KLSE : MFCB       MEGA FIRST CORPORATION BHD Main : Trading&Services
Last Price Today's Change   Day's Range   Trading Volume
2.81   0.00 (0.00%)  2.79 - 2.82  407,800
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Market Cap: 1,129 Million
NOSH: 401 Million
P/E | EY: 9.35  |  10.69%
DY | Payout %: 1.47%  |  13.75%
NAPS | P/NAPS: 2.622  |  1.07
Avg Volume (4 weeks):699,200
4 Weeks Range:2.56 - 2.90
52 Weeks Range:1.68 - 2.90
Average Price Target: 2.73
Price Target Upside/Downside: -0.08


Latest Headlines
17/02/2017  Mplus Market Pulse - 17 Feb 2017
20/01/2017  Stock With Momentum: Mega First Corp
12/01/2017  业绩料向好.美佳第一急涨12仙
05/12/2016  让投资者参与母股增长 美佳第一-WA杠杆高/温世麟
29/11/2016  Stock With Momentum: Mega First Corp
29/11/2016  [转贴] 冷眼推荐股(十五):MFCB - 阿Boon
28/11/2016  Mplus Market Pulse - 28 Nov 2016
28/11/2016  Mega First Corporation - Solid Earnings
07/11/2016  冷眼心水股 (中价,1至3令吉)
02/11/2016  Stock With Momentum: Mega First Corporation
18/10/2016  寮发电厂一旦启用.美佳第一获利料增3倍
17/10/2016  Mega First Corp - Don Sahong Hydropower Project On Track
06/10/2016  PublicInvest Research Headlines - 6 Oct 2016
05/10/2016  MFCB美佳第一 发电发达?
30/08/2016  MEGA FIRST CORPORATION - Earnings On Track
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  8 people like this.
cheoky Long term holding pay best dividend. Maybe some one can tell uncle kyy. He was top30 holder in this com.
03/02/2017 00:01
Wei Xidu Today drop bck ~~~ omg
13/02/2017 17:40
younginvestor92 latest results 100% up
14/02/2017 10:23
nicholas1184 Investment Merits
1) Net Cash Company, currently cash per share stood at RM 0.84 while share price only RM 2.2.
2) Debt/Equity stood at less than 0.1
3) Potential tripple of existing core revenue upon completion of the Laos Power Plant by Dec 2019 - more than offset potential loss of the current income generated from the coal-fired power concession license in China in Year 2022.
4) Most importantly, new stream of income arise from construction of the new power plant valued at USD 500 Mil (or RM 2 Billion based or RM4/1USD). The construction has just completed 11.5% of the work (240 Mil has been recognised in Q1,2,3 2016) and is targeted to complete by 2019 Dec, management is confident to complete it on time. - This would means MFCB has additional construction income of RM (2*0.8-0.24) = 1.36 billion recognized over remaining 3.25 years, ie: 1.36/3.25/4 = 105 Million to be recognised each quarter. Not to forget, it is based on RM 4 per 1USD rate. USD is above 4.45 now. Note that I factor in 0.8 as the contract is 80% owned by MFCB with remaining 20% owned by the Laos government.
5) Chart is super uptrend.

Based on historical 3 quarters result, the pre tax profit margin is around 26%, and hence net margin is slightly above 20%, we haven't factor in the USD appreciation yet in the margin to be conservative, so purely from this new stream of income, MFCB should get > 20 Mil profit each quarter from this construction until 2019, if other operations contribute 16 Mil profit after tax, then it will give MFCB 36 Mil net income, about 9.5 cents EPS per quarter, if PE = 10, the FV will be RM 3.8. Let see whether this FV can be meet by year end.
Disclaimer: The above is just my personal opinion, please do your homework to confirm the accuracy of the info above. This opinion does not imply any buy or sell recommendation.
15/02/2017 22:54
michaelwong Contra kaki unloading that forced the price downward
16/02/2017 16:41
shareinvestment7 Mega first involved in legal case?? Oh no
16/02/2017 19:20
Tai KT around 8-10c per share of the penalty sue. over react. long term and fundamental unchanged.
16/02/2017 19:52
Tai KT even not yet appeal. no lose yet.
16/02/2017 19:53
nicholas1184 Yuan lai is this court case announcement...but that was old news already...is in the announcement few months back and may not materialise as the management claims that the event is not taxable, even materialise, it will just be one time impact on their P&L, and 26 Mil can be covered by their 1 quarter profit...this is the reason I still invest in MFCB...
16/02/2017 20:00
Fabien Extraordinaire Its already known in Q3 prior to today announcement.

Expecting provisions in 4Q. The Group has been slapped with additional taxes and penalties amounting to RM22.8m by the Inland Revenue Board of Malaysia., of whch it is required to recognize the provision though the Group is in the midst of making an appeal.
16/02/2017 20:00
nicholas1184 Yeah I rmb I saw it somewhere...even better if got provision...why? The worst event will soon come - " the provision" and no more hindrance going forward except for the pending tawau plant renew...note that tawau plant contribute very little to mfcb revenue and profit...If the court case doesn't go through, bonus for mfcb later on...
16/02/2017 20:11
theintinvestor anyone got source whether their china plant already renewed?
16/02/2017 20:45
nicholas1184 1 more thing I just realised, the tax is imposed on MFCB's subsidiary and the subsidiary is 65% owned by MFCB, my best guess is may be the tax that imposed on MFCB is only 65% for that 26 Mil - oni 17 Mil...from the Q3 report, 38% and 34% of the company earnings is in USD and RMB respectively and we know rm has depreciated against both currencies in Q4 so I guess it will help in profit margin...it will helps cushion the provision slightly...and most important...the provision is one time off...
16/02/2017 21:08
michaelwong Nicholas 1184 good sharing and thnks for many busy investors aware of the current and impending tax imposed on MFCB. Thnks for keeping everyone informed....... Cheers bro ! At first why the sudden dropped in share price when this counter have been rising tremendously of late...... something might be wrong at first l guess ?
16/02/2017 22:29
nicholas1184 You are welcome Michael...and good night everyone here...
16/02/2017 22:53
michaelwong Cheers bro !
16/02/2017 22:56
theintinvestor looks like panic sell due to this news
17/02/2017 09:07
ykloh The tax in dispute also implies that there is a profit of RM100m not recognised !
17/02/2017 12:07
theintinvestor @ykloh meaning?
17/02/2017 13:38
VivoPrince Time to accumulate.
17/02/2017 16:13
keong90 panic sell is necessary for late comers to get profit here, please drop more =)
17/02/2017 16:31
ykloh theintinvestor :

According to my recollection, the subsidiary injected a piece of land as its capital contribution to a JV in a property development with other parties. The tax dept probably deems that tax is payable on surplus in valuation of the land at the point of injection over the original cost, even though none of the property development has been sold so far (according to MFCB announcement).
MFCB has not recognised the surplus in value of the land but it will have to do so sometime, more so when it has to pay or provide for the tax.
The surplus should be RM80m or more.
17/02/2017 17:46
VivoPrince ykloh: Are you implying that MFCB faithfuls can expect some form of 'happy ending'?
17/02/2017 18:56
ykloh I think so but I may be wrong.
17/02/2017 19:14
Fabien Extraordinaire Lets wait for the Q4 results. I believe 40 sen EPS is achievable. Based on 9.6x PER, MFCB should value at 3.8
18/02/2017 18:06
theintinvestor any idea when the Q4 results will be released?
19/02/2017 00:44
younginvestor92 The tax news came out in october, not a new thing, time to collect
20/02/2017 09:21
Hippo What happen?

Meaning RM100mil profit not realise, and not paying tax RM23mil?

If pay tax, meaning have to realise the RM100 mil?

Net effect additional profit RM75mil? Excluding penalty.
20/02/2017 11:08
noobbie collect colect more...
20/02/2017 11:19
younginvestor92 dont because of the small tax thing miss the whole big thing
20/02/2017 16:20
noobbie collect collect collect
20/02/2017 16:50
theintinvestor collect !
20/02/2017 17:06
sengtan MFCB is back again! Results could be good ?? Could some expert enlighten please?
Btw I am just signed up recently and hope to learn more from each other. Thnx
24/02/2017 15:07
noobbie told you to collect
24/02/2017 17:48
10bagger10 Could be 10 baggee?
25/02/2017 08:33
abangadik If continue to hold until the powerplant yes..you will have a 10 bagger.
25/02/2017 10:26
sengtan i understand the coming quarterly result could be soft due to costly coal prices for their china project ??
25/02/2017 13:39
Hippo Now the bulk of the profit is not china or sabah. It is Laos.
From the recognition of the % completion of the project. After completion, start collect money from selling power
27/02/2017 00:04
noobbie qr released...hihi
27/02/2017 17:26
KLCI King Congratulation!

27/02/2017 17:33
noobbie congrats all...202% qoq
27/02/2017 17:42
abangadik good management, progress on track. Public Bank will renew their TP and possible upgrade? If PE 10 berapa lui? kekekeke....
27/02/2017 17:44
theintinvestor Y warrant drop lol
27/02/2017 18:34
theintinvestor dividend for 2016 = 5 cents , 2015 = 8 cents, profit yoy increased 35% ...any comments on the lower dividend? hmph
27/02/2017 20:32
Fabien Extraordinaire Q1 2016 Q2 2016 Q3 2016 Q4 2016
Revenue 218,310 197,575 215,021 283,329
PBT 40,309 47,993 51,451 59,872
Net Profit 23,595 26,653 35,908 34,585
PBT % 18.46% 24.29% 23.93% 21.13%
NP % 10.81% 13.49% 16.70% 12.21%
EPS 10.56 8.54 10.74 10.01
27/02/2017 20:41
Hippo Due to rights issue. More shares and lower dividend per share. About the same in total.

theintinvestor dividend for 2016 = 5 cents , 2015 = 8 cents, profit yoy increased 35% ...any comments on the lower dividend? hmph
27/02/2017 20:32
27/02/2017 21:27
theintinvestor thanks hippo
27/02/2017 21:39
abangadik Hippo is very good with his numbers and pick! I like!!
27/02/2017 21:56
younginvestor92 Huat ah
27/02/2017 21:59
optimus9199 good show
28/02/2017 06:22


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