Friday, March 24, 2017

1380.【金轮法王】- KIMLUN(5171)手握2,060mil合约,2017年继续启航! [H@rry]


Author: moneyKing | Publish Date: 04 Jan 2017, 3:19 PM



KIMLUN在2016年可谓大丰收,股价上涨了50.72%,而且还派发了5.8仙的股息。短短的1年之内更是获得了超过1,000 mil的合约,现在手握RM20.6亿的工程合约。这可以让它们一直忙碌到2018年底,而且它们还在积极第竞标着新的工程。笔者曾经参加过KIMLUN的股东大会,管理层说FY16的盈利会跟FY15持平或者下跌些许。原因是大部分的旧的合约已经完工,新的合约还在Initial Stage,所以要等到2017年才可以贡献大笔的盈利。

所以最新季度的Net Profit YOY下跌了16%,从去年同期的19.599 mil下滑到16.51 mil。虽然如此,KIMLUN在FY16前9个月的Net Profit = RM57.7 mil比去年同期进步了17.1%。KIMLUN在FY15的全年盈利是70.702 mil,公司在最新季度只要保持RM 13 mil或以上的盈利,公司就能保持盈利成长。

KIMLUN最新季度的外汇盈利只有0.781 mil,比去年同期的3.211 mil低了2.43 mil,这也是拉低盈利的主因之一。
不过公司的债务有所减低,从136.73 mil降低到117.962 mil。公司手上的现金也因为派发17.431 mil的股息以及偿还债务,所以从RM71.752 mil减低到46.72 mil。
总体而言,公司的Gearing ratio从巅峰的0.39减低到0.23, 资产债务处于非常健康的水平。

不少投行都看好KIMLUN在2017年的表现,而笔者也认为在新合约的刺激下,2017年的盈利会再创高峰。公司现在的合约是RM2,060 mil,而今年的Net Profit Margin是8.2%。

预测未来2年半的建筑盈利 = 2,060 x 8.2% = RM168.92 mil. 加上其它业务的贡献,KIMUN未来两年的盈利是很吸引的。

不过建筑合约的盈利要在2017年才会浮现,因此KIMLUN这家公司是需要长期持有1年或以上才可以看到肉的。

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Harryt30
13.20p.m.
2017.01.04
http://harryteo.blogspot.my/2017/01/1380-kimlun51712060mil2017.html

Aeon Credit plans 1-for-2 bonus issue; proposes rights issue

By Sulhi Azman / The Edge Financial Daily | March 24, 2017 : 10:45 AM MYT

This article first appeared in The Edge Financial Daily, on March 24, 2017.

KUALA LUMPUR: Aeon Credit Service (M) Bhd plans to make a one-for-two bonus issue of 72 million new shares at an issue price of 50 sen each to reward shareholders.

At the same time, it is also proposing to raise RM432 million via a rights issue of three-year minimum 3.5% irredeemable convertible unsecured loan stocks (ICULS), on the basis of two ICULS for every one existing Aeon Credit share held.

In a filing with Bursa Malaysia yesterday, Aeon Credit said the proposed bonus issue is to reward shareholders, increase the company’s share capital, and improve the trading liquidity and marketability of its shares.

It plans to issue the bonus shares by capitalising RM36 million from the company’s retained earnings.

However, in the event that the proposed bonus issue is not completed for whatever reason, the proposed rights issue will be undertaken on the basis of three ICULS for every one existing Aeon Credit share held.

“The bonus issue entitlement date will be determined and announced at a later date upon receipt of all relevant approvals for the proposed bonus issue,” said Aeon Credit.

It also said proceeds from the rights issue will be used to repay bank borrowings and for working capital. As at Feb 28, 2017, total bank borrowings of Aeon Credit stood at RM5.26 billion.

“Barring any unforeseen circumstances, the proposals are expected to be completed during the third quarter of 2017,” said Aeon Credit.

Aeon Credit shares closed up six sen or 0.36% at RM16.56 yesterday, bringing a market capitalisation of RM2.39 billion.

Gamuda 2Q profit improves; expects a ‘good’ FY17

By Supriya Surendran / The Edge Financial Daily | March 24, 2017 : 10:29 AM MYT

This article first appeared in The Edge Financial Daily, on March 24, 2017.

KUALA LUMPUR: Gamuda Bhd, whose share price hit an all-time high yesterday, reported a 4% growth in net profit in its second financial quarter ended Jan 31, 2017 (2QFY17) to RM166.26 million from RM160.11 million a year ago, as it registered higher revenue.

It also attributed the better earnings to cost savings enjoyed from the near completion of underground works of the Klang Valley mass rapid transit (KVMRT) Line 1.

Quarterly revenue jumped 62% to RM853.88 million from RM527.43 million a year ago, mainly due to higher work progress of underground and elevated works of the the KVMRT Line 2 (Sungai Buloh-Serdang-Putrajaya).

For the cumulative six months ended Jan 31, 2017 (1HFY17), its net profit rose 2% to RM328.41 million from RM321.35 million a year ago, while revenue climbed 31% to RM1.36 billion from RM1.04 billion.

Its property division posted a 43% year-on-year (y-o-y) rise in revenue in 1HFY17 to RM515.08 million from RM359.31 million, mainly attributed to the higher sales of its Vietnam properties. However, the segment still saw a 15% y-o-y fall in profit before tax (PBT) to RM84.05 million, due to softening of the Malaysian property market.

As for its water and expressway concessions division, Gamuda said revenue gained 16% y-o-y in 1HFY17 to RM246.76 million, while PBT grew 7% to RM217.19 million, mainly from toll-rate hikes at certain expressways.

On prospects, Gamuda expects to post a good performance this year on the steady earnings of its expressway concessions, and the ramping up of works for KVMRT Line 2.

“The property division’s performance is expected to pick up in the next few quarters due to the launches of several new projects in Malaysia and overseas. The construction unbilled order book as at Jan 31, 2017 was RM8.3 billion,” it added.

It also updated that KVMRT Line 1 was at 98% completion as at end of February 2017. “Phase 1 was completed two weeks ahead of schedule on Dec 15, 2016 and full completion is expected by July 2017, with no significant cost overruns so far. Commencement of Phase 2 trial operations remains on target for May 1, 2017.”

On the Penang Transport Master Plan, Gamuda said the final Environment Impact Assessment report will be submitted to the Department of Environment for its review and approval next month.

Integrated Logistics gets greenlight to build 10MW solar plant in Kedah


By Sulhi Azman / theedgemarkets.com | March 23, 2017 : 6:38 PM MYT

KUALA LUMPUR (March 23): Integrated Logistics Bhd has received approval to construct a large-scale solar photovoltaic plant in Bandar Bukit Kayu Hitam, Kedah, which has the capacity to produce 10 megawatts of electricity.

The company said the approval was conveyed by the Energy Commission via a letter of award to its wholly-owned unit, IL Solar Sdn Bhd.

“IL Solar has also entered into a power purchase agreement with Tenaga Nasional Bhd in respect of the sale and purchase of electricity to be generated from the large-scale photovoltaic solar plant for 21 years after the completion of the said plant,” Integrated Logistics said in a filing with Bursa Malaysia.

The levelised price, the company said, is fixed at 43 sen per kilo-Watt hour, with no increase throughout the 21-year solar power purchase agreement period.

The plant will start commercial operations by Jan 1, 2018, said Integrated Logistics, adding that the the project is not expected to have any material effect on its earnings for the current year ending Dec 31, 2017.

The distibution and warehouse services provider added, however, that the pro-forma effect of the project is expected to increase its total borrowings to RM129.73 million from RM83.23 million as at end-2015.

A glance at Integrated Logistics’ latest earnings announcement showed that it has total borrowings of RM86.08 million, equivalent to 26.97% as at end-2016.

The stock closed 1.5 sen or 1.82% higher at 84 sen today, giving the group a market capitalisation of RM149.54 million.

Furniture maker Jaycorp's 2Q profit down

By Adela Megan Willy / theedgemarkets.com | March 23, 2017 : 6:35 PM MYT

KUALA LUMPUR (March 23): Jaycorp Bhd's net profit in the second financial quarter ended Jan 31, 2017 (2QFY17) contracted by 24.3% to RM4.63 million from RM6.11 million a year earlier due to lower operating profit, according to the company's filing with Bursa Malaysia this evening.

Jaycorp's revenue in 2QFY17, however, grew 5.4% at RM79.56 million from RM75.48 million in 2QFY16. The company's operating profit was lower at RM6.93 million versus RM9.12 million a year ago.

For the cumulative six months of FY17 (1HFY17), Jaycorp's net profit fell 12.7% to RM10.09 million from RM11.56 million in 1HFY16, whereas revenue was marginally higher by 1% at RM153.64 million versus RM152.17 million last year.

"The furniture industry remains the group's core business. The group will continue to focus on controlling cost structure and exploring new markets for products in order to achieve better profits and business growth," it said on outlook.

The furniture segment generated revenue of RM64.1 million compared with RM62.4 million, and profit before tax (PBT) RM7.9 million in the quarter under review compared with RM10 million a year ago.

The lower PBT was mainly due to a decision in January 2017 on additional bonus payments for the financial year ended July 31, 2016.

The kiln-drying segment, meanwhile, posted revenue of RM11.5 million and PBT of RM1.3 million as compared to revenue of RM9.4 million and loss before tax of RM40,000 a year earlier.

"The turnover and PBT for the current quarter were higher than the previous year corresponding period mainly due to higher turnover and improved market conditions," the group said.

The carton boxes segment contributed RM8.8 million in revenue and PBT of RM600,000 in 2QFY17 versus revenue of RM8 million and PBT of RM700,000 a year ago.

The renewable energy segment, on the other hand, contributed RM2.4 million in revenue and RM300,000 in PBT, from revenue of RM2.1 million and loss before tax of RM200,000 last year, on better operational efficiency and cost controls.

As for the engineering and construction segment, it posted revenue of RM600,000 and loss before tax of RM100,000 in 2QFY17.

Jaycorp's share price settled 0.7% higher to close at RM1.39, bringing its market value to RM190.1 million.

Thursday, March 23, 2017

Why You Need To Be These 2 Types Of Archetypes If You Want To Reach High Levels Of Success




We all know life is a ride—and one that often has its ups and downs, obstacles and challenges, and periods of pure joy and happiness.

Sometimes, though, moments of self-doubt creep in and in those moments we might not feel like doing anything. It's like our goals and “why” disappears… and everything comes to a standstill.

Have you ever felt like this?

If so, you may wonder why you're feeling this way. The truth is, the fact you even notice when you're feeling this way is a good thing… because at least you're noticing it.

Many people may miss this, or don't think to question why they're feeling unmotivated in the first place.

And as we know, the first key to all change is awareness.

So when you're feeling in a funk, how do bring yourself out of it and regain the motivation you need to keep pushing forward on your path to success?

There are two ways I know of to overcome this lack of motivation, and here they are:

1) Be the warrior.

The first way to motivate yourself is to be the warrior.

The warrior does whatever it takes. The warrior acts in spite of fear; in spite of worry; in spite of doubt; in spite of, “I'm not in the mood”. The warrior acts in spite of ANYTHING.

Imagine for one moment that a warrior goes out on the battlefield and there are two enemy attackers coming right at him with swords and he goes, “Eh, I don't feel like fighting.”

That would last about a quarter-of-a-second because that warrior would have a sword through their heart and be killed in an instant.

So, it just doesn't cut it. There is no such thing as “I don't feel like it,” or “I'm afraid,” in the warrior's world.

Whatever the situation, you have to get your frickin' sword out and fight for your life. Failure is not an option for a warrior, period.

2) Be the wizard.

Many times you will need to get into warrior mode and do whatever it takes to get back on your path to success, but the second way is a bit simpler, and a bit gentler: be the wizard.

What does that mean? What is the wizard? The warrior is the yang: action. The wizard is the yin side of it: the softer side, the attraction side of it.

The yin side says “Everything is energy”.

If I've been working a lot or I'm not feeling all that well, I usually push through this. Generally, I am the warrior.

But the wizard has a right to come out and say, “Not today. Today, right now, we are yin. We are going to chill out for the next couple of hours, and do whatever we would like to do.”

You've got to do that, because if you are warrior all the time, you will burn out. If you are in constant ‘fire mode'—you will burn.

You've got to be the water of the wizard also. You've got to be able to go with the flow. I learned this from many, many years of experience—and being the warrior for nearly two decades.

For me to succeed in my business, I had to do whatever it took. Many weeks, I would work 18 hours a day, get 6 hours of sleep, and get right back at it for 3 to 4 weeks at a time.

However, I learned something about Monday's.

First of all, I used to get up early in the morning every Monday. I'd finish on Sunday night, very late, get up in the morning… and start again.

Usually it was a travel day and you know what? I was getting burnt out. Not only was my physical body starting to fail on me, but I was wondering, “Why do I need this? I don't even want to do it anymore.”

I was burning myself out, but I didn't realize I was just a natural warrior. I was constantly the ‘do or die Harv'.

Until at one point I said, “You know what? I could die. This is not smart.”

And so on Monday's, I started doing… NOTHING.

I could golf if I want. I could watch TV. I could meditate. I could trip around the neighborhood—and usually, that's what I did.

I'd be out of town and I'd just walk out of the hotel. I didn't know where I was going. I'd just bring a bit of money with me in that currency and trip around. I had nowhere to go, no place to be, and nothing to do.

And you know what? I added 25 years to my career—and life—because Monday was yin day. Monday was wizard day.

I was a warrior for 18 hours a day, 6 days a week. Enough was enough—I had to give myself time to just relax and do nothing.

And the amazing thing was once I just started spending one day a week as the wizard, everything changed.

So, how do you warrior yourself through the rollercoaster of emotions that comes with success?

Well, it's simple: you be the warrior, and sometimes, you give yourself the rest you need.

Now here's the one thing I would recommend. If you find that your mindfrick is constantly going, “I don't feel like it. I don't feel like it. I don't feel like it,” then you need to be the warrior. There's a difference between shying away from doing what's necessary, and running yourself into the ground.

I pre-planned Monday's, and that's why it worked. If you pre-plan it, you're more likely to stick to it—and allow yourself to relax. For me, Monday's is ‘Yin Day', period.

If you pre-plan then you say, “I'm going to do what I need to do and do whatever I can do today. And from 8pm on, I'm done.”

That's why I believe in the big rocks system, and part of the big rocks should be your yin time.

The reason I'm so vehement about scheduling in your yin time is because, when you do this, then the other part of you doesn't have to feel guilty about it—and you won't get that mindfrick nearly as much.

My mind stopped doing that after a couple of times of practice of ‘Yin Monday's'. It just became routine. I didn't feel guilty. The other times, it was good being the warrior. And as we know now, it's all about balance.

The critical point here is that simply by setting aside this time for yourself, you'll allow yourself to rejuvenate and replenish your energy, so you can get ready for the next battle in life and be completely unstoppable.

Ta Ann’s plantation business to bear fruit

By AmInvestment Bank / The Edge Financial Daily | March 23, 2017 : 10:50 AM MYT
This article first appeared in The Edge Financial Daily, on March 23, 2017.

Ta Ann Holdings Bhd
(March 22, RM3.82)
Maintain hold with a fair value of RM3.60: We expect forecasted earnings to pick up in financial years ending Dec 31, 2017/2018 (FY17F/FY18F), rising 5%/10% respectively. Ta Ann Holdings Bhd’s plantation division will continue to deliver better earnings in FY17F/FY18F from its crude palm oil (CPO) and palm kernel (PK) businesses. CPO sales are set to climb by 5%/8% for FY17F/FY18F from 186,000 tonnes currently while average selling price (ASP) for CPO is expected to increase by 2%/4% in FY17F/FY18F from RM2,397 per tonne at present. Palm oil extraction rate remains unchanged at 19.3% for a prudent estimate.

Meanwhile, its PK sales volume is anticipated to rise by 5%/10% in FY17F/FY18F from 38,000 tonnes currently, while the ASP is expected to grow modestly at 5%/10% from RM2,445 per tonne.

On the flip side, the timber division is expected to remain sluggish in the coming years. The company anticipates the log volume to drop as it is merging the timber licensing and certification process which involves a reduction in annual coupe size (previous annual coupe size based on shorter harvesting cycle, while new coupes will be based on 25-year cycle to reflect longer tenure). Besides, the cutting diameter has been increased, with a minimum limit of 45cm to 50cm.

We forecasted the log volume to drop 5%/10% in FY17F/FY18F from 130,000 cubic metres (cu m) currently and the ASP to decline 5%/5% in FY17F/FY18F from US$238 (RM1,051.96) per cu m presently. For its plywood business, we expect a decline in volume of 5%/0% for FY17F/FY18F from 187,000 cu m now. Likewise, the ASP is expected to decline 5%/0% from US$447 per cu m currently as we remain conservative on plywood demand from Japan.

Earnings from the plantation division represent 60% of the company’s overall earnings, which are expected to increase by 5%/10% in FY17F/FY18F from RM74 million currently. In comparison, the timber division’s contribution will remain flat at RM46 million/RM43 million in FY17F/FY18F from RM48 million at present.

We continue to like Ta Ann because: i) its plantation business is expected to grow due to the rise of volume and prices; and ii) expansion of its plantation business through the acquisition of Agrogreen Ventures Sdn Bhd and progress on two non-customary right joint-venture projects which will add over 9,000ha to its existing plantation estate. However, the outlook of its timber business continues to be lacklustre. Hence we recommend a “hold” call at a fair value of RM3.60. — AmInvestment Bank, March 22