Hyflux

(02-03-2019, 09:13 AM)AQ. Wrote: Hyflux has released affidavit, and for the first time, pro-forma restructured B/S + P&L for 1st 9mths 2018.

https://www.hyflux.com/wp-content/upload...h-2019.pdf

Nothing out of the blue really.

1. Total impairment expected ~ 916mio, spread across TS+ receivables for previously completed projects - i suppose this refers to the projects in Algeria.

2. TS reported loss of 70mio for 9m18 => full yr losses ~ 93mio. Av USEP for 9m18 is 105.
    For FY17, TS losses = 82mio for ave USEP 81
    For FY16, TS losses = 114mio for ave USEP 63
  
    I will hv thought accounting losses for TS to narrow on higher USEP but it doesnt matter post restructuring - impairment to book means amortisation changes massively and a lot also depends on Maybank refinancing.

3. Post restructuring, Group Equity 1112mio, Debt 733mio (i.e. SM's 130mio and remaining Maybank), with total no shares 19632mio.
    Group NTA 4.2c with gearing 70%

    Given SM's 400mio for 60% equity, they are effectively paying 400/0.6*19632=3.4c/ share

No bailout, the government says.

(03-03-2019, 09:35 AM)Shiyi Wrote: No bailout, the government says.

Any link ?

Putting in another perspective (back of envelope):

In the new restructured company,

Salim cost per share is 3.4c.
Unsecured creditors is 11.5c
Perps/Pref cost per share is 44.4c
Common Equity is 21c (based on last done)


Strange outcome whereby the lowest ranking (common equity) will have a better deal than the preference and perpetuals...

(03-03-2019, 11:50 AM)ACTIVIST SPEAKS Wrote: Putting in another perspective (back of envelope):

In the new restructured company,

Salim cost per share is 3.4c.  
Unsecured creditors is 11.5c
Perps/Pref cost per share is 44.4c
Common Equity is 21c (based on last done)


Strange outcome whereby the lowest ranking (common equity) will have a better deal than the preference and perpetuals...

Value of the common equity should be much less on enlarged capital.

How Hyflux lost nearly S$2 billion in value in less than 10 years
https://mothership.sg/2019/03/hyflux-exp...bt-losses/

PUB serves default notice to Hyflux Tuas Spring.

(03-03-2019, 09:35 AM)Shiyi Wrote: No bailout, the government says.

Of course NOT.

(05-03-2019, 11:08 PM)Shiyi Wrote: PUB serves default notice to Hyflux Tuas Spring.

From Day one, people has been saying that the gov can just seize it for national security reason if the contract is not fulfilled. This mean Hyflux loses the rights of use to benefit from it. Trying to invest in something that is critical to national security assuming gov will not let is fail is hallucinate investing.


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(06-03-2019, 08:50 AM)corydorus Wrote:

(05-03-2019, 11:08 PM)Shiyi Wrote: PUB serves default notice to Hyflux Tuas Spring.

From Day one, people has been saying that the gov can just seize it for national security reason if the contract is not fulfilled. This mean Hyflux loses the rights of use to benefit from it. Trying to invest in something that is critical to national security assuming gov will not let is fail is hallucinate investing.


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Anybody knows if MayBank has the first claim of the plant or the Govt?
Does PUB have to pay for the plant if it is "seized"?