Highlights
KLSE: MUHIBAH (5703)       MUHIBBAH ENGINEERING (M) BHD MAIN : Construction
Last Price Today's Change   Day's Range   Trading Volume
0.895   -0.015 (1.65%)  0.895 - 0.915  545,800
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Overview

Market Cap: 434 Million
NOSH: 485 Million
Avg Volume (4 weeks):680,327
4 Weeks Range:0.885 - 0.995
4 Weeks Price Volatility (%):
9.09%
52 Weeks Range:0.725 - 1.21
52 Weeks Price Volatility (%):
35.05%
Average Price Target: 1.25
Price Target Upside/Downside: +0.355
Stamp duty exempted for year 2021

Financial Highlight

Latest Quarter | Ann. Date 31-Mar-2021 [#1]  |  27-May-2021
Next QR | Est. Ann. Date: 30-Jun-2021  |  28-Aug-2021
T4Q P/E | EY: -3.53  |  -28.33%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 2.2816  |  0.39
T4Q NP Margin | ROE: -9.09%  |  -11.11%

Headlines

Date Subject
09-Jun-2021 睦兴旺迈向RM1.15/敏源
05-Apr-2021 【行家论股/视频】睦兴旺 全年业绩比预期差
31-Mar-2021 PublicInvest Research Headlines - 31 Mar 2021
31-Mar-2021 Muhibbah Engineering (M) - FY20 Within Our Expectation
16-Mar-2021 睦兴旺挑战RM1.23/敏源
22-Feb-2021 Stocks on Radar - Muhibbah Engineering (M) (5703)
04-Jan-2021 睦兴旺全年盈利预测下调
30-Nov-2020 Muhibbah Engineering Berhad - Bleak Outlook to Persist
30-Nov-2020 Muhibbah Engineering (M) - 9MFY20 Below, But Light Emerging
16-Nov-2020 MODERNA BREAKTHROUGH: WATCH THIS SMALL CAP AIRPORT OPERATOR
16-Nov-2020 AN UNDERVALUED AIRPORT COMPANY
11-Nov-2020 Daily technical highlights – (YTLREIT, MUHIBAH)
21-Oct-2020 [转贴] MUHIBBAH ENGINEERING (M) BHD - E.E Cameron

Business Background

Muhibbah Engineering (M) Bhd is engaged in providing oil and gas, marine, infrastructure, civil and structural engineering contract works. In addition to these, it also manufactures engineering products and distributes and markets construction materials. The segments in which the group operates includes Infrastructure construction, Cranes, Marine shipbuilding and ship repair and Concession. Business activity of the company is functioned through Asia, Europe, America, Middle East and Australia. Muhibbah derives most of the revenue from construction contracts, goods sold and services rendered, dividend income and rental income.
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  15 people like this.
 
Eastern686 Certified analyst so professional in both his analysis & his impeccable command of English.
31/03/2021 8:25 AM
CertifiedAnalyst While GDP of every countries that Muhibbah operates has shrunk in 2020, Muhibbah's fixed assets surged 10% in the same year. Such accounting treatment is definitely warrant scrutinization, or perhaps Muhibbah is really as amazing as "is very good stock, indeed".
31/03/2021 8:54 AM
Bgt 9963 Post removed. Why?
31/03/2021 9:00 AM
Keyman188 Keyman188 already earned handsome profit about 115% for the past 12 months with up & down few rounds...

But unfortunately until now, management hasn't yet to revamp losses quarter by quarter...

So Keyman188 had switched to KPS since KPS can producing substantial growth for the last 2 quarters despite unprecedented virus pandemic last year...

Keyman188 will relook this Muhibbah again once manage to revamp losses but at this moment not the right time...


CHEERS...
31/03/2021 9:15 AM
Warrenbuffet888 Any dividend announces?
31/03/2021 9:23 AM
Keyman188 Based on the latest financial performance announcement...

Management no plan yet...

Maybe management wait & see approach the market conditions....

Last year Keyman188 had collected 2.5 cents dividend...

Normally whatever dividend payout will make it end of the year (referring to ex-date)...
31/03/2021 9:31 AM
RainT @certified analyst

thanks for your good feedback

by the way which types are you ?

still holding MUHIBAH shares at loss or profit : if you say until so bad, why still holding ?

not holding any MUHIBAH shares : then why bother to bad comment on it ?
01/04/2021 3:49 PM
RainT But if so bad, why the FIL LIMITED is keep on buying MUHIBAH shares ??

curious
01/04/2021 3:50 PM
RISK8888 Next QR will be green. Im sure buy now will earn some % by next QR. Why? Cause the revenue can reach 300mil this QR. It means operation already making profit. So long no write down or impairment. Next qr sure green. Buy now wait for 2 months only cause next qr out by May month.
01/04/2021 4:13 PM
varane These shares been keeping by epf without any selling so far..the price already at very low..presently reflecting a good value. Just keep it will rise once post covid.
01/04/2021 4:56 PM
CertifiedAnalyst I dont need to be either type to articulate facts, and while stereotyping seems effortless, it undermines one's ability to objectively seeking truth.

Since mid of 2020, both EPF and Lembaga Tabung Haji have ceased to be significant investor of Muhibbah, and ever since then it has not announced any of their subsequent purchase of its share, indicating their shareholdings are lower but not higher than those of prior to that cessation, a revelation that whether they have gradually reduced their positions to extremely immaterial level will come to light end of this month.

*Ceased to be significant shareholder = the company is no longer obliged to report investor's buy or sell transactions because that investor holds immaterial level of position. It does not imply that such investor remains holding the shares. Just as Muhibbah does not report your transactions, it also stop to report those of EPF and LTH.

Managing Luxembourg funds rated 6 out of 7 in risk, FIL's fund managers are expected to include miracle elements in their portfolios. However, justifying such share acquisition as indication of "good buy for long term", "safe", and "sure things" is rather naive.

Posting RM123 million loss in 2020, of which only about 10% is non-recurring cost due to restructuring, indicates on-going construction projects are generally running in negative margin, completing them further only yields similar margins, a notion of construction profit recognition. Without new, positive margin project, the company is expected to further announce huge red for construction segment that has balance of RM500 million worth of negatively margined orders.

The company will make profit only if its crane and airport contribute significant profits to offset loss making construction. Given the slower than expected rollout and bottlenecked supply of covid-19 vaccines, it is unlikely to see airport industry to triumph in 2021.

But the most crucial question of all is that with all these circumstances, how Muhibbah repay a billion ringgit debts due in 12 months?
02/04/2021 6:12 AM
Dongbei Great input from CertifiedAnalyst as usually..certainly valid issues raised...I own Muhibbah shares but always prefer critical fact based analysis..
02/04/2021 7:32 AM
RISK8888 Dont worry, buy now and wait for next qr to see first profit after do many loss qr. next qr sure green after flushing out all write down this year. Still got cash 600mil. No worries.
02/04/2021 12:34 PM
firehawk a bit unexpected, dropping not much after the QR released, surely a disappointment for those want to load ...... hoping for next week ......
02/04/2021 2:51 PM
RainT @Certified Analyst

Useful inputs from you

plus, smooth English of u
02/04/2021 3:15 PM
RainT My concern is depleting construction order book

as they do not announce any order book replenishment recently , also the sector wise , construction is bad

to add salt to its wound, the airport segments in Cambodia also will recover anytime soon
02/04/2021 3:17 PM
BountyOfTheBourse wait for bn govt to return to power la
02/04/2021 3:41 PM
BountyOfTheBourse itu ph govt or even now rebranded as pn govt where got boleh pakai punya
02/04/2021 3:42 PM
BountyOfTheBourse only bn govt know how to administer economy properly
02/04/2021 3:43 PM
varane 2x5, 5x2, sama sajalah semua. Rakyat is the mangsa, penuhkan poket sendiri saja. BN pandai tutup lubang saja, tapi itu lubang tetap jadi lubang besar satu hari nanti.
03/04/2021 9:35 PM
SemutApi Bought at RM1.06 and sold today
05/04/2021 7:32 PM
RISK8888 good job...wait till next QR, should be able to get bit higher price, very fast less than 2mths QR will be out.
05/04/2021 9:50 PM
Bgt 9963 Post removed. Why?
05/04/2021 10:13 PM
tamp0i I am queuing at 0.85 anybody would like to sell down to me?
05/04/2021 11:00 PM
firehawk hope will drop, at least, below rm1 ....
05/04/2021 11:08 PM
MorningGlory123 Cambodia: Parts of Phnom Penh in lockdown as Covid-19 cases soar; 477 new cases confirmed

https://www.thestar.com.my/aseanplus/aseanplus-news/2021/04/10/cambodia-parts-of-phnom-penh-in-lockdown-as-covid-19-cases-soar-477-new-cases-confirmed
10/04/2021 9:05 PM
MorningGlory123 Not looking good for airport operator, no chance to restart airline route
10/04/2021 9:06 PM
firehawk yes, many bad news and analyst also said no good, should SELL now !!
12/04/2021 9:22 AM
SemutApi Bought at RM1.09 last week and sold at lost today as to reposition.
19/04/2021 9:00 PM
limkokthye fil limited stop buying liao, thay y cannot up
21/04/2021 10:50 AM
Keyman188 Cambodia's Covid-19 death toll rises to 120 with six new fatalities; people advised 'vaccine and good hygiene' the only way to overcome pandemic

(Monday, 10 May 2021 / 12:37 PM MYT)

PHNOM PENH, May 9 (Xinhua): Cambodia's death toll from Covid19 has surged to 120 on Sunday night (May 9) after six new fatalities were reported in the last 24 hours, the Ministry of Health said in a statement.

The South-East Asian nation also logged 520 new cases, pushing the national case tally to 19,237, the statement said, adding that the new infections included 515 local cases and five imported cases.

Meanwhile, the kingdom saw 301 patients recovered, taking the total number of recoveries to 7,641.

Health Ministry's secretary of state and spokeswoman Or Vandine called on the people to continue complying with health safety measures and urged them to receive COVID-19 vaccines when their turns come.

"New normal is going to be our way for living with the Covid-19 for a long time, so protecting yourselves from infecting with the Covid-19 is the top priority," she said.

"Vaccine and good hygiene are the best choice."

Cambodia has been enduring the third wave of Covid-19 community transmission since Feb. 20.

In a bid to flatten the infection curve, the country has closed down all schools, sports facilities, museums, cinemas, and entertainment venues nationwide and has imposed lockdowns in some areas which are deemed to have a high risk of infections.

The country launched an anti-Covid-19 inoculation drive on Feb 10. To date, more than 1.7 million out of the kingdom's 16-million population have been vaccinated against the virus, the Ministry of Health said. - Xinhua


## https://www.thestar.com.my/aseanplus/aseanplus-news/2021/05/10/cambodia039s-covid-19-death-toll-rises-to-120-with-six-new-fatalities-people-advised-039vaccine-and-good-hygiene039-the-only-way-to-overcome-pandemic
10/05/2021 2:26 PM
Keyman188 Aiyo...any impact for Airport operators !!!...
10/05/2021 2:27 PM
limkokthye Die drop back
11/05/2021 11:55 AM
limkokthye from 1.20 can drop till 93sen , ccb stock
17/05/2021 4:53 PM
Keyman188 Wahhh...like that very high possibility this week can easily drop below 0.90 liao...

So Keyman188 expected can retest 0.80 soon either this week or latest next week (before month end)...

Seem like upcoming quarterly report unavoidable bleeding heavily again...
17/05/2021 5:08 PM
ampabella lai ahhhhh, chiong 9 eeeeereeeee
18/05/2021 11:12 PM
RISK8888 Start recover from here 0.9. The worse is over. I forsee price to double in one year from now.
28/05/2021 7:50 AM
RISK8888 Aiya, about to start engine. Fmco puls
29/05/2021 12:07 AM
Moratorium Hmm, this Pandanus and FIL seems to be accumulating Muhibbah lately. Mau privatise also ka?
08/06/2021 11:18 PM
limkokthye Wait for 80sen
26/06/2021 11:57 AM
lovreblue anyone join today AGM, any comment?
29/06/2021 4:47 PM
limkokthye c liao ff selling liao
12/07/2021 9:40 PM
Longi3 If you look at the sell volume, it's a small volume compared to buy volume previously.. It shows they have great confidence in this company.
12/07/2021 9:50 PM
Bgt 9963 Post removed. Why?
13/07/2021 8:49 AM
nurnuha55 Bank Fraud by Muhibbah Engineering

I am a former employee of Muhibbah Engineering (M) Bhd (12737-K). During my tenure in the company, I discovered that the company submitted fraudulent invoices to multiple banks, among its 13 panel banks, for its Bankers Acceptance, BA, applications.

Evidenced in its 2020 annual report, total proceeds from BA's drawdown (bills payable's), 2020: RM1.2B & 2019: RM1.7B, of the company in both years are greater than corresponding years' revenue and cost of sales, 2020: RM0.7B & 2019: RM1.0B, exceeding by RM1.2 billion. As the notion of BA is financing trade transactions, that financed amount during the year is significantly greater than total trade transactions (both sales & purchases) amount warrants serious scrutiny into this matter.

I understand that overlapping might not have occurred in purchase BA applications, because bank disbursements are made directly to suppliers. But, fraudulent invoices are often requested by the company's account department, with my involvement in getting vendors’ cooperation in doctoring billed items of invoices to match banks’ requirement: material in nature. Moreover, most, if not all, invoices date is manually typed or stamped by the department on the same day of application. Confronted by vendors, the company's management responded that those practises are not illegal and reasoned on a flawed logic that the parent company's bank facility is utilised by a fully owned subsidiary. However, deliberately submitting an fraudulent invoice for trade financing, whose stated information is not accounted for in the borrower's book and used by the bank as basis for lending approval, is utterly wrong.

Stakes are even greater in sales BA applications, in which individual bank lacks visibility into another bank's BA applications of which the company applied simultaneously with fraudulent or genuine invoices, the banks ought to preempt further compounding of such overlapping, fraudulent lending. I have informal inside its account department telling me the incidents of overlapping sales BA applications. Requesting the company's auditor to provide segregated BA proceeds from drawdown, into sales and purchases, is the most straightforward way to discover that total amount of sales BA application by the company is higher than its group external revenue, excluding FFB's, confirming overlapping submissions while assuming that logic of its management is plausible.

To compensate on financial loss, Muhibbah's shareholders are advised to contact minority shareholder watchgroup at https://www.mswg.org.my/ to file a case lawsuits against its directors who are liable under law for fraudulent conducts.


c.c. : banks' compliance teams, minority shareholder watchgroup, crowe horwath
08/08/2021 2:03 AM
Bgt 9963 Post removed. Why?
08/08/2021 10:36 AM
Kopi O QR?
02/09/2021 11:29 AM
Airbond916 I have some working experience in banking facilities and as a long term shareholders of Muhibbah, perhaps I could share some of my knowledge on BA with Nur.

Many bankers do approve holding company’s banking facilities could be utilised by their subsidiaries for ease of administration. Therefore, the holding Co ‘s BA can fund the whole group working capital requirement.

Based on audited accounts, you could work out that there is no overdrawn of BA as the year end outstanding BA @RM600 m is well within the working capital requirement of the group. Take note that there is actually net repayment of BA in year 2020, as whole year repayment of BA was more than total amount drawdown.

For BA financing purpose, documents are required to substantiate and describe the nature of the trade transactions in format required by bankers, which could varies from bank to bank. It is also compulsory for all bankers to confirm the amount of all banking facilities outstanding ( including BA ) to the Company ‘s external auditors in every annual audit . So there is strong evidence that there is no understatement of liabilities in this aspect.

As shareholders, am really appreciate and thankful to the directors and managements’ efforts to pursue BA financing as BA interest rate is lower by 1.5 % to 3 % as compared to other financing products such as revolving credits and overdrafts. Therefore, you shall realize that - in contrast to the loss as alleged by you, there is saving of many millions of interest costs to Muhibbah over the years instead .
11/09/2021 4:41 PM
Bgt 9963 Salted fish comes alive..
11/09/2021 6:00 PM
alan55 Even BNM auditors acknowledged that it is extremely challenging for banks to verify or authenticate local trade financing via BA instrument. Kiting for cheap financing and roll over of financing is not uncommon. So long as the "music" has not stopped, everybody is happy, but the real risks is when the music stops, some bankers will be ended up without a chair (the unsecured ones). Even for BA to finance purchases and you said funds are routed to the "Suppliers", there are ways to verify but I shall keep this as my secret for now.
Let us be honest, how many lenders and trade finance personnel at banks know how to "smell out fraudulent trade financing transactions?
I will be pleased to offer my 2 cents worth sharing for those willing to pay.
24/09/2021 11:39 AM


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