大脚丫的故事...: May 2007

"IPOD Shuffle"

前几天到Jusco Cheras Selatan 逛街吹冷气时, 无意间看到了这只玩意 “IPOD Shuffle”, 竟然只卖RM99而已(如图)!

"IPOD Shuffle"

原来这是个冒牌货, 叫”I-Clip”. 虽然如此, 但你不觉得它做得似模似样, 几可乱真吗? 天呀~ 实在是太佩服中国的仿造技术了! 店主还告诉我说原装的耳机效果不够好, 如果愿意可以另外买个更好的耳机来代替.

结果就在同一天, 我败了一只给他….

新加坡干活记

4月26日是我国最高元首登基日, 公司的同事都难得在这一天偷闲. 我可没那么幸运, 和两个同事去了新加坡做工. 我们寄宿在Calton Hotel. 我对那间酒店十分满意: MRT, shopping centre 都在五分钟的步程里; 房间里有LCD TV, 网络也是超快的(最高600kb/sec)

Calton Hotel Room

Calton Club Window View

Chijmes (next to Calton Hotel)

白天做工, 晚上就是我们的活动时间啦. 我们去了:

Geylang Lorong 9 尝了那里著名的宫保田鸡 + 煎蚝 + 豆浆 + 油条
Orchard Road 尝了Tony Roma's Rib
Singapore Science Centre + Bugis Street + Bugis Buddhist Temple (星期六)
Marina Square 尝了Billy Bombers

背后是DHL Baloon

Singapore Science Centre (with Giap)

短短的几天, 我对新加坡有了另一种看法. 虽然我们常常讥笑新加坡人KIASI & KIASU, 但是我想说也就是因为他们有这一种心态, 才会时时鞭策自己不断向前迈进. 新加坡政府在吸引外资, 经济转型, 人才培育方面都做出很大的努力, 以确保它能在全球竞争下脱颖而出.

反观只隔一海的我们, 在拥有广阔土地, 丰富资源, 廉宜人力之下却步在邻国之后… 真的希望有一天我国可以超越新国, 成为亚太区域的一个经济强国.

Stock : MTDINFR (9768)
Full Name : MTD Infraperdana Bhd
EPS (cents) : 2.71 (2006); 3.28 (2005)
NTA (RM) : 0.74
Price (RM) : 1.12
Div (RM): 0.02 (2006); 0.02 (2005)
PE : 41 (2006)
DY : 1.8%
Recommend : BUY

Looking at the price movement of LITRAK (6645) from RM2.9x to RM3.6x, apparently market has started to price in the effect of the toll hike that took place since 1st January 2007. However, there is another counter which is also the “beneficiary” seems being ignored by the market. Its share price has hardly moved even though our KLCI has broken its historically height – it is MTD Infraperdana (9768). I hold MTD Infraperdana and strongly believe there is much upside in this counter due to the following reasons:

Toll concessionaire for KL-Karak Highway, East Coast Expressway 1, East-West Link Expressway and KL-Seremban Expressway.
Increasing new residential areas in Cheras, potential 9MP projects in east coast and Visit Malaysia Year 2007. East-West Link Expressway is one of the most heavily used road toll in KL, providing the direct link between Cheras and PJ (Federal Highway). 9MP projects in east coast will contribute higher traffic volume in ECE1. The company will also benefit from the VMY2007, as more tourists will go to Genting Highlands using KL-Karak highway.
Capital repayment of RM0.35. Based on the previous capital repayment experience, I will expect the RM0.35 capital repayment date to be formally announced in two month’s time.
Heavy repair work expected to end by 2H of 2007. This will free up additional cash flow for future cash distribution.
High borrowing? Not a major concern. Though the latest MTN issued in March 2007 balloons the company’s borrowing to RM1.2b, the operating cash flow of approximately RM100m per year is more than sufficient to cover (the concessionaire still has more than 20 years to go).
MTD Capital needs capital to fund overseas projects, especially in those riskier countries such as Indonesia. Most bankers reluctant to give out loans on risky projects. One of the alternatives that MTD Capital can source capital will be having its subsidiary MTD Infraperdana to distribute cash. As a minority shareholder, we can benefit indirectly (refer to BJTOTO’s case).

The DY may looks low now, but as mentioned the management is capable to declare higher dividend due to the toll hike and upon the completion of heavy repair work. Since the downside is limited, I would recommend MTDINFRA a BUY at RM1.11