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PP 7767/09/2010(025354)

30 July 2010

Malaysia Corporate Highlights


RHB Research
Institute Sdn Bhd
A member of the
RHB Banking Group
Company No: 233327 -M

V is it Note
30 July 2010
MARKET DATELINE

Fitters Diversified Share Price


Fair Value
:
:
RM0.86
RM1.20
“Foetus” Of A Green Revolution Recom : Not Rated

Table 1 : Investment Statistics (FITTERS; Code: 9318) Bloomberg: FIT MK


Net Net
FYE Turnover Profit# EPS# Growth PER C.EPS* P/NTA Gearing ROE GDY
Dec (RMm) (RMm) (sen) (%) (x) (sen) (x) (x) (%) (%)
2009 126.2 8.0 5.6 -62.9 11.7 - 0.9 0.0 7.0 -
2010f 184.9 16.2 11.2 101.8 5.8 - 0.8 0.3 12.7 3.1
2011f 308.5 30.6 21.2 89.0 3.1 - 0.6 0.3 19.7 3.1
2012f 285.1 43.2 30.0 41.4 2.2 - 0.5 0.2 22.1 3.1
Main Market Listing /Non-Trustee Stock /Syariah-Approved Stock By The SC #Excluding EI * Consensus Based On IBES

Issued Capital (m shares) 144.3


♦ From fire prevention to green energy. Fitters Diversified (Fitters) is
Market Cap (RMm) 124.1
predominantly engaged in fire prevention & protection business. While Daily Trading Vol (m shs) 0.5
profitable and cash-generative, this bread-and-butter business is unable to 52wk Price Range (RM) 0.47-0.915
take Fitters to a higher level due to its muted growth prospects. Realising Major Shareholders: (%)
the need to explore new growth areas to create new shareholder value, Datuk Richard Wong 32.9
Fitters about 2-3 years ago already identified green energy as the way
forward for the company. Since then, via 83%-owned unit Future NRG, it
has identified and secured rights to the biomass/plasma gasification
FYE Dec FY10 FY11 FY12
technology. EPS Revision (%) - - -
♦ Gasification technology. Gasification is a process that converts Var to Cons (%) - - -

carbonaceous materials, such as coal, petroleum, biofuel, or biomass, into PE Band Chart
carbon monoxide and hydrogen by reacting (but not combusting) the raw
material at very high temperatures with a controlled amount of oxygen
PER = 10x
and/or steam. The resulting gas mixture is called synthesis gas or syngas PER = 8x
PER = 6x
and is itself a fuel, which can be used to produce heat and electricity.
♦ Investment case. The bases of our investment case for Fitters are:
1. The gasification technology it possesses that has many advantages over
the conventional combustion and incineration;
2. The strong prospects of the renewable energy sector in Malaysia and
globally, underpinned by the aggressive renewable energy targets set Relative Performance To FBM KLCI
and favourable policies; and
3. The strong prospects of the waste-to-energy sector in Malaysia and
globally, driven by a combination of pull and push factors - pull being the
Fitters Diversified
energy generated and push being the urgent need to deal with the ever
rising volumes of waste produced.
♦ Risks to our view. The risks include: (1) Fitters is to lose the rights to the
biomass/plasma gasification technology; (2) Certain countries in the world
FBM KLCI
are to drag their feet on their renewable energy targets; and (3) General
risks associated with investing in overseas markets, particularly, developing
countries. Joshua CY Ng
♦ Fair value of RM1.20. We arrive at an indicative fair value of RM1.20 for (603) 92802151
joshuang@rhb.com.my
Fitters, having valued its fire prevention & protection business at 10x 1-year
forward PER, its smallish property development business by discounting back Chye Wen Fei
the expected net profit from RM315m GDV to NPV at 10% and its green (603) 92802172
energy business via the DCF model. chye.wen.fei@rhb.com.my

Please read important disclosures at the end of this report. Page 1 of 9

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Prologue

♦ Future is now. In the opening scene of Back To The Future II, the 1989 sequel to the 1985 science fiction
adventure comedy blockbuster Back To The Future, the time machine, a modified DeLorean DMC-12 sports car,
screeches into the driveway, Doc Brown (Christopher Lloyd) jumps out and shouts to Marty (Michael J. Fox),
“Marty! You’ve got to come back with me.”
Marty replies, “Where?”
Doc says, “Back to the future!”
Doc pulls a beer can and banana peels out of the garbage and dumps them into a small “Mr Fusion” energy
reactor mounted on the back of the DeLorean DMC-12 (see Image 1).
Marty is confused, “Wait a minute, what are you doing, Doc?”
Doc turns impatient, “I need fuel! Go ahead, quick, get in the car!”

Fitters Diversified (Fitters) is transforming this scene from a science fiction movie into something fairly similar in
reality with its biomass/plasma gasification technology.

Image 1 : Doc Brown Refuels His Time Machine

Source: Universal Studios

Background

♦ From fire prevention to green energy. In FY12/09, Fitters recorded RM8m net profit on RM126.2m turnover,
with profits coming almost entirely from its bread-and-butter fire prevention & protection business that
comprises: (1) Manufacturing and trading of fire resistant door sets, fire extinguishers, fire safety apparels, foam
systems, sprinkler systems, smoke/heat detectors and fire alarm & monitoring systems; (2) Fire prevention
engineering, maintenance and upgrading services; and (3) Operation of a privatised computerised fire alarm
monitoring system linked up with fire stations under a government concession.

♦ This bread-and-butter business, while profitable and cash-generative, is unable to take Fitters to a higher level
due to its muted growth prospects. Realising the need to explore new growth areas to create new shareholder
value, Fitters about 2-3 years ago already identified green energy as the way forward for the company. Since
then, via 83%-owned unit Future NRG, it has identified and secured rights to the biomass/plasma gasification
technology from reputable names in the industry comprising ENPRO Envirotech & Engineers Pvt Ltd, S.M.S.
Infrastructure Ltd and Ankur Scientific Energy Technologies Pvt Ltd, all based in India (see Table 2).

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Table 2 : Fitters’ Technology Partners


Technology Partner Background
ENPRO Envirotech & Engineers Pvt ENPRO Enviro Tech & Engineers Pvt Ltd is design, engineering, project management and turnkey
Ltd solution provider in the fields of plasma waste-to-energy (gasification and Pyrolysis), water
(www.enpro.co.in) treatment, waste water treatment and recycling, common effluent treatment, air pollution control,
hazardous waste thermal treatment, etc. ENPRO provides concept to commissioning and operation
and maintenance solution for single and cluster of industries in the field of environmental projects.

S.M.S. Infrastructure S.M.S. Infrastructure is the largest infrastructure company in Central India with presence across
(www.smsl.co.in) more than ten cities in India and abroad with an employee base of over 1,300. It ranked the first
among the top 500 unlisted companies in India in terms of turnover. It has constructed 70 tonne-
per-day plasma hazardous waste-to-energy plants in Pune and Nagpur, India, in association with
ENPRO, who functioned as site engineering and commissioning contractor. The facilities are
currently the largest plasma gasification waste-to-energy plants in the world.

Ankur Scientific Energy The company, led by technological entrepreneur Dr .B.C. Jain, specialises in technologies to exploit
Technologies Pvt Ltd non-conventional energy sources. It has successfully developed and commercialised a wide range of
(www.ankurscientific.com) biomass gasifiers ranging in size from as small as 5 kWe output to 500 kWe output, and solar water
heating systems.
Source: Company

♦ Fitters has transformed itself into an “integrator” of the technology who basically drives the engineering,
procurement, construction and commissioning (EPCC) of the actual biomass/plasma gasification power plants in
South East Asia and China, where it has the exclusive rights to the technology, and in India and Sri Lanka, where
it has the rights to the technology on a project-specific basis. At present, it is already working on at least five
green energy projects in Malaysia and overseas (see Table 3). Based on our forecasts, the green energy segment
will contribute 11% and 15% of Fitters’ total EBIT in FY12/11 and FY12/12.

Table 3: Renewable Energy Targets


Location Technology Type Capacity Status

China Biomass gasification Green field 4 MW Under construction

Sri Lanka Biomass gasification Green field 4 MW Due diligence

Gujerat, India Plasma gasification Green field 10 tonnes/day Finalising agreement

Malaysia Plasma gasification Green field 10 tonnes/day Exploring

China Mini-hydro Brown field 5.1 MW Due diligence

Source: Company

♦ Gasification technology. Gasification is a process that converts carbonaceous materials, such as coal,
petroleum, biofuel, or biomass, into carbon monoxide and hydrogen by reacting (but not combusting) the raw
material at very high temperatures with a controlled amount of oxygen and/or steam. The resulting gas mixture
is called synthesis gas or syngas and is itself a fuel, which can be used to produce heat and electricity. Syngas
may be burned directly in internal combustion engines or turbines, used to produce methanol and hydrogen, or
converted into synthetic fuel. Gasification can also begin with materials that are not otherwise useful fuels in
their original state, such as biomass or organic waste. In addition, the process refines out corrosive elements
such as chloride, sulfur, potassium etc, allowing clean gas production from fuels that might otherwise be
contaminated. Fitters possesses the gasification technology for different types of waste or feedstock materials:

1. Plasma gasification (see Diagram 1) for: (1) Non-homogeneuos waste such as municipal solid waste and
industrial waste; and (2) Toxic and hazardous waste including medical and clinical waste; and

2. Biomass gasification (see Diagrams 2 & 3) for agricultural waste or biomass such as rice husk, bagasse,
empty fruit bunches (e.g. from oil palm), coconut shell, wood chips, corn cobs etc (source:
www.futureNrg.net).

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Diagram 1 : Plasma Gasification

Source: www.futurenrg.net

Diagram 2 : Biomass Gasifier Diagram 3: Biomass Gasifier Connected To Generator

Source: www.futurenrg.net

Investment Case

♦ The investment case. The bases of our investment case for Fitters are:

1. The gasification technology it possesses that has many advantages over the conventional combustion and
incineration;
2. The strong prospects of the renewable energy sector in Malaysia and globally, underpinned by the aggressive
renewable energy targets set and favourable policies; and
3. The strong prospects of the waste-to-energy sector in Malaysia and globally, driven by a combination of pull
and push factors - pull being the energy generated and push being the urgent need to deal with the ever
rising volumes of waste produced.

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♦ Many advantages of gasification technology. Gasification has many advantages over the more conventional
combustion and incineration, among others:
1. The efficiency (i.e. useable energy recoverable as a percentage of total energy content of the input) of
gasification is three times higher than combustion (the efficiency of incineration is practically 0%);
2. Gasification is a greener and cleaner technology as it disintegrates all inorganic materials into harmless slag
(that can be processed further into building materials and aggregates) and does not leave behind hazardous
residues and emissions. This compares with combustion and incineration that leave behind hazardous
emissions, i.e. such as bottom ash, fly ash, Dioxins and Furans that need to be treated, and residues that
need to be landfilled. Landfilling creates another set of problems as: (1) It puts a strain on valuable land
resources; (2) It emits landfill gases, primarily methane that is believed to be 21x more damaging than CO2
in terms of global warming potential; and (3) It poses long-term secondary pollution and future liability
issues; and
3. Its entry-capacity is low, as low as 50-100kW, as compared with a few MW for a combustion biomass power
plant. This makes it an ideal choice of system for electrification projects in low-density remote areas.
♦ The strong prospects of the renewable energy sector in Malaysia and globally. Fitters is well positioned
to benefit from the aggressive renewable energy targets announced as well as favourable policies to the
renewable energy sector put in place in Malaysia and globally.

♦ Locally, the Government has set a target of 4,000MW of generating capacity, translating to 11% of peak demand,
to be fueled by renewable sources by 2030, compared with 219MW and 1.5% projected by 2011 (see Chart 1).
By 2030, the five key renewable sources, i.e. solar, biomass, mini-hydro, biogas and solid waste will fuel
generating capacity of 1,370MW, 1,340MW, 490MW, 410MW and 390MW respectively, sharply higher vis-à-vis
9MW, 110MW, 60MW, 20MW and 20MW projected by 2011. Fitters’ biomass gasification technology will enable it
to garner a slice of action of the 1,230MW new biomass-fueled generating capacity between 2011 and 2030,
while its plasma gasification technology a share of the 370MW new solid waste-fueled generating capacity over
the same period.

♦ Also, under the recently announced 10th Malaysia Plan (10MP), the Government has committed to increasing the
rural electricity coverage in Peninsular Malaysia, Sabah and Sarawak from 99.5%, 77% and 67% in 2009 to
almost 100% in Peninsular Malaysia and 99% in the two East Malaysian states during 2011-2014. This will be
achieved by supplying electricity to about 6,000 additional houses in Peninsular Malaysia, 59,000 in Sabah and
76,000 in Sarawak. Given that most of these houses are located in remote areas far away from the national grid
(or else they would have been latched onto it long before) and probably without proper access roads,
independent systems that are handy and fueled by inputs that can be easily sourced locally are logically the best
solution. Again, Fitters’ biomass gasification technology appears to be a good fit here.

Chart 1 : Malaysia’s Renewable Energy Targets

So lid Waste (LHS)


So lar (LHS)
4,500 M ini-Hydro (LHS) 18%
B io gas (LHS)
4,000 16%
B io mass (LHS)
3,500 % o f P eak Demand (RHS) 14%

3,000 12%

2,500 10%

2,000 8%

1,500 6%

1,000 4%

500 2%

0 0%
2011 2015 2020 2030

Source: Ministry of Energy, Green Technology and Water, Malaysia

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♦ On the back of the aggressive renewable energy targets set by most nations in the world (see Table 4), Fitters is
also well positioned to tap into the world market for gasification power plants. As mentioned, already, Fitters is
building a 4MW biomass gasification power plant in China and undertaking due diligence on a 4MW greenfield
biomass gasification power plant in Sri Lanka.

Table 4: Renewable Energy Targets


Country Current Target By Country Current Target By
Share Share
(%) (%) (Year) (%) (%) (Year)
Austria 62.0 78.0 2010 Canada 59 90 (non-emitting na
sources)
Belgium 2.8 6.0 2010 Chile <1 10 2024
Czech Republic 4.2 8.0 2010 China 8 15 2020
Denmark 26.0 29.0 2010 Egypt 15 20 2020
Finland 29.0 31.5 2010 India 4 na na
France 10.9 21.0 2010 Indonesia 4 15 (inc. nuclear) 2025
Germany 11.5 12.5 2010 Israel 0 5 2016
Greece 13.0 20.1 2010 Japan 0.4 1.63 2014
Hungary 4.4 3.6 2010 Korea na 6.08 2020
Ireland 10.0 13.2 2010 Malaysia 0.5 11 2030
Italy 16.0 25.0 2010 Mexico 16 40 2014
Luxembourg 6.9 5.7 2010 Morocco 10 20 2012
Netherlands 8.2 9.0 2010 New Zealand 66 90 2025
Poland 2.6 7.5 2010 Nigeria na 7 2025
Portugal 32.0 45.0 2010 Pakistan na 10 2015
Slovak Republic 14.0 31.0 2010 The Philippines na 100% increase from 2015
2005
Spain 19.0 29.4 2010 Russia na 4.5 2020
Sweden 49.0 60.0 2010 Switzerland 52 na na
United Kingdom 4.1 10.0 2010 Taiwan 6 12 2020
Argentina 1.3 8 2016 Thailand 7 20 2022
Australia 7.9 20 2020 United States 9.2 na na
Brazil 5 na na Vietnam na 5 2020
Source: Wikipedia, RHBRI

♦ The strong prospects of the waste-to-energy sector in Malaysia and globally. The prospects of the
waste-to-energy sector in Malaysia and globally are strong, driven by a combination of pull and push factors. The
pull factor is the energy content of the municipal solid waste, medical/clinical waste as well as industrial waste
that can be recovered and put into good use. The push factor is the urgent need to deal with the ever rising
volumes of municipal solid waste, medical/clinical waste as well as industrial waste produced in Malaysia and
globally (see Table 5 for volumes of waste generated by selected countries annually). As mentioned, gasification
is a better solution as, unlike incineration, it does not leave behind hazardous emissions that need to be treated
and residues that need to be landfilled. As mentioned again, already, Fitters is capitalising on the opportunities in
the waste-to-energy sector by finalising an agreement to build a 10-tonnes-per-day waste-to-energy plant in
Gujerat, india, and exploring the possibility of building a 10-tonnes-per-day waste-to-energy plant in Malaysia.

Table 5: Renewable Energy Targets


Country Waste Produced Annually
(tones)
China (including Hong Kong) 9,520,000

Malaysia 378,420

Republic of Korea 2,820,000 (hazardous waste);

17,702,000 (other waste)

Singapore 203,872 (hazardous waste);

2,802,000 (other waste)

India 7,245,000

Thailand 1,680,000 (total hazardous and industrial


waste)
Source: www.futurenrg.net

♦ Gearing. As at 31 Mar 2010, Fitters was in a net cash of RM2.4m. A projected operating cashflow of RM0.9-
14.4m per annum in FY12/10-12 will help to part finance Fitters’ capital expenditure in the green energy
segment.

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Risks

♦ Risks to our view. The risks include: (1) Fitters is to lose the rights to the biomass/plasma gasification
technology; (2) Certain countries in the world are to drag their feet on their renewable energy targets; and (3)
General risks associated with investing in overseas markets, particularly, developing countries.

Valuations

♦ Fair value of RM1.20. We arrive at an indicative fair value of RM1.20 for Fitters, having valued its fire
prevention & protection business at 10x 1-year forward PER (consistent with our benchmark for the
manufacturing sector), its smallish property development business by discounting back the expected net profit
from RM315m GDV to NPV at 10% (consistent with the property sector’s benchmark discount rate) and its green
energy business via the DCF model (see Table 6).

Table 6: “Sum-of-Parts” Valuation


RMm Methodology
Manufacturing & trading 90.0 PER 10x FY12/11 net profit, in line with our 1-year target forward
PER for the manufacturing sector
Construction & engineering 36.0 PER 10x FY12/11 net profit, at lower-end of out benchmark 1-year
target forward PER of 10-14x for the construction sector to
reflect Fitters’ relatively smaller market capitalisation
Property division 33.9 DCF Discount rate of 10%
Renewable energy
- 4MW biomass to electricity plant in 11.7 DCF WACC of 7.7%, tariff of RMB0.80/kwh, and base tariff growth of
Liangshan, China 4% p.a.
- 3.2MW hydropower plant in China 8.5 DCF WACC of 7.7%, tariff of RMB0.32/kwh, and average tariff
growth of 4% p.a.
- 1.89MW hydropower plant in China 5.3 DCF WACC of 7.7%, tariff of RMB0.32/kwh, and average tariff
growth of 4% p.a.
- Other potential projects 11.8 DCF WACC of 7.7 and equity IRR of 12.5%
197.2
Net cash/(debt) as at 31 Mar 10 2.4
Additional cash from full conversion of 52.5
warrants
252.1
Issued shares - assuming full conversion of 209.9
warrants (m)
Sum-of-parts value/share (RM) 1.20

Source: RHBRI

Table 7: Earnings Forecasts


FYE Dec 2009A 2010F 2011F 2012F

Revenue 126.2 184.9 308.5 285.1


- Manufacturing & trading 57.6 70.0 75.0 80.0
- Construction & engineering 68.7 100.0 60.0 60.0
- Property development 0.0 14.9 160.3 130.9
- Renewable energy 0.0 0.0 13.2 14.2
- Elimination -0.1 0.0 0.0 0.0

EBITDA 11.9 22.7 47.8 67.0


Depreciation & amortisation -1.5 -1.3 -5.1 -4.7
Operating profit 10.4 21.4 42.7 62.3
Finance costs -0.4 0.0 -0.9 -3.5
Profit before tax 10.0 21.4 41.8 58.8
Income tax expense -1.7 -5.4 -10.4 -14.7
Minority interests -0.3 0.1 -0.8 -0.9
Net profit 8.0 16.2 30.6 43.2
Source: Company data, RHBRI estimates

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Image 2 : Fitters’ “Show Unit” Of Biomass Gasification Power Plant In Templer Park

Source : RHBRI

IMPORTANT DISCLOSURES

This report has been prepared by RHB Research Institute Sdn Bhd (RHBRI) and is for private circulation only to clients of RHBRI and RHB Investment Bank Berhad
(previously known as RHB Sakura Merchant Bankers Berhad). It is for distribution only under such circumstances as may be permitted by applicable law. The
opinions and information contained herein are based on generally available data believed to be reliable and are subject to change without notice, and may differ or
be contrary to opinions expressed by other business units within the RHB Group as a result of using different assumptions and criteria. This report is not to be
construed as an offer, invitation or solicitation to buy or sell the securities covered herein. RHBRI does not warrant the accuracy of anything stated herein in any
manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against RHBRI. RHBRI and/or its associated persons
may from time to time have an interest in the securities mentioned by this report.

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of persons who receive it. The securities discussed in this report may not be suitable for all investors. RHBRI recommends that investors independently evaluate
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The research analysts, economists or research associates principally responsible for the preparation of this research report have received compensation based
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The recommendation framework for stocks and sectors are as follows : -

Stock Ratings

Outperform = The stock return is expected to exceed the FBM KLCI benchmark by greater than five percentage points over the next 6-12 months.

Trading Buy = Short-term positive development on the stock that could lead to a re-rating in the share price and translate into an absolute return of 15% or more
over a period of three months, but fundamentals are not strong enough to warrant an Outperform call. It is generally for investors who are willing to take on
higher risks.

Market Perform = The stock return is expected to be in line with the FBM KLCI benchmark (+/- five percentage points) over the next 6-12 months.

Underperform = The stock return is expected to underperform the FBM KLCI benchmark by more than five percentage points over the next 6-12 months.

Industry/Sector Ratings

Overweight = Industry expected to outperform the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

Neutral = Industry expected to perform in line with the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

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Underweight = Industry expected to underperform the FBM KLCI benchmark, weighted by market capitalisation, over the next 6-12 months.

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