GBGAQRS (5226) 家盟吉 - [GABUNGAN AQRS BHD,创造增长机遇] - James的股票投资James Share Investing


 [GABUNGAN AQRS BHD,创造增长机遇]

PATNCI在第一季度增长2.1%至1650万令吉或每股3.54仙,而去年第一季度为1610万令吉或4.13仙。尽管没有如1Q17的土地出售收益的1610万令吉,但他们这季的PATNCI有所改善。

建筑部门:
家盟吉的建筑部门1Q18收入较高,为1.382亿令吉,而1Q17则为6190万令吉。本季度收入主要来自Sungai Besi -Ulu Kelang(SUKE)高速公路,Pusat Pentadbiran Sultan Ahmad Shah(PPSAS)和轻轨3号(LRT3)项目的工作进度。

在税前利润方面,该部门贡献了约2390万令吉,较上一季度的1Q17的860万令吉增加176.7%。由于施工阶段到了后期,该部门的PBT利润率也从上一季度的13.8%提高到17.3%。

物业发展部门:
截至2018年3月31日,名为“The Peak”的开发项目目前订购率约为30.1%。家盟吉正着手启动其在蒲种的E'Island住宅开发项目,GDV总额为4.91亿令吉,提供1,104套经济实惠的公寓单位。

家盟吉的PAT与前一季度的1580万令吉相比增长了4.8%。在PATNCI,由于与前一个季度相比有利的有效税率,其盈利增加。与前一季度相比,家盟吉的资产负债表继续保持改善。于二零一八年三月三十一日,家盟吉进一步强化资产负债表,其净负债率进一步下调至0.06倍(4Q17为0.11倍)。家盟吉的现金余额继续保持健康,现金为1.382亿令吉。展望未来,他们仍然期望资产负债表进一步加强。

前景:
随着GE14选举刚刚结束,市场正在适应新政府对目前大型基础设施项目可能进行审查的反应,家盟吉仍将重点放在2018年项目的目标进展上。家盟吉认为,政府近期的变化将创造一个更加繁荣的国家,为家盟吉创造增长机遇。鉴于政府的透明授予合同的政策,家盟吉认为,鉴于其良好的记录和优点,它可能是一个受益者。

与此同时,家盟吉预计2018财年的财务表现与2017年相比将有所改善,因为其正在进行的建筑工程的施工进度正在加快。由于The Peak持续进展,首次推出其最新物业发展项目E'Island Residence,以及预期部分盈利化在Kota Kinabalu, Sabah的One Jesselton Waterfront development项目,他们预计其物业发展部门将得到进一步改善。

家盟吉继续预计2018财政年度新订建筑订单增加15亿令吉,将继续为家盟吉的收入及盈利可持续性作出积极贡献。

(a)建筑部门:
建筑行业的前景受到各种政府基础设施强力倡导的推动。董事会对该部门的建筑订单增长前景表示乐观。

截至二零一八年三月三十一日,家盟吉的建筑订单为27亿令吉,将轻易维持至二零二零年的盈利动力。展望未来,家盟吉的目标是争取更多与基建相关的工作。

他们期待在Kota SAS获得更多的建筑工作,特别是国家和联邦建筑相关工程。目前,他们正在Kota SAS开展两项关键工作:a)建设新的Pahang State Assembly Complex (PPSAS); b)签订合同,设计并建造1,004座有地住宅单位及其基础设施。

他们拥有49%所有权的预铸制造部门SEDCO Precast Sdn Bhd已经开始接受来自获得合约的承包商的预订产品订单,该产品将用于沙巴的婆罗洲高速公路。

(b)物业发展部门:
他们的房地产开发部门将继续专注于旗舰开发项目 - 哥打京那巴鲁One Jesselton海滨地区的新里程碑,完成名为The Peak的新山开发项目,并首次推出E'Island Residence项目,这是一个在雪兰莪州的蒲种的经济实惠的高端开发项目。截至2018年3月31日,他们的未记账销售额为1.298亿令吉,未售出的物业单位价值为4.857亿令吉。

他们预计将于3Q18开始E'Island Residence的软启动,这是一项价值4亿9100万令吉GDV的开发项目,共有1,104套价格合理,分布在4栋大楼的公寓。 E'Island Residence开发于占地19英亩的土地上,两侧分别是Elite Highway,SKVE,LDP,Mex Highway和Lingkaran Putrajaya,位于喧嚣的雪兰莪州蒲种市。从该项目地点驾车去Bandar Puteri Puchong约15分钟,Cyber​​jaya和Putrajaya 20分钟,在10公里范围内有9个购物商场和大型超市以及7个高等教育中心。

E'Island Residence这个项目,旨在满足市场对经济适用房的需求。从单价RM280,000开始,其中80%的产品价格平均为每单位RM350,000至RM370,000,E'Island Residence是价格合理的住宅,并配有公寓式的生活设施。开发项目包括带滑梯的湖畔游泳池,湖畔健身房,湖畔木板路/慢跑和自行车道,室内羽毛球场,室内五人制足球场,室内篮球场,幼儿园和托儿所,便利店等等。它还配备了先进的智能手机蓝牙门禁和停车场存储区域。所有四个街区均设计有专用的高天花板主大堂,并带有遮盖物。还有32个带私人花园的特别花园单位,并直接进入地下单位前的庇护停车场。预计E'Island将于4Q18正式推出,预计市场反应热烈。另外,鉴于他们的E'Island住宅是一项住宅物业开发项目,可能会受到新政府取消商品和服务税(GST)的积极影响。

他们预计,柔佛州新山房产市场将从2018年开始转正。推动市场的一个重要催化剂是马来西亚和新加坡之间新建设的新山 - 新加坡捷运系统(RTS)达成的双边协议,该协议于2018年1月签署。随着BRT于2024年完工,RTS将提供无缝从新山Bukit Chagar站到新加坡兀兰北站的公共交通工具,每小时每方向可容纳10,000名乘客。为了补充RTS,将在柔佛州新山建立一个BRT系统,其中一个站位于The Peak前。 BRT系统将连接The Peak至RTS Bukit Chagar站,预计行程时间为15分钟。它将为The Peak的未来居民提供一个到新加坡的无障碍综合公共交通工具。该BRT还将连接到高铁站,预计从The Peak出发的时间为25分钟。除此之外,通过The Peak前往JB City Center的Eastern Dispersal Link(EDL)将于2018年1月1日起免费使用,每次往返节省平均驾驶人RM16.50。随着毗邻主要公路的无缝公共交通系统(BRT,RTS和HSR)就位,The Peak的连接性将得到极大的提升,并成为抢手房产。

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James Ng

Their reported PATNCI improved by 2.1% to RM16.5 million or 3.54 sen per share in 1Q18 compared to RM16.1 million or 4.13 sen in 1Q17. Their reported PATNCI improved in spite of the absence of land sale gains that were reported in 1Q17 amounting to RM16.1 million.

Construction segment:
The Group’s construction division reported a higher revenue of RM138.2 million in 1Q18 compared to RM61.9 million in 1Q17. Revenue for the current quarter was mainly contributed from the work progress for the Sungai Besi – Ulu Kelang (SUKE) Highway, Pusat Pentadbiran Sultan Ahmad Shah (PPSAS) and Light Rail Transit 3 (LRT3) projects.

In terms of pre-tax profit, the division contributed about RM23.9 million, a 176.7% increase compared to the previous corresponding quarter of RM8.6 million in 1Q17. PBT margins from the division also improved to 17.3% from 13.8% in the previous corresponding quarter due to more advanced stages of construction.

Property development segment:
The development, dubbed “The Peak”, currently has a take-up rate of about 30.1% as at 31 March 2018. The Group is in the midst of gearing up to launch its E’Island Residence Development in Puchong, with a total GDV of RM491 million, offering 1,104 units of affordably priced apartments.

The Group’s PAT staged a 4.8% increase compared to the immediate preceding quarter of RM15.8 million. At a PATNCI level, their earnings inched up due to a more favourable effective tax rate compared to the immediate preceding quarter. The Group’s balance sheet continues to see improvements compared to the immediate preceding quarter. As at 31 March 2018, the Group has further strengthened its balance sheet, with its net gearing being lowered further to 0.06x (compared to 0.11x in 4Q17). The Group’s cash balance continues to be healthy, with a cash pile of RM138.2 million. Going forward, they continue to expect the balance sheet to further strengthen.

Prospects:
With the GE14 Elections just over and the market is adjusting to the reactions as to the new government potentially reviewing the present mega infrastructure projects, the Group remain focused to deliver its 2018 targeted progress of current projects. The Group believes that the recent change in government will create a more prosperous country that will create opportunities of growth to the Group. With the government’s policy of transparently awarding contracts, the Group believes that it could be a beneficiary given its proven track record and merits.

Meanwhile, the Group anticipates a better financial performance in FYE 2018 compared to FYE 2017 as the construction progress for its ongoing construction jobs picks up the pace. They also expect further improvements to their property development division, led by the ongoing progress of The Peak, the inaugural launch of its latest property development, project E’Island Residence and anticipated partial monetisation of the One Jesselton Waterfront development in Kota Kinabalu, Sabah.

The Group continues to envision a RM1.5 billion rise in new construction order book in Financial Year 2018 which will continue to positively contribute to the Group’s revenue and profit sustainability.

(a) Construction division:
The outlook for the construction industry is robustly driven by various government infrastructure initiates. The Board is optimistic that construction order book growth for the division to be promising.

As at 31 March 2018, The Group’s construction order book stood at RM2.7 billion, which would easily sustain their earnings momentum till the year 2020. Looking ahead, The Group targets to secure more infrastructure related jobs.

They look forward to securing more construction jobs in Kota SAS, particularly State and Federal building related works. Presently, they are undertaking two key jobs in Kota SAS which are: a) the construction of the new Pahang State Assembly Complex (PPSAS) and b) a contract to design and build 1,004 units of landed homes together with its infrastructure.

Their 49% owned pre-cast manufacturing division, SEDCO Precast Sdn Bhd has begun receiving orders from the awarded contractors for pre-cast products that are to be used for the Pan Borneo Highway in Sabah.

(b) Property Development Division:
Their property development division would continue to focus on achieving new milestones for their flagship development, One Jesselton Waterfront in Kota Kinabalu, complete their Johor Bahru development dubbed The Peak and undertake the inaugural launch of their E’Island Residence, an affordably price high rise development in Puchong, Selangor. As at 31 March 2018, their unbilled sales stood at RM129.8 million, while their unsold property units valued at RM485.7 million.

They expect to begin their soft-launch for E’Island Residence in 3Q18, a RM491 million GDV development with a total of 1,104 units of affordably-priced apartments across 4 towers. Developed on a 19-acre parcel of land and flanked by Elite Highway, SKVE, LDP, Mex Highway and Lingkaran Putrajaya, E’Island Residence is located in the hustle city of Puchong, Selangor. The development is located about 15 minutes to Bandar Puteri Puchong and 20 minutes to Cyberjaya and Putrajaya, with 9 shopping malls and hypermarkets and 7 higher education centres within 10km radius.

E’Island Residence is a product created to meet the market demand for affordably priced homes. Starting from RM280,000 per unit, with 80% of the products offered being priced at an average of RM350,000 to RM370,000 per unit, E’Island Residence is affordable priced home that is complemented with condominium living facilities. The development comes with lakefront play pool with slides, lakefront gymnasium, lakefront boardwalk/jogging and cycling track, indoor badminton courts, indoor futsal court, indoor basketball court, kindergarden and nursery, convenient stores and many more. It is also equipped with state of the art smart phone bluetooth access control and carpark storage area. All four blocks are designed with dedicated high ceiling main lobbies with covered drop-off. There are also 32 special garden units with private gardens and direct access to sheltered carpark in front of the units at ground floor. E’Island is scheduled to be officially launched in 4Q18 with anticipation of an overwhelming response from the market. Also, given that their E’Island Residence is a residential property development, it could potentially be positively impacted by the new Government’s intention to abolish the Goods & Services Tax (GST).

They foresee that the Johor Bahru property market would start to turn positive from 2018 onwards. A significant catalyst that will spur up the market is the bilateral agreement between Malaysia and Singapore for the construction of Johor Bahru-Singapore Rapid Transit System (RTS) which was signed in Jan 2018. Upon the BRT’s completion in 2024, the RTS will provide seamless public transportation from Johor Bahru Bukit Chagar Station to Singapore Woodlands North Station with a capacity of 10,000 passengers in each direction every hour. To complement the RTS, a BRT system will be built in Johor Bahru with several stations, one of which will be located in front of The Peak. The BRT system will connect The Peak to the RTS Bukit Chagar Station with an estimated travelling time of 15 minutes. It would provide future residents of The Peak a hustle free integrated public transportation to Singapore. The BRT will also connect to the HSR station with an estimated travelling time of 25 minutes from The Peak. Aside from that, Eastern Dispersal Link (EDL), which passes in front of The Peak and connects to the JB City Centre is toll free effective 1 Jan 2018, saving the average motorist RM16.50 per roundtrip. With the seamless public transportation systems (BRT, RTS and HSR) in place with major highways close by, The Peak’s connectivity would be greatly enhanced and be a well sought-after property.

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James Ng

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