Showing posts with label Felda Global. Show all posts
種植業面臨盈利懸崖＂‧末季盈利料挫30%
吉隆坡4日訊）種植股第三季業績令市場大失所望，歸咎於棕油價疲弱及庫存高企，肯納格研究不排除種植業將陷入“盈利懸崖＂，末季盈利料至少按年及按季挫30%及20%，種植股財測最高遭下調14%，並相信仍有進一步滑跌空間。
庫存按月跌1%
按年大增20%
按年大增20%
肯納格預期11月棕油產量仍高企於249萬公噸，接近歷史高位，導致棕油價揚升空間受限，短期內難以突破2千500令吉。雖然按月棕油庫存微跌1%，不過卻按年顯著攀升20%。
“我們相信高庫存困境將延續至明年首季，3千令吉成為重大阻力水平。＂
按季計，種植股盈利或將丟失超過20%，因為末季棕油價料挫跌21%至2千250令吉。
“由於棕油價從10月初起跌穿2千500令吉，並已處於低位多時，我們相信末季盈利的挫跌幅度將相距不遠，且可能引來另一輪強烈的盈利下調。＂
受到勞工成本高企影響，棕油生產成本也上漲5%，不過隨著鮮果串產量走勢平平，整體生產成本料已趨穩。
需求方面，肯納格預計11月棕油出口將按月增長5%至185萬公噸，受惠於中國交易商提昇棕油庫存。供應方面，該行則臆測按月產量走跌6%至182萬公噸。
隨著北半球邁入冬天，預計棕油與大豆油的龐大價差將維持另3個月。由於棕油遇冷後會凝固，因此消費者將喜愛使用大豆油。
種植股發盈利預警
以238萬至248萬公噸庫存計，肯納格將今明2年棕油價，各從每公噸2千975及3千令吉，下調3%至5%，至2千900及2千850令吉。
“今年2千900令吉預估，相等於棕油價下跌了10%，而2013年則料再挫2%至2千850令吉。＂
國內3大種植股已發出盈利可能滑跌的訊號，森那美（SIME，4197，主板貿服組）僅設下32億令吉淨利關鍵表現指標、吉隆坡甲洞（KLK，2445，主板種植組）預期盈利走跌、IOI集團（IOICORP，1961，主板種植組）也指最近幾個月棕油價低企將影響淨利水平。
肯納格以個股計，聯土全球（FGV，5222，主板種植組）及IOI集團面對龐大的樹壓衝擊，因為其種植地趨向成熟階段，平均樹齡各為16.5及13.7年。
怡保種植（IJMPLNT，2216，主板種植組）及陳順風資源（TSH，9059，主板種植組）受沙巴種植地鮮果串產量低企影響。陳順風資源盈利下滑幅度最甚，歸咎於鮮果串產量挫跌7%、棕油價走低及生產成本至少揚升15%。
受到種種利空因素影響，肯納格將種植業評級從“中和＂下調至“減碼＂。（星洲日報／財經）
全球創投料籌資逾百億‧成亞洲最大上市案
吉隆坡27日訊）市場消息指出，聯邦土地發展局（Felda）旗下全球創投（Felda Global Venture）的上市計劃，最高或籌措33億美元（約100億6千萬令吉），成為自去年2月以來亞洲最大宗的上市案。
同時，若籌資額達100億令吉，也是過去10年東南亞第3大上市案，次於近年國油化學（PCHEM，5183，主板工業產品組）高達128億令吉的龐大規模。
發售價4.56令吉至4.65令吉
市場傳言該股發售價介於4令吉56仙至4令吉65仙之間。
根據全球創投在證券監督委員會網站的草擬招股書，上市案的股票發售額高達21億9千萬股，公開發售及限售各佔9億8千萬及12億零89萬股。
其中，機構投資者在公開售股部份獲分配12億股，再加上限售部份的股權，將佔高達60%股權；不過，供大馬公眾認購的股權卻僅佔區區的2%，而墾殖民的份額則為2.5%。
擴大後股本料達36.48億
該公司擴大後股本料達36億4千815萬1千令吉。
全球創投指出，選擇掛牌是期望透過資金市場取得更具效益的融資方式及增強財務實力，以應付未來的擴展及成長機會。
“上市活動所籌得的資金，將用作購買種植資產及承建或購買提煉廠房。此外，該公司有意收購油脂、製造及物流業務。”
該公司在大馬持有35萬5千864公頃地庫，且在印尼擁有一些地庫。該公司也在中國、印尼、土耳其及南非持有棕油提煉業務。
全球創投去年全年淨利錄得9億2千937萬令吉，按年增長9.18%，而營業額則起28.77%至74億7千485萬令吉，並計劃將淨利的50%作為股息派發。
較早前Felda主席丹斯里依薩在一項匯報會上指出，全球創投將趕在6月杪前掛牌，，並獲國內機構投資者的熱烈迴響，除了Felda，公積金局（EPF）將持有大批股權，其他參與的國內基金還包括國民投資（PNB）及朝聖基金局（Lembaga Tabung Haji）。（星洲日報／財經）
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Felda Global
Felda Global to join Bursa top 20 club
May 10 listing will boost group’s market capitalisation to RM21b
FELDA Global Ventures Holdings Bhd, which is due to float its shares on Bursa Malaysia’s Main Market on May 10, will rank among the local bourse’s top 20 companies upon listing.
Felda Global will have an initial market capitalisation (market cap) of RM21 billion when it makes its Bursa debut, well above its current value of RM3 billion, Deputy Minister in the Prime Minister’s Department Datuk Ahmad Maslan said.
It will also be the biggest initial public offering (IPO) so far this year. Based on yesterday’s closing, Bursa Malaysia’s top 20 list was led by Malayan Banking Bhd with Sime Darby Bhd in second spot, recording market caps of RM64.9 billion and RM57.7 billion respectively.
With a RM21 billion market cap, Felda Global may come in at number 16 of the bluechip list, sandwiched between Hong Leong Bank Bhd (RM21.7 billion) and PPB Group Bhd(RM20.9 billion).
Ahmad said the listing of the commercial arm of the government-owned Felda (Federal Land Development Authority) will enable it to raise billions of ringgit for expansion. “However, I cannot reveal the number of shares to be floated and the price a piece.
Let the value be announced by the Prime Minister (Datuk Seri Najib Razak),” Ahmad told Felda’s 317 plantation scheme leaders, 3,000 settlers and 1,300 Felda personnel at a briefing on the benefits of the listing here yesterday.
An investment banker said Felda Global’s debut will rejuvenate the local stock market, put Malaysia on foreign investors’ radar and complement last year’s giant debuts of Petronas Chemicals Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd.
Meanwhile, Ahmad said that preparations for the listing are 90 per cent complete, with balloting, prospectus release and other related matters to be announced later. He said Koperasi Permodalan Felda (KPF) will hold its extraordinary general meeting on February 22 to decide whether it will approve the listing.
FELDA Global Ventures Holdings Bhd, which is due to float its shares on Bursa Malaysia’s Main Market on May 10, will rank among the local bourse’s top 20 companies upon listing.
Felda Global will have an initial market capitalisation (market cap) of RM21 billion when it makes its Bursa debut, well above its current value of RM3 billion, Deputy Minister in the Prime Minister’s Department Datuk Ahmad Maslan said.
It will also be the biggest initial public offering (IPO) so far this year. Based on yesterday’s closing, Bursa Malaysia’s top 20 list was led by Malayan Banking Bhd with Sime Darby Bhd in second spot, recording market caps of RM64.9 billion and RM57.7 billion respectively.
With a RM21 billion market cap, Felda Global may come in at number 16 of the bluechip list, sandwiched between Hong Leong Bank Bhd (RM21.7 billion) and PPB Group Bhd(RM20.9 billion).
Ahmad said the listing of the commercial arm of the government-owned Felda (Federal Land Development Authority) will enable it to raise billions of ringgit for expansion. “However, I cannot reveal the number of shares to be floated and the price a piece.
Let the value be announced by the Prime Minister (Datuk Seri Najib Razak),” Ahmad told Felda’s 317 plantation scheme leaders, 3,000 settlers and 1,300 Felda personnel at a briefing on the benefits of the listing here yesterday.
An investment banker said Felda Global’s debut will rejuvenate the local stock market, put Malaysia on foreign investors’ radar and complement last year’s giant debuts of Petronas Chemicals Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd.
Meanwhile, Ahmad said that preparations for the listing are 90 per cent complete, with balloting, prospectus release and other related matters to be announced later. He said Koperasi Permodalan Felda (KPF) will hold its extraordinary general meeting on February 22 to decide whether it will approve the listing.
