Friday, October 17, 2014

乾坤大挪移



最近OSK收购OSKPROP和PJDEV的事闹得沸沸扬扬。

先声明,我不会责怪你们是站在哪一方来说话,因为站的角度不同,看得方向也不一样。

我们就来算算,大股东OLH在使出这一招「 乾坤大挪移」后,有没有吃亏?

基于很多人都说这三家公司都是被低估的,那么我们就先不考虑这些公司的真正价值到多少,就直接拿它们净资产(NTA)来计算好了。

首先,OLH把每股值1.87令吉的OSKPROP当2令吉来用,换取同样数额,但每股却值2.75令吉的OSK,这当中其实已经赚到了价差。

根据Bursa于7月16日的公告,OLH目前已经直接和间接持有OSK 41.07%股权。

我们假设,在这次收购献议中,PJDEV和OSKPROP的小股东都不接受献购。

那么在完成收购OSKPROP和PJDEV之后,OLH手中的OSK 股权将会最少扩大到55.17%,然后也接持有40.6%的OSKPROP。

有人可能会说OLH吃大亏了,因为他原本可控制73.6%的OSKPROP,但是现在只剩40.6%。但是,这其实已不重要了,因为他通过这环环相扣的方式,已经牢牢控制了两家公司(OSK和OSKPROP)。

接下来,OSK会派特别股息15仙,OLH将会拿到5860万令吉的股息。再以4送1比例派免费凭单,又可以拿到9767万股凭单。

最后,我们按照股权比例纳入OSKPROP和PJDEV的资产,OSK的总资产将扩大到31亿7413万令吉(已扣除特别股息),相等于每股净资产2.46令吉。

以净资产来计算,还没换股前:
42.32%的OSK = 10亿7441万令吉
73.6% 的OSKPROP = 3亿3219万令吉
31.7%的PJDEV = 3亿6413万令吉

总共17亿7073万令吉。
换股之后:
55.17%的OSK

总共17亿7212万令吉

只多出139万令吉罢了嘛!!

别忘了,这是扣除了特别股息之后的净资产哦!OLH已经把5860万令吉袋袋平安了!

这招「 乾坤大挪移」果然厉害!




14 comments:

  1. 首先,OLH把每股值1.87令吉的OSKPROP当2令吉来用,换取同样数额,但每股却值2.75令吉的OSK,这当中其实已经赚到了价差。

    ------------------


    OSKP和OSK倒转了吧。

    ReplyDelete
    Replies
    1. AHBOON兄没有写错。。OSK NTA真的是2.75.。。

      Delete
  2. 如果没有记错,黄老板的oskp本钱非常低,低于RM1

    ReplyDelete
  3. 其实他要拿那5860万股息也不用搞到这么复杂,直接宣布派股息就好了。若他想拿更多股息,等把OSKP及PJDEV的股换成OSK股,过一阵子再宣布发股息,股息就不止5860万了。他是大股东,想做什么都行。

    ReplyDelete
    Replies
    1. 复杂才会看见今天pjdev, osk, oskprop的价钱。

      Delete
  4. Ah boon哥,有没有可能这次收购后,再过几年再合并pjdev及oskprop。
    因pjdev及oskprop还保留上市地位。

    ReplyDelete
    Replies
    1. Thiery,

      我不排除有这个可能性,PJDEV已经被低估,但还被压着来打,看来有人希望可以捡得更便宜些。

      Delete
  5. Ah boon,

    还有一个重点,不要忘记RHBCAP的股份啊~ indirect hold 了多少%

    ReplyDelete
  6. i should hold my 100lot pjdev-wc or sell it?any comment?thanks.

    ReplyDelete
    Replies
    1. I will hold. Unless they offer higher price otherwise I will not sell.

      Delete
  7. my average price is 0.900 for pjdev-wc

    ReplyDelete
  8. 看見pjdev現在的股價,真的很傷心下..
    現在市場回到綠油油,如果不是因為著個消息,
    pjdev的價絕對不是現在這個價錢..
    心痛啊..ah boon

    ReplyDelete
  9. 在 i3 看到这个,在此分享。希望一人一份力量,可以抵抗OLH

    Ravi Kumar : I found out more information today. Please go to the securities web page:

    http://www.sc.com.my/lodge-complaints-2/lodge-complaints/

    No need to fill the form.

    and copy MSWG in the email. Also, please add in your rational of what is fair for this stock and what it should be example thanks to the writer for PJ Dev

    1. 90% of NTA price which is equal to 2.29 or
    2. 1.5 times Price to Book Value which is equal to 3.76

    How to Lodge a Complaint?

    Please download and complete the following editable pdf form:

    Complaint Form (pdf – 119KB)
    The form can also be faxed or sent to the address below:

    Investor Affairs & Complaints Department
    Securities Commission Malaysia
    No 3 Persiaran Bukit Kiara
    Bukit Kiara
    50490 Kuala Lumpur
    Tel: 603 6204 8999
    Fax: 603 6204 8991
    E-mail: aduan@seccom.com.my


    Your letter should contain the following:

    Re: Unfair action to minority shareholder
    Mr. Ong Leong Huat (OLH) sells the share of OSKProp and Warrant WC at about 0.30 below the market price, his action caused the stock price of OSKProp and Warrant WC to drop 0.30 the next day. This is not a fair transaction to minority shareholders.

    OLH sells PJDev to OSK at 1.60, this cause share price of PJDev and Warrant WC gap down the next day. All minority shareholder of PJDev and Warrant WC suffered a big loss especially Warrant WC minority shareholders. OLH should not sell the share price below the current market price. Please act to protect minority shareholder of PJDev and Warrant WC.

    Please review and advice if you have any good suggestions to protect minority shareholders of PJDEV-WC. Is it possible for sir to find a way to help us as a minority shareholders? Most of us bought at 0.90 something and it gaps down immediately the next day to 0.60. We experienced a huge loss.

    Hope you can assist us. Appreciated. Good day !


    Best Regards,


    -----------------
    Name:
    :

    - END-

    ReplyDelete

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