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KLSE: GBGAQRS       GABUNGAN AQRS BERHAD
Last Price Avg Target Price   Upside/Downside Price Call
1.70 1.50     -0.20 (11.76%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
10/08/2017 1.56 1.80 +0.24 (15.38%) BUY MACQUARIE GROUP Price Target News
26/07/2017 1.45 1.62 +0.17 (11.72%) BUY MIDF Price Target News
03/07/2017 1.40 1.62 +0.22 (15.71%) BUY MIDF Price Target News
23/05/2017 1.47 1.49 +0.02 (1.36%) BUY MIDF Price Target News
23/05/2017 1.47 1.62 +0.15 (10.20%) BUY Affin Hwang Capital Price Target News
16/05/2017 1.32 1.51 +0.19 (14.39%) BUY KENANGA Price Target News
27/04/2017 1.29 1.49 +0.20 (15.50%) BUY MIDF Price Target News
14/03/2017 1.24 1.24 0.00 (0.00%) HOLD MIDF Price Target News
24/02/2017 1.08 1.24 +0.16 (14.81%) BUY MIDF Price Target News


Price Target Research Article/News (past 6 months)
10/08/2017  MACQUARIE GROUP Key Takeaways From ECRL Ground Breaking Ceremony
26/07/2017  MIDF Gabungan AQRS - Achieved Another Landmark Deal
03/07/2017  MIDF Gabungan AQRS - Two Landmark Milestone Sealed
23/05/2017  MIDF Gabungan AQRS - Waltzing Into A Great Start
23/05/2017  Affin Hwang Capital Gabungan AQRS - 1Q17 results: Boost from land-sale gains
16/05/2017  KENANGA Gabungan AQRS Bhd - A New Phase
27/04/2017  MIDF Gabungan AQRS - Transformation Plan Shows Its Grit
14/03/2017  MIDF Gabungan AQRS - Hit The Target But Maintain Estimates
24/02/2017  MIDF Gabungan AQRS - Positive Turnaround Starts



  2 people like this.
 
GGecko dont give up so fast chance to akumulate
11/07/2017 16:42
lhkeong Any bad news?
11/07/2017 17:02
thesteward Wow what happen
11/07/2017 17:04
Zhen Wei got something problem?
11/07/2017 17:23
azman Maybe no ecrl job and fail to land the mrt job. Anyone got news.
I maybe wrong. Terrible today.
11/07/2017 17:35
thesteward This one drop exceptionally bad
11/07/2017 21:45
bigbigboss i dont think so .
11/07/2017 22:44
hewiester Some seller hit the wrong button and ended selling at 0.215 during opening for the warrant :D

Safe to buy in as support level is touched and resistance break out is at 0.36! Next quarter result is to be good :)))
12/07/2017 12:48
hewiester RECAP on GBGAQRS Prospects:

During the Financial Year 2016, the Groupmanaged to increase the outstanding order book significantly to RM1.7 billion, excluding the Jesselton Waterfront project which is a growth of RM1.5 billion. The order book is expected to last the Group until the year 2020. Moving forward, the Group has successfully pre-qualified and is shortlisted to participate in the tender for the Light Rail Transit Line 3 (“LRT3”). We also hope to undertake works for the Pan Borneo Highway (“PBH”) project in Sabah. Our associate company, SEDCO Precast, is poised to secure a significant order to supply pre-cast components for the PBH project since preference is expected to be given to Sabah - based company and in this case, SEDCO P
recast is a 51% subsidiary of Sabah Economic Development Corporation.
The land area in which SEDCO Precast operates on is approximately 18 acres
and current utlised land area is only approximately 30% of the total land area which provides ample room for expansion as and when PBH project kicks off. SEDCO Precast is also certified by the Construction Industry.

Development Board (CIDB) to be an Industrialised Building System (IBS) manufacturer which reflects its capability in producing quality IBS and pre-cast concrete products.
The Group also intends to secure a portion of the civil and structure works in relation to the East Coast Rail Line (ECRL), given that it is currently actively involved in a construction project with the state Government of Pahang. Since the Group has
successfully gained a strong footing in Pahang with the PPSAS project and the PR1MA Gambang project both totalling to approximated RM800 million, we expect more projects in
Pahang in this segment. Meanwhile, the Group’s property development projects currently
have unbilled sales of sold units amounting to approximately RM144.82 million and unbilled sales in relation to unsold units amounting to approximately RM590.51 million. On top of these figures, the Group plans to launch the One Jesselton Waterfront project in late 2017 and amongst others, SEDCO Precast will supply precast concrete building materials for project construction.

With the projects mentioned above, the Group has now established a strong presence in Pahang and Sabah. Both these states are expected to experience high growth rates in the next 3 years in light of the various Federal and State Government projects which are being implemented.
The Group now has always been prudent in choice and selection of locations and emphasized
on innovative designs and layout. Key factors that are taken into account at planning stage are the design, concept, location, accessibility and quality of the development. These have translated into good acceptance and take up rates on most of the projects.
Meanwhile, as part of the Group's ongoing monetisation programme, it has disposed of selected pieces of land amounting to RM140.79 million to improve the Group’s working capital position and to repay bank borrowings in line with the Group’s degearing exercise to strengthen its financial footing. The inflow of funds from these land disposals will enable savings in loan financing costs estimated at RM4.64 milion per annum. The Group targets to further increase the Construction Order Book by another RM700 million to RM 1 billion by the end of the Financial Year 2017. The current outstanding order book of RM1.7 billion with improving profit margins will continue to be reflected in healthy earnings of the Group's Construction Division throughout the Financial Year 2017.
12/07/2017 12:58
14/07/2017 16:31
Zhen Wei FUELLED by a ballooning order book and growing institutional interest, Gabungan AQRS Bhd has enjoyed a stellar rally this year, rising 63% to a high of RM1.47 on June 9. But the stock seems to be pausing for a breather.

Over the past month, the construction and property company has seen its share price ease 7% to close at RM1.37 last Thursday. It would appear that the corporate exercises announced on June 30 did not go down well with the market.

The group is proposing to place out up to 10% of its enlarged issued shares. Half of the placement will be used to satisfy the acquisition of Monolight IBS Building System Sdn Bhd — a company that comes with RM35 million in profit from a PR1MA project in Kuantan. The profit is expected to be realised over the next three years.

Given that the shares placed out to acquire Monolight have been fixed at RM1.33 apiece, it values the acquisition at only RM26.02 million. This makes it value accretive for shareholders.

Keep in mind that Gabungan AQRS is not unfamiliar with Monolight’s shareholders. This includes Nirvana Asia Group founder Tan Sri Kong Hon Kong, who has a 71.23% stake in the latter.

Gabungan AQRS’s wholly-owned subsidiary, Gabungan Strategik Sdn Bhd, is currently in a 49:51 joint venture with Monolight for the said PR1MA project. Monolight is the project owner while Gabungan AQRS is undertaking the construction. Gabungan AQRS is expected to make about RM35 million in profit from the RM424.23 million project for 2,186 houses and 36 retail units in Kuantan.

It is worth noting that Kuantan is familiar territory for Gabungan AQRS’ substantial shareholder and CEO Datuk Azizan Jaafar, who took over the reins one year ago. He is well known in Pahang for developing the Kota SAS township, which includes the new RM415 million state administrative centre — the brainchild of Sultan Ahmad Shah of Pahang, after whom it has been named.

Not surprisingly, Gabungan AQRS bagged the RM360.98 million contract for the construction of the administrative centre earlier this year. The project has inflated the group’s order book to a whopping RM1.7 billion.

More importantly, this figure does not include any nominated sub-contractors (NSC). NSCs are selected by the client and come with very low margins, since the work is basically outsourced. In fact, analysts typically apply a substantial discount to a construction company’s order book — between 20% and 35% for NSC work.

This is one reason that fund managers have been particularly enamoured with Gabungan AQRS of late.

It is understood that there has been strong interest for the other 5%, or 19.56 million shares, that Gabungan AQRS is hoping to place out.

“The placement’s price has not been fixed yet, but it cannot be lower than RM1.33. Even at that price, some institutions are already offering to take up large portions of the block. They are fighting over it,” says an executive familiar with the exercise.

Currently, institutional funds control about 48% of Gabungan AQRS while Azizan holds a 13.4% stake.

That said, not all investors are thrilled with the placement since it arguably dilutes the group’s earnings per share for other shareholders.

The rationale for the placement is to fund the group’s working capital. As at Dec 31, 2016, Gabungan AQRS’ net gearing stood at 0.78 times: RM38.37 million in cash against RM302.396 million in debts. Post corporate exercises, the group’s net gearing is expected to reduce to 0.68 times.

In contrast to the RM1.7 billion order book, it has a relatively small balance sheet.

Thus, Gabungan AQRS is also on an asset monetisation path. It is understood that the group is currently in the process of disposing of its stake in the Jesselton Waterfront project in Sabah, worth RM1.5 billion. The project is a joint venture with Suria Capital Holdings Bhd. This value is not included in the RM1.7 billion order book.

Details on the disposal have not been revealed, but Gabungan AQRS is expected to retain some equity or land in the project that would contribute recurring income. A source familiar with the deal tells The Edge that the group is already in talks with a Singaporean buyer and if all goes well, the disposal could be completed before the end of the year.

This would be a big boost for the group’s bottom line, which has already shown strong promise this year.

In the first quarter ended March 31, 2017, the group’s revenue almost doubled year on year to RM158.9 million while net profit almost quadrupled to RM16.14 million, mainly due to asset disposals.

In contrast, Gabungan AQRS’ net profit in the financial year ended Dec 31, 2016, was only RM22.8 million on revenue of RM330.05 million.

The Monolight acquisition is expected to add RM8.5 million in net profit to the group’s bottom line this year. Even with the 10% dilution, that works out to 1.98 sen per share. Last year’s full-year earnings per share was only 5.78 sen.

To top it off, the market is abuzz with three other major projects th
18/07/2017 09:19
Zhen Wei To top it off, the market is abuzz with three other major projects that Gabungan AQRS stands to bag. The first is to tap the Pan Borneo Highway for its precast manufacturing business, which it co-owns with Sabah Economic Development Corp.

In Kuala Lumpur, Gabungan AQRS has been shortlisted as a bidder for one of four civil works packages for the third light rail transit line. This package is expected to be quite sizable — more than RM500 million.

Another potential project for the group in the RM55 billion East Coast Rail Link (ECRL). The ECRL’s alignment places one station in Kota SAS.

“The group believes it stands a good chance of securing the job, given that it is already familiar with the soil and site conditions of the area. It already has resources deployed in the area, which are currently being used to construct the new state assembly hall in Kota SAS,” notes UOB KayHian in an unrated report last month.

The executive familiar with the project also points out that with China’s state-owned China Construction Co Ltd spearheading the project as the main engineering, procurement and construction contractor, there is a likelihood that civil engineering packages will be awarded without an open tender.

This project alone has the potential to add another RM1 billion to Gabungan AQRS’ order book.

Should Gabungan AQRS be fortunate to bag all three major projects, it would certainly need a stronger balance sheet. This may see the group undertake a sizable rights issue in the future.

On a positive note, the group guides that any new fundraising will be used strictly to fund new projects and not to pay off debts.

Against this backdrop, the recent selldown of shares in Gabungan AQRS could present a buying opportunity for investors. At RM1.37 a share, the stock is being valued at only 14 times forward earnings, taking into account profit contributions from the Monolight deal.
18/07/2017 09:20
Wawai Samah nobody buy ah?
24/07/2017 23:04
Wawai Samah uptrend still intact mahhh...patience needed
26/07/2017 01:03
Learntoearn Mother share still ok, but warrant going to.expired in one year... Trade carefully
27/07/2017 00:44
Alex Koo WARRANT gg already
27/07/2017 07:02
Raptor i heard has one group holding warrant a lot....
27/07/2017 10:26
Raptor moving up...
27/07/2017 11:38
沧海桑田 today is d 1st time it moved up 2 its bull region in boll Band even tho its weekly chart has not. @Raptor, which grp is that? big shark?
27/07/2017 16:10
Chef Chef's group
27/07/2017 20:37
caven During the FYE 31 December 2016, the Group managed to increase the outstanding order book significantly to RM1.7 billion,
excluding the Jesselton Waterfront project which is a growth of RM1.5 billion.

The order book is expected to last the Group until the year 2020.


Q4'16 VS Q1'17
Revenue: 79m to 158m (+100%)
PAT : 3m to 16m (+433%)


Feel free to judge yourself ~
27/07/2017 22:59
Raptor good profit, accumulation started earlier of this year.... Now awaiting to boom...
28/07/2017 09:39
kenz88 woow,,,breakout!!!!
02/08/2017 12:16
Raptor a lot of ppl stressful, mother move but son not follow.....
03/08/2017 10:08
bursastockdummy yes, what happened to son?
03/08/2017 12:39
Raptor need to ask banker....
03/08/2017 14:22
chaichaichu is it becoz of the private placement, coursing the son value diluted?
03/08/2017 16:09
azman Nx wk ecrl announcement in Kuantan....wed 9/8
Hopefully.
03/08/2017 21:56
azman breaking of ECRL project on Aug 9

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The event will be held at the ECRL KotaSAS Central Station project site. (pix by FARIZUL HAFIZ AWANG)

By Bernama - August 1, 2017 @ 2:20pm

KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak will officiate the East Coast Rail Link (ECRL) project’s groundbreaking ceremony at Bandar Baru Kuantan, Pahang on Aug 9.

Malaysia Rail Link Sdn Bhd (MRL) chief executive officer, Darwis Abdul Razak, said the event will be held at the ECRL KotaSAS Central Station project site.

Invitees to the momentous event include high-ranking Chinese government officials and project stakeholders.

“The Prime Minister has been instrumental in bringing the ECRL to fruition.

“As such, it will be an honour to have him officiate a key catalytic infrastructure project, that will see a new railway connect the east coast states with the Greater Klang Valley,” he said in a statement today.

The ECRL project, which will serve as a game changer to encourage economic growth, is anticipated to increase the income of industries and businesses located along the route.

Locals will eventually see their economy develop by a minimum of 1.5 per cent.

A high impact project under the 11th Malaysia Plan, the construction of the 688-kilometre ECRL route is estimated to cost about RM55 billion.

Darwis said the ERCL project received positive response from the local populace during the recent three-month public inspection that covered some 15 districts in the east coast states of Pahang, Terengganu and Kelantan.

The ECRL will also see a reduction in carbon emissions.

MRL, a special purpose vehicle owned by the Minister of Finance Inc, is the project owner for the ECRL, while China Communications Construction Company Ltd (CCCC), will be involved in the engineering, procurement, construction and commissioning of the new railway line. – BERNAMA

1,666 reads

RECOMMENDED
03/08/2017 22:23
Raptor a lot of ppl still studied why the WA not moved accordingly to mother.......
04/08/2017 15:14
Chef Meletup
04/08/2017 16:48
bonsl https://www.nst.com.my/news/nation/2017/08/265746/pm-ecrl-faster-more-comfortable-alternative-reduces-travelling-time
10/08/2017 00:16
EraBiz haha ... mother up 0.04 ... wa ....... == haha
10/08/2017 14:43
kenz88 still hold on red sea,,, can u imagine if green market
11/08/2017 10:56
kenz88 damn so good,,, i looking at 1.74
11/08/2017 11:49
EraBiz WARRANT LIKE SHIT
11/08/2017 14:38
fighter12 why so depressed...still hv a chance ever though warrant less than a year....
14/08/2017 10:21
kenz88 told you already,,,,good market,,,is up maaaa,,,
15/08/2017 10:28
kenz88 i looking at 1.74
15/08/2017 10:28
hewiester TP 1.87 by UOB KAYHIAN on 15/8/2017
15/08/2017 13:02
TMMC @hewiester where to get the report ?
15/08/2017 15:08
kenz88 how many time i need to told you,,, when red sea you dont want to take,,,now chase green,,,aiyooo
15/08/2017 15:41
hnf202 Got profit already. But still doubtful want to sell or not. Hope will reach TP 1.7
15/08/2017 15:58
fighter12 unhealthy counter, mother up so much but son remain at same level. I guessed percentage plunges is high after QR.
15/08/2017 16:13
kheeliam haha... son not up, then blame unhealthy counter.. who tell you play son... play the mother, then sure earn...
15/08/2017 16:21
fighter12 I'm not blaming, I just comment on Raptor said has a group holding WA a lot....
15/08/2017 16:30
kidsplay dun panic, son is coming soon.
15/08/2017 16:37
Supermanlanchao Alex koo不懂装懂,丢人现眼。可怜。
16/08/2017 14:27
hewiester Son moving.. mother is not .. haha. Good job!
18/08/2017 00:44
kidsplay dun fight liao...mum or son, they are related by the way.
18/08/2017 16:01


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