【UMW 4588 交流专区】合顺

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折价购MBM资源推净利
合顺评级上修至买入

2018年3月13日
（吉隆坡12日讯）若成功收购MBM资源（MBMR，5983，主板贸服股），对合顺（UMW，4588，主板消费产品股）来说是个好交易，因合顺不仅是以折价购买，未来还能推高净利增长；故分析员建议“买入”合顺。

上周五，合顺宣布以5.01亿令吉，向MED-Bumikar-MARA收购MBM资源的50.07%股权，相等于是每股出价2.56令吉。

MBM资源是第二国产车的大股东之一，持有22.6%股权。

而合顺则持有第二国产车的38%股权。

若MED-Bumikar-MARA接受此献购，合顺随后就将启动全面献购，吸纳所有小股东的股权，并将其私有化。

不仅如此，合顺也宣布以4.18亿令吉，向国民投资机构（PNB）收购第二国产车的10%股权。

其中，3亿令吉将通过发股完成，每股发售价6.09令吉；另外的1.18亿令吉将以现金支付。

MIDF研究分析员指出，合顺每股2.56令吉的出价，仅是MBM资源2019财年净利预测的8倍，低于分析员每股3.10令吉的估值。

或吸引竞购

此外，合顺的出价也是2017财年每股3.68令吉账面价值的30%折价。

同样地，合顺出价收购PNB手上的10%第二国产车股权，也仅是2019财年净利预测的8.6倍。

因此，分析员也不排除，合顺相对较低的出价，可能会引来其他业者的竞购。

不过，第二国产车的现有股东拥有优先权，拒绝任何出更高价位的第三方买家。

然而分析员相信，比起估值，不能量化的“质量因素”才是可能促使MED-Bumikar-MARA接受献购的主因。



料发附加股融资

分析员表示，合顺要为这收购融资，有可能需要展开附加股活动。尽管如此，收购所带来的净利增值，将足以抵消任何发出潜在新股的稀释效应。

假设收购MBM资源是全由现金完成，估计总股本会扩大18%，但2018及19财年的总盈利增幅，却分别高达39%和28%。

“虽然向股东伸手要钱的可能，料导致初期的股价受压，但我们仍建议投资者买入合顺，因为如果最后收购成功，这将会是个很好的交易。”

再者，自分析员下调合顺的投资评级后，该股股价也回调许多，故将合顺的评级上修至“买入”。

“若成功收购第二国产车的10%股权，合顺的2019财年净利会扬5%，且又成功收购MBM资源，净利又会额外再涨5%。”

如果收购成功，合顺将成为持有第二国产车的唯一本地代表，持有70.5%股权。

股东早已回本

分析员解释，MED-Bumikar-MARA会因为“质量因素”而接受献购，是因为这批股权属于策略国家资产（第二国产车），市面上有资格能够买下的人不多。

第二，MED-Bumikar-MARA也会诱使股东“结算”在MBM资源的持股地位。

MED-Bumikar-MARA是第二国产车的原始股东之一，以往，第二国产车一直支付50%的股息，因此，分析员相信，股东早已赚回本钱。

出价不吸引小股东

分析员认为，合顺收购MBM资源的出价，料不足以吸引MBM资源的小股东接受献购。

MIDF研究分析员指出，若小股东最终拒绝献购，事情将保持现状，而小股东也无法享有一个新的大股东经营MBM资源。

反之，若小股东决定接受献购，反而还能涉足在合顺的投资，若交易顺利，小股东也能享有好处。

MBM资源是一家获利的公司，大部分净利都源自持有22.6%股权的联号公司——第二国产车。

分析员维持“买进”的投资评级，目标价格上修至3.10令吉。此献购能让MBM资源更好地释放旗下资产的价值。【e南洋】

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Type	Announcement
Subject	MULTIPLE PROPOSALS
Description	UMW HOLDINGS BERHAD ("UMWH" OR "COMPANY") (I)        PROPOSED ACQUISITION OF 50.07% EQUITY INTEREST IN MBM RESOURCES BERHAD ("MBMR") AND THE RESULTANT PROPOSED MANDATORY TAKE-OVER OFFER; AND (II)        PROPOSED ACQUISITION OF 10.00% EQUITY INTEREST IN PERUSAHAAN OTOMOBIL KEDUA SDN BHD ("PERODUA") (COLLECTIVELY REFERRED TO AS "PROPOSALS")
Further to the Company’s announcements dated 9 March 2018 and 13 March 2018 respectively, on behalf of the Board of Directors of UMWH (“Board”), Maybank Investment Bank Berhad (“Maybank IB”) wishes to announce that the Company has been notified by Med-Bumikar and its wholly-owned subsidiary, CSSB, that they have separately rejected the conditional offer made by UMWH for the acquisition of their collective 50.07% equity interest in MBMR ("MBMR Offer"). As the Board is of the opinion that the conditional offer is reasonable, being at a premium to the traded share price, the Board intends to continue to engage Med-Bumikar, CSSB, their respective shareholders and key principals, being the brand owners of the distributorship marques, on the merits of the Proposed MBMR Acquisition for their further consideration. Accordingly, UMWH has notified Med-Bumikar and CSSB respectively in writing of its decision to extend the period for which the MBMR Offer shall continue to be valid, from 28 March 2018 to 30 April 2018. For the avoidance of doubt and as announced on 9 March 2018, the Proposed MBMR Acquisition and the Proposed Perodua Acquisition are not conditional upon each other. Notwithstanding, on behalf of UMWH, Maybank IB wishes to emphasise that there is no certainty that the MBMR 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 the Company as and when there are material developments relating to the Proposed MBMR 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 26 March 2018.

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合顺不确定会否延长献购MBM资源
Surin Murugiah/theedgemarkets.com
April 03, 2018 12:14 pm +08

（吉隆坡3日讯）合顺（UMW Holdings Bhd）表示，无法确定会否延长全购未持有MBM资源（MBM Resources Bhd）的股票。

马银行投资银行今日代表合顺向大马交易所报备：“合顺强调，无法确定MBM资源献议将达成任何结论性或最终理解。”

文告指出，如果收购MBM资源方面有重大进展时，合顺将作出适当公告。

股东受促谨慎交易MBM资源股票，也可咨询独立意见。

MBM资源大股东拒绝收购要约后，合顺的收购计划碰钉。

合顺于3月26日宣布，Med-Bumikar Mara私人有限公司及其独资子公司Central Shore私人有限公司（CSSB）已经拒绝合顺收购MBM资源合共50.07%股权的有条件献购。

“由于董事部认为有条件献议是合理的，比交易股价高，董事部打算继续与Med-Bumikar、CSSB，它们各自的股东和主要负责人交涉。”

该集团之后通知将献议有效期从3月28日，延长至4月30日。

合顺于3月9日提出，以5亿100万令吉或每股2.56令吉，向Med-Bumikar及CSSB收购MBM资源股份，较后者的5天成交量加权平均市价2.26令吉，溢价13.3%。

（编译：陈慧珊）

Type	Announcement
Subject	MULTIPLE PROPOSALS
Description	UMW HOLDINGS BERHAD ("UMWH" OR "COMPANY")(I)        PROPOSED ACQUISITION OF 50.07% EQUITY INTEREST IN MBM RESOURCES BERHAD ("MBMR") AND THE RESULTANT PROPOSED MANDATORY TAKE-OVER OFFER; AND(II)        PROPOSED ACQUISITION OF 10.00% EQUITY INTEREST IN PERUSAHAAN OTOMOBIL KEDUA SDN BHD ("PERODUA") (COLLECTIVELY REFERRED TO AS "PROPOSALS")
(Unless otherwise stated, all abbreviations used herein shall have the same meaning as defined in the Company’s announcements dated 9 March 2018 and 26 March 2018) Further to the Company’s announcement dated 26 March 2018, on behalf of the Board, Maybank IB wishes to announce that the Company has been notified by Med-Bumikar and its wholly-owned subsidiary, CSSB, that notwithstanding the Company’s intention to extend the validity period of the MBMR Offer, they stand firm by their decisions and would not consider the MBMR Offer. Notwithstanding the position taken by the board of directors of Med-Bumikar and CSSB, UMWH remains interested to re-engage discussion should Med-Bumikar, CSSB and their shareholders wish to reconsider the MBMR Offer. On behalf of UMWH, Maybank IB wishes to emphasise that there is no certainty that the MBMR 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 the Company as and when there are material developments relating to the Proposed MBMR 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 3 April 2018.

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合顺收购Perodua再除障碍
Khairie Hisyam Aliman/The Edge Financial Daily
April 26, 2018 11:29 am +08


（吉隆坡26日讯）针对收购上市汽车集团MBM资源（MBM Resources Bhd）一事，合顺（UMW Holdings Bhd）已经在重要投票日之前解决了另一个障碍。

Med-Bumikar Mara私人有限公司的股东反对合顺收购MBM资源的50.07%股权，并且已经申请了禁令，阻止Med-Bumikar周一举行的股东特别大会（EGM）。

Med-Bumikar股东将在特大上表决支持或反对合顺收购MBM资源股权的议程。

Med-Bumikar的股东申请禁令，是为了阻止上述收购计划所作出的最后努力。然而，吉隆坡高等法院昨天在听证会上以成本问题驳回了申请，这个裁决在即将到来的特大对合顺有利。

根据《The Edge》财经周刊于4月23日的报导，在Med-Bumikar持有52%股权的股东准备投赞成票，包括持股权达29%的Majlis Amanah Raya（Mara）。

至于Looi及Wong家族也赞成上述交易。在六个家族当中，这两个家族分别持有Med-Bumikar的11%及13%股权。其余四个家族则控制其余的48%股权，据了解他们反对上述献议。

合顺于3月9日献议以每股2.56令吉，向Med-Bumikar收购MBM资源股份，较市价溢价16.36%。合顺计划通过发行附加股筹措高达11亿令吉资金。然而，Med-Bumikar董事部于3月26日反对该献购计划，并表示献购价低估了股份。Med-Bumikar执行主席Datuk Abdul Rahim Abdul Halim在稍早前接受《The Edge》财经周刊访问时表示，MBM资源净有形资产估值每股3.68令吉，将是更加公平的价格。

合顺遭Med-Bumikar拒绝后，把接受献购的截止日期从3月28日展延至4月30日，但并无提高献购价，仅表示会继续与股东们接洽。

《The Edge》财经周刊也报导，反对上述收购计划的四大家族向Looi和Wong家族献议，以同样的价格收购他们手头上的股权。据了解，MARA、Looi和Wong家族拒绝了该献议。

众人对MBM资源虎视眈眈，是因为该集团掌控国内最大的汽车制造商第二国产车（Perodua）。合顺持有第二国产车的38%股权，MBM资源则持有22.58%股权。第二国产车的其他股东包括其技术合作伙伴大发汽车公司（Daihatsu Motor Corp），持股权达30%，合顺的大股东国民投资机构（PNB）则通过PNB Equity Resource私人有限公司持有10%股权。

如果合顺获得MBM资源的大部分股权，它将能够掌控第二国产车——这将是该汽车制造商有史以来第一次拥有大股东。对合顺来说，这是一份大奖，因为去年第二国产车在本地汽车市场的占有率高达35%。今年2月份，其市占率更提高至40.9%。

截至2016年12月31日止财年，第二国产车录得90亿5000万令吉营业额及4亿6359万令吉净利，并派发2亿594万令吉股息。除了MBM资源持有的22.58%股权之外，合顺也另外献议以4亿1750万令吉，收购PNB Equity Resource的10%持股权。PNB Equity Resource已经要求延长时间，最迟在星期一作出回应。

尽管合顺有望掌控MBM资源，但仍有一个关键障碍：第二国产车的日本合作伙伴大发。 目前看来，大发仍然需要一些令人信服的收购优势。

根据《The Edge》财经周刊报导，大发在上个月晚些时候就收购献议表达了不满。该公司还警告说，它可能会审查其与第二国产车的关系，这意味着技术转让等可能会受到威胁。4月18日，第二国产车工会（Perodua Labour Union）还对拟议的收购如何打乱大发，并损害其会员的利益表示担忧。


（编译：魏素雯）

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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	2,415,339	2,695,150	2,415,339	2,695,150
2	Profit/(loss) before tax	147,300	138,856	147,300	138,856
3	Profit/(loss) for the period	93,794	-10,561	93,794	-10,561
4	Profit/(loss) attributable to ordinary equity holders of the parent	74,084	20,165	74,084	20,165
5	Basic earnings/(loss) per share (Subunit)	6.34	1.73	6.34	1.73
6	Proposed/Declared dividend per share (Subunit)	5.00	0.00	5.00	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 ($$)	2.6772		2.6083

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EX-date	04 Jun 2018
Entitlement date	06 Jun 2018
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Single-tier interim dividend of 5 sen per ordinary share
Period of interest payment	to
Financial Year End	31 Dec 2018
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	SECURITIES SERVICES (HOLDINGS) SDN BHDLevel 7, Menara MileniumJalan Damanlela, Pusat Bandar DamansaraDamansara Heights50490Kuala LumpurTel:0320849000Fax:0320949940
Payment date	21 Jun 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	06 Jun 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	0.05

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巴鲁费沙重新布局‧合顺轻盈上路
http://www.sinchew.com.my/node/1757976/