Posted by UlarSawa > 2024-03-29 17:00 |

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Posted by UlarSawa > 2024-03-29 17:09 |

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Posted by Apple888 > 2024-03-29 17:10 | Report Abuse

Ular sawa..not correct laaa..haiyoo.
Tht day u said rm10.don remember d?

Posted by Apple888 > 2024-03-29 17:11 | Report Abuse

Rm4 straight to rm10

Posted by UlarSawa > 2024-03-29 17:13 |

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Posted by UlarSawa > 2024-03-29 17:20 |

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Posted by LimPek1510 > 2024-03-29 18:51 | Report Abuse

Itu Internet cafe supervisor sudah pergi beli makanan buka puasa?

Cakap puasa tapi behavior langsung tak berpuasa. You balik sekolah baca you punya agama.

Posted by JMpower > 2024-03-29 21:08 | Report Abuse

Thank you Mr OTB 👍

Posted by UlarSawa > 2024-03-29 21:26 |

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Posted by UlarSawa > 2024-03-29 21:32 |

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Posted by LimPek1510 > 2024-03-29 23:06 |

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Posted by UlarSawa > 2024-03-30 10:08 |

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Posted by UlarSawa > 2024-03-30 10:10 |

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Posted by MrFox > 2024-03-30 12:41 | Report Abuse

streaming side dish
[march 878], now 909...896..904..907..922,…927..915...923 [yr end=2500 ??!!!!]
veri volatile!

Posted by UlarSawa > 2024-03-30 13:17 |

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Posted by UlarSawa > 2024-03-30 13:19 |

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Posted by MrFox > 2024-03-30 13:23 | Report Abuse

[march 878], now 909...896..904..907..922,…927..915...923..938 ...[yr end=2500 ??!!!!]
veri volatile!

Posted by UlarSawa > 2024-03-30 13:24 |

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Posted by jeffchan1901 > 2024-03-30 14:34 | Report Abuse

https://www.facebook.com/share/v/hN8vwQ5ENrubvF2B/?mibextid=oEMz7o

Posted by jeffchan1901 > 2024-03-30 14:34 | Report Abuse

www.facebook.com/share/v/hN8vwQ5ENrubvF2B/?mibextid=oEMz7o

Posted by MrFox > 2024-03-30 17:59 | Report Abuse

streaming side dish
[march 878], now 909...896..904..907..922,…927..915...926 [yr end=2500 ??!!!!]
veri volatile!

Posted by Exorcist > 2024-03-30 18:32 |

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Posted by LimPek > 2024-03-30 19:37 | Report Abuse

45 fake IDs banned. Thank you admin.

Posted by MrFox > 2024-03-30 21:02 | Report Abuse

treaming side dish
[march 878], now 909...896..904..907..922,…927..915...935 [yr end=2500 ??!!!!]
veri volatile!

Posted by HuatRex1314 > 2024-03-30 22:04 | Report Abuse

Lol ks55 blamed others for promoting ytlp. I see he even worst, promote pohkong at ytlp forum

Posted by Mabel > 2024-03-30 22:44 | Report Abuse

Data Centres: All eyes on Asia’s future Digital Tiger

Haha in our region, Singapore SingTel, Malaysia YTLPower and Indonesia Indosat are moving into this area for the growth business..

Here’s some good news for us..the POWER TEAM

https://www.msn.com/en-my/money/topstories/data-centres-all-eyes-on-asia-s-future-digital-tiger/ar-BB1krZFE

Meow Meow Meow

Posted by Mabel > 2024-03-30 23:08 | Report Abuse

https://seekingalpha.com/news/4085355-microsoft-openai-eyeing-100b-supercomputer-project?mailingid=34871236&messageid=2900&serial=34871236.95133&utm_campaign=rta-stock-news&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha&utm_term=34871236.95133

Microsoft (NASDAQ:MSFT) and OpenAI have been in talks to invest as much as $100B for a data center project that would contain a supercomputer, the biggest in a series of installations the companies plan to establish over the next six years, The Information reported, citing people familiar with the matter.

Meow Meow Meow

Posted by Mabel > 2024-03-30 23:13 | Report Abuse

Wah 50% EBITDA Margin assumptions oledi good enough for Mabel..now we have 75% EBITDA margin for Data Centre..

Hopefully this potential upside can tame the so call Call Warrant Headwind..

To Our Success

Meow Meow Meow

Posted by KingKKK > 2024-03-31 04:12 | Report Abuse

Q1 Sector SHOWDOWN (KingKKK): Unveiling Winners and Losers. YTLPOWER, YTL, CIMB, TENAGA, MAYBANK

https://klse.i3investor.com/web/blog/detail/bestStocks/2024-03-31-story-h-184761510-Q1_Sector_SHOWDOWN_KingKKK_Unveiling_Winners_and_Losers_YTLPOWER_YTL_CI

Posted by UlarSawa > 2024-03-31 10:34 |

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Posted by UlarSawa > 2024-03-31 10:38 |

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Posted by UlarSawa > 2024-03-31 10:42 |

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Posted by UlarSawa > 2024-03-31 10:48 |

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Posted by UlarSawa > 2024-03-31 11:09 |

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Posted by xiaoeh > 2024-03-31 11:23 | Report Abuse

Posted by MrHuangBK > 2 minutes ago | Report Abuse
Have to be clear
This is that coconut pretending to be me 🤣🤣

why playing until this extent?
utterly disgusting!!!

Posted by UlarSawa > 2024-03-31 11:25 |

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Posted by UlarSawa > 2024-03-31 11:32 |

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Posted by UlarSawa > 2024-03-31 11:36 |

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Posted by UlarSawa > 2024-03-31 11:45 |

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Posted by dragon328 > 2024-03-31 12:16 | Report Abuse

Let me update on YTL Power cashflows and net cash situation based on latest Q2 FY2024 results:

Operating cashflows before working capital changes and capex amounted to RM2.74 billion for the 6 months ended 31 Dec 2023, annualised to RM5.5 billion. Among this, PowerSeraya will contribute over RM3.0 billion of operating cashflows a year to YTL Power, others are steady dividends from Jawa Power and Jordan Power plus shareholders' loan interest income.

Capex for the 6 months amounted to RM1.6 billion, meaning that YTLP had free cashflows of RM1.4 billion for 6 mths, annualised to RM2.8 billion a year.

As of 31 Dec 2023, YTLP had gross cash of RM9.6 billion and total borrowings of RM31.4 billion, or net debt of RM21.8 billion.

I estimate that almost all of the debts are sitting at the various subsidiary level:
Wessex - GBP3.1b or RM18.6b
PowerSeraya - SGD1.0b or RM3.5b
Jordan - USD1.5b or RM7.0b
Yes - RM1.0b
YTL Comms/data centre - RM1.3b

Total debts at subsidiaries RM31.4bn

This means that at the holding company level, YTL Power actually has zero debt. The RM9.6b gross cash at the balance sheet, the bulk of which is sitting at subsidiary level too for general working capital purposes and for future capex plans. I estimate that at the holding company level, there is a minimum of RM2.0 billion net cash that YTL Power can deploy for future M&A and new project capex.

So to some parties claiming of high debts at YTL Power, please study the balance sheet again.

Why are they not saying high debts at Tenaga?? FYI, Tenaga had total RM61 billion of debts and gross cash of RM19.3b as of 31 Dec 2023. Tenaga is required to spend a total of RM51b for normal grid capex over next 5 years to 2030 and additional RM35b for NETX related capex by 2030, so a total of RM86 billion of capex to be spent over next 5-6 years. Where is it going to get the money from? By increasing the electricity bills for everyone here? BY getting bailout grant from the government? from issuing more bonds? by getting more bank borrowings? Please think again and talk with facts and figures.

Posted by KLV868 > 2024-03-31 12:25 | Report Abuse

Dragon328, Your analysis of YTL Power's financials is insightful and thorough. It's evident you have a keen understanding of cash flow dynamics and debt management. Impressive work! You are Real Sifu for me.

Posted by OTB > 2024-03-31 12:36 | Report Abuse

Dear dragon328,

Please help to give your projection of net earning or PAT for the followings :-

1.) Wessex Waters to turn around from April 2024.
What is the net earning or PAT for FY 2024, FY 2025 and FY 2026 ?

2) 1st phase data centre with SEA Group to start contributing profit from 2H 2024.
What is the net earning or PAT for FY 2024, FY 2025 and FY 2026 ?

3.) The company is currently in the process of onboarding another new customer for an additional 16MW (DC) within this colocation facility.
What is the net earning or PAT for FY 2024, FY 2025 and FY 2026 ?

4.) Malaysia allowed to sell 100 MW of electricity to Spore, is this project on now or when to start contribute net earning or PAT to YTLPower ?
What is the estimated net earning or PAT per year ?

Please advise.
Thank you.

Posted by UlarSawa > 2024-03-31 12:41 |

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Posted by dragon328 > 2024-03-31 15:37 | Report Abuse

No use for a company with monopoly business if not well managed. It can go burst too if not controlling capex spent and debt mountains effectively. How much is the free cashflows of Tenaga? Effectively zero. It is using borrowed money to pay out dividends while holding onto billions of trade receivables pending collection from the government.

Just because it is a GLC and it will not fall?? Think again.

Wasn't MAS monopolising the domestic flights before Air Asia came in?
Wasn't Proton getting billions and billions of grant from the government while having almost monopoly of the entry-level cars before Perodua came in?
Wasn't BHIC monopolising the supply of war ships and combat vehicles to LTAT?
Wasn't Bernas monopolising the import of white rice?
Wasn't Hicom monopolising certain heavy industries in the country before it went burst?

Don't talk nonsense here. There is no monopoly in business here, it is just government protection.

Posted by dragon328 > 2024-03-31 15:42 | Report Abuse

YTL Power's debts at the subsidiaries are ring-fenced at the subsi level and have no recourse to the parent company, but it is not the case for Tenaga and many other GLCs and other companies where any default of a debt or bond will affect the credit rating of the parent company.

For YTLP, the debts at the subsi are serviced with the operating cashflows of each subsi company, and if any subsi debt were not being serviced well, the lenders could not go after the parent company.

For each subsi company, the operating cashflows are so strong that servicing respective debt is not an issue at all. For example at PowerSeraya, operating cashflows top SGD900 million a year, and it has no issue of servicing interest expenses of SGD25m a year. In fact, PowerSeraya has been paring down its debts by over SGD1.2 billion in past 2 years.

Posted by dragon328 > 2024-03-31 16:18 | Report Abuse

MR. OTB, I will do some best guess here on earnings projection for Wessex for next few quarters:

In Q2 FY2024 (Dec 2023), Wessex registered revenue of RM1.19b and pretax loss of RM69.5m. CIMB and some other analysts reported that Wessex secured a 11% hike in water tariffs for regulatory year starting from 1 April 2024. Hence I expect quarterly revenue to increase by 11% or RM120 million, assuming operating costs remain the same, Wessex should report a PBT of RM50 million for Q4 FY2024 (June 2024). To note that Wessex made a very high provision for index linked bonds of RM155 million in Q2 FY24. As the inflation in the UK has been coming down since Jan 24 to around 3.2% in Jan 24 and 3.1% in Feb 24, I expect the provision for index linked bonds to be smaller going forward.

My estimate is that if inflation rate in the UK remains at around 3% p.a., provisions for index linked bonds will be around GBP25-30 million a year. So for each quarter going forward, I expect provision for index linked bonds to be around GBP7 million a quarter or RM42-45m/qtr.

As such, there is a chance for Wessex to report a PBT of RM50m + (155-45)m = RM160 million for Q4 FY24, and then in each 3 quarters thereafter, i.e. Q1-Q3 FY2025 (Sep 24, Dec 24 & Mar 25).

For period starting from 1 April 2025, Wessex will enter the next 5-year regulatory period AMP8 (Apr 2025- Mar 2030). It will depend on the final determination of Ofwat, the water authority in the UK, in Nov 2024 on the approved water tariffs based on the proposed capex and opex plan submitted by Wessex.

As all water companies in the UK have submitted substantially higher capex programmes for the next 5 years in order to meet the more stringent environmental requirements, market expectation is for Ofwat to approve the capex plans substantially unchanged from what the water companies have submitted, or just taper down slightly.

As a result, the Regulatory Capital Value (RCV) of Wessex is expected to expand substantially from currently GBP4.0 billion to over GBP7.0 billion by 2030.

As the allowed return on capital is calculated by WACC x RCV, hence the operating profit of Wessex is expected to jump up substantially when the massive capex programmes get carried out and RCV expands every year.

I think I have made some guess in my earlier article on the potential earnings of Wessex for 2025-2030. I just calculate it again below:

Assuming proposed capex of GBP3.5b is approved and capex of GBP700m is spent every year and RCV will expand by GBP300m in 2024, then RCV will expand to GBP4.3b by 31 Mar 2025. Assuming a WACC of 5.0% ( it is fair as current fund rate in the UK is 5.5% and current average borrowing rate of Wessex is around 4.0%), the allowed revenue for return on capital for RY2026 (regulatory year from Apr 2025 to Mar 2026) will be:

5.0% x GBP4.3bn = GBP215 million

Total debts at Wessex will go up to around GBP3.3b by 31 Mar 2025, so interest expense will be about:
3.9% x GBP3.3bn = GBP129 million for RY2026

Assuming provision for index linked bonds stabilises at GBP25-30m a year, Wessex may report a PBT of GBP215 - 129 - 30 = GBP56-60 million OR ~RM350 million for RY2026.

Come Mar 2026, RCV will expand to GBP5.0b and debts to GBP3.75b, so allowed return on capital revenue will be:
GBP5.0 x 5.0% = GBP250 million
interest expenses will be 3.9% x GBP3.75 = GBP146m

so PBT for RY2027 may be GBP250 - 146 - 30 = GBP74-79 million or ~RM460 million.

Posted by dragon328 > 2024-03-31 16:22 | Report Abuse

The 1st phase co-location data centre with SEA Group is about 32MW in size. I have not much info on its potential earnings but I have read a couple of analysts' reports that projected for pretax earnings of RM100 million a year from the 1st phase data centre.

I will just take it as face value for now, i.e. RM100m PBT for the 1st phase 32MW data centre with SEA Group.

The balance 16MW of co-location data centre, if secured later, will contribute about half of the earnings of the 1st phase, I guess, i.e. RM50m PBT a year for the balance 16MW data centre.

Posted by PureBULL ... > 2024-03-31 16:35 | Report Abuse

sifu dragon328
seems upset n angry with naysayers.
i.e. understandably as he did so much hard-work to research on FA.
I can feel for him as I once was doing corporate planning with a banking conglo, in M&A n our team oso advised operating ceo to expand or down size.

i relearn many times to know that there r 4 ways to big money in stocks.
GWS on klse fly in 2 halves:

ytlp flied 1st round from 72 to 224, on Value-Investing with increasing ASP of its
smallish IPP in SIN island.
that QR PAT was so so big, selling at abt 98 sen per kwhr vs 16 sen by its giant IPP of 1300 MW plant in msian.

then mr ng of NVDA came to shake hands with our pmx.
that super bull ytlp on 2nd round from 224 to 424, on Growth-Investing into all new tech biz in DC, with pricing power!

April-fool-day starts on a brand new 1/4.
stocks could be dicey on a new 1/4!
let's focus n track the TREND...

Posted by dragon328 > 2024-03-31 16:43 | Report Abuse

The 100MW of electricity export to Singapore is just a test project for the larger power export of 2000-4000MW at later stages.

PowerSeraya secured this pilot project of 100MW export to Singapore, and I understand the power export has already started since early Jan 2024. For now YTL Power signed a temporary agreement with Tenaga to secure some green energy produced by Tenaga for the pilot export project until YTLP completes its own solar power plant in Peninsular Malaysia likely in Johor.

I do not know of the tariff for the 100MW pilot export project. I need to make some assumptions here in order to get a sense of the potential earnings. I don't think YTLP could make much earnings currently as it relies on Tenaga to generate the power for export to Singapore, perhaps just a small commission for PowerSeraya as the offtaker on the other side.

But once YTLP ramps up its own solar power farm in Johor, then we can expect decent earnings to be made, assuming that cost of generation for solar power here is say 20 sen/kWh (LSS3/4 winning bid at 16-22 sen/kWh) and electricity selling price to Singapore is at 10% discount to prevailing electricity tariffs there (average USEP at SGD231/MWh in Mar 24, prevailing retails contract price around SGD300/MWh) then we can calculate the gross profit at :

100MW x 92 days x 24h x 85% x SGD208-270/MWh = SGD39-50 million revenue a quarter

Cost of generation = 100MW x 92d x 24h x 85% x RM0.20/kWh = RM37.5m a quarter

So gross profit could be RM99m - RM137 million a quarter.

It may look too optimistic on the selling price (i.e. 10% discount to USEP/ prevailing retail contract price) for a pilot project, but that may well be the case as the pilot project is only for 2 years. Any developer will need to recoup the investment costs on putting new solar power farm within 2-5 years. FYI, the cost of installing 100MW solar power farm could cost RM300 million excluding land cost.