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Friday, October 20, 2017

Mitrajaya Holdings - Putting more in the bag

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News

  • Secures Putrajaya condo job. Mitrajaya has been appointed as the main contractor by SP Setia for a condo project in Precinct 15, Putrajaya for RM132.5m. The job scope involves building 363 units of condominium of 35 storeys with amenities and a 5-level car park over a construction period of from Aug 2018 to Feb 2021 (30 months).

Comments

  • On track to meet its target. With this recent contract in the bag, Mitrajaya’s YTD job wins now stand at RM944m. Mitrajaya’s orderbook stood at RM1.4bn as of end 2QFY17. After factoring RM510m in new job wins since then (comprising 3 contracts), coupled with an assumed burn rate of RM250m inn 3Q, we estimate its orderbook to currently stand at RM1.7bn. This translates to a cover of 2x on FY16 construction revenue.
  • More to come? Mitrajaya’s YTD job wins of RM944m are on track to meet management’s full year target of RM1bn. This could potentially be surpassed if another building job that it is pursuing (RM200-250m) comes to fruition before the year ends.

Risks

  • EPS dilution resulting from the impending 1 for 5 rights issue.

Forecasts

  • While YTD job wins of RM944m has surpassed our full year target of RM800m, we are taking a conservative stance and keep our forecast unchanged. This stems from the potent ial continued earnings drag in 2H17 from its RAPID projects due to cost overruns.

Rating

  • Maintain HOLD, TP: RM0.96 (TERP)
  • We see minimal upside catalysts in the near term due to (i) potential continued drag in earnings for 2H17 from its RAPID projects and (ii) EPS dilution from the rights issue in FY18.

Valuation

  • Our theoretical ex rights TP is maintained at RM0.96 which is based on 10x FY18 earnings and has imputed the dilution impact from the impending rights issue.
Source: Hong Leong Investment Bank Research - 20 Oct 2017

[转贴] 你找到你的被动收入了吗? - 和老家伙一起“思维越狱”

Author: Tan KW | Publish date: Fri, 20 Oct 2017, 09:29 AM

有一样东西,笔者想了很久,最后笔者十分肯定,我爸不懂,我爸爸的爸爸也不懂,就连我爸爸的爸爸的爸爸都不懂。它就是“被动收入”的概念,要不然笔者也不会轮落到写作来骗知名度。但自从穷爸爸,富爸爸的书卖开后,我相信不止我爸懂了,就连你爸也懂了。

但很奇怪的是,在网络盛行的年代,信息传播已经没什么障碍,而富人的秘密可以说不再是秘密,但我们的生活还是过不好。如果你随便挑一个朋友并问道“被动收入”的概念,90%的人的回答不是不知道,而是找不到。其实我们都想错了,被动收入其实不是找来的,而是创造出来的。

什么叫找到?

今天,有个屋主因为离婚,他愿意以低于市价卖出手上正现金流的单位,你不需要任何创造力就有了被动收入,这个叫找到。

什么叫创造?
今天,你买了一间负现金流的公寓,你通过你的创意提高了租金。或者说你凭着你高超的谈判能力,成功压低了卖价而以至于达到正现金流的租金,这个叫创造。

所以说,“找到”不是不可能,只是与其等待这种渺茫的机会,不如主动加强你的创造力比较实际。当然,最好的结果是你即使找到,你也同时创造。

10亿未进账销售.永大主打产业

2017-10-19 17:07

(吉隆坡19日讯)“印象马六甲”系列项目即将为永大(YONGTAI,7066,主板产业组)释放价值,手握逾10亿令吉的产业未进账销售稳住3个财政年盈利,展望获得分析员看好。

大华继显认为,产业仍将是永大的主打,截至今年6月未进账销售达10亿8000万令吉;其中整栋销售的Terra广场获8亿2400万令吉、Amber Cove销售2亿6000万令吉、6200万令吉来自The Apple。该行认为庞大未进账销售,可让盈利动力维持3个财政年。

该公司也把产业多元化至巴生河流域,可支援2年期的68%年均复合增长率,包括吉隆坡U-Thant路的1亿8000万令吉服务式公寓,不久将开放订购;其他如武吉敏登的10亿令吉综合发展计划。

印象马六甲剧院
主要成长动力

分析员亦预期印象马六甲剧院是主要成长动力,永大斥资3亿令吉建2014观众席剧院,迄今70%完工,预料建筑工程于2017年第四季完成,料明年2月18日首演。永大最近也获马六甲政府拨款,已改善邻近地区的基建分析员认为,这将是永大的主要成长动力,永大获30年特许经营区。永大以300万令吉向PTS产业、拿督威拉巫光伦与苹果印象收购PTS印象。

该剧院每年将贡献6000万令吉营运盈利,每年设法吸引110万名观众(每年装置席位达140万人),观众包含来自中国与东盟的旅客。每天2至4场演出,每场70至90分钟,平均每人票价120令吉。

分析员预测2018至2020财政年将贡献2600万(假设2018财政年只贡献5个月)至6200万令吉,席位75%满座,永大上述3亿令吉的资本开销中获税务减免。印象城料由印象马六甲剧院获得溢出效应,为减少工作资本需求,该集团与邻近地主签署联营协议,以发展周边100英亩土地,建服务式公寓、办公楼与购物商场;预料购物商场可从剧院的成长吸引客流。倘若每年有100万观众,上述综合发展可在7年间创造约70亿令吉总发展值,迄今印象城已吸引11亿令吉销售,已推展13亿令吉产业。

大华继显维持永大“买进”评级,目标价2令吉10仙。

文章来源:星洲日报‧财经‧报道:张启华‧2017.10.19

每月吸金超过50亿 “九大龙头”操控非法赌博

1880点看 2017年10月19日

(吉隆坡19日讯)大马回教消费人协会主席拿督纳金佐汉声称,国内的非法赌博活动,多年来皆由“九大龙头”操控,每个月吸金超过50亿令吉。

根据《马来西亚前锋报》,纳金佐汉指出,这“九大龙头”的组织称为“龙”,已经在国内老树盘根,势力甚至渗透执法单位。

他声称,这些幕后人士的势力庞大,若有执法官员跟他们作对,检举他们的赌博活动,24小时内就会被调职。

与“上层”关系良好

他还说,当局很难对付这些人,因为他们与一些单位的“上层”关系良好,或互相合作,他们甚至将经营非法赌博活动得来的钱用来收买有关人士,换来庇护。

他指这些关系的形成,是始自一些位高权重的人士或拥有影响力的个人,当初向这些龙头老大寻求协助,他们过后要求的回报,就是希望这些非法活动,获得庇护。

纳金透露,根据“龙规”,叛徒的下场是被枪杀,所以涉及的执法官员皆只能唯命是从。

他说,这些“龙头老大”与海外帮派,包括中国及香港的帮派关系良好,而且也拥有丹斯里及拿督斯里勋衔。

他指这些人士通过在国内经营各类生意,来“漂白”非法赌博活动每月赚取的不义之财。

印尼排华屠杀50万人 密档揭美国暗中支持

3388点看 2017年10月19日



1965年10月30日,部分共产党青年团成员被军方押往雅加达监狱囚禁。(美联社)

(华盛顿19日讯)印尼1965年发生反共排华大屠杀,造成至少50万人死亡。

美国驻印尼大使馆有关这段历史的档案17日解密,揭露美国政府当年对这宗大屠杀事件的整个过程知情,并暗中向印尼军方提供支持。

在1965年9月30日,时任陆军战略后备部队司令的苏哈多发动军事政变,推翻苏卡诺政权。

接着他从当年10月开始在全国策动反共大清洗,除了导致大批共产党员被杀,也造成许多华人被当做共产党员处决。学界分析,至少有30万华人丧生。

文件显示,美国官员在电报中形容这次事件是“屠杀”,且不时提及“滥杀无辜”等字眼,显示美国政府(时任总统为詹森)对印尼1965年反共大屠杀的始末知之甚详,并刻意保持沉默。



当年有大批的印尼共产党员被监禁。(网络黑白图)

文件指美国持有印尼共产党的详细名单,并讨论暗中向印尼军方提供金钱和武器支援。

而历史学家已断定,美国曾向印尼军方提供印尼共产党高层成员名单、无线电设备和金钱。由于苏卡诺同情共产主义,有分析认为当时美、英政府一直希望除掉苏卡诺。

新闻来源:综合报道

http://www.enanyang.my/news/20171019/%E5%8D%B0%E5%B0%BC%E6%8E%92%E5%8D%8E%E5%B1%A0%E6%9D%8050%E4%B8%87%E4%BA%BA-br-%E5%AF%86%E6%A1%A3%E6%8F%AD%E7%BE%8E%E5%9B%BD%E6%9A%97%E4%B8%AD%E6%94%AF%E6%8C%81/

陈鼎武:推动经济 大马中资增不代表卖国

247点看 2017年10月20日

(吉隆坡19日讯)资威资产管理(Capital Dynamics)创办人兼董事经理陈鼎武指出,中国在大马的投资增加,并不代表大马卖国。

他说,部分人士对此有错误的观念。

他日前接受马新社专访时指出:“这是错误的观念,因为国家需要投资才可向前迈进。举例,美国和日本已投资在大马有一段很长的时间,而中国只是刚开始投资而已。”

他说,中国需要一段很长的时间,才能够与美国及日本的投资相称。

“现在,中国是一个经济强稳的国家。他们可以选择投资地点,他们选择了大马,这是因为我们与中国拥有强稳的外交关系,且我们需要投资推动我国经济。”

助普腾转型

他点出,值得注意的中国投资是东海岸铁路(ECRL),这连接巴生港口至吉兰丹的彭加兰古布(Pengkalan Kubor),还有在普腾(Proton)的投资。

“中国在普腾扮演的角色是正面的,而且已看到如何帮豪华(Volvo)转型,我看好普腾将会在5至10年内的展望。”

今年5月,持有豪华汽车集团的中国浙江吉利控股(Geely),向多元重工(DRBHICOM,1619,主板工业产品股)收购普腾49.9%股权。

Analysts ‘neutral’ on Top Glove plan

CORPORATE NEWS
Friday, 20 Oct 2017

PETALING JAYA: While Top Glove Corp Bhd

image: https://cdn.thestar.com.my/Themes/img/chart.png’s plan to spend about RM1bil to expand via acquisition has stirred up market interest, most analysts are less enthusiastic on the announcement until more details are unveiled.

CIMB Research, for one, said it remained “neutral” on news about Top Glove potentially sealing a major merger and acquisition (M&A) deal soon.

“We are currently neutral on this news pending more details,” the brokerage said.

However, it noted that Top Glove should have the capacity to fund the acquisition as it was in a net cash position of RM70.6mil as at Aug 31, 2017.

“We are of the view that the potential acquisition target is likely to be related to the rubber gloves industry, in line with the group’s strategy,” CIMB Research said.

Top Glove’s shares rose seven sen, or 1.1%, to close at RM6.40.

StarBiz on Wednesday quoted Top Glove executive chairman Tan Sri Lim Wee Chai as saying that the company would unveil a RM1bil acquisition within this month.

Lim said Top Glove had narrowed down the target firm to a Malaysian-based surgical and examination glove maker, and that the deal would potentially be the company’s biggest takeover exercise to date.

Meanwhile, analysts maintained their positive outlook on Top Glove, noting that the prospects were underpinned by robust glove demand and expansion plans.

In revealing details on its recent quarterly results and future plans at an analysts’ briefing, Top Glove said it expected demand for gloves to remain robust due to closure of several glove factories in China, while its effective tax rate was expected to remain low at 15% for the financial year (FY) ending Aug 31, 2018 (FY18).

It was also noted that Top Glove was targeting to grow its share in the glove market to 30% in 2020, from 25% currently.

“We believe Top Glove will be a prime beneficiary of the strong growth in demand for gloves, thanks to its plans to boost its capacity by 15% by December 2018. This, coupled with stable raw material costs, bodes well for its FY2018 earnings,” CIMB Research said.

The brokerage maintained its “add” call on Top Glove, with an unchanged target price of RM6.90 based on 19 times the company’s estimated earnings for 2019.

AmBank Research, on the other hand, raised its fair value for Top Glove to RM6.36 from RM6.22 previously, but the brokerage maintained its “hold” call on the company.

“We continue to like Top Glove for its carefully crafted expansion plan, focus on quality and continual efforts in enhancing operating efficiency through increased automation. However, we believe the current share price has very much priced in Top Glove’s fundamentals,” AmBank Research explained.

The brokerage raised its earnings forecasts for Top Glove by 3% for FY18 to FY20 following assumption of lower effective tax rate of 15% from 18% previously.

“Global glove demand is expected to remain healthy with an annual growth rate of 8%-10%. In FY18, revenue is poised to grow by 15% on the back of a 13% increase in output volume,” AmBank Research said.

Similarly, UOBKayHian Research noted that the near-term demand for Top Glove’s products would remain robust and the new capacity installed should be filled up fairly quickly.

Hence, the brokerage projected Top Glove’s margin to expand on positive operating leverage.

“We expect Top Glove’s first quarter of FY18 sales volume to maintain its robust growth, with a soft average selling prices, as the current raw material price climate remains relatively weak.

“In our view, customers will likely exploit the situation and increase orders to stock up on cheaper manufactured gloves,” UOBKayHian said.

“Although there is significant production capacity coming on stream, we still foresee Top Glove’s capacity utilisation rate staying at an elevated level of about 80%.

“This should be fuelled by robust short-term demand and also the supply gap created by the closure of some vinyl glove factories in China,” it added.

UOBKayHian maintained a “hold” call on Top Glove, with an unchanged target price of RM5.65.

Read more at http://www.thestar.com.my/business/business-news/2017/10/20/analysts-neutral-on-top-glove-plan/#wzxfZpt5vqQaiO0q.99