Highlights
KLSE: MUDAJYA (5085)       MUDAJAYA GROUP BHD MAIN : Construction
Last Price Today's Change   Day's Range   Trading Volume
0.315   +0.035 (12.50%)  0.28 - 0.315  8,389,500
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Overview

Market Cap: 191 Million
NOSH: 605 Million
Avg Volume (4 weeks):1,304,265
4 Weeks Range:0.265 - 0.315
4 Weeks Price Volatility (%):
100.00%
52 Weeks Range:0.145 - 0.555
52 Weeks Price Volatility (%):
41.46%
Average Price Target: 1.20
Price Target Upside/Downside: +0.885
Stamp duty exempted for year 2020

Financial Highlight

Latest Quarter | Ann. Date 31-Mar-2020 [#1]  |  28-May-2020
Next QR | Est. Ann. Date: 30-Jun-2020  |  29-Aug-2020
T4Q P/E | EY: -3.90  |  -25.64%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 0.2338  |  1.35
T4Q NP Margin | ROE: -12.51%  |  -34.54%

Headlines

Date Subject
18-May-2020 Traders Brief - Trading Activities Should Tone Down Ahead of An Extended Hari Raya Holidays
15-May-2020 Traders Brief - KLCI to Retest 1400-1418 Levels Amid a Strong Comeback by Dow and Surging Oil Prices
13-May-2020 Traders Brief - Extended Consolidation Ahead of 1Q20 GDP Release and Overnight Slump on Wall St
11-May-2020 Traders Brief - Volatility Ahead as Market Weighs Further MCO Relaxations and Trump’s China Tariff Threat
06-May-2020 Traders Brief - More Range Bound Consolidation Within 1359-1429 Band
20-Feb-2020 Trading Stocks (MID-DAY) - Mudajaya
19-Feb-2020 Technical Sell - MUDAJYA (5085)
10-Feb-2020 股市风云变幻莫测/万年船
10-Feb-2020 Stocks on Radar - Mudajaya Group (5085)
11-Jan-2020 成荣集团挑战55仙/敏源
18-Dec-2019 Construction - Reviving HSR
10-Dec-2019 Trading Stocks - Mudajaya Group
05-Dec-2019 Stocks on Radar - Mudajaya Group (5085)
03-Dec-2019 购成荣27.5% 跃大股东‧台商郭人豪:投资好时机
02-Dec-2019 Mplus Market Pulse - 2 Dec 2019
04-Nov-2019 Mplus Market Pulse - 4 Nov 2019
31-Oct-2019 PublicInvest Research Headlines - 31 Oct 2019
31-Oct-2019 Mplus Market Pulse - 31 Oct 2019
31-Oct-2019 热门股:成荣集团上挑47仙
30-Oct-2019 [转贴] [Facebook live video:浅谈Mudajaya group bhd (MudaJya)] - James的股票投资James Share Investing

Business Background

Mudajaya Group Bhd is a Malaysia based company. Along with its subsidiaries, the firm operates in four reportable segments including Construction contracts, Property, Power, and Trading, and manufacturing. Construction contracts segment is engaged in undertaking engineering, constructions works and equipment procurement. Property segment develops residential and commercial properties. Power segment is engaged in the sale of power energy. And Trading and manufacturing segment is engaged in sales and manufacturing of construction-related products. It operates in Malaysia, Indonesia, India, Republic of Mauritius and Negara Brunei Darussalam. The company generates the majority of the revenue from Construction contracts segment.
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  21 people like this.
 
winefficietly In Nov 2019, Jerry Kuo (Taiwanese Business Tycoon) emerged as major shareholder of Mudajaya (27.52%) and acquired the block at RM0.3866.
Mr. Jerry Kuo is known to be able to turn around all the companies he bought just to name one First Steamship Co Ltd. (share price double in Span of two years and managed to settled the company bank loan of US$300 mil )
He is also chairman of a few Taiwanese listed companies such as Grand Ocean Retail Group Ltd, Taiwan Environmental Scientific Co Ltd and Director of Hong Kong stock Exchange Listed satellite television producer Sandmartin International Holdings Ltd.
with so many companies in various area, it will create synergies for Mudajaya and this is also his first venture into South East Asia.
18/05/2020 3:09 PM
punter123 not sure what accounting standard allows the reversal of impairment with power selling?
RKM is under lender restructuring with massive cost overrun due to long delay in project completion. How much was cost overrun which will affect bank repayment and cashflow? The power sales announced - if read carefully is for 3 years and what is the tariff rate? Any potential collection issues? etc

Based on Q4 announcement, current borrowing (due within a year) is 416.5mil, whilst cash balance is only 301.8mil and a big portion is pledged per AR 2018. Where are they going to find the 116mil in the next few months to repay current borrowing due? From project collection (Total Trade receivable is 159m vs Trade Payables of 187m)? Based on announcement, supposed to raise fund via placement to bring cash in, what happen?

If not managed carefully, cashflow and going concern issue i.e PN17.
18/05/2020 11:02 PM
punter123 A lot of risks, vs promoted by the win....on potential good news but based on the announcement, no major contract win so far.
18/05/2020 11:03 PM
punter123 They started to pay tax due to turnaround? tax paid - related to year 2012 - 13 per Q4 report (note 18), . Required to pay tax by IRB for assessment year of 7-8 years old must be due to tax audit, not turnaround. What was the issue and how much penalty? Are there additional issues?
18/05/2020 11:12 PM
winefficietly Based on Note 18, the tax required to paid to IRB is for YA 2012 and 2013 was likely due to Composite assessment . Furthermore, in the cash flow, tax refunded amounting to RM14.1 mil.
With tax refunded, do you think likely any tax issues ?
19/05/2020 12:06 AM
winefficietly In the segment reporting note 8, the segment in the construction contract on Q4, 2018 was RM4 mil and whereas Q4, 2019 was RM11.5 mil. How can the total income tax expense of RM11.5 (for Construction contract) or RM12.9 mil (for all sectors) due to tax audit ?
Further in the same segment reporting, construction contract segment achieved profit after tax of RM7.6 mil in Q4, 2019 whereas in Q4, 2018 Loss after tax of (RM22.8)mil. This indicate a turnaround of the company in Q4, 2019
19/05/2020 12:34 AM
punter123 Just sharing info going through their qtrly and annual report,
tax refund - it could be due to long oustanding tax credit refund (corporate & GST) processed under PH government with fund from Petronas etc as reported in the news. Additional tax is for assessment year 2012 -13, typically tax file is closed after 7 years. These are the questions to be raised in upcoming AGM to the management.

Q419 vs Q418 - Q418 loss due to one-off MRT3 cost etc (note 14) whilst finalization of change orders for Pengerang projects (old and completed projects). Prospects are on contract on hand? What are they? Please ask management in AGM, especially LRT3.
19/05/2020 10:22 AM
winefficietly Just chatting on Tax issues, if there is any tax evasion issues under S140 Income Tax Act, 1967, the time limit Given to Director General is virtually huge and time frame can exceed statute bar of 5 years under S91(3) of Income Tax Act ( kindly read details) in order to close tax file for that reasons is unlikely as need to have proper justification to IRB. Furthermore, Tax refund amount RM14.1 is considered relatively huge in this circumstance. Seem highly unlikely have tax issue(s) on the subject under this circumstance.
19/05/2020 11:04 AM
winefficietly As mention in in earlier chatting on segment reporting in Note 8 on construction contract segment which shown segment achieve Profit after Tax of RM7.6 mil for Q4, 2019 whereas in Q4, 2018 Loss after Tax of RM(22.8) mil. If this is not indicative turnaround, what else ?
As investors in Bursa Malaysia certain level of risk need to consider in order to have appropriate return. (Risk and return theory)
Furthermore, majority of companies listed on Bursa their price was based on future prospect provided the past not that detriment to company.
In Mudajaya case, the Power Generated already being supplied to Uttah Pradesh Power Corporation.
19/05/2020 11:32 AM
winefficietly With the power sales, reversal of impairment is a matter of timing ( based on report approximately RM185 mil) and likely in 2020 especially in Q1 2020 or Q2, 2020 for the 900 MW which being ink in Feb 2020 as the projection for the project will be positive in particular profitability and cash flow for short to medium term as well as long term.
19/05/2020 11:38 AM
winefficietly With Jerry Kuo emerged as major shareholder in Nov, 2019 with 27.52% at average price of RM0.3866 per share.
Mr. Jerry Kuo has managed to turn around all the companies he bought into without any exception so far according to report dated 25.11.2020.
He has vast experience in Shipping, logistics, departmental stores, hospitality, financial services and real estate development and latest is construction which is the missing link in his portfolio of industry (Mudajaya fit nicely in).
He would make like to make Mudajaya Great again and restore it to it former glory.
With the synergy created from his portfolio of company Mudajaya will likely on collaboration contract regionally in particular waste and renewable energy.
This will make Mudajaya good investment for small investors with great backing from substantially shareholder
19/05/2020 12:21 PM
Alfonso Restore to glory also not really glory, MCBai this time really hard game already, no project, lost of trust, no capability but only high liability including their HQ office with bunch of high salary management team with low or almost no productivity.
Kuo is a smart guy but sometime smart guy can lost also, as long as others investment of KUO still profitable, he considered success. Wrong is wrong he cant turn back but learn from mistake. All the best my KUO bro.
19/05/2020 3:08 PM
Alfonso Kuo is really a great tycoon, but how a tycoon going to change the monkey in MCBai to human form? this is really interesting~
19/05/2020 3:12 PM
winefficietly https://www.theedgemarkets.com/article/ecrls-section-association-wants-govt-give-priority-bumiputera-local-contractors?type=malaysia
19/05/2020 10:09 PM
winefficietly Analyze on weekly or monthly chat of this counter shown that the price was at high of RM0.555 or 0.545 on 21.01.2020 (before CNY and Pre COVID 19) and it retrace to low of RM0.175 on 19.03.2020 (at the peak of COVID19 with Dow Jones also badly effected)
Since then it set the base higher and higher level each month end that is RM0.22 on 31.03.2020 and RM0.305 on 30.04.2020.
Current share price at RM0.315 creat a good possibility to look into this counter as it’s only 56% of it pre covid 19 price and likely to set the month end (which is around the corner) higher and higher compared to previous month based on March and April 2020 month end price movement.
20/05/2020 11:26 AM
winefficietly If look compared IFCA and Mudajaya from Pre-Covid 19 which price of IFCA was RM0.440 on 22.01..2020 and retract to low of RM0.170 on 19.05.2020 at the peak of Covid 19 with Dow Jones also badly effected)
For IFCA it had move to RM0.370 at the moment which is 84% compared to Mudajaya which is only 56%.( if compared with other counters which in similar situation ). Hence it is good chance for investors to look into Mudajaya which present a good opportunity to look into it
20/05/2020 3:40 PM
winefficietly With the volume shrinking to 4.2 mil shares transacted today, it seem like accumulation being done at this level of price. In normal circumstances, potential share like Mudajaya to move forward, it need to move slowly at earlier stage. Once it break the resistance level, it will move upward at leaps and bounds and potential investors have to pay higher price for their investment.
Hence to look at Mudajaya at this juncture is consider a low risk (low Beta).
With the potential good news from it long awaited power plant impairment write back (as power already supplied to Uttah Pradesh Power corporation) and expected to generate handsome profit from power sales. Furthermore, With possible benefit from Malaysia - Singapore high speed rail restart the outlook look positive.
20/05/2020 9:51 PM
Alfonso pls lah wakeup lah MCBai!, enuf of sleeping already. there is no spoon feed banana, go find yourself lah wei
21/05/2020 10:13 AM
winefficietly Based on histogram bar, the bar enter the 9 days of Red zone. Under majority circumstances and there will be likely to be a green bar. (Market norm in the past shown 4 Red histogram bar will normally return with at least 1 green histogram bar and / or with continuation of green Histogram bar). Hence with current 9 red histogram bar it is relatively good opportunity to look into this counter.
21/05/2020 12:41 PM
winefficietly Based on T3 (18.05.2020) volume due today was 11.6 mil shares and til now the volume only 2.5 mil shares which shown the volume shrinking at 3.5 times with price range between RM0.315 to Rm0.320. Hence, can look from the point of accumulation took place at this level.
21/05/2020 4:17 PM
winefficietly For Mudajaya if look back the history in particular power plant has been haunting the group since inception and causing the price to depress.
With the power already being supplied to Uttah Pradesh Power Corp Ltd and further research on i3 comments shown that in July 2014 by a reputable investors if all go well it will generate “... 26% in the joint venture and its estimated profit is about RM70 mil per year for 25 years which all investors have been waiting for”
Since power supplies just being started, further assume only 20% of figure mention earlier, the profitability for the group for current year will likely be good.
Study of this counter is timely.
22/05/2020 8:54 AM
Benjamin888 share movement involving substantial shareholder Lee family on 22 May..
insider...any chance of price being pushed up like other counters with lot of punters and HK players?
23/05/2020 2:49 PM
trade88 Idiot counter..
27/05/2020 12:05 PM
hng33 bought mudajaya at 30.5sen
27/05/2020 4:59 PM
johnny cash EARNING REPORT OUT TODAY
28/05/2020 6:57 PM
punter123 yes, loss narrowed to around 5m vs 42m last year same quarter, in the absence of share of loss from RKM. Construction reported loss of about 4m...spot on..winefficietly…:-)
Hope they have some luck with ECRL projects and upcoming solar bids....
28/05/2020 7:23 PM
winefficietly With the losses narrowed as mention by Punter123 which is from (RM41.6) mil (loss for the period on Q1, 2019) Vs (RM5.5) mil ( loss for period on Q1, 2020). Major contributor to the current Quarter was due to Foreign Exchange Loss of RM(11.4) mil. This mainly due to EMTN USD $40 mil and term loan in USD $70 which is mark to current exchange rates which ringgit anticipate highly unlikely to have depreciated further. Hence, the exchange losses translation highly unlikely to recurred as crude oil prices relatively higher compared to volatile situation in March and April 2020.
If not because of Forex losses, the group would have profit before Tax of RM5.9 mil.
28/05/2020 10:11 PM
winefficietly If look further on the Condensed Consolidated Statement of Cash Flow for Q1, 2020, the group had generated RM67.2 mil in Q1, 2020 compared to RM14.7 mil in Q1, 2019 from Cash flow from Operating Activities. This shown that the group will likely to generated even higher cash flow from operating activities in the following few Quarters considering the Renewal energy of 49 MW solar photovoltaic (PV) power plant in Perak and 10 MW PV plant in Pahang continue given full contribution in Quarters to come and no further drain from RKM in coming quarter but likely to generate Income instead as the sales of power already being sealed with Buyer.
28/05/2020 11:03 PM
winefficietly With news release today (28.05.2020) on Ministry to offer 1000 MW solar Quota under LSS@MenTARI programme which set the maximum bidding capacity from each developer at 50 MW which give more opportunity for industry players to participate in bidding process and each developer can make maximum 3 bids.
With the above, not many Public Listed Company have experience in the area of Solar Renewal energy and Mudajaya fall nicely in the categories. Hence highly likely to participate in the upcoming bidding considering Mudajaya expertise in the area.
Hence, high time to evaluate the counter
28/05/2020 11:25 PM
probability go go Mudajaya!
28/05/2020 11:29 PM
winefficietly Another area to consider is the Singapore - KL high speed rail estimated to cost RM68 billion with 60 civil works packages and more than 5000 subcontract packages will benefit construction counters which coincidentally Mudajaya vested with tremendous experience in the area with their former involvement in MRT3 and LRT3.
All this give good indication to go details analysis and evaluations on the counter for coming period to come
28/05/2020 11:51 PM
Alfonso There are a lot of good companies in Malaysia, we shouldn't waste time on this lousy counter hoping that the new management could bring Mudabanglajaya to next high level. We appreciate any single penny on hand. we have the selection power, just go for steadily growth company.
02/06/2020 3:02 PM
Orson Chin hope india there can settle and bring huge profit back
04/06/2020 10:32 PM
Alfonso if india can settle, india already become indianajohn
05/06/2020 4:35 PM
Alfonso Mudabanglajaya, please wake up already dont dancing around in the your menara already
06/06/2020 10:44 AM
TailWagsDog Winefficietly,
Isn't write-back of assets merey a book entry? There is no cash involved and It does not affect the overall health of the company. Is this correct?
23/06/2020 5:36 PM
TailWagsDog What matters is whether the power plant generates cash and profits for the company. Irrespective of book value of the asset. Right?
23/06/2020 5:38 PM
TailWagsDog What I mean is, write-back or no write-back, it's already in the share price.
23/06/2020 5:40 PM
rivter 0.27 buy in 300 lot~~ this price damn cheap~
25/06/2020 6:07 PM
rivter around 0.27~0.30 u keep for long term not 50%~100% return i tiok kuku~ insider news
26/06/2020 10:28 AM
winefficietly Mudajaya impairment for the previous year which highly likely to be reverse in coming Quarter(s) in view of commencement of sales of power to Uttar Pradesh Power Corp Ltd.
The prior year written off is via P
26/06/2020 4:31 PM
winefficietly The prior year written off via P
26/06/2020 4:36 PM
winefficietly The prior year written off via Profit and Loss will be reverse in coming Quarters which will likely to contribute positively to the results.
The written back will not effect cash flow but increase value of the group assets directly or indirectly.
Hence , a good case study for coming period
26/06/2020 5:02 PM
winefficietly https://www.theedgemarkets.com/article/govt-continue-megaprojects-do-not-require-additional-funding-says-muhyiddin?type=malaysia
28/06/2020 10:00 AM
winefficietly https://www.theedgemarkets.com/article/govt-continue-megaprojects-do-not-require-additional-funding-says-muhyiddin?type=malaysia
28/06/2020 10:01 AM
fruitcake slept for 3 months. shame on you & pity your staff. what is the point of listing
08/07/2020 3:03 PM
Davidl Finally wake up after fruitcake commented here!
10/07/2020 2:26 PM
Davidl Glove stocks going to collapse soon, better stay at Mudajya
10/07/2020 4:09 PM
fruitcake chapter closed
10/07/2020 5:06 PM
lloydlim Time to accumulate!
10/07/2020 7:17 PM


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