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JPMorgan: YTL-Corp-ROS scheme yielding 8-15% return

Asia Pacific Equity Research, 13 February 2008

YTL Corporation
Overweight
M$ 7.85

ROS scheme yielding 8-15% return - ALERT

? In our ongoing NDR, it was clarified that YTLís Restricted Offer for Sale (ROS) program will be recurring and not one-off for its listed subsidiaries i.e. the recent ROS for YTL Power will be repeated year after year as long as YTLP continues to buy back its shares. When YTL Cement is included in the ROS scheme, it will also be repeated thereafter every year. Hence the ROS of each subsidiary will be layered on top of each other. Taking into account this assumption the capital yield on the
ROS program is estimated to be 8-15%.






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