China Merchants Holdings Pacific

http://infopub.sgx.com/FileOpen/Cancella...eID=360640

CHINA MERCHANTS HOLDINGS (PACIFIC) LIMITED
(Incorporated in the Republic of Singapore)
Company Registration No. 198101278D
ANNOUNCEMENT
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$5,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 20 July 2015 is HK$482,000,000.
Arising from such conversion, 1,017,079 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,167,260,937.

Based on outstanding HK$482m worth of CBs, the potential shares to be converted at $0.776 is 98.046m.

http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Interims after mkt close 30 Jul Thursday

國策透視：公路股突然升呢 - 習進錢


■內地新條例令高速公路收費政策明朗化，是公路股一大福音。　資料圖片
交通部昨日發佈《收費公路管理條例》修訂徵求意見稿，對現時高速公路收費政策作大幅改變，不但允許業主延長收費年限，更確定所有高速公路日後就算收歸國有，仍需維持收費。公路股盈利前景大為改善，其估值亦將提高。


內地現行《收費公路管理條例》是在2004年頒佈，規定公路收費年限一般不超過25年，中央特批才能達30年。新規定將高速公路收費期全部延長至30年，更允許投資規模大的高速公路，經批准可以超過30年，條件之一是提升公路設施。上市公司只要稍加投資，就可換來延長收費，非常划算。


按舊條例，高速公路收費期滿後，應停止收費，但實際上無法操作。一方面，高速公路維修保養費用高昂，如不收費，將由地方政府承擔。另一方面，內地高速公路網日趨密集，通常有多條高速並行，如果其中一條免費，將吸引大量車輛行駛，令其他收費的高速公路收益減少，亦增加免費高速公路的維修費用。


去年起，內地已有不少高速公路收費期屆滿，但業主用各種方式巧立名目，保留收費，如更換公路名稱等，均遭到內地民眾不滿，但得到交通部默許。新條例令內地高速公路收費政策明朗化，是公路股一大福音。


http://hkm.appledaily.com/detail.php?gui...e=20150722


【投資錦囊】


公路股目前市場估值是以收費年限的現金流計算，中央允許高速公路延長收費，並且不必擔憂其他免費高速的分流，估值將大為提高。

Translation:

old concession - max 25 yrs as per 2004
unless approved by Central then can be 30 yrs
New concession all 30yrs
Superhighway can be extended beyond 30 yrs with road enhancements

Some toll concessions expired recently but kept tolling with officials approval under new road names so many public unhappy
hence new framework will ensure sustainability of concessions and also ensure that roads being tolled wouldn't be lossed out to free roads (parallel ones)

(22-07-2015, 08:19 AM)opmi Wrote: 國策透視：公路股突然升呢 - 習進錢


■內地新條例令高速公路收費政策明朗化，是公路股一大福音。　資料圖片
交通部昨日發佈《收費公路管理條例》修訂徵求意見稿，對現時高速公路收費政策作大幅改變，不但允許業主延長收費年限，更確定所有高速公路日後就算收歸國有，仍需維持收費。公路股盈利前景大為改善，其估值亦將提高。


內地現行《收費公路管理條例》是在2004年頒佈，規定公路收費年限一般不超過25年，中央特批才能達30年。新規定將高速公路收費期全部延長至30年，更允許投資規模大的高速公路，經批准可以超過30年，條件之一是提升公路設施。上市公司只要稍加投資，就可換來延長收費，非常划算。


按舊條例，高速公路收費期滿後，應停止收費，但實際上無法操作。一方面，高速公路維修保養費用高昂，如不收費，將由地方政府承擔。另一方面，內地高速公路網日趨密集，通常有多條高速並行，如果其中一條免費，將吸引大量車輛行駛，令其他收費的高速公路收益減少，亦增加免費高速公路的維修費用。


去年起，內地已有不少高速公路收費期屆滿，但業主用各種方式巧立名目，保留收費，如更換公路名稱等，均遭到內地民眾不滿，但得到交通部默許。新條例令內地高速公路收費政策明朗化，是公路股一大福音。


http://hkm.appledaily.com/detail.php?gui...e=20150722


【投資錦囊】


公路股目前市場估值是以收費年限的現金流計算，中央允許高速公路延長收費，並且不必擔憂其他免費高速的分流，估值將大為提高。

Akan Datang

22 July 2015 │ 7 pages Motorways
Asia
China Toll-road Sector
Alert: Assessment of the Possible New Regulation
 What’s new — The Ministry of Transport issued the revised draft regarding the
regulation on China’s toll roads for public opinion. Key highlights of this draft
include: 1) the toll term of expressways owned by governments will be set based on
the loan term, 2) the term for concession expressways cannot be more than 30
years except for those with large investments and a long return period, 3) the loan
term or concession period can be readjusted for the toll-roads which have
reconstruction and extension with additional government loans or social investment,
4) governments will provide remedies to the operators for ceasing concession or toll
free policy, and 5) tolls could be charged for maintenance purposes when the term
expires. Since China has built most of its expressways since 2000, which has led to
high leverage of local governments’ related departments, it is not a surprise that the
government would extend the concession period of expressways. We believe the
extension of concession period to 30 years (currently 25 years in Eastern region),
the remedies and tolls for maintenance purposes will benefit the toll-road operators,
and the implementation of this revised regulation could provide the listcos with a rerating
opportunity. We look to review our models once more details are rolled out.
 Impact of the implementation — 1) Extension of concession period: per current
regulation, the toll term for expressways in the Eastern region can’t exceed 25
years. Although MOT did not elaborate if the extension to 30 years applies to all
existing expressways in the Eastern region, we expect it would only apply to new
ones going forward. 2) Remedies: since no details about remedies are given, the
EPS contribution is unknown at this current stage. However, we estimate that
earnings lost due to the toll-free holiday policy accounted for ~3% of total earnings
for the sector. 3) Tolls for maintenance purposes: the local governments will take
back the ownership after the concession period ends, and then the possible plan is
to lease to toll-road companies for operation. In this case, toll-road operators will
have less revenue from management fees but also lower operating risks. We will
review the earnings impact once more details are given.

(22-07-2015, 09:55 AM)greengiraffe Wrote: Translation:

old concession - max 25 yrs as per 2004
unless approved by Central then can be 30 yrs
New concession all 30yrs
Superhighway can be extended beyond 30 yrs with road enhancements

Some toll concessions expired recently but kept tolling with officials approval under new road names so many public unhappy
hence new framework will ensure sustainability of concessions and also ensure that roads being tolled wouldn't be lossed out to free roads (parallel ones)

(22-07-2015, 08:19 AM)opmi Wrote: 國策透視：公路股突然升呢 - 習進錢


■內地新條例令高速公路收費政策明朗化，是公路股一大福音。　資料圖片
交通部昨日發佈《收費公路管理條例》修訂徵求意見稿，對現時高速公路收費政策作大幅改變，不但允許業主延長收費年限，更確定所有高速公路日後就算收歸國有，仍需維持收費。公路股盈利前景大為改善，其估值亦將提高。


內地現行《收費公路管理條例》是在2004年頒佈，規定公路收費年限一般不超過25年，中央特批才能達30年。新規定將高速公路收費期全部延長至30年，更允許投資規模大的高速公路，經批准可以超過30年，條件之一是提升公路設施。上市公司只要稍加投資，就可換來延長收費，非常划算。


按舊條例，高速公路收費期滿後，應停止收費，但實際上無法操作。一方面，高速公路維修保養費用高昂，如不收費，將由地方政府承擔。另一方面，內地高速公路網日趨密集，通常有多條高速並行，如果其中一條免費，將吸引大量車輛行駛，令其他收費的高速公路收益減少，亦增加免費高速公路的維修費用。


去年起，內地已有不少高速公路收費期屆滿，但業主用各種方式巧立名目，保留收費，如更換公路名稱等，均遭到內地民眾不滿，但得到交通部默許。新條例令內地高速公路收費政策明朗化，是公路股一大福音。


http://hkm.appledaily.com/detail.php?gui...e=20150722


【投資錦囊】


公路股目前市場估值是以收費年限的現金流計算，中央允許高速公路延長收費，並且不必擔憂其他免費高速的分流，估值將大為提高。

3.5 cents interim dividends is in accordance to GG's script. 5% DPS rise on 1-for-20 bonus issue excluding conversion of CBs...

Must have cashflow to support substantially higher payout...

More analysis to follow from active buddies on CMP...

http://infopub.sgx.com/FileOpen/1H15-Pre...eID=362565

China Merchants Holdings (Pacific) posts
net profit of HK$195.1 million in 2Q2015
Company declares interim dividend of 3.50 cents
SINGAPORE, 30 July 2015 – Mainboard listed China Merchants Holdings (Pacific) Limited (“CMHP” or the “Group”) today announced a net profit after tax (excluding exceptional items) of HK$290.4 million for the second quarter ended 30 June 2015, up 10% from the HK$263.5 million recorded in the previous corresponding quarter. After taking into consideration the exceptional gain of HK$68.3 million from the disposal of the Group’s property development business recognised in 2Q2014, net profit after tax registered a decline of 12% to HK$290.4 million compared to HK$331.8 million attained a year ago.

http://infopub.sgx.com/FileOpen/1H15-Res...eID=362564

http://infopub.sgx.com/FileOpen/1H15-Add...eID=362566

http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Proposed non-renounceable non-underwritten preferential offering of up to 633,756,189 new ordinary shares in the capital of the Company, at an issue price of S$1.00 for each New Share, on the basis of one (1) New Share for every two (2) existing ordinary shares in the capital of the Company.

The pricing of $1 means it is not worth subscribing to the preferential offering, since the new shares are not entitled to the 3.5 cts dividends. I wonder why this pricing was chosen...
Easton will subscribe to all the preferential shares it is entitled to. Is the majority shareholder trying to up its stake quickly, knowing that other shareholders would not bother to take up the preferential shares?

Or maybe it is simply because the NAV is about $1?

Sent from my iPad using Tapatalk

Note that the issue is Non-renounceable, non-underwritten and not entitled to interim DPS 3.5 cents declared.

Note also the following:

5© it will, not later than the closing date for the Preferential Offering, procure the subscription and payment by Easton in full for the Undertaken Excess New Shares which, when aggregated with the Undertaken Pro-rata New Shares, would represent 100 per cent. of the aggregate number of New Shares under the Preferential Offering.

No worries, noone wants they makan all

super confident... I like... $ not a problem at all.

没问题, 全包在我(CM HJ)身上

Vested
Core GG

(31-07-2015, 02:16 AM)cyclone Wrote: http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Proposed non-renounceable non-underwritten preferential offering of up to 633,756,189 new ordinary shares in the capital of the Company, at an issue price of S$1.00 for each New Share, on the basis of one (1) New Share for every two (2) existing ordinary shares in the capital of the Company.

Interesting. For knowledge sake, can i ask, does it make more sense to buy from open market now if one does not wants his holdings to be diluted instead of subscribing to the new shares? Buying now also entitled to the 3.5 cts dividends.