PRTASCO: 前景重估 (Prospect Re-value)

(A) 汽油业务（还没完成的收购）| O&G Segment (Under acquisition plan)

昨天公司公布了收购印尼气油公司计划书的变化：
》收购76%的股份，变为63%。
》收购价USD55mil，变为USD22mil。
》保证盈利（税前）USD50mil，变为USD22mil。
》收购限期推迟到2014Q2。
》看到计划书的资料里，有个头四年稳赚的条件。参考（d），（e）和（f）。
》税前保证盈利的分发配套如以下的图表。

PRTASCO announced some changes on the O&G acquisition S&P proposal yesterday.
> Share acquisition percentage change from 76% to 63%.
> Acquisition value change from USD55mil to USD22mil.
> Profit guarantee (before tax) change from USD50mil to USD22mil.
> Acquisition completion date extended to 2014Q2.
> There is term and condition on this proposal to make sure the company will only to make profit in the first 4 years. Refer to (d), (e) and (f).
> Distribution plan of the profit guarantee as shown in below table.

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1530529 (page 8)

这个变化，虽然股份少去了13%，反而收购成本减低了60%。但是，税前保证盈利也明显减少了56%。低成本，低回扣，都属于公平的交易。给予那些不看好这题收购的股东，也许是个利好。给予看好的股东，也很不错。税前保证盈利少去了，代表未来盈利的贡献会比较少。尤其是头两年，贡献比较不大。第三和第四年的贡献才比较明显。

Although the share acquisition percentage is reduced 13%, but it will be compensate with much lower cost of acquisition for about 60% reduction. Anyhow, the profit guarantee will be reduce for about 56% as well. Lower cost with lower profit guarantee, it is a fair deal. For those shareholders who do not like this acquisition, I think it will be a good news for them. For those who look forward on this acquisition greatly, it seem like a good deal as well. Due to profit guarantee is reduced, the contribution for the first 2 years will be less significant to eps. But it will be a different story in 3rd and 4th year.

(B) 政府公寓工程的合约 | PPA1M Contract

之前预测政府公寓工程（价值RM578.5mil）的盈利率为15%，但是管理层通过一个通告讲解预测的盈利率为大概10%。所以，这个合约贡献也许只大概贡献eps7-8sen一年。

21-Jan-14当天，富达再下一城，成功地从政府手中拿到另一题可负担建筑房屋的工程。工程价值大概RM88.1mil。预测在一年半里能为公司贡献大概eps2-3sen。

从以上两题的工程来看，预测未来会陆续从政府机构手中得到更多类似的合约。

From previous 1MALAYSIA CIVIL SERVANTS HOUSING PROGRAMME (PPA1M) contract (RM578.5mil) awarded from PUTRAJAYA CORPORATION, I predict the net profit margin as 15%. Anyhow, there is a statement from company through a bursa announcement, it mentioned the estimate net profit margin will be abound 10%. Thus, the contribution from this contract should reduce to eps7-8sen per year.

On 21-Jan-14, PRTASCO managed to get another contract to build affordable houses with RM88.1mil contract value. The estimate contribution for this contract is eps2-3sen for one and half year period.

From above 2 contracts, expect to receive more similar contract from government corporations.


相关的前贴 | Related Post:
http://whytoocare-y2k.blogspot.com/2013/12/5070-prtasco.html