言所欲言

Asiaep is not a cash rich company but is buying back company shares. At the same time, the boss is reducing his stake in the company. Do you see anything wrong here?

Information Compiled By Bursa Malaysia

Date of buy back	:	27/11/2007
Description of shares purchased	:	ORDINARY SHARES RM0.10 EACH
Total number of shares purchased (units)	:	323,000
Minimum price paid for each share purchased (RM)	:	0.250
Maximum price paid for each share purchased (RM)	:	0.255
Total consideration paid (RM)	:	82,503.34
Number of shares purchased retained in treasury (units)	:	323,000
Number of shares purchased which are proposed to be cancelled (units)	:
Cumulative net outstanding treasury shares as at to-date (units)	:	575,100
Adjusted issued capital after cancellation (no. of shares) (units)

Date of buy back	:	26/11/2007
Description of shares purchased	:	ORDINARY SHARE RM0.10 EACH
Total number of shares purchased (units)	:	137,900
Minimum price paid for each share purchased (RM)	:	0.255
Maximum price paid for each share purchased (RM)	:	0.255
Total consideration paid (RM)	:	35,460.72
Number of shares purchased retained in treasury (units)	:	137,900
Number of shares purchased which are proposed to be cancelled (units)	:
Cumulative net outstanding treasury shares as at to-date (units)	:	252,100
Adjusted issued capital after cancellation (no. of shares) (units)

Date of buy back	:	20/11/2007
Description of shares purchased	:	ORDINARY SHARES
Total number of shares purchased (units)	:	114,200
Minimum price paid for each share purchased (RM)	:	0.265
Maximum price paid for each share purchased (RM)	:	0.265
Total consideration paid (RM)	:	30,487.69
Number of shares purchased retained in treasury (units)	:	114,200
Number of shares purchased which are proposed to be cancelled (units)	:
Cumulative net outstanding treasury shares as at to-date (units)	:	114,200
Adjusted issued capital after cancellation (no. of shares) (units)

On 25 Oct 07, the share price of AsiaEP was pushed up and Goldman Sachs has sold their entire stake in AsiaEP.

Impressive 31/08/07 Quarter Results, the share price is currently trading at single PE but share price continue to fall…

Don’t you sense there is something not right?

The graph speaks for itself. The charting is so nice and BKAWAN is at historical high…

1 Batu Kawan share holds 1.1349 shares of KLK

Total BKAWAN shares: 435,951,000

Other assets: approximately RM 333 millions

Fair price RM 13.41

Upside: 35.45%!

Cumulative net outstanding treasury shares as at to-date (units) : 3,229,500

Sharing from a friend:

Dated 3 November 07

BKAWAN还在RM9.65和RM9.75之间回购本身的股票，

可以预测从现在开始到11月底公布全年成绩时，
BKAWAN将会牛气冲天！

我预测BKAWAN的全年EPS将在于RM0.78左右。
我是以KLK的CPO产量和FCPO的价钱来预算，
所以应该会相当准确的。

Dated 17 October 07

BKAWAN股票总数＝435951100，
公司回购股票（公布于17.08.2007）＝2994500，
BKAWAN净股票总数＝435951100-2994500＝432956500，
BKAWAN拥有KLK的股票＝495901527，
所以每1000股BKAWAN拥有495901527/432956500*1000＝1145股KLK，

KLK第三季（4月-6月）的EPS＝RM0.139，
其中RM0.115是由种植领域贡献，另外RM0.024是由其他领域贡献，

再比较，
已经公布的第四季（7月-9月）和第三季（4月-6月）的油棕产量和价钱，发现它增加了79％，

所以种植领域将会在第四季贡献RM0.115*1.79＝RM0.206，
假设其他领域将贡献和第三季同样的RM0.024，
所以我们可以准确的计算KLK的第四季的EPS＝RM0.206+RM0.024＝RM0.230，

那么，BKAWAN从KLK得来的EPS＝RM0.230*1.145＝RM0.263，
再加上BKAWAN本身的业务将会贡献RM0.015的话，
BKAWAN的第四季的EPS＝RM0.263+RM0.015＝RM0.278，

BKAWAN前三季的EPS＝RM0.503，
所以BKAWAN全年的EPS＝RM0.503+RM0.278＝RM0.781，
以现在BKAWAN的价钱RM8.90来算，
BKAWAN的PE＝RM8.90/RM0.781＝11.40倍而已。

再看，
如果明年BKAWAN的EPS维持于现在第四季的水平，
BKAWAN2008年的EPS＝RM0.278*4＝RM1.112，
这是很容易就达到的目标，
原因是，
第四季的平均油棕价钱只是RM2457，
而今天的油棕价钱已经上到RM2800。
那么，那时的PE＝RM8.90/RM1.112＝8.00倍而已。

买BKAWAN吧！