KLSE: MFCB (3069)       MEGA FIRST CORP BHD MAIN : Utilities
Last Price Today's Change   Day's Range   Trading Volume
4.19   +0.25 (6.35%)  3.96 - 4.19  2,204,900
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Market Cap: 1,779 Million
NOSH: 425 Million
Avg Volume (4 weeks):342,400
4 Weeks Range:3.74 - 4.19
4 Weeks Price Volatility (%):
52 Weeks Range:2.99 - 4.19
52 Weeks Price Volatility (%):
Average Price Target: 4.66
Price Target Upside/Downside: +0.47
Stamp duty exempted for year 2019

Financial Highlight

Latest Quarter | Ann. Date 30-Jun-2019 [#2]  |  22-Aug-2019
Next QR | Est. Ann. Date: 30-Sep-2019  |  27-Nov-2019
T4Q P/E | EY: 14.21  |  7.04%
T4Q DY | Payout %: 0.44%  |  6.29%
T4Q NAPS | P/NAPS: 3.2777  |  1.28
T4Q NP Margin | ROE: 17.26%  |  9.00%


Date Subject
23-Sep-2019 Stocks on Radar - Mega First Corporation (3069)
06-Sep-2019 M+ Online Technical Focus - 6 Sept 2019
06-Sep-2019 Daily Market Update - 6 Sept 2019 (MFCB, DIALOG)
04-Sep-2019 2Q 2019 Result Round-Up - Another Forgettable Quarter
23-Aug-2019 Mega First Corporation - Waiting for Energy Test
23-Aug-2019 Mega First Corp. Bhd - 2Q19: Within Expectations
19-Aug-2019 Trading Stocks - Mega First Corporation
15-Aug-2019 PublicInvest Research Headlines - 15 Aug 2019
15-Aug-2019 Mplus Market Pulse - 15 Aug 2019
07-Aug-2019 美佳第一业务有何新进展?
29-Jul-2019 Mega First Corporation - Getting Ready For Wet Test
26-Jul-2019 Stocks on Radar - Mega First Corporation (3069)
17-Jul-2019 Mega First Corp. Bhd - Final Stages of Completion
09-Jul-2019 Trading Stocks - Mega First Corporation
09-Jul-2019 Stocks on Radar - Mega First Corporation (3069)
01-Jul-2019 Malaysia 2H 2019 - Regaining Momentum
04-Jun-2019 [转贴] MFCB vs. JAKS 发电厂项目- RH Research
30-May-2019 Mega First Corporation - In The Final Stages
02-May-2019 Trading Stocks - Mega First Corporation
10-Apr-2019 Mega First Corp. Bhd - Awaiting the Testing Phase

Business Background

Mega First Corp Bhd is an investment holding company. The group is organised into three main business segments as follows - Power, Resources, and Property. The Power segment builds, owns and operates power plants. The Resources segment is engaged in quarrying of limestone manufacturing and trading of lime products, calcium carbonate powder, and bricks. The Property segment is engaged in the property development and property investment. Its primary geographic markets are Malaysia, China, Laos, India, Australia, New Zealand and other countries. The majority of its revenue is derived from Laos.
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  10 people like this.
shareinvestor88 SELL SELL TP 2
02/08/2019 12:00 AM
Davidl Time to accumulate
03/08/2019 9:30 PM
freddiehero too high..
03/08/2019 10:50 PM
freddiehero lets break 2.0
03/08/2019 10:50 PM
Davidl Buy more tmr
04/08/2019 11:20 PM
Chong Hon Hi all, This is the latest Don Sahong Dam video. Chinese video and no subtitle.

this is the link video, but not very clear. Estimate you all can watch in you tube after 2 week or one month.
14/08/2019 1:02 PM
Chong Hon https://www.klsescreener.com/v2/news/view/567242/mega-first-calls-off-mixed-development-project-in-perak
14/08/2019 10:43 PM


16/08/2019 8:28 AM
leong111992 Great
16/08/2019 8:41 AM
Thelastone Mfcb submitting PV solar tender for 100MW for LSS3 and Laos Don Sahong wet test starting soon!
16/08/2019 5:09 PM
Fakao Yu Uptrend now.
16/08/2019 7:42 PM
LKOH @Thelastone, where did u get the news?
18/08/2019 2:50 PM
kenken85 newspaper LKoh. haha. not a secret news.
18/08/2019 3:14 PM
Davidl Qtr result out!
22/08/2019 7:06 PM
kenken85 faster sell.. dont keep
22/08/2019 8:33 PM
shpg22 chiak lat liau
22/08/2019 9:18 PM
Chin Leong Ya sell please, i want buy low
22/08/2019 10:53 PM
Thelastone Ya,results very the bad!
Sell quickly tomorrow please
22/08/2019 11:47 PM
Davidl Time to accumulate!
23/08/2019 1:08 PM
kenken85 how to accumulate when it is not dropping?
23/08/2019 4:42 PM
Thelastone Accumulate up then!
23/08/2019 6:10 PM
limcs dropping now ... can accumulate ..fast !
26/08/2019 10:57 AM
Thelastone Guys...anyone any idea when is the wet test on turbine 1,Don Sahong!Appreciate it
18/09/2019 6:37 PM
KL Tneoh The first turbine wet test already started since 12th of June, and I think that 2 & 3 turbines also already in wet test status. Whereas selling power generated from wet test will only started by end of this month (September).
18/09/2019 7:51 PM
Thelastone Thank you KL Tneoh, Great news indeed!
18/09/2019 8:53 PM
linjie they are planning for 5th turbines, if its approve by laos then we shall see another 25% np jump by next 1 or 2 yrs , eps should be above 90 cent
19/09/2019 9:59 AM
limcs @linjie , 5th turbine is super good news ! Thanks for your input :)

If EPS : 90 Sens (after fifth turbine starts power generation)

If market acceptable PE = 12 , 12 x 90 sens = RM 10.80

Price today : RM 3.83

FAT FAT FAT meat = RM 10.80 - RM 3.83 = RM 6.97

Pay RM 3.83 now , market will pay you RM 6.97 by next 2 years (excluding dividend) !!!

Huat !!!
19/09/2019 10:24 AM
Thelastone I think for growing company with foreseeable good prospect in 2020-2022 not to forget about the coming LSS3 project,PE 12 at rm10.80 is very conservative.PE 15 at rm13.50 is more reasonable,rught!
19/09/2019 11:26 AM
Thelastone Mfcb cash cow in 2020 with abt rm90m profit each quarter from Don Sahong
19/09/2019 11:34 AM
KL Tneoh Personally I think even with the addition 5th turbine, EPS of 90 cents is unlikely to achieve.

Estimated of earning based on 4 turbines (assume 80% of the capacity)

Revenue : 5 millions kilowatts x 0.0615 x 365days = $112,237,500

Operation cost : 5% of Revenue

Government Royalties : 5% of Revenue

Estimated Interest Exp : $8.5 mils

Depreciation: $20 mils

Estimated net profit : $72,513,750

MFCB 80% : $58.01 mils (RM234.94 mils @ USD 4.05 rate)

Resources & Property Division : RM16 mils (net of tax)

Estimated fully diluted EPS : 52.8 cents (assume 475 millions shares after take in account warrant & ESOS)

If the 5th turbine come into picture, personally I think the most it can generated another 12-14 cents EPS per year.

Anyway it is just my personal estimation, I might be wrong.
19/09/2019 11:38 AM
limcs @KL Tneoh , thanks for you info .

Estimated fully diluted EPS : 52.8 sens(assume 475 millions shares after take in account warrant & ESOS)

have the sharebuy back account calculated ? it increase the EPS as well :)

EPS : 52.8 sens X PE 12 = target price = RM 6.3

RM 6.3 is also a very fat meat !!

Huat !!
19/09/2019 1:04 PM
KL Tneoh Yes, the total 475 millions shares used for calculation already take into account of 20 millions treasury shares held.
19/09/2019 1:06 PM
limcs @KL Tneoh , thanks for your superb explanation!

According to the calculation above ,
the target price of pbbank(RM5.04) and maybank(RM4.35) are too conservative ! They should rise the TP ASAP :P

Huat !!
19/09/2019 1:28 PM
KL Tneoh Investment bank used different methods to do valuations ! They used EV + Discounted cash flow
19/09/2019 2:30 PM
utopia86 @KL Tneoh, I can see you are using only 80% capacity. Mind to share the reasoning behind? Hence, with your calculation above, there is still a 20% margin of safety for this stock even with RM6.3 target price!!
19/09/2019 2:36 PM
limcs @KL Tneoh , could you spend your time to explain more about EV + Discounted cash flow ?

perhaps you can take mfcb as the example . :)

19/09/2019 2:37 PM
KL Tneoh @ utopia86, 80% is used because there will be no hydro power plant can run up to 100% capacity due to various reason, besides during the dry season for Mekong river, the running rate for Don Shahong can be as low as 77% (according to management). Public Investment Bank estimation is based on 80%, so to be conservative I used 80% too.

@limcs you can refer to the analysis report from both the Public Investment Bank & Maybank, at the end of the report they clearly stated the Sum Of Parts Valuation for the TP.
19/09/2019 2:55 PM
gyl6886 @ KL Tneoh Yes, please explain a llittle bit more on the calculation from investment bank? Besides that, base on your esimation calculation, this share consider under value.

Thanks for your sharing
19/09/2019 2:55 PM
KL Tneoh Please kindly refer to page 6, SOP valuation is stated clearly there.

Whereas undervalue or not, is all depend on whether Don Shahong project can deliver the earning as projected.

19/09/2019 3:10 PM
tipumakan another good news. interest of borrowing will reduce, since borrowing are mostly in USD
19/09/2019 9:56 PM
Thelastone Ya good news.In the last q report page 16,Mfcb reported using interest rate swab of 2.5% to hedge against any rising LIBOR for its revolving credit facility.That means its rm713m short term loan interest is capped at 2.5% which will be about rm4.45m each quarter.
Another thing is in page 9,company disclosed that total outstanding ordinary shares is 399.9m plus warrants not yet convert 50m so total shares is abt 450m excluding esos!
20/09/2019 10:11 AM
KL Tneoh Interest rate cut benefits is rather minimum, every 0.25 basis point cut will reduce Interest exp by USD400K, but still a positive thing.
20/09/2019 1:16 PM
shareinvestor88 Sell sell tp 1.50
22/09/2019 3:50 PM
freddiehero wah lau.. nice tp
22/09/2019 3:57 PM
kenken85 up Ady. let's sale..
23/09/2019 10:24 AM
David Ng Those looking for more information can refer to the company's PowerPoint slides during the Invest Malaysia earlier this year. They did present the dam information there.
23/09/2019 11:30 AM
limcs Turbocharger starts for last lap? lets wait for next Q report :P
23/09/2019 12:29 PM
utopia86 Sprint through RM4 , which is the Double Head from previous price on the chart. Looking forward to its continuous upward trend.
23/09/2019 12:45 PM
lloydlim Breakthrough historical high, more to go!
23/09/2019 2:02 PM
linjie 5th turbine got approve by laos government isn't ?
23/09/2019 5:09 PM


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