tag:blogger.com,1999:blog-250589152024-03-29T19:56:24.939+08:00Sharetisfy歌词Unknownnoreply@blogger.comBlogger148125tag:blogger.com,1999:blog-25058915.post-53357597544077893762022-06-05T15:08:00.001+08:002022-06-05T16:34:04.372+08:00季报分析 | GKent 4Q22业绩探讨<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOFgTC6vSq3TYREwxA7D0P79k-XmovOw5UiTmxHO7OoW1yaBRAY_SqRHuqNOF31ocSzNYZ0GG5l_o57XdkGHd1Lvkdl9XpB6OfyQn4L_qBrn8MeGylf817i1JrmH9_zfdEiQnONU3XWHnW5JpHz0A3PDeNmVBeR_KFheR-oIWC8Le7mezZIW9erQvd/s600/0a27e0-628e-45ab-ad53-dd685cab4ce828f3777f-64d1-4a-600x364.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="364" data-original-width="600" height="243" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOFgTC6vSq3TYREwxA7D0P79k-XmovOw5UiTmxHO7OoW1yaBRAY_SqRHuqNOF31ocSzNYZ0GG5l_o57XdkGHd1Lvkdl9XpB6OfyQn4L_qBrn8MeGylf817i1JrmH9_zfdEiQnONU3XWHnW5JpHz0A3PDeNmVBeR_KFheR-oIWC8Le7mezZIW9erQvd/w400-h243/0a27e0-628e-45ab-ad53-dd685cab4ce828f3777f-64d1-4a-600x364.jpg" width="400" /></a></div>
<div>GKent在2022财政年末季意外交出亮眼成绩,营收和净利分别取得1亿1960万令吉和1469万令吉,单季表现已经恢复至疫情前水平。根据管理层指出,盈利大增得益于基建业务终于完成交托轻快铁第二路线 (LRT2) 的延伸工程以及布城医院项目。除此之外,水表业务也录得5536万令吉的营收和1195万令吉的税前盈利,为公司持续作出重要贡献。GKent在这一季度的业绩超出市场预期,似乎并没有受到去年10月份脱售持有轻快铁第三路线 (LRT3) 项目联营公司的MRCBGK50%股权而打击盈利,最主要的原因是随着全球新冠疫情已经受控,市场需求恢复活跃,GKent的营运状况和产能效率也大为改善,目前手头上累积的水表订单就已超过7500万令吉,估计接下来的季度将保持稳健增长。</div>
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<div>另一方面,GKent有份斥资、并负责设计和建造其姐妹公司Johan旗下Dynacare的手套厂房工程进度达到10%,其中首两条生产线已经开始运作,接下来四条生产线将在几个月后启动。值得一提的是,GKent在去年曾透露这间手套厂在全面投产后共有42条生产线,但从近期本地手套业者四大天王的表现来看,手套领域已经供应过剩,客户需求尚未恢复正常,因此手套行业的前景非常具挑战性。我猜测Dynacare的制造业务有可能会展延全面启动42条生产线,仅是小规模运作来应付现有合约而已。</div>
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在完成脱售LRT3联营股权后,GKent表示希望为拥有数字科技,如物联网和人工智能等公司创建一个策略投资平台,可为公司提供进入新领域的增长机会和潜在商机。于是去年底GKent就和马来西亚数字经济机构 (MDEC) 签署了为期三年的谅解备忘录,合作投资高成长的科技公司,以促进我国科技生态系统的发展。GKent为此将成立一个投资部门,为本地和区域科技公司提供必要的资金和资源,包括技术专业知识和市场机会。而MDEC也将物色其他投资者加入,包括推动风险投资等,并在估值、指导和市场机会等方面提供协助。</div>
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<div>从水表业务跨足到铁路系统,再从进军手套领域后又盯上数字科技,这些年来GKent总是野心勃勃,喜欢跟随市场热潮来插上一脚,但是管理层却眼高手低,缺乏远见和针对性的策略恐怕将会耽误公司的发展潜能和增长机会。GKent最大的本钱就是拥有令人称羡的现金储备,截至5月底共有2亿8337万令吉,相等于总资产之33%左右。或许GKent目前最需要做的就是认真思考最适合公司长期发展的务实目标,如何整合业务来改善现有资源使用效率,以及善用现金来创造更可持续性的投资回报和实际盈利。</div>
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https://investalone.blogspot.com/2022/06/Gkent-Dynacare-DigitalTech.html
Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-12877997233387764092021-09-12T08:45:00.004+08:002021-09-12T08:45:30.851+08:00传马资源(MRCB,1651,主板产业股)收购 乔治肯特(GKENT,3204,主板建筑股)LRT3项目股权<p><span></span></p><a name='more'></a><br />传马资源(MRCB,1651,主板产业股)收购 乔治肯特(GKENT,3204,主板建筑股)LRT3项目股权<br /><br />(吉隆坡11日讯)消息透露,马资源(MRCB,1651,主板产业股)将收购乔治肯特(GKENT,3204,主板建筑股)在轻快铁第三路线(LRT3)项目里的股权。<br /><br />根据5月25日有关LRT3联营协议的仲裁结果,乔治肯特被宣判为违反股权协议,并且被指示需履行股权协议义务。<br /><br />据了解,除非双方另达成协议,或马资源撤回有关违反股权协议通知;否则估值结束之后,马资源须无条件以现金收购乔治肯提持有的所有联营公司股权;并无条件以相同价格将其在联营公司中的所有股份,出售予乔治肯特。<br /><br />《The Edge》周刊引述知情人士报道,随着解决这一僵局需耗时4个月的时间,如今已达期限,因此相信谈妥协议已告一段落。<br /><br />目前尚未了解乔治肯特在联营公司中股份的价值,以及马资源是否有足够的资金来收购股权,及统筹LRT3项目需投入多少资金。<br /><br />另外,消息人士透露,负责监管LRT3项目的财政部并不反对马资源从乔治肯特手中收购股权。这个立场也是自希望联盟当选政府后遗留至今,当时也是LRT3项目合约首次修订。<br /><br />“不论是在时任首相丹斯里慕尤丁,还是在新任首相拿督斯里依斯迈沙比里的政府里,东姑扎夫鲁还是续任财长,因此相信不反对收购的立场并未改变。”<br /><br />不过,目前为止,仍无法确认马资源,是否有意从联营公司手中购买乔治肯特的股权。<br /><br />回看历史,乔治肯特与马资源,是于2015年成立联营公司,竞标从雪州万达镇(Bandar Utama)至佐汉瑟迪亚(Johan Setia)的轻快铁第三路线的工程。<br /><br />然而2019年政府更动了有关工程,引发双方在联营公司的融资条款方面出现不同意见,因此寻求仲裁庭解决。<br /><br />http://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E4%BC%A0%E9%A9%AC%E8%B5%84%E6%BA%90%E6%94%B6%E8%B4%AD-%E4%B9%94%E6%B2%BB%E8%82%AF%E7%89%B9lrt3%E9%A1%B9%E7%9B%AE%E8%82%A1%E6%9D%83<br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-64684142668240280452021-04-04T22:35:00.002+08:002021-04-04T22:37:05.476+08:00GKent也进军手套领域了<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLYob8dmlALYD1fCHCPjEF6RWO3af1JTCWc7UBDfcINFVpNC7wFk_Mxgz486biKdAF_tlXWCL6EV1tNlFUqB8jM1-c3U_WpTh6C4vbapmnVB8wJZIQvm8LWKwRzNAW4y1aaZzj/s2048/1571888214945.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1367" data-original-width="2048" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLYob8dmlALYD1fCHCPjEF6RWO3af1JTCWc7UBDfcINFVpNC7wFk_Mxgz486biKdAF_tlXWCL6EV1tNlFUqB8jM1-c3U_WpTh6C4vbapmnVB8wJZIQvm8LWKwRzNAW4y1aaZzj/w400-h268/1571888214945.jpg" width="400" /></a></div>
<div>1月份曾特地写文章来推敲<a href="https://investalone.blogspot.com/2021/01/gkent.html" target="_blank">GKent的发债计划</a>,如今答案揭晓了,原来是GKent准备出资1亿令吉来购买主席丹斯里陈溪福持有的另一间上市企业 - Johan旗下子公司Dynacare的40%股权,借此机会进军手套和其它医疗品制造业务。目前Dynacare暂未有任何实质业务,GKent在完成认购后,将会负责手套厂房工程的设计和建造,总值高达6亿2410万令吉,预计两年内完成并在2023年7月31日正式投运。</div>
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<div>Dynacare刚刚在3月29日完成买卖协议来收购位于霹雳州红土坎工业园、面积达71,980平方米的租赁地皮。Dynacare将安装和测试42条手套生产线,总产能为120亿只手套。第一条生产线将在今年8月投入生产,年底前则有6条生产线全面投运,其它36条生产线将在2022年和2023年分阶段启动。GKent也披露假设工厂全面运营42条生产线,按每100只手套的5.50美元平均售价计算,估计可获得24亿令吉的收入。</div>
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<div>GKent相信这项投资可为公司带来稳定的收入来源,因为手套业务是可持续性的领域,不受经济周期影响。如果一切顺利,业务多元化至手套行业将为公司盈利带来25%贡献或更高。有人认为如今GKent进军手套领域已太迟,因为新冠疫苗都已开发成功并展开大规模接种活动,而且手套厂商不停在增产,加上其它行业的公司竞相加入手套领域分一杯羹也加剧竞争,普遍认为接下来几年手套将面临供应过剩的状况。然而长期而言,新冠疫情大爆发也确实导致世界各地面对医疗系统吃紧或崩溃,或许可以让各界终于意识到公共卫生措施的重要性和必要性从而提升这一方面的基建和设备。美国首富比尔盖茨就认为,虽然很多人百分之百的精力都放在新冠疫情,但现在却是时候讨论如何为下一场大流行病的到来做好准备了。他强调,新冠疫情激发出的创新实践不仅能让世界更好应对下一场疫情,也有助消除很多全球性疾病如艾滋病、结核病、登革热、狂犬病等等。面对新冠疫情,他表示继续改善疫苗开发系统至关重要,这将帮助人类继续适应不断变化的病毒,从而彻底总结这场大流行病,并为下一次新型病原体的出现做好准备来改善人类对所有传染病的应对,最终加快全球卫生的进步。由此可见,医疗这一板块其实还有很多值得继续研究和开发的发展空间而不是仅仅这一次的新冠疫情而已。</div>
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<div>话说回来,早几年GKent曾扬言在短期内把水表业务的收入比重从20%提高至50%,长期再进一步提高至75%,以弥补本地铁路建筑领域疲弱的影响,然而这一目标并未兑现。截至2021年1月底的最新业绩,水表业务的贡献也只得49%,这还是拜建筑业务收入对比两年前下降一半才取得的数据。另外,GKent的这次参与纯属投资决定,并没过问手套业务的日常运作,因此新业务表现如何将赖于Johan和Dynacare的执行能力和生产效率。</div>
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<div>GKent原有业务表现平平不过现金充裕,若这项投资可以为企业带来可观回酬也不失为一笔划算交易,何况拿下建设手套厂房合约也得以提振低迷已久的建筑订单量,在接下来两年可为公司创造清晰的盈利能见度。</div>
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http://investalone.blogspot.com/2021/04/gkent.html
Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-22791999184455650542021-04-03T22:42:00.002+08:002021-04-03T22:42:17.568+08:00Is GKent late in the glove game?<p> <br /><span></span></p><a name='more'></a>thestar.com.my<br />Is GKent late in the glove game?<br /><br />WHILE the global glove shortage is expected to sustain until 2023, one wonders whether George Kent (M) Bhd’s (GKent) recently-announced entry into glove manufacturing is late in the game.<br /><br />The new venture, in collaboration with Johan Holdings Bhd, would see the commercial rollout of its first glove production line in August 2021, but it would take until mid-2023 for all 42 production lines to be commissioned as planned.<br /><br />GKent is heading into glove-making business at a time when average selling prices of gloves are expected to soften in subsequent quarters, albeit at a slow pace, and there would be increased incoming supply into the market, considering that many companies have jumped on the glove bandwagon last year.<br /><br />China-based glove players have also been aggressively ramping up their production capacity and this, to an extent, raises concerns on how long the glove shortage can be sustained.<br /><br />However, GKent believes that the new glove business would be “sustainable in both good and crisis times, scalable worldwide, and recession-proof”.<br /><br />It also says that the recurring income from glove manufacturing will contribute substantially to the group’s bottom line “for years to come”.<br /><br />Analysts, on the other hand, have mixed views on GKent’s venture into glove manufacturing.<br /><br />According to Kenanga Research, the group may see many hurdles ahead.<br /><br />“First of all, with no track record in the business, we think that its guided commencement within the next five months or August is overly optimistic with many glove vendors or installers already being tied up with existing players for expansion<br /><br />“Furthermore, with borders still closed, we think it would be hard to source skilled foreign workers familiar with the trade.<br /><br />“Coupled with the acute shortage in raw materials supply chain, procurement of key materials could also be a challenge, ” it says in an earlier note.<br /><br />The research house further adds that with glove prices already trending down, by the time GKent’s first line is operational, it would no longer make economic sense for the group or its partner to plough in further financial resources.<br /><br />On March 29, GKent said it has been invited by Johan to buy a 40% stake in the latter’s subsidiary, Dynacare Sdn Bhd, for RM40mil.<br /><br />Both GKent and Johan have the same major shareholder, Tan Sri Tan Kay Hock.<br /><br />GKent’s proposed venture into glove manufacturing and the deal to acquire 40% interest in Dynacare require the approval from its shareholders.<br /><br />RHB Research Institute is positive on the new development, pointing out that it will diversify GKent’s earnings base.<br /><br />Not only that, considering that GKent has also been given the right to undertake the construction of the glove manufacturing plant with a contract value of RM624.1mil, the research house has raised its earnings forecasts.<br /><br />“We lift core earnings forecasts for the financial years of 2022 to 2024 by 6%, 14% and 8% following the new contracts secured, ” it says.<br /><br />In a reply to StarBizWeek, GKent chairman Tan Sri Tan Kay Hock says the contract is timely and will immediately contribute to the Group’s bottom line over the next two years.<br /><br />He also points out that GKent will participate in Dynacare only at the board level and not actively in the management team.<br /><br />“Our participation in this venture is not a knee-jerk reaction.<br /><br />“The board’s decision is based on an extensive and in-depth study by Frost & Sullivan that demonstrated the long-term viability of the glove business.<br /><br />“The consideration has taken into account the additional glove manufacturing capacity coming on stream in the next five years, which will be offset against the continuing strong demand due, in part, to improving domestic and global healthcare services, international stockpiling efforts, ageing populations and stricter workplace safety requirements, ” Tan says.<br /><br />Tan also says that GKent will work with experienced glove-dipping-line technology providers to deliver high-capacity, fully automated production lines.<br /><br />“The group expects to expand its glove manufacturing facility construction business locally and internationally.<br /><br />“This business will be an area of growth for GKent as existing and new glove manufacturing players expand their production capacity in the coming years, ” according to him.<br /><br />When asked whether GKent would consider expanding into other areas of healthcare-related products apart from gloves, Tan says Dynacare plans to offer a range of personal protective equipment “as and when suitable opportunities arise”.<br /><br />He also does not rule out the possibility of GKent undertaking merger and acquisition deals in healthcare-related areas in the future, although the immediate and medium-term focus will be on its water metering and engineering businesses.<br /><br />“The prospects for our metering business’ growth are bright. Demand for our water meters will continue to increase due to new installations.<br /><br />“We are also introducing smart meters to our existing as well as new markets, ” he says.<br /><br />Looking ahead, Tan says GKent plans to expand its metering business in Vietnam and the Philippines, which offer the biggest growth potential.<br /><br />“We are also expanding into more markets in Greater Asia.<br /><br />“In addition, we are investing substantial resources to raise productivity and improve the efficiency of our production line through automation and new machinery, ” he adds.<br /><br />In the latest quarter ended Jan 31, the group’s net profit more than doubled year-on-year (y-o-y), led by stronger water meters sales and higher joint-venture contribution.<br /><br />It posted a net profit of RM14.29mil in the Nov 2020-Jan 2021 period as compared to RM6.76mil in the same quarter a year earlier.<br /><br />Meanwhile, revenue rose by 6.59% y-o-y to RM87.83mil.<br /><br />GKent said the demand for its water meters globally continues to outpace production capacity.<br /><br />The metering segment’s gross profit margin in the quarter ended Jan 31 increased due to higher pricing, sales mix and lower cost of material.<br /><br />Commenting on the group’s engineering segment, which offers construction and infrastructure services, Tan says the revenue contribution from the segment would only return to pre-Covid-19 levels when the pandemic is no longer a serious threat.<br /><br />“In the past year, progress of our construction projects were affected by the movement control order and the need to adhere strictly to the government’s standard operating procedures, ” he says.<br /><br />Currently, the engineering segment’s orderbook size stands at RM3.7bil, while the tenderbook is valued at RM700mil.<br /><br />Moving forward, Tan says the government’s drive to improve the country’s rail transportation and water infrastructure would be a major catalyst for the group.<br /><br />“Our project teams are following up closely on tenders we submitted, as well as new opportunities for various projects in these sectors.<br /><br />“Also, if approved by shareholders, our bottom line will benefit from the construction of Dynacare’s glove manufacturing plant, ” he adds.<br /><br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-39942386108879328782021-01-18T18:22:00.001+08:002021-01-18T20:52:25.905+08:00GKent的发债计划<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhukTrFZxTyx3sWx_ftDZ8V3-OAGDQK40PCFV5VK1NpdhPmZ-lGRYOQ8_TtjafQzAh52pPZ9QG1DErInXmCqwdvu3bil3MFJfyMl4TtCKOqbwQRYV7ETkzs_wemp3URshkyqKG2/s900/dfgdfg_1518426998.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="607" data-original-width="900" height="270" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhukTrFZxTyx3sWx_ftDZ8V3-OAGDQK40PCFV5VK1NpdhPmZ-lGRYOQ8_TtjafQzAh52pPZ9QG1DErInXmCqwdvu3bil3MFJfyMl4TtCKOqbwQRYV7ETkzs_wemp3URshkyqKG2/w400-h270/dfgdfg_1518426998.jpg" width="400" /></a></div>
<div>最近GKent作出宣布拟发行最多6亿令吉的回教债券Wakalah和回教中期票据,筹资用途将用在营运成本、资本开销和再融资。根据资料显示,回教债券Wakalah和回教中期票据的发行量最高是1亿令吉和5亿令吉,分别为期7年和30年。 </div>
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<div>这则新闻有点让人意外,因为GKent给外界的印象就是资金充沛,负债不高。也因为闲置太多现金的关系,所以这些年来GKent不断在回购股票,目前库存股占比都累积至6.77%了。此外,国内基建领域疲软已久,而月初马新两国公布正式终止隆新高铁对行业来说更是坏消息。由于大马国债不断在增加,而新冠肺炎疫情带来的经济冲击,以及为了扶持经济而推出的庞大刺激配套,导致国盟政府捉襟见肘,财政空间极为有限,相信很难在短时间内重推大型基建。于是在这样的背景之下GKent却宣布发债就有点耐人寻味了,而且6亿令吉的融资数额还高过GKent的现在市值哪。</div>
<div><br /></div>
<div>这里就想探讨GKent发债的两种可能性。</div>
<div><br /></div>
<div>早前有新闻报导,第三轻快铁 (LRT3) 的17家承包商和顾问公司联合致函给政府,向国家基建公司追讨逾7亿令吉欠款,若加上2020年12月完成的工程,总共拖欠超过10亿令吉。不过大马基建公司非执行主席达祖丁却作出否认,声称截至2020年10月2日,其公司已经支付34亿7000万令吉给项目总承包商 - 由MCRB和GKent组成的联营公司 (MRCBGK) 。对此MRCBGK就出来澄清,大马基建公司在10月支付的款项只是到6月底的工程而已,上述提及的逾7亿令吉是7月至10月的工程,MRCBGK甚至已经预先支付超过2亿令吉以确保工程能够持续下去,至此事件也就成了罗生门。<br />
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目前来看,我不肯定GKent举债是否和这件事情有关联,而截至2020年12月底,LRT3也仅完成45.8%而已,原本预计此项目会在2024年竣工。达祖丁就透露,由于新冠疫情波及导致众多基建工程多次展延,加上大马基建公司本身也面对现金流管理课题,因此LRT3能否如期完工也成了疑问。</div>
<div><br /></div>
<div>另一边厢,GKent在去年的年度股东大会简短表示管理层正在物色收购欧洲或亚洲的相同领域公司。有意思的是主席也在最新年报里认为目前的不寻常情况会造成一些公司或资产掉价,或出现可以进行并购活动的机会。因此以目前最新进展来推测,GKent举债的另一可能就是已经相中收购目标了,也许现在就已经进入最后谈判阶段。</div>
<div><br /></div>
<div>上述的两个可能情况会影响不一样的企业内在价值:前者是涉及GKent目前正在进行着的基建项目可持续性,后者是运用财务杠杆来扩大公司业务和攫取发展机遇。GKent在打什么算盘,就让我们拭目以待吧。<br /></div>
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<br />
http://investalone.blogspot.com/2021/01/gkent.html
Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-42582668922154485792020-12-22T22:22:00.001+08:002020-12-22T22:27:42.519+08:00GKENT (3204) GEORGE KENT MALAYSIA BHD - Metering saves the day<p><span></span></p><a name='more'></a><p></p>GKENT (3204) GEORGE KENT MALAYSIA BHD - Metering saves the day<br /><p><br />GKent’s 9MFY21 earnings of RM23.1m (-34%) were above ours but below consensus expectations. Core PATAMI decline was driven by lower contribution from construction partially offset by its resilient metering division. Estimated construction orderbook (ex-LRT3) amounts to c.RM210m (cover ratio: 1.0x). Raise FY21-23 earnings by 10-17%. Maintain SELL with higher TP of RM0.60 after pegging FY22 EPS to 6.6x PE multiple (-1SD below 3-year mean).<br /><br />Above ours but below consensus. GKent reported 3QFY21 results with revenue of RM78.9m (+12.5% QoQ, +8.2% YoY) and core earnings of RM10.6m (+21.8% QoQ, +3.8% YoY). This brings 9MFY21 core earnings to RM23.1m, decreasing by -33.6% YoY. The core earnings accounted for 82.5% of our full year forecast (consensus: 62.8%), which is above ours but below consensus expectations.<br /><br /><br />Deviation. The stronger than expected results were driven by better than expected performance from the metering segment.<br /><br />Dividends. No DPS were declared for the quarter (9MFY21: 1.0 sen; 9MFY20: 1.5 sen).<br /><br />QoQ. Core earnings expanded by 21.8% to RM10.6m in 3QFY21 aided by strong recovery in its metering segment which saw revenue and PBT increasing by 55.5% and 92.7% respectively. This was mainly due to its gradual restoration of capacity to clear its backlog of orders. Partially offsetting the recovery was its construction segment where revenue and PBT declined by -23.1% and -10.7% respectively.<br /><br />YoY. GKent’s earnings were marginally higher by 3.8% spurred higher by its metering division (Revenue: +49.5%) while construction struggled (Revenue: -26.0%). During the quarter, a higher effective tax rate of 34.2% (vs.3QFY20: 19.3%) also hampered earnings delivery.<br /><br />YTD. Core earnings shrunk by -33.6% as performance was largely hit by various forms of MCO evidenced by its -25.7% decline in revenue. While metering operations were quick to normalise post-lockdown, its construction segment was disrupted by SOP measures which are still ongoing.<br /><br />Construction. We estimate GKent’s outstanding orderbook (ex-LRT3) amounts to c.RM210m which translates into cover ratio of 1.0x. On an YTD basis, revenue and PBT declined by -44.2% and -53.4% respectively owing to lockdowns and SOP measures. The segment also declined on a QoQ basis largely due to its thinning orderbook. LRT3 JV contribution saw no pick up with supplemental agreements still not finalised.<br /><br />Manufacturing. Revenue and PBT increased by 6.2% and 45.3% respectively. Growth came largely on the back of resilient demand from overseas and local markets resulting in healthy utilisation rate of c.80% during the quarter. Domestically, its NRW meter orders (supplied to 600k homes across 6 states) will continue to sustain its metering performance.<br /><br />Forecast. Increase FY21-23 earnings by 14.5/10.1/16.8% after factoring in stronger metering performance and recalibrating margin assumptions.<br /><br />Maintain SELL, TP: RM0.60. While the results surprised on the upside, we remain concerned on its thinning orderbook and replenishment prospects. Maintain SELL with higher TP of RM0.60 after earnings adjustment. We think its target P/E multiple of 6.6x is warranted given its thin outstanding orderbook and cloudy job visibility.<br /><br />Source: Hong Leong Investment Bank Research - 22 Dec 2020<br /><br />https://klse.i3investor.com/blogs/intelligenttrade/2020-12-22-story-h1538340829-George_Kent_Malaysia_Metering_saves_the_day.jsp<br /><br /><br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-79123124366881306402020-12-16T21:09:00.003+08:002021-09-12T09:14:26.435+08:00《 浅谈 GKENT(3204)乔治肯特能重获辉煌吗? 》<p><span></span></p><a name='more'></a> <br />《 浅谈 GKENT(3204)乔治肯特能重获辉煌吗? 》<br /><br />说到 GKENT 这家公司呢,小编相信很多人都会对他记忆犹新;尤其是在 2018 年就开始投资的读者 肯定是忘不了这家公司的..<br /><br />那么,今天我们就来讨论看看 GKENT 是否可以回到巅峰吧!我们会先从公司的业绩分析角度切入,然后再分析看看公司的技术走势吧~<br /><br /> GKENT 的营业额在这个季度从 RM 72.9 Million 增加到了 RM 78.9 Million,涨幅高达 8.2% 或 RM 6.0 Million 之多;<br /><br /> 这次的营业额呢,我们可以看到很明显的 Engineering 业务(包括公司的医院建筑等)营业额下跌了,而主要拉高营业额的则是公司的 Water Metering 业务,根据管理层所提到的资料呢,Water Metering 产品的需求量无论是在本地还是国外都是供不应求的;<br /><br /> 另外呢,对比 2018 年的时候,GKENT 来自于跟 MRCB 进行 JV 的收入也降低了很多,从以前单个季度可以高达 RM 5 – 7 Million 降低到现在少过 RM 1 Million 的幅度;<br /><br /> 在这个季度里面呢,公司的盈利成长不大,主要是从 RM 10.3 Million 上涨到 RM 10.7 Million,涨幅高达 3.8% 或 RM 0.4 Million;<br /><br /> 那公司这个季度的净利涨幅不大主要是因为 Engineering 的工程被 CMCO 拖累,导致公司在这块业务的成本提高,但是同时间公司在 Water Metering 的收入拉高,并且恰好原料价格下跌,因此公司的整体收入还是上涨的;<br /><br /> 但其实仔细看的话,GKENT 这个季度还有被外汇亏损拖累,外汇的亏损高达 RM 2.6 Million,而 FY 2019 可对比的季度为 RM 1.3 Million 的盈利,因此对比起来,GKENT 的其他收入方面降低了,拉低了公司整体的盈利;<br /><br /> 从现金流方面来看呢,暂时 GKENT 还是没有太大的改善,经营现金流依然是负的,而手头上的现金也从去年的 RM 215.6 million 降低到了 RM 198.8 Million,并且同期里面债务从 RM 65.8 Million 提高到 RM 75.0 Million;<br /><br />整体来说呢,GKENT 若非外汇亏损的关系,其实盈利可以是更漂亮的.. 但是真正要公司回到巅峰的话呢,单靠 Water Metering 是比较困难的.. 除非是靠大型的基建合约,比如说 HSR(不过近期好像要排除新加坡,因此需要赔偿高达 RM 300 + Million 给他们)<br /><br />从技术面来看的话,GKENT 看起来是有一个 Cup & Handle 的形成,但是 Handle 有点长,甚至于过一半的 Cup 了,因此不是太过于健康的信号,而今天(15/12/2020)的收盘价格也刚好碰到 EMA 50 的价位,若是短期内能反弹站稳 RM 0.800 的话,则会比较健康..<br /><br />那其实这 6 个月以来呢,GKENT 的涨幅是高达 11.6% 的,而最高则是在 8 月份左右触碰到 45% 左右的涨幅,但是随后就回调下来了 小编个人认为呢,GKENT 以这样的情况来看的话还是先小心关注,比较好,目前也并非最好的入场时机!<br /><br />- 完 -<br /><br />免费开投资户口!:http://app.eventure.com.my/d63110ef<br /><br />免责声明:以上所有的内容都单纯只是个人的观点,所涉及的内容只能被当成是学习,教育与资讯用途,而绝非专业的金融,投资意见,或买卖意见。<br /><br />请自行分析,了解其风险,再向专业的金融理财顾问专家探讨投资的性质。Eventure Group 绝不对任何分享的内容,观点,的准确性,完整性,正确性,有效期性负责任。<br /><br />#GKENT<br />#HSR<br />#SINGAPORE<br />#EVENTURE<br /><br />https://klse.i3investor.com/blogs/vitaeventure/2020-12-16-story-h1538225324.jsp<br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-7958466232127281062020-06-21T20:44:00.005+08:002020-06-21T20:45:16.879+08:00[GKENT (3204) 乔治肯特 GEORGE KENT MALAYSIA BHD:水表部门销售和毛利率下降] - James的股票投资James Share Investing<br />
<a name='more'></a> [GEORGE KENT MALAYSIA BHD:水表部门销售和毛利率下降]<br />
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工程:<br />
截至2020年1月31日的本季度,部门盈利为1,258万令吉,较2019年同期的4,030万令吉低69%。<br />
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由于收入和毛利率下降,截至2020年1月31日止年度的部门利润为5486万令吉,较截至2019年1月31日止年度的1亿1540万令吉减少52%。<br />
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水表:<br />
截至2020年1月31日的本季度,该部门的利润为588万令吉,略高于2019年同期的560万令吉。<br />
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截至2020年1月31日止年度的部门利润为2,117万令吉,较2019年同期的2,838万令吉减少25%,主要是由于销售和毛利率下降。<br />
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集团本季度的税前利润为1036万令吉(2019年1月31日:3758万令吉),降低了72%。<br />
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截至2020年1月31日止年度,集团的税前利润为5668万令吉(2019年1月31日:1.2783亿令吉),减少了56%。<br />
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QoQ:<br />
截至2020年1月31日的当前季度的税前利润比上一季度下降18%,主要是由于持有的外币未实现兑换损失。<br />
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前景:<br />
水表业务继续保持不错。尽管某些出口订单被取消,但对马来西亚半岛地方政府的销售收入却比上一年有所增加。该集团于2020年4月19日获得国际贸易和工业部的批准,在MCO期间在严格的劳动力行动条件下恢复其制造活动。这使集团得以在2020年4月20日恢复生产线,尽管规模有限。随后,政府宣布,允许经批准的经济部门的公司在严格的劳动力行动条件下,以完全的劳动能力运营,并且不受时间限制,从2020年4月29日开始生效。<br />
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展望未来,乔治肯特将继续审慎进行业务往来,改善乔治肯特的财务及营运效率,并大幅降低成本。尽管乔治肯特预计其业绩将受到干扰,但乔治肯特对其前景保持谨慎乐观。<br />
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水表:<br />
为配合乔治肯特成为水表一站式供应商的策略,乔治肯特正与合作伙伴合作提供补充其现有范围的水表,例如静态水表和其他类别的产品。集团与霍尼韦尔(Honeywell)于2019年6月签署了长期许可协议,使精密测量组件的生产可以与集团已经制造的黄铜外壳组装在一起。这将为集团提供更好的生产水平和成本控制。开始分阶段生产。该集团的智能计量解决方案正在通过概念验证以及与州水务部门的试点项目来实施。该解决方案的商业化将是未来几年的主要增长动力。<br />
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工程:<br />
该集团继续执行丹戎卡朗医院和恩多克林布城医院。该小组正在为LRT2项目完成一些variation orders的工作。它也继续执行LRT3项目,该项目的合约由其合资公司MRCB George Kent Sdn Bhd于2019年1月25日以114亿令吉签署。于回顾年度内,土建工程的进度有所减慢。在未来几个月中,进展将会加快。<br />
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乔治肯特将通过并购和战略合作伙伴关系大幅增加对铁路和水相关项目的投资,从而进一步加速增长。它凭借在国内铁路项目中作为铁路系统集成商的专业知识以及与全球铁路专家建立的网络,继续在区域铁路领域中开发新的机会。此外,集团在过去27年中成功完成了30多个水利基础设施项目,这凸显了其项目管理专业知识和对质量的奉献精神。这项良好的记录将使集团有能力从国家减少非收入水的努力中寻求水基础设施的机会。<br />
-----------------------------<br />
James Ng Stock Pick Performance:<br />
Since Recommended Return:<br />
<br />
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.56 (dividend RM0.04) in 1 year 10 months 7 days, total return is 263.6%<br />
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b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM30.80 (adjusted)(dividend RM0.32) in 1 Year 11 months 18 days, total return is 156.3%<br />
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c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.80 (adjusted)(dividend RM0.055) in 1 Year 17 days, total return is 130.8%<br />
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d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.67 (dividend RM0.04) in 1 year 11 months 18 days, total return is 115.1%<br />
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e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.91 in 1 year 4 months 30 days, total return is 58.3%<br />
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f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.26 (dividend RM0.188) in 1 Year 8 months 12 days, total return is 54%<br />
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我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):<br />
<br />
预计公司每年的增长率必须> 14%<br />
<br />
我想说服读者学习基本面分析FA以便能从股市赚钱。<br />
<br />
我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过jamesngshare@gmail.com 或我的FB页面与我联系。<br />
<br />
Whatsapp : 011 - 15852043<br />
<br />
Facebook Group: https://www.facebook.com/groups/jamesinvesting<br />
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这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw<br />
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请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest<br />
<br />
这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。<br />
<br />
James Ng<br />
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[GEORGE KENT MALAYSIA BHD: Metering segment lower sales and gross profit margin]<br />
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Engineering:<br />
Segment profit of RM12.58 million for the current quarter ended 31 January 2020 was 69% lower as compared to RM40.30 million for the corresponding quarter in 2019.<br />
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Segment profit of RM54.86 million for the year ended 31 January 2020 was 52% lower as compared to RM115.40 million for the year ended 31 January 2019 due to lower revenue and gross profit margin.<br />
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Metering:<br />
Segment profit of RM5.88 million for the current quarter ended 31 January 2020 was slightly higher as compared to RM5.60 million for the corresponding quarter in 2019.<br />
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Segment profit of RM21.17 million for the year ended 31 January 2020 was 25% lower as compared to RM28.38 million for the corresponding period in 2019 mainly due to the lower sales and gross profit margin.<br />
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The Group's current quarter profit before tax of RM10.36 million (31 January 2019: RM37.58 million) was 72% lower.<br />
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The Group's profit before tax for the year ended 31 January 2020 of RM56.68 million (31 January 2019: RM127.83 million) was 56% lower.<br />
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QoQ:<br />
The profit before taxation for the current quarter ended 31 January 2020 is 18% lower than the preceding quarter mainly arose from unrealised loss on foreign exchange on foreign currencies held.<br />
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Prospects:<br />
The Metering Business continued to be resilient. In spite of the retiming of some export orders, revenue for sales to local authorities in Peninsular Malaysia rose from the previous year. The Group received on 19 April 2020 the Ministry of International Trade and Industry’s approval to resume its manufacturing activities during the MCO under strict labour movement conditions. This enabled the Group to reactivate its production line on 20 April 2020, albeit on a limited scale. Subsequently, the Government announced that companies in the approved economic sectors are permitted to operate with full work force capacity and without limitation in operating time effective 29 April 2020, again under strict labour movement conditions.<br />
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Going forward, the Group will continue to exercise prudence in its business dealings, improving the Group's financial and operational efficiency and drastically reducing costs. Whilst the Group expects some disruptions to its performance, the Group is cautiously optimistic of its prospects.<br />
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Metering:<br />
In line with the Group's strategy to become a one-stop purveyor of water meters, the Group is working with partners to offer water meters that complement its existing range, such as static meters and products in other classes. The long-term license agreement with Honeywell, signed by the Group in June 2019, enables the production of precision measuring components to be assembled with the brass housings the Group already manufactures. This will provide the Group with better control of production levels and costs. Production in stages is commencing. The Group's Smart Metering solution is being implemented through proof-of-concepts and pilot projects with state water authorities. Commercialisation of this solution will be a key growth driver in the coming years.<br />
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Engineering:<br />
The Group continued to execute Hospital Tanjung Karang and Hospital Endokrin Putrajaya. The Group is concluding work on some variation orders for the LRT2 project. It is also continuing to execute the LRT3 project, the contract for which was signed by its joint-venture company MRCB George Kent Sdn Bhd on 25 January 2019 for RM11.4 billion. Civil construction works were undertaken albeit at a reduced pace in the year under review. Progress should pick up in the coming months.<br />
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The Group will further accelerate growth by substantially increasing its investments in rail and water-related projects through M&As and strategic partnerships. It continues to develop new opportunities in the Regional railway space, leveraging on its expertise as Rail Systems Integrator in domestic railway projects and its established network with global rail specialists. In addition, the Group’s successful completion of over 30 water infrastructure projects in the last 27 years underscores its project management expertise and dedication to quality. This track record will give the Group a leg-up in pursuing water infrastructure opportunities arising from the national drive to reduce non-revenue water.<br />
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:<br />
<br />
the forecasted growth of a company must > 14% per year<br />
<br />
I wish to convince readers to learn FA in order to make money from stock market.<br />
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I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.<br />
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This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.<br />
<br />
James Ng<br />
<br />
https://klse.i3investor.com/blogs/general/2020-06-21-story-h1508903324.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-15623970800667005542020-05-17T15:39:00.000+08:002020-05-26T23:39:05.416+08:00【HSR 回来了,是不是轮到建筑股发威了?】 <br />
<a name='more'></a><br /><br />【HSR 回来了,是不是轮到建筑股发威了?】<br /><br /><br /><br />在今天下午新洲又出了一个令我们感到震惊的消息,HSR 传闻又要回来了? 对于HSR 的项目,其实政府本身已经延迟到今年的5月尾再宣布结论,原以为COVID-19 会把HSR 的商讨推迟,不过根据这个新闻的来源,他们表示 “大马很快就会和新加坡会谈“ ?<br /><br /><br /><br /> 资料来源:https://www.sinchew.com.my/content/content_2272727.html…<br /><br /><br /><br />如果你不熟悉HSR(High-Speed Railway)的话,它是一个连接马来西亚 中心(Kuala Lumpur)跟新加坡 的一个快铁,HSR 长达 350 KM 左右的工程~<br /><br /><br /><br />当时这个Project 是在2016年跟新加坡签署MoU,然后在2018年因为变天的问题,所以HSR 就延迟了,原本我们政府打算Scrap 掉这个HSR,但是由于成本太高,所以变成延迟 + 商讨要降低成本 <br /><br /><br /><br />而我们股市最近又吹建筑行业的风!那么有哪家公司如果HSR 复苏的话,对他们来说是利好的消息呢?<br /><br />已知的是GKENT(3204),YTL(4677),MMCCORP(2194),GAMUDA(5398),以及神级高波动性股 – IWC(1589)这几家公司 当然其中我个人比较看好的分别是 GKENT 以及 GAMUDA 这两家公司(不代表其他的不好,只是我不了解)<br /><br /><br /><br />如果HSR 复苏的话,他们的收入虽然是在经济低迷的阶段,但是这个project 也可以拉他们一把的,尤其是股价长期被抛售的GKENT,真的怀疑他们打算私有化了..<br /><br /><br /><br />不过,我相信只要HSR 宣布复苏的话,肯定很多 “其他” 的消息出来说某某Project 要复苏,政府要推动建筑业等等,到时候又来疯狂的Goreng 了,所以这里促请各位投资者要小心交易哦!<br /><br /><br /><br />如果你问我的话,长期被某股东不断抛票的INTA(0192)基本面也是很不错 而且也经常派发股息!大家可以留意这家公司哦(没有买卖建议!)<br /><br /><br /><br />https://www.facebook.com/841074839625279/posts/1103053420094085/<br /><br /><br /><br />======== 下面有福利! =========<br /><br /> 领取免费Margin Calculator:http://app.eventure.com.my/440612a5<br /><br /> 我要免费开投资户口!:http://app.eventure.com.my/d63110ef<br /><br /> 领取你的免费 7 天Vi App Trial:https://8ly.cc/letxinvest_viapp<br /><br /><br /><br />#HSR<br />#GKENT<br />#GAMUDA<br />#EVENTURE<br /><br /><br /><br />免责声明:<br /><br />以上所有的内容都单纯只是个人的观点,所涉及的内容只能被当成是学习,教育与资讯用途,而绝非专业的金融,投资意见,或买卖意见。请自行分析,了解其风险,再向专业的金融理财顾问专家探讨投资的性质。<br /><br /><br /><br />Eventure Group 绝不对任何分享的内容,观点,的准确性,完整性,正确性,有效期性负责人。所有的误解,错误,遗漏,资讯的延迟所造成的伤害恕不负责。<br /><br /><br />https://klse.i3investor.com/blogs/vitaeventure/2020-05-16-story-h1507064058.jsp<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-68021635857689731512020-05-12T20:30:00.000+08:002020-05-12T20:42:38.402+08:00GKENT (3204) George Kent (Malaysia) - Will Get Worse <br />
<a name='more'></a><br /><br />Gkent’s 4QFY20 earnings of RM6.8m (-63% YoY) were below our and consensus expectations. FY20 core PATAMI decreased 48% YoY as a result of lower contribution from engineering and metering segments compounded by lower contribution from LRT3 JV. We estimate the company’s construction orderbook (ex-LRT3) amounts to c.RM300m (cover ratio of 1.4x). Cut FY21-22 earnings by 33-40%. Downgrade to SELL with lower SOP-driven TP of RM0.50 (previously RM0.58) following the earnings cut. Our TP implies FY21 & FY22 P/E of 7.8x and 8.8x respectively.<br /><br />Below expectations. Gkent reported 4QFY20 results with revenue of RM82.4m (+13.0% QoQ, -28.0% YoY) and core earnings of RM6.8m (-34.0% QoQ, -62.9% YoY). This brings FY20 core earnings to RM41.6m (no EIs for the period), decreasing by -48.2% YoY. The core earnings accounted for 78% of our full year forecast (consensus: 85%), which is a big miss.<br /><br />Deviations. The results shortfall was primarily due to lower-than-expected revenue contribution and lower realised margins from engineering segments as a result of thinning orderbook.<br /><br />Dividends. No dividends were declared for the quarter (FY20: 2.5 sen, FY19: 7.0 sen).<br /><br />QoQ. Core PATAMI decreased by -34.0% largely due to weakness in the metering segment resulting from lower sales.<br /><br />YoY. Core PATAMI declined by -62.9% dragged by lower progress billings from engineering (ex. LRT3 JV) segment which saw revenue and PBT declining by 34.6% and 72.8% respectively.<br /><br />YTD. Core PATAMI decreased by -48.2% as a result of lower contribution from engineering and metering segments compounded by lower contribution from LRT3 JV which recorded a marginal profit (FY19: RM12.2m). The lower contribution from LRT3 JV was mainly due to delays in work progress for the projects arising from finalisation of designs and specifications with respective sub-contractors. Given that the LRT3 JV has successfully novated its agreement with one of the subcontractors, TRC, we expect smoother subsequent rollout of novated agreements, clearing a path for acceleration of construction works moving ahead.<br /><br />Outlook. We estimate the company’s construction orderbook (ex-LRT3) amounts to c.RM300m which translates into cover ratio of c.1.4x of FY20 construction revenue. In terms of MCO developments, we understand LRT3 project has been approved by the government to resume works last week. Meanwhile, its manufacturing segment has also restarted on the 19th of April 2020. For the time being, management aims to focus on the execution of its construction projects (Tanjung Karang Hospital & Putrajaya Hospital ending CY20) and is also in the midst of finishing its variation order works for LRT2 (guided to be minimal). Construction tender prospects remain largely similar with focus on regional rail opportunities such as Bangkok Orange Line. The railway line was recently approved by Thailand’s cabinet with tenders to be held on Oct-20 after repeated delays. Nonetheless, we are not too sanguine on its chances due to stiff competition. On the metering side, slower disbursements of development expenditure arising from MCO and political changes could further hurt its sales.<br /><br />Forecast. Cut FY21 & FY22 earnings by 33.3% & 40.6% after factoring lower progress billings, water meter sales as well as MCO downtime.<br /><br />Downgrade to SELL, TP: RM0.50. Downgrade to SELL with lower SOP-driven TP of RM0.50 (previously RM0.58) following the earnings cut. We opine that with slow construction orderbook replenishment prospects coupled with deteriorating outlook for its metering segment, cash reserves could deteriorate in tandem with poorer earnings. Our TP implies P/E of 7.8x for FY21 and 8.8x for FY22.<br /><br />Source: Hong Leong Investment Bank Research - 11 May 2020<br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-38170926878622064332020-05-05T08:51:00.001+08:002020-05-05T08:51:17.436+08:00【行家论股/视频】GKENT (3204) 乔治肯特短期难获建筑订单<br />
<a name='more'></a> 目标价:51仙<br />
最新进展:<br />
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乔治肯特(GKENT,3204,主板建筑股)截至今年1月底末季,净利按年猛跌65.56%至677万令吉,或每股1.3仙。营业额报8240万令吉,按年下跌28.59%。<br />
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全年净赚4159万令吉或每股7.7仙,按年下挫51.83%;营业额按年减少22.2%,至3亿3581万2000令吉。<br />
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行家建议:<br />
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全年核心净利为4290万令吉,按年跌48%,占我们预估的95%;但低于市场预估,仅达88%,归咎于工程和水表业务双双疲弱。<br />
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总值114亿令吉的轻快铁路线3工程入账速度缓慢,在2019财年贡献1340万令吉,但在2020财年仅30万令吉。<br />
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本来在今年开始恢复工程,入账速度理应会加快,无奈却碰上行动管控令,阻扰了建筑进度。<br />
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在政府逐渐放宽管控令后,乔治肯特的业务可慢慢恢复。除了建筑领域,在4月中时,制造业务已经开始恢复部分工作。<br />
<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="720" src="https://www.youtube.com/embed/0rRTqFwH3ps" width="1280"></iframe><br />
不过,考虑到经济环境艰巨,建筑项目料变少,让乔治肯特短期内难赢得更多订单。<br />
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利好的是,该集团目前有1亿7610万令吉的净现金,相等于每股33.2仙,可助抵御艰难时刻。<br />
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我们将2021财年财测小幅上调2%至5400万令吉,预期2022财年可净赚6900万令吉。<br />
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<img alt="" src="http://www.enanyang.my/wp-content/uploads/contentdir/image/364345/200505x1201_noresize.JPG" style="width: 600px;" /><br />
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https://www.enanyang.my/news/20200504/【行家论股视频】乔治肯特-br短期难获建筑订单/Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-3757358331497101502020-05-03T09:35:00.001+08:002020-05-03T09:35:24.867+08:00浅谈GKENT (3204) 乔治肯特净利下跌 62.90% 背后的原因 <br />
<a name='more'></a> 浅谈GKENT (3204) 乔治肯特净利下跌 62.90% 背后的原因 <br /><br />有谁跟我一样好奇病毒开始爆发后,建筑股表现会如何的?如果你有跟我一样疑问的话,那么我们就来研究一下到底 GKENT 业绩为什么会下跌那么多,然后再讨论一下公司在FY 2020 Q4 里面做的一个 RM 3.43 Million 的产业Revaluation 到底是什么~<br /><br /><br />首先;以公司的主要 Segment – Engineering 业务来说的话,相比于FY 2019 Q4 来说他们下跌了 35%(从 RM 80.53 Million 下跌至 RM 52.10 Million)的营业额,而Segmental Profit 则是因为营业额的下跌以及更的Profit Margin(没有讲是什么原因,不过应该是Project 进行商讨后赚幅拉低了)造成69% 的下滑 <br /><br /><br />而公司目前主要专注的业务分别是 Hospital Tanjung Karang 以及 Hospital Endokrin Putrajaya,并且在这个季度里面也在完善一些 LRT 2 Project 的工程,至于大家极度关注的LRT 3 Project 呢?管理层表示说 LRT 3 在这个季度内起步比较慢,相信接下来会恢复比较快速的脚步,但是公司 FY 2021 Q1(也就是公司的下个季度)涉及了 2 月,3月,4月,正值MCO 期间,因此我也不知道他们的加快脚步的定义是什么 <br /><br /><br />管理层也有提到说会进行一些 M&A Exercise 来加强自身在这个业务里面的表现,不过目前还没有接到新的Project,需要等 MCO 后再观察..<br /><br /><br />接下来到公司的Water Metering Business 水表生意。公司在 2019 6 月份与Honeywell 签署了Licensing 协议后,暂时在 FY 2020 Q4 的季度里面还没看到全部的效果效果,因为他们在这个季度的营业额下跌了 13%(RM 34.86 Million 下跌至 RM 30.29 Million,不算很大的跌幅),不过利润则是比上个季度更高,从 RM 5.60 Million 成长到 RM 5.88 Million 左右 <br /><br /><br />以这样的走势来说,下个季度Water Metering 业务有望会出现成长,但是这个是在我们纳入 MCO 的因素进入公司之前所认为的,公司在April 2019 才获得了政府重新营业的准许,因此 18/03 – 19/04 之间可能会有一个空窗期,影响他们的营业额 <br /><br /><br />不过现金流方面的话,公司则是从上个季度(FY 2020 Q3)进步了许多!他们从3个季度累计的 RM 37.51 Million 负营业现金流增加到正营业现金流 RM 5.24 Million 左右,但是整体上公司因为偿还债务以及给出股息,现金相比去年同个季度减少了RM 21.57 Million。但是现金流依然充足,大约还有 RM 241.92 Million 的现金在手~<br /><br /><br />另外,公司在 FY 2020 全年花费了 RM 4.83 Million 用于购买公司自身的股票(Share Buyback),相比于 FY 2019 全年 RM 25.75 Million 的购买力度大大的减少了!而且我也认为公司不必要再购买自身的股票了,以目前的情况来看的话,如果情况好转不排除公司将会以派发股权给股东作为奖励 <br /><br /><br />最后,公司在这个季度里面进行的产业再估值有点耐人寻味,因为如果剔除这个 Revuluation 的话,公司的净利大约只有 RM 6.40 Million 左右,平均下来EPS 只有 1.136 而已,比目前的 1.3 EPS 低12% 左右,这一点投资者要注意咯!<br /><br />https://web.facebook.com/841074839625279/posts/1091235761275851/?_rdc=1&_rdr<br /><br /><br />========= 下面有福利 =========<br /><br />领取免费Margin Calculator:http://app.eventure.com.my/440612a5<br /><br />我要免费开投资户口!:http://app.eventure.com.my/d63110ef<br /><br />J.Bull 学习群优惠报名处:https://forms.gle/1ZBkHqWYcazFnsvCA<br /><br />领取你的免费 7 天Vi App Trial:https://8ly.cc/letxinvest_viapp<br /><br /><br />#GKENT<br />#LRT3<br />#HONEYWELL<br />#EVENTURE<br /><br /><br />免责声明:<br /><br />以上所有的内容都单纯只是个人的观点,所涉及的内容只能被当成是学习,教育与资讯用途,而绝非专业的金融,投资意见,或买卖意见。请自行分析,了解其风险,再向专业的金融理财顾问专家探讨投资的性质。<br /><br />Eventure Group 绝不对任何分享的内容,观点,的准确性,完整性,正确性,有效期性负责人。所有的误解,错误,遗漏,资讯的延迟所造成的伤害恕不负责。<br /><br />https://klse.i3investor.com/blogs/vitaeventure/2020-05-02-story-h1506855371.jsp<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-69422666597741682642020-03-13T20:51:00.001+08:002020-03-13T20:51:34.960+08:00Construction stocks hit on Bursa Malaysia amid equity rout<br />
<a name='more'></a><br /><br />KUALA LUMPUR (March 13): Construction stocks fell sharply this morning as investor sentiment turned negative on the local bourse amid views that there would be less infrastructure spending this year, compounded further by the global equity rout. <br /><br />As of 11:34am, shares in Jaks Resources Bhd were down 14.94% or 13 sen at 87 sen on a trading volume of 48.88 million shares.<br /><br />Shares in Ekovest Bhd also fell, declining 10.20% or five sen at 44 sen a piece. The Lim Kang Hoo linked counter saw 33.06 million shares traded.<br /><br />Gamuda Bhd was not immune to the bearish sentiment either, as the counter fell 11.52% or 38 sen to RM2.92 on a trading volume of 8.52 million shares.<br /><br />Econpile Holdings Bhd also posted declines, falling 16.67% or 8.5 sen to 42.5 sen, while Vizione Holdings Bhd fell 34.69% or 17 sen to 32 sen.<br /><br />George Kent (M) Bhd fell 18.49% or 13.5 sen to 59.5 sen.<br /><br />At the time of writing, Bursa Malaysia’s construction index was down 10.27% or 16.93 points at 147.86 points.<br /><br />In a note this morning, AffinHwang Capital Research viewed that there could be lower infrastructure spending by the government as there would be less development expenditure.<br /><br />The lower development expenditure is due to the government not wanting to increase its deficit, particularly as Brent crude oil, which accounts for some 30% of government revenue, has seen a significant fall in prices.<br /><br />Therefore, this would have an impact on construction companies that are looking to bid for such contracts.<br /><br />http://www.theedgemarkets.com/article/construction-stocks-hit-bursa-malaysia-amid-equity-rout<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-42896154026181610972020-03-09T11:18:00.000+08:002020-03-09T07:25:14.478+08:00TRC Synergy, Acoustech, Vsolar, Sinotop Holdings, MyEG and Rubberex<br />
<a name='more'></a><br />
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KUALA LUMPUR (March 6): Based on corporate announcements and news flow today, companies that will be in focus on Monday (March 9) may include: TRC Synergy Bhd, Acoustech Bhd, Vsolar Group Bhd, Sinotop Holdings Bhd, MyEG Services Bhd and Rubberex Corp (M) Bhd.<br />
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TRC Synergy Bhd’s wholly-owned subsidiary, Trans Resources Corp Sdn Bhd (TRC), has signed a supplemental agreement with MRCB George Kent Sdn Bhd (MGK), to revise the contract price of its Light Rail Transit Line 3 (LRT3) project package to RM536.8 million from RM760.55 million originally. MGK is the main contractor for the project, which is now set for completion on November 2023.<br />
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Acoustech Bhd plans to raise up to RM80 million via the issuance of redeemable convertible preference shares (RCPS) mainly to fund its property development projects. The proposed issuance involves up to 800 million new 2% RCPS to Sycamore Capital SPC, which is acting on behalf of Sycamore Equity Fund SP, at an issue price of 10 sen each. The parties had inked a subscription agreement for the RCPS on March 5.<br />
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It is also planning a bonus issue that will involve up to 97.21 million free warrants on the basis of one warrant for every two existing shares held in Acoustech on a date to be fixed.<br />
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Vsolar Group Bhd's major shareholder Asiabio Capital Sdn Bhd has reduced its undertaking commitment to subscribe for the company's rights shares by more than half to RM3 million from RM6.3 million previously. Vsolar said the move is in view of the recent market price performance of Vsolar shares, which has been on a downward trend.<br />
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Sinotop Holdings Bhd plans to acquire a 30% stake in Television Airtime Services Sdn Bhd (TAS) for RM7 million, which it intends to satisfy by cash and share issuance. The proposed acquisition comes with a profit after tax guarantee of not less than RM9 million over three years.<br />
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TAS currently own 20% stakes in e-government solutions provider, Dapat Vista (M) Sdn Bhd (DVSB). While the remainder stake in DVSB is held by HeiTech Padu Bhd, TAS is in the midst of acquiring 60% from Heitech Padu that will raise its DVSB stake to 80%.<br />
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The Employees Provident Fund (EPF) board has re-emerged as a substantial shareholder in MyEG Services Bhd, over a year after it ceased as the e-government service provider's substantial shareholder in December 2018. This comes after EPF bought 3 million MyEG shares on Wednesday (March 4), which raised its share tally in MyEG to 173.66 million shares, representing a 5.013% stake.<br />
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Datuk Ong Choo Meng is now Rubberex Corp (M) Bhd's largest shareholder with a 31.33% stake, just 1.67% shy of the 33% threshold that would trigger a mandatory general offer for the remaining shares he does not own in the company. This follows an execution of a share sale agreement on Feb 28, which gave him 26.69% in Rubberex, a stake he raised further via a series of share acquisitions he undertook last week.<br />
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Ong is a non-independent executive director at Hextar Global Bhd, and a non-independent and non-executive director at SCH Group Bhd.<br />
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http://www.theedgemarkets.com/article/trc-synergy-acoustech-vsolar-sinotop-holdings-myeg-and-rubberexUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-70618942750427245692020-03-02T20:33:00.002+08:002020-03-02T20:33:30.527+08:00乔治肯特 3204 Gkent Rm0.88投资<br />
<a name='more'></a>💪💪🌈gkent<br />
基本面好,政商相通,高息股,净现1亿多,年尾工程净利进来,水表3亿订单,買在奔跑前,5月隆新高铁复谈。<br />
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💪💪20天圴价0.875己破,转为上升趋势.<br />
个人观点,買卖自负。<br />
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<br />http://kongsenger.blogspot.com/2020/03/3204-gkent-rm088.html<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-47363773168556191982020-02-14T19:17:00.002+08:002020-03-06T21:04:01.541+08:00GKENT(3204) GEORGE KENT MALAYSIA BHD 终于看到太阳了!<br />
<a name='more'></a> GKENT(3204) GEORGE KENT MALAYSIA BHD 终于看到太阳了!<br /><br />在这里,要先恭喜之前开始部署GKENT,MRCB,这两家公司的朋友啦~ 我们也在之前已经给顾客发布过关于这家公司的报告(那是价格是 RM 0.860 – RM 0.880 左右 )<br /><br /><br />不过那是过去式的,重点是,GKENT 还可以买吗?<br /><br /><br />首先,先了解一下大局发生什么事,今天GKENT 会大起是什么原因呢?主要是因为,政府要公布Stimulus Package 来刺激经济了!<br /><br /><br />那么,Stimulus Package 到底有些什么呢?老实说,还是等公布比较好,不过在2003 年SARS 的时候,我们的政府就曾经公布过RM 7.3 Billion 的package,来稳住经济体~<br /><br /><br />这次我们的Stimulus Package 价值应该也是少不到哪里去!(Hello,大选了第三年咯,再不给project 不怕人民反?)<br /><br /><br />因此,今天除了GKENT 之外,其他建筑公司的股价也飞着上来了~ 可是,现在才进场会不会太迟?<br /><br /><br />我们今天的主角GKENT 以及MRCB 一起合作的 LRT3 Project 在 2020 年预计可以完成 40% 左右,而在去年年尾已经开始动工,不过要反映在季报上的话可能要先等下个季度才看到<br /><br /><br />目前的update 是,从 Bandar Utama 一直到 Johan Setia 的工程一共已经完成了 27%!<br /><br /><br />其实,就算我不算入LRT3,GKENT 本身也有意要加强他们的water metering business,从以前70% 依赖civil works 减少到 50% 或者更少,转而专注于比较稳定的水表业务~<br /><br /><br />所以,就算LRT3 不继续(不可能啦)公司也是依靠水表业务继续走下去(不过营业额,盈利会减少啦)<br /><br /><br />不过,在这之前股价已经被压挤到哭了,尤其是接近 RM 0.800 的时候,已经是接近谷底了!<br /><br /><br />因此,这家公司目前的 P/E 估值 < 10 倍,Dividend Yield 也维持在 6% 以上,加上他是一家Net Cash 公司(目前大约持有 RM 145 Million,市值是RM 527 Million,光是现金就占了公司的27.5% 叻!)<br /><br /><br />小编认为,除非Stimulus Package 里面完全不包含任何project 啦,那时候可能就会有trader 大量丢货,导致股价下跌!<br /><br /><br />不然的话,如果有project 的话对于公司来说是百利无一害,如果没有的话,目前股价也是factor in 最糟糕的情况了<br /><br /><br />以下是GKENT 2020 运行中的project:<br /><br /><br />List Of Current Projects: <br /><br />1.Design and Build 150-Bed District Hospital in Tanjung Karang - November 2020<br /><br />Design & build 150-bed Medical and Ward Block, 30 units of Houseman’s Quarters, 24 units of Class “F” and “G” Quarters, 50-Pax Child Nursery Centre, Engineering Block, Cafeteria and Visitor Gallery, 2 Fully Equipped Operating Rooms (OR).<br /><br /><br />2. Design and Build 220-Bed Endocrine Hospital in Precinct 7, Putrajaya - January 2020<br /><br />Design and construction of 220-bed Hospital Extension Complex with Link Bridge to existing Main Block of Hospital Putrajaya and Multi-Storey Car Park.<br /><br /><br />3. Construction and Completion of MRT Sungai Buloh-Serdang-Putrajaya Work Package SSP-SY-2014 – 2022<br /><br />Engineering, procurement, construction, testing and commissioning of Trackworks, maintenance of Vehicles and Work Trains.<br /><br /><br />4. Construction and Completion of Light Rail Transit Line 3 (LRT3) from Bandar Utama to Johan Setia – 2020<br /><br />Procurement and appointment of consultants and contractors including preparation of pre-qualification and tender documents, supervision and management of consultants and contractors appointed to carry out the development of the entire LRT3 including design, value engineering, manufacture, deliver, install, test, commission and making good defects of Systems Works, Track Works and all other Infrastructure Works with the aim of ensuring delivery of Project.<br /><br /><br />Source:http://www.georgekent.net/projects-reference/<br /><br /><br />*P/S:Stimulus Package 预计会在二月尾宣布,最迟也在三月的第一个星期,我们拭目以待!<br /><br />总结来说,小编认为这家公司还是有上涨的空间啦!不过大家要注意追高风险哦!<br /><br /><br />之前的报告在这里,不过我们已经把peer analysis 拿出来了~<br /><br />https://drive.google.com/…/1vMSPJSznmCHR5bJtmMQObV8ey…/view…<br /><br /><br />技术分析:<br /><br />Support Level:RM 0.920(Uptrend Support)<br /><br />Resistant Level:RM 1.050<br /><br />最后,小编打个小广告,想要开免费投资户口的可以联系我们~ 链接在下面!<br /><br />免费开投资户口!>>>>> https://forms.gle/DPRbm9rZdm7kCCea8<br /><br />如果喜欢我们的分享,也欢迎您订阅我们的<br /><br />面子书 >>>>> https://www.facebook.com/eventuregroup.jb/photos/a.887327578333338/1030079407391487/?type=3&theater<br /><br />记得按赞,订阅,分享,让更多的股友受惠~ <br /><br /><br />免责声明:<br /><br />以上所有的内容都单纯只是个人的观点,所涉及的内容只能被当成是学习,教育与资讯用途,而绝非专业的金融,投资意见,或买卖意见。请自行分析,了解其风险,再向专业的金融理财顾问专家探讨投资的性质。<br /><br />Eventure Group 绝不对任何分享的内容,观点,的准确性,完整性,正确性,有效期性负责人。所有的误解,错误,遗漏,资讯的延迟所造成的伤害恕不负责。<br /><br /><b>https://klse.i3investor.com/blogs/vitaeventure/2020-02-14-story-h1483818399.jsp</b><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-33913807673753633422020-02-14T19:11:00.001+08:002020-02-14T19:11:18.851+08:00[GKENT (3204) 乔治肯特 GEORGE KENT MALAYSIA BHD:于2019年6月28日与Honeywell签署了长期许可协议,以制造高精度水表测量部件,并将这些水表独家销售给26个地区,包括亚洲地区的15个新地区] - James的股票投资James Share Investing<br />
<a name='more'></a> [GEORGE KENT MALAYSIA BHD:于2019年6月28日与Honeywell签署了长期许可协议,以制造高精度水表测量部件,并将这些水表独家销售给26个地区,包括亚洲地区的15个新地区]<br /><br />工程:<br />截至2019年10月31日止的本季收入为3987万令吉,较2018年同期的6513万令吉减少39%。截至2019年10月31日止的本季度的877万令吉部门利润,相比2018年同期的2483万令吉,下降64%。该部门的较低利润主要是由于本季度的收入和毛利率降低。<br /><br />截至2019年10月31日止期间的收入为1亿6022万令吉,较2018年同期的2亿1803万令吉减少27%,这归因于项目结束时的收入贡献减少。由于收入减少,截至2019年10月31日止期间的部门利润为4,228万令吉,较截至2018年10月31日止期间的7,510万令吉减少44%。<br /><br />水表:<br />截至2019年10月31日止的本季度营业额为3,304万令吉,较2018年同期的3,842万令吉减少14%。截至2019年10月31日的本季度,部门利润为597万令吉,与2018年同期的1,019万令吉相比,降低41%,主要是由于本季度的销售额和毛利率降低。<br /><br />截至2019年10月31日止期间的收入为9,320万令吉,较2018年同期的9,821万令吉减少5%。截至2019年10月31日止期间的部门利润为1,529万令吉,较去年2018年同期的2278万令吉,减少33%,这主要是由于本期的销售额和毛利率降低。<br /><br />税前合并利润:<br />集团当前季度的税前利润为1,265万令吉(2018年10月31日:3,469万令吉),降低了64%。税前利润较低主要是由于工程部门的贡献较低。截至2019年10月31日止期间,乔治肯特的税前利润为4,632万令吉(2018年10月31日:9,026万令吉),减少了49%。税前利润较低主要是由于工程部门的贡献较低。<br /><br />QoQ:<br />截至2019年10月31日的当前季度,税前利润比上一季度下降20%,原因是工程部门贡献的利润下降。<br /><br />前景:<br />水表:<br />乔治肯特于2019年6月28日与Honeywell签署了长期许可协议,以制造高精度水表测量部件,并将这些水表独家销售给26个地区,包括亚洲地区的15个新地区。<br /><br />工程:<br />该集团继续利用其在国内铁路项目中作为铁路系统集成商的专业知识以及与全球铁路专家建立的网络,在区域铁路领域中寻找机会。<br />-----------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.51 (dividend RM0.025) in 1 year 6 months 1 day, total return is 254.5%<br /><br />b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.44 in 1 year 24 days, total return is 150.4%<br /><br />c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.91 (dividend RM0.04) in 1 year 7 months 12 days, total return is 145.3%<br /><br />d) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.99 (adjusted)(dividend RM0.01) in 8 months 11 days, total return is 79.6%<br /><br />e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.77 in 5 months 19 days, total return is 69.2%<br /><br />f) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.38 in 7 months 14 days, total return is 53.3%<br /><br />g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.28 (dividends RM0.113) in 1 Year 4 months 6 days, total return is 50.5%<br /><br />h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.11 (dividend RM0.015) in 1 Year 1 month 28 days, total return is 40.6%<br /><br />i) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM5.35 (adjusted) (dividend RM0.13431) in 1 Year 6 months 15 days, total return is 38.5%<br /><br />j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.63 (dividend RM0.105) in 1 Year 2 months 26 days, total return is 36.6%<br /><br />我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):<br /><br />预计公司每年的增长率必须> 14%<br /><br />我想说服读者学习基本面分析FA以便能从股市赚钱。<br /><br />我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过jamesngshare@gmail.com 或我的FB页面与我联系。<br /><br />1)【看懂年报和季报】课程:<br />11a.m. – 7p.m.,免费茶和咖啡<br /><br />3月21日星期六:Silka Johor Bahru Hotel, Johor Bahru 7份点心<br /><br />3月29日星期日:Hotel Sri Petaling, KL 3份点心<br /><br />4月19日星期日:AG Hotel Penang, George Town 2份点心<br /><br />2)【股票-实际操作班】课程:<br />10a.m. – 9p.m.,免费午餐和晚餐<br /><br />3月22日星期日:Silka Johor Bahru Hotel, Johor Bahru<br /><br />3月28日星期六:Hotel Sri Petaling, KL<br /><br />4月18日星期六:AG Hotel Penang, George Town<br /><br />有兴趣的朋友,可以电邮或PM FB page联络我<br />email:jamesngshare@gmail.com<br />电话/Whatsapp : 011 - 15852043<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw<br /><br />请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest<br /><br />这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。<br /><br />James Ng<br />------------------------------------------<br />[GEORGE KENT MALAYSIA BHD: The Group signed a long-term license agreement with Honeywell on 28 June 2019 to manufacture high-precision water meter measuring components and exclusively sell these water meters to 26 territories, including 15 new territories in the Asian region]<br /><br />Engineering:<br />Revenue of RM39.87 million for the current quarter ended 31 October 2019 was 39% lower as compared to RM65.13 million for the corresponding quarter in 2018. Segment profit of RM8.87 million for the current quarter ended 31 October 2019 was 64% lower as compared to RM24.83 million for the corresponding quarter in 2018. The lower segment profit was mainly contributed by the lower revenue and gross profit margin in the current quarter.<br /><br />Revenue of RM160.22 million for the period ended 31 October 2019 was 27% lower as compared to RM218.03 million for the corresponding period in 2018 attributed to the lower revenue contribution towards the end of a project. Segment profit of RM42.28 million for the period ended 31 October 2019 was 44% lower as compared to RM75.10 million for the period ended 31 October 2018 due to lower revenue.<br /><br />Metering:<br />Revenue of RM33.04 million for the current quarter ended 31 October 2019 was 14% lower compared to RM38.42 million for the corresponding quarter in 2018. Segment profit of RM5.97 million for the current quarter ended 31 October 2019 was 41% lower as compared to RM10.19 million for the corresponding quarter in 2018 mainly due to the lower sales and gross profit margin in the current quarter.<br /><br />Revenue of RM93.20 million for the period ended 31 October 2019 was 5% lower compared to RM98.21 million for the corresponding period in 2018. Segment profit of RM15.29 million for the period ended 31 October 2019 was 33% lower as compared to RM22.78 million for the corresponding period in 2018 mainly due to the lower sales and gross profit margin in the current period.<br /><br />Consolidated profit before tax:<br />The Group's current quarter profit before tax of RM12.65 million (31 October 2018: RM34.69 million) was 64% lower. The lower profit before tax reported was mainly attributed to lower contribution from the Engineering division. The Group's profit before tax for the period ended 31 October 2019 of RM46.32 million(31 October 2018: RM90.26 million) was 49% lower. The lower profit before tax reported was mainly attributed to lower contribution from the Engineering division.<br /><br />QoQ:<br />The profit before taxation for the current quarter ended 31 October 2019 is 20% lower than the preceding quarter due to lower profit contributed by the Engineering division.<br /><br />Prospects:<br />Metering:<br />The Group signed a long-term license agreement with Honeywell on 28 June 2019 to manufacture high-precision water meter measuring components and exclusively sell these water meters to 26 territories, including 15 new territories in the Asian region.<br /><br />Engineering:<br />The Group continues to seek opportunities in the Regional railway space, leveraging on its expertise as Rail Systems Integrator in domestic railway projects and its established network with global rail specialists.<br />--------------------------------------------------------------------------<br />I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:<br /><br />the forecasted growth of a company must > 14% per year<br /><br />I wish to convince readers to learn FA in order to make money from stock market.<br /><br />I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.<br /><br />This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.<br /><br />James Ng<br /><br />https://klse.i3investor.com/blogs/general/2020-02-14-story-h1483796204.jsp<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-52513599982980607272020-01-02T23:22:00.000+08:002020-01-02T23:22:17.682+08:00[12Invest] 12 Stock Talk -GKENT (3204) 乔治肯特 George Kent (3204) - Q3FY2020 DEEP DIVE into their Q.Report!<br />
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">George Kent (3204) - Q3FY2020 deep dive into their quarterly report</span></span><br />
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><span style="color: rgba(0, 0, 0, 0);">-</span><span style="color: #1d2129;"> Consensus Target Price :RM0.97</span><br />
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<span style="color: rgba(0, 0, 0, 0);">-</span><span style="color: #1d2129;"> Consensus Rating:HOLD</span><br />
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<span style="color: rgba(0, 0, 0, 0);">-</span><span style="color: #1d2129;"> P/E 9.87 ,PTBV 1.01</span><br />
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<span style="color: rgba(0, 0, 0, 0);">-</span><span style="color: #1d2129;"> Dividend Yield:6.45%</span></span></span></div>
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">This company is engaged in Engineering and Water Metering but because their<br />
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boss Tan Sri Dato ’Tan Kay Hock and his former chief are in close relationship<br />
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with Najib (rumoured to be his golf kaki). After the Malaysian election, the<br />
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stock price went from a high of RM 3.94 limit down twice and it fell all the way<br />
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till today 0.93 sens.</span></span></div>
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">LRT 3 has been slowing down their progress although the lRT 3 price has been<br />
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finalized at 11.3 billion however their profit still dropped by 50.1% in Q3 2020.</span></span></div>
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">This is due to pending negotiations with subcontractors and with fewer job<br />
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opportunities and increased competition, management indicated that they will<br />
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focus more on water metering business.</span></span></div>
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Financials – Income Statement<br />
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Revenue wise for their Q3 2020 decreased by about 30% from 103.55 million<br />
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to 72.91 million, this is mainly due to the “dramatic” slowing down of project<br />
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acquisitions and also cost reduction in their LRT 3 total cost.</span></span></div>
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">The Group's profit before tax for the period ended 31 October 2019 is<br />
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RM46.32 million as compared to their PBT for their 31 October 2018 was<br />
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RM90.26 million which was 49% lower.</span></span></div>
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">The lower profit before tax was mainly attributed to lower contribution from<br />
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the Engineering division. Other gains/(losses) mainly arose from unrealised<br />
<br />
gain on foreign exchange of RM0.73 million on 31 October 2019 compare to<br />
<br />
RM7.32 million on their 31 October 2018 report on foreign currencies held. </span></span></div>
<div style="font-family: Helvetica, Arial, sans-serif; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><span style="color: rgba(0, 0, 0, 0);">-</span><span style="color: #1d2129;"> Revenue </span><span style="color: #1d2129;"> -29.58%</span></span></span><br />
</div>
<div style="font-family: Helvetica, Arial, sans-serif; margin: 6px 0px;">
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><span style="color: rgba(0, 0, 0, 0);">-</span><span style="color: #1d2129;"> Profit Before Tax -48.68%</span></span></span><br />
<br />
</div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><img alt="enlightened" height="20" src="https://cdn1.i3investor.com/cm/ckeditor3.6.4/plugins/smiley/images/lightbulb.gif" title="enlightened" width="20" /> Engineering<br />
<br />
<br />
Revenue of RM39.87 million for the current quarter ended 31 October 2019<br />
<br />
was 39% lower as compared to RM65.13 million for the corresponding quarter<br />
<br />
in 2018. Engineering segmented profit is RM8.87 million for the current<br />
<br />
quarter ended 31 October 2019 was 64% lower as compared to RM24.83<br />
<br />
million for the corresponding quarter in 2018. The lower segment profit was<br />
<br />
mainly contributed by the lower revenue and gross profit margin in the current<br />
<br />
quarter.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><img alt="enlightened" height="20" src="https://cdn1.i3investor.com/cm/ckeditor3.6.4/plugins/smiley/images/lightbulb.gif" title="enlightened" width="20" /> Metering<br />
<br />
<br />
The Group signed a long-term license agreement with Honeywell on 28 June </span></span><br />
</div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">2019 to manufacture high-precision water meter measuring components and<br />
<br />
exclusively sell these water meters to 26 territories, including 15 new<br />
<br />
territories in the Asian region.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Revenue of RM33.04 million for the current quarter ended 31 October 2019<br />
<br />
was 14% lower compared to RM38.42 million for the corresponding quarter in<br />
<br />
2018.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Their metering segmented profit is RM5.97 million for the current quarter<br />
<br />
ended 31 October 2019 was 41% lower as compared to RM10.19 million for the<br />
<br />
corresponding quarter in 2018, this is mainly due to the lower sales and gross<br />
<br />
profit margin in the current quarter.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><img alt="enlightened" height="20" src="https://cdn1.i3investor.com/cm/ckeditor3.6.4/plugins/smiley/images/lightbulb.gif" title="enlightened" width="20" /> Financials – Balance Sheet<br />
<br />
<br />
Their Q3 2020 report their total assets fell from 797 million in 31 Jan 2019 to<br />
<br />
748.98 million in 31 Oct 2019. What we need to know from this is that their<br />
<br />
Deposits, cash and bank balances decreased from 264 million to 217 million<br />
<br />
which ultimately decreased their total assets.</span></span><br />
</div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Total assets -6.03%<br />
<br />
Deposits, cash and bank balances -17.76%</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">But first we need to see why their cash and bank balances decreased, we will<br />
<br />
dive deeper on their cashflow statement on what are they using their money<br />
<br />
for. But as for their liabilities and equity wise I think you will be happy to hear<br />
<br />
that their liabilities also decreased and not just a little but by a marginable<br />
<br />
amount compared to their assets which is what we want to see.</span></span></div>
<div style="font-family: Helvetica, Arial, sans-serif; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><span style="color: #1d2129;">Total Liabilities </span><span style="color: #1d2129;"> -18.11% from 311.48 million to 255 million</span><br />
<br />
<br />
<span style="color: rgba(0, 0, 0, 0);">T</span><span style="color: #1d2129;">otal Equity 1.7% from 485.63 million to 493.93 million</span></span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Gkent also has higher retained earnings but this is also due to the fact that<br />
<br />
they are giving lesser in dividend.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
</div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><img alt="enlightened" height="20" src="https://cdn1.i3investor.com/cm/ckeditor3.6.4/plugins/smiley/images/lightbulb.gif" title="enlightened" width="20" /> Financials – Cashflow statement</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">As you can guess cash from operating activities also decreased from 65.1<br />
<br />
million in 31 October 2018 to 45.6 million in 31 October 2019 was mainly due<br />
<br />
to the unrealised gain on foreign exchange.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Meanwhile their net cash used in operating activities also decreased<br />
<br />
tremendously from 184.4 million to 37.5 million in the current FY.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Now for their cash and cash equivalents, I would say that they are still on the<br />
<br />
“green side” for their cash as they are still a net cash company although their<br />
<br />
cash also dropped but that is to be expected judging from their revenue and<br />
<br />
profits of course their cash will be decreased as well.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Total cash and cash equivalents for the FY 2019 is 215.5 million compared to<br />
<br />
their cash on the previous 31 October 2018 which is 260.4 million</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Cash from operating activities -29.89%<br />
<br />
Cash and cash equivalents -17.23%</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><img alt="enlightened" height="20" src="https://cdn1.i3investor.com/cm/ckeditor3.6.4/plugins/smiley/images/lightbulb.gif" title="enlightened" width="20" /> Dividends<br />
<br />
<br />
Directors have declared a second dividend of 1.0 sen per share for FY2020<br />
<br />
(FY2019: 1.5 sen per share) which will be issued out on 5th February 2020 to<br />
<br />
all shareholders with an EX date of 9 January 2020.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><img alt="enlightened" height="20" src="https://cdn1.i3investor.com/cm/ckeditor3.6.4/plugins/smiley/images/lightbulb.gif" title="enlightened" width="20" /> Share buyback</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">GKENT held their 68th AGM on the 9th July 2019, Share Buy-Back scheme was<br />
<br />
approved by shareholders for the renewal from 9 July 2019 until the conclusion<br />
<br />
of the next AGM of the Company to be conducted in 2020.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">As of October 2019, GKENT has repurchased a total of around RM25,107,900<br />
<br />
shares from the open of the market and a total of around RM26,650,113 as of<br />
<br />
current. A total of 1,015,000 shares were repurchased from the open of the<br />
<br />
market which is a total of RM986,832 cash used for share buyback.</span></span></div>
<div style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; margin: 6px 0px;">
<br />
<br />
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<span style="font-size: 18px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><a class="_58cn" data-ft="{"type":104,"tn":"*N"}" href="https://www.facebook.com/hashtag/gkent?source=feed_text&epa=HASHTAG&__xts__%5B0%5D=68.ARBjPtqSVf_iPWP1erFRQkQ06K6QQko_BzXmLrWLDZSGIjyR3DdItWJUjMBOtU30njN3FUeawpLeBG2noF5DYcBXPKeTsGUUFnX6Wx3TjXSancrBfkw69zUjIwU35n64Q7QvKKhc0KueZa29y4HmP1TeM5dK_w_aFdyL-61-vs0LHxxNixksYaU-DcnkLT8vi-jt7l_CE_Npic5v-oYXOZiNJ-AfuZkQDWEEdBtDmz7MIh8r7pS3smWlDTjMU4uRKqFYCg0_OzCjQ7Z2c7Tr3kD1imF7DdDSB1Z6ru41-2qd-81eYzJbKwDbEZmMrFhqnalNek28jEO3weIcLbuZ1lc&__tn__=%2ANK-R" rel="nofollow" style="color: #385898; cursor: pointer; font-family: inherit; text-decoration-line: none;" target="_blank"><span class="_5afx" style="direction: ltr; unicode-bidi: isolate;"><span class="_58cl _5afz" style="color: #365899; unicode-bidi: isolate;">#</span><span class="_58cm">GKENT</span></span></a><br />
<br />
<a class="_58cn" data-ft="{"type":104,"tn":"*N"}" href="https://www.facebook.com/hashtag/construction?source=feed_text&epa=HASHTAG&__xts__%5B0%5D=68.ARBjPtqSVf_iPWP1erFRQkQ06K6QQko_BzXmLrWLDZSGIjyR3DdItWJUjMBOtU30njN3FUeawpLeBG2noF5DYcBXPKeTsGUUFnX6Wx3TjXSancrBfkw69zUjIwU35n64Q7QvKKhc0KueZa29y4HmP1TeM5dK_w_aFdyL-61-vs0LHxxNixksYaU-DcnkLT8vi-jt7l_CE_Npic5v-oYXOZiNJ-AfuZkQDWEEdBtDmz7MIh8r7pS3smWlDTjMU4uRKqFYCg0_OzCjQ7Z2c7Tr3kD1imF7DdDSB1Z6ru41-2qd-81eYzJbKwDbEZmMrFhqnalNek28jEO3weIcLbuZ1lc&__tn__=%2ANK-R" rel="nofollow" style="color: #385898; cursor: pointer; font-family: inherit; text-decoration-line: none;" target="_blank"><span class="_5afx" style="direction: ltr; unicode-bidi: isolate;"><span class="_58cl _5afz" style="color: #365899; unicode-bidi: isolate;">#</span><span class="_58cm">CONSTRUCTION</span></span></a><br />
<br />
<a class="_58cn" data-ft="{"type":104,"tn":"*N"}" href="https://www.facebook.com/hashtag/lrt3?source=feed_text&epa=HASHTAG&__xts__%5B0%5D=68.ARBjPtqSVf_iPWP1erFRQkQ06K6QQko_BzXmLrWLDZSGIjyR3DdItWJUjMBOtU30njN3FUeawpLeBG2noF5DYcBXPKeTsGUUFnX6Wx3TjXSancrBfkw69zUjIwU35n64Q7QvKKhc0KueZa29y4HmP1TeM5dK_w_aFdyL-61-vs0LHxxNixksYaU-DcnkLT8vi-jt7l_CE_Npic5v-oYXOZiNJ-AfuZkQDWEEdBtDmz7MIh8r7pS3smWlDTjMU4uRKqFYCg0_OzCjQ7Z2c7Tr3kD1imF7DdDSB1Z6ru41-2qd-81eYzJbKwDbEZmMrFhqnalNek28jEO3weIcLbuZ1lc&__tn__=%2ANK-R" rel="nofollow" style="color: #385898; cursor: pointer; font-family: inherit; text-decoration-line: none;" target="_blank"><span class="_5afx" style="direction: ltr; unicode-bidi: isolate;"><span class="_58cl _5afz" style="color: #365899; unicode-bidi: isolate;">#</span><span class="_58cm">LRT3</span></span></a><br />
<br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-82662996389954700012019-11-06T22:35:00.000+08:002019-11-06T22:35:14.155+08:00GEORGE KENT MSIA - Time Needed<br />
<a name='more'></a><br /><br />Post-meeting with management, we came away less upbeat about the company’s prospects. We reckon replenishment headwinds for its construction orderbook remains a drag on an otherwise promising water meter manufacturing segment (20% of earnings). Resumption of works for LRT3 is imminent and back to full swing in CY20. We cut our FY21-22 earnings by 6.5% and 8.1% respectively after cutting project margin assumptions for LRT3 and downgrade the stock to a HOLD (from Buy previously) with a lower SOP-driven TP of RM1.04 (from RM1.41 previously). Our TP implies FY20-21 P/E of 9.3x and 9.8x respectively.<br /><br />We Met Up With the Management of GKent Recently With the Following Key Takeaways:<br /><br />Construction. According to management, works for LRT3 will resume imminently and back to full swing in CY20. The recent arbitration between the company and MRCB is still ongoing but progress of LRT3 works are not expected to be adversely affected. Potential jobs remain regional rail related opportunities with a potential tenderbook of RM1bn (Singapore LTA track-works and Bangkok Orange Line 2nd Phase track works). Other job focus for GKent would be water infrastructure jobs (RM1.5bn) consisting of Papua New Guinea (PNG) O&M contract extension, as well as new water treatment plants in Kedah and PNG. The company’s outstanding orderbook (ex LRT3) stands at c.RM340m which translates into cover ratio of 1.22x of FY19 construction revenue (as at July 2019).<br /><br />Conventional water meters. GKent’s long-term license agreement with Honeywell enables transfer of technology and associated machinery tools to the former for manufacturing high-precision water meters (V100 and V110 C-Class volumetric water meters). The agreement further grants GKent access to 15 new territories in the Asia region. Potential rollout of new products include multi-jet meters (Jan 2020) as well as D-Class volumetric meters (mid-2020) both geared for overseas markets.<br /><br />Smart meters. GKent’s automated meter reading solution (a.k.a. smart meters) is undergoing pilot testing in several states with commercialisation set for CY19. We understand that the company is expected to sell 7k units of smart meter in FY20 and 140k units in FY21. Although pricing of smart meter is significantly higher than that of conventional meter (4x the price), the contribution would not be significant in the near term as the unit size is still relatively small (FY19: 2.4m unit sales of conventional meters).<br /><br />Outlook. Given the heightened competition in railway construction jobs domestically resulting from downsizing and reviews, we foresee limited orderbook replenishment potential (last award in Dec 2016). To combat this, GKent is targeting to grow profit contribution from its metering division to 50% (from 20%) by 2022 and to 75% in the longer term. The company is looking for potential M&A opportunities and also may form strategic alliances to expand geographical markets and diversify products range.<br /><br />Forecast. We cut our FY21-22 earnings by 6.5% and 8.1% respectively after reducing project margin assumptions for LRT3 post-guidance.<br /><br />Downgrade to HOLD, TP: RM1.04. Downgrade to HOLD rating with lower SOP driven TP of RM1.04. We opine that the key overhang for GKent remains its weak construction orderbook replenishment prospects due to the dearth of railway projects. Downside risks should be cushioned by its healthy balance sheet amounting to net cash of RM0.38 per share (37% of current market capitalization), deployable through share buybacks (c.26m shares since May 2018) and decent dividend payout (40% payout ratio) translating to FY20-21 yields of 4.3% and 4.1% respectively.<br /><br /><br />Source: Hong Leong Investment Bank Research - 30 Oct 2019<br /><br />https://klse.i3investor.com/blogs/intelligenttrade/232861.jsp<br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-91092753163876707782019-09-02T20:14:00.000+08:002019-09-02T20:14:17.470+08:00GKENT (3204) 乔治肯特年度股东大会(Part 2) - 股你唔到<br />
<a name='more'></a> GKENT年度股东大会 Part 2<br />9/7/2019 11am<br />股价RM1.20<br /><br />随着MSWG(小股东监督小组)问答环节后,就轮到小股东发问了。<br /><br />问:-虽然2019年的表现差强人意,不过我认为GKENT是一家好公司。在2019财政年当中,营业额和盈利都经历了下跌。在这充满挑战性的情况,下跌趋势会不会延续?<br />-2020财政年是否会恢复正常?还是因为之前的表现都突飞猛进,因此目前有所下跌是正常的?<br />答:-我不会给出未来预期。我们目前都做得很好,在银行有大量的现金。<br />-表现下跌是因为LRT3停工,所以没有对公司的营业额和盈利做出贡献,而LRT2的合约接近尾声,因此贡献逐渐减少。<br /><br />(由于GKENT的财政年是1 Feb-31 Jan,因此1/2/2018-31/1/2019的表现记录为2019财政年)<br /><br />问:-对于LRT3的缩小规模,是否意味着赚幅也减少?<br />-另外,MRT2维持原状,营业额和回报是否维持不变?<br />-而且最近我看到很多建筑公司都拿到建筑合约,却没有看到GKENT拿到合约,这是为什么呢?<br />答:-LRT3的赚幅会不会受到影响,这也难去对比。因为模式不一样,从PDP转换成Turnkey Contractor。转换成Turnkey Contractor后,承受的风险比较大,不过我认为赚幅还是可接受的,当然赚幅比起水表赚幅来的少。<br />-对于MRT2来说,是的,营业额和盈利维持不变。<br />-我们是选择性地竞标,不会每一个项目都去竞标,因为竞标费用非常昂贵,我们需要观看项目的数额,什么类型的水表,同时我们对铁路合约都是选择性地竞标,因为我们不要浪费资源,注重在成本控制。<br /><br />上次在GENM股东大会挑战Uncle Lim的股东再度登场,同样提出很多尖锐的问题。<br />问:-对于水表领域,年报显示生产线可以每年生产3M的水表,可是公司在2019财政年只生产了2.4M个水表,还有0.6M的产量未生产。而且营业额和盈利都下跌。<br />-我发现到你的员工流通率很高。男性是41%,而女性是23%(财报pg 35)<br />-虽然营业额下跌,可是使用电力,柴油,水的数量都增加了?(财报pg41,42)<br />-你的应付帐款(trade receivable)是165M,当中有70.4M是超过90天才收到钱,而2018财政年只有11.4M,为什么增加了那么多?<br />-你的原料数额(raw material cost)从29.4M增加至33.6M,为什么?(财报pg 143)<br />-虽然公司在2019财政年买入25.7M的自家股票,可是股价依然从RM4跌至RM1.20,公司花了那么多的财政资源去买股对股价都没有帮助,公司买来做什么?是否会把买入的股票派发给股东?(财报pg 150)<br /><br />答:-表现减少是因为有些水表生意延迟至下一年。<br />-我们不存在大问题。他们是合约员工。当LRT2项目完工了,我们把合约员工解散,然后再把他们转移至LRT3,这导致流通率很高。<br />-在财政年的开始,我们为LRT3进行扩展,另外分多一个部门进行竞标,这导致水电费增加。不过我们换了LED灯泡去节省电费。<br />-trade receivable增加是来自于LRT2项目的账目,需要花时间收账。<br />-原料数额增加是因为原料价格便宜,所以我们趁低买入。<br />-这对公司来说是一项投资。暂时公司没有计划把买入的股票派发给股东。<br /><br />问:水表生意在本地和海外的市场份额是多少?<br />答:由于竞争关系,我不能给相关数据。我们在未来12个月不会增加生产量,反而注重在质量。<br /><br />问:-公司营业额下跌,在2020财政年是否能给出5-7仙的股息?<br />-LRT3项目有亏损,原因是较低的合约数额还是较低的赚幅导致?<br />-是否有计划竞标马新高铁HSR和东铁ECRL?<br />答:-我不能给出预测<br />-我没有说过LRT3项目有亏损,不要等下到处跟别人说Tan Sri陈溪富说LRT3项目是亏钱的,我没有说过。LRT3没有亏损,只是LRT3还没有动工,而开销还是继续要给。(意思就是LRT3项目本身是赚钱的,只是LRT3在2019下半年才开工,而2018年停工了,可是开销还是继续给,所以导致亏钱,并不是指LRT3项目是亏钱的项目)<br />-我们不知道马新高铁的详情,政府还未决定是否继续。不过我们已经对东铁呈上竞标书。<br /><br />感想:<br />感觉主席陈溪富回答问题的时候不大有信心。而且表示未来会将水表业务的贡献提高至总营业额的50-60%,而目前贡献额只占30%左右。这样是不是代表随着前朝政府倒台了,建筑领域不再是GKENT的主要火车头?加上股东向主席询问问题,主席都避而不答,而且没了前朝政府的支持,我很怀疑GKENT凭什么可以拿到建筑合约。因此暂时来说我不会介入这家公司。<br /><br />https://www.facebook.com/permalink.php?story_fbid=937084116625784&id=251387688528767<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-79722601746467708732019-09-02T20:12:00.004+08:002019-09-02T20:12:57.605+08:00GKENT (3204) 乔治肯特年度股东大会(Part 1) - 股你唔到<br />
<a name='more'></a> GKENT年度股东大会(Part 1)<br />9/7/2019 11am<br />股价RM1.20<br /><br />-相信大家对GKENT都不陌生,多多少少对他都有一定的了解。其实GKENT是靠售卖水表(water metering)起家的。因为与前首相拿督斯里纳吉有关联,传闻主席兼大股东陈溪富是纳吉的高尔夫球球友,因此GKENT得以转型,从做水表业者转型为中型建筑商。还记得GKENT的首个大型建筑项目则是LRT2 Ampang Extension Line的项目,完工期限比预期迟了一年。随后前朝政府推出大型计划,GKENT借此平步青云,得以与大型建筑商MRCB形成联营公司获得LRT3的项目,共同成为LRT3的PDP(Project Delivery Partner),赚幅为整个项目价格的6%。按照当时LRT3估价90亿,联营公司就可获得5.4亿。不过目前LRT3从PDP的模式转为Turnkey(总承包商),赚幅就少了很多,而且风险很高。<br /><br />-在主席陈溪富入座之前,股东们已经议论纷纷,说纳吉下台了,GKENT以后如何有能力拿到建筑合约,毕竟他是做水表起家的。而有些股东也笑笑说是正常的,厉不厉害没关系,最重要是有人脉。<br /><br />-主席入座后,可以看到他的面色是很苍白的。毕竟仅仅一年,股价从RM4跌至目前的RM1.20,跌幅达到70%。<br /><br />首先主席陈溪富简单讲解公司的表现以及未来的走向<br />-在2019年1月23号,已经接受了一项新协议,也就是接受LRT3的缩小规模至114亿,同时角色从PDP转为Turnkey Contractor。<br /><br />(PDP在马来西亚来说是新颖的模式,因为最早的时候是从英国政府开始执行的。LRT3的拥有人Prasarana把整个项目切成很多份,然后看哪一个建筑商有能力,分给他们去做,然后再委任PDP去监督各个建筑商,确保他们做好自己的本分,工程能够在限期内完工,而赚幅则是整个项目的6%。而Turnkey则是直接委任一个建筑商作为总承包商,然后由总承包商决定谁可以拿到合约。不过总承包商的责任却大很多,而且风险很高,因为从设计,订购材料,成本,监督,都要自己做到完。)<br /><br />-LRT的更改规模,让我们的表现受到影响,这体现在我们2020财政年第一季度的财报上。<br />-尽管如此,我们的财务表依然健康,净现金多达264M。<br />-为了能够让公司有持续性的生意,未来会专注在我们的主业,就也是水表业务,将水表业务的贡献提高至50-60%<br />-我们的建筑订单依然有50亿,这为公司提供很多年的盈利能见度。<br />-我们会对无收益水(non-revenue-water)的水表进行竞标,这会提高我们在本地的营业额。<br />-我们在6月份与HoneyWell公司进行一项协议,我们花3M美金得到做水表的技术,借此让我们成为世界级的水表公司。除了目前的42个国家,我们还可以借此售卖水表至额外15个国家。<br /><br />-小股东监督小组(MSWG)对管理层提问了数个问题<br />问:公司在2019财政年的工程领域营业额是298.6M,比2018财政年的464.6M少了69.2%(财报的page 12)。管理层如何解决营业额上的问题?2020财政年的目标营业额是多少?<br />答:公司的大多数订单都是从LRT3获得的。而LRT3是由联营公司MRCB-GKENT取得,我们有50%股权。由于联营公司不是GKENT的子公司,因此不能记录在GKENT的consolidated revenue(整体营业额),相反会记录在Share of JV Profits。尽管没有了LRT3项目的营业额贡献,共享税后盈利(share of profit after tax)预料从2021年开始,未来几年都会有大量的盈利贡献。至于2020财政年,营业额会与2019财政年差不多。<br /><br />问:工程领域目前的订单有多少?在未来3年该领域的目标订单有多少?请讲解新合约的赚幅<br />答:目前工程领域的订单有50亿左右,能够为公司接下来的5年提供盈利能见度。工程领域目前竞标着铁路和水务基建,价值25亿。<br /><br />问:与供应商和技术伙伴会以什么方式加强合作?会带来什么类型的新科技加强公司的竞争能力?<br />答:正如主席的开场白,与HoneyWell,Elster的协议是让GKENT成为世界级的水表制造公司的一小步。这合作将加强公司从水表进口商的角色变成水表制造商,以及得到制造水表的技术。这将让公司更好地控制水表供应以及减少生产成本。预料这合作能加速不同市场的新水表发展。<br /><br />问:“公司继续专注在长期策略计划去扩大收入来源,这可达成通过使用大量资源扩大水表生意。公司也继续与供应商和科技伙伴进行合作和购买新科技去加强竞争能力”(财报page 14)需要耗资多少资金扩大水表生意?扩大需要用多长时间?<br />答:公司目标是成为世界级的水表制造商,以及拥有宽泛的扩大计划。这计划包括了制造精密塑料测量零件,增加水表产品以及运用智能水表科技。公司大概会动用40M的资金,耗时2年。<br /><br />问:什么原因导致其他开销从37M增加至58.66M?(财报page 73)<br />答:营运开销主要包括了薪水和相关成本。较高的营运开销主要归咎于聘请高水准的团队去竞标铁路工程,那就是马新高铁,MRT3和新加坡MRT。有关竞标活动的有关开销包括了专家在铁路工程,法律,金融,水务和财务的专业费用。较高的成本也因为年度的薪水调整以及花红。<br /><br />待续......<br /><br />https://www.facebook.com/permalink.php?story_fbid=936392870028242&id=251387688528767<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-15179460024902007692019-08-14T19:40:00.000+08:002019-08-14T19:40:03.709+08:00GKENT (3204) George Kent (M) Bhd launches arbitration against LRT3 JV partner MRCB (1651) Malaysian Resources Corp Bhd<br />
<a name='more'></a>GKENT (3204) George Kent (M) Bhd launches arbitration against LRT3 JV partner MRCB (1651) Malaysian Resources Corp Bhd<br /><br />KUALA LUMPUR (Aug 13): George Kent (M) Bhd served a notice of arbitration on Malaysian Resources Corp Bhd (MRCB) today, over a dispute on financing requirements for their joint venture (JV) company MRCB George Kent Sdn Bhd, that is undertaking the construction of the Light Rail Transit Line 3 (LRT3).<br /><br />“George Kent and MRCB have a difference of opinion in the interpretation of certain provisions of the shareholders agreement [SHA] with regards to the options for securing of the financing requirements for the JV company,” George Kent said in a filing with Bursa Malaysia today.<br /><br />“George Kent has in exercising its rights under the SHA, referred the matter to arbitration to seek certain declarations as to the interpretation of those provisions,” the group said.<br /><br />The two groups had signed the SHA on June 8, 2015, setting up their joint venture on a 50:50 basis to tender for the LRT3 from Bandar Utama, Petaling Jaya to Johan Setia, Klang.<br /><br />To date, the issued and paid-up share capital of the JV company amounts to RM10 million, with George Kent’s wholly-owned subsidiary George Kent Rail Sdn Bhd and MRCB’s wholly-owned subsidiary MRCB Builders Sdn Bhd, each holding a 50% equity interest.<br /><br />On Sept 4, 2015, Prasarana Malaysia Bhd had appointed the JV company as project delivery partner for the LRT3 project.<br /><br />On Jan 25, 2019, the JV company signed a revised fixed price contract worth RM11.4 billion, following the government’s decision to change the structure of the LRT3 project.<br /><br />In a separate filing today, MRCB confirmed it had received the notice of arbitration from George Kent.<br /><br />Shares of George Kent closed four sen or 3.60% lower at RM1.07 today, valuing the company at RM602.70 million.<br /><br />Meanwhile, shares of MRCB closed three sen or 3.35% lower at 86.5 sen, giving it a market capitalisation of RM3.82 billion.<br /><br />http://www.theedgemarkets.com/article/george-kent-launches-arbitration-against-lrt3-jv-partner-mrcb<br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-52554353933308127912019-08-14T19:16:00.001+08:002019-08-14T19:17:11.086+08:00【视频】GKENT (3204) 乔治肯特 水务业务前景看俏<br />
<a name='more'></a>【视频】GKENT (3204) 乔治肯特 水务业务前景看俏<br />
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<b>目标价:1.15令吉 最新进展</b><br />
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乔治肯特(GKENT,3204,主板建筑股)管理层希望,能在年杪完成轻快铁路线3(LRT3)的设计,并于明年初恢复工程,同时正与分包商重新协商新合约。<br />
此外,该公司正参与许多水务和铁路相关工程,包括海内外的水处理工厂,正竞标总值达35亿令吉合约。而近期铁路项目主要来自海外,如新加坡LTA、及泰国曼谷橙线第二期铁路工程。<br />
<b>行家建议</b><br />
我们对乔治肯特水表业务的短期展望感到兴奋,因为该公司致力增加新产品、与美国霍尼韦尔(Honeywell)长期合作扩大市场以及为智能水表推介自动抄表器解决方案,计划明年推出市场。<br />
此外,该公司也一直在催动内部增长,或策略合作与并购的机会;我们不排除从海外收购水务相关公司的可能,这符合乔治肯特拓展东南亚地区市场的策略。<br />
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尽管我们较正面看待该公司展望,但仍调低今明财年盈利预测,降幅分别是27%和24%,因为我们先前对LRT3入账进度较为乐观。<br />
我们维持“跟随大市”评级和1.15令吉目标价,相等于2021财年本益比7.8倍,符合我们建筑领域6至11倍的预测。<br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-5932937201134674442019-08-14T19:14:00.000+08:002019-08-14T19:14:03.665+08:00GKENT (3204) 乔治肯特 马资源寻求仲裁·解决LRT 3股东协议分歧<br />
<a name='more'></a>(吉隆坡13日讯)乔治肯特(GKENT,3204,主板建筑组)和马资源(MRCB,1651,主板产业组)对轻快铁三线(LRT3)股东协议解读出现分歧,决定透过仲裁解决。<br /><br />该公司发文告指出,向马资源发出仲裁通知,主要是两者在股东协议针对融资要求的特定条款出现不同意见,因此决定行使权力透过仲裁来厘清条款要求。<br /><br />乔治肯特和马资源是在2015年6月签署股东协议,以组成联营公司来竞标从万达镇至巴生佐汉瑟迪亚(JohanSetia)的LRT3工程,并成功获国家基建公司颁予工程交付合作伙伴(PDP),但随着希盟决定将LRT3工程转为固定价格合约,最终合约价值下修至114亿令吉。<br /><br />https://www.sinchew.com.my/content/content_2100029.html<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-40474152854417643362019-08-14T13:23:00.005+08:002019-08-14T13:23:50.397+08:00GKENT (3204) George Kent (M) Bhd & MRCB (1651) Malaysian Resources Corp Bhd to affect LRT3 completion?<br />
<a name='more'></a>GKENT (3204) George Kent (M) Bhd & MRCB (1651) Malaysian Resources Corp Bhd to affect LRT3 completion?<br /><br />The news yesterday reported GEORGE KENT (M) BHD serving a notice of arbitration on Malaysian Resources Corp Bhd (MRCB). This is regarding a dispute on financing requirements for the LRT3... of which they have a 50-50 joint venture together.<br /><br />My question is this... the project is only midway through. It will be a few years before its completion.<br /><br />Right now, JV partners gonna fight each other... what is going to happen next?<br /><br />The Edge reports - George Kent (M) Bhd has served a notice of arbitration on Malaysian Resources Corp Bhd (MRCB) today, over a dispute on financing requirements for their joint venture (JV) company MRCB George Kent Sdn Bhd, that is undertaking the construction of the Light Rail Transit Line 3 (LRT3).<br /><br />“George Kent and MRCB have a difference of opinion in the interpretation of certain provisions of the shareholders agreement [SHA] with regards to the options for securing of the financing requirements for the JV company,” George Kent said in a filing with Bursa Malaysia today.<br /><br />“George Kent has in exercising its rights under the SHA, referred the matter to arbitration to seek certain declarations as to the interpretation of those provisions,” the group said. The two groups had signed the SHA on June 8, 2015, setting up their joint venture on a 50:50 basis to tender for the LRT3 from Bandar Utama, Petaling Jaya to Johan Setia, Klang.<br /><br />To date, the issued and paid-up share capital of the JV company amounts to RM10 million, with George Kent’s wholly-owned subsidiary George Kent Rail Sdn Bhd and MRCB’s wholly-owned subsidiary MRCB Builders Sdn Bhd, each holding a 50% equity interest. On Sept 4, 2015, Prasarana Malaysia Bhd had appointed the JV company as project delivery partner for the LRT3 project. On Jan 25, 2019, the JV company signed a revised fixed price contract worth RM11.4 billion, following the government’s decision to change the structure of the LRT3 project.<br /><br />In a separate filing today, MRCB confirmed it had received the notice of arbitration from George Kent. <br /><br />https://klse.i3investor.com/blogs/callmejholow/219450.jsp<br />Unknownnoreply@blogger.com