Highlights
KLSE: MUHIBAH (5703)       MUHIBBAH ENGINEERING (M) BHD MAIN : Construction
Last Price Today's Change   Day's Range   Trading Volume
0.825   -0.015 (1.79%)  0.82 - 0.86  1,833,500
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Overview

Market Cap: 400 Million
NOSH: 485 Million
Avg Volume (4 weeks):1,256,005
4 Weeks Range:0.82 - 1.02
4 Weeks Price Volatility (%):
2.50%
52 Weeks Range:0.72 - 1.98
52 Weeks Price Volatility (%):
8.33%
Average Price Target: 0.98
Price Target Upside/Downside: +0.155
Stamp duty exempted for year 2021

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2020 [#3]  |  27-Nov-2020
Next QR | Est. Ann. Date: 31-Dec-2020  |  28-Feb-2021
T4Q P/E | EY: -3.38  |  -29.55%
T4Q DY | Payout %: 3.02%  |  - %
T4Q NAPS | P/NAPS: 2.1717  |  0.38
T4Q NP Margin | ROE: -5.40%  |  -11.22%

Headlines

Date Subject
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
18-Sep-2020 Muhibbah Engineering (M) Berhad. Company’s Prospect Updates
01-Sep-2020 Muhibbah Engineering Berhad - Outlook Remains Challenging
01-Sep-2020 Muhibbah Engineering (M) - 1HFY20 Below Expectations
22-Jul-2020 Mplus Market Pulse - 22 Jul 2020
28-Jun-2020 [转贴] [MUHIBBAH ENGINEERING (M) BHD:利润减少主要是由于集团的机场特许权部门贡献的利润减少,因受到全球COVID-19大流行的不利影响] - James的股票投资James Share Investing
23-Jun-2020 【行家论股/视频】睦兴旺 估值非常诱人
23-Jun-2020 Muhibbah Engineering Berhad - Steep Decline in Earnings
23-Jun-2020 Muhibbah Engineering (M) - 1QFY20 Below Expectations
20-May-2020 Construction stocks lower
15-Apr-2020 Technical View - Muhibbah Engineering (M) Bhd (MUHIBAH, 5703)
10-Apr-2020 Trading Stocks - Muhibbah Engineering (M)
10-Apr-2020 Construction stocks continue upward trend
10-Apr-2020 M+ Online Technical Focus - 10 April 2020

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.
 
dompeilee Only drop 3 c ??? Disappointed! I was hoping to pick up MORE in the 70s =(
30/11/2020 10:25 AM
JohanPertama Be prepared to hold for up to 2 years before share price up to RM2. This counter sure up in time. But to reach RM 2 will be a while
30/11/2020 3:52 PM
dompeilee Back above 1.00. Bye bye 2 the naysayers! =)
01/12/2020 3:53 PM
salarynotenough hold on tight. entertainment and travel share are going up....muhibah is silent holder of major airport in Cambodia. Border is open for china traveller to south cambodia for its china one belt one road initiative. airport fees will be sustainable. China investment in sihanoukville requires thousand of traveller in and out and the border never close for this!
construction and engineering business will also increase once everything recover...
02/12/2020 4:02 PM
iskandar100k Big players might join in by next week.. Hang on tight.. ^_^
02/12/2020 4:16 PM
dompeilee Y the naysayers so kancheong? Back to 1.05 =)
03/12/2020 10:07 AM
darknight777 i bought at 1.04....no hope for now...
05/12/2020 10:33 PM
sadinpedas runn
07/12/2020 3:52 PM
certifiedanalyst11 the latest result only further strengthen my prior analysis on its cashflow. the only reason why it is still afloat now is because of loan moratorium, including hire purchase enjoyed by malaysian during pandemic.

Take a look at its 3Q cashflow - interest paid is halved of last year’s comparative, 33m. The interest paid should have been higher than last year’s because of higher debt level, despite reduced rate by BNM.

Eyes are on its survival after the end of moratorium, which ended 30 September.

An interesting fact from 3Q is the 40m shift from Loan payable to Bill payable, when comparing between 2Q and 3Q. That suggests the company has failed to source cheaper fund to repay term loan but rather has “refinanced” due term loan with Bank Acceptance. Most people know that Bank Acceptance is probably the most expensive debt instrument in malaysian corporate financing.

The real question to be asked is why the company did not refinance its term loan to take advantage of current lower interest rate? instead switching to higher rate’s debt? the answer is obvious, because banks are aware of its liquidity. By the way, it has 13 panel banks and not even one could provide longer term and cheaper facility - term loan?

If one has hard time understanding magnitude of its abusive debt usage, try to imagine yourself in such situation:
In 3Q, your 40m house loan is due, you dont have enough money to pay then you take credit card advances from some of 13 credit cards to pay your due house loan. But you still want to shower your wife with birthday party, dividend, for 12m in 4Q because you are afraid wife get mad at you, aka share dropping. That strongly suggests lack of financial discipline.

So where is the cash dividend from SCA, cambodian airport? why the company rather pay expensive interest than request the 200M receivable from SCA ? As I have said, apart from plausibility of recoverability of those paper profits, the company being minority in the JV has no influence on SCA’s dividend policy. How fast cambodian airport recover has no bearing to its imminent debt crisis. After all, the cash return from SCA is long term cash flow to the company, whose booked them under long term asset, not my words.

Of course with the damage brought by pandemic and ongoing new cambodian airport construction by chinese, the release of substantial dividend from SCA is even remotely possible.

There is something worth scrutinisation for what going on with its 60% subsidiary, Favelle Favco (FF), which has been self-sufficient for years, even in this year pandemic, and in 2018 it was so cash-rich to acquire a business for 40m. But in 3Q, it suddenly borrowed 28m in loan. Based on FF past years’ cash flow, the last time FF has net borrowing (proceeds) was in 2009. Throughout 10 years, it has been on net repayment, suggesting it didnt borrow more than it repaid in any given year for 10 years until Q3 2020.

Well, FF investors ought to check if any substantial related party purchase from its holding company in the coming annual report. Perhaps some repackaged junk/shell to sell to FF for channelling money into holding company, Muhibbah. FF should expect to face legal proceeding from FF’s minority shareholder if that happens.

2Qvs 3Q: Debt is raising, cash and order book are depleting, excluded FF, loss is greater. No saviour SCA dividend comes to recuse.
I dont see what is going against what I have analysed in months ago, rather 3Q provided further facts to support so. Of course, except more gamblers come into picture.

If these are not strong enough reasoning of redflags for long term investors, then I can only be amused how blindly a person can be.
08/12/2020 2:15 AM
Fundamentalist91 I do my research before purchasing but I always underestimate the effect of cashflows and debts, so when someone like @certifiedanalyst11 reminds us and made it clear for me, I really thank you.

I don't let my ego say otherwise, cause you can't fight knowledge with blind confidence, so he said it, and I said it.

well then, again, Goodluck gamblers.
08/12/2020 11:59 AM
yykyy 2021 will be back to 1.5+
08/12/2020 5:13 PM
firehawk so terrible .... :-(
09/12/2020 3:30 PM
yykyy don't worry, muhibah is strong, FAVCO is under it as well
09/12/2020 3:33 PM
soon9913 haha keep dropping ... what happen
09/12/2020 5:33 PM
soon9913 vaccine out should be good news to this counter ?
09/12/2020 5:34 PM
salarynotenough No worries...just hold.
Cambodia is the first country to open up for china to travel. Again, china have lot of interest in southern part of Cambodia. You can check the website of each city airport and you will realise main city international flight from kunming, guangzhou, beijing, xiamen, shanghai and even taipei arrive daily to cambodia. May not as frequent as pre-covid, but definitely first few to bear the fruit from china traveller. I also saw singapore, japan and south korea plane arriving and departing from Phnom Pehn. They still have monopoly on cambodia airport up to 2040!
As for engineering, oil & gas is picking up....construction is picking up....i don't think we need to worry.
Management taking drastic paycut and yet still pay dividend this year...is not that bad after all...
09/12/2020 5:59 PM
soon9913 but there is new airports under construction to replace their airport soon.
09/12/2020 6:11 PM
salarynotenough true....only for the city phnom pehn....but their contract is up to 2040. Thus there should be compensation by the government for breaching the contract.
with influx of china businessman and tourist, there will be flowover of income into siem reap airport and silhouville side.
besides from airport, i am betting on their engineering and construction since O&G and civil engineering work are picking up within Malaysia post covid.....
10/12/2020 9:10 AM
iskandar100k Its just a small retracement to break a higher high.. Not worth selling when all the good news is around the corner..
10/12/2020 2:00 PM
Keyman188 Muhibbah business also involving energy sector....

1) EPCIC OF WELLHEAD PLATFORM FOR OPHIR DEVELOPMENT PROJECT

2) TERENGGANU GAS TERMINAL PROJECT (TGAST)

3) RGT1 MINIMUM SEND OUT CAPABILITY IMPROVEMENT PROJECT

4) PETRONAS LNG TRAIN 9, STEEL STRUCTURE ERECTION WORK, BINTULU, SARAWAK

5) EPCIC ALLIANCE FOR THE LNG REGASIFICATION UNIT, ISLAND BERTH AND SUBSEA PIPELINE LEKAS PROJECT, MALACCA

6) EPCC OF THE CENTRAL OIL DISTRIBUTION (CODT) TERMINAL AT TG MANIS MUKAH, SARAWAK

7) YEMEN LNG PROJECT

8) HORIZON BULK LIQUID PRODUCTS TERMINAL ON JURONG ISLAND, SINGAPORE

9) LIQUID BULK TERMINAL PROJECT, WEST PORT, MALAYSIA

10) MG3 LUBE PLANT PROJECT, MALAYSIA

11) LNG3 BERTH BINTULU PORT, BINTULU, SARAWAK
11/12/2020 9:14 AM
Keyman188 http://muhibbah.com/main/4148/index.asp?pageid=139886
11/12/2020 9:14 AM
Rex Ang faster buy...mau terbang liao
11/12/2020 3:06 PM
Rex Ang oil gas...airport..rumah ..semua ada..tapi i beli 75sen saja..tunggu 2.00baru jual
11/12/2020 3:08 PM
dompeilee After so much naysaying...back to 1.00 again =)
14/12/2020 10:41 AM
tamp0i Baru 1.00 ah? Onced upon a time 2.00.. Beli, jgn x beli
14/12/2020 1:31 PM
awesome20 new project
15/12/2020 6:33 PM
RainT MUHIBAH

construction order book is keep on reducing


this is bad for MUHIBAH in long term and MUHIBAH management is not care to get n find more construction contract also

Muhibah management just let it be , just let the order book keep on depleting


Can anybody see that ?
23/12/2020 12:27 PM
shareinvestor88 LOSSES , BETTER SELL TP 50c
25/12/2020 9:01 PM
iskandar100k Please sell your share and let us collect ^_^
29/12/2020 9:17 AM
tamp0i Yum yum... Sedap oh sedap
29/12/2020 12:11 PM
shareinvestor88 SELLING
30/12/2020 8:32 PM
okdoke @shareinvestor88...besides Muhibah and wce what else are you selling?
31/12/2020 7:51 AM
iskandar100k @shareinvestor88 have you sold all your shares? Or did you IDSS?
31/12/2020 9:54 AM
iskandar100k I believe this stock will go up to at least RM1.5 by end of next year.. It can go up even higher if they are doing better than expected..
31/12/2020 9:58 AM
dompeilee Whoever keep harping koyak koyak like the dumbo shareinvestor88...cannot prevent the price from standing firm above $1 ....kikikkkk
31/12/2020 10:06 AM
shareinvestor88 CASES GOING UP , TRAVELERS ARE NOT FLYING
31/12/2020 11:44 PM
shareinvestor88 SELL TP 50c
31/12/2020 11:44 PM
Fundamentalist91 @dompeilee

I suggest you keep quiet, because you've brag about the price touching RM1 for more than 3 times now, and every time you did that it goes back down, now its at RM0.925.

I am just saying, if I were you, very maluuuuu le.

btw, I'm not holding any shares, just keeping track.
08/01/2021 1:03 PM
TunPika For long term good invest?
11/01/2021 12:48 PM
shareinvestor88 long term sell TP 50c
12/01/2021 12:16 AM
TunPika Why? 50c
12/01/2021 1:23 AM
iskandar100k Cause he lost a lot of money and want to ruin it for others ^_^
12/01/2021 11:23 AM
charles825 This counter need some power oh...
12/01/2021 1:05 PM
RainT Who is the FIL that keep on buy MUHIBAH ?

Big good news frm MuHIBAH SOON ?
13/01/2021 5:40 PM
Prashan Ram fidelity international..they are an investment management company..like blackrock, vanguard etc..
19/01/2021 5:26 PM
Prashan Ram muhibah is long term anyway..2-5 years holding high chance will be greatly rewarded
19/01/2021 5:27 PM
shareinvestor88 BUY BYE LONG TERM BYE TP 50c
26/01/2021 8:16 PM
iskandar100k Not going to sell for another few years until covid19 is gone.. You can easily double up your investment after the covid recovery phase..
27/01/2021 10:30 AM
canbuyla good price
27/01/2021 10:34 AM
ampabella buy oreli and keep inside the fridge, nanti rm1 please wake me up
27/01/2021 8:58 PM


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