ptaras 给红股，1 ：1

历史回顾：


如果从 4-2-2002 前持一千单位的鹏发（当时股价 RM2 左右），

一直没卖出，直到今天，

Ex date	description	创造财富
4-2-2002	Bonus Issue Of 30,024,000 New Ordinary Shares Of RM1.00  Each On The Basis Of Three (3) New Ordinary Shares For Every Five (5) Existing Ordinary Shares Held	6百单位鹏发红股
23-12-2002	First and Final Dividend of 5% less 28% income tax  in respect of the financial year ended 30 June 2002	RM57.60
10-12-2003	First and Final Dividend of 7.5% less 28% income tax  in respect of the financial year ended 30 June 2003	RM86.40
16-12-2004	First and final dividend of 5% less 28% income tax  in respect of the financial year ended 30 June 2004.	RM57.60
16-12-2005	First and final dividend of 5% less 28% income tax  in respect of the financial year ended 30 June 2005.	RM57.60
18-12-2006	First and final dividend of 5% less 28% income tax  in respect of the financial year ended 30 June 2006.	RM57.60
17-12-2007	First and final dividend of 10% less 26% income tax  in respect of the financial year ended 30 June 2007	RM118.40
17-12-2008	First and final dividend of 12% less 25% income tax  in respect of the financial year ended 30 June 2008	RM144.00
16-12-2009	First and final dividend of 10% less 25% income tax  in respect of the financial year ended 30 June 2009.	RM120.00
17-12-2010	First and final dividend of 15% less 25% income tax  in respect of the financial year ended 30 June 2010.	RM180.00
16-12-2011	First and final dividend of 15% less 25% income tax and  4% single-tier in respect of  the financial year ended 30 June 2011.	RM244.00
13-6-2012	Interim Dividend of 7.5% single-tier in respect of the financial year ending 30 June 2012	RM120.00
27-12-2012	Final Dividend of 12.5% single-tier in respect of the financial year ended 30 June 2012.	RM200.00
12-6-2013	Interim Dividend of 10% single-tier in respect of the financial year ending 30 June 2013	RM160.00
TOTAL		600unit + RM1602.80

今天鹏发股价超过 RM5.20 ，那600单位红股价值超过 RM3,120 另加 RM1602.80 股息。

这11年来，鹏发为它的股东创造了财富

5200 + 3120 + 1602.80 - 2000(本） 〉 RM 7,900

7900 / 2000 > 3 triple

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sapind 致命点分析

未研究傻兵时，先补习一下有关sapind举足轻重人物背景：

sapura industrial集团主席（chairman)是

Tan Sri Dato’ Seri Ir. Shamsuddin bin Abdul Kadir，年过80岁，行将就木雄风不在。

他的两个孩子：Datuk Shahril Shamsuddin (deputy chairman)

and Shahri­man Shamsuddin(executive director)


许多人都知道 sapura kencana 是老马儿子的，

其实，真正掌控 skpetro 的是 Datuk Shahril Shamsuddin，

以下是 skppetro 董事局成员，

shahril 是 president and group ceo, 

老马儿子只不过是 executive VICE chairman 罢了。

可见 shahril的生意管理头脑。

shahril 毕业于 master of science in management of technology,
MIT sloan school of management.

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

话归正题，我们来探讨傻兵：

5 years financial highlights

5 年来营业额没什麽成长，


税后净利在 2011， 2012 财政年 是其它财政年份的双倍左右。

2011财政年是从 2010年2月1日到 2011年1月31日。
2012财政年是从 2011年2月1日到 2012年1月31日。
2013财政年是从 2012年2月1日到 2013年1月31日。



派息方面：

27-7-2010 ex dividend 5sen

14-12-2010 ex dividend 14sen

18-7-2011 ex dividend 13.8sen

20-7-2012 ex dividend 15sen

11-10-2012 ex dividend 7sen

派高息时期是2010年到2012年期间，

也既是2011，2012，2013财政年

在这时期是有谁掌控sapind,

看看这几年来directors board 董事成员就知了，


原来就是商业管理天才Datuk Shahril Shamsuddin





下图是 sapind 2012年财政报告书里的董事成员：





下图是 sapind 2013年财政报告书里的董事成员：




在2012和2013财政年财政报告书中，

董事局里完全没有

Tan Sri Dato’Seri Ir. Shamsuddin bin Abdul Kadir（主席）的名字及照片，

可见他的权力被Datuk Shahril Shamsuddin架空。

由此可见，这段时期是Datuk Shahril Shamsuddin掌控傻兵，

是Datuk Shahril Shamsuddin带领傻兵为股东们创造财富
（派高息，股价新高，税后盈利增长超过100%等等）。

2012年4月传出shamsuddin 父子不和，争产夺股的新闻后，

"..............

Sapura founder sues sons for millions 

KUALA LUMPUR: The publicity-shy Tan Sri Shamsuddin Abdul Kadir of Sapura Group is in the news but not for his entrepreneurial skills.
He is taking his two sons to court.
Shamsuddin, who got married to then 30-year-old Mariam Parineh Nariman from Iran in 2007, had filed a lawsuit against his children at the Shah Alam High Court in February.
It was reported that Shamsuddin, who is the chairman and founder of Sapura Group, is demanding the return of shares and properties valued in excess of RM450mil from his two sons, Datuk Shahril Shamsuddin and Shahri­man Shamsuddin.
It is learnt that court papers did not explain the reasons Shamsuddin, 80, is demanding the return of the assets, which include a 15% share in the family’s private investment vehicle called Sapura Holdings Sdn Bhd and other properties in the Klang Valley and Selangor.
It is also learnt that the claim stated that Shamsuddin “gratuitously and without consideration” transferred the block of shares in Sapura Holdings and a total of 23 parcels of property to a private investment holding company Brothers Capital between 2007 and 2010.
The Star had carried a report in June 2007 on how the father and son had built and fashioned a family-owned business empire.
It was stated that when Shamsuddin founded the group in 1975, the company’s core business was essentially auto, defence, energy and later, ICT.
However, in the late 1990s, when his son Shahril took over the reins and after a protracted lull, he slowly, but gradually, turned the group into what it is today – largely an oil and gas company.

It said the group had transformed itself into the country’s most integrated and largest oil and gas service provider.

http://www.thestar.com.my/News/Nation/2012/04/06/Sapura-founder-sues-sons-for-millions.aspx

............"




Datuk Shahril Shamsuddin 卸下 控制sapind 权利，以平息这内乱。


“............

Changes in Sub. S-hldr's Int. (29B)

SAPURA INDUSTRIAL BERHAD

Particulars of substantial Securities Holder

Name	Tan Sri Shahril bin Shamsuddin
Address	No. 66, Jalan Kuda Emas The Mines Resort City 43300 Seri Kembangan Selangor Darul Ehsan
NRIC/Passport No/Company No.	610322-03-5029
Nationality/Country of incorporation	Malaysian
Descriptions (Class & nominal value)	Ordinary Shares of RM1.00 each
Name & address of registered holder	Sapura Holdings Sdn. Bhd. Sapura @ Mines, No. 7 Jalan Tasik The Mines Resort City 43300 Seri Kembangan Selangor Darul Ehsan

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction	Date of change	No of securities	Price Transacted (RM)
Transferred	17/06/2013	32,420,391	0.000

Circumstances by reason of which change has occurred	Transfer of shares from Sapura Holdings Sdn. Bhd. to Tan Sri Dato’ Seri Ir. Shamsuddin bin Abdul Kadir.
Nature of interest	Direct and Indirect
Direct (units)	1,426,875
Direct (%)	1.96
Indirect/deemed interest (units)	32,420,391
Indirect/deemed interest (%)	44.55
Total no of securities after change	1,426,875
Date of notice	17/06/2013

没了shahril samsuddin 的傻兵还有 $ 途吗？

这是关键的问题：

Tan Sri Shamsuddin Abdul Kadir 年事已高，超过80岁，没当年勇，

难怪生意官司找上门账目要拨备，可能人老好欺。

汽车行业竞争激烈，团队很重要，老人带队吃力不讨好。

总之，我是不看好 Tan Sri Shamsuddin Abdul Kadir领导的傻兵。

市场看法想必也如此，业绩不理想，不能满足股东期望（派高息），因此股价不振。




那傻兵完全没希望了吗？

未必，

因为Tan Sri Shamsuddin Abdul Kadir 终究会走的一天，

那时，shahril 可能又回来了，

到时傻兵翻身，大家又可与傻兵并肩作战，冲锋陷阵了。

所以，傻兵跌低低时买一点来收，等他的老爸走了，股价应该会一飞冲天。




备注：亏盈自负，本文没做任何建议买卖。

perstim 2013 财报分析

5 years finacial highlights

表中显示：

从 2009 到 2013 财政年，营业额，税后盈利江河日下，

但是，净股息年年最少每股三毛，总票数 99,305,000 多年来维持不变。

营业额，盈利下降，因为销售数量下降，为了市场竞争，价钱也下调卖。

销售数量下降因为客户多选择价钱便宜的进口货，不跟马镀锡买。

2013财政年董事薪水总共:

执行董事 + 非执行董事 = RM1,912,000 + RM584,000 = RM2,496,000.

2013财政年马镀锡净赚 RM26,684,000

董事的薪水占马镀锡净利 ：100%  X 2,496,000 / 26,684,000 = 9.4%


为了维持每财政年每股派毛息 40sen，马镀锡每年最少得赚

40sen X 99,305,000 = RM39,722,000

2013财政年才赚 <  RM27m

可是却派息 >  RM39m,

吃老米，这不是好现象。


总结以上几个重点：

优点：年年派息40sen 毛息，总票数没增加.

债务低，短期借贷 RM12,887,000

现金有 RM109,341,000

储备 RM219,955,000, 每单位股可派 2单位红股，绰绰有余。

董事薪水不超过净利 10%


忧点，

营业额，盈利下降，因为销售数量下降，为了市场竞争，价钱也下调卖。

它在市场没优势，要靠政府保护政策，



综观以上优忧点，

我考虑卖出我的马镀锡。

住套房，有钱收

去年年中买马镀锡，RM 3.60,

一转眼，一年过去了，2012年共得股息

20sen  + 13.5sen  = 33.5sen

扣税25%后，净股息= 25.125

马镀锡又要派需扣税股息 26.5sen , 每单位。

这次8月收了股息后，11月又会ex 2014 interim dividend (每单位20sen 需扣税)，这是惯例，如无意外。

Final Dividend

PERUSAHAAN SADUR TIMAH MALAYSIA (PERSTIMA) BHD

EX-date	29/07/2013
Entitlement date	31/07/2013
Entitlement time	05:00:00 PM
Entitlement subject	Final Dividend
Entitlement description	Final dividend of 26.50 sen per ordinary share of RM1.00 each less 25% income tax for the financial year ended 31 March 2013
Period of interest payment	to
Financial Year End	31/03/2013
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Symphony Share Registrars Sdn Bhd Level 6, Symphony House, Block D13, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan. Tel: 03-7841 8000
Payment date	15/08/2013
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	31/07/2013
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit	29/07/2013
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.265

---

Announcement Info

Company Name	PERUSAHAAN SADUR TIMAH MALAYSIA (PERSTIMA) BHD
Stock Name	PERSTIM
Date Announced	2 Jul 2013
Category	Entitlements (Notice of Book Closure)
Reference No	CC-130625-38659

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