其实本人的看法是,如果OSKPROP&PJDEV不接受收购价,自然可以拒绝,在短期内,可能造成股价在收购价徘徊,但是过了收购案之后,如果此公司的确有实力的话,股价自然会回到合理价格。
而我们需要分析的是OSK为了收购OSKPROP&PJDEV 出了这么多新股,会不会对OSK的EPS有影响,本人就做了一个预测,发现
其实会增加OSK的EPS。
股票数目:
969,058,000
|
Current share
|
177,642,601
|
New issue of share OSKPROP
|
114,685,479
|
New issue of share PJDEV
|
1,261,386,080
|
Total after the purchase of OSKPROP & PJDEV
|
我们会在此发现股本增加了30.17%,如果盈利没有上升的话那么EPS 就会 dilute 30%,那是很可怕的。那我们来看看预计增加的收入。此预测为2014年份的。
|
2014 (RM’000) Note: From Annual Report 2014
|
2014
(RM’000)
|
|
Company profit |
38,837
|
38,837
|
|
RHB (9.9% holding) |
176,778
|
176,778
|
|
OSKPROP (73.6% holding) |
77,141
|
Assumption: 2014 年Net profit | |
PJDEV (31.7% holding) |
38,040
|
Assumption: 2015 财政年年 2季度:62814k,估计全年为120000k | |
Tax |
-11,360
|
-11,360
|
|
Net Profit |
204,255
|
319,436
|
|
Share Issued |
969,058
|
1,261,386
|
|
EPS (RM) |
21.29
|
25.32
|
|
Increase of EPS (RM) |
4.25
|
|
travis22
sop valuation is kinda misleading...how can u not include the debt it owns...current debt is around rm0.40 per share...after all cash flow would be a bit tight...
2015-05-04 11:54