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Latest Forum Topics / China Everbright    Last:0.225 --  Post Reply
HankoreEnv (U9E) Discussion
leeeta
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02-Jun-2014 21:51     
 
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wah Share7, you tokong leh...can tell story. respect.

Share7      ( Date: 02-Jun-2014 21:50) Posted:



HK owns a gun but limited & borrowed bullets. CEI owns a different gun, with more bullets, sharp shooter, sheriff is his drinking buddy. Both of them negotiate...HK join CEI or CEI join HK. HK decides to join CEI. The spectators cheered the decision because they know HK got no chance in the wild wild ride of the China wastewater market...you shout NOT FAIR, NOT FAIR...but spectators know HK got no chance...now CEW got double barrel gun, more bullets, got sharp shooters, sheriff is your drinking buddy. I smile, and shout CHEERS...because I know soon CEW can point the double barrel gun, more bullets, sharp shooters and sheriff in tow to negotiate with someone else....the story continues.

Jackpot2010      ( Date: 02-Jun-2014 21:41) Posted:



Is this a " raw deal" - unfair to Hankore Shareholders.

Hankore Last traded share px = $1.19 vs shares issued to CEIL at $0.703 (i.e. Big Discount of 41% in favour of CEIL)

Assets of CEIL (to be purchased) are valued at Market price BUT shares of Hankore are not issued at market px.

End of the day, CEIL emerge as major owner holding 78% of new entity leaving only 22% to existing Hankore shareholders.

DYODD: I m not an expert on M& A of water assets, so my view may be wrong.


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Share7
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02-Jun-2014 21:50     
 
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HK owns a gun but limited & borrowed bullets. CEI owns a different gun, with more bullets, sharp shooter, sheriff is his drinking buddy. Both of them negotiate...HK join CEI or CEI join HK. HK decides to join CEI. The spectators cheered the decision because they know HK got no chance in the wild wild ride of the China wastewater market...you shout NOT FAIR, NOT FAIR...but spectators know HK got no chance...now CEW got double barrel gun, more bullets, got sharp shooters, sheriff is your drinking buddy. I smile, and shout CHEERS...because I know soon CEW can point the double barrel gun, more bullets, sharp shooters and sheriff in tow to negotiate with someone else....the story continues.

Jackpot2010      ( Date: 02-Jun-2014 21:41) Posted:



Is this a " raw deal" - unfair to Hankore Shareholders.

Hankore Last traded share px = $1.19 vs shares issued to CEIL at $0.703 (i.e. Big Discount of 41% in favour of CEIL)

Assets of CEIL (to be purchased) are valued at Market price BUT shares of Hankore are not issued at market px.

End of the day, CEIL emerge as major owner holding 78% of new entity leaving only 22% to existing Hankore shareholders.

DYODD: I m not an expert on M& A of water assets, so my view may be wrong.

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leeeta
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02-Jun-2014 21:50     
 
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Sorry I am not defending this..but I think we need to be fair..and   why the valuers value the shares as such

1 Need to understand that " at that time when deal was first negotiated" , HK   Px was hovering arnd 7cts. This is the base currency denominator agreed upon then.

2 CEIL' s share price then is not much different from   now...and HK is the buyer of the assets and not the other way round.

3. The purchase is not abt assets but also recurring revenue, quality and grade of assets, etc.

I dont think SG analyst is able to understand completely until they refer to the valuation done by the ang moh companies.

Jackpot2010      ( Date: 02-Jun-2014 21:41) Posted:



Is this a " raw deal" - unfair to Hankore Shareholders.

Hankore Last traded share px = $1.19 vs shares issued to CEIL at $0.703 (i.e. Big Discount of 41% in favour of CEIL)

Assets of CEIL (to be purchased) are valued at Market price BUT shares of Hankore are not issued at market px.

End of the day, CEIL emerge as major owner holding 78% of new entity leaving only 22% to existing Hankore shareholders.

DYODD: I m not an expert on M& A of water assets, so my view may be wrong.

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Jackpot2010
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02-Jun-2014 21:41     
 
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Is this a " raw deal" - unfair to Hankore Shareholders.

Hankore Last traded share px = $1.19 vs shares issued to CEIL at $0.703 (i.e. Big Discount of 41% in favour of CEIL)

Assets of CEIL (to be purchased) are valued at Market price BUT shares of Hankore are not issued at market px.

End of the day, CEIL emerge as major owner holding 78% of new entity leaving only 22% to existing Hankore shareholders.

DYODD: I m not an expert on M& A of water assets, so my view may be wrong.
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leeeta
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02-Jun-2014 21:38     
 
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can enligthen me? maybe   i missed something.

reknab      ( Date: 02-Jun-2014 21:36) Posted:

Still not enough shares after increase in authorised share cap if there is no rss

leeeta      ( Date: 02-Jun-2014 21:12) Posted:



Actually its not the RSS, but the increase of authorised share capital.


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reknab
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02-Jun-2014 21:36     
 
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 Alert Admin 		Still not enough shares after increase in authorised share cap if there is no rss

leeeta      ( Date: 02-Jun-2014 21:12) Posted:



Actually its not the RSS, but the increase of authorised share capital.

Share7      ( Date: 02-Jun-2014 21:06) Posted:



Yes, I remember. 


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leeeta
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02-Jun-2014 21:32     
 
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hahaha.. I like what you like.. but the valuation may not necessarily be high..from our perspective and based on capacities yes, it kinda sound high..but from revenue and income, it may not be that way. Anwyay, things looking good now for more multi baggers.

Share7      ( Date: 02-Jun-2014 21:26) Posted:



I like (1) the name: China Everbright Water (2) one of the largest wastewater company in China (3) SOE status - bluest S-chip (4) China Everbright sole water company (5) cheaper loans (6) high growth CE family (9 WTE in 5 months) (7) no more kangkore days. When I bought in April 2012, on many occasions, worry whether accounts real or not, can survive or not, will it go to bio-trick days, blah blah blah. Yes, valuation is high but like what David said, going forward, all the likes will outweigh the price as Mr Market is forward-looking. CE

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Share7
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02-Jun-2014 21:26     
 
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I like (1) the name: China Everbright Water (2) one of the largest wastewater company in China (3) SOE status - bluest S-chip (4) China Everbright sole water company (5) cheaper loans (6) high growth CE family (9 WTE in 5 months) (7) no more kangkore days. When I bought in April 2012, on many occasions, worry whether accounts real or not, can survive or not, will it go to bio-trick days, blah blah blah. Yes, valuation is high but like what David said, going forward, all the likes will outweigh the price as Mr Market is forward-looking. CE
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leeeta
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02-Jun-2014 21:17     
 
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ahh..she means the other round..

Ok..well but then the deal was initiated when the PX was hovering arnd 7cts at that time...it may be different now...but the PX now has priced in the RTO by quite a bit. We will see how the mkt reacts tomorrow...but i am in this for the long term..will dispose of the ST in the coming days/weeks.

Share7      ( Date: 02-Jun-2014 21:09) Posted:



Pinky calculated probably based on current trading price of 1.19 as against 0.703.

leeeta      ( Date: 02-Jun-2014 20:48) Posted:



Sorry PInky..dont get this .." Based on the current share px, HK is effectively paying SGD2.3b for the target... Almost 100% premium! "   can elaborate? coz the amount to be paid is fixed.


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leeeta
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02-Jun-2014 21:12     
 
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Actually its not the RSS, but the increase of authorised share capital.

Share7      ( Date: 02-Jun-2014 21:06) Posted:



Yes, I remember. 

reknab      ( Date: 02-Jun-2014 20:03) Posted:

I agree. Most of hankores design capacity is not operational. If we compare the net income of both hankore's shareholding post rto makes more sense. Anw, leeta, the condition you talked about is a whitewash waiver. Because cei will own more than 30% of hankore post rto they need to make an offer under the takeover code. The whitewash waiver is typical. Anw, I guess hankore owning ~20% of the enlarged entity is within expectations (share7, still remember our discussion on why they are not able to issue enough shares if they dont do a share conso?) Hopefully the market didint expect a miracle/hankore to own a much more substantial portion of the enlarged entit
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Share7
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02-Jun-2014 21:09     
 
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Pinky calculated probably based on current trading price of 1.19 as against 0.703.

leeeta      ( Date: 02-Jun-2014 20:48) Posted:



Sorry PInky..dont get this .." Based on the current share px, HK is effectively paying SGD2.3b for the target... Almost 100% premium! "   can elaborate? coz the amount to be paid is fixed.

pinkchikubi      ( Date: 02-Jun-2014 20:45) Posted:



I believe in my own value judgement, so still holding...  Just avoided commenting here as a lot of witch hunting whenever there is a correction... Not to mention a lot of bomohs... Lol

Based on the current share px, HK is effectively paying SGD2.3b for the target... Almost 100% premium!


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Share7
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02-Jun-2014 21:06     
 
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Yes, I remember. 

reknab      ( Date: 02-Jun-2014 20:03) Posted:

I agree. Most of hankores design capacity is not operational. If we compare the net income of both hankore's shareholding post rto makes more sense. Anw, leeta, the condition you talked about is a whitewash waiver. Because cei will own more than 30% of hankore post rto they need to make an offer under the takeover code. The whitewash waiver is typical. Anw, I guess hankore owning ~20% of the enlarged entity is within expectations (share7, still remember our discussion on why they are not able to issue enough shares if they dont do a share conso?) Hopefully the market didint expect a miracle/hankore to own a much more substantial portion of the enlarged entity

leeeta      ( Date: 02-Jun-2014 19:50) Posted:



Hankore' s design capacity is 1.57M m3 ton however operational is much lower and according to my analysis last yr is only about 700 m3 ton. Could be that CEI' s are all operational and hence valued higher. These are my initial thoughts.


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leeeta
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02-Jun-2014 21:05     
 
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Press release from last year..but dont know how much going to WT.

China Everbright International Signs Investment Cooperation Framework Agreement with Zhuhai Government




Strengthens its Strategic Involvement in the Pearl River Delta and Advances the Development of Environmental Protection Industry in the Region

29 December 2013, Hong Kong - China Everbright International Limited (" Everbright International" or the " Group" ) (HKSE: 00257) is pleased to announce that it has signed an Investment Cooperation Framework Agreement with the Zhuhai Municipal People' s Government (&ldquo Zhuhai Government&rdquo ), focusing on environmental protection industry park and areas of energy conservation, environmental protection and alternative energy. 

Everbright International plans to invest RMB 3 billion in Zhuhai during the period of &ldquo the 12th Five-year Plan&rdquo . The two parties have initially confirmed an industrial solid waste treatment project and an industrial waste water intensive treatment project as the first two areas of cooperation, and are considering further extending the cooperation to sludge treatment, household waste treatment, food waste treatment, photovoltaic energy and an environmental protection technology R& D centre etc.. The construction of the integrated environmental protection industrial park covering the cities at the west coast of the Pearl River Estuary to support the rapid industrial development in the western district of Zhuhai. 

leeeta      ( Date: 02-Jun-2014 20:07) Posted:



oh ya, and not to forget the pearl river delta project they just signed..forgot how much.

leeeta      ( Date: 02-Jun-2014 20:04) Posted:



also in the annoucement, there are 14 CEIL WT plants with   Grade A commanding higher profits..

The Target Group operates a portfolio of large scale and diversified waste-water treatment 
projects. As at 31 December 2013, the Target Group had 21 waste-water treatment 
projects, 4 reusable water projects and 1 waste-water source heat pump project. The 
projects are designed with an annual waste-water treatment capacity of approximately 
667,950,000m³ and provide annual reusable water of 22,484,000m³ , and its waste-water 
source heat pump project covers a service area of 125,000m2
. 14 of the waste-water 
treatment projects achieved Grade 1 Class A water discharge standard, the highest 
standard imposed in the PRC, enabling the Target Group to command higher waste-water 
treatment fees compared to projects with lower discharge grades. The Target Group also   consists

of 2 completed water Build-Transfer projects and has successfully locked in the  future profits arising from these 2 projects.

The waste-water treatment projects operated by the Target Group are concentrated in the 
provinces of Shandong and Jiangsu which offer strong local economies. The waste-water 
treatment fees increased steadily across the waste-water treatment projects over the years. 
Furthermore, strong demand has resulted in waste-water treatment volume growth 
outstripping the initial forecasts. The utilization rate of the Target Group remained high in 
2013, and the Target Group is making plans to expand several plants which are nearing or 
exceeding the design capacities.
The Target Group&rsquo s revenue and net profit attributable to equity shareholders grew at a 
CAGR of 22.9% and 14.6% respectively for the past 2 years, and achieved a revenue and 
net profit of HK$1,291 million and HK$266 million in 2013 respective

 


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leeeta
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02-Jun-2014 20:55     
 
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Just read from another forum that FF Wong had disposed of their 100M shares for a good profit pre-RSS..so top SSHs are

David Chen, Alan Wang, Ancient Jade.. Of the 3 , 2 have signed not to dispose of shares by end of year.
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leeeta
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02-Jun-2014 20:48     
 
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Sorry PInky..dont get this .." Based on the current share px, HK is effectively paying SGD2.3b for the target... Almost 100% premium! "   can elaborate? coz the amount to be paid is fixed.

pinkchikubi      ( Date: 02-Jun-2014 20:45) Posted:



I believe in my own value judgement, so still holding...  Just avoided commenting here as a lot of witch hunting whenever there is a correction... Not to mention a lot of bomohs... Lol

Based on the current share px, HK is effectively paying SGD2.3b for the target... Almost 100% premium!

leeeta      ( Date: 02-Jun-2014 19:26) Posted:



oh pinky appeared...alamak i thot u sold liao...hahaha.


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pinkchikubi
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02-Jun-2014 20:45     
 
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I believe in my own value judgement, so still holding...  Just avoided commenting here as a lot of witch hunting whenever there is a correction... Not to mention a lot of bomohs... Lol

Based on the current share px, HK is effectively paying SGD2.3b for the target... Almost 100% premium!

leeeta      ( Date: 02-Jun-2014 19:26) Posted:



oh pinky appeared...alamak i thot u sold liao...hahaha.

pinkchikubi      ( Date: 02-Jun-2014 19:22) Posted:

Yeah... Same initial thoughts, valuation way too high... Need time to read in detail... Zzz
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leeeta
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02-Jun-2014 20:45     
 
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allo allo dont get excited leh.. yes with China PMI at 50.8 and a positive news on this RTO..it will gap up, by how much dunno leh and there is still the long list of approvals required.. Let the analyst crunch the numbers ok.. Might go down to THE office to inspect the valuers report. Need to have a   better understanding of the valuation.

Spivvy      ( Date: 02-Jun-2014 20:36) Posted:

Wahahajaha Gap Up Lai Liao Gap Up Lai Liao. Peterngchinheng spank yur own buttocks liao!!!

China Everbright Water Limited LAI LIAO LAI LIAO! After so many months finally no more uncertainties. No more shortists mkt. This Takeover going to be in play for the next few months.

Gap Up to $1.60 at least ahahahaha
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KrTrader
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02-Jun-2014 20:38     
 
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bro, finally you kee siao liao ?

Spivvy      ( Date: 02-Jun-2014 20:36) Posted:

Wahahajaha Gap Up Lai Liao Gap Up Lai Liao. Peterngchinheng spank yur own buttocks liao!!!

China Everbright Water Limited LAI LIAO LAI LIAO! After so many months finally no more uncertainties. No more shortists mkt. This Takeover going to be in play for the next few months.

Gap Up to $1.60 at least ahahahaha
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Spivvy
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02-Jun-2014 20:36     
 
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 Alert Admin 		Wahahajaha Gap Up Lai Liao Gap Up Lai Liao. Peterngchinheng spank yur own buttocks liao!!!

China Everbright Water Limited LAI LIAO LAI LIAO! After so many months finally no more uncertainties. No more shortists mkt. This Takeover going to be in play for the next few months.

Gap Up to $1.60 at least ahahahaha
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n3wbie
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02-Jun-2014 20:35     
 
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it should be more than a pump and dump since essentially the new company is a SOE and China has consistently emphasized on increasing expenditure on the water treatment industry.
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