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 CBIP - 价值浮现


虽然CBIP在油厂工程和SPV分部补充订单的短期前景可能仍然疲软,但CBIP值得重新审视,因为价值已经浮现。由于持续低的毛棕榈油价格环境,CBIP在其油厂工程和SPV分部补充其订单的近期前景仍然疲软, 油厂工程部门的订单补货速度低于预期,以及部长职位变更(GE14结果发布后),这可能会导致SPV部门新合同授予延期。


价值已经出现。尽管近期的补贴前景不佳,但仍然看到CBIP的价值,因为砂捞越种植园资产(通过联营和合资)和加里曼丹(32,000公顷,其中约11,574公顷,或36%已经以及净现金4,270万令吉(或每股8仙)。

上游种植资产价值54仙/股。假设保守估价CBIP的土地储备价格为RM15,000 /公顷(种植面积)和RM500 /公顷(对于未种植面积),这低于目前的市场估值(至少为RM30,000 /公顷/区)。

6仙的DPS可能会继续。鉴于其净现金为4,270万令吉(或每股8仙),并且未来会出现巨额资本支出。目前股价为1.30令吉,股息转化为4.6%的不错收益率。

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http://fatta888.blogspot.com/2018/06/cbip.html
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