关于YTLPOWR凭单的报道，凭单持有者必须注意的是对高股息股如YTLPOWR，持有它的凭单是比较吃亏的，因为凭单持有者没有股息。如果想要长期持有，还是转换成母股比较划算。
The Edge
Saturday July 12, 2008
YTL Power warrants fare weakly
THE performance of YTL Power International 2008/2018 warrant (YTLPowr-WB) since it made its debut on Bursa Malaysia in the middle of last month has not been encouraging due to the weak stock market and also on fears that the government’s imposition of a windfall tax will reduce the earnings of independent power producers (IPP) like YTL Power.
After reaching a high of 80.5 sen on the first day of trading, the warrant has been declining steadily. At the close of last Wednesday trading, YTLPowr-WB was trading at 51.5 sen while its mother share closed at RM1.77.
The company’s other warrant (YTLPowr-WA) closed at 55.5 sen.
YTL Power is Malaysia’s oldest independent power producer. It is also the concession holder of Wessex Water in Britain.
YTL Power also owns power assets in Indonesia and Australia among others. In the first nine months of financial year 2008 ended March 31, 2008,
YTL Power recorded a marginal 1.3% increase in net profit to RM758.2mil from RM748.5mil the same period last financial year.
Revenue grew 6.9% to RM3.1bil from RM2.9bil the corresponding period a year ago.
YTL Power actually suffered a decline in net profit in the third quarter to RM277.6mil from RM305.7mil a year ago.
This was due to the absence of any gain on disposal of investment. In the previous financial year, YTL Power recorded a gain of disposal of quoted investment of some RM88.9mil.
If the gain on investment was excluded, YTL Power’s profit actually 28% higher for the third quarter compared with last financial year.
As at the end of March 2008, the net asset per share of YTL Power was RM1.15.
The Government has gazetted the “Windfall Profit Levy (Electricity) Order 2008” on Malaysian IPPs which came into effect on July 1. Under this order, the Government decided to charge IPPs a 30% windfall tax where the return on assets exceeds 9%.
This development has dampened the share price of IPPs like YTL Power in the last few weeks.
YTLPowr-WB was born out of YTL Power’s offer of up to 2.2 billion new warrants for sale to its shareholders at 10 sen per warrant on a renounceable basis based on one new warrant for every three existing ordinary shares held.
A total of 1.78 billion YTLPowr-WB was issued.
YTLPowr-WB is now trading at a slight discount.
This is not uncommon for warrants of YTL Power as its other warrant, YTLPowr-WA, had often been traded at a discount in the past.
This is probably due to the fact that the company is a good dividend paymaster.
As warrantholders are not entitled to dividend, high dividend yield will have a negative impact on the value of the warrants.
As YTLPowr-WA and YTLPowr-WB are both trading at a discount with almost similar level of gearing and exercise price, investors are likely to select the warrant with higher discount which at the current prices belong to YTLPowr-WA.
Shareholders of YTL Power can opt to sell the mother share and simultaneously purchase the warrant for exercise to enjoy risk free arbitrage gain when the discount level is large enough to cover transaction and finance charges.
Shareholders should take advantage of the company’s share buyback exercise to lock in the risk free gain whenever possible.
写于七月十二日二零零八年
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