YTL Power Acquiring Control of Ranhill Utilities
YTL Power Acquiring Control of Ranhill Utilities
In an exchange filing on May 28, YTL Power said its indirect 70%-owned subsidiary, SIPP Power Sdn Bhd, will be paying 99.5 sen per Ranhill Utilities share in the corporate move. Analysts view the move positively, noting potential synergies for YTL Power, particularly in water operations and RE
分析师持积极态度，认为YTL Power公司在水务和可再生能源方面存在协同效应。
YTL Power International Bhd is on fire. Just recently, the power utility and infrastructure group was in the news for its involvement in advanced data centre projects. Linked to that is the artificial intelligence (AI) wave.
YTL Power International Bhd非常活跃。该公用事业和基础设施集团最近在先进数据中心项目中有着重要的进展。与此相关联的是人工智能(AI)浪潮。
Now, the utilities arm of YTL Corp Bhd made another big corporate manoeuvre when it moved in to take a controlling stake in Ranhill Utilities Bhd. It has scooped up the shares related to Tan Sri Hamdan Mohamad for RM405.2 million in a move that will see it making an offer for the remaining shares that it does not own.
现在，YTL Corp Bhd的公用股又进行了一次重大的企业举措，入主Ranhill Utilities Bhd，成为一家具有控制权的公司。它以4.052亿令吉的价格收购了与丹斯里哈姆达纳穆罕默德有关的股票，这一举措将使YTL Power公司向持股剩余部分提供收购要约。
In an exchange filing on May 28, YTL Power said its indirect 70%-owned subsidiary, SIPP Power Sdn Bhd, will be paying 99.5 sen per Ranhill Utilities share in the corporate move.
5月28日，YTL Power在一份交易文件中表示，其间接持有的70%子公司SIPP Power Sdn Bhd将以每股99.5仙的价格进行Ranhill Utilities股份的企业交易。
It said SIPP Power had entered into an unconditional share purchase agreement with Hamdan, Hamdan Inc (Labuan) Pte Ltd and Hamdan (L) Foundation for the acquisition of 405.18 million existing ordinary shares in Ranhill Utilities representing a 31.42% equity interest in Ranhill Utilities, together with 2.03 million Ranhill Utilities shares to be issued pursuant to the share dividend, for total cash consideration of RM405.18 million. Hamdan is the sole beneficiary of Hamdan Foundation, which was a major shareholder of Ranhill Utilities.
该公司表示，SIPP Power已与Hamdan、Hamdan Inc (Labuan) Pte Ltd和哈姆丹公益基金会签订了无条件股份购买协议，以收购Ranhill Utilities的现有4.0518亿股普通股，占Ranhill Utilities的31.42%股权，以及2,030万Ranhill Utilities股份，以期出售，总现金价格为4.0518亿令吉。哈姆丹是哈姆丹基金会的唯一受益人，后者是Ranhill Utilities的主要股东之一。
The acquisition bumps up YTL Power's holding in Ranhill Utilities to 53.19% from 21.77%, obliging it to extend the mandatory takeover offer (MTO) to acquire all the remaining Ranhill Utilities shares it did not already own. YTL Power said it intended to maintain the listing status of Ranhill Utilities.
这一收购使YTL Power公司在Ranhill Utilities的持股比例从21.77%增至53.19%，该公司有义务延长强制收购要约，以购买其未拥有的所有Ranhill Utilities股份，并表示其打算维持Ranhill Utilities的上市地位。
Analyst Reaction
分析师反应
On the while, the equity analysts have been positive with the move, seeing it as benefitting YTL Power.
总的来说，股票分析师对此举措持积极态度，认为这将对YTL Power公司有益。
In its report, MIDF Amanah Investment Bank Bhd (MIDF Research) noted that the entry of a "strong controlling shareholder" in YTL Power which operates in similar business segments as Ranhill Utilities was positive and allowed Ranhill Utilities to tap its expertise in the water sector given the former's strong track record in operating Wessex Water Ltd in the UK.
在其报告中，大马亚曼纳投资银行Bhd（亚曼纳研究）指出，一个“强有力的控股股东”进入YTL Power公司，该股东在水务领域拥有强大的运营经验，为Ranhill Utilities提供了发挥其在英国维斯克斯水务有关业务的专业知识的机会。
"We believe Ranhill Utilities is a strategic fit for YTL Power as both are operating in similar businesses in water and power, albeit with differing scale and geographical presence," the research house said.
研究公司表示:“我们认为，Ranhill Utilities对YTL Power来说是一个战略性的配合，因为两者都在水和电力等类似业务中经营，尽管规模和地理位置不同。”它还指出，Ranhill Utilities将使YTL Power公司获得独家的柔佛州水务业务，使其能够从柔佛-新加坡特别经济区的前景和柔佛数据中心枢纽的潜在需求中获益。此外，它还表示，两者在水务运营方面的协同效应可以进一步推动Ranhill Utilities柔佛水务业务的效率。
It noted that Ranhill Utilities would give YTL Power access to exclusive Johor water operations allowing it to capitalise on prospects from the Johor-Singapore Special Economic Zone and potential demand from Johor's data centre hubs. Additionally, it said the synergistic expertise in water operations could drive further efficiency of Ranhill Utilities' Johor water business.
报告指出，本次交易还使YTL Power公司获得了进入沙巴电力市场的机会，Ranhill Utilities控制着最大的独立发电商（IPP）份额，在一个2026年开始商业运营的新100兆瓦（MW）联合循环燃气轮机的进一步巩固下得以实现。此外，Ranhill Utilities还在可再生能源方面取得进展，于2024年2月投运了其大型太阳能（LSS4）发电厂。
It noted that the deal also gave YTL Power access to the Sabah electricity market whereby Ranhill Utilities controls the largest independent power producer (IPP) share, solidified further by a new 100 megawatts (MW) combined-cycle gas turbine due for commercial operation date in 2026. In addition, Ranhill Utilities has been making headways into renewable energy (RE) with the commissioning of its large-scale solar (LSS4) plant in February 2024.
亚曼纳研究表示:“总的来说，我们认为这次收购对YTL Power是一个中长期的积极因素。”它维持其对该公司的“买入”评级，52周目标价为6.35令吉。
"Overall, we see this acquisition as a mid-to-long-term positive for YTL Power," MIDF Research said, maintaining its 'Buy' call on the counter with a 52-week target price (TP) of RM6.35.
根据彭博公司跟踪的股票分析师的数据，YTL Power公司有10个“买入”和3个“持有”评级，没有“卖出”评级，共识目标价为6.21令吉。
YTL Power has 10 'Buy' and three 'Hold' calls on its counter, with no 'Sell' call among equity analysts tracked by Bloomberg, with a consensus TP of RM6.21.
YTL Power公司起源于马来西亚的第一家IPP，拥有位于登嘉楼州的两座发电站和柔佛州的Pasir Gudang发电站，并向国际公用事业行业扩展。
YTL Power built on its origins as Malaysia's first IPP with its two power stations in Paka, Terengganu, and Pasir Gudang, Johor, diversifying into the international utilities industry.
该公司随后于2002年收购了英国的水务和污水处理运营商Wessex Water，于2009年收购了拥有3,100MW许可发电能力和商业多功能公用事业的YTL PowerSeraya Pte Ltd，后者位于新加坡，并持有位于印度尼西亚的1,220MW发电站的PT Jawa Power 20%的有效股权，以及Attarat Power Co的45%股份，该公司是一家拥有约554MW油页岩火力发电项目的所有者。
It then acquired Wessex Water, a water and sewerage operator in the UK in 2002 and YTL PowerSeraya Pte Ltd, which has a licensed generation capacity of 3,100MW and merchant multi-utilities businesses in Singapore, in 2009. It also owns a 20% effective interest in PT Jawa Power, which owns a 1,220MW power station in Indonesia and a 45% stake in Attarat Power Co, the owner of a 554MW oil shale-fired power project in Jordan.
另一份报告中，香港零售投资银行股份有限公司(HLIB Research)也表示，它对此次收购持“总体积极”的态度，认为它将使YTL Power公司在战略上巩固Ranhill Utilities的运营（水和大型太阳能(LSS)），从而补充了该集团的现有业务组合，并得出了潜在的协同效应。
In another report, Hong Leong Investment Bank Bhd (HLIB Research) also said that it was "overall positive" on the acquisition which would allow YTL Power to strategically consolidate Ranhill Utilities' operations (water and LSS) which complements the group's exist- ing business portfolio and derive potential synergies.
它补充道，此次交易还将使YTL Power公司进入柔佛州的水务公用事业和LSS市场，从而补充其通过YTL Data Centre Holdings Pte Ltd和YesCom-AI Data Centre进军数据中心领域的战略增长计划。
It added that the deal would also enable YTL Power to foray into the water utility business in Johor and LSS, complementing its strategic growth venture into data centre through YTL Data Centre Holdings Pte Ltd and YesCom-AI Data Centre.
“此外，我们认为，将Ranhill Utilities整合到YTL Power公司的多元化业务组合中，并利用YTL Power公司在英国维斯克斯水务方面的专业知识，有望实现潜在的协同效应。在LSS4项目下，Ranhill Utilities还最近实现了其50MW LSS的商业化，并获得了25年的电力购售协议。”HLIB研究说。
"Moreover, we expect potential synergistic benefits to integrate Ranhill Utilities into YTL Power's diversified portfolio of businesses while also leveraging YTL Power's UK Wessex Water expertise. Ranhill Utilities has also recently achieved commercialisation of its 50MW LSS under LSS4 programme with 25 years power purchase agreement," HLIB Research said.
它的目标价为7.45令吉，维持“买入”评级。
It has a 'Buy' call with an unchanged TP of RM7.45.
RHB Investment Bank Bhd (RHB Research), which has a 'Buy' call with a TP of RM6.68, said it believed the stake increase in Ranhill Utilities was a strategic move for YTL Power to complement its portfolio while strengthening its footprint in Johor given its ambitious data centre
RHB投资银行Sdn Bhd（RHB研究）给予RM6.68的买入建议，并表示，他们认为YTL Power增持Ranhill Utilities是一个战略性举措，有助于补充其组合，并在强化其在柔佛州的立足点，鉴于其雄心勃勃的数据中心开发。
development. It said that while it expected muted near-term impact, it saw potential synergies in the longer run.
该机构表示，虽然它预计中期影响不大，但从长远来看，可能产生协同效应。
"We believe it could be a strategic fit for YTL Power given its experience in both water treatment and power generation. This will further strengthen its footprint in Johor, where the company is also developing data centres and solar parks. As such, we expect synergies in the long run despite near-term earnings impact being rather insignificant given Ranhill Utilities is estimated to generate a net profit of RM47-RM55 million in financial year 2024 (FY24F) to FY26F," HLIB Research said.
"我们认为这可能是YTL Power的一种战略匹配, 鉴于其在水处理和发电方面的经验。这将进一步巩固其在柔佛南部的立足点，即使Ranhill Utilities在2024财年至2026财年（FY24F）被估计产生净利润RM47- RM55百万，当前业绩可能没有多大影响，但我们预计长期上是会有协同效应的。"HLIB Research说。
Moving forward, it believed that PowerSeraya's earnings moderation would be largely anchored by Wessex Water's earnings recovery.
该机构认为，PowerSeraya的收益增长将大多受制于Wessex Water的收益恢复。
Hamdan Making Exit
哈姆丹离职
The move would see Hamdan cashing out from Ranhill Utilities. He started his career as a structural engineer at the engineering consulting firm of Rankine & Hill Pty Ltd in Perth, Western Australia, and subsequently at Ranhill Bersekutu Sdn Bhd (RBSB) in 1981.
这一举措将会看到哈姆丹从Ranhill Utilities退出。他从澳洲珀斯的工程咨询公司Rankine＆Hill Pty Ltd开始担任结构工程师，并于1981年进入Ranhill Bersekutu私人有限公司（RBSB）。
After a sabbatical leave in 1985 to pursue his Master's degree, Hamdan returned to Malaysia and was appointed as director of RBSB in 1988 and eventually became president/CEO of RBSB in 1995.
1985年休假一段时间后，哈姆丹回到马来西亚，于1988年被任命为RBSB的董事，最终成为1995年的总裁/首席执行官。
In November 2000, he became ED and president/CEO of Ranhill Bhd where he spearheaded the group's expansion from an engineering and consulting-based firm to a full-fledged organisation that engineers, constructs, owns and operates facilities in diverse segments including the infrastructure, environment, power, and oil and gas segments. — TMR
2000年11月，他成为Ranhill Bhd的执行总裁兼总裁，带领该集团从工程咨询公司扩展到一个工程、建设、拥有和经营设施的综合性组织。该组织涵盖不同领域，包括基础设施，环境，电力和石油天然气领域。— TMR