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2,027 comment(s). Last comment by live168 at Nov 12, 2019 2:23 PM
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paperplane
18573 posts

Posted by paperplane > Apr 23, 2019 5:18 PM | Report Abuse

Construction
Research by Hong Leong investment Bank
Sector Outlook (Neutral)

Bandar Malaysia resuscitated
The Government announced that the Bandar Malaysia project was reinstated. The master developer of the project is IWH-CREC Sdn Bhd (ICSB) which would buy 60% of the underlying land and the balance 40% would continue to be owned by the Government. Major beneficiaries of this project are IWC, Ekovest and MRCB. Reinstatement of Bandar Malaysia project also increa ses the likelihood of the HSR revival. Bandar Malaysia was supposed to host the terminus of HSR previously. We are turning warmer on construction given the recent positive news flow on project revivals. However, the KLCON is already up 31% YTD. Maintain NEUTRAL on construction, Kimlun is our top pick.

Yip Kah Ming
kmyip@hlib.hongleong.com.my
(603) 2083 1723


paperplane
18573 posts

Posted by paperplane > Apr 23, 2019 6:02 PM | Report Abuse

kimlun huat huat lai if got SG MRT contract soon


xiang13001
64 posts

Posted by xiang13001 > Apr 24, 2019 4:03 PM | Report Abuse

those cannot hold faster sell...


VSOLAR Sailang Margin All In
2613 posts

Posted by VSOLAR Sailang Margin All In > Apr 24, 2019 5:03 PM | Report Abuse

wa paperplane this one you also know ah.


VSOLAR Sailang Margin All In
2613 posts

Posted by VSOLAR Sailang Margin All In > Apr 24, 2019 5:04 PM | Report Abuse

not bad one... but gearing a bit high for me


paperplane
18573 posts

Posted by paperplane > Apr 29, 2019 12:41 PM | Report Abuse

kimlun i know long long time ago. last time buy 1.20, goes to RM2, then sell all 1.60.

Now SG MRT expansion, i bet it will go to RM2 soon


paperplane
18573 posts

Posted by paperplane > Apr 29, 2019 12:42 PM | Report Abuse

actually gearing is less i worry. their management prudent.


Patrick13
1857 posts

Posted by Patrick13 > Apr 29, 2019 7:12 PM | Report Abuse

The Board of Directors of Kimlun Corporation Berhad ('KIMLUN' or 'the Company') is pleased to announce that Rexpoint Resources Sdn Bhd has awarded to Kimlun Sdn Bhd, a wholly-owned subsidiary of the Company, a contract for the main building works for 2 blocks of apartments in Selangor ('the Project'). The contract sum for the Project is Ringgit Malaysia Two Hundred and Four Million and Four Hundred Thousand Only (RM204,400,000).

The construction work is expected to be completed by end of January 2022.

The Project is expected to contribute positively to the earnings and net assets of KIMLUN Group for the financial years during the contract period.

None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, direct or indirect, in the above contracts.


paperplane
18573 posts

Posted by paperplane > Apr 30, 2019 7:34 AM | Report Abuse

Not bad. 2H2019 will be even better. Hope for best


kai1
88 posts

Posted by kai1 > May 1, 2019 9:15 PM | Report Abuse

I dont know why this Aminvest always gives Kimlun a low price target but must do the contrary


VSOLAR Sailang Margin All In
2613 posts

Posted by VSOLAR Sailang Margin All In > May 1, 2019 9:32 PM | Report Abuse

Don't worry too much about AmInvest TP, it's bungkus one anyway, I have experience with their TP for another counter, way way off also. As I said earlier, if I start PUNTER IB, 10/10 would say PUNTER IB > AmInvest (bungkus IB what you expect)


Patrick13
1857 posts

Posted by Patrick13 > May 30, 2019 8:27 PM | Report Abuse

http://malaysiastock.biz/Company-Announcement.aspx?id=1147145

Good result.


paperplane
18573 posts

Posted by paperplane > Jun 7, 2019 5:07 PM | Report Abuse

Just hope not affected much by trump politics. Its a necessities good


paperplane
18573 posts

Posted by paperplane > Jun 19, 2019 8:15 AM | Report Abuse

Cement price finally controlled?


Patrick13
1857 posts

Posted by Patrick13 > Aug 20, 2019 1:35 PM | Report Abuse

Kimlun’s manufacturing orders expected to accelerate

Kimlun Corp Bhd
(Aug 19, RM1.23)

Maintain buy with an unchanged target price (TP) of RM2.16: As we move into the fourth quarter of 2019 and the forecast financial year 2020 (FY20F), we believe that Kimlun Corp Bhd’s manufacturing orders will accelerate. These orders will initially flow from Singapore and eventually Malaysia when some key projects are rolled out.

Its total manufacturing tender book is now at RM500 million which is largely skewed towards projects in Singapore, including Industrialised Building System (IBS) related jobs and Deep Tunnel Sewerage System 2. This does not include orders from the North South Corridor Expressway and Jurong Region Line.

Our FY19F earnings estimates are above consensus. Our forecast of a surge in manufacturing flows from Singapore is intact, with local construction wins likely to come in at the higher end of this forecast. Not enough recognition is given to Kimlun’s high-margin manufacturing business which should command a scarcity premium. Its IBS expertise will be crucial in clinching more local affordable housing projects.

Given its depressed valuations, incremental new orders for Kimlun’s construction and manufacturing segments beyond its total order book of RM2 billion would lift the stock. With its strategically located manufacturing plants in Negeri Sembilan and Johor, we believe it will be the front runner for the Tunnel Lining Segment and Segmental Box Girders portions of major transportation and infrastructure projects when they eventually kick off.

Our TP is set at RM2.16, based on sum-of-parts valuation. We think this better reflects Kimlun’s underlying business model. Its construction business is valued at RM1.62 a share with its manufacturing unit at 54 sen a share.

Low-margin wins is a major risk. The biggest risk is its perceived over-reliance on projects in Johor. This is mitigated by its stringent bidding process, only accepting projects with strong marketability. — AllianceDBS Research, Aug 19


paperplane
18573 posts

Posted by paperplane > Aug 27, 2019 2:32 PM | Report Abuse

running good still, hehe


Armada An Quantum Leap Stock In 2019/2020
12848 posts

Posted by Armada An Quantum Leap Stock In 2019/2020 > Aug 27, 2019 2:44 PM | Report Abuse

Support paperplane sifu.
Kimlun the next best infra contract beneficiary.


paperplane
18573 posts

Posted by paperplane > Aug 27, 2019 3:37 PM | Report Abuse

The Group has an estimated construction and manufacturing balance order book of approximately
RM1.7 billion and RM0.3 billion respectively as at 31 March 2019, contributed by numerous
construction contracts and supply contracts. The Board is positive of the performance of the Group
in 2019 as the balance order book is expected to support the Group’s performance in 2019.
Our on-going projects and sales orders comprises of contracts secured from, amongst other,
Lebuhraya Borneo Utara Sdn Bhd, MMC Gamuda KVMRT (UGW) Joint Venture, UEM Sunrise Bhd
Group, Sunway Iskandar Sdn Bhd, Hillcrest Gardens Sdn Bhd and China Railway First Group
Co.Ltd. Our on-going projects and sales orders include the following:


paperplane
18573 posts

Posted by paperplane > Aug 27, 2019 3:37 PM | Report Abuse

debt going up with tandem of much better cashflows. haha


paperplane
18573 posts

Posted by paperplane > Aug 27, 2019 3:38 PM | Report Abuse

The supply contracts in relation to the supply of segmental box girders and tunnel lining
segments (“TLS”) to KVMRT Line 2, with aggregate contract value of approximately RM252
million (collectively “KVMRT2 Supply Contracts”). The supplies of products under these
contracts are expected to be completed in 2019;
(b) PBH - Zecon Kimlun Consortium Sdn Bhd, the Company’s 30% owned joint venture
company was awarded with a work package under the PBH for a contract sum of RM1.46
billion. The estimated completion period of the project per the letter of award is end March
2020; and
(c) Main building works for 1 block of commercial building and 1 block of apartments at Medini
Iskandar, Mukim Pulai, Daerah Johor Bahru, Johor at a contract sum of RM165.82 million.
The estimated completion period of the project per the letter of award is June 2021.
The Group will continue to actively bid for new construction projects in Malaysia, in particular those
in relation to affordable housing development which continue to receive strong demand from the low
and middle income group.


paperplane
18573 posts

Posted by paperplane > Aug 27, 2019 3:45 PM | Report Abuse

Singapore Construction Sector
The total construction demand in 2019 is projected to range between $27 billion to $32 billion in
2019, comparable to the $30.5 billion (preliminary estimate) awarded in 2018.
The projected outlook is due to sustained public sector construction demand, which is expected to
reach between S$16.5 billion and S$19.5 billion in 2019. Public construction demand is expected to
be boosted by major infrastructure projects and a pipeline of major industrial building projects.
The private sector’s construction demand is expected to remain steady at between S$10.5 billion
and S$12.5 billion in 2019, supported by projects including the redevelopment of past en-bloc sales
sites concluded prior to the second half of 2018 and new industrial developments.
The construction demand is expected to be improve over the medium term. Demand is projected to
reach between S$27 billion and S$34 billion per year for 2020 and 2021 and could increase to
between S$28 billion and S$35 billion per year for 2022 and 2023.
The public sector is expected to contribute S$16 billion to S$20 billion per year from 2020 to 2023
with similar proportions of demand coming from building projects and civil engineering works.
Besides public residential developments, public sector construction demand over the medium term
will continue to be supported by big infrastructure projects such as the Cross Island Line,
developments at Jurong Lake District and Changi Airport Terminal 5.
SPC supplies TLS to Singapore MRT projects since 2006. It secured approximately 40% of the total
TLS orders of the Downtown Line 2, the on-going Downtown Line 3 and Thomson Line.
Further, SPC has been a frequent supplier of jacking pipes and IBS components to various projects
in Singapore.
With its strong track record in Singapore, SPC is well positioned to compete for further potential
sales orders from future MRT and sewerage projects.
There is no on-going development carried out by the Group on its existing land bank totalling 204
acres and the Group does not expect any new launching until second half of 2019, subject to the
sentiment of the property market.


Patrick13
1857 posts

Posted by Patrick13 > Sep 11, 2019 8:22 AM | Report Abuse

Kimlun sees tough conditions in construction market persisting

CONSTRUCTION companies such as Kimlun Corp Bhd are waiting with bated breath to see what goodies will be announced in the upcoming Budget 2020 and are hoping the government will pump-prime the economy with public infrastructure projects which, in turn, could help turn their fortunes around.

“A recovery in the construction sector next year will depend on the upcoming Budget 2020 — what the government has in mind to boost the sector. If the government does not do anything, the country may sink into recession. As a businessman, I would not be optimistic [about a recovery] if the government continues to tighten its belt,” Kimlun CEO and executive director Sim Tian Liang tells The Edge in an interview.

The national budget for next year will be tabled in Parliament on Oct 11.

On its part, Kimlun — which has seen its earnings tumble for two straight years since the financial year ended Dec 31, 2017 (FY2017) — does not expect the declining trend to reverse course in the current financial year given the slowdown in construction projects.

Sim, 64, says net profit for FY2019 is likely to be flat or lower than last year’s on fewer construction jobs.

This is despite the group posting a 30.6% year-on-year increase in net profit to RM29.38 million for the first half ended June 30, 2019 (1HFY2019). Revenue rose 46.7% y-o-y to RM643.72 million, it said in a bourse filing last Thursday. The improved 1HFY2019 performance was mainly due to higher revenue achieved by the construction and manufacturing and trading (M&T) divisions.

Sim’s cautious outlook stems from his view that the worst is not over for the construction sector. He notes a turnaround is only expected in two to three years. The construction segment is the main contributor to the group’s revenue.

He says the recovery of the property market, meanwhile, will depend on how fast unsold properties that have been built are absorbed, although he expects that sector to take longer to rebound than the construction industry.

“The slowdown in the market is deterring a lot of developers from launching new properties. However, property development constitutes a small portion of our overall revenue. Our main business is still construction,” he adds.

Kimlun saw a 16% y-o-y drop in net profit to RM68.48 million in FY2017, which fell further by 11% y-o-y to RM61.14 million in FY2018.

However, revenue rose 2.7% y-o-y to RM1.01 billion in FY2018. Of the sum, the construction segment contributed 79.16%, the M&T business accounted for 20.38% and only 0.46% came from the property development segment.

The group has an outstanding order book of RM2 billion as at June 30, which provides earnings visibility for the next two years, says Sim. Of this, RM1.7 billion is from construction contracts and RM300 million from the manufacturing segment.

This year, the construction projects that will contribute to the group’s results include the Pan Borneo Highway Sarawak Project (Serian Roundabout to Pantu Junction); office complex for Majlis Bandaraya Johor Baru; condominiums and ancillary buildings at Mukim Petaling, Selangor, for the Kuok Brothers Sdn Bhd group; and building works for one block of commercial building and one block of apartments at Medini Iskandar, Johor, for Sunway Iskandar Sdn Bhd.

Sim says the group has set a lower order book replenishment target for FY2019 of RM500 million, of which RM400 million is expected to come from construction and RM100 million from manufacturing. Year to date, Kimlun has secured construction jobs worth RM250 million and new manufacturing sales orders of RM40 million.

“This year’s target is lower than our previous years’ targets of between RM600 million and RM800 million, taking into account current market conditions,” he adds.

Kimlun is one of 1,321 construction firms nationwide that are reported to have submitted their interest to participate in the RM44 billion East Coast Rail Link project during the pre-qualification exercise on May 29 and 30.

Sim says the group is also eyeing opportunities in projects such as the Johor Baru-Singapore Rapid Transit System Link; the Ministry of Housing and Local Government’s plan to build 100,000 affordable homes per year; the Penang Transport Master Plan, which envisions a series of highways and light rail transit lines; the construction of the Kulim International Airport; upgrading works on the North-South Highway; the second phase of the Pan Borneo Highway construction works; the Sarawak coastal highway; and the second phase of the Klang Valley Double Track rehabilitation works.

Meanwhile, Kimlun expects the precast concrete product manufacturing segment to bring in stable income for the group, through its subsidiary SPC Industries Sdn Bhd, going forward.


Patrick13
1857 posts

Posted by Patrick13 > Sep 11, 2019 8:23 AM | Report Abuse

SPC has a strong track record in supplying precast concrete components to various projects in Singapore since 2006, including mass rapid transit, underground cable tunnel and sewerage system projects, and is well positioned to compete for potential sales orders from the expansion of the rail network in the city state.

“The advantage of SPC is that it has another market in Singapore, which should provide more consistent jobs than Malaysia [amid the current slowdown in the construction sector]. The Singapore market should sustain SPC’s [premix production] operations in Johor,” says Sim.

Still, he points out that sales orders from Singapore only contribute about 10% to 15% to the group’s profit.

Sim says the group has no plan to make any cash call until the market improves, adding that if it were to raise capital from the market, it would be used for property development.

Kimlun’s cash balance stood at RM56.8 million as at June 30 while total borrowings were at RM351.5 million, resulting in net debt of RM294.7 million.

Nevertheless, Sim says the group is in no hurry to develop its existing land bank, totalling 204 acres, and is not planning any new launches until sentiment in the property market improves.

While Kimlun does not have a dividend policy, Sim says the group aims to pay out yearly dividends to shareholders as long as it makes money. It has had an average dividend payout ratio of 24.9% since its listing in 2010.

Bloomberg data shows that of the six analysts covering Kimlun, two rated it a “buy”, three, a “hold” and one, a “sell”. Their average target price is RM1.52 over the next 12 months. The stock closed at RM1.26 last Thursday, giving the company a market capitalisation of RM428.17 million. Year to date, its share price has risen 12% from RM1.13.

https://www.theedgemarkets.com/article/kimlun-sees-tough-conditions-construction-market-persisting


hornbill
622 posts

Posted by hornbill > Sep 23, 2019 8:22 PM | Report Abuse

why today drop so much?


ding dong
1789 posts

Posted by ding dong > Sep 28, 2019 7:54 AM | Report Abuse

potential further down to rm1 level ..???


luckyman
507 posts

Posted by luckyman > Oct 15, 2019 8:53 PM | Report Abuse

https://klse.i3investor.com/blogs/hleresearch/226772.jsp

Maintain BUY, TP: RM1.58. Maintain BUY rating with unchanged TP of RM1.58. TP is pegged to 8x FY19 earnings. We like Kimlun for its execution capability and undemanding valuations. The stock is trading at 6.3x PE multiple on FY19 earnings, represents -1.6SD below 5 years historical average.


live168
2 posts

Posted by live168 > Nov 12, 2019 2:23 PM | Report Abuse

西马庆之心。。。。。。。。。

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