JL's Stock Picks and Coverages

Author: Callmejholow   |   Latest post: Mon, 9 Dec 2019, 2:55 PM


Protasco wins 10-year contract for road management services in Sarawak!

Author: Callmejholow   |  Publish date: Mon, 9 Dec 2019, 2:55 PM

The Star reported that PROTASCO BERHAD's 30%-owned associate company PJP Barisan JV Sdn Bhd has secured a performance-based contract for the long-term management and maintenance of state roads in Mukah, Sarawak. The contract is for a period of 10 years effective from Jan 1, 2020, to Dec 31, 2029. Protasco said the contract sum is about RM24.6mil per annum, subject to review every three years with a maximum increase of 7.2% per revision.The group expects the contract to contribute positive to its future earnings.


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Crest Builder BUYS WCT's Land in Bandar Bukit Tinggi!

Author: Callmejholow   |  Publish date: Tue, 3 Dec 2019, 10:03 AM

Fresh from the aborted plans to develop the redevelopment of Lot 76 along Jalan Ampang - Crest Builder made a land acquisition in Klang yesterday. 


Today - The Star reported that Crest Builder Holdings Berhad’s wholly owned subsidiary, CB Land Sdn Bhd, has inked a sale and purchase agreement (SPA) with Gemilang Waras Sdn Bhd, a subsidiary of WCT Land Sdn Bhd, to acquire a plot of freehold land in Klang for RM55mil.

In a release, Crest Builder said that the acquisition price was arrived on a “willing buyer, willing seller” basis, after taking into account the prospects of the said land, the proposed development and property prices in the surrounding area.

The market value of the land was assessed to be RM57mil, based on the valuation undertaken by Messrs Henry Butcher Malaysia (SEL) Sdn Bhd on Sep 25,2019. This 2.65 hectares land, currently vacant, is situated between AEON Bukit Tinggi and TESCO Extra Klang, with Giant Hypermarket and GM Wholesale city located nearby. It is also within walking distance to two LRT3 stations namely AEON Bukit Tinggi and Tesco Bukit Tinggi of which both will be ready in year 2024.

Based on its preliminary plan, Crest Builder intends to develop the land into a mixed development of three blocks of residential serviced apartments and commercial shop lots. The gross development value is estimated to be above RM500mil.


A quick check on Google Maps shows the exact location of the land - situated about 500m from TESCO Extra BBT Klang and about 400m from AEON Bukit Tinggi. It is just about 1.5km from the KESAS interchange. 


As per The Star's report - the projected GDV is expected to be about RM 500 mil. Based on the acquisition price of RM 55 mil, this amounts to about 11% of total GDV - which is considered to be very low for a land located in a matured neighbourhood. 


I think this project would be able to give - say a gross 20% margin over 4 years, starting 2021. 2020 would be submissions, approvals etc, so a Q3 launch perhaps? So, with RM 100 mil margin - that is RM 25 mil per year from this project, to be contributing to the bottomline starting 2021-2024. 



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TheContrarian This one is fake one?
03/12/2019 5:13 PM


Author: Callmejholow   |  Publish date: Mon, 21 Oct 2019, 11:01 AM

Here is some interesting news on Mitrajaya Holdings Berhad.

In October last year - they announced a new contract from IMU - a RM 100 mil hospital. Mitrajaya has received a letter of award for the construction of a private hospital in Bukit Jalil, Kuala Lumpur, for a sum of RM99.9mil. In a filing with Bursa Malaysia yesterday, Mitrajaya’s wholly owned subsidiary Pembinaan Mitrajaya Sdn Bhd, was appointed as the contractor for the construction of a seven-storey private hospital with one level basement and a six-storey podium carpark. The contract, awarded by IMU Education Sdn Bhd, which is owned by International Medical University, Malaysia, is due to commence on Oct 15, for a duration of 27 months.

In May this year, they announced the termination of their project in Medini. Mitrajaya Holdings Bhd’s wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd (PMJ) has agreed with Medini Development Sdn Bhd (MDSB) to mutually terminated a contract to undertake a superstructure works for an office tower development at Bandar Medini, Iskandar Malaysia, Johor, with a contract value of RM159.39 million. The contract was awarded by MDSB to PMJ on Dec 21, 2016. The project was initially scheduled to be completed on Jan 16 this year. 

So... RM 160mil out of the orderbook.

Then, in June - they announced a new contract from Putrajaya. Mitrajaya Holdings Bhd has bagged a RM90 million contract to refurbish a hotel in Putrajaya. In a filing to Bursa Malaysia, the group said its subsidiary Pembinaan Mitrajaya Sdn Bhd received a letter of award (LoA) from Idaman Putrajaya Sdn Bhd to undertake refurbishment works at the Pullman Putrajaya Lakeside Hotel.


Anyways, a little bird told me that Mitrajaya Holdings Bhd will have some positive news very very very soon... 

In fact, they are in the running, or the front runner - for a hill top project in Mont Kiara area. Mitrajaya has been a regular in the area; they have their own development project called KIARA 9... and years back, they were awarded the RM402mil MK22 project by UEM Sunrise. 

So... the next project... hill top, on a hill. 

Own project? Unlikely.

Developer? Perhaps UEM Sunrise? 


Labels: MITRA
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Smartinvestor2030 Post removed. Why?
22/10/2019 3:53 PM
Callmejholow https://www.thestar.com.my/news/2019/11/06/mitrajaya-bags-rm137mil-condominium-contract
06/11/2019 8:54 PM

Crest Builder - Putting Eggs in Many Baskets.

Author: Callmejholow   |  Publish date: Wed, 16 Oct 2019, 1:05 PM

So, yesterday Crest Builder announced that they won the RM 155.1mil Plaza Kelana Jaya mixed development project from GLOMAC. There has been some good press coverage yesterday - I saw on many various online news portals covering them .

PublicInvest did a Technical Buy, and so did MPlus

RakutenTrade even issued a technical view on them too!


I mentioned before previously in the comments of GDB winning the massive RM 517 mil contract from Perdana ParkCity for the Park Regent high end development project. I understand that Crest Builder was one of the front runners for this project too - and it was such a disappointment that they lost this massive contract. 

However... while securing this would exceed their RM 500 mil order book replenishment target, it would also be considered a 'putting all the eggs in the same basket' - throwing in practically 80% of their resources into one single client, one single area, and of course, 80% of the risk too. I am not saying ParkCity is a risky client - but I believe on the other side of the table, ParkCity wouldnt park 90% of their existing contracts with one single contractor as well. (Crest is the contractor for the massive South Brooks project - RM 328mil) Adding both South Brooks and Park Regent - the total contract value would be exceeding RM 800 mil - which I dont think is a viable decision for both the client or the contractor to take on. 

Looking at the Desa ParkCity master plan - there has only been a couple of active contractors - including GDB (Westside III and One Central Park), Crest Builder (Northshore Gardens and South Brooks), Putrajaya Perdana (now delisted)(Arcadia, Breezeway and ParkCity Hospital) and a few unlisted unknowns. Now with Park Regent awarded, the master plan has 4 other future condo projects... so would be interesting to see how the contractors fight for those. 

Hence, losing out on this contract may have been intentional too. Maybe we will see some future ParkCity project awards to Crest Builder upon South Brooks' completion. Furthermore, I heard from my consultant friends that the margins for this project based on this pricing is crazy low - and would be interesting to see how GDB carries the project. 


Anyways, to compensate for this disappointment (I believe most of us are disappointed that Crest Builder have not hit their order book replenishment target yet), it turns out that Crest Builder secured this RM 155.1 mil Plaza Kelana Jaya development from GLOMAC. A quick check on Glomac's website shows no other high rise projects in the pipeline, except this 121 Residences, also in Petaling Jaya - and size wise looks similar - which is in Crest's forte. Perhaps Crest would be fighting for this project as well. 

With the Quarza project completing, (that was RM 450 mil) - I think Crest Builder would be focusing on Sime Darby Property's upcoming high rise projects as well. 

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Crest Builder receives RM155.1mil contract for Plaza@Kelana Jaya!

Author: Callmejholow   |  Publish date: Tue, 15 Oct 2019, 3:13 PM

KUALA LUMPUR: CREST BUILDER HOLDINGS BHD's unit has secured a RM155.1mil contract from Glomac Segar Sdn Bhd for the proposed Plaza@ Kelana Jaya mixed commercial developement in Petaling Jaya.

The project comprises two blocks of serviced apartments of 348 units each and a 25-storey SoHo built on top of a 10-storey pordium.

The group said in a stock exchange filing that the contract awarded to Crest Builder Sdn Bhd is for a period of 24 months from Nov 15, 2019 to Nov 14, 2021.It is expected to contribute positively to the earnings of the group for the financial years ending Dec 31, 2019, and onwards, it said.

This contract win boosts Crest Builder's outstanding order book to about RM1.1bil, which will provide earnings visibility for the next three years. "We are eager to kick start and deliver the construction works according to the high standards that Crest Builder is known for.

"Glomac is a very reputable, award winning property developer and we look forward to a long term partnership with them in their other upcoming projects too,” said Eric Yong, group managing director of Crest Builder.

From The Star Online

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AME Elite Consortium Bhd Debuts TODAY!

Author: Callmejholow   |  Publish date: Mon, 14 Oct 2019, 9:18 AM

AME Elite Consortium Bhd (AME) is a total solutions provider for industrial parks and factory units. Starting out as a contractor for industrial buildings in 1995, it has since expanded into industrial park development, leasing of industrial properties and managed workers’ dormitories. AME benefits from rising demand for industrial properties in Malaysia due to trade diversion amidst the ongoing USChina trade war.

Sourced from Affin Hwang's report - AME provides integrated and comprehensive solutions encompassing the design and construction of customised large manufacturing plants, development of industrial parks, and the sale and lease of industrial factory units. It has a proven track record of completing about 200 large manufacturing and industrial buildings for various industries as well as four industrial parks in Johor.

AME stands out as a niche industrial property developer that is seeing growing demand, compared to other listed property developers that are more focused on residential and commercial property development. AME has established track record in industrial park development under the “iPark” brand in three locations in Johor. AME is utilising the bulk of the IPO cash proceeds (62% of RM111m) to acquire land and form joint ventures (JVs) to expand its industrial property development business. Currently, AME’s property development activities are concentrated in Johor and plans to diversify geographically in other major industrial areas in Malaysia, such as Penang and Klang Valley, to tap on new markets and offer customers more location choices.

AME has a high remaining construction and engineering services order book of RM376.9m, equivalent to 1.4x FY19 revenue, to be completed by 2Q21. For the property development division, it has remaining industrial land with gross development value (GDV) of RM1.61bn, mainly in 2 of its industrial parks in Johor, ie, i-Park@Indahpura and i-Park@Senai Airport City (SAC). The RM150m acquisition of a 77-acre land for i-Park@SAC Phase 3 expansion added another RM555m to the total GDV.

How will they perform today? I believe it will open about 10-15% up... and hopefully keep moving... 5pm target should be at RM 1.55. 

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