Summit Alliance Port Limited (SAPORTL-DH)


Key features and analysis on SAPORTL

Paid Up Capital- Tk 879m ( 279m is issued for acquisition of OCL) Last year EPS – 19.93 (restated) Last 6 month EPS-Tk 11.43 Last 9 month EPS- Tk 14.17 Public share-20%, Director/sponsor-80%-

Key feature of OCL •Face Value -10 •Paid up Capital – 238 m •NAV on 31.12 .08 –Tk 51.79 (restated) •EPS for last year-Tk 4.62 (restated) •Expected minimum price by OCL - Tk 126.58 per share considering good performance ( PE Ratio will be 27.4) •OCL is the largest off-dock in the country handling 20 per cent of total export volume. •OCL handles about 300 containers per day. •OCL has over 14 acres of land in Potenga. •Fully computerized •Will be listed under book building method soon ( hopefully by end of jan 10)

SAPORT has 25 acres of land and modern container handling equipment. SAPORT forms join- venture with Netherlands and Denmark based companies to take part in the tendering process of Chittagong Port Authority (CPA) for the job relating to "Operation and Management of the New Mooring Chittagong Container Terminal (NMCT) on Supply Operate and Transfer (SOT)" basis. SAPORT acquired Cemcor Limited from Switzerland based Holcim (Bangladesh) Limited be purchased at the offered price of Tk. 176m to own the 14 Acres of land at Munshigonj. CEMCOR will be next OCL. SAPORT own almost 100% of OCL . 50% OCL shares will be offloaded soon. It will add huge gain on sales to SAPORT which will emerge with attractive PE ratio. For rest 50% shares of OCL, SAPORT price will increase when OCL price increase in future.

There is no doubt about listing of OCL. The questions are when and how. I have heard that there would a meeting in CSE on 17 Dec 09 and also on 22 Dec 09. The issue of trading of OCL might be decided in one of these meetings. OCL is likely to be traded by end of Dec 09.

The present price of SAPORT is irrelevant under articial condition where all can sell but a few can buy. The rules of game will be changed as it will emerge with attractive EPS and PE ratio. SAPORT will rise sharply.

The price of SAPORT will rise with several waves like as follows : a. With the news of direct listing or book building of OCL b. News of handsome gain on sales of OCL c. New PE ratio will be very attractive, loan restriction will be over. d. Declaration in march(last year 15 march 09) e.Tender/joint venture news f. CEMCOR future

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