Soalan 31 Question 3 a) Berikut adalah penyata posisi kewangan untuk NASHORA Ltd. (Here is the 2020 statement of financial position for NASHORA Ltd.) Aset-aset semasa (Current assets) Aset-aset tetap bersih (Net fixed assets) Jumlah aset (Total assets) 2020 RM2,000,000 RM3,000,000 RM5,000,000 Liabiliti semasa (Current liabilities) Hutang Jangka Panjang (Long-term debt)(1200 bon/bonds) Saham keutamaan (Preferred stock) (10000 saham/ shares) Saham biasa (Common stock)(26,000 saham/ share @ RM50) Pendapatan tertahan (Retained earnings) Total ekuiti biasa (Total common equity) Total liability & ekuiti (Total liabilities & equity) 900,000 1,200,000 250,000 1,300,000 1,350,000 RM2,650,000 RM5,000,000 Pendapatan Nashora sesaham tahun lepas adalah RM3.50. Saham biasa dijual sebanyak RM57.00, dividen tahun lepas adalah RM2.50, dan kos apungan sebanyak RM2 akan diperlukan untuk menjual saham biasa baru. Analisis sekuriti menganggarkan bahawa dividen biasa akan berkembang pada kadar tahunan sebanyak 9%. Saham keutamaan Nashora membayar dividen sebanyak RM3.60 sesaham, dan saham keutamaan dijual dengan harga RM30.00 sesaham dengan kos apungan sebanyak 5%. Firma itu boleh mengeluarkan hutang jangka panjang dengan matang selama 20 tahun, nilai RM1,000 nilai kupon 10% dan membayar faedah setengah tahunan dan dijual pada RM975. Kadar cukai adalah 35%. Premium risiko pasaran adalah 5%, kadar bebas risiko adalah 6%, dan Beta Nashora adalah 1.65. Dalam kos pengiraan modal, syarikat hanya melibatakan jangka panjang. Oleh itu, ia mengabaikan liabiliti semasa untuk mengira kos purata wajarannya. (NASHORA's earning per share last year were RM3.50. The common stocks sells for RM57.00, last year's dividend was RM2.50, and flotation cost of RM2 would be required to sell new common stock. Security analysis are projecting that the common dividend will grow at an annual rate of 9%. NASHORA's preferred stock pays a dividend of RM3.60 per share, and its preferred stock sells for RM30.00 per share with a flotation cost of 5%. The firm can issue long-term debt with a 20-year life, a RM1,000 par value a 10% coupon rate and pay interest semi-annually and sell at RM975. Tax rate is 35%. The market risk premium is 5%, the risk-free rate is 6%, and NASHORA's beta is 1.65. In its cost of capital calculations, the company only long-term; hence, it disregards current liabilities for calculating its WACC.) a) Kirakan kos komponen modal, iaitu, kos selepas cukai hutang, kos saham keutamaan, kos ekuiti daripada pendapatan tertahan, dan kos yang baru dikeluarkan. (Petunjuk: Gunakan kaedah DCF untuk mencari kos saham biasa dan CAPM untuk pendapatan tertahan.) (Calculate the cost of capital component, that is, the after-tax cost of debt, the cost preferred stock, the cost of equity from retained earnings, and the cost of newly issued common. (Hint: Use the DCF method to find the cost of common stock and CAPM for retained earnings.) ) (11 markah/ marks) b) Kirakan Purata Wajaran Kos modal (Calculate Weighted Average Cost of Capital) (7 markah/ marks) c) Patutkah syarikat menggunakan WACC sebagai kadar halangan bagi setiap projeknya? Terangkan. (Should the company use the WACC as the hurdle rate for each of its projects? Explain) (3 markah/ marks) d) Sebagai pengurus kewangan di firma penyenaraian awam, bincangkan tiga implikasi bagi 'Pecking Order Theory' dalam membuat keputusan struktur modal. (As finance manager in public listed firm, discuss three implications of the Pecking-Order Theory in making capital structure decision.) (4 markah/ marks) Soalan 31 Question 3 a) Berikut adalah penyata posisi kewangan untuk NASHORA Ltd. (Here is the 2020 statement of financial position for NASHORA Ltd.) Aset-aset semasa (Current assets) Aset-aset tetap bersih (Net fixed assets) Jumlah aset (Total assets) 2020 RM2,000,000 RM3,000,000 RM5,000,000 Liabiliti semasa (Current liabilities) Hutang Jangka Panjang (Long-term debt)(1200 bon/bonds) Saham keutamaan (Preferred stock) (10000 saham/ shares) Saham biasa (Common stock)(26,000 saham/ share @ RM50) Pendapatan tertahan (Retained earnings) Total ekuiti biasa (Total common equity) Total liability & ekuiti (Total liabilities & equity) 900,000 1,200,000 250,000 1,300,000 1,350,000 RM2,650,000 RM5,000,000 Pendapatan Nashora sesaham tahun lepas adalah RM3.50. Saham biasa dijual sebanyak RM57.00, dividen tahun lepas adalah RM2.50, dan kos apungan sebanyak RM2 akan diperlukan untuk menjual saham biasa baru. Analisis sekuriti menganggarkan bahawa dividen biasa akan berkembang pada kadar tahunan sebanyak 9%. Saham keutamaan Nashora membayar dividen sebanyak RM3.60 sesaham, dan saham keutamaan dijual dengan harga RM30.00 sesaham dengan kos apungan sebanyak 5%. Firma itu boleh mengeluarkan hutang jangka panjang dengan matang selama 20 tahun, nilai RM1,000 nilai kupon 10% dan membayar faedah setengah tahunan dan dijual pada RM975. Kadar cukai adalah 35%. Premium risiko pasaran adalah 5%, kadar bebas risiko adalah 6%, dan Beta Nashora adalah 1.65. Dalam kos pengiraan modal, syarikat hanya melibatakan jangka panjang. Oleh itu, ia mengabaikan liabiliti semasa untuk mengira kos purata wajarannya. (NASHORA's earning per share last year were RM3.50. The common stocks sells for RM57.00, last year's dividend was RM2.50, and flotation cost of RM2 would be required to sell new common stock. Security analysis are projecting that the common dividend will grow at an annual rate of 9%. NASHORA's preferred stock pays a dividend of RM3.60 per share, and its preferred stock sells for RM30.00 per share with a flotation cost of 5%. The firm can issue long-term debt with a 20-year life, a RM1,000 par value a 10% coupon rate and pay interest semi-annually and sell at RM975. Tax rate is 35%. The market risk premium is 5%, the risk-free rate is 6%, and NASHORA's beta is 1.65. In its cost of capital calculations, the company only long-term; hence, it disregards current liabilities for calculating its WACC.) a) Kirakan kos komponen modal, iaitu, kos selepas cukai hutang, kos saham keutamaan, kos ekuiti daripada pendapatan tertahan, dan kos yang baru dikeluarkan. (Petunjuk: Gunakan kaedah DCF untuk mencari kos saham biasa dan CAPM untuk pendapatan tertahan.) (Calculate the cost of capital component, that is, the after-tax cost of debt, the cost preferred stock, the cost of equity from retained earnings, and the cost of newly issued common. (Hint: Use the DCF method to find the cost of common stock and CAPM for retained earnings.) ) (11 markah/ marks) b) Kirakan Purata Wajaran Kos modal (Calculate Weighted Average Cost of Capital) (7 markah/ marks) c) Patutkah syarikat menggunakan WACC sebagai kadar halangan bagi setiap projeknya? Terangkan. (Should the company use the WACC as the hurdle rate for each of its projects? Explain) (3 markah/ marks) d) Sebagai pengurus kewangan di firma penyenaraian awam, bincangkan tiga implikasi bagi 'Pecking Order Theory' dalam membuat keputusan struktur modal. (As finance manager in public listed firm, discuss three implications of the Pecking-Order Theory in making capital structure decision.) (4 markah/ marks)