INTEGRA (9555) : Stocks With Momentum: Integrax
Integrax Bhd
Lumut port operator Integrax Bhd saw its share price surge by 42 sen or 18.2% to RM2.73 after Tenaga Nasional Berhad (TNB) announced its proposal to acquire the remaining 77.9% stake it does not own in the former at RM2.75 per share last Friday.
The take-over offer is conditional only if TNB holds more than 50% shares of Integrax before the closing date, which shall not be later than 60 days after the announcement date. TNB currently owns 22.1% of Integrax and intends to delist the latter upon completion of the corporate exercise.
Integrax owns and operates two port facilities in Lumut Port, namely Lekir Bulk Terminal (LBT) for dry bulk and Lumut Maritime Terminal (LMT) for dry bulk, liquid bulk, break bulk and containers. LBT handles the unloading and delivery of coal to TNB’s Janamanjung power plant in Manjung, Perak.
In 2012, Integrax entered into 25-year port utilisation agreement with TNB to supply coal handling services to TNB’s Manjung 4 Power Plant and is negotiating contract terms for TNB’s upcoming Manjung 5 Power Plant.
TNB is presently Integrax’s largest shareholder, followed by its deputy chairman Amin Halim Rasip who has a 21.4% stake and Perak Corp, which indirectly holds a 15.7% stake.
The Edge Research rates Integrax with Fundamental and Valuation scores of 1.65 and 0.6, respectively, both out of a maximum of 3.0.
For the past three years, Integrax was able to maintain net margin of above 40%, although topline growth remained flattish. As at end-September 2014, the company is sitting on net cash of RM150.5 million, or a substantial 50 sen per share.
The stock is trading at a trailing 12-month P/E of 18.5 times and 1.1 times book. A first interim dividend of 5 sen for FY2014 was paid in June 2014.
http://www.theedgemarkets.com
Integrax Bhd
Lumut port operator Integrax Bhd saw its share price surge by 42 sen or 18.2% to RM2.73 after Tenaga Nasional Berhad (TNB) announced its proposal to acquire the remaining 77.9% stake it does not own in the former at RM2.75 per share last Friday.
The take-over offer is conditional only if TNB holds more than 50% shares of Integrax before the closing date, which shall not be later than 60 days after the announcement date. TNB currently owns 22.1% of Integrax and intends to delist the latter upon completion of the corporate exercise.
Integrax owns and operates two port facilities in Lumut Port, namely Lekir Bulk Terminal (LBT) for dry bulk and Lumut Maritime Terminal (LMT) for dry bulk, liquid bulk, break bulk and containers. LBT handles the unloading and delivery of coal to TNB’s Janamanjung power plant in Manjung, Perak.
In 2012, Integrax entered into 25-year port utilisation agreement with TNB to supply coal handling services to TNB’s Manjung 4 Power Plant and is negotiating contract terms for TNB’s upcoming Manjung 5 Power Plant.
TNB is presently Integrax’s largest shareholder, followed by its deputy chairman Amin Halim Rasip who has a 21.4% stake and Perak Corp, which indirectly holds a 15.7% stake.
The Edge Research rates Integrax with Fundamental and Valuation scores of 1.65 and 0.6, respectively, both out of a maximum of 3.0.
For the past three years, Integrax was able to maintain net margin of above 40%, although topline growth remained flattish. As at end-September 2014, the company is sitting on net cash of RM150.5 million, or a substantial 50 sen per share.
The stock is trading at a trailing 12-month P/E of 18.5 times and 1.1 times book. A first interim dividend of 5 sen for FY2014 was paid in June 2014.
http://www.theedgemarkets.com
