Yup, from 5.8 bil shares in 1Q 2009 to current 7.1 bil shares. So dilution will occur definitely. This was mentioned during the 1st quarter of 2010 where the leftover 800mil plus warrants (2005-2010) was going to expire. This netted them about RM1 bil in cash.

Small update. Not sure the significance of it since no actual numbers were released.

YTLPOWER in Jordan

I search on Google regarding Jordanian oil shales project and found this in Wikipedia.

"For dealing with increasing power consumption, Jordan plans to utilize oil shale combustion for the power generation. On 30 April 2008, the Ministry of Energy and Mineral Resources of Jordan, the National Electricity Power Company of Jordan, and Eesti Energia signed an agreement, according to which, Eesti Energia will have the exclusive right to develop the construction of an oil shale-fired power station with capacity of 600-900 MW.[19][20][21] The power station is expected to be operational by 2015. When constructed, it will be among the largest power stations in Jordan (the largest being Aqaba Thermal Power Station), and the largest oil shale-fired power station in the world after Narva Power Plants in Estonia.[21][22]"

"On 29 April 2008, Eesti Energia present a feasibility study to the Government of Jordan. According to the feasibility study, the company will establish a shale oil plant with capacity of 36,000 barrels per day (5,700 m3/d).[4] The shale oil plant will use a Galoter processing technology; the construction is slated to begin by 2015.[11] The concession agreement was signed on 11 May 2010 in the presence of Jordanian and Estonian prime ministers Samir Zaid al-Rifai and Andrus Ansip.[14]"

Wiki Oil Shale Jordan

This post has been edited by skiddtrader: Dec 15 2010, 12:25 AM

Yup, it has already affected the earnings but not very significant.

Only expected to gain RM210mil from the sale. Only affects EPS by 3 sens, but the fact that they will be partners with Marubeni which is another big timer in utilities is a good move.

As NAIM hard to believe, but with EPF dumping this share while holding more than 10%, it is hard to estimate when they will stop. Previously they keep up the selling wave until they held about 9.6% before buying up again to 10.5%.

As prices fall, dividend yield will become more attractive if the dividends is kept consistent. Only slack part about it is YTLPOWER never had any official dividend policy.

Personally I was about to jump in at RM1.80, but held back due to some dilemma. Maybe RM1.80 is still not solid enough support. Last time drop to RM1.60+ range was a good entry price, this time maybe RM1.70+ is good?

YTLPOWER has always been a long term dividend counter, anything more is a bonus. Last time when I first bought it, average was RM2.30 back in 2007. When the counter down to RM1.60, lots of people throw but it was the best time to pick up. The prices recovered back to RM2.30+ supported by the dividend yield. When it hit a high of RM2.75 recently, I kind of regret didn't follow darkknight's footstep to sell it but it's still a dividend counter for me so didn't really pay much attention to it.

As far as information is available, there is no sign that fundamentally they are affected. If anything, the lower Crude oil and gas prices are favourable to their utility operations. This is the strength of utilities counter, whether rain or shine industries needs utilities to operate. Only a severe recession where industries are closing down is where their profits will shrink. Their WiMaX is a blood sucker though, but not much compared to their revenues.

But at the end of the day, it's your capital and if there is a better bet out there in the market, don't hesitate.

Almost everyday they sell some shares except yesterday. Maybe turnaround or could be just taking a break.

EPF probably pause their selling due to lower pricing after the recent Sell-off. Whether they will resume after the stock recovers back above RM2 is the question.