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Overview
Financial Highlight
HeadlinesBusiness Background Gadang Holdings Bhd is a Malaysia-based investment holding company. It operates in four business segments. The Construction division segment is engaged in the civil engineering works encompassing earthworks, infrastructure works, hospital and mechanical and electrical systems works. Its Property division segment is involved in the development of residential and commercial properties. The company’s Utility division segment includes construction, maintenance and management of water and power supply facilities. Its Investment holding segment comprises of investment activities and provision of management services. The company’s geographical segment consists of countries like Malaysia, Indonesia, and Singapore.
  Smart Beginners Susah la gadang someone is pressing the price long time ago, when other construction up , gadang up little bit but other construction drop gadang drop more 24/01/2024 4:33 PM kancs3118 They need to finished building that ERCL contract that they entered during 2020 MCO time 24/01/2024 8:50 PM soon9913 Review Stripping off some one-off items of RM0.2mn, GADANG’s 1HFY24 registered lower core earnings of RM7.8mn (-6.9% YoY), which was disappointing as it accounted for only 36.6% of our full-year projection. The negative variance was mainly underpinned by: (i) slower-thanexpected work progress for certain projects, and (ii) higher operating expenses in the construction and utilities divisions. YoY, 1HFY24 topline increased 13.1% to RM291.9mn, thanks to higher sales recorded and improved work progress in the property division. However, its core PBT plunged by 7.7% YoY to RM12.7mn due to higher operating costs for its 9MW mini-hydro power plant and margin erosion in the construction division caused by higher raw material and labour costs. QoQ, the 2QFY24’s revenue jumped 25.5% to RM162.4mn, largely driven by: (i) higher construction work progress, (ii) improved property sales, and (iii) the commencement of commercial operation of the 9MW minihydro power plant. Despite this growth, the core PBT was halved down to RM4mn, compared to RM8.7mn in 1QFY24, due to escalating operating costs incurred in both construction and utilities divisions. Impact Considering the weaker-than-expected results, we adjusted our revenue recognition and margin assumptions for certain ongoing projects. Consequently, our earnings forecasts for FY24-26F are revised downward by 20.7%/15.9%/12.0%, respectively, reflecting the challenging operating conditions. Outlook As of end-Nov 2023, the group’s construction order book and unbilled property sales stood at RM1.1bn and RM280mn, respectively, providing a clear earnings prospect for the group over the next two years. Additionally, the property division anticipates a better sales contribution in the upcoming quarters, supported by compelling sales package incentives. Valuation Following the earnings revision, we lower our TP to RM0.23 (from RM0.28) based on the SOP valuation. Maintain Sell call due to the stretched valuation. 26/01/2024 2:25 PM soon9913 https://klse.i3investor.com/web/blog/detail/taresearch/2024-01-26-story-h-190177616-Gadang_Holdings_Berhad_Higher_Operating_Costs_Weighed TP0.23 by TA 26/01/2024 2:25 PM ivanlau This stock let me remind of then stock market guru - ty yap aka condom seller . A lot of followers fall into deep shit due to buy call of this guru 26/01/2024 5:55 PM  speakup Gadang get a lot small parcels from Ijm. If Ijm consortium get HSR, dah pasti Gadang get something 29/01/2024 12:42 PM kancs3118 Gadang get a lot small parcels from IJM. What do you mean bro ? You mean if IJM wins big contracts, they will farm out some small kacanh putih jobs to Gadang ? What is your basis on making this statement ? By the way, HSR is too far away...more practical to look at Bayan Lepas LRT, LRT3 and MRT3. 29/01/2024 3:26 PM pangolin GADANG need a big govt project desperately , if not , hardly to stand 40c abv , 30/01/2024 10:58 PM kancs3118 Right now, the RTS project faces prolongation costs - expected to be completed in 2024 but delayed to 2026. Dunno whether Gadang can claim these costs or not. 31/01/2024 6:35 AM XinXin Chan After seeing loss making construction counters like ECONBHD & EKOVEST, Gadang looks not so bad. 12/03/2024 7:35 PM pangolin gadang at least start positive and making money for 2 QR, much better than other construction counter , as long as making profit , sharing price will sustain 13/03/2024 1:30 PM XinXin Chan After large construction counters moving upward, smaller players like ECONBHD, GDB, SENDAI... all fly today. Hope next will be Gadang's turn. 14/03/2024 12:18 AM pangolin hold 2 years for nothing , loses cut and get out from 0.40 , wrong timing 14/03/2024 12:36 PM kancs3118 Once the train leaves the station, then you will regret for the rest of your life 15/03/2024 8:44 AM XinXin Chan GADANG needs some data ctr related projects (eg. cables laying, solar epcc) to get the catalyst 20/03/2024 11:03 AM kancs3118 That cina man boss won't bid for private projects...only gomen projects. No collection problem. Wait for the catalyst MRT3, LRT3, Penang LRT.... 22/03/2024 7:50 AM Peace99 No one talked about Gadang received in Dec 2023 the 40 mil payment from Capital City Property Sdn Bhd (“CCPSB”) before due date (2025)..... 25/03/2024 4:50 PM kancs3118 Why would capital city SB pay before due date ? Makes no commercial sense 28/03/2024 7:33 PM ks55 Data Centre here, Data Centre there. Data Centres are booming in Malaysia. Gadang got 280 million contract to build a Data Centre in Cyberjaya from TM. https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3441825 26/04/2024 6:23 PM kancs3118 Gadang is in hot soup as EPU is throwing the spanner in the works for it's prime jewel property development - Kwasa Damansara land purchase deal. Chances are - they need to satisfy the 30% Bumi requirement meaning lesser profit for its property division. 29/04/2024 10:38 AM kancs3118 Higher interest accumulation on its trade receivables. Meaning trade AR is aged longer ? Any payment issue .? 29/04/2024 10:39 AM Smart Beginners Someone is pressing the price, good news also cannot go up. Throw it byebye 30/04/2024 10:20 AM kancs3118 Join me buy Tambun biscuits bro...Gadang will shine towards end of CY24...when RTS Johor makes meaningful progress .. 30/04/2024 8:16 PM kritikos announced data centre contract but muted price movement... in fact, looking at the chart, price peaked before the announcement... 😑 see retail investors see the news already too late.. sigh. 01/05/2024 4:43 PM pangolin share price start to pick up after slept and quiet for 2 years , with kwasa land and good quarter result , hope to see gadang back 40c abovee 01/05/2024 9:23 PM kancs3118 Good QTR results ?! Don't make me laugh leh...construction division is still making losses. Profit is attributable to interest income arising from Receivables. But whether the receivables can convert to cash is questionable. 04/05/2024 11:12 AM kancs3118 Good QTR results ?! Don't make me laugh leh...construction division is still making losses. Profit is attributable to interest income arising from Receivables. Higher interest implies longer aging. Longer aged receivables implies higher risk of collectables. Whether the receivables can convert to cash is questionable. 04/05/2024 11:51 AM  Michael Kwok Gadang 43 cents Sell call wait for at least 5 trading days.Can it be 55 cents above after the correction??? 14/5/24 11.31pm 14/05/2024 11:32 PM pangolin xin xin chan , after so so many years ... be happy at least with 40c above , 50c is good move after 19/05/2024 10:50 AM  | | ||||||||||||||||||||||||||||||||||||||||||||||||
