GBGAQRS (5226) 家盟吉 - [GABUNGAN AQRS BHD:随着房地产开发部门开始贡献,他们的收入,收益和现金流将进一步与现有的建筑部门一起积极地改善,建筑订单金额达到24亿令吉,这将很容易维持其盈利势头,直至2021年] - James的股票投资James Share Investing


 [GABUNGAN AQRS BHD:随着房地产开发部门开始贡献,他们的收入,收益和现金流将进一步与现有的建筑部门一起积极地改善,建筑订单金额达到24亿令吉,这将很容易维持其盈利势头,直至2021年]

3Q18 vs 3Q17:
本季度,家盟吉收入为1.593亿令吉,较去年同期的8,050万令吉增加97.9%。与此同时,他们的PAT在3Q18上升103.2%至1,760万令吉或每股3.64仙,而2017年第3季则为860万令吉或2.32仙。

家盟吉在成本结构基础上继续保持高效率。尽管由于政府在报告期间审查的LRT3项目,导致进展缓慢,导致第3季度的收入减少,但他们的营业费用对比收入(衡量集团效率的指标)在3Q18为8.9%,而3Q17为15.7%。

建设部门:
集团建筑部门第3季度收入为1.698亿令吉,而上年同期3Q17则为7,230万令吉。本季度的收入主要来自Sungai Besi - Ulu Kelang(SUKE)高速公路和Pusat Pentadbiran Sultan Ahmad Shah(PPSAS)项目的工作进度。

在税前利润方面,该部门贡献了大约2570万令吉,比之前的2017财年第3季度的2150万令吉增加了19.5%。随着项目进入更后期的建设阶段,更高的税前利润与更高的收入同步。

物业发展部门:
他们的房地产开发部门第三季度收入为440万令吉。截至2018年9月30日,“The Peak”项目目前的认购率约为30.1%。家盟吉正准备在蒲种推出其E'Island Residence,总GDV为4.91亿令吉,提供1,140套价格合理的公寓。

3Q18 vs 2Q18:
与前一季度的1,920万令吉相比,集团的PAT减少了8.56%。预计LRT3项目将在未来几个季度开始对收入和盈利做出积极贡献。

前景:
家盟吉预计2018财年的财务业绩(由建筑部门推动)将较2017财年更好,此后从2019财年至2021财年,他们预计随着房地产开发部门开始贡献,他们的收入,收益和现金流将进一步与现有的建筑部门一起积极地改善。

此外,家盟吉仍致力确保业务营运的基本原则继续得到有效管理,包括监控其现金流量,营运开支及财务成本。除此之外,他们正在密切监控所有正在进行的项目,以确保有效的成本控制和及时性,以保护他们的利润。

(a)建筑部门:
家盟吉相信,凭借其强大的技术能力,良好的业绩记录及稳健的财务状况,它将有利于更透明的项目招标过程。此外,鉴于他们的精益运营成本结构和低负债率导致的低融资成本,他们现在能够在未来的项目招标中更具竞争力。特别是,当他们同时获得LRT3和Sungai Besi - Ulu Kelang高速公路(SUKE)合约时,他们的技术团队通过价值工程增强了客户的设计,从而提高了施工方法的效率,使他们的客户节省成本。

截至2018年9月30日,集团的建筑订单金额达到24亿令吉,这将很容易维持其盈利势头,直至2021年。他们继续维持其15亿令吉的建筑订单补货率,但将时间表延长到2019年中期,等待政府最终审查他们已经提出并正在努力确保的关键基础设施工作。

到目前为止,他们已被告知,他们为沙巴的婆罗洲高速公路提交的投标书的有效期已进一步延长至年底。此外,最近有关11th Malaysia Plan 2016-2020中期审查的媒体报道表明,联邦政府致力于完成沙巴的泛婆罗洲公路项目。

除建筑业外,家盟吉已根据政府进一步推广预制混凝土产品在建筑工程中使用的倡议,参与预制混凝土产品的制造。他们与Sabah Economic Development Corporation(SEDCO)共同拥有的位于沙巴Tuaran的49%拥有的预制制造厂称为Sedco Precast,已接到为沙巴泛婆罗洲高速公路(PBHS)提供预制组件的订单,在需要时也有提供给PBHS其他合约的能力。

(b)房地产开发部门:
家盟吉预期,物业发展部门在对家盟吉超过2年的贡献微不足道后,将于2019年出现重大转变。家盟吉将在蒲种推出E'Island Residence以及在新山市中心重新启动The Peak,设定5亿令吉的物业销售目标,将产生超过9.34亿令吉的综合GDV,并领导集团房地产开发部门的转变。此外,他们的目标是将其旗舰One Jesselton Waterfront混合开发项目部分利润化。

除非出现任何不可预见的情况,家盟吉预计物业发展部门将成为2019年至2022年现金流量的重要贡献者。家盟吉的“现金牛”将受其目前已完成未售出库存的推动,未来The Peak(没有借款)的销售和E'Island Residence一经正式启动后的进度账单将进一步推动现金流量。截至2018年9月30日,他们的未开单销售额为1.118亿令吉,而未售出的物业单位价值为4.857亿令吉,其中已完成价值4,250万令吉的物业。

家盟吉正准备重新启动柔佛州新山的The Peak开发项目,并通过品牌重塑活动为其现有买家提升价值,并吸引新买家。该项目将从2019年第一季度开始逐步交付。目前,该项目的未售出库存约为4.432亿令吉。The Peak的策略是完成开发项目的建设,成本约为6,950万令吉,其资金将由The Peak的未开单销售额9,140万令吉拨付。作为回报,该开发项目可为家盟吉带来价值4.432亿令吉的净现金收益,他们预期2019年至2022年将保守地利润化。The Peak的所有借款已经结清,它的发展目前没有任何负担。出售The Peak所得的现金净额将用于派付股息及业务扩展。

他们在蒲种的E’Island Residence符合Ministry of Housing and Local Government关于建造更多经济适用房的呼吁。总价值4.91亿令吉的GDV开发项目,E'Island Residence将在占地19英亩的土地上共有1,140套价格实惠的半装修公寓,横跨4座塔楼。虽然单位价格在每单位RM280,000至RM495,000之间,但约70%的单位价格在RM350,000至RM370,000之间。自2018年4月30日开始注册该项目以来,E'island Residence的回应非常热烈,有1,400名注册人,其中包括51%的bumiputra注册人。此外,79%的注册买家年龄在25至40岁之间。

为了进一步提升E'Island Residence的购买者的价值,每个单元都将配备厨房橱柜和衣柜,由Signature厨房,空调以及其他可安装的设备组成。开发项目包括湖畔游乐池,有滑梯,湖畔健身房,湖畔木板路/慢跑,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,托儿所以及便利店等。它还配备了最先进的智能手机蓝牙控制和停车场存储区。 E'Island Residence地理位置优越,位于Elite Highway,SKVE,LDP,Mex Highway和Lingkaran Putrajaya两侧,E'Island Residence位于雪兰莪州喧嚣的城市Puchong。该项目距离Bandar Puteri Puchong约15分钟路程,距Cyber​​jaya和Putrajaya约20分钟路程,10公里范围内有9个购物中心和大型超市以及7个高等教育中心。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.96 in 2 months 7 day, total return is 34.3%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 in 3 months 18 day, total return is 15.7%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.47 in 3 months 11 day, total return is 13.8%

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):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

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 https://web.facebook.com/jamesshareinvest/ 与我联系

【看懂年报和季报】课程
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日期:11月25日星期日
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James Ng
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[GABUNGAN AQRS BHD: further improvement to their revenue, earnings and cash flows as the property development division begin to contribute positively alongside the existing construction division, outstanding construction orderbook stood at RM2.4 billion, which would easily sustain their earnings momentum till the year 2021]

3Q18 vs 3Q17:
During the current quarter, the Group recorded revenue of RM159.3 million, a 97.9% increase compared to the previous corresponding quarter of RM80.5 million. Meanwhile, their reported PAT improved by 103.2% to RM17.6 million or 3.64 sen per share in 3Q18 compared to RM8.6 million or 2.32 sen in 3Q17.

The Group continue to be efficient on its cost structure basis. Their operating expenses against revenue, a measure of group efficiency, stood at 8.9% for 3Q18 as compared to 15.7% recorded in 3Q17 despite a reduction in revenue for 3Q18 caused by slower progress works arising from LRT3 project being reviewed by the Government during the reporting quarter.

Construction segment:
The Group’s construction division reported a higher revenue of RM169.8 million in 3Q18 compared to RM72.3 million in 3Q17. Revenue for the current quarter was mainly contributed from the work progress for the Sungai Besi – Ulu Kelang (SUKE) Highway and Pusat Pentadbiran Sultan Ahmad Shah (PPSAS) projects.

In terms of pre-tax profit, the division contributed about RM25.7 million, a 19.5% increase compared to the previous corresponding quarter of RM21.5 million in 3Q17. The higher pre-tax profit is in tandem with higher revenue as the projects have move to more advanced stages of construction.

Property development segment:
Their property development division reported a revenue of RM4.4 million in 3Q18. “The Peak” project currently has a take-up rate of about 30.1% as at 30 September 2018. The Group is in the midst of gearing up to launch its E’Island Residence in Puchong, with a total GDV of RM491 million, offering 1,140 units of affordably priced apartments.

3Q18 vs 2Q18:
The Group’s PAT staged a 8.56% decrease compared to the immediate preceding quarter of RM19.2 million. The LRT3 project is expected to start contributing positively to the revenue and earnings in the coming quarters.

Prospects:
The Group anticipates a better financial performance in FYE 2018 compared to FYE 2017, propelled by the construction division, and thereafter from FYE 2019 to FYE 2021, they expect further improvement to their revenue, earnings and cash flows as the property development division begin to contribute positively alongside the existing construction division.

In addition, The Group remains committed to ensure that the fundamentals of the business operations continue to be efficiently-managed, including the monitoring of its cash flows, operating expenses and finance costs. Aside that, all of their ongoing projects are being monitored closely to ensure efficient cost control and timeliness to safeguard their margins.

(a) Construction division:
The Group believes that it would stand to benefit in a more transparent project tendering process given its strong technical capability, a good track record and a solid financial position. Additionally, they are now able to be more competitive in their future project tenders given their lean operating cost structure and low financing cost as a result of a low gearing. To highlight, when they secured both the Light Rail Transit 3 (LRT3) and Sungai Besi – Ulu Kelang Highway (SUKE) packages, their technical team enhanced the designs given by the client via value-engineering which resulted in a more efficient construction method, enabling their clients to save costs.

As at 30 September 2018, The Group’s outstanding construction orderbook stood at RM2.4 billion, which would easily sustain their earnings momentum till the year 2021. They continue to maintain their RM1.5 billion construction orderbook replenishment rate, but at an extended timeline to mid-2019, pending the government’s finalisation of review of the key infrastructure jobs that they have tendered and are gunning to secure.

Thus far, they have been notified that their validity for tenders submitted for the Pan Borneo Highway in Sabah has been further extended to the year end. In addition, recent media reports on the mid-term review of the 11th Malaysia Plan 2016-2020 suggests that Federal Government is committed to completing the Pan Borneo Highway project in Sabah.

Apart from the construction business, the Group already has exposure in the manufacturing of precast concrete products, in line with the Government’s initiative to further promote its usage in construction. Their 49%-owned precast manufacturing plant in Tuaran, Sabah called Sedco Precast, which they own together with the Sabah Economic Development Corporation (SEDCO), has been receiving orders to supply precast components for the Pan Borneo Highway in Sabah (PBHS) and has the capacity to supply to other packages of PBHS as and when required.

(b) Property Development Division:
The Group expects the property development division to stage a major turnaround in 2019 after over 2-years of negligible contribution to The Group. The Group is setting a RM500 million property sales target, on the back of the launch of E’Island Residence in Puchong and the relaunch of The Peak in Johor Bahru City Centre, which would generate combined GDVs of over RM934 million, and would lead the turnaround of the Group’s property development division. In addition, they are targeting to partially monetise part of their flagship One Jesselton Waterfront mixed-development.

Barring any unforeseen circumstances, The Group expects the property development arm to be a significant contributor to cash flow from 2019 to 2022. The “cash-cow” of the Group will be driven by its current completed-unsold inventories, boosted further by future sales of The Peak that is free of borrowings and progress billings from E’Island Residence, once officially launched. As at 30 September 2018, their unbilled sales stood at RM111.8 million, while their unsold property units valued at RM485.7 million, out of which RM42.5 million worth of properties have completed.

The Group is in the midst of preparing to relaunch The Peak development in Johor Bahru, by a rebranding exercise to enhance value for its current buyers as well to entice new purchasers. The project is due to be delivered progressively from first quarter 2019. Presently, there is about RM443.2 million of unsold inventories for the development. The strategy for The Peak is to complete the construction of the development at an approximate cost of RM69.5 million, which would be financed by RM91.4 million of unbilled sales for The Peak. In return, the development could generate RM443.2 million worth of net cash proceeds for the Group, which they expect to conservatively monetise progressively over year 2019 - 2022. All borrowings for The Peak have been settled and the development is currently free of any encumbrances. The net cash proceeds received from the sale of The Peak will be utilized for dividend payments and business expansion.

Their E’Island Residence in Puchong is in line with the call by the Ministry of Housing and Local Government for more affordable housing to be built. The RM491.0 million GDV development, E’Island Residence would house a total of 1,140 units of affordably-priced semi-furnished apartments across 4-towers on a 19-acre parcel of land. While the units are priced between RM280,000 to RM495,000 per unit, about 70% of the units offered are priced between the RM350,000 to RM370,000 mark. Since the commencement of registration of interest for the project began on 30 April 2018, the response for the E’island Residence has been overwhelming, with 1,400 registrants, comprising of 51% bumiputra registrants. Additionally, 79% of registered buyers are within the age of 25 to 40 years old.

To further enhance value to buyers of E’Island Residence, each unit would be fitted with kitchen cabinets and wardrobes by Signature kitchen, air-conditioners, amongst other appliances that would be fitted in. The development comes with amongst others, a lakefront play pool with slides, lakefront gymnasium, lakefront boardwalk/jogging and cycling track, indoor badminton courts, indoor futsal court, indoor basketball court, kindergarten and nursery and convenient stores. It is also equipped with state-of-the-art smart phone Bluetooth access control and carpark storage area. Location wise, E’Island Residence is 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.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.96 in 2 months 7 day, total return is 34.3%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 in 3 months 18 day, total return is 15.7%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.47 in 3 months 11 day, total return is 13.8%

I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

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 https://web.facebook.com/jamesshareinvest/

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James Ng

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