ASIA ENERGY LOGISTICS GROUP LIMITED X v ; 0 Z Ä · 2018. 10. 11. · Ê = ì gb ü ) n £b Ç N §...

.

ASIA ENERGY LOGISTICS GROUP LIMITED

China Sciences Conservational Power Limited

351

(I) 30%

(II)

(III)

238

65 67

28 26

18 19

20 29

– i –

............................................................................................................................................... 1

.................................................................................................................................. 6

................................................................................................................. 18

.............................................................................................................................. 20

....................................................................................... 30

...................................................................... 57

............................................................................................................ 60

...................................................................................................................... 65

– 1 –

40,000,000

– 2 –

61,200,000

1,000,000,000

402,500,000

1 6 9

– 3 –

62.5%

12

70%

Sharprise Holdings Limited

– 4 –

571

30 30%

0.10

321,750,000

80,750,000

51%

Top Fast Holdings Limited

Fast Sky Holdings Limited

80,750,000

– 5 –

62.5%

121

%

1 0.88

– 6 –



351

108

12 1208-1210

(I) 30%

(II)

(i)

61,200,000 (a) 30%

(b) (ii)

321,750,000

80,750,000 402,500,000

40,000,000

– 7 –

A

(i) (ii)

(iii)


Fast Sky Holdings Limited

30% 70%

118,750,000 1.20%

(i) 30% (ii)

61,200,000 0.0612 1,000,000,000

12 61,200,000

– 8 –

12

0.0612

• 0.182 66.37%

•

0.162 62.22%

•

0.158 61.27%

• 356,279,000

0.036 70%

• 0.162 62.22%

0.0612

10.15% 9.21%

– 9 –

(a)

(b)

(c)

(d)

(e)

(6)

– 10 –

(i) 63,600,000

63,600,000

(ii)

17,150,000 (i)

17,150,000

17,150,000

274,356,000 281,750,000

117,581,000 120,750,000

402,500,000 321,750,000

80,750,000

40,000,000

– 11 –

(a)

(b)

(c)

(d) (a) (d)

(i) 17,000

(ii) 2 (iii)

4

– 12 –

63,600,000

62.5%

51%

121

1,600,000,000

80

530 215

– 13 –

809

27,067

661 1,841

20,288 59,975

224,000,000

– 14 –

53

9,139

129,000,000

1,295 1,865

123,705 121,840

125,000,000

– 15 –

% %

King Castle Enterprises

Limited 1 4,857,970,325 49.28 4,857,970,325 44.74

Delight Assets Management

Limited 1 295,000,000 2.99 295,000,000 2.72

2 2,000,000 0.02 2,000,000 0.02

118,750,000 1.20 1,118,750,000 10.30

4,083,306,775 41.43 4,083,306,775 37.61

*NWS Financial Management

Services Limited 3 500,000,000 5.07 500,000,000 4.61

9,857,027,100 100.00 10,857,027,100 100.00

1. King Castle Enterprises Limited Delight Assets Management Limited

King Castle Enterprise Limited 4,857,970,325

2.

3. NWS Financial Management Services Limited

*

A

– 16 –

18 19

20 29

238

65 67

28

26

– 17 –

– 18 –



351

(I) 30%

(II)

20 29

6 17

– 19 –

– 20 –

(I) 30%(II)

61,200,000 (i) 30%

(ii)

321,750,000

80,750,000 402,500,000

40,000,000

– 21 –

A

– 22 –

A.

1.

2,817.08 110.60%

410

2,600

– 23 –

2.

(i)

(i)

30% (ii) 61,200,000

0.0612 1,000,000,000

12

61,200,000

30% 594,000,000

671,000,000 30% 90.88%

80,750,000 24.21%

(i) 30%

(ii)

– 24 –

(ii)

61,200,000 1,000,000,000

0.0612 (i)

0.182 66.37% (ii)

0.162 62.22% (iii)

0.158 61.27% (iv)

356,279,000

0.036 70%

299,319,000

0.030 104%

(iii)

港元

(i) (ii)

(iii)

– 25 –

0.051

0.182

20%

66.37%

1 (%) 2

— —49,692,676 0.53%28,671,480 0.31%

8,270,819 0.09%

2,889,522 0.03%7,387,875 0.08%3,862,464 0.04%

83,546,990 0.89%183,108,542 1.96%

99,517,013 1.06%104,166,600 1.11%

86,163,050 0.92%

(1) (i) (ii)

(iii)

(2) 9,357,027,100

0.03% 1.96%

– 26 –

356,279,000

0.036 70%

299,319,000

0.030 104%

(i)

(ii)

(iii)

– 27 –

3.

1,980,000,000

(i)

(ii)

4.

– 28 –

5.

9,857,027,100

1,000,000,000

46.5% 42.22% (i)

(ii) (a) 30% 90.88% (b)

24.21% (iii)

(B)

274,356,000 281,750,000

117,581,000 120,750,000

321,750,000

80,750,000 402,500,000

40,000,000

1.00

40,000,000

40,000,000 40,000,000

402,500,001

10%

– 29 –

10%

198,000,000 223,700,000

82.12%

(i)

(ii)

17,150,000

(iii)

(i) (ii) (iii)

(iv) (v)

– 30 –

100%

100%

– 31 –

100%

351

70%


70%

Top Fast Holdings Limited

62.5%

51%

– 32 –

62.5% 62.5% 51%

121.736 68.143

53.593 62.5% 62.5%

51% 57.44%

– 33 –

80

121.736

– 34 –

– 35 –

A Zunhua South

1 Jianming

2 Santunying

3 Daomazhai

4 Hujiadian

5 Nianziyu

6 Yuerya

7 Andashi

8 Kuancheng

9 Dangba

10 Dajikou

B Xiaosigou

Google TM

1,600,000,000

1,000,000

530 215

– 36 –

11,350,000 13,500,000 688,100,000 476,400,000

12,600,000 14,100,000 891,600,000 590,880,000

12,600,000 14,100,000 965,600,000 634,000,000

– 37 –

15%

62%

(%)

(%)

4 0.71 0.68 0.67

6 0.68 0.67 0.65

9 0.62 0.65 0.61

12 0.58 0.64 0.57

15 0.54 0.62 0.54

20 0.49 0.59 0.50

25 0.46 0.55 —

30 0.45 — —

– 38 –

15% 10% 10,000

- 255.66 10,000 - 301.61

10,000 -

(%)

14 0.00 148.04 241.64 195.00

0.10 156.63 255.66 206.31

0.20 165.21 269.67 217.62

0.30 173.80 283.69 228.93

0.40 182.39 297.70 240.24

0.50 190.97 311.72 251.55

0.60 199.56 325.73 262.86

0.70 208.15 339.75 274.17

0.80 216.73 353.76 285.48

0.90 225.32 367.78 296.79

1.00 233.90 381.79 308.10

16 0.00 177.00 285.08 236.48

0.10 187.26 301.61 250.19

0.20 197.53 318.15 263.91

0.30 207.79 334.68 277.62

0.40 218.06 351.22 291.34

0.50 228.33 367.75 305.05

0.60 238.59 384.29 318.77

0.70 248.86 400.82 332.49

0.80 259.12 417.36 346.20

0.90 269.39 433.89 359.92

1.00 279.66 450.42 373.63

– 39 –

273,900

27.39 35.33 43.00 51.22

51.49 65.46 89.02 102.54

13.0%

300,670 9.0%

34,000 5.5% 146,183

9.3% 120,487 9.5%

11.3% 0.2% 48.6% 0.1%

40.1% 0.3%

– 40 –

(%)

5.9% 14.3%

8.9% 6.9%

14.1% 20.3% 10.5% 70

6.5%

– 41 –

9%

Economist Intelligence Unit

8.3%



– 42 –

4

9,500

3,198

4.6% 4%

78,000

63,000 27,000 25,500

11:8:1 75% 66% 62% 56%

7.2% 8.3%

5

Business Monitor International Limited

– 43 –

7.4 7.7 8.8 8.5 7.6

11.88 10.94 9.92 8.63 7.98

6.10 6.15 6.20 6.25 6.25

254.40 278.12 315.95 357.06 396.55



– 44 –


140,000

1% 287,000,000 2.2% 8.0%

5.2%

1.9%

41,000

6,000

20

4% 1.5%

16,000 30,000

– 45 –

– 46 –

– 47 –

– 48 –

– 49 –

PVCF = CF1/(1+r)1 + CF

2/(1+r)2 + ... + CF

n/(1+r)n

PVCF =

CF =

r =

– 50 –

FCF = NI + NCE + Int (1 – Tint

) – NCI – InvFA – InvWC

FCF =

NI =

NCE =

Int =

Tint

=

Int (1 – Tint

) =

NCI =

InvFA =

InvWC =

1

601006 CH

– 51 –

2

600125 CH

WACC = Re (E/V) + R

d (D/V) (1-T

c)

WACC =

Re

=

Rd

=

E =

D =

V =

Tc

=

Kc = R

f + (K

m – R

f)

Kc

=

Rf

=

=

Km

=

Km – R

f=

– 52 –

3.51%

16.40%

12.89%

= 0.33 + 0.67 *

0.845 0.897

0.955 0.970

– 53 –

u =

l/1 + (1 – T

c) (D/E)

u=

l=

Tc

=

D =

E =

D/E =

30.36% 0.897

26.19% 0.965

0.931

1.978 29.01%

7.56%

5.67%

25.00%

60.00% 40.00%

60% 40%

15.01%

– 54 –

TVt = CF

t+1/(r – g)

TVt

=

CFt+1

=

r =

g =

1%

25%

– 55 –

1% 2% 100%

(%) (%) (%)

-2% 13.01% +24.20%

-1% 14.01% +11.13%

0 15.01% —

+1% 16.01% -9.57%

+2% 17.01% -17.89%

– 56 –

100%

100% 3,450,000,000

57.44%

100% 1,980,000,000

108

12

1208-1210

BSc, MUD, MBA(Finance), B.Eng(Hon), PGD(Eng),

MSc(Eng), PhD(Econ), MHKIS, MBA(Acct), CFA,

MCIArb, AFA, SIFM, FCIM, MASCE, AICPA/ABV, RBV

MIET, MIEEE, MASME, MIIE

1. American Society of Civil Engineers American Society

of Mechanical Engineers Institute of Industrial Engineers (U.K.)

2.

– 57 –

(A)

30%

29(2)

3000

14.62

– 58 –

B 29(2)

108

12

1208-1210

– 59 –

(B)

20

13 1302

B 29(2)

14.62

A

108

12

1208-1210

– 60 –

1.

2.

120,000,000,000 1,200,000,000

9,857,027,100 98,570,271

1,000,000,000 10,000,000

10,857,027,100 108,570,271

3.

(a)

XV

(i) XV 7 8

(ii) 352

(iii)

– 61 –

2,000,000 0.02%

XV 2 3

(b)

XV 2 3

10%

5,152,970,325 52.28%

1

1

500,000,000 5.07%

2

(1)

5,152,970,325 (i)Delight Assets Management Limited 295,000,000

(ii)King Castle Enterprises Limited 4,857,970,325

(2)

500,000,000 NWS Financial Management Services Limited

NWS Financial Management Services Limited

– 62 –

XV

2 3

10%

4.

5.

780,000

494,000

6.

– 63 –

7.

8.

1 6

9

9.

108 12 1208-1210

(i)

(ii) 6 17

(iii) 18 19

– 64 –

(iv) 20 29

(v)

(vi)

(vii)

(viii)

(ix)

(x)

(xi)

(xii)

10.

– 65 –



351

238

1.

(a) Fast Sky Holdings Limited


61,200,000 1,000,000,000

(i) 30% (ii)

A

(b)

0.0612

0.01

(c)

– 66 –

2.

(a)

(i) 321,750,000

(ii) 80,750,000

(iii)

402,500,000 B

(b)

108

12

1208-1210

– 67 –

(1)

(2)

(3)

28 26

(4)

Date post:	22-Sep-2020
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ASIA ENERGY LOGISTICS GROUP LIMITED X v ; 0 Z Ä · 2018. 10. 11. · Ê = ì gb ü ) n £b Ç N §...

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