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 [MRCB (1651) 马资源 MALAYSIAN RESOURCES CORP BHD:把市场营销工作集中在其住宅开发项目上,即吉隆坡中环的Sentral Suites(GDV:15.28亿令吉),墨尔本的1060 Carnegie(GDV:3亿令吉)和Bukit Rahman Putra的Kalista Park Homes(GDV:1.01亿令吉),以及在9 Seputeh的Sentral Residences和VIVO剩余的未售出单位(历来销售良好)]

截至2019年9月30日的9个月,马资源的营业额和税前利润分别为8.478亿令吉和3250万令吉,而截至2018年9月30日的同期分别为15亿令吉和1.141亿令吉。

截至2019年9月30日的9个月,收入较低是由于马资源的重要高层住宅开发项目仍处于建设初期,当时收入确认非常少。此外,由于仍在等待Sales and Purchase的完成,因此未确认该期间出售的大量已完成住宅的收入。

两项土地销售在2018年获得了一笔一次性的总税前利润6,680万令吉,加上本财政期间集团重要的高层住宅开发项目确认的较低收入,以及由于LRT 3项目的重新定时导至较低的收入,导致税前利润与2018年同期相比大幅下降。

集团拥有50%股权的LRT 3项目合资公司MRCB George Kent Sdn Bhd贡献的税后利润仅为124万令吉,而2018年同期为2070万令吉。政府将项目从PDP改版为固定价格总承包项目所产生的进度费用付款的延期。

房地产开发与投资:
在截至2019年9月30日的9个月中,物业发展与投资部门的收入与2018年同期相比,下跌58%至3亿7140万令吉,因2018年以总现金3.87亿令吉价格出售了两块永久业权土地。下降的原因还在于,集团的重要高层住宅开发项目仍处于建设初期(子结构,地下室,停车场和podium的水平),当时收入确认非常少,并且来自大量已完成的待售住宅单位项目的收入尚未确认,待完成Sales and Purchase。

2019年前9个月的营业利润为6,650万令吉,较2018年同期的8,890万令吉降低21%,主要是由于2018年的两次土地出售,导致一次性税前盈利为6,680万令吉,而这期内已确认的收入较低。

工程,建筑与环境:
该部门在截至2019年9月30日的9个月内录得4亿2千90万令吉的收入,与2018年同期相比下降25%。在此期间赚取的收入较低,加上某些成本的审慎支出以及等待已完成项目的决算以及与某些项目有关的法律程序的结果,导致工程,建筑与环境部在这财政期间录得330万令吉的营业利润。

集团拥有50%股权的LRT 3项目合资公司MRCB George Kent Sdn Bhd的税后利润减少到124万令吉,而2018年同期为2,070万令吉。由于政府将项目从PDP改版为固定价格的turnkey项目,因此推迟了进度计费。

QoQ:
在截至2019年9月30日的季度中,马资源分别录得收入和税前利润为3亿7270万令吉和1430万令吉,而截至2019年6月30日的上一季度的收入为2.41亿令吉和税前利润为980万令吉。

前景:
房地产开发与投资:
截至2019年9月30日,集团的房地产开发与投资部售出了价值3.981亿令吉的房地产。这些主要来自于Sentral Suites,其销售额为9030万令吉,其次是TRIA第二阶段9 Seputeh,销售额为1.251亿令吉。

在集团目前正在开发的住宅项目中,澳大利亚墨尔本的1060 Carnegie的销售率为82%,Sentral Suites的销售率为77%,而Kalista Park Homes的销售率为80%。该部门将继续把市场营销工作集中在其住宅开发项目上,即吉隆坡中环的Sentral Suites(GDV:15.28亿令吉),墨尔本的1060 Carnegie(GDV:3亿令吉)和Bukit Rahman Putra的Kalista Park Homes(GDV:1.01亿令吉),以及在9 Seputeh的Sentral Residences和VIVO剩余的未售出单位(历来销售良好)。

截至2019年9月30日,Sentral Residences的销售率为95%,而Seputeh的VIVO的销售率为77%。 Sentral Suites的目标是到2019年底仅建造25%的建筑,因此,只有当该开发项目的所有三座楼的建造进度超过podium水平时,Sentral Suites才有望在2020年贡献更多的收入和运营利润。

在墨尔本的1060 Carnegie,该集团的住宅和商业混合开发项目已经完成了92%的建设,仅在100%的建设完成后,才会有收入和营业利润的贡献,随后将在2020年上半年将单位移交给购买者并进行财务结算。

总体而言,集团在其产业发展与投资部的累计未开单销售总额,预计将在其项目的建设时间内实现16.79亿令吉的收入,其中约92%为住宅项目和8%商业项目。集团拥有282英亩的城市土地权益,拥有可持续发展的未来项目,总发展总值达310亿令吉。该部门还从其在莎阿南的剩余投资物业和Celcom Tower以及其在MQ REIT的27.94%股权中获得了相对稳定的经常性收入来源。

工程,建筑与环境:
该部门目前的公开招标价值为12.15亿令吉,并将更加重视寻求基础设施项目。截至2019年9月30日,外部客户订单总值为223亿令吉,是业内最高的之一。 LRT3项目目前已完成23%,随着2024年工程竣工,其利润确认的步伐将加快。截至2019年9月30日,未开票的工程订单为209亿令吉。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.48 (dividend RM0.025) in 1 year 5 months 30 days, total return is 250.3%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.45 in 1 year 22 days, total return is 152.2%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.92 (dividend RM0.04) in 1 year 7 months 10 days, total return is 146.5%

d) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.94 (adjusted)(dividend RM0.01) in 8 months 9 days, total return is 76.6%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.775 in 5 months 17 days, total return is 70.3%

f) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.40 in 7 months 12 days, total return is 55.6%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.25 (dividends RM0.113) in 1 Year 4 months 4 days, total return is 48.6%

h) 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 24 days, total return is 36.6%

i) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM5.08 (adjusted) (dividend RM0.13431) in 1 Year 6 months 13 days, total return is 31.7%

j) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.02 (dividend RM0.015) in 1 Year 1 month 26 days, total return is 29.4%

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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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电话/Whatsapp : 011 - 15852043

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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。

James Ng
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[MALAYSIAN RESOURCES CORP BHD: focus its marketing efforts on its residential development projects, namely Sentral Suites in KL Sentral (GDV: RM1,528 million), 1060 Carnegie in Melbourne (GDV: RM300 million) and Kalista Park Homes in Bukit Rahman Putra (GDV: RM101 million), as well as the remaining completed unsold units in Sentral Residences and VIVO in 9 Seputeh, which has historically achieved good sales]

In the 9 months ended 30 September 2019, the Group recorded revenue and profit before tax of RM847.8 million and RM32.5 million respectively, compared to RM1.5 billion and RM114.1 million respectively recorded in the corresponding period ended 30 September 2018.

The lower revenue in the 9 months ended 30 September 2019 was also due to the Group’s significant high-rise residential development projects still being in the early phase of construction, when revenue recognition is very minimal. In addition, revenue from a significant number of completed residential units sold during the period was not recognised as they were still pending Sales and Purchase completion.

The two land sales which resulted in total one-off pre-tax profit gains of RM66.8 million in 2018, compounded by the lower revenue recognised from the Group’s significant high-rise residential development projects during the current financial period, as well as lower income recognition due to the re-timing of the LRT 3 project, resulted in a significant decline in profit before tax compared to the corresponding period in 2018.

The Group’s 50%-owned LRT 3 project joint venture company MRCB George Kent Sdn Bhd contributed profit after tax of only RM1.24 million, compared with RM20.7 million in the corresponding period in 2018. This is considerably lower than previously budgeted due to the deferment of progress billings resulting from the re-modelling of the project from a PDP to a fixed price turnkey project by the Government.

Property Development & Investment:
In the 9 months ended 30 September 2019, the Property Development & Investment Division recorded a 58% decline in revenue to RM371.4 million, compared to the corresponding period in 2018 which saw the sale of two pieces of freehold lands for a total cash consideration of RM387 million. The decline was also due to the Group’s significant high-rise residential development projects still being in the early phase of construction (sub-structure, basement, carpark and podium levels) when revenue recognition is very minimal, and revenue from a significant number of completed residential units sold during the period not yet recognised pending Sales and Purchase completion.

Operating profits of RM66.5 million in the first 9 months of 2019 were 21% lower compared to the RM88.9 million recorded in the corresponding period in 2018, largely due to the two land sales in 2018, which resulted in total one-off pre-tax profit gains of RM66.8 million and the lower revenue recognised in the period under review.

Engineering, Construction & Environment:
The division recorded revenue of RM420.9 million in the 9 months ended 30 September 2019, a 25% decline compared to the corresponding period in 2018. The lower revenue earned during the period, compounded by the prudent expensing of certain costs while awaiting for the completion of the final accounts of completed projects and the results of legal proceedings relating to certain projects, resulted in the Engineering, Construction & Environment Division recording an operating profit of RM3.3 million in the financial period under review.

The Group’s 50%-owned LRT 3 project joint venture company MRCB George Kent Sdn Bhd contributed lower profit after tax of RM1.24 million, compared with RM20.7 million in the corresponding period in 2018. This was considerably lower than previously budgeted due to the deferment of progress billings as a result of the re-modelling of the project from a PDP to a fixed price turnkey project by the Government.

QoQ:
In the quarter ended 30 September 2019, the Group recorded revenue and a profit before taxation of RM372.7 million and RM14.3 million respectively, compared to revenue of RM241.0 million and profit before taxation of RM9.8 million recorded in the preceding quarter ended 30 June 2019.

Prospects:
Property Development & Investment:
As at 30 September 2019, the Group’s Property Development & Investment Division sold RM398.1 million worth of properties. These were mainly derived from Sentral Suites, which recorded RM90.3 million sales, followed by TRIA the second phase of 9 Seputeh, with RM125.1 million sales.

Of the Group’s residential projects currently in development, 1060 Carnegie in Melbourne, Australia has achieved a sales rate rate of 82%, while Sentral Suites has achieved a sales rate of 77%, and Kalista Park Homes 80%. The Division will continue to focus its marketing efforts on its residential development projects, namely Sentral Suites in KL Sentral (GDV: RM1,528 million), 1060 Carnegie in Melbourne (GDV: RM300 million) and Kalista Park Homes in Bukit Rahman Putra (GDV: RM101 million), as well as the remaining completed unsold units in Sentral Residences and VIVO in 9 Seputeh, which has historically achieved good sales.

As at 30 September 2019, Sentral Residences has achieved a sales rate of 95%, and VIVO in 9 Seputeh has achieved a sales rate of 77%. Sentral Suites is targeted to be only 25% constructed by the end of 2019, and therefore will only be expected to contribute more significant revenue and operating profits in 2020, when construction has progressed above the podium levels for all three towers of the development.

In Melbourne, 1060 Carnegie, the Group’s mixed residential and commercial development which has already attained 92% construction completion, will only contribute to revenue and operating profit upon 100% construction completion and subsequently the handover of units to purchasers and financial settlement targeted in the first half of 2020.

Overall, the Group had total cumulative unbilled sales in its Property Development & Investment Division which are expected to deliver RM1,679 million in revenue to be booked over the construction timescale of its projects, approximately 92% of which are residential and 8% commercial projects. With interests in 282 acres of urban land, the Group has a sustainable supply of future projects with a total GDV of RM31 billion. The Division also earns a relatively stable recurring income stream from its residual investment property in Shah Alam and from Celcom Tower, as well as its 27.94% equity interest in MQ REIT.

Engineering, Construction & Environment:
The division currently has open tenders valued at RM1,215 million, and is placing greater emphasis on seeking infrastructure projects. As at 30 September 2019, the external client order book stood at RM22.3 billion, which is amongst the highest in the industry. The LRT3 project, which is currently 23% completed, will see the pace of its profit recognition accelerate in line with construction completion by 2024. As at 30 September 2019, the unbilled construction order book stood at RM20.9 billion.
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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:

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.

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.

James Ng

https://klse.i3investor.com/blogs/general/2020-02-12-story-h1483767312.jsp
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