[GAMUDA BHD：海外房地产销售尤其是越南和新加坡的推动，捷运2号线的进度继续加快，高速公路部门的盈利贡献稳定，MRT Line 2合同价格为305.3亿令吉]
Gamuda本季度的集团盈利为1.72亿令吉，而去年同期则为2.04亿令吉，因为在上一财政年度末出售Splash后，金务大在本季度停止认可其Splash利润份额。
（a）GAMUDA工程：
在婆罗洲沙捞越公路上工作 - Pantu Junction到Btg Skrang正在按计划进行。
（b）GAMUDA LAND：
物业部门的盈利较低主要是由于马来西亚物业项目的贡献减少。
（c）GAMUDA基础设施特许权：
收益减少主要是由于去年出售Splash。
金务大的税前利润由上一季度的2.55亿令吉减少至本季度的2.26亿令吉，主要是由于上一财政年度末出售Splash。
前景：
由于海外房地产销售尤其是越南和新加坡的推动，捷运2号线的进度继续加快，高速公路部门的盈利贡献稳定，金务大预计今年表现令人满意。
（a）GAMUDA工程：
（i）Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”)：
MMC Gamuda与政府达成协议，根据项目交付合作伙伴（'PDP'）模式转换高架工程，并将设计和建造地下工程配套转换为单一合同，合同价格为305.3亿令吉。 2018年11月底的总体累计进度为：
•高架工程配套正按计划进行32％
•地下工程配套正按计划进行43％
（ii）Pan Borneo Highway，Sarawak - WPC04（Pantu Junction to Btg Skrang）：
Naim Engineering Sdn Bhd - Gamuda Berhad JV于2016年7月25日接受了Pan Borneo Sarawak项目的WPC04（Pantu Junction to Btg Skrang）项目。范围包括扩建和升级现有的从Pantu Junction到Batang Skrang的89.30km长，2车道公路到JKR R5标准的4车道双车道公路。 2018年11月底的总体累计进度为35％，并且正在按计划进行。
（iii）槟城交通总体规划：
该项目第一阶段的主要组成部分是：
a. The Light Rail Transit (LRT) from George Town to Bayan Lepas (Penang International Airport);
b. The Pan Island Link 1 (PIL1) highway; and
c. Reclamation Works (Penang South Reclamation).
LRT的批准：
轻铁的铁路计划于2016年3月29日提交至Suruhanjaya Pengangkutan Awam Darat（SPAD），预计于2019年3月批准。详细的工程设计将于2019年4月开始。轻轨的环境影响评估报告（EIA）于2017年5月18日提交给环境部（DOE），预计将于2019年2月获得批准。
Pan Island Link 1（PIL1）高速公路的批准：
PIL1的环境影响评估报告已于2018年5月7日提交给环境部，目前正在修订，以纳入公开展示期间收到的意见。预计2019年2月批准，详细的工程设计将于2019年3月开始。
槟城南部填海区的批准：
槟城South Reclamation的最终环境影响评估报告于2017年8月15日提交给环境部。环境部指定的社会影响评估（SIA）和渔业影响评估（FIA）等补充研究已提交审查。预计2019年2月批准，并于2019年3月获得Majlis Perancang Fizikal Negara（MPFN）批准。详细的工程设计将于2019年4月开始。
（b）GAMUDA LAND：
（i）海外：
越南的两个开发项目，即位于河内的Gamuda City和胡志明市的Celadon City继续提供强劲的销售，并仍然是海外销售的最大贡献者。在越南经济强劲的背景下，房地产市场依然强劲。
Gamuda（新加坡）私人有限公司与Evia Real Estate（8）Pte Ltd和Ho Lee Group合作，赢得了新加坡Anchorvale Crescent地块的招标。建筑工程预计于2019年年中开始。随着2018年4月澳大利亚661 Chapel Street的建筑工程完工，预计销售将有所改善。
（ii）马来西亚：
在Horizon Hills和Jade Hills建立的项目继续畅销，而像Gamuda Gardens和twentyfive.7等新兴城镇的购买率更高。 Gamuda Cove是一个占地1,530英亩的智能城市，位于自然保护区内，拥有200亿令吉的GDV，位于ELITE高速公路沿线的Cyberjaya / Putrajaya交汇处对面，距离吉隆坡国际机场15分钟，于2018年9月软启动。连接Elite Highway的交汇处到Gamuda Cove的目标是在2019年3月完工。占地50英亩的探索公园是Gamuda Cove占地372英亩的商业组成部分，将成为该城市第一个旅游中心和聚会场所，并将在下一年中开放。所有180个单元的第一阶段住宅排屋出售完。第二阶段的有地住宅地块定于2019年5月开工。
（c）GAMUDA基础设施特许权：
（i）高速公路：
所有高速公路的交通量都很稳定，有弹性。
（ii）水：
该集团拥有40％股权的Splash去年以25.5亿令吉的价格出售给了Pengurusan Air Selangor私人有限公司（“Air Selangor”）。在完成股份购买协议中规定的所有先决条件后，预计将于2019年初收到预付款19亿令吉。此后，6亿5千万令吉的余额购买价将分九期平均分期结算。
集团拥有80％股权的Gamuda Water Sdn Bhd（“Gamuda Water”）接受了Air Selangor的收购要约，以解决其未偿还的应收账款并签订新的运营和维护协议（'OMA'）。双方目前正在最终确定债务清偿条款和新的OMA。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:
BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 in 2 months 7 days, total return is 14.8%
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。
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[GAMUDA BHD: driven by overseas property sales especially Vietnam and Singapore, the progress of MRT Line 2 continue to pick up pace and steady earnings contribution from the expressway division, MRT Line 2 combined contract price of RM30.53 billion]
Gamuda posted a lower group earnings of RM172 million this quarter compared with RM204 million for the same quarter last year because the Group stopped recognising its share of Splash profits with effect from this quarter following the sale of Splash at the end of last financial year.
(a) GAMUDA ENGINEERING:
Works on the Pan Borneo Sarawak Highway – Pantu Junction to Btg Skrang is progressing on schedule.
(b) GAMUDA LAND:
The lower earnings from property division is mainly due to lower contribution from the property projects in Malaysia.
(c) GAMUDA INFRASTRUCTURE CONCESSIONS:
Lower earnings is mainly due to the sale of Splash last year.
The Group’s profit before tax decreased from RM255 million in the preceding quarter to RM226 million in the current quarter mainly due the sale of Splash at the end of last financial year.
Prospects:
The Group anticipates a satisfactory performance this year driven by overseas property sales especially Vietnam and Singapore, the progress of MRT Line 2 continue to pick up pace and steady earnings contribution from the expressway division.
(a) GAMUDA ENGINEERING:
(i) Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”):
MMC Gamuda reached an agreement with the Government to convert the elevated works under a Project Delivery Partner (‘PDP’) model, and the design and build underground works package to a single Turnkey Contract for a combined contract price of RM30.53 billion. The overall cumulative progress at the end of November 2018 for the:
• Elevated Works Package is on track at 32%
• Underground Works Package is on track at 43%
(ii) Pan Borneo Highway, Sarawak – WPC04 (Pantu Junction to Btg Skrang):
Naim Engineering Sdn Bhd – Gamuda Berhad JV accepted the award of the WPC04 (Pantu Junction to Btg Skrang) for the Pan Borneo Sarawak project on 25 July 2016. The scope includes the widening and upgrading of the existing 89.30km long, 2-lane single carriageway road from Pantu Junction to Batang Skrang to a 4-lane dual carriageway of JKR R5 standard. Overall cumulative progress at the end November 2018 was 35% and is on track.
(iii) Penang Transport Master Plan:
The major components of Phase 1 of the project are :
a. The Light Rail Transit (LRT) from George Town to Bayan Lepas (Penang International Airport);
b. The Pan Island Link 1 (PIL1) highway; and
c. Reclamation Works (Penang South Reclamation).
Approvals for LRT:
The Railway Scheme for the LRT was submitted to Suruhanjaya Pengangkutan Awam Darat (SPAD) on 29th March 2016 and the approval is expected in March 2019. The detailed engineering design will commence in April 2019. The Environmental Impact Assessment (EIA) Report for the LRT was submitted to the Department of Environment (DOE) on 18th May 2017 and the approval is expected in February 2019.
Approval for Pan Island Link 1 (PIL1) Highway:
The EIA Report for PIL1 has been submitted to DOE on 7 May 2018 and is currently being revised to incorporate comments received during the public display. Approval is expected in February 2019 with the detailed engineering design to start in March 2019.
Approvals for Penang South Reclamation:
The Final EIA Report for Penang South Reclamation was submitted to DOE on 15 August 2017. Supplementary studies, including Social Impact Assessment (SIA) and Fishery Impact Assessment (FIA) were specified by the DOE, have been submitted for review. Approval is expected in February 2019 and Majlis Perancang Fizikal Negara (MPFN) approval in March 2019. The detailed engineering design shall commence in April 2019.
(b) GAMUDA LAND:
(i) Overseas:
The two developments in Vietnam namely Gamuda City located in Hanoi and Celadon City in Ho Chi Minh City continued to deliver robust sales and remained the biggest contributor of overseas sales. The property market remained strong on the back of the strong economy in Vietnam.
Gamuda (Singapore) Pte Ltd in partnership with Evia Real Estate (8) Pte Ltd and Ho Lee Group won the tender for the land parcel at Anchorvale Crescent in Singapore. Construction works is expected to commence in mid 2019. With the completion of construction works at 661 Chapel Street, Australia in April 2018, sales is expected to improve.
(ii) Malaysia:
Established projects in Horizon Hills and Jade Hills continued to sell well while newer townships like Gamuda Gardens and twentyfive.7 are seeing better take up rates. Gamuda Cove, a 1,530-acre smart city in a nature sanctuary with a GDV of RM20 billion, located opposite the Cyberjaya/Putrajaya interchange along the ELITE Highway and 15 minutes from KLIA was soft-launched in September 2018. The interchange connecting the Elite Highway to Gamuda Cove is targeted for completion by March 2019. A 50-acre Discovery Park, which is part of Gamuda Cove’s 372-acre commercial component, will be the first tourism hub and hangout spot in the township and will be open by middle of next year. All 180 units of the first phase residential terraced houses were sold. The second phase of the landed residential parcel is slated for May 2019.
(c) GAMUDA INFRASTRUCTURE CONCESSIONS:
(i) Expressway:
The traffic volumes of all expressways have been stable and resilient.
(ii) Water:
Splash, 40%-owned by the Group, was sold to Pengurusan Air Selangor Sdn Bhd (“Air Selangor”) for RM2.55 billion last year. The upfront payment of RM1.9 billion is expected to be received in early 2019 upon completion of all condition precedents prescribed in the share purchase agreement. Thereafter, the balance purchase price of RM650 million will be settled in nine equal annual instalments.
The Group’s 80%-owned Gamuda Water Sdn Bhd (“Gamuda Water”) accepted Air Selangor’s offer to settle its outstanding receivables and enter into a new operations and maintenance agreement (‘OMA’). Both parties are currently in the midst of finalising the terms of the debt settlement and new OMA.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:
BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 in 2 months 7 days, total return is 14.8%
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
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