【MBMR 5983 交流专区】MBM资源

icy97

MBM资源
短期肩负OMI亏损

2018年2月14日

分析：丰隆投行研究
目标价：2.68令吉

最新进展

MBM资源（MBMR，5983，主板贸服股）将以170万令吉，收购东方金属工业（OMI）的22%股权。

MBM资源的独资子公司Oriental Extrusions，将分别从Central Motor Wheel Co Ltd和日本丰田通商手上收购OMI的19%和3%股权。

完成收购后，OMI将成为MBM资源的独资子公司。收购金额将从内部资金筹得，预计会在3月12日前完成收购。

行家建议

我们负面看待上述收购，短期内MBM资源将需全面承担OMI蒙受的亏损。

OMI在去年首三季累计蒙受970万令吉亏损。但是，管理层称只要完成产能扩充，OMI将可转亏为盈（仍需视市场需求情况而定）。

我们相信，有新款迈薇（Myvi）订单推动产量，加上管理层将采取节流措施，OMI将可收窄净亏。

MBM资源预计将押注在第二国产车（Perodua）的销售和出口。为改善成本架构和支撑长期增长，Perodua已为引擎和变速箱进行投资，引进大型生产设备。另外，OMI在去年次季时已显示化亏为盈的正面迹象。【e南洋】

Tony-Pua

MBM资源末季转亏1.92亿．派息1.5仙
http://www.sinchew.com.my/node/1730176/

（吉隆坡22日讯）减值亏损拖累，MBM资源（MBMR,5983,主板贸服组）截至2017年12月31日第四季由盈转亏，共亏损1亿9174万3000令吉，前期获利756万6000令吉。

全年净亏损1亿4883万令吉，前期为净利6607万令吉。

第四季和全年营业额分别涨1.5%和3.73%，至4亿4377万令吉和17亿3255万6000令吉。

该公司董事部建议派发每股1.5仙股息。

MBM资源在文告中表示，该公司认列1亿7670万令吉的商誉和联营减值亏损，针对OMI的产业、工厂和设备认列6170万令吉减值，该季总减值调整共2亿4250万令吉。

排除上述减值，该公司第四季税前盈利下跌3.6%至3990万令吉。

展望未来，该公司表示，大马汽车公会预测今年汽车销量下跌2.3%至59万辆，在市况充满挑战下，该公司将专注于改善核心业务的获利能力。

文章来源：
星洲日报／财经‧2018.02.23

5983    MBMR    MBM RESOURCES BHD

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 443,770 437,228 1,732,556 1,670,204 2 Profit/Loss Before Tax (202,622) 11,135 (148,501) 82,756 3 Profit/(loss) attributable to ordinary equity holders of the parent (191,743) 7,566 (148,830) 66,070 4 Net Profit/Loss For The Period (204,274) 9,413 (156,022) 75,892 5 Basic Earnings/Loss Per Shares (sen) (49.05) 1.94 (38.08) 16.91 6 Dividend Per Share (sen) 1.50 3.00 3.00 6.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 3.6800 4.1100

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Type	Announcement
Subject	OTHERS
Description	MBM Resources Berhad ("MBMR" or "the Company") - Second Interim Dividend
The Board of Directors of MBMR is pleased to declare a second interim dividend of 1.5 sen per ordinary share under the single-tier system in respect of the financial year ended 31 December 2017. The dividend entitlement and payment date will be determined and announced in due course.

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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 1.5 sen per ordinary share tax exempted under the single-tier system in respect of the financial year ended 31 December 2017.
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 32, Tower A,Vertical Business Suite, Avenue 3, Bangsar South,No. 8, Jalan Kerinchi59200 Kuala LumpurTel:0327839299Fax:0327839222
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	0.015

icy97

并MBM资源．增持Perodua．合顺9.19亿打造汽车龙头

（吉隆坡9日讯）合顺（UMW,4588,主板消费品组）计划以9亿1850万令吉收购MBM资源（MBMR,5983,主板贸服组）50.07%股权，以及第二国产车（Perodua）10%股权，打造出国内最大汽车公司。

每股2.56令吉全购MBM

该公司发文告表示，将以5亿零100万令吉，相等于每股2令吉56仙现金向Med-Bumikar Mara私人有限公司收购MBM资源的1亿9571万7751股股票，抑或50.07%股权。

以每股2令吉56仙出价计，合顺出价比MBM资源5日成交量加权平均市价（5VWAP）2令吉26仙溢价13.3%。

若收购献议获得接受，合顺在MBM资源的持股将从“零”增至50.07%，届时公司将展开全面献购活动，且无意维持MBM资源上市地位。

随后，合顺将通过现金和发股方式向国民投资公司（PNB）旗下国投股票资本机构私人有限公司（PERC）收购第二国产车（Perodua）的10%股权。

合顺指出，建议以1亿1750万令吉现金，以及发售4926万1084股，每股发售价6令吉零9仙新股，相等于总值4亿1750万令吉，或每股29令吉80仙向PERC收购持有的第二国产车10%股权。

第二国产车持股增至60.6%

“上述计划将使合顺增持第二国产车股权。

假设MBM资源收购和全购计划完成，公司在第二国产车的持股将从现有的38%增至60.6%，并在收购PERC持有的股权后进一步扩大至70.6%。”

该公司补充，除提高对第二国产车的曝险度外，集团也将通过MBM资源旗下多元代理品牌来扩大商用汽车曝光度，并藉由MBM资源的汽车零件制造业务来扩大集团制造业版图。

“整体来看，整个收购计划符合集团强化汽车、设备、制造与工程核心业务的策略，并通过杠杆化第二国产车在国产车市场的强势，以及现有丰田主导的非国产车环节表现来改善汽车业务前景。”

收购可能不成行
交易MBM资源须审慎

目前，合顺已委任马银行投资银行为整个企业活动的首席顾问，而马银行投资银行表示，合顺收购MBM资源和第二国产车股权计划可能不会成行，因此警惕股东需审慎交易MBM资源股票，并适时寻求独立顾问意见。

文章来源：
星洲日报／财经‧2018.03.10

Type	Announcement
Subject	TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description	MBM RESOURCES BERHAD ("MBMR")- NOTIFICATION BY SUBSTANTIAL SHAREHOLDERS OF A RECEIPT OF AN OFFER TO ACQUIRE THEIR ENTIRE EQUITY INTEREST HELD IN MBMR
The Board of MBMR has been notified by Med-Bumikar Mara Sdn Bhd (“Med-Bumikar”) and Central Shore Sdn Bhd (“Central Shore”), a wholly owned subsidiary of Med Bumikar (collectively referred to as “Substantial Shareholders”), that they have received a letter of offer dated 7 March 2018 from UMW Holdings Berhad (“Purchaser”) proposing to acquire: (i) 193,504,349 ordinary shares in the Company (“MBMR Shares”), representing 49.5% of the issued share capital of MBMR held by Med Bumikar; and (ii) 2,213,402 MBMR Shares, representing 0.57% of the issued share capital of MBMR held by Central Shore for a total cash purchase consideration of RM501,037,443, equivalent to RM2.56 per MBMR Share (“Proposed Acquisition”). Kindly refer to the attachment for further details. This announcement is dated 9 March 2018.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5720041

Attachments MBMR-Draft announcement-Take Over.09.03.2018.pdf

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icy97 发表于 13-2-2018 03:33 AM
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5690537

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	SHARE SALE AGREEMENTS ("AGREEMENTS") ENTERED INTO BETWEEN ORIENTAL EXTRUSIONS SDN BHD ("OESB" OR "PURCHASER"), A WHOLLY-OWNED SUBSIDIARY OF MBMR, AND: (I) CENTRAL MOTOR WHEEL CO., LTD ("CMW"); AND (II) TOYOTA TSUSHO CORPORATION OF JAPAN ("TTC"), (COLLECTIVELY THE VENDORS), IN RESPECT OF THE PURCHASE OF THE SHARES HELD BY CMW AND TTC IN ORIENTAL METAL INDUSTRIES SDN BHD ("OMI"); AND AGREEMENT TO TERMINATE THE JOINT VENTURE AGREEMENT DATED 21 NOVEMBER 2005, ENTERED INTO BETWEEN OESB, CMW AND TTC
Further to our announcements dated 12 February 2018 and 13 February 2018 in relation to the Proposed Acquisition, the Board of Directors of the Company wishes to announce that the Conditions Precedent of the Agreement has been fulfilled and the Proposed Acquisition has been completed. The abbreviations used throughout this announcement shall have the same meaning as defined in the announcements dated 12 February 2018 and 13 February 2018. This announcement is dated 12 March 2018.

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“对MBM Resources来说，献购价缺乏吸引力。”
Wong Ee Lin/The Edge Financial Daily
March 13, 2018 10:38 am +08

（吉隆坡13日讯）合顺（UMW Holdings Bhd）打算收紧第二国产车（Perodua）控股权的大计并非一帆风顺，因为其献购价被视为欠缺吸引力。

目前，合顺持有第二国产车的22.58%股权。该集团有意以每股2.56令吉，或相等于总值5亿104万令吉，全面收购第二国产车，被视为明智之举。

惟投资分析员认为，这对MBM Resources股东来说，是相当不公平的交易。

“这个收购献议对我们来说是一个惊喜，因为我们并没有预期近期内会有这样的公告。”

丰隆投资银行分析员Daniel Wong在报告中表示：“然而，我们负面看待这个活动，因为每股2.56令吉献购价低于我们的2.70令吉目标价，并比我们预测的综合估值法（SoP）每股3.38令吉折价20%。”

他不建议MBM Resources小股东接受合顺可能即将提出的强制性全面献购（MGO），因为献购价欠缺吸引力，而且预计第二国产车的收益前景会更好。

达证券行分析员Abel Goon认为，MBM Resources大股东应该不会同意这个献购。“相信小股东也是一样，若以这个献购价进行强制性全面献购。”

根据彭博社，共有10名分析员追踪这只股项，其中7个给予“买入”评级，其他3个则建议“守住”，目标价介于2.27至3.10令吉。共识目标价为2.68令吉。

MIDF研究分析员Hafriz Hezry在昨日的报告中形容合顺以廉价收购第二国产车的控股权，MBM Resources小股东不大可能接受，因为献购价缺乏吸引力。

他说：“假设小股东拒绝最终强制性收购，他们可能会保持现状，除非有一个新的大股东操作MBM。”

不过，他认为MBM Resources小股东可以接受合顺的献购价，因为他们可以把收到的现金买进合顺，这显然更有利。

同时，肯纳格研究分析员Wan Mustaqim Wan Ab Aziz指出，依本益比（PER）比较，上述献购价意味着MBM Resources比同侪折价38%。

“根据截至今年12月杪财年的收益预测，上述收购建议达10倍本益比，比领域平均16倍本益比折价38%。价格对账面价值（PBV）方面，则是2018财年0.7倍PBV，过去5年平均0.66倍。”

根据肯纳格研究，Bermaz Auto Bhd有19.5倍本益比，森那美（Sime Darby Bhd）的本益比则达24倍。

总括而言，2.56令吉献购价比宣布献购前的2.19令吉最后交易价溢价16.9%。

有些分析员认为，多年来MBM Resources的股价表现并不令人鼓舞，因此这可能是其股东退场的机会。

过去12个月，该股徘徊于2至2.54令吉，平均股价为2.25令吉。自2015年年中开始，该股从3.74令吉高价位滑落。

此外，值得注意的是，该股价仅在2016年9月和10月时超过目前的献购价，并且从那时起一直处于下跌趋势。

上周五，MBM Resources大股东Med-Bumikar Mara及独资子公司Central Shore私人有限公司获合顺献购其50.07%股权。合顺有意私有化MBM Resources。

目前，合顺通过独资子公司UMW Corp私人有限公司持有第二国产车的38%股权，其他股东包括PNB Equity Resource Corp私人有限公司（持股权10%）、Daihatsu Motors Corp（持股权27%）及Daihatsu (M)私人有限公司（持股权5%）。

值得注意的是，MBM Resources持有Daihatsu (M)的51.5%股权，其余48.5%股权则由Daihatsu Motors Corp持有。

完成收购活动后，合顺将持有第二国产车的70.6%股权，包括48%直接持股权及通过MBM Resources持有22.6%股权。

（编译：魏素雯）

icy97

Type	Announcement
Subject	TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description	MBM RESOURCES BERHAD ("MBMR")- NOTIFICATION BY SUBSTANTIAL SHAREHOLDERS OF A RECEIPT OF AN OFFER TO ACQUIRE THEIR ENTIRE EQUITY INTEREST HELD IN MBMR
(Unless otherwise stated, all abbreviations used herein shall have the same meaning as defined in the announcements dated 9 March 2018 and 14 March 2018. (“Announcements”)) We refer to the Announcements. The Board of Directors MBMR wishes to announce that the Board had received a letter from Med-Bumikar today informing that Board of Directors of Med-Bumikar had, at a meeting held on 26 March 2018, deliberated on the Offer and had decided to reject the Offer. This announcement is dated 26 March 2018.

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Type	Announcement
Subject	TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description	MBM RESOURCES BERHAD ("MBMR") - NOTIFICATION BY SUBSTANTIAL SHAREHOLDERS OF A RECEIPT OF AN OFFER TO ACQUIRE THEIR ENTIRE EQUITY INTEREST HELD IN MBMR
(Unless otherwise stated, all abbreviations used herein shall have the same meaning as defined in the announcements dated 9 March 2018, 14 March 2018 and 26 March 2018 (“Announcements”)) We refer to the Announcements. The Board of Directors of MBMR wishes to announce that the Board had received a letter from Med-Bumikar today informing that notwithstanding the rejection of the Offer by the Board of Directors of Med-Bumikar and Central Shore, UMWH had vide its letter dated 26 March 2018 to Med-Bumikar and Central Shore notified that the Board of Directors of UMWH is of the view that the terms of their letter of offer dated 7 March 2018 are reasonable and therefore, UMWH would like to engage with Med-Bumikar, Central Shore and their respective shareholders to discuss the merits of the Proposed Acquisition. UMWH also notified that the Offer remains valid until 30 April 2018 for Med-Bumikar and Central Shore to reconsider their positions. MBMR is further notified that Med-Bumikar and Central Shore have vide a letter dated 2 April 2018 informed UMWH that the Board of Directors of Med-Bumikar and Central Shore has deliberated on the Offer and is of the view that the Offer is unreasonable and has therefore decided to reject the Offer, as notified to UMWH on 26 March 2018. Notwithstanding UMWH’s purported attempt to extend the validity period of the Offer, Med-Bumikar and Central Shore stand firm by their decision and would not reconsider the Offer. MBMR is also notified that Med-Bumikar and Central Shore have objected to UMWH’s intended action to engage with their key principals, being the brand owners of the distributorship marques, on the merits of the Proposed Acquisition, as announced by UMWH on 26 March 2018 and have requested UMWH to refrain from taking such intended action as it may confuse or mislead their key principals and may jeopardise their business contracts and/or relationship with their key principals. We wish to emphasise that there is no certainty that the Offer will lead to any conclusive or definitive understanding between the parties. There is therefore no certainty that UMWH will extend the Proposed MO for all the remaining MBMR Shares not already owned by UMWH and persons acting in concert with it, if any. An appropriate announcement will be made by MBMR as and when there are material developments relating to the Proposed Acquisition. Shareholders are advised to exercise caution when dealing in MBMR Shares and to seek independent advice if they wish to do so. This announcement is dated 2 April 2018.

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SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2018	31 Mar 2017	31 Mar 2018	31 Mar 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	463,460	418,072	463,460	418,072
2	Profit/(loss) before tax	39,248	22,622	39,248	22,622
3	Profit/(loss) for the period	37,067	21,013	37,067	21,013
4	Profit/(loss) attributable to ordinary equity holders of the parent	32,815	19,425	32,815	19,425
5	Basic earnings/(loss) per share (Subunit)	8.40	4.97	8.40	4.97
6	Proposed/Declared dividend per share (Subunit)	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 attributable to ordinary equity holders of the parent ($$)	3.7300		3.7100

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Date of change	30 Jun 2018
Name	ENCIK NOR HADI BIN DAUD
Age	63
Gender	Male
Nationality	Malaysia
Type of change	Retirement
Designation	President & Chief Executive Officer

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Date of change	02 Jul 2018
Name	DR MUHAMMAD IQBAL BIN SHAHAROM
Age	60
Gender	Male
Nationality	Malaysia
Type of change	Appointment
Designation	President & Chief Executive Officer
Qualifications	Doctorate in Business Administration, University Utara MalaysiaMaster Degree in Business Administration, University of Toledo, OhioBachelor Degree in Business Administration, University of Toledo, OhioCertified Professional Trainer and Facilitator (CPTF), University Malaya
Working experience and occupation	Dr. Muhammad Iqbal Bin Shaharom was appointed as Vice President of Trading on 16 January 2018. He served in various capacity in top management positions for DRB-Hicom, Chery Automobile and Naza Group. Currently, he also serves as Managing Director of Daihatsu (Malaysia) Sdn Bhd, a subsidiary of the Company, since 2017.