【HSPLANT 5138 交流专区】合成种植

icy97

合成种植
净利料增26%

2016年12月22日

分析：肯纳格投行
目标价：3令吉

最新进展

在沙巴有3万9800公顷种植地的合成种植（HSPLANT，5138，主板种植股），每公顷种植地生产21至24公吨的原棕油，超越大马平均水平16到25%。

该公司的榨油率（OER）介于21至22%，也比大马介于20至21%的平均水平稍高。

合成种植拥有强稳的资产负债表，比起种植领域0.4倍的净负债，该公司的净现金达1亿7800万令吉。

行家建议

我们预计，合成种植每年4%的重植政策，将改善长期收益，同时降低平均树龄，从目前的15.5年，降至2020年的13.5年。

同时，随着2016至2017财年的原棕油价格预测，从每公吨介于2400至2500令吉，提高至介于2550至2600令吉，我们乐观看待该公司的净利增长前景。

虽然2016至2017财年的产量或减少，但更高价及成本效率支撑，该公司净利将持续增长，介于23至26%。

该公司强稳的资产负债表，能支撑2016至2017财年最低60%的派息率，周息率介于4至4.4%。不过，仍低于我们的70%派息率预测。

基于合成种植持续专注和营运管理良好、比起同行更具吸引力、强稳资产负债表，及超越平均水平周息率，我们给予“超越大市“评级，目标价为3令吉。



【e南洋】

Tony-Pua

5138    HSPLANT    HAP SENG PLANTATIONS HOLDINGS

2nd interim dividend 8 Sen Single Tier T.E.

Entitlement Details: Second interim dividend of 8 sen per ordinary share under the single tier system which is tax exempt in the hands of the shareholders pursuant to paragraph 12B of schedule 6 of the Income Tax Act,1967 in respect of the financial year ended 31 December 2016 payable in cash Entitlement Type: Second Interim Dividend Entitlement Date and Time: 09/03/2017  05:00 PM Year Ending/Period Ending/Ended Date: 31/12/2016 EX Date: 07/03/2017 To SCANS Date: Payment Date: 23/03/2017

Tony-Pua

合成种植末季赚4497万
2017年2月23日
http://www.enanyang.my/news/20170223/合成种植末季赚4497万/

（吉隆坡22日讯）合成种植（HSPLANT，5138，主板种植股）截至去年12月杪末季，净赚4497万3000令吉，比上财年同季3704万4000令吉，起21.4%。

合成种植今日向马交所报备，末季营业额增6.94%，从1亿2020万3000令吉，增至1亿2854万3000令吉。

尽管原棕油和棕仁销量走软，但仍受益于较高平均售价，推动业绩报捷。

全年净利1.24亿

根据该公司文告，末季原棕油和棕仁平均售价，分别按年涨33.58%和77.11%，销量则分别走低25%和18%。

原棕油和棕仁销量逊色，归咎于鲜果串生产减少及年终假期影响货物出口减少。

合计全年，合成种植净利涨28.69%，报1亿2411万8000令吉；营业额则按年增15.76%，录得5亿342万7000令吉。

5138    HSPLANT    HAP SENG PLANTATIONS HOLDINGS

Quarterly rpt on consolidated results for the financial period ended 31/12/2016

Quarter: 4th Quarter Financial Year End: 31/12/2016 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/12/2016 31/12/2015 31/12/2016 31/12/2015 RM '000 RM '000 RM '000 RM '000 1 Revenue 128,543 120,203 503,427 434,875 2 Profit/Loss Before Tax 59,378 37,986 167,146 120,226 3 Profit/(loss) attributable to ordinary equity holders of the parent 44,973 37,044 124,118 96,448 4 Net Profit/Loss For The Period 44,973 37,044 124,118 96,448 5 Basic Earnings/Loss Per Shares (sen) 5.62 4.63 15.52 12.06 6 Dividend Per Share (sen) 8.00 5.00 11.00 8.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 2.5500 2.4800

Tony-Pua

合成种植首季赚3411万
2017年5月25日
http://www.enanyang.my/news/20170525/合成种植首季赚3411万/

（吉隆坡24日讯）随着原棕油及棕榈仁售价大起，带动合成种植（HSPLANT，5138，主板种植股）截至3月31日首季，净利按年激增1.05倍。

该公司首季净赚3410万9000令吉，相等于每股净利4.27仙，上财年同季达1664万9000令吉，或每股2.08仙。

营业额从1亿416万2000令吉，按年增长38.34%至1亿4410万令吉。

合成种植称，首季原棕油平均售价达每吨3268令吉，高于去年同季的2375令吉；而棕榈仁平均售价则从2029令吉，上涨至3282令吉。

大马棕油价格在4月下跌，并在5月初略回升，但棕油市场情绪依然低迷，因为大豆油价格疲弱，加上鲜果串产量预计增加，将会拉低棕油价格。

不过，受到斋戒月需求的支撑，全球棕油需求预计将在短期内保持强劲。

整体而言，合成种植看好本财年可取得令人满意的业绩。

5138    HSPLANT    HAP SENG PLANTATIONS HOLDINGS

Quarterly rpt on consolidated results for the financial period ended 31/03/2017

Quarter: 1st Quarter Financial Year End: 31/12/2017 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/03/2017 31/03/2016 31/03/2017 31/03/2016 RM '000 RM '000 RM '000 RM '000 1 Revenue 144,102 104,162 144,102 104,162 2 Profit/Loss Before Tax 45,441 22,925 45,441 22,925 3 Profit/(loss) attributable to ordinary equity holders of the parent 34,109 16,649 34,109 16,649 4 Net Profit/Loss For The Period 34,109 16,649 34,109 16,649 5 Basic Earnings/Loss Per Shares (sen) 4.27 2.08 4.27 2.08 6 Dividend Per Share (sen) 0.00 0.00 0.00 0.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 2.5100 2.5500

Tony-Pua

合成种植次季多赚46%．派息5仙
http://www.sinchew.com.my/node/1675637/

（吉隆坡23日讯）归功于原棕油价格和销量增加，合成种植（HSPLANT，5138，主板种植组）截至6月30日第二季净利增长45.79%，至2885万8000令吉，带动上半年净利飙升72.78%，至6296万7000令吉。

第二季营业额增长20.76%，至1亿3350万8000令吉，上半年营业额则提高29.29%，至2亿7761万令吉。董事部建议派发每股5仙股息，除权和享有日为9月7和11日。

第二季原棕油和棕仁平均售价升至2897令吉和2142令吉，去年同期为2661令吉和2411令吉。原棕油销售量则增长18%，至3万9009公吨；棕仁销量增加2%，至8693公吨。

原棕油产量则下跌2%，棕仁产量却增加2%。

展望未来，合成种植预期大豆油供应增加，将对棕油价带来负面影响，至于棕油产量通常在下半年增加。

文章来源：
星洲日报‧财经‧2017.08.24

5138    HSPLANT    HAP SENG PLANTATIONS HOLDINGS

Quarterly rpt on consolidated results for the financial period ended 30/06/2017

Quarter: 2nd Quarter Financial Year End: 31/12/2017 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 30/06/2017 30/06/2016 30/06/2017 30/06/2016 RM '000 RM '000 RM '000 RM '000 1 Revenue 133,508 110,556 277,610 214,718 2 Profit/Loss Before Tax 39,664 27,951 85,105 50,876 3 Profit/(loss) attributable to ordinary equity holders of the parent 28,858 19,794 62,967 36,443 4 Net Profit/Loss For The Period 28,858 19,794 62,967 36,443 5 Basic Earnings/Loss Per Shares (sen) 3.61 2.48 7.87 4.56 6 Dividend Per Share (sen) 5.00 3.00 5.00 3.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 2.5500 2.5500

Tony-Pua

EX-date	07 Sep 2017
Entitlement date	11 Sep 2017
Entitlement time	05:00 PM
Entitlement subject	First Interim Dividend
Entitlement description	First interim dividend of 5 sen per ordinary share under the single tier system which is tax exempt in the hands of the shareholders pursuant to paragraph 12B of schedule 6 of the Income Tax Act,1967 in respect of the financial year ending 31 December 2017 payable in cash
Period of interest payment	to
Financial Year End	31 Dec 2017
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	Tricor Investor & Issuing House Services Sdn BhdUnit 32-01, Level 32Tower A, Vertical Business SuiteAvenue 3, Bangsar SouthNo. 8, Jalan Kerinchi59200 Kuala LumpurTel No. 603-27839299Fax No. 603-27839222
Payment date	26 Sep 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	11 Sep 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
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	0.05

icy97

合成种植
下半年产量看涨

2017年8月25日

分析:丰隆投行研究
目标价:2.89令吉

最新进展:

合成种植（HSPLANT，5138，主板种植股）截至6月30日次季，净利起45.8%至2885万8000令吉；宣布派息5仙。

受惠于原棕油平均价格和销量走高，次季营业额涨20.8%，报1亿3350万8000令吉。

累计上半年，净利激增72.8%至6296万7000令吉；营业额扩大29.3%，报2亿7761万令吉。

行家建议:

合成种植首半年核心净利符合我们的预期，分别达市场和我们全年预测的45%至46%。

因季节因素，下半年的鲜果串产量常常占全年生产量的55%，所以看好下半年业绩将走强。

我们认为，合成种植为市场上管理最佳的种植股之一。

这归功于可持续降低成本，及通过获得圆桌会议（RSPO）认证来提高原棕油售价的独特能力，每吨售价比市价高达30至35美元（约100至150令吉）。

因此，维持“买入”评级，及2.89令吉目标价。



【e南洋】

icy97

合成种植赚益逐步改善

小投资者ABC问：

合成种植（HSPLANT，5138，主板种植组）可以买进吗？最新公布的业绩如何？

答：合成种植首半年核心净利增长68%至6240万令吉，符合预期；不过，分析员预期大豆油充足供应将抑制原棕油价，下半年价格料走疲。

肯纳格研究预测，基于在翻种进行中，且沙巴面临干旱，预测2017财政年鲜果串产量减2%；预料今年第三季起赚益可逐步改善。

肯纳格维持该公司2017与2018财政年核心净利，分别为1亿2700万和1亿3000万令吉；认为其高于均值的营运素质和收获，足以抵销鲜果串稍挫。

该行偏爱合成种植无借贷和有1亿4780万令吉现金（或每股18.5仙），加上拥有种植业最高周息率（4.2%），因而给予该股“超越大市”评级不变，合理价为2令吉90仙。

全年料派息11.0仙

该公司亦派息5.5仙，肯纳格预测全年派息11.0仙。

艾芬黄氏研究也维持2017至2019财政年财测不变，预测2017财政年核心净利1亿3760万令吉，给予持有的评级，合理价为2令吉74仙。


文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2017.09.10

Tony-Pua

合成种植第三季净利挫39%
2017年11月21日
http://www.enanyang.my/news/20171121/合成种植第三季净利挫39/

（吉隆坡20日讯）原棕油销量与平均售价走跌，拖累合成种植（HSPLANT，5138，主板种植股）截至9月30日第三季，净利挫39.3%至2590万5000令吉；营业额跌29%至1亿1358万令吉。

累计首九个月，净利扬12.3%至8887万2000令吉；营业额走高4.3%至3亿9119万令吉。

合成种植向交易所报备，当季营业额萎缩，归咎于原棕油与棕仁销量滑落，且棕仁的平均售价也走低。不过，较高的原棕油平均售价，抵消了相关劣势。

当季的原棕油和棕仁平均售价，分别企于每公吨2765和2327令吉。

此外，同期原棕油销量下滑32%，棕仁销量也减少19%，因鲜果串产量减少。

原棕油价高带动

虽然第三季的税前盈利和净利双双下跌，但年初迄今的表现则是按年走高11%和12%，受惠于期间原棕油和棕仁平均售价攀涨。

因此，首9个月的每股净利也比去年同期的9.9仙高12%，报每股11.11仙。

5138    HSPLANT    HAP SENG PLANTATIONS HOLDINGS

Quarterly rpt on consolidated results for the financial period ended 30/09/2017

Quarter: 3rd Quarter Financial Year End: 31/12/2017 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 30/09/2017 30/09/2016 30/09/2017 30/09/2016 RM '000 RM '000 RM '000 RM '000 1 Revenue 113,580 160,166 391,190 374,884 2 Profit/Loss Before Tax 34,427 56,892 119,532 107,768 3 Profit/(loss) attributable to ordinary equity holders of the parent 25,905 42,702 88,872 79,145 4 Net Profit/Loss For The Period 25,905 42,702 88,872 79,145 5 Basic Earnings/Loss Per Shares (sen) 3.24 5.34 11.11 9.90 6 Dividend Per Share (sen) 0.00 0.00 5.00 3.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 2.5300 2.5500

icy97

业绩逊色•两年看淡‧合成种植财测下砍

（吉隆坡21日讯）合成种植（HSPLANT,5138,主板种植组）第三季业绩逊色，分析员估计现财政年目标可能落空，未来两年业绩也不受看好，纷纷下砍盈利预测。

现财政年目标或落空

由于市场早已消化合成种植的不利消息，该公司股价今日表现相对平稳，收盘无起落，收报2令吉58仙，成交量挂557万股。

产量复苏不如预期，造成该公司赚幅遭到压挤，9个月核心净利仅有8820万令吉，只占市场全年预测的63%。

联昌研究指出，2015年的厄尔尼诺现象造成降雨量低于预期，该公司第三季和9个月鲜果串产量分别减少15%和4%，第三季销量也因时间交替问题而减少，产量和销量逊色是该公司业绩黯淡的主要原因。

该行虽然看好合成种植第四季鲜果串产量将改善，但考虑到整体产量减少和棕仁跌价等问题，决定调低2017至2019财政年每股盈利预测1.8%、15.4%和15.4%。

肯纳格研究原本预计该公司2017和2018财政年鲜果串产量成长最多可达5%，现在决定调整预测，2017年调低2%，2018则调高7%，并认为赚幅可能缩减，决定下修两年盈利预测4至10%。

丰隆研究也鉴于该公司的生产成本增加，而下砍2017财政年盈利预测7.5%。

产量料逐步回升

不过，该行指出，该公司产量将逐步回升，而且棕油永续发展圆桌会议（RSPO）资格也让该公司能以每公吨30至35美元（约100至150令吉）溢价销售原棕油，因此继续看好该公司业务展望。

艾芬黄氏研究表示，在鲜果串和原棕油产量双双减少之下，促使该行调低2017至2019财政年每股盈利预测6至7%，然而，合成种植的周息率达4.3%，高于种植业平均水平，决定保持评级。

文章来源：
星洲日报／财经·文：王宝钦·2017.11.21

icy97

每股92仙
合成种植全购嘉利丹

2018年2月22日
（吉隆坡21日讯）看好嘉利丹（KRETAM，1996，主板种植股）的园区地点与本身的策略相符，合成种植（HSPLANT，5138，主板种植股）宣布，以每股92仙强制全面献购嘉利丹。

配合此重大宣布，两只种植股今天齐齐宣布暂停交易，并在明天早上恢复交易。

合成种植向交易所报备，已与嘉利丹总执行长拿督林玉生和Santraprise私人有限公司签约，以每股92仙，向后者收购嘉利丹的12亿8019万4500股，或55%股权，总交易值为11亿7777万8940令吉。

由于已触动全面献购门槛，故合成种植随后再出价每股92仙，收购所有未持有的股权。

嘉利丹是一家油棕种植及投资控股公司，通过子公司，也一并涉足油棕产品的研磨和销售、精炼棕油、生物燃料制造、生产肥料等业务。

截至2016年12月31日，嘉利丹与子公司旗下的地库共有2万3865公顷，分别遍布于山打根、斗湖和拿笃，其中的1万8425公顷更是成熟园区。

根据文告，每股92仙的收购价，相等于是嘉利丹5日均价的11.1%溢价。

合成种植表示，收购符合其增添种植地库的目的，完成后，公司地库和种植面积，将分别激增59.2%和54.3%。

嘉利丹地库位置也毗邻合成种植现有园区。

合成种植相信，收购能改善油棕树的树龄，因大部分嘉利丹的油棕树龄都介于11至19年，意味着能在中期至长期内，巩固合成种植的收入。上述建议预计在第三季完成。【e南洋】

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	HAP SENG PLANTATIONS HOLDINGS BERHAD ("HSPB" OR "COMPANY")(I)        PROPOSED ACQUISITION (AS DEFINED HEREIN); AND(II)        PROPOSED MGO (AS DEFINED HEREIN)(COLLECTIVELY TO BE REFERRED TO AS "PROPOSALS")
On behalf of the Board of Directors of HSPB, Maybank Investment Bank Berhad is pleased to announce that the Company is proposing to undertake the Proposals. Please refer to the attached announcement for details of the Proposals as well as the attached press notice made in accordance with Paragraph 9.05(2)(c) of the Rules on Take-Overs, Mergers and Compulsory Acquisitions which was also released today. This announcement is dated 21 February 2018.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5697729

Attachments HSPB - Announcement (21 Feb 2018).pdf HSPB - Press Notice (21 Feb 2018).pdf

Tony-Pua

全购嘉利丹虽获额外盈利．合成种植财务压力增
http://www.sinchew.com.my/node/1730027/

（吉隆坡22日讯）合成种植（HSPLANT，5138，主板种植组）建议以每股92仙全面献购嘉利丹（KRETAM，1996，主板种植组），分析员担忧融资开销剧增将为合成种植造成财务压力，短期内股价恐怕承压。

不过，分析员认为，通过收购计划，合成种植不仅得以跨入下游业务，若成功加强嘉利丹的营运效率，长期展望也会逐步提升。

合成种植建议通过贷款，以11亿7777万8940令吉买下嘉利丹的55%股权，过后提出全购计划，并打算保持嘉利丹的上市地位。

嘉利丹沙巴地库逾2万公顷

嘉利丹在沙巴拥有2万3865公顷土地，在1万9623公顷种有油棕树的园丘中，1万8425公顷的油棕树开始结果。合成种植管理层表示，收购嘉利丹股权后，该公司的地库预期将增加59.2%或2万3865公顷，园丘也会提高54.3%或1万9623公顷。

此外，该公司也拥有3座榨油厂、一座炼油厂（每日产能1500公吨）、一座生物柴油厂（每日产能300公吨）和一座肥料厂（每年产能3万公吨）。

肯纳格研究认为，收购计划短期负面，虽然合成种植可获得每年4500万令吉盈利，却不足以抵销额外增加的5000万至1亿令吉利息开销。

该行指出，合成种植的出价为嘉利丹未来本益比的77倍，远高于小资本公司的平均18倍，净负债比也会提高到0.5至1倍左右，限制该公司拓展业务能力。

不过，该行算出，嘉利丹每公顷土地和园丘的估值分别是9万2800令吉和11万2800令吉，接近10万3100令吉市场均价。

肯纳格表示，虽然新园丘不会明显提高合成种植的平均树龄，但鲜果串平均产量却可能降低。目前，合成种植的平均树龄和每公顷鲜果串产量分别是14.2年和20.7公吨，嘉利丹则是13.6年和16.2公吨。

该行补充，该公司的炼油厂产能运用仅有10至20%，显然是下游业务蒙亏的主要原因，若合成种植逐步提高炼油厂和生物柴油厂的产能运用，将有机会扭转亏损困境。

丰隆研究指出，合成种植以相对合理的每公顷8万2000令吉买下嘉利丹，虽然这可以扩大合成种植的园丘，但恐怕贷款收购的代价更高，因此该行对此保持中和看法。

该行补充，合成种植原为净现金公司，截至2016年底掌握1亿6160万令吉净现金，在收购计划完成后，将转为净负债公司，净债务达19亿7000万令吉，净负债比则是0.88倍左右。



文章来源：
星洲日报‧财经‧报道：王宝钦‧2018.02.22

Tony-Pua

5138    HSPLANT    HAP SENG PLANTATIONS HOLDINGS

Quarterly rpt on consolidated results for the financial period ended 31/12/2017

Quarter: 4th Quarter Financial Year End: 31/12/2017 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/12/2017 31/12/2016 31/12/2017 31/12/2016 RM '000 RM '000 RM '000 RM '000 1 Revenue 163,882 128,543 555,072 503,427 2 Profit/Loss Before Tax 59,126 59,378 178,658 167,146 3 Profit/(loss) attributable to ordinary equity holders of the parent 45,951 44,973 134,823 124,118 4 Net Profit/Loss For The Period 45,951 44,973 134,823 124,118 5 Basic Earnings/Loss Per Shares (sen) 5.75 5.62 16.86 15.52 6 Dividend Per Share (sen) 6.00 8.00 11.00 11.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 2.5900 2.5500

Tony-Pua

EX-date	12 Mar 2018
Entitlement date	14 Mar 2018
Entitlement time	05:00 PM
Entitlement subject	Second interim dividend
Entitlement description	Second interim dividend of 6 sen per ordinary share under the single tier system which is tax exempt in the hands of the shareholders pursuant to paragraph 12B of schedule 6 of the Income Tax Act,1967 in respect of the financial year ended 31 December 2017 payable in cash
Period of interest payment	to
Financial Year End	31 Dec 2017
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	Tricor Investor & Issuing House Services Sdn BhdUnit 32-01, Level 32Tower A, Vertical Business SuiteAvenue 3, Bangsar SouthNo. 8, Jalan Kerinchi59200 Kuala LumpurTel No. 603-27839299Fax No. 603-27839222
Payment date	28 Mar 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	14 Mar 2018
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
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	0.06

icy97

利息成本抵消贡献
合成种植全购嘉利丹没赚头

2018年3月3日
（吉隆坡3日讯）分析员认为，合成种植（HSPLANT，5138，主板种植股）全购嘉利丹（KRETAM，1996，主板种植股）无法为其捎来净利，因收购所涉及的利息成本，已经抵消了净利贡献。

合成种植是在日前宣布，以每股92仙强制全面献购嘉利丹。

尽管分析员看淡上述交易，但投资者却很欢迎，两只种植股在今早恢复交易后齐齐走高。

丰隆投行研究分析员表示，收购价意味着合成种植是以每公顷约8万2000令吉，收购嘉利丹的油棕地皮。

“这是合理的，因为嘉利丹的地皮毗邻合成种植现有的地库，且在沙巴已经缺乏地皮。”

推高种植地皮

不过，分析员也点出，虽然收购能显著推高合成种植的种植地皮，但却无法贡献净利。

“主要是因为，收购所涉及的利息开销，已经抵消了嘉利丹的净利贡献。”

从资产负债表来看，合成种植收购嘉利丹将让前者从净现金公司，陷入净负债状态，净负债达19.7亿令吉，净负债率为0.88倍。

无论如何，分析员仍维持合成种植“买进”的投资评级，和2.89令吉的目标价格。

短期内，肯纳格研究种植股分析员温翊萍则是负面看待上述交易，原因也是因为每年额外的4500万令吉净利贡献，无法抵消每年高达5000万至1亿令吉的利息成本。

厂房使用率低引担忧

此外，温翊萍也留意到，嘉利丹的厂房使用率相对较低，仅有10至20%，这也能解释为何该公司的下游业务蒙亏。

完成收购后或，她估计，合成种植的净负债率，将跳涨至0.5倍至1倍，将严重限制该公司拓展产能。

不过，此收购也意味着，合成种植进军下游棕油业务的里程碑。

这有可能会改善嘉利丹厂房的使用率，并减轻、甚至逆转嘉利丹下游业务亏损的窘境。

由于该交易会导致净利被稀释，再加上今年的原棕油价格前景走软，将冲击投资者在未来12个月的情绪，温翊萍将合成种植的投资评级，下调至“低于大市”，目标价格也调低至2.30令吉。【e南洋】

icy97

icy97 发表于 22-2-2018 06:04 AM
每股92仙
合成种植全购嘉利丹

2018年2月22日
（吉隆坡21日讯）看好嘉利丹（KRETAM，1996，主板种植股）的园区地点与本身的策略相符，合成种植（HSPLANT，5138，主板种植股）宣布，以每股92仙强制全面献购嘉利 ...

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	HAP SENG PLANTATIONS HOLDINGS BERHAD ("HSPB" OR "COMPANY")(I)        PROPOSED ACQUISITION; AND(II)        PROPOSED MGO (COLLECTIVELY TO BE REFERRED TO AS "PROPOSALS")
We refer to the announcement of the Company dated 21 February 2018 in relation to the Proposals (“Announcement”). Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as defined in the Announcement. As set out in Sections 1.1(ii)(d) and 1.2(ii)(d) of the Appendix, one of the conditions of the SSAs is the notification by HSPB in writing of the acceptance of the results of the due diligence of KHB (“Due Diligence Condition”). In relation to this, on behalf of the Board, Maybank IB wishes to clarify that HSPB has the right to declare the Due Diligence Condition not met if there are adverse findings such as the following: the final professional valuation of all the plantation estates, palm oil mills, refinery, biodiesel plant, jetty, fertiliser plants and/or offices of the KHB Group is lower than the indicative valuation by the Valuer; or the information disclosed by the Vendors about the KHB Group (including its assets and liabilities, whether actual or contingent) is inaccurate; or there has been non-disclosure of information about the KHB Group by the Vendors; or there has been a breach of any laws, regulations or contract by the KHB Group; or there are adverse findings from the financial due diligence; or there are adverse findings from the legal due diligence; or there are adverse findings from the operational due diligence. For the avoidance of doubt, the above clarification does not represent any change/variation to the terms and conditions of the SSAs. In addition to the above, we wish to reiterate that the Proposed Acquisition is conditional upon among others, (i) the approval by the shareholders of HSPB and (ii) the Proposed MGO being approved by the shareholders of HSPB. This Announcement is dated 10 April 2018.

icy97

Type	Announcement
Subject	OTHERS
Description	Hap Seng Plantations Holdings Berhad-Revised Dividend Policy
The Board of Directors of Hap Seng Plantations Holdings Berhad (“HSP”) is pleased to announce that the dividend policy of HSP be revised to reflect a dividend payout of approximately (instead of up to) 60% of the total HSP Group’s profit after tax to shareholders annually going forward after taking into account of the following (“Dividend Policy”): (i) the level of cash, gearing, return on equity and retained earnings; (ii) the expected results of operations; (iii) the projected levels of capital expenditure and other investment plans; and (iv) the working capital requirements.

Tony-Pua

5138                 HSPLANT                 HAP SENG PLANTATIONS HOLDINGS

Quarterly rpt on consolidated results for the financial period ended 31/03/2018

Quarter: 1st Quarter Financial Year End: 31/12/2018 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/03/2018 31/03/2017 31/03/2018 31/03/2017 RM '000 RM '000 RM '000 RM '000 1 Revenue 121,200 144,102 121,200 144,102 2 Profit/Loss Before Tax 22,393 32,644 22,393 32,644 3 Profit/(loss) attributable to ordinary equity holders of the parent 15,481 24,045 15,481 24,045 4 Net Profit/Loss For The Period 15,481 24,045 15,481 24,045 5 Basic Earnings/Loss Per Shares (sen) 1.94 3.01 1.94 3.01 6 Dividend Per Share (sen) 0.00 0.00 0.00 0.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 2.0400 2.0800

icy97

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	HAP SENG PLANTATIONS HOLDINGS BERHAD ("HSPB" OR "COMPANY")(I)        PROPOSED ACQUISITION; AND(II)        PROPOSED MGO (COLLECTIVELY TO BE REFERRED TO AS "PROPOSALS")
We refer to the announcements of the Company dated 21 February 2018, 26 March 2018, 10 April 2018, 18 May 2018 and 25 May 2018 in relation to the Proposals (“Announcements”). Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as defined in the Announcements. On behalf of the Board, Maybank IB wishes to announce that the Company has on even date notified the Vendors in writing pursuant to Clause 8.2 of the SSAs that the Company has found the results of the due diligence of the KHB Group to be unsatisfactory and unacceptable. Accordingly, the Company has exercised its rights pursuant to Clause 8.4 to terminate the SSAs with immediate effect, with which the Company will not extend the proposed mandatory general offer for all the remaining KHB Shares not already owned by the Company and parties acting in concert with it, if any, for a cash consideration of RM0.92 per KHB Share. This Announcement is dated 14 June 2018.

icy97