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Speical General Meeting on 5 Dec, a 10% shareholder wanted to add its 3 people into the board of directors but existing board is against it. Look like begin of fighting control of the company, will it leads to higher share price.
Anybody has similar experience to share?
In the last AGM, the management has said that they are prepare to sell the miaoli wind away if the price is right.
cheongsl ( Date: 12-Nov-2012 12:24) Posted:
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As the report mention, "
The distribution policy of each of MIIF’s businesses is to distribute all net cash flows generated from operations, reduced for
debt servicing costs and maintenance capital expenditure, subject to legal requirements and prudent reserves.
The miaoli wind that have not being distributing have actually consolidate more then enough for the repayment for debt end dec 12, since it last distribution is 2009. And with the approval of carbon credit, we would expect the income to increase with the sales of the carbon credit.
Thus the distribution might be very positive in the near terms actually have tabulate in excel at home.
oldflyingfox ( Date: 12-Nov-2012 11:03) Posted:
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Today hit 0.575, moving slowing towards 0.6. >
Top 5 share holder
Citibank nominees Singapore pte ltd
DBS nominees pte ltd
HSBC nominees pte ltd
Macquerie infrastructure management pte ltd
United oversea bank nominee pte ltd
All are nominee account, except the macquerie infrastructure management pte ltd.
oldflyingfox ( Date: 07-Nov-2012 09:34) Posted:
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A major shareholder is calling for a special general meeting to add 3 more directors to the board. Could it be they are figthing for control of the company? That will be positive to the share price, anyone know the biggest shareholder hold how many shares?
3Q result is out, but still did not see a major reduction as state in the previous report and also other financial institute report on the company. The 3Q reduction for the Hua nan revenue is 14.7% compare 3Q12-3Q11. Thus the overall revenue still improve due to major contribution from TBC increase.
Today top volumn, BBs seem to have started collecting it after 4pm yesterday. NAV is 0.72 and dividend yield around 10% at present price.
I may buy in some more today, it should pass 0.6 in the coming weeks or months. This one need holding power.
Today up 1.5 cts to close at 0.55, something has happened.
Today, it said that it has undertaken a strategic review to consider a range of alternatives focussed on generating value for MIIF shareholders. These alternatives include, inter alia, the continuation of MIIF in its current form, the revision of MIIF’s investment mandate, the changing of MIIF’s structure and its listing jurisdiction, asset divestments, the wind-up of MIIF, and capital returns (Strategic Review). The objective of the Strategic Review is to formulate strategies that in the Board’s opinion are in the best interests of MIIF’s shareholders.
http://info.sgx.com/webcorannc.nsf/AnnouncementLast3MonthsByCompanyNameAndCategory/254411237DDFF5D048257A92007FE420?opendocument
Cheers for those still holding it.
Usually when market is up, ppl will be more interested in price appreciation than high dividend yield. So when opposition happen, the money will then flow back to here.
I take this counter as my " super high interest FD" account...
Seems like no much action on the share price and company have resume the share buyback action since 1 Oct. Ever since the rise in market, most share have rise significantly, except this which make it one of the highest divident yield stock currently.
I usually don't have the time to attend AGM. Did you attend their AGM?
As EDBITA still have the tax, depreciation and amortisation to take into consideration. Thus tax china is around 25% and taiwan 17%, depreciation might not be applicable, but amortisation will need to taken into consideration of amotising of the dept. Thus they might have taken this into consideration before the distribution to MIIF for the funds management and dividend distribution. If it is for the amortising of dept for the portion between the tax and distribution, then base on my calculation it is quite a conservative retaintion.
oldflyingfox ( Date: 13-Sep-2012 16:33) Posted:
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Maybe you should attend the AGM and ask the management those questions. >
http://info.sgx.com/webcorannc.nsf/AnnouncementLast3Months/38EEB9FD062A444148257A7600528B1F?opendocument
http://info.sgx.com/webcorannc.nsf/AnnouncementLast3Months/B8E25B7E2A2D02A648257A76005365B6?opendocument
both major shareholder have increase the amount of share held as per annouce in SGX. seems like there is someone still trying to block the raise as the sell at 0.53 still very large.
Yup, currently the main portfolio for me is MIIF, ho bee, Chip eng seng and First Reits.
MIIF is the only one that does not move much, and the divident remain attactive. There is one thing about the portfolio asset on the MIIF that puzzle me also that is the distribution to MIIF, how did this figure come from and who decide it. Eg. 2011 AR Hua Nan expressway EBITDA is 425.2 million RMB and MIIF having 81% of the equity by right the distribution to MIIF is S$67.8million but the report mention is S$22.5million. And for Changshu Xinghua port the EBITDA is 152.5million RMB and MIIF having 38% of the equity thus should have a distribution of S$11.4Million but the report mention is S$5.3million. If you compare to 2008 AR, the Hua Nan Expressway EBITDA is only 353.8million RMB which is much lower then 2011, but the distribution to MIIF is much higher based on report which is S$27.6million.
Eg Miaoli wind in 2008 which is a 100% own there are distribution to MIIF and the EBITDA is lower then 2011, but in 2011 there is no distribution to MIIF at all?
Any idea how this work?
oldflyingfox ( Date: 11-Sep-2012 21:48) Posted:
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Because of the projected reduction of income from one of it's business, there is ppl projecting reduction of dividend a year later. But I've mentioned in the past that even if it came true, we won't see much impact on the dividend yield.
In fact, this is my most favorites dividend play counter compare to the rest of the reits and trusts.
cheongsl ( Date: 11-Sep-2012 07:35) Posted:
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Actually, I am very puzzer with the unsubstanable divident and reduction talk come from as I did not see the management mention about cutting the divident. And also the company have been continously buying back and cancel the shares. Just take a look at 2010 the total share no is 1,297,804,154 and 2011 total no of share is 1,186,892,154, and in 2nd quarter 2012 the no of share is further reduce to 1,174,702,000. But the comprehensive income is countinously increase over the years. Even the same pool of money is being share by the same shareholder, the divident can be much higher then 2.75 definitely. As the reduction of total share from 2010 till date is more then 10%. That is why I have continously buy in over the time. It is more then substanable then the Reits as they don't have to pay out 90% of their income. And Many Reits currently return is less then 5%, thus is really a risky assets.
oldflyingfox ( Date: 23-Aug-2012 11:34) Posted:
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The management has already estimated deduction of 20 - 25% from HNE. Based on FY11, HNE contributed about 39% of the earning, which mean the deduction from HNE will work out only less than 10% deduction of the total earning if other areas don't grow at all.
So if dividend will to cut from 5.5 cts to 5 cts for FY13, if still giving more than 9% yield based on present price of 0.53 to 0.55.
I think we should not be too worry on purely the impact of toll revisions. Anyway, the next coming half year dividend is still stay at 2.75cts.
Another broker (NRA) estimate " In FY13, we expect lower distribution income as the strong performance at TBC is not expected to offset the negative impact of toll revisions at HNE and this is expected to dampen FY13 dividend."
(Source: http://kfc1973-stock.blogspot.sg/2012/08/macquarie-international-infrastructure.html )