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Overview
Financial Highlight
HeadlinesBusiness Background Ikhmas Jaya Group Bhd is engaged in civil and building construction. The company involves in the engineering and construction of piling and foundation, bridges and buildings. Its only product is engineering and construction which includes piling and foundation, bridges and building wherein the piling and foundation it offers piling works, construction retaining walls, constructions of the basement. Piling work is the process of placing piles or supporting columns below the ground to support or to serve as the foundation for above ground structures that specialized in bore piling and micropiling. construction retaining walls used to retain soil, rock or other material in a vertical condition. constructions of basement incorporated as part of piling and foundation work.
  Peter2357 In 2015 Ikhmas Jaya IPO price is 57cts Present price of 16.5 cts is a big discount. 19/02/2019 8:35 PM dragonz98 Private Placement on 20-Feb-2018 is 0.570 It will fly over 0.57 once day. Very cheap now. 20/02/2019 11:14 AM ivan9511 need see results If super good results will back to 50sen or above this last last come results sometimes is surprise with Jakcports like Media give jackpot those goreng up up up will suddenly bad results always happen like biport also 27/02/2019 4:07 PM Peter2357 Still has hope...can hold for better quarter result ...cleaning process done 01/03/2019 8:56 PM VK Good price to enter. at support price now. reversal will happen today. Based on TA. 04/03/2019 9:51 AM dragonz98 IJGB Q4 2018 Results 31.12.2018 B1. Review of the Performance of the Group (Continued) FY2018 versus FY2017 The Group recorded a lower revenue of RM287.2 million for the current financial year ended 31 December 2018 i.e. a decrease of RM16.0 million (or 5.3%) as compared to RM303.2 million recorded in the preceding year ended 31 December 2017. The lower revenue was mainly due to the decrease in construction activities and work done as the three (3) newly secured projects were still in their initial take off phase whilst two of the existing major projects i.e. the bridge project in Melaka and mall project in Kuala Terengganu were already in their completion phase. During the current financial year under review a lower gross profit margin of 3.2% was recorded as compared to 9.8% gross profit margin achieved during the preceding year. Without the impairment charges of RM34.0 million on contract assets in the cost of sales, a higher gross profit of RM43.3 million would have been achieved and the average project margin would have been significantly higher at 15.1%. As a result of the impairment charges, the Group underperformed with a loss before tax of RM34.4 million as compared to profit before tax of RM9.7 million in the preceding year. After taking into account its tax impact, a loss after tax of RM30.6 million was recorded for the current financial year ended 31 December 2018 as compared to a profit after tax of RM5.9 million achieved in the preceding year. 05/03/2019 1:01 PM  snwong13 . Kena again! How? https://www.theedgemarkets.com/article/sunway-constructions-unit-sues-ikhmas-jaya-over-unpaid-work 05/03/2019 9:15 PM kakakemas Malaysia boleh! company kena saman pon boleh naik ka? after i left this stupid counter, the price increase. 06/03/2019 7:55 PM commonsense Ikhmas recorded a total core net loss (excluding impairments) of around RM14.2mil in FY18. Investors need to expect potential losses in the next quarter as well based on the 4Q18 result where even the gross profit margin was a negative of -25% vs 4Q17 GP margins of 3.4%. Any improvement to the bottom line can only be achieve if the government decides to increase back the infrastructure spending which might not happen in the near future. At the current environment, any new contracts won might not necessarily deliver the expected profit. Given the lack of projects at the moment, a lot of contractors are quite desperate in securing any new contract. Most are willing to submit a tender that is low (with potentially small profit only) and hoped for negotiations of variation orders afterwards at the end of the construction with the clients. Until there are more contracts/ projects to be awarded/ tendered, this depressing low profit margin environment is likely to remain. Ikhmas will most probably still post losses if not only small profit in the near quarters to come. If you are looking to hedge your portfolio outside of Ikhmas (due to its weak earnings outlook), I would recommend you to look at MBMR. (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.3x PE based on FY18 profit of RM166mil. PB is low at only 0.7x BV. FY19 should deliver another profit growth year to the company. Profit growth will again be driven by the performance of Perodua (via MBMR 22.6% holdings in Perodua) from the still strong sales of new Myvi, sales of SUV Aruz and the introduction of the newly revamp Alza sometime in the 2H19. Aruz which commands a higher margin compared to other models, will help improve the total profit margin of Perodua (which will flow to MBMR’s bottom line as well). MBMR is expected to achieve a profit of RM200mil in 2019. At the current share price, the company is being valued at only 5.1x which is a lot lower than the industry average of 15x PE. As an example, UMW (another company with exposure to Perodua) is currently trading at a PE multiple of almost 20x. Good luck. 13/03/2019 10:39 AM BigPro Many share counters you put above comment to promote MBMR, so desperate... 18/03/2019 11:41 AM  |
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