[GBGAQRS (5226) GABUNGAN AQRS BHD：已经完成了他们的提案并将其提交给MRCB-George Kent（MRCBGK），其中包括为达到最终合同价值而进行的global variation以及针对LRT3配套的新工作计划] - James的股票投资James Share Investing
家盟吉在19年第4季报的PAT为570万令吉或每股1.10仙，而18年第4季则为1180万令吉或1.83仙。
建筑部门：
建筑业务部门在19年第4季度的PBT为6,310万令吉，较去年同期增加276％。增长的原因是一次性的会计调整（MFRS 9 –预期信用损失率的重新计量）导致了5600万令吉的非现金收益。
房地产开发板块：
房地产发展部门在19年第4季度报税前亏损510万令吉，而在2018年第4季度则为税前亏损1140万令吉。 E'Island Lake Haven的积极贡献使税前亏损有所改善。
QoQ：
该集团的PAT较19年第三季度的1,130万令吉减少了50.16％。
前景：
由于他们不断评估业务和运营基础，它们的缓解措施已能够减轻不利因素的影响。这包括确保妥善管理集团支出，提高运营效率，使其保持竞争力并能够快速适应行业内业务周期的变化。他们不断监控其业务运营，以确保继续对项目进行有效管理，包括监控其现金流量，运营支出和财务成本。例如，与2018财年相比，其2019财年的总运营成本下降了7.2％，其总财务成本分别下降了22％，而其收入的总财务成本为1.0％。
他们预计，因最大的LRT3建筑进度有进展，集团的收入在2020财年将比2019财年有所增长，同时房地产开发部门的收入贡献也将增加。除了任何不可预见的支出，他们还预计与2019财年相比，2020财年的运营支出将进一步减少。
施工部：
截至2019年12月31日，该集团的未完成建造订单为18亿令吉，这将提供截至2022年的盈利可见性。预计其建筑部门将获得强劲的未完成订单的支持，该订单包括基础设施和建筑工作。他们将继续把重点放在执行这些工作的效率上，以确保良好的利润率和现金产生。
他们已经完成了他们的提案并将其提交给MRCB-George Kent（MRCBGK），其中包括为达到最终合同价值而进行的global variation以及针对LRT3配套的新工作计划。目前，他们正在等待提案的正式批准。同时，自2020年2月以来，他们已为LRT3一揽子计划充分动员了资源，并希望此后的工作进展会更高。
他们与沙巴经济发展公司（SEDCO）共同拥有沙巴最大的预制混凝土制造和IBS工厂，Sedco Precast Sdn Bhd（Sedco Precast）49％的股份。 Sedco Precast一直在为关键基础设施和建筑项目生产产品，包括沙巴州的经济适用房。从财务角度来看，SEDCO Precast公布的收入为1230万令吉，营业利润为180万令吉，分别year-on-year增长-6％和36％，一旦沙巴泛婆罗洲高速公路项目继续进行，便有进一步的成长潜力。
物业发展部：
他们的房地产开发部门于2019年4月26日恢复营业，包括在蒲种（Puchong）的E'Island Lake Haven开业，在新山市中心的The Peak和Contours Melawati Heights开业。自该部门重新启动至2019年12月31日，他们已经获得了价值8000万令吉的新房地产销售，主要来自E'Island Lake Haven和Contours Melawati Heights。
根据住房和地方政府部关于私人参与由政府发起的“rent to own”计划的倡议，E'Island Lake Haven已入围为首批将优先批准的事项。The Peak已在马来西亚和该地区的各种roadshows中进行了展示。他们参加了在香港举行的MM2H Malaysia My Second Home Expo和新加坡的各种roadshows。
2020年1月24日，他们与Suria Capital Holdings Berhad签署了补充协议，以改变其合资协议中有关其旗舰开发项目，亚庇One Jesselton Waterfront的某些条款。One Jesselton Waterfront是Jesselton Waterfront City总体规划中的一项综合性滨水开发项目。它将包括一个390,000平方英尺的NLA购物中心，四星级酒店和水疗中心，甲级公司办公大楼，330个单位的海滨公寓和325个单位的服务式住宅。作为该市新的滨水区和主要的旅游前沿地带（以游艇码头为中心），并拥有自己的渡轮码头和国际游轮码头，它有望成为标志性景观。所有这些事态发展为旧Jesselton港口区的复兴铺平了道路。
关于批准程序，中央计划委员会（CPB）已收到所有技术部门对开发的反馈，目前正在列出临时开发计划（IDP），该计划将在下一次CPB会议上提交以进行最终批准。同时，他们也在加强酒店，海滨公寓和服务式公寓的产品布局计划，以达到国际标准。
他们已于2019年6月11日完成所有site investigation（S.I.）工作，这些工作对于开发基础工作的设计至关重要。 GBGAQRS正在与世界著名的建筑师，设计师和专业人士合作，以确保One Jesselton Waterfront的设计符合国际抗震要求。
由于长期借款低至3,000万令吉，而total outstanding Gross Development Value达26亿令吉（不包括One Jesselton Premier Lifesyle Mall），集团期望房地产开发部门为2021年至2024年的现金流做出重要贡献 ，其债务与GDV的比率为可忽略不计的1％。截至2019年12月31日，他们的未开票销售额为1.58亿令吉。
其他投资：
Sipitang的Petronas Basecamp是集团扩大经常性收入基础的策略的一部分。目前，他们已与马来西亚国家石油公司达成协议，在沙巴的Sipitang提供“基地营”设施。他们的第一个5年定于21年第一季度到期，他们已经开始与国油就延长租赁协议进行讨论，这可能对未来的收入产生积极影响。目前，从该设施获得的租金收入将用于减少建造该设施所承担的借款，并有望在21年第1季度全额偿还。
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Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.49 (dividend RM0.04) in 1 year 10 months 6 days, total return is 253.8%
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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）：
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James Ng
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[GABUNGAN AQRS BHD: They have finalized and submitted their proposal to MRCB-George Kent (MRCBGK) which includes global variation to arrive at a final contract value and a new work program for their LRT3 package]
Their reported PAT stood at RM5.7 million or 1.10 sen per share in 4Q19 compared to RM11.8 million or 1.83 sen in 4Q18.
Construction segment:
The construction division reported PBT of RM63.1 million in 4Q19, a 276% increase compared to the previous corresponding quarter. The increase is due to a one-off accounting adjustment (MFRS 9 – remeasurement of expected credit loss rate) which resulted in a non-cash gain of RM56 million.
Property development segment:
The property development division reported a loss before tax RM5.1 million in 4Q19 compared to a loss before tax of RM11.4 million in 4Q18. The loss before tax improved as a result of positive contributions from E’Island Lake Haven.
QoQ:
The Group’s PAT decreased by 50.16% as compared to the RM11.3 million in 3Q19.
Prospects:
Their mitigation measures have been able to reduce the impact of the headwinds due to their constant assessment of business and operating fundamentals. This includes ensuring that Group expenses are well managed, creating better operating efficiency, enabling them to remain competitive and be able to quickly adapt to changes to business cycles within the sector. They constantly monitor their business operations to ensure that projects continue to be efficiently-managed, including the monitoring of it cash flows, operating expenses and finance cost. For example, their total operating cost recorded a 7.2% decline, their total finance cost declined by 22% respectively in FY2019 compared to FY2018, while their total finance cost to revenue stood at 1.0%.
They expect the Group revenue to improve in FYE 2020 compared to FYE 2019 as the construction progress for their largest construction job, LRT3, picks up coupled with higher revenue contribution from their property development division. Barring any unforeseen expenses, they are also expecting their operating expenses to further reduce in FYE 2020 compared to FYE 2019.
Construction division:
As of 31 December 2019, The Group’s outstanding construction orderbook stood at RM1.8 billion, which would provide earnings visibility up to the year 2022. Their construction division is expected to be supported by a strong outstanding orderbook with a good mix of both infrastructure and building jobs. They would continue to place focus on efficiency executing these jobs to ensure that margins and cash generation are well guarded.
They have finalized and submitted their proposal to MRCB-George Kent (MRCBGK) which includes global variation to arrive at a final contract value and a new work program for their LRT3 package. Currently, they are waiting for the official approval of their proposal. Concurrently, since February 2020, they have fully mobilized their resources for their LRT3 package and expect work progress to be higher from hereon.
They own a 49% stake in Sabah’s largest precast concrete manufacturing and IBS plant, Sedco Precast Sdn Bhd (Sedco Precast), with the Sabah Economic Development Corporation (SEDCO). Sedco Precast has been producing products for both key infrastructure and building projects, including for affordable homes in the Sabah State. Financial wise, SEDCO Precast reported revenue of RM12.3m and operating profit of RM1.8m, representing a -6% and 36% year-on-year growth respectively with further potential once the Sabah Pan Borneo Highway project goes ahead.
Property Development Division:
Their property development division was revived on the 26 April 2019 with the inaugural launch of E’Island Lake Haven in Puchong and the relaunch of The Peak in Johor Bahru City Centre and Contours Melawati Heights. Since the relaunch of the division up to 31 December 2019, they have secured RM80 million worth of new property sales, mainly from E’Island Lake Haven and Contours Melawati Heights.
E’Island Lake Haven has been shortlisted for the first batch priority of approval under the Ministry of Housing and Local Government’s initiative for private participation on the rent to own scheme that is to be launched by the government. Whereas, The Peak has been showcased in various roadshows within Malaysia and the region. They participated in the MM2H Malaysia My Second Home Expo in Hong Kong and various roadshows within Singapore.
On 24 January 2020, they signed a supplemental agreement with Suria Capital Holdings Berhad to vary certain terms of their joint-venture agreement in relation to their flagship development, One Jesselton Waterfront in Kota Kinabalu. One Jesselton Waterfront is an integrated waterfront development within Jesselton Waterfront City master plan. It would comprise a 390,000 sq ft NLA shopping mall, a 4-star hotel & spa, a Grade A corporate office tower, 330-units of waterfront condominiums and 325-units of serviced residences. It is poised to become an iconic landscape as the city’s new waterfront and premier tourism frontier which is marina focused, complete with its own ferry jetty and international cruise terminal. All these developments are paving the way for the regeneration of the old Jesselton port area.
On the approval process, the Central Planning Board (CPB) has received the feedback from all technical departments for the development and is currently listing the interim development plan (IDP) to be tabled in the next CPB meeting for final approval. Concurrently, they are also in the midst of enhancing the product layout plans for the hotel, waterfront condominiums and serviced residences to meet the international standards.
They have completed all site investigation (S.I.) works on 11 June 2019 which are crucial for the design of the foundation work for the development. GBGAQRS is working with world renowned architects, designers and professionals to ensure that One Jesselton Waterfront would be designed in compliance with international seismic requirements.
The Group expects the property development division to be a significant contributor to cash flow from 2021 to 2024, given the low long-term borrowing of RM30 million against a total outstanding Gross Development Value of RM2.6 billion (excluding One Jesselton Premier Lifesyle Mall), representing a debt to GDV ratio of a negligible 1%. As at 31 December 2019, their unbilled sales stood at RM158 million.
Other Investments:
The Petronas Basecamp in Sipitang, is part of the Group’s strategy to expand its recurring income base. Currently, they have an agreement with Petronas to provide “base-camp” facilities in Sipitang, Sabah. Their first 5-years is set to expire in 1Q21 and they have commenced discussions with Petronas on the extension of rental agreement, which could positively contribute to earnings in the future. Currently, rental income received from this facility is being used to pare down borrowings undertaken to build the facility and is expected to be fully-paid by 1Q21.
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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/2020-06-19-story-h1508874394.jsp
