星期日, 八月 13, 2006

最新的PANTAI研究报告

Saturday August 12, 2006


Poser for Pantai

By ANITA GABRIEL AND TEE LIN SAY


IN Malaysia, there has long been a paradox of the Government erecting walls to fend off foreign takeovers of domestic assets, while cheering on foreign investments into the land. But if you call out for a nation that has adopted unfettered globalisation to throw the first stone at those that haven't, chances are they're hard to come by.

There is wide consensus that trade and economic benefits under the liberalisation banner do not trump everything, more so national interest and security. The consensus is, however, divided on which deals pose such threats and which don't.

Examples abound across the globe, but to cite some clear demonstrations: the case of Mittal Steel's bid for Luxembourg-based Arcelor, where no fewer than four national governments opposed the bid (it eventually went through); the furious debate on whether several port terminals in the US should be owned by a company based in Dubai; and anguished protests that stopped the Chinese oil company CNOOC from acquiring US-based Unocal. Whether these deals pit economic interests against national security (some of the assumed threats can seem preposterous) is indeed debatable.

On that note, when Singapore-listed and US-controlled Parkway Holdings Ltd acquired a 31% stake in local healthcare group Pantai Holdings Bhd in September last year, what first came across as a smooth-sailing cross border trade with considerable synergisms has unwittingly exposed the sharp divisions among politicians, businessmen and the citizenry.

“It must have been unnerving for the new shareholder Parkway Holdings to see the transaction turn into a political hot potato,” says a market wag.






Datuk Lim Cheok Peng
OPPOSING FORCES



The strongest opposition, it appears, is over the fact that Pantai holds two lucrative government concessions in healthcare support services. The two subsidiaries that hold the prized 15-year government concessions are Fomema Sdn Bhd and Pantai Medivest Sdn Bhd.

Industry sources say the concessions, in line with the objectives of privatisation, include the principle of an ownership structure that must be minimum 30%-bumiputra owned, and at least 50% Malaysian-held, “until such time the company is listed”. In this light, there appears to be various interpretations and debate on whether the listing deadline applies to the concessionaire or its holding company.

But here's the crunch: If one traces the history of Pantai's shareholding, sources say it appears that the minimum bumiputra shareholding requirement (in the context of the concessions) may have fallen short when Datuk Lim Tong Yong (T.Y. Lim) acquired 32.85% of the shares in Pantai from Mokhzani Mahathir back in April 2001. (Mokhzani quit his business in an attempt to quash rumours and doubts over his business dealings under the leadership of the then-Prime Minister, his father Tun Dr Mahathir Mohamad.)

What this means is that the issue that currently haunts Pantai and its shareholders is one that in essence existed long before Parkway Holdings entered the fray.

“It's a cautionary tale of buyer and seller beware as these parameters were there from the start, “ says an industry observer.





MANY TAKERS, BUT WHO REALLY HAS THE FUNDS?


Datuk Lim Tong Yong


With that, some say that the call for Pantai to divest its subsidiaries that own the concessions has become rather compelling. But even as Pantai is merely at the preliminary stages of scouring for an adviser for a possible divestment, industry sources say there have been no less than three parties who have expressed keen interest to acquire the subsidiaries.

The front-runner, it is believed, is politically-linked Realmild Sdn Bhd. Realmild already has a concession to provide hospital support services in the central region of the country via Radicare Sdn Bhd.

The other interested parties, it is learnt, include “a group of investors” together with former Pantai chairman Datuk Dr Ridzwan Bakar and several individual investors.

“Pantai Holdings has yet to appoint advisers for the deal. As for the buyers, they are likely to appoint boutique investment banks to carry out this deal for them. The concessions, and more specifically Fomema, are lucrative, so it'll be interesting to watch. Not many will have the funds required to buy up the concessions, though,” says an industry source.

Even so, the plan itselfremains rather fluid at this stage. Instead of an outright sale, there is even a possibility that a new partner may be appointed as joint concessionaires with Pantai.

“It may even be that there's an agreement for the concession to be extended and perhaps split the pie 50:50 between Pantai and a new bumiputra partner,” he says.

While the interested parties are likely to bid for both concessions, the concessions may end up in separate hands. The truth, however, is that the bulk of the value is in Fomema, as relatively speaking, Medivest is rather small.




Pantai Medical
PARKWAY'S LIM : NO REASONABLE OFFER YET



When contacted by BizWeek, Parkway managing director Dr Lim Cheok Peng said that at this juncture, “... the Pantai board has yet to receive any offer, which it would consider appropriate regarding the potential divestment of its subsidiaries, namely Fomema and Medivest.”

In other words - while there have been offers so far, they have been none too attractive.

Would Parkway have still bought the stake in Pantai if it were apparent at the time that there would be a high likelihood of Pantai having to divest these concessions?

“Strategically, the acquisition of Pantai was in line with Parkway's regional growth strategy. Parkway's board was of the view that there was great potential in the healthcare industry in Malaysia and the investment opportunity in Pantai given the price and its strategic presence, this was part of Parkway's investment strategy to grow its business in Malaysia,” adds Lim.

Still, if there is a palatable offer on the table, the board would have to take it to shareholders for a vote. But this is by no means a sure thing. “Pantai's shareholders are rather savvy. They've got the likes of big players like Fidelity International, Singapore's GIC and so forth. So, the price on the table may have to be equitable for shareholders to give their nod,” says an analyst.



THE CONCESSIONS' APPEAL




Since Parkway's entry into Pantai as its major largest shareholder, the issue has become a political minefield, not least because of the fact that Fomema is viewed as a goldmine.

Pantai's wholly owned Pantai Fomema & Systems Sdn Bhd controls Fomema Sdn Bhd.

Essentially, Fomema holds the monopoly for the mandatory monitoring and supervision of medical examinations of all foreign workers in the country.

Therein lies its biggest appeal - it is a steady income driver, with the only variable being the number of legal foreign workers examined.

The concession lasts for 15 years and expires in September 2012.

According to Rating Agency Malaysia Bhd (RAM), Fomema has been growing at a compounded annual growth rate (CAGR) of 31.3% over the past three years.

The other subsidiary, Pantai Medivest, holds a 15-year concession (effective October 1996) from the Health Ministry for the provision of hospital support services such as facility engineering, biomedical engineering, cleaning services, laundry and linen and clinical waste management services to the three southern states of Negri Sembilan, Malacca and Johor.

Backed by concession rights, Medivest and the Fomema group of companies are Pantai's main sources of income, accounting for about half of Pantai Holdings' group sales and over 40% of the group's operating profit in its recently released results for the four quarters ended June 2006 (refer to table for segmental breakdown). (Pantai has changed its year end from June 2006 to December 2006). Apart from Medivest and Fomema, Pantai has other subsidiaries involved in healthcare support services, though these are very small.


Market sources say the price tag for Fomema's concession ranges from RM300mil-RM500mil and around RM40mil for Pantai Medivest.

Without doubt, Pantai Holdings' financial performance has improved significantly largely due to the robust growth in patient volumes and excellent volume growth reported by Fomema, as pointed out by RAM in a report dated May 2006.

Interestingly, however, in the report, RAM points to a certain “headline risk” for Pantai with regard to the political heat from nationalist quarters following Parkway's emergence as the group's new controlling shareholder.

While RAM believes that the Government will not revoke Pantai's rights to its two lucrative concessions considering the infrastructure that has been put in place and its 10-year track record, it adds that these patriotic sentiments could well weigh on their renewal prospects.

If this happens, RAM opines that it will remove a core unit of Pantai but on balance the sale would give a boost to Pantai's already healthy balance sheet.



A BLOW FOR PANTAI MINORITIES?



Will the divestment of what has become a “solid chunk” of Pantai's business be a major blow for Parkway and Pantai's minority shareholders?

“It will only be fair for all parties if the price is right,” an observer close to the deal puts it. An obvious thing to say, one might add, but the stakes are high as any price short of fair may result in some backlash. “It's a delicate situation. But there will definitely be parties looking for a fire sale of the concessions on their premise that it no longer conforms to the ownership principles as per concession agreement,” he adds.

As for the impact itself on Pantai, not many seem to think much of it. A lone analyst who covers the stock says while the earnings from the two concessions are significant, the investment community has by and large valued Pantai based on a DCF (discounted cash flow) value of the concessions separately but has remained focused on its hospital earnings instead.

“You have to weigh the pros and cons. For Pantai, would the cash in hand be more favourable for shareholders than a concession that earns stable income for the group?”, asks an analyst.

A difficult question to answer indeed; while cash will open up avenues for Pantai to retire existing debts or reinvest into some other businesses, lucrative concessions that offer steady income are not easy to come by.

If you strip, toss and throw out the debates and innuendos that have accompanied this deal from the start, it appears that there is consensus on one most relevant point. And that is well summarised by a long-time market-watcher :

“From the historical perspective, the concessions were created as part of a privatisation plan to boost bumiputra equity. So, everything related to the concession in future will also have to be viewed in that context.”

That sounds like a sufficient clue for those wondering what's likely to happen next.

星期六, 八月 05, 2006

再访Pantai Holding

我所认识的PANTAI HOLDING BERHAD(不建议买卖)

昨日与几个WINE友遍吃火锅(谢谢osama 大大盛情招待),遍谈天说股,想想只是吸收,没有付出,有点说不过去,就去my document,my picture,my received files 看了看,还蛮多的另类心得,就想拿出来分
享,糟糕,都是英文的,一部份发表在delphi forum(糊涂版主,supperteam 等看过),一部份以前在
walao 网写过。

就一遍翻译,一遍重写,原来过了一些时日,看法竟然会改变,有的要修饰(PANTAI,GOLDIS,HIRO AVENUE,BONIA,TGL,KOTRA)有的被推翻(LIONDIV,MUI,OSKVI,PENTA),还有更多卖出的不知如何归类。

原来中文输入法这样慢,而我连贴图贴表也忘了,只会copy and paste,哈哈。

所以,各位的眼睛辛苦了。




QUARTERS RES 30.06.0430.09.0431.12.0431.03.0530.06.0530.09.05

TURNOVER 169,271 172462 167865 177384 188126 201852

PROFIT B TAX 11938 15752 15664 16571 19841 26394

NET PROFIT 1041 9500 10008 10081 13957 18385

EPS Sen 0.2 2.3 2.4 2.4 3.3 3.68

DivPS Sen 2 0 1 1 1 1

RR NIL NIL NIL Ab/2 NIL JPb/8

Nb/8


讲了这样多废话是为了交待这篇文章的源起。等我再修改。

医院
外劳检验
医疗处理
商用车司机检验
前景,

纯为分享,不建议买卖。








****** 业务分析 *******

1)外劳检验(FOMEMA)

清晨五时被太太叫醒----才来两天的女佣逃之夭夭了,昨天才去做身体检验,报告还没出,今天就不见人了。忙了整个早上,累得很。

说到外劳检验(FOMEMA),那的确是PANTAI的主要盈利来源,加上医疗废物处理(PANTAI MEDIVEST),每
季贡献了50-70%盈利。我粗略算了算,各别一半一半。

Concession 1997 to 2012 (15 years)还有七年。

外劳检验 :每人 RM 180(男),RM 190 (女)
医生费用: RM 60
X-光费用: RM 25
化验费用: RM 45
其他费用: RM 10
Average 赚幅:RM 40 - 50 就算 RM 45

2003 716000 人,盈利 : RM 15.9 million(confirmed figure)
每人= RM 22.2 , 22.2/45 = 49。33 %(高高高)

2004 ~920000 人 盈利 : RM 20.0 million(unconfirmed)
每人= RM 21.73 21.73/45 = 48.28 % (也是高高高)

各位大大可以看到盈利一直增加,尤其是2005 第三季(30.9.2005)更加突飞猛进,原来政府宣布从
1.8.2005起,所有外劳一入大马,一个月内就要检验,因此预料31.12.2005 的季报会更惊人

parkway(新股东可能就会有所动作,再谈。)

几个隐忧:
1)Concession还剩七年。
2)近日巫统国会议员抗议外国人买入,马来人股权被减。
3)卫生部正在检讨机密泄露的问题。

纯为分享,不建议买卖。

[ 本帖最后由 tanhin 于 24-12-2005 02:13 PM 编辑 ]


24-12-2005 11:14 AM #3





******* 业务分析 *******

2)医疗废物处理(PANTAI MEDIVEST )

前几天收到帐单,明年pantai medivest 还是不会对小药房提高医疗费物处理的费用。一年多来,随到,有何要求也有商有量,政府文件定时送上,真庆幸从FABER 转去PANTAI。

PANTAI MEDIVEST 除了是提供南马(森美兰,马六甲,柔佛)22 间政府医院的医疗费物处理外,也有提供医院洗衣(laundry)及 机器维修(engineering maintenance)的服务。

Concession 1996 to 2011(15 years)还有六年。

由於PANTAI MEDIVEST 的母公司PANTAI 有七间医院(西间在巴生谷,怡保,槟城,马六甲各一间),也因此不在特许区的PENANG,PERAK,KLANG VALLEY 也有办事处,周围的小药房,化验所,私人医院有很多都转去PANTAI MEDIVEST,主要是便宜,服务好。因此抢了其他concession company ---Faber Mediserve(under Faber)及Radicare 不少的生意。

这些费物是以公斤计算。小药房每个月 2.5 公斤要付RM 70 - 80。而政府可能在2007 允许起价 27 %。

海外市场:pantai medivest 已经在沙地阿拉伯及印尼提供废物处理服务,与斯理兰卡及中国的合作讨论也到了最后階段。正寻求扩展到南印度城市。

隐忧:

1)特许只剩六年,虽然有extend another 15 年的option.
2) 卫生部正在检讨机密可能泄露的问题


纯为分享,不建议买卖。http://www.mmail.com.my/Current_ ... /Article/index_html

[ 本帖最后由 tanhin 于 26-12-2005

朋友说你不copy and paste 一些大师级的观点,读者会读得索然无味。看来我要去Takumi 的精华帖看看或把尘封的warren buffett系列书翻开,抄一抄。但再过两帖就是戏肉了------ 分析前景,各位大大等等吧。

子曰:知之者,不如好之者。好之者,不如乐之者。且让我成为乐之者吧。







******** 业务分析 ********

3)Pantai Premier Pathology Sdn Bhd (化验所)
这是一间非常cost effective 及 有效率的化验所。

a)因为就设在pantai 的医院里头。
b)为pantai医院提供验血/尿/组织切片的服务
c)也是fomema(外劳检验中心)的一间panel(特许)化验室,与其他如Pathlab,BPlab,gribbles 等竟争。所以你看,相当部分的化验服务会去那里,当然是同子公司的premier。
d)也为药房,小型医疗中心提供化验服务。
e)由於有了七间医院的量(化验量),能给予较廉宜的价格及较全面/有效率的服务


从2002开始,可以看到每年增加10-12%,相信parkway的gleneagles hospital也可能採取synergy的配合,premier 生意量长期看好。


[ 本帖最后由 tanhin 于 26-12-2005 06:34 PM 编辑 ]





27-12-2005 06:08 PM #11
Pantai Group of Hospitals

***有七间(四间在klang valley,槟城,马六甲,怡保各一间),另一间在batu pahat 要2006 年尾才投入服务。

***Revenue 占了市场的9%,排第一的是KPJ(14%)

几个奇怪现象:
1)七十巴仙的员工(包括医生/护士)是马来友族。
2)近一千个床位(可用的是916)的年度使用率只有54%(少於市场的平均75%)
3)纯医院的profit margin 只是6%,竟争者(其他医院)则是10 - 15 %
4)旅游医疗服务则占了10% 的revenue,病人也急速增加。

1999 59926 22.0 millions
2003 102938 48.9 millions
2004 174000 105.0 millions

而竟然有近75 % 的外国病人是来自印尼(!!!)第二的是来自Middle East,日本等等。

(作者评:马来员工占多数对吸引回教国病人产生了作用。)

5)Pantai 也是国内私人医院里唯一的医疗一站式中心
因为a)pantai medivest的医疗费物处理,医疗设备维修
b)pantai premier 的化验室
c)有护士训练中心(in-house nursing training school),自供自足,还有外销国内外私人医院。

(作者评:这解决了护士的多流动性及不断的高薪压力。)

隐忧:

1)Parkway一买进,几个马来董事都辞职。
2)很多corporate panel(大机构)都是与政府/马来友族有关联的公司。


纯为分享,不建议买卖。





QUOTE:
原帖由 tanhin 于 3-1-2006 05:54 PM 发表
就要谈前景了,是写好了,一直再改。。。。account/读年报方面的缺点还是存在,可以帮得上忙的tekyong及tomteoh很久没出现了。
在股价要跌不跌,要起不起的时候,让我们来看看PANTAI 的前景如何?

1)惴测会有高股息,因为新股东parkway是新加坡出名派高股息的公司。(讨论parkway时会详述。)

2)相信FOMEMA 及 PANTAI MEDIVEST 会延长或保持到concession 的终期日。(已经提过)

3)与新股东旗下的GLENEAGLES GRUOP OF HOSPITALS(鹰阁)会有互动的双赢。(已经提过)

4)医疗旅游可以更进一步推广。(已经提过)

5)REIT 的可能性(新管理层近期内不会推行。)

6)SUPREMMA 特许经营的可行性。

QUOTE:
原帖由 tanhin 于 12-1-2006 01:26 PM 发表



在股价要跌不跌,要起不起的时候,让我们来看看PANTAI 的前景如何?

1)惴测会有高股息,因为新股东parkway是新加坡出名派高股息的公司。(讨论parkway时会详述。)

2)相信FOMEMA 及 PANTAI MEDIVE ...
股价起了才update 是错误及有误导性的,但PC这个月就一直不合作。常常写了一大篇,一个click就不见了。

PANTAI SUPREMME如成功推行的话,将是一个现金牛。

预计商用私机:800,000人
每人的检验费用盈利:rm10
每年就有RM8 millions




9-2-2006 12:06 AM #16

失望,非常失望。。。。。。。
1)没有高股息
2)revenue大幅增加(>20%)但赢利减少(〉40%)

---------------------我SOLD了自己收了〉2 年的股票。不觉有点失落。

SUMMARY OF KEY FINANCIAL INFORMATION
31-12-2005

CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD

31-12-2005
31-12-2004
31-12-2005
31-12-2004

RM'000 RM'000 RM'000 RM'000

1

Revenue 207,564
171,175
409,417
340,327

2

Profit/(loss) before tax 14,087
15,664
40,481
31,416

3

Profit/(loss)
after tax and minority
interest 6,276
10,008
24,661
19,508

4

Net profit/(loss) for
the period 6,276
10,008
24,661
19,508

5

Basic earnings/(loss) per shares (sen) 1.44
2.55
5.64
4.96

6

Dividend per share (sen) 3.00
2.00
4.00
2.00

AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR
END

7
Net assets per share (RM)

1.4102
1.4985

Note: For full text of the above announcement, please access the Bursa Malaysia website at www.bursamalaysia.com

Remarks :
The Board of Directors has declared the following interim dividend on the ordinary shares of the Company for the financial year ending 31 December 2006:-

1. First Interim Dividend - 1% less income tax of 28% per share amounting to RM3,143,916 was paid on 30 December 2005.

2. Second Interim Dividend - 1% less income tax of 28% per share amounting to approximately RM3,149,000. The date of payment shall be determined by the Directors at a later date.


© 2006, Bursa Malaysia Berhad. All Rights Reserved. Please read our disclaimer.

[ 本帖最后由 tanhin 于 3-3-2006 01:12 PM 编辑 ]

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