.90，公布这消息后，母股肯定被推高，因为持有母股才能有warrant的认购权，加上warrant的风险极低，以小博大。
假设母股推高至1.00，那么warrant的价肯定至少0.33；即使不推高母股，以现价认购warrant已经有0.05的盈利在手，除非母股跌。预计接下来masteel的盈利稳定，母股跌的几率不大，除非有心人压低股价，逼迫投资者低价卖出warrant，低价收购warrant，再来拉高母股带动warrant股价上涨，以获取暴利。这样的情况下，长期投资者不妨趁低吸购warrant，等待回升，warrant到期前肯定有至少一个涨幅，因为大庄也要趁机赚一笔，市场流通的warrant预计不会太大，否则公司容易陷入被收购的状态。
问过remiser，exercise股价的价钱如下：
handling charges RM10
bankdraft RM2.15
registrar fee 介于RM10-50
总计最高RM60左右，即0.06分。0.06/4500股，每1000股的手续费必须保留0.013的折扣，一般上这个折扣不会过1sen。
MASTEEL配售105378333股warrant，以配售价0.18计算，筹资总额RM18968099.94.
倘若全数warrant转换成母股，MASTEEL 的EPS将会被冲淡，除非盈利增加。当股东们以0.67的价钱exercise时，总股份就增加至316164999股，净股东资金为RM185367483.10，每股净股东资金就是RM0.586.以此看来除了EPS会被冲淡之外，安全线并不受影响，因此有必要调整随着MASTEEL的EPS来更新它的的目标价。至于warrant，暂时是不受影响，接下来还得留意它的股东经资金的变化。
对于MASTEEL的下游工厂预计将在2012年完成，开始投入生产。以我所见，假设MASTEEL今年的盈利保持的话，估价就不变。2011年盈利预计保持，2012年新厂投入生产后预计将会减低成本以但能否增加新收入，暂时还是未知数。
至于我有没有忽略那些重要因素，我也不清楚，目前看到的就这些，如有差错，还盼见谅。
##盈亏自负，我只是不专业的投资者一名～
MASTEEL WARRANT 配售价0.18
General Announcement
Reference No MM-100914-62218
Submitting Merchant Bank:MIMB INVESTMENT BANK BERHAD
Company Name:MALAYSIA STEEL WORKS (KL) BHD
Stock Name :
MASTEEL
Date Announced:14/09/2010
Type:Announcement
Subject:MALAYSIA STEEL WORKS (KL) BHD (“Masteel” or “Company”)WARRANTS ISSUE
Contents:
Further to earlier announcements, MIMB Investment Bank Berhad (“MIMB”), on behalf of the Board of Directors of Masteel, is pleased to announce the following:-
(a) that the issue price for the Warrants has been fixed at RM0.18 per Warrant; and
(b) that the exercise price for the Warrants has been fixed at RM0.67 for every one
(1) new Masteel Share.The issue price for the Warrants was determined by the Directors after taking into consideration the following factors:-
(i) Based on the exercise price of RM0.67 per Warrant, the theoretical fair value of the Warrants is approximately RM0.38 per Warrant as at 13 September 2010 (being the latest practicable date prior to the price fixing date) computed using the Black-Scholes Option Pricing Model.
(ii) The Board had arrived at the issue price of RM0.18 per Warrant based on a discount of approximately 52.6% from the aforesaid theoretical fair value of the Warrants, whilst seeking to ensure that a reasonable amount of proceeds would be raised from the Warrants Issue. Such discount is deemed appropriate by the Board after taking into consideration the historical volatility and share price movements of the underlying Masteel Shares, the prevailing general market sentiments as well as the Board’s intention to provide an opportunity for the shareholders of Masteel to participate in an equity derivative (i.e. Warrants) of the Company at an attractive entry cost.
The exercise price for the Warrants was determined by the Directors after taking into account the following factors:-
(i) the five (5)-day VWAP of Masteel Shares up to and including 13 September 2010 (being the latest practicable date prior to the price fixing date) of RM0.8567 per Share;
(ii) with the aim that together with the issue price (i.e. entry cost), the exercise price (i.e. subsequent cost) of the Warrants would, in the opinion of the Board, be sufficiently attractive for the shareholders of Masteel to subscribe for their respective entitlements to the Warrants pursuant to the Warrants Issue and to exercise the Warrants in the future; and
(iii) the par value of Masteel Shares of RM0.50 each. For consistency, the abbreviations used in the above are the same as those previously defined in the Company's announcement dated 18 May 2010.
This announcement is dated 14 September 2010.
Reference No MM-100914-62218
Submitting Merchant Bank:MIMB INVESTMENT BANK BERHAD
Company Name:MALAYSIA STEEL WORKS (KL) BHD
Stock Name :
MASTEEL
Date Announced:14/09/2010
Type:Announcement
Subject:MALAYSIA STEEL WORKS (KL) BHD (“Masteel” or “Company”)WARRANTS ISSUE
Contents:
Further to earlier announcements, MIMB Investment Bank Berhad (“MIMB”), on behalf of the Board of Directors of Masteel, is pleased to announce the following:-
(a) that the issue price for the Warrants has been fixed at RM0.18 per Warrant; and
(b) that the exercise price for the Warrants has been fixed at RM0.67 for every one
(1) new Masteel Share.The issue price for the Warrants was determined by the Directors after taking into consideration the following factors:-
(i) Based on the exercise price of RM0.67 per Warrant, the theoretical fair value of the Warrants is approximately RM0.38 per Warrant as at 13 September 2010 (being the latest practicable date prior to the price fixing date) computed using the Black-Scholes Option Pricing Model.
(ii) The Board had arrived at the issue price of RM0.18 per Warrant based on a discount of approximately 52.6% from the aforesaid theoretical fair value of the Warrants, whilst seeking to ensure that a reasonable amount of proceeds would be raised from the Warrants Issue. Such discount is deemed appropriate by the Board after taking into consideration the historical volatility and share price movements of the underlying Masteel Shares, the prevailing general market sentiments as well as the Board’s intention to provide an opportunity for the shareholders of Masteel to participate in an equity derivative (i.e. Warrants) of the Company at an attractive entry cost.
The exercise price for the Warrants was determined by the Directors after taking into account the following factors:-
(i) the five (5)-day VWAP of Masteel Shares up to and including 13 September 2010 (being the latest practicable date prior to the price fixing date) of RM0.8567 per Share;
(ii) with the aim that together with the issue price (i.e. entry cost), the exercise price (i.e. subsequent cost) of the Warrants would, in the opinion of the Board, be sufficiently attractive for the shareholders of Masteel to subscribe for their respective entitlements to the Warrants pursuant to the Warrants Issue and to exercise the Warrants in the future; and
(iii) the par value of Masteel Shares of RM0.50 each. For consistency, the abbreviations used in the above are the same as those previously defined in the Company's announcement dated 18 May 2010.
This announcement is dated 14 September 2010.
Thursday, September 9, 2010
[Press Release] MASTEEL RECORDS ROBUST EARNINGS IN Q2 DUE TO RISING DEMAND
Kuala Lumpur, 30th August 2010 – Integrated steel manufacturer MalaysiaSteel Works (KL) Bhd (Masteel) recorded robust earnings with strong year-onyeargrowth in net profit for the first half of its current financial year from a netloss of RM32.4 million to RM14.4 million in net profit and a jump of turnover of43% from RM299.9 million to RM427.8 million.
The main market listed company reported a profit before tax of RM8.1 millionon a revenue of RM235.7 million for the second quarter ended 30 June 2010,against a net loss of RM2.0 million on a revenue of RM169.8 million in thecorresponding period last year, representing a major turnaround of RM10.1million increase in net profit.
Managing Director and Chief Executive Officer, Dato’ Sri Tai Hean Lenghighlighted that the company’s outlook for the second half, remains strongdue to the steady increase in construction activities in Malaysia together withthe rest of South East Asia, the demand for the steel billets and bars isexpected to remain firm for the rest of the year.
“Selling prices are expected to be on an uptrend and margins are likely toimprove in tandem also” he said.
Revenue: RM235656k
PBT: RM8263k
Profit for period: RM8070k
EPS: 4.06sen
About Masteel
Malaysia Steel Works (KL) Bhd or its stock name, Masteel, is listed on theMain Market of Bursa Malaysia Securities Berhad. It is involved in themanufacturing of high-tensile deformed steel bars, mild steel round bars andsteel billets. It exports 30% to 40% of its products and has 68 domesticdealers and several international trading houses as partners in Singapore,Thailand, Vietnam and the Philippines.
Masteel is one of the top five integrated steel companies in Malaysia andcurrently commands a market share of about 10% of the industry.
The main market listed company reported a profit before tax of RM8.1 millionon a revenue of RM235.7 million for the second quarter ended 30 June 2010,against a net loss of RM2.0 million on a revenue of RM169.8 million in thecorresponding period last year, representing a major turnaround of RM10.1million increase in net profit.
Managing Director and Chief Executive Officer, Dato’ Sri Tai Hean Lenghighlighted that the company’s outlook for the second half, remains strongdue to the steady increase in construction activities in Malaysia together withthe rest of South East Asia, the demand for the steel billets and bars isexpected to remain firm for the rest of the year.
“Selling prices are expected to be on an uptrend and margins are likely toimprove in tandem also” he said.
Revenue: RM235656k
PBT: RM8263k
Profit for period: RM8070k
EPS: 4.06sen
About Masteel
Malaysia Steel Works (KL) Bhd or its stock name, Masteel, is listed on theMain Market of Bursa Malaysia Securities Berhad. It is involved in themanufacturing of high-tensile deformed steel bars, mild steel round bars andsteel billets. It exports 30% to 40% of its products and has 68 domesticdealers and several international trading houses as partners in Singapore,Thailand, Vietnam and the Philippines.
Masteel is one of the top five integrated steel companies in Malaysia andcurrently commands a market share of about 10% of the industry.
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