Good Articles to Share

[转帖] ICULS 之【 IBHD 】 - 雨文

Tan KW
Publish date: Tue, 16 Sep 2014, 09:56 AM
Tan KW
0 509,886
Good.

 

Monday, 15 September 2014 

 

今天马股重挫8.34点,636只股下滑,其中IBHD-LR也是下滑榜的榜首,收市是最低的价位,也引起了我的注意。那么有多少人真的懂这个IBHD-LR是什么东西呢?
 
今天,其实笔者比较想谈的是ICULS(Irredeemable Convertible Unsecured Loan Stock),其中一种形式的债券,中文名为不可赎回可转换无担保债券。简单来说,公司需要一笔现金,以附加股的形式发售出债券给持有的股东,并给于股东 们指定的利息,股东在规定的期限里可以把这个债券转换成母股。许多人都很熟悉涡轮的运作法,但是债券很多人包括笔者也一知半解,所幸得到高人黄绿红师傅的 指点,一次一次的解释让我更加了解。债券的转换形式就比涡轮复杂多一点点,其实运用多几次,也是会比较明白。

 
 

IBHD@ OFS
IBHD 推出这个ICULS是由Sumurwang 这个大股东发售的,为期五年,2%到3%的利息,5股配售给每一股IBHD持有的股东,发售价为RM0.50。股东如果持有10,000股IBHD,他将 会获得50,000股IBHD-LR,如果要接受这项献购,就必须每股以RM0.50,一共RM25,000,认购后就会获得50,000股的IBHD- LA。
 
                              

 

这个ICULS的转换价是RM0.68,当初股东以RM0.50认购,RM0.68是转换母股的价钱,0.68/0.50= 1.36,换句话说要转换为母股,就必须以1.36个ICULS换1个母股,这就是有时候我们看到的conversion ratio。根据回以上的例子,一开始持有10,000股IBHD,以RM25000认购了50,000股IBHD-LR,那么可以转换多少母股呢?这里 有两个方法计算。
 
以转换价 @0.68
 
RM25000 / 0.68 = 36764股

以转换比率@ 1.36:1
 
50000/ 1.36= 36764股
 
记得如果以价钱转换法计算,就必须以价钱除于价钱,如果以股数转换算法,就必须数目除于数目。
 
那么值不值得,就要算当初投入的RM25000,如果现在就转换母股,会是值多少钱。
刚才已经算了RM25000,可以换成 36764股母股,假设母股现在在RM1.10。
 
36764 x RM1.10= RM40440.40
 
如果在之前已经持有IBHD的股东,RM25,000换RM40440.40。
 
如果之前没有,想要买进,现在的价位是RM0.115,假设回50,000的ICULS
 
RM25000 + (50000 x RM0.115)= RM30750
 
现在买,也就是有大约31%折扣,以母股RM1.10计算。那么这个IBHD有趣的地方是,他在十月十号是他的bonus issue的除权日,而以附加股认购和债券认购是在十月十四日才上市,所以他们和bonus issue是没有关系的。
 
假设十月九号 IBHD以RM1.10收市,那么十月十日调整价就是RM0.915。   (1.1x5/6) 
 
36764 x RM 0.915 = RM33639
 
一开始就持有IBHD-LR的股东依然还有接近35%的折扣,那么以RM0.115 购买的新股东,还有接近9%的折扣。顺便值得一提的是,IBHD-LA不晓得是否已经得到BURSA的批准上市,如果没有上市,其实影响也不会很大,因为 这个债券一拿到就可以转换了,若知道的朋友可以update一下小妹哦,谢谢。
 

*由于近期股市不好,所有的母股预算是以RM1.10来计算,稍微比收市价低一点点。
 
 

http://yuwenstocks.blogspot.com/2014/09/iculs-ibhd.html

Related Stocks
Market Buzz
Discussions
1 person likes this. Showing 14 of 14 comments

Ryan Chong

不明白

以转换比率@ 1.36:1
为什么拿价钱去对比数量,
不是应该拿价钱去比较价钱吗
就是拿1.36的价钱换1.1 的母股
就是
1.36:1.1

2014-09-16 11:39

Tracy Jia Wen

0.68 (LA 转换成母股):0.50 (LR subscribe to LA)
就是等于 1.36iculs 换 1母股
136 股iculs 换 100股母股
明白吗?

2014-09-16 11:54

kittheungmakmak168

1.1是没有可能的了,而且还有附加股配送,价钱肯定在除权过后压的更加低,之前买的肯定是还有钱赚,如果现在买的不是有一定的耐心等待,算起来也不划算。那么大量的股数,肯定会压得更加低。也难怪ir limit down都没有要,转换la都要五毛,本钱需要很大,不太吸引。

2014-09-16 13:30

tjhldg

uum uum

question 1 ... after x 5 for 1 bonus , the conversion of 136 LA to mother share will adjust not ? base on norminal value of 680 x 5 / 6 = 566 , = 113 LA shares by then to 1 ibhd share ? r they calculate the TEAP include this latest announce bonus issue .. thanks

question 2
bonus issue base on X date or can base on ticket in cds date ?

as the bonus share traded x bonus on 10 so mean the bonus shares masuk cds on 14/10 and can sell on 15/10

and the conversion of OR to mother shares already masuk cds on 13/10 and can sell on 14/10 , 1 day ahead of bonus share masuk cds ... i understand the x date is 10/10 .. my question here is X on 10/10 but those who bought on 09/10 only hav their ticket in cds on 14/10 but those who convert the LR to ibhd already hav their ticket in cds on 13/10 and that's y they can sell on 14/10 and those who bought on 09/10 cant sell their bonus share on 14/10 and can only sell on 15/10 .

thanks

2014-09-16 20:42

Ryan Chong

in the end u using RM40440.40 to exchange the mother share amount of RM33639. Do u think it is worth? what discount, dont mislead people leh

2014-09-17 08:02

ttgipoh

iculs to be listed on 14/10 as per announcement at bursa website.
Lr at .10 +.50= .60 as cost.
conversion .6/1.36=.816 cost of IBHD.
so ex all rights and bonus yr cost of IBHD is .816.
this is yr base line and margin of error.

2014-09-17 11:58

ttgipoh

the OR entitles bonus also.
u buy 5000 OR +.69 =5000 ibhd +1000 bonus +1 Warrant.
bonus ex on 10/10, entitlement on 14/10, 5pm cut off time,
listing of rights and Iculs on 14/10 9am.
read as per bursa announcement.

2014-09-17 12:04

ttgipoh

warrant ex price 1.41 ex bonus.
assume a value of .30 upon listing

2014-09-17 12:06

ttgipoh

rumours flying around at TA Ipoh that IBHD ICULS will not be listing on Bursa......what a big lie

2014-09-17 16:52

ttgipoh

that remisier is not professional

2014-09-17 16:52

bravoUp

Listed or not listed have no impact on valuation because can convert to mother share anytime.

2014-09-17 16:58

Newbieneedhelp

Mean even not listed we still can convert to mother share?

2014-09-17 17:07

bravoUp

Should be.... as stated in the prospectus.

2014-09-17 18:03

nhkch

如果之前没有,想要买进,现在的价位是RM0.115,假设回50,000的ICULS

RM25000 + (50000 x RM0.115)= RM30750

I can't understand this. Why if i buy Ibhd-la from open market, i still need to add in rm25000 cost? and not just the 50000xrm0.115=5750?

2014-09-24 10:30

Post a Comment