Posted by Investeye > 2015-11-23 21:52 | Report Abuse

UALA LUMPUR: Malakoff Corporation Bhd’s earnings rose 44.2% to RM156.10mil in the third quarter ended Sept 30, 2015 from a year ago due to lower losses due to its associate and lower finance costs.

Malakoff, which has the largest power generating capacity in Asean, said on Monday the earnings were higher from the RM108.13mil a year ago.

Earnings per share were 3.12 sen compared with 3.02 sen. It declared an interim dividend of two sen a share.

Its revenue fell 8.8% to RM1.283bil from RM1.407bil. Profit before tax was 14% higher at RM199mil compared with RM174.77mil.

“This (higher PBT) was mainly due to lower losses recorded by our associate company Kapar Energy Ventures, lower finance cost following the redemption of the unrated junior Sukuk Musharakah utilising the proceeds of the initial public offering offset by compressor rotor rectification works in Prai power plant,” it said.

Malakoff expected the performance for FY ending Dec 31, 2015 to better than the previous year.

It cited that the Tanjung Bin power plant was expected to perform significantly better as all its three units are now available at full capacity and the gas-fired power plants are expected to continue to perform well.

“The full year contribution from Port Dickson Power pursuant to its acquisition in April 2014 will further enhance the group’s profitability.

“The Group’s finance costs will be lower with the redemption of the unrated Junior
Sukuk Musharakah from the IPO proceeds,” it said.

In the nine months ended Sept 30, 2015, Malakoff said its earnings rose 51.2% to RM346.21mil from RM228.56mil in the previous corresponding period.

However, revenue was lower at RM3.926bil compared with RM4.112bil a year ago.

“This was mainly due to lower capacity factor registered by our gas fired power plants, lower distillate firing and scheduled outages taken by certain plants as part of its maintenance cycle which was offset by additional four months consolidation of Port Dickson Power’s (PDP) revenue pursuant to the completion of its acquisition in April 2014.

“The group’s PBT for the nine months was RM532.1mil, which is 35% higher than RM393.5mil recorded in YTD14.

“This was mainly due to higher contribution from Tanjung Bin Power, lower finance cost and higher interest income which was offset by higher share of losses from Kapar Energy Ventures, compressor rotor rectification works in Prai Power Plant, and fair valuation gains from our acquisition of the remaining 75% equity in PDP recorded in the corresponding period,” it said

Posted by Inve3tor > 2015-11-23 23:46 | Report Abuse

Good result! tomorrow up!

Posted by Investeye > 2015-11-24 11:30 | Report Abuse

Accumulated at rm1.63..

Posted by Investeye > 2015-11-24 12:01 | Report Abuse

BIMB Securities Research has maintained its “Buy” rating on Malakoff Corporation Bhd ( Valuation: N/A, Fundamental: N/A) at RM1.62 with a revised target price of RM2.15 and said Malakoff’s 3QFY15 net earnings jumped 44.3% year-on-year (y-o-y) and 80.8% quarter-on-quarter (q-o-q) to RM156 million.
In a note today, the research house said Malakoff’s 9MFY15 net earnings of RM346.2 million was above house expectation, making up 100.1% from house estimates and 80.68% from consensus estimates.
It said 3QFY15 revenue of RM1,283.6 million however, dropped 4.5% y-o-y and 0.9% q-o-q due to lower availability factor from Prai and Tanjung Bin Power Plant.
“Malakoff’s higher earnings was mainly due to lower finance cost following the redemption of the junior sukuk musharakah via the IPO proceeds and lower losses from Kapar Energy Venture (KEV).
“We revised our net earnings forecast for FY15 and FY16 to RM500.1 million and RM596.6 million respectively from the previous forecast of RM345.8 million and RM481.6 million.
“Hence, we have a new target price of RM2.15 (implying to PER 18x of FY16 PER) via the Dividend Discounted Model (DDM) valuation of WACC 6.0%,” it said.

Posted by rochak73 > 2015-11-24 16:00 | Report Abuse

good counter

Posted by Investeye > 2015-11-24 16:11 | Report Abuse

Matched few lots at rm1.61

Posted by Investeye > 2015-11-25 09:11 | Report Abuse

Matched some at rm1.59

Posted by supernova > 2015-11-25 09:49 | Report Abuse

1MDB exit power business also not helping this counter but instead TNB keeps climbing

Posted by MoreMoreMoreMoney > 2015-11-25 11:56 | Report Abuse

useless counter, so pricey and yet contribute nothing to the shareholder

Posted by traderx > 2015-11-25 12:00 | Report Abuse

Patience is a Virtue. Profit taking all over the counters. Lets Hold till Friday.

Posted by rochak73 > 2015-11-25 12:05 | Report Abuse

IPO shareholder is the most patience. Since IPO all goo news and good TP but the price of Malakof is still low. TQ syed

Posted by rica7894 > 2015-11-25 17:37 | Report Abuse

Malakoff : A stable dividend play stock in future.

To recap, Malakoff’s listing share price was fixed at RM1.80 on 17/3/2015.

-Malakoff is the largest independent power producer (IPP) in Malaysia owning 5,346MW of capacity through equity stakes in 6 power plants. This is equivalent to 26% of Peninsula Malaysia’s total installed capacity and is second only to Tenaga Nasional Berhad (TNB) which controls 47% and who also happens to be the off-taker for Malakoff.

-Combined, both Malakoff and TNB supply 73% of Peninsula Malaysia’s energy needs (source: Energy Commission).

<<<<Malakoff’s earnings view as defensive with future prospects intact due to:>>>>

i. The securing of long-term power purchase agreements (PPA) with TNB with fuel cost pass-through (FCPT) mechanism in place to eliminate risks arising from commodity price fluctuations.

ii. Its ability to contest for the next cycle (year 2020 onwards) of power projects as Malaysia’s reserve margin has fallen to 20-25% range in FY14, prompting a need for capacity plant-ups to a more secure >30% reserve for energy security to cater to demand growth and unscheduled plant outages (source: EC).

iii. An additional new earnings driver. Its 7th power plant (Tanjung Bin Energy Unit 4) with an additional 1,000MW set to come on-stream in 1HFY16 ( commercial operation date (COD) target of 1 Mar 2016) which will increase Malakoff’s net effective capacity by 11% to 5,910MW (PD Power 436MW to be retired) and will support 15% EBITDA growth in FY16E.

iv. Its export opportunities given the proximity to Singapore and Thailand and the availability of sites to accommodate more power plants.

v) Malakoff provides a good alternative to perennial yield favourites (telcos). Its dividend yields are decent at 4-6% in 2016 is supported by free cash flow yield of 10%.

Posted by Mohd Fahmi Bin Jaes > 2015-11-25 17:41 | Report Abuse

Sell

Posted by astalavista > 2015-11-25 20:32 | Report Abuse

buy

Posted by keraskepala > 2015-11-25 20:35 | Report Abuse

hold

Posted by Investeye > 2015-11-25 22:26 | Report Abuse

Will keep accumulate if price further drop... the positive aspect is its business visibility

Malakoff reported a strong 3QFY15 net profit of RM156.0m (+44.3% YoY, 80.8% QoQ) due to foreign exchange gains, lower finance costs, higher interest income and lower effective tax rate. Excluding net foreign exchange gain of RM25.7m, 9MFY15 core net earnings of RM130.2m exceeded expectations at 80% and 78% of our and consensus estimates respectively. 9MFY15 revenue of RM3.9bn (-4.5% YoY) was however within our and consensus estimates at about 70% of full year forecasts. The Group declared a second interim dividend of 2.0sen bringing total dividend payment to 5.0sen to-date. We continue to like Malakoff based on its stable IPP business model and reiterate our Outperform call with an unchanged TP of RM2.18.

3QFY15 revenue (-8.8% YoY, -0.9% QoQ). 3QFY15 revenue was affected by the lower capacity factor recorded by its gas and coal fired power plants, decrease in distillate-firing and scheduled outages at selected power plants as part of their maintenance cycle, but mitigated by contribution from PD Power following its full acquisition in April 2014. Prai’s availability factor was impacted by gas turbine compressor rectification works. The said plant has been back in operation since end September.
3QFY15 net profit surged to RM156.0m from RM108.1m in 3QFY14 due to: (i) lower administrative expenses (-27.7% YoY, -32.2% QoQ) mainly on forex translation gain of its EUR and USD-denominated cash balances, (ii) lower other operating expenses (-38.6% YoY, -20.9% QoQ) as there were fair value gains on hedging instruments as well as no provision for negative billings in TBP for FY15, (iii) Higher interest income(>100% YoY, -2.5% QoQ) due to higher fixed deposit interest rate and lower RULS interest recognised in KEV, (iv) cheaper finance cost (-18.15 YoY, -7.9% QoQ) arising from the redemption of Unrated Junior Sukuk Musharakah from the IPO proceeds, and (v) lower effective tax rate of 15% from write back of tax provision pursuant to a settlement agreement in a subsidiary.
Extension of PD Power. The government had recently announced short-term extensions for first generation IPPs which includes Malakoff’s PD Power. It was reported that PD Power has been given an extension of three years, from January 2016 to January 2019 with a capacity of 436MW. However, management clarified that the Group has yet to receive official notification on this extension but is expecting to receive it by this year-end. Tariff for extended PPAs is usually much lower as the power plant has been fully depreciated with no more financing costs. Assuming 80% discount to current tariff, we estimate there will be minimal impact to our valuation if PD Power’s PPA is extended for another 3 years.
Progress of Tanjung Bin Energy (TBE). Management is confident that TBE will commence operations on 1 March 2016 as scheduled. As of October 2015, the progress of physical completion stands at 98.1% with variation from actual to the original time line further reduced to 1.5%.
Source: PublicInvest Research - 23 Nov 2015

Posted by Inve3tor > 2015-11-26 00:04 | Report Abuse

almost all research team TP is more than MYR 2. I'll keep accumulate !

Posted by rochak73 > 2015-11-26 13:43 | Report Abuse

anyone know after listing until now how many % retail investor hold Malakoff? increase or decrease

Posted by kinfatt999 > 2015-11-26 18:12 | Report Abuse

stock game is cheat game

Posted by Investeye > 2015-11-27 09:30 | Report Abuse

Matched few lots at rm1.56...

Posted by spectre007 > 2015-11-27 09:32 | Report Abuse

Got 6 lots during ipo but luckily sold at 1.88... now maybe it's time to buy and keep

Posted by rochak73 > 2015-11-27 09:58 | Report Abuse

buy buy retail buy. retail buy won't sell. Tabung haji will sell

Posted by traderx > 2015-11-27 14:02 | Report Abuse

Few days already and still hovering between RM 1.56 to 1.60. Institutional is not buying until 1MDB deals done.

Posted by meje > 2015-11-27 14:55 | Report Abuse

Dividends declared and price adjusted accordingly

Posted by Inve3tor > 2015-11-29 23:23 | Report Abuse

now KSWP and TABUNG HAJI start to buy back!

Posted by DreamMaharaja > 2015-11-29 23:25 | Report Abuse

what TP

Posted by DreamMaharaja > 2015-11-29 23:27 | Report Abuse

Malakoff got nothing to do with 1mdb

Posted by rochak73 > 2015-11-30 13:01 | Report Abuse

Luckily nothing to do with 1mdb. if got link I wander wat the price will be

Posted by power88 > 2015-12-01 20:47 | Report Abuse

1.56....

Posted by kinfatt999 > 2015-12-02 12:57 | Report Abuse

malakof worth to buy

Posted by obinam1967 > 2015-12-02 14:16 | Report Abuse

This stock is slow. Stuck with IPO price.

Posted by power88 > 2015-12-03 17:59 | Report Abuse

Banker target price Rm2 but price still sleep Rm1.60

Posted by frankS > 2015-12-03 18:18 | Report Abuse

what's up with the CEO resigning? Malakoff has bad luck with CEOs

Posted by power88 > 2015-12-04 09:49 | Report Abuse

KUALA LUMPUR: The electricity tariff will be increased by an average of about 14.89% for Peninsular Malaysia, and by about 17% for Sabah and Labuan from next year, said Energy, Green Technology and Water Minister Datuk Dr Maximus Johnity Ongkili.

"The average electricity tariff in Peninsular Malaysia will be up 4.99 sen per kWh or 14.89% from the current average rate of 33.54 sen/kWh to 38.53 sen/kWh.

"For Sabah and Labuan, the average tariff will be up 5.0 sen per kWh or 16.9% from current average rate of 29.52 sen per kWh to 34.52 sen per kWh," he told reporters at a press conference in Parliament on Monday.

Rates in Sarawak will not be affected because the electricity supply in the state is operated by state-run company, Sarawak Energy.

The new rates will take effect from Jan 1, 2014, he added.

However, Dr Ongkili noted that 70.67% of consumers in Peninsular Malaysia and 62% of consumers in Sabah and Labuan will not be affected by the tariff hike.

"There will be no tariff increase imposed on the consumers who use electricity at a rate of, or lower than, 300kWh a month.

"This amounts to 4.56 million consumers in the peninsula and 260,000 consumers in Sabah and Labuan," he said. The group most likely to be affected are those whose electricity usage is between 301 to 400 kWh and 401 to 600 kWh.

Posted by power88 > 2015-12-04 10:28 | Report Abuse

buy before late

Posted by Nik Muhammed Muhyyiddin > 2015-12-04 12:29 | Report Abuse

agree with power88..

Posted by vews08 > 2015-12-08 23:00 | Report Abuse

More good news coming

Posted by Darren Yeap > 2015-12-15 12:03 | Report Abuse

The new rates will take effect from Jan 1, 2014??

Posted by vews08 > 2015-12-15 22:44 | Report Abuse

Better sold now. If not , will kena trap

Posted by Inve3tor > 2015-12-15 23:19 | Report Abuse

good announcement and u ask people to sell? TP this stock at least 1.90 or 2 above.

Posted by Mohd Fahmi Bin Jaes > 2015-12-15 23:20 | Report Abuse

Sell on news

Posted by ibrahimovic10 > 2015-12-16 11:47 | Report Abuse

Good news!

http://www.thestar.com.my/business/business-news/2015/12/15/malakoffs-pd-power-plant-gets-three-year-extension/?style=biz

Posted by xclawsx > 2015-12-17 12:38 | Report Abuse

It is possible to break 1.7 today ?

Posted by LaoLiu > 2015-12-17 12:39 | Report Abuse

Buying time ! Trending positive.

Posted by ngwt > 2015-12-17 17:15 | Report Abuse

Bought at 1.6 x 10,000 shares. Sold at 1.65 + 2c dividen :D

Posted by keraskepala > 2015-12-28 12:57 | Report Abuse

r 2 sen div. cash in bank today ?

Posted by ngwt > 2015-12-29 14:06 | Report Abuse

28-Dec-2015,13:09:21 IBG CREDIT MALAKOFF MBB/SSR-MALAKOFF COR M2e - eDividend via RM200.00. Wait a good price to enter again. ^^

Posted by Investeye > 2015-12-30 10:50 | Report Abuse

Disposed more than half. Expect market will down by coming month especially the oil price is still very low.

Posted by vews08 > 2015-12-30 20:26 | Report Abuse

Anyone receive dividend?

Posted by xyxy8 > 2015-12-30 21:41 | Report Abuse

ya, my 2 sen div is in my bank now