MERCURY (8192) 美佳利工业 - 8192 Mercury 美佳利成功转型建筑业?

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Mercury优質冷门股,手中订单+红股=股价大涨?
Author: koko888 | Publish date: Tue, 10 Oct 2017, 09:21 PM

MERCURY INDUSTRIES BECOMES PURE CONSTRUCTION PLAY THE EDGE MALAYSIA SEPTEMBER 25.2017

Mercury Industries Bhd’s move into the construction business two years ago seems to be panning out.The group, which used to make automotive paints, posted a higher profit and paid a better dividend for the financial year ended Dec 31, 2016 (FY2016), and in the six months ended June (1HFY2017), it turned net cash.

Completing the transformation in June, it acquired a building materials firm, sold off its automotive paints business and exited the auto refinishing industry.

Managing director Datuk Tiong Kwing Hee says the group plans to acquire an interior design (ID) house next year as it seeks to strengthen its construction business.
“We have identified a target…they are good at what they do. Now, we want them to show us the numbers and hit a certain profit target. If all goes well, we will buy the ID company by the end of next year,” he tells The Edge.
Tiong, 59, is the single largest shareholder of Mercury Industries with 17% equity interest. He was appointed executive director in August 2000, before being redesignated managing director in July this year.
It is estimated that Mercury Industries would have to fork out not more than RM10 million to acquire the ID house.Tiong says the deal could be a combination of cash and share swap.The ID firm will be asked to give a profit guarantee of RM3 million per annum.

“The owner is keen to sell. His problem is the banking facility. As a private held company, it is difficult for them to get a loan, whereas for us, as a public-listed company, it is much easier,” he says.
Two years ago, Mercury Industries began its journey to become a construction player.In August 2015, it acquired a 70% stake in non-listed builder Paramount Bounty Sdn Bhd from Tiong for RM42 million.
In June this year, Mercury Industries paid RM7 million cash to buy a 100% stake in construction materials firm Andaman Marketing Sdn Bhd, to complement the construction business.

Subsequently, Mercury Industries disposed of its entire automotive paints divisions to Tiong for RM50 million in cash.The disposal was also completed in June.In a nutshell, Tiong injected the construction business into Mercury Industries before taking the car paints business private.He is also expanding the group’s revenue stream by acquiring construction-related companies.
“My goal is to transform Mercury Industries into a pure construction play with earning visibility. We want it to enjoy a good set of numbers,” he says.
Excluding earnings from the car paints divisions, Mercury Industries reported a net profit of RM6.6 million, on revenue of RM46.5 million in FY2014, when it was still mainly involved in the car paints business.
Mercury Industries registered a significantly higher net profit of RM11.6 million in 1HFY2017, thanks to the RM9 million gain from the sale of the automotive paints division.
The group achieved a net cash position of RM10.5 million as at June 30 this year, compared with a net debt position of RM23 million as at Dec 31 last year.
Excluding the gain on disposal, says Tiong, Mercury Industries is expected to make an annual profit of RM10 million in FY2017 and FY2018-RM7 million will come from the
construction activities and the remainder from building materials.

Moving on to FY2019, Tiong expects Mercury Industries’s net profit to grow 50% year on year to RM15 million, assuming he successfully acquires the ID house.“Going forward, I think the construction division will contribute RM10 million, building materials will account for RM2 million to RM3 million, and the ID division will make up another RM3 million,” he predicts.
Based on Mercury Industries’ earnings of RM4.8 million in FY2014, the numbers could be double to RM10 million in FY2017 and FY2018 and triple to RM15 million in FY2019.

LOOKING TO IMPROVE SHARE LIQUIDITY,PRICE

While the venture into construction has put the group on a stronger footing, investors do not seem to recognize Tiong’s hard work.At the closing price of RM1.26 last Wednesday, Mercury Industries was only valued at RM50.6 million, which is about the same as its market capitalization two years ago.

On a positive note, the company may seem attractive given its low forward price-earnings ratio (PER) compared with peers in the same industry.

Based on its current market capitalization of RM50.6 million, Mercury Industries is trading at a forward PER of five times for FY2017 and FY2018 and 3.3 times for FY2019, if it achieves its internal profit targets of RM10 million and RM15 million.
Sunway Construction Group Bhd, IJM Corp Bhd and WCT Holdings Bhd are trading at forward PERs of 17 to 19 times.“Today, Mercury Industries is a rather small but well-run company. I can make it bigger and stronger,” Tiong says confidently, adding that he may raise his stake in the company to up to 20%.
To improve Mercury Industries’s share liquidity and share price performance, Tiong says the company is considering a bonus issue or share split exercise as early as next year.

“We intend to undertake some interesting corporate exercises in the near future. All these things are in the pipeline. I still need to discuss further with my investment bankers the best way to restructure our balance sheet and, more importantly, add value for our shareholders.”
It is worth noting that Tiong is also the group CEO and executive director of property developer EcoFirst Consolidated Bhd, which was known as Kumpulan Emas Bhd until 2006.
Tiong had previously told The Edge that EcoFirst has been facing legacy issues, mainly inherited from Kumpulan Emas, an ailing, debt-laden company that was taken over by the Teoh brothers – Datuk Dr Patrick Teoh Seng Foo, Datuk Kenneth Teoh Seng Kian and Teoh Seng Aun – in the 1990s.
Interestingly, Tiong initially bought a 70% stake in Paramount Bounty from Seng Aun while Mercury Industries’ 100% stake in Andaman Marketing was purchased from Seng Kian and Seng Aun.
Tiong, however, refuses to blame the “Teoh brothers effect” for the lackluster share price performance of Mercury Industries.
“To be fair to them, the Teoh brothers are not involved in Mercury Industries at all. I don’t think our share price is affected by the perception issue. I would like to think that we are not in a very sexy industry, so investors don’t see us as a sexy stock,” he says.
Paramount Bounty has an outstanding order book of RM477 million.
Its ongoing projects include EVO Bangi, where the company is building commercial retail and small office/home office units at Hulu Langat under a RM122.7 million contract.
In February this year, Paramount Bounty bagged another construction job worth RM238 million for EcoFirst’s mixed-use development in Ulu Kelang, Selangor.
Its previous projects include residential developments such as The Arc @ Cyberjaya, a job worth RM160.9 million in 2014, Casa Residensi Phase 2, (RM96.2 million) in 2013, and Cova Suites, (RM41.7 million) in 2009.

(注:管理层已在bursa发文告澄清,截止30/6/17为止,手中订单只有316m.)

1)Mercury于2015年以Rm42m收购Paramount Bounty的70%股权,
2)公司以Rm50m脱售汽车油漆业务,已在今年6月份完成.
3)今年6月份以现金Rm7m收购一家建筑材料Andaman marketing sdn bhd(AMSB)100%的股权.该公司也给于2018-2020財政年,每年1m盈利保证.
4)公司计划以Rm10m收购一家室內设计(ID)公司,如果一却顺利,明年年底会完成收购,这间公司给予每年3m盈利保证.
5)截止30/6/17為止,手中拥有建筑业务316m,订单,可以忙碌至3年.这还不包括接下来拿到的订单.
建筑业务 營业额 稅前盈利 賺幅%
2015年 23.35m 5.07m 21.7%
2016年 70.84m 9.45m 13.3%
2017年(半年)32.57m 3.73m 11.5%
6)可以看得出公司近期收购的建筑材料及室内设计业务的策略,是为了承接接下來姐妹公司的订单,而所作出的动作。
7)Mercury是小公司,股票數额只有40.18(百万股),为了改善公司的股价和股票流通量,管理层考虑明年会派发红股或股票拆细活动.
8)Mercury是净现金的公司,净现金达Rm10.46m或=每股26仙.
9)以下是2011至2016年,所派发的股息.
2011年=6仙
2012年=8仙
2013年=8仙
2014年=10仙
2015年=6仙
2016年=12仙
2017年= ?
管理层預计建筑业务从2017至2019財政年,每年可贡献Rm10m的净利,包括加上收购一家室內设计(ID)公司,我預测2018財政年净利可达 Rm11m,建筑业务10m+建筑材料1m=Rm11m净利或=eps27.4分,以10-12p/e来计算,合理价=Rm2.74-Rm3.29.
如果明年能成功完成收购室內设计(ID)公司,管理层預测2019財政年,建筑业务净利10m+建筑材料业务净利2m+室內设计业务净利3m=净利共达15m或=eps37.3,以10-12p/e来计算,合理价=Rm3.73-Rm4.48.
2017年初,姐妹公司ECOFIRS颁发总值2亿3800万令吉在Ampang Ukay的公寓建筑合約給Mercury,ECOFIRS和Mercury的大股东是Datuk Tiong Kwing Hee ,ECOFIRS目前专注忙于发展Ampang Ukay总值(GDV)50亿令吉的项目,預计将在未来12年內实现,这是个良好地点的发展项目,包含注宅和零售商店,且距離双峰塔(KLCC)大約只需 7分钟车程,相信肥水不流外人田,这良好地点的12年长期项目,Mercury肯定受益匪淺.
不要忘记,管理层考虑明年派发红股或股票拆细,肯定也会是能使股价大涨的催化剂。
注:才2个星期Mercury的股价暴涨五十多%,短期內还会大涨有难度,不过,(1年以上)还是被看好,由于2个星期股价就暴涨五十多%,想要买进的人,等它股价调整一些才进场会比较好,虽然我买的价位便宜,紙上盈利几十%,但还是看好它未来的前景,所以继续守着.
(只供參考,若有买卖,盈亏自负)

个人浅见与功课:
--RM 2.49  当然可进,強势背后有因,转型建筑业,红股,净利提升,低股数,于21-7-2017止老板買进至17.048%股份了(6850,000股)。
--該公司是向大股東兼執行董事——拿督張貴喜(譯音)收購上述建築公司股權,後者主要涉足土木建築工程領域,並持有G7級執照,使它可競標任何價值的工程合約,及B04及CE21注冊類別工程。 --美佳利未来将从相关公司美德集团(MEDAINC,5040,主板产业股)、益可第一(ECOFIRS,3557,主板贸服股)以及安达曼集团(Andaman),陆续获得建筑工程合约。
益可第一所有工程交付Paramount Bounty
张建飞持有益可第一17%股权,也是后者的总裁兼执行董事。同时,他也是美德集团的大股东,持有15%股权。
“我们要设法壮大ParamountBounty,并打算将所有益可第一的工程合约都交付予前者。”
他指出,在吉隆坡发展总值10亿令吉的混合型产业发展计划,以及美德集团在马六甲的一马房屋(PR1MA)计划,都会交付予Paramount Bounty兴建。

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