TA Securities Urges Ranhill Shareholders to Reject YTL Power's "unfair" 99.5 Sen Takeover Offer
TA Securities Urges Ranhill Shareholders to Reject YTL Power's "unfair" 99.5 Sen Takeover Offer
TA Securities Research has called on Ranhill Utilities Bhd investors to reject YTL Power International Bhd's mandatory takeover offer (MTO) of 99.5 sen given such price tag for the water service provider is lower than its target price of RM1.06/share.
TA證券研究呼籲Ranhill Utilities Bhd的投資者拒絕YTL Power International Bhd的強制要約收購（MTO），因爲水服務提供商的價格低於其每股目標價RM1.06/股，僅爲99.5仙。
Considering that Ranhill closed at RM1.35/share yesterday (May 28) or 35.7% upside from the MTO price coupled with the very fact that YTL Power intends to maintain Ranhill's listing status, investors are better off selling the shares in the open market, according to the research house.
考慮到Ranhill昨天（5月28日）的收盤價爲RM1.35/股，比MTO價格高出35.7%，再加上YTL Power表示將保持Ranhill的上市地位，根據該研究機構的說法，投資者最好在公開市場上出售股票。
"We believe that the MTO price is unfair for Ranhill's investors as the price is lower than our target price of RM1.06/share," commented analyst Ong Tze Hern in a power & utilities sector update.
“我們認爲MTO價格對Ranhill的投資者不公平，因爲價格低於我們每股RM1.06的目標價，” 分析師Ong Tze Hern在一份電力和公共事業板塊更新中發表評論。
"Nonetheless, we are positive on the acquisition in the long-term as YTL Power could improve Ranhill's profitability by leveraging its vast experience in the utilities sector."
“儘管如此，我們對YTL Power的收購持樂觀態度，因爲YTL Power可以利用其在公用事業領域的豐富經驗，提高Ranhill的盈利能力。”
For context, YTL Power via its 70%-owned unit SIPP Power Sdn Bhd is in the midst of acquiring 31.4% equity interest in Ranhill from its chairman and chief executive Tan Sri Hamdan Mohamad for 99.5 sen/share or RM405.2 mil cash through direct business transactions (DBT).
對於這個情況，YTL Power通過其持有70%股權的子公司SIPP Power Sdn Bhd正在從其主席兼首席執行官譚 Sri Hamdan Mohamad處通過直接交易（DBT）以99.5仙/股或4.052億令吉的現金收購31.4％的股權。
The acquisition triggers the MTO threshold of which SIPP Power will extend the MTO to acquire the remaining Ranhill shares that it has yet to own.
該收購觸發MTO門檻，SIPP Power將向其尚未擁有的Ranhill股份發出MTO。
Prior to the transaction, YTL Power directly owns a direct 18.9% stake in Ranhill as well as an indirectly 2.9% stake via its 70%-owned SIPP Power. The remaining 30% stake in SIPP Power is owned by SIPP Energy Sdn Bhd which is controlled by former UMNO Kota Tinggi division chief Datuk Daing A Malek Daing A Rahman.
在交易之前，YTL Power直接擁有Ranhill的18.9％股權，以及通過其持有70%股權的SIPP Power間接擁有其2.9％股權。SIPP Power的剩餘30％股權由前UMNO Kota Tinggi區首席Daing A Malek Daing A Rahman控制的SIPP Energy Sdn Bhd擁有。
The acquisition will be funded with internally generated funds and is expected to be completed in June 2024. Meanwhile, the MTO is slated for completion by 3Q 2024 with YTL Power intending to maintain Ranhill's listing status.
該收購將由內部產生的資金支持，並預計將在2024年6月完成。與此同時，MTO計劃於2024年第三季度完成，YTL Power打算保持Ranhill的上市地位。
From performance perspective, TA Securities further deemed the acquisition is earnings accretive but is not expected to immediately move the needle for YTL Power by contributing merely 0.4% additional earnings for the latter's FY6/2025-FY6/2026.
從績效角度來看，TA證券進一步認爲，收購符合盈利預期，但預計不會立即爲YTL Power帶來貢獻，僅在其FY6/2025-FY6/2026中貢獻0.4％的額外收益。
"However, by having a controlling stake in Ranhill, YTL Power can further improve Ranhill's bottom line by leveraging the group's experience in managing Wessex Water in the UK and Power Seraya in Singapore.," opined TA Securities Research.
“然而，通過擁有Ranhill的控制股權，YTL Power可以利用該集團在管理Wessex Water（英國）和Power Seraya（新加坡）方面的經驗進一步提高Ranhill的底線，” TA證券研究表示。
"YTL Power can also gain exposure in large scale solar (LSS) farm and utilise Ranhill's experience in LSS to build the solar farm for its 500MW green data centre. The potential synergy from the acquisition is immense."
“YTL Power還可以在大型太陽能（LSS）農場領域取得曝光，並利用Ranhill在LSS方面的經驗爲其500MW綠色數據中心建造太陽能農場。該收購的潛在協同效應巨大。”
TA Securities Research nevertheless maintained its "sell" rating on Ranhill with an unchanged target price of RM1.06/share on belief that Ranhill's share price has moved ahead of its fundamentals.
不過TA證券研究仍然維持對Ranhill的“賣出”評級，目標價不變爲RM1.06/股，因爲Ranhill的股價據信已超過其基本面。
On the other hand, it also reiterated its "buy" recommendation on YTL Power with an unchanged target price f RM6.35/share on the basis that YTL Power is set to benefit from high demand for AI data centre.
另一方面，它也重申對YTL Power的“買入”推薦，目標價爲RM6.35/股，基於YTL Power將從AI數據中心的高需求中受益。
At 10,20am, Ranhill was down 4 sen or 2.96% at RM1.31 with 10.98 million shares traded, thus valuing the company at RM1.7 bil. – May 29, 20234
5月29日上午10:20，Ranhill下跌4仙，或2.96％，到RM1.31，交易量爲1098萬股，因此市值爲17億令吉。
譯文內容由第三人軟體翻譯。