If privatized happened, hopefully Yeoh’s family will take the interests of minority shareholders seriously.

https://www.nst.com.my/business/2023/06/925785/report-domestic-solar-power-players-be-fashion
"We see further tailwinds from easing cost factors, as solar module prices have dipped to US$0.17/W (from US$0.23/W in early 2023) and may further retrace to US$0.15/W. "Note that polysilicon prices have plunged by 56 per cent year-to-date and 80 per cent from the peak in August 2022 due to oversupply," it said in a note.
不懂500MW的太阳能发电会不会获益？

The firm was guided that the TPC will have minimal impact on YTL Power International Bhd as bulk of the generated volume (c.75- 80%) is sold to its retail arm, and the rest sold to SP Services (under a vesting contract scheme) and the wholesale pool.
PowerSeraya真会做生意。

@shpok4574 去年我国的暴利税，真是让人无语，希望新政府对经商友好一点。

@dragon328, noted.
Since the water bill is low, so, even if the cost increase 30%, it will not become a serious issue if compare to electric bill.

Meanwhile, the group explained that the recent bid for Boustead Plantations Bhd is related to the expansion of its data centre business.
https://www.thestar.com.my/business/business-news/2023/06/30/bullish-dividend-plan-by-ytl-corp

原来竞标油棕芭不单单是为了太阳能发电，而是为了扩张数据中心的版图。YTLP的最新数据中心是使用太阳能发电。所以，需要庞大的地来提供太阳能。

Consumer groups said at the time that the increase of 8p a day could be a “tipping point” for the one in five customers who were already struggling to pay.
生活越来越不容易。

Most companies are asking the regulator to approve real-terms price increases of an average of 25% between 2025 and 2030, it reported. Thames Water is reportedly proposing rises of 20%, while Wessex Water wants to put up its prices by 30%.
https://www.theguardian.com/environment/2023/jun/28/water-firms-push-for-bills-in-england-to-rise-by-up-to-40-per-cent-say-reports-sewage-climate
Wessex Water千万要小心小心。

Public anger has been further stoked by the payment of dividends to investors and large salaries and bonuses to water industry executives.
由于目前英国百姓的口袋非常压迫，所以对于公共机构的收费非常敏感。收费要拿捏得好，是一项大挑战。

在路演中，杨忠礼机构强调的重点包括，该公司将在2024和2025财年里，每年动用10亿令吉派息，相当于每股9.5仙或10%的周息率，高于我们预期的6仙。
=哇，看来公司对于FY2024以及FY2025的盈利有信心。这无疑对我这样的股息投资者来说，这公告真是太太太重要了。赞哦，作为一间愿意和股东分享成果的上市公司。

此外，该公司也表示不会脱售任何核心资产，但非关键的资产则会被出售，最新交易为霹雳的售地案，带来7000万令吉的现金。
=不懂YES的定位如何？多希望属于非关键资产。我个人觉得YTLP对待YES太仁慈了，应该给YES财政独立的压力吗，不然YES是不会积极努力去迈向收支平衡。
=这公司一旦决定卖掉一些资产的时候，通常是为了下一个有信心的目标做准备。这会是什么呢？

YTL和YTLP之间的差距来到了30仙了。不懂还会不会再进一步的拉进呢？
在双方股价爆发之前，二者之间的差价只有10仙。会不会回到从前呢？

YTL Corp Bhd plans to pay RM1 billion in dividends per annum for the financial year 2024 and 2025, translating into dividend per share (DPS) of 9.5 sen and yield of 10% per annum.
https://themalaysianreserve.com/2023/06/28/ytl-corp-targets-rm1b-dividend-payout-open-to-strategic-acquisitions/

PESTECH与杨忠礼建筑 分包合约纠纷闹上法庭
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/pestech%E4%B8%8E%E6%9D%A8%E5%BF%A0%E7%A4%BC%E5%BB%BA%E7%AD%91-%E5%88%86%E5%8C%85%E5%90%88%E7%BA%A6%E7%BA%A0%E7%BA%B7%E9%97%B9%E4%B8%8A%E6%B3%95%E5%BA%AD

Kulai土地，664ha，至少可以生产500MW的太阳能电量。
莫实得种植在柔佛有（占7513公顷），不懂可以生产多少的太阳能电量呢？

以下是报纸新闻：
另外，马银行投行分析员说，莫实得种植持有的种植地，有1万7609公顷为永久地契，而大部份地皮位于柔佛（占7513公顷）以及吉打（占5560公顷），优越地点也适合用于发展房地产。
此外，当中的3万8640公顷或60%的土地为可持续棕油圆桌会议（RSPO）认证区域，因此是吸引种植公司竞标的原因。
https://www.orientaldaily.com.my/news/business/2023/06/19/574020

万事俱备，只欠东风。
1. 新加坡目前需要更多的电，对于再生能源更是渴求。能提供多少，都杀。
2. 目前只有YTLP在新加坡有经营能源公司。
3. 目前YTLP已经出口着再生能源到新加坡，在TNB的合作之下。
4. 过去曾猜测，按照YTLP的风格，它是会自家生产再生能源的。看到YTL投标棕油公司的土地的时候，就证明了它的去向。
5. YTLP已经开始在Kulai建设太阳能发电厂。这说明了，太能能发电所需的技术以及配件来源，YTLP都具备了。
6. 目前所差的，只有土地一环。当然，再生能源出口的政策，会不会持续，确实是很大的未知数。

This RE policy, certainly will make the future brighter.

@goody99, thanks for the info.

i think YTL is already aware about this, and YTL and YTLP will play important role to increase the renewable energy stake in the market.

Everything is ready, only lack of lands...

目前新加坡政府短暂调整顶价是无可厚非的。这短暂的调整，明显是针对气候的突变，明显是针对气候的突变，明显是针对气候的突变，而不是针对供电商的高净利。换句话说，只要气候正常，一切会打回原形。看到新加坡政府的对策，真的凸显了他们的稳定和成熟。

政府的出手，无非在暗示，4QFY23，新加坡的业务的净利会再次刷新高。再看看今天的马币新币兑换率，3.46。马币没有最弱，只有更弱。

@dragon328 salute to you.

According to the Singapore Energy Market Authority, the temporary price cap, the parameters of which will be in place until a review in the third quarter of 2025, will be tied to generation costs.

Under existing mechanisms, the energy price cap in place stood at S$4,500 (RM15,557) per megawatt-hour. The temporary price cap will see an average reduction in the Uniform Singapore Energy Price (USEP) by 3.6% to 8.1%, according to simulations published in the final determination on the mechanism that was released June 16.

https://theedgemalaysia.com/node/671809

YTL Power looks to grow RE ambitions

https://www.thestar.com.my/business/business-news/2023/06/20/ytl-power-looks-to-grow-re-ambitions

For sure, Power Seraya profit margin will reduce.
But OVERALL YTLP business still in well position, isn't it?

@CloeTai PS, Power Seraya

Still need to wait for the new regulation detail to come out.
We will see this impact during 1QFY24.

As for me, it just delayed a bit the pace reaching 20 EPS yearly.

The overall profitability still intact.

相信成熟的新加坡政府应该只会对最后的超级暴利率来下手。

果然是这样。
当供电非常紧的时候，最后的2%电费是超级超级高昂。

新加坡政府确实是需要对这样的情况作出策略性的调整。这机制就好像亚航马航的最后2%的机票一样，贵得超级离谱。

看来，来季将会是PS最后一次呈现暴利的季报了。

Singapore to End 3,000% Power Price Spikes That Sank Companies
https://theedgemalaysia.com/node/671712?utm_source=Newswav&utm_medium=Website

On the domestic market, foreign investors were net sellers for every day of the past week, except for Monday when there was net buying seen in counters such as Maybank, RHB and YTL Corp.

https://www.thestar.com.my/business/business-news/2023/06/19/foreign-outflow-persists-on-bursa-malaysia-with-rm1894mil-net-equities-sold

YTLP已经忙于DC的投资，而YTL好像比较有子弹。

YTL(3QFY23)
Cash and cash equivalent 13.47b
TOTAL ASSETS 76.63b
TOTAL LIABILITIES 58.80b

YTLP(3QFY23)
Cash and cash equivalent 8.88b
TOTAL ASSETS 55.53b
TOTAL LIABILITIES 41.05b

在想，为何YTL来标这些这些种植地？
在想，若要用来建太阳能发电厂，为何不是让YTLP来标？像kulai的那一片一样？
是不是要把一部分用来注入YTL Land，然后再让适合用来发电的，卖给YTLP？
从报章的内容来看，似乎YTL得标率蛮高。
今年似乎是YTL的爆发年。

Same owner listed as 3rd shareholder among YTL 30 largest shareholder.
HSBC Nominees (Asing) Sdn Bhd– Credit Suisse (Hong Kong) Limited
506,561,781 (4.62%)
YTL Annual report 2022, pg 74.

yes, found in the annual report of ytl power.

8th among 30 largest shareholders

HSBC Nominees (Asing) Sdn Bhd
– Credit Suisse (Hong Kong) Limited
253,278,119 （3.13%）
Annual report 2022, pg 104

UBS, listed as 3rd shareholder among those 30 largest shareholder.
HSBC Nominees (Asing) Sdn Bhd– Credit Suisse (Hong Kong) Limited
506,561,781 (4.62%)
Annual report 2022, pg 74.

刚刚看了马币的汇率，今天马币又再贬。
新币兑马币 3.45
英镑兑马币 5.86
美金兑马币 4.63 （约旦）

若继续这样贬下去，马币真是没眼看咯。

12/6/2023，switching half of my YTLP shares to YTL.
sold RM1.30, buy mother share 0.95.

https://www.straitstimes.com/singapore/transport/byd-leads-ev-sales-race-in-2023-long-time-leader-tesla-falls-to-second-place-followed-by-bmw

这报道说明了，新加坡的电子车占市场的百分比不断攀升，虽然目前还是只占非常小的比例。

不过，却继续消耗更多更多的绿色电力。

https://www.straitstimes.com/business/lower-electricity-bills-expected-this-year-as-global-energy-prices-stabilise-geneco-ceo

新加坡Geneco的CEO一些的访谈。
此报道可以帮忙我们了解新加坡走向绿色能源的大方向。
Geneco也有售卖绿色电源给住家用户，透过附加选项的方式。

sapu a bit at 95 cents.
Hopefully mother run faster than son.

Power project in Jordan reaches full operating status
https://www.chinadaily.com.cn/a/202305/31/WS6477022ba3107584c3ac32da.html

根据报道，第二单位的发电组织推算是在1/6/23，星期五，开始了商业模式。
看来，盈利贡献有限，只占2QCY2023的一个月，而且是单一单位罢了。
不过，这已经是很好的结果了。
期待另一个单位的启动日。

Haha, maybe our bro. D328 tak tahan El Nino.

Be prepared, the El Nino has arrived, since 9/6/2023.
https://www.bangkokpost.com/world/2587985/its-official-el-nino-has-arrived

Due to the upswing in prospects, the research house has an “outperform” call on YTL Power with a target price (TP) of RM1.48 per share.

HLIB Research has a “buy” call on the stock with an unchanged TP of RM2.05 a share but taking into consideration a six sen dividend for FY23 and eight sen for FY24-25 respectively.

“We believe the current valuation is undemanding, while earnings and dividend may surprise on the upside,” HLIB Research added.

预测，股息大概是6仙。不过有机会派更高的息。

有没有可能HLB给TP是RM2.05，是基于预测4QFY23的EPS是9仙呢？

9仙，等于720M的净利。有没有可能呢？

https://www.thestar.com.my/business/business-news/2023/06/07/ytl-power-to-gain-from-higher-income

4QFY23的成绩有可能强过3QFY23。这不是不得了吗？
这预测，是根据什么呢？

The research house said the ongoing heatwave and renewal of retail contracts would help the unit post a stronger performance in the 4Q23.
这有理由，新加坡4-6月的气温不是高过1-3月吗？马币兑换率4-6月，马币不是更弱了吗？

Earnings support will also come from its UK based water supply and sewage utility, Wessex Water Services Ltd, which has been allowed to raise water tariff by 9% since April, according to the research house. The utility posted a pre-tax loss of RM47.2mil in the recent quarter but the 9% increase in tariff rate should enable it to offset raising operational costs and enable a turnaround in its financial performance in the quarters ahead, said Kenanga Research.
英国有机会有亏转盈

Kenanga Research said the group’s 45%-owned 554-megawatt oil shale-fired Attarah power plant in Jordan has achieved full commercial operation date recently and would receive payment from its off-taker, National Electric Power Co soon.
约旦极有可能提供第一次盈利。

若连续几季都提供惊喜的税后盈利，这将大大缓和为数据中心或数码银行拨款的压力，特别是数据中心借贷的压力。

Hong Leong Investment Bank (HLIB Research) is still optimistic about YTL Power International Bhd's prospects, which are supported by profit sustainability over the next three years.

https://www.nst.com.my/business/2023/06/917020/hlib-remains-optimistic-about-ytl-powers-earnings-potential

我在想，新加坡的电价的价格，有没有可能就像机票一样。
我们都知道，无论亚航或马航，一旦机位爆满，最后2%机位的价格是非常惊吓的。
同样的，新加坡的电供吃紧，甚至是特别紧的时候，最后2%的吃紧电供的价格，会不会也是同样非常惊吓的呢？
我觉得可能性是有的。

再次强调：新加坡的盈利，全看电供吃不吃紧。我个人推测，电供吃紧是确保高盈利的首要要素，比政府的合约更重要，也比天然气价格更重要。所以，只要新加坡的电供持续吃紧，PS的盈利就会持续保持高位。

问题是：来季盈利爆炸的可能性有多高呢？
我个人是预算会有再一次的盈利爆炸，所以我1.33时，已经加仓一次。
我的预算基础如下：
1. 新加坡的营业额肯定会维持同样水平或更高，因为炎热的气候，加上新加坡的经济健康。更炎热的气候，会让营业额再维持至少一个季度的可能性，是非常高的。
2．净利率有机会维持在相同水平，若和3QFY23对比。这是因为政府和发电商有2年的合约。我个人推测，这合约不会只一份。虽然不知道什么时候到期，预计还会再维持至少一两个季度。加上电供吃紧，是会推高净利率。相反地，供过于求的时候，净利率就会严重下跌（前几年的悲惨就是出于供过于求，这也证实了，电供吃紧是确保高盈利的首要要素，比政府的合约更重要，也比天然气价格更重要。这也说明了为何3QFY23会盈利爆炸，不就是出于电供吃紧吗？）。目前电供已经是吃紧的了，加上温度是持续攀高。这些都可以支撑高的净利率。
3. 上一季，英国是亏损。这一季，4QFY23是开始起价的季度，英国业务是可以由亏转盈的。
4. 约旦的启动费会耗一些资金，不过数额是无从可知。不过，也有可能会提供一些盈利也说不定。
5. YES的亏损会进一步扩大，不过YES的亏损已经是常态，预料之中。
6. 数据中心会继续烧钱，上一季也已有反映。

总结：带来盈利的业务，会继续提供同样的盈利的可能性是有的。亏损的业务，在上一季也已经是亏损的了。所以，维持6 sen一季的可能性，是有的。

若PE是10,，目前的股价已经是合理的水平，再升的几率不高，除非4QFY23又来一次惊喜。

为什么几率不高呢？FY23的三个季度，EPS已经来到11.01 sen （2.14+2.45+6.41）。若第四季的EPS正常回去，大概单季2.3-2.4 sen的水平，全年EPS会到13.5 sen。所以目前股价是正常的了。

不过，假如4QFY23再来一次的盈利爆炸，单季EPS来到6 sen或以上，让全年EPS冲到17 sen的时候，股价就会升到RM1.70，若PE是10。

Forcast EPS FY2023 14.6 sens
DY 5%, 7 sens dividend.