Highlights
KLSE: MFCB (3069)       MEGA FIRST CORP BHD MAIN : Utilities
Last Price Today's Change   Day's Range   Trading Volume
5.26   -0.06 (1.13%)  5.26 - 5.39  127,700
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VivoPrince Holding steady but finding it tough to sustain above RM5.50.
15/01/2020 5:26 PM
Samtuckfatt Collin Soo, sure, today Jaks already on the move.
15/01/2020 5:33 PM
Collin Soo Samtuckfatt, thanks. Sky is the limit for both MFCB and Jaks now!
15/01/2020 5:38 PM
Jaack1 https://cdn1.i3investor.com/my/files/dfgs88n/2020/01/16/1512572546--614335868.pdf

PUBLIC INVESTMENT BANK LATEST REPORT. 12 MONTHS TARGET RM 6.29
16/01/2020 9:43 AM
gemfinder 6.29 TP !!!!!! YAHOOOO
16/01/2020 10:23 AM
pjseow Jaack, thanks fir sharing the good news. Tgt price increased from.rm 5.71 to 6.29 。MFCB will continue to move up
16/01/2020 10:34 AM
probability MFCB - Begins Transmission To Cambodia

Date: 16/01/2020

Source : PUBLIC BANK
Stock : MFCB Price Target : 6.29 | Price Call : BUY
Last Price : 5.46 | Upside/Downside : +0.83 (15.20%)



We came away from our meeting with Mega First (MFCB) last Friday with the confirmation that constructions of the Don Sahong Hydropower plant together with the transmission lines in Laos and Cambodia have been fully completed. All four turbines are fully commissioned amid the on-going dry season in Laos. The company is also escalating the process for the construction of a 5th turbine which is expected to take about 2 years. Given the softer global interest rate environment, we impute lower borrowing costs at both the operating (Don Sahong plant) and Group (MFCB) levels, which consequently lifts our SOP based TP to RM6.29 (RM5.71 previously). Outperform call is affirmed.

Selling 195MW to Cambodia. 195MW of power generated from 3 turbines is transmitted from the plant in the Champassak province to the Stung Treng electricity substation in Cambodia through the new high voltage 500kV transmission lines. The remaining 65MW will be channeled to the Ban Hat substation for domestic usage. Under the purchase agreement, the Cambodian government will buy a total of 2,900MW from Laos between 2020 and 2027, of which 500MW will come from hydropower plants at a price of 7.29 US cents/kWh and 2,400MW from coal-fired power plants for 7.70 US cents/kWh. Meanwhile, Electricite du Laos will purchase the power from the Don Sahong hydropower plant at a price of 6.15 US cents/kWh based on a “take or pay” basis.

Depending on the availability of electricity production. Though the four turbines have a combined installed capacity of 260MW/hour which can generate up to 2,000 GWh p.a., electricity production will ultimately be subject to water levels. Based on our channel checks, water levels have dropped by 10% from its normal level as the country is currently experiencing dry weather conditions until late-April. The utilization rate is expected to be lower in the coming months, averaging 76%-81%. Our assumption is based on a full-year utilization rate of 88% as electricity production could potentially hit maximum capacity during the wet period in May-Sept.

5th turbine on the way. Management has received approval-in-principle for a 5th turbine at the same site. The targeted capacity is around 50MW-65MW with an expected capex of USD50m-60m. Management plans to speed up the approval process before its EPCC contractor, Sinohydro re-mobilizes its resources elsewhere. It will be a key re-rating catalyst for the Group, potentially contributing an additional 20%-25% to the Group’s bottomline starting from 2022.

Lower borrowing costs. We cut our assumption on the finance cost by 1.5% at both the operating (Don Sahong) and Group (MFCB) levels in light of the softer interest rate environment. However, the earnings impact is relatively small as the cost saving was offset by lower earnings forecasts on the resources segment given the weak global demand. Our TP is consequently lifted to RM6.29 from RM5.71. Meanwhile, management had earlier guided that the Don Sahong project cost will be lowered from USD401m to USD366m given the lower-than-expected borrowing costs
16/01/2020 10:36 PM
pjseow probability. welcome to mfcb forum
16/01/2020 11:38 PM
limcs interested in what is maybank's point of view :P
17/01/2020 9:38 AM
pjseow limcs, sure we are interested. Had maybank.given.a.similar upgrade like what public invest did? The.last tgt price.from maybank.was 5.50.
17/01/2020 10:57 AM
limcs @pjseow, hopefully maybank can give higher tp :) such as RM 9 !
just kidding
17/01/2020 11:04 AM
pjseow limcs, I think.maybank.might give higher tp of around 6.00 but not 9 .
17/01/2020 3:22 PM
limcs @shareinvestor88, you buy back ?
17/01/2020 3:51 PM
utopia86 I honestly think that @shareinvestor88 is one of the stock market guru who constantly on sell call so that he can collect. He might potentially holding huge amount of sold ticket from the sell call. He is extremely smart!!
17/01/2020 4:13 PM
LouiseS MFCB's main business segment is building and operation of the new power plant at Laos.

MFCB's earning performance has been overall rising in last five years, whereby its earning per share overall increased from 27.5 sen to 33sen. This is reflected in current rise in the share price, outlook in next few years is promising as power plant in Laos commence operation. MFCB pays dividend consistently in the last five years, whereby dividend per share ranged from 4 to 8 sen per share. In FY2018, total dividend paid to shareholders was 4 sen per share, amounting to a dividend yield of 0.72%. Currently the P/E ratio is ~24.

https://louisesinvesting.blogspot.com/2020/01/comments-on-mega-first-corp-bhd-3069.html
21/01/2020 11:50 AM
pjseow LouiseS, Public Invest upgraded the tgt prices a few times premised on.2020 earnings when the Don.Sahong power plant went operation with projected eps of 50 sen. The forward looking PE is 11 instead of 24 of past earnings. The other attraction.is the projected dividend of 30 sen which will.give a dividend yield of 5.5 % at current price.
21/01/2020 5:44 PM
kenken85 I agree v u 88. I run also
22/01/2020 6:08 PM
Joe Ng Great chance to collect
22/01/2020 6:47 PM
pjseow The last public.invest report highlited that the Don Sahong power plant is capable to.produce 2000GW of electricity per year. With.the average of US 0.07 per kwh , the annual revenue is rm 460 million. With the estimated earning of 250 million, the gross margin is 54%.With full conversion of warrants in April , the total number of shares is 474 million which will give an eps of 53 sen. .With estimated eps of 5.sen from the resource and property division.and another 8 sen from the5th turbine project, the total eps will be about 66sen.
22/01/2020 10:46 PM
gkyt88 collect n wait
23/01/2020 8:26 AM
lloydlim Beware of correction guys!
23/01/2020 2:04 PM
Openfire Oh yes, my dearest shareinvestor88 you're back. I have been seeing you deleting all previous comment you made. How are you?

I will quote your comment next time.
28/01/2020 1:59 PM
shpg22 Not correction. Its reality check
29/01/2020 4:24 PM
limcs Slow and steady ...mfcb’s character
29/01/2020 7:21 PM
The_Reds just a minor correction...chill la
29/01/2020 8:25 PM
limcs https://www.facebook.com/groups/726842394052430/permalink/3462375487165760/

wow , COD
30/01/2020 9:30 AM
shareinvestor88 SELL CORRECTION ??
30/01/2020 3:36 PM
Jaack1 https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3019667
30/01/2020 4:37 PM
steady31 if US funds buy at 5.26 expect MFCB price to go up by at least 30% to 6.80 before they consider selling
30/01/2020 4:44 PM
The_Reds although US fund only top up a bit compared to their current 7% stakes, at least it shows their confidence in this company
30/01/2020 6:09 PM
shareinvestor88 Sell sell tp 2
30/01/2020 10:04 PM
gemfinder Fmr llc buying... goood
30/01/2020 10:08 PM
shareinvestor88 SELL CORRECTION
01/02/2020 1:42 PM
shareinvestor88 Sell sell correction tp 2
03/02/2020 12:18 AM
shareinvestor88 limit down
03/02/2020 8:31 AM
shareinvestor88 sell limit dowm
03/02/2020 5:33 PM
The_Reds MFCB has found a support at 5.20...
03/02/2020 8:07 PM
shareinvestor88 No support
04/02/2020 8:34 AM
boeyks Hi I am new Can I do a warrant conversion on line ? And how to do it Would appreciate for some assistance as new
04/02/2020 10:30 AM
pjseow With the COD certificate , MFCB is riding.the next wave of uptrend to reach the public.invest tgt.price. Expect similar tgt price upgrade of by Maybank too.
06/02/2020 9:32 AM
gemfinder fmr kepp buying mfcb.. gooddd
06/02/2020 9:56 AM
shareinvestor88 Keep selling
08/02/2020 1:33 PM
shareinvestor88 KEEP SELLING
09/02/2020 1:03 PM
Jaack1 https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3022042
09/02/2020 4:54 PM
kenken85 the share market doing badly. n this share still not dropping. sien. boring.
09/02/2020 6:28 PM
shareinvestor88 kenken85 ur right. better sell
09/02/2020 9:47 PM
Ricky Kiat dumb dumb hold (Ricky's trade mark)
15/02/2020 10:44 AM
Joe Ng Stfu shareinvestor88
15/02/2020 6:21 PM
pjseow MFCB is a.good stock.to hold.for long term . The past 18 years record showed mfcb had never lose money in any single qtr. The earnings.has.grown.from about 20 million.per year in 2002 to about 130 million in 2018, a 6.5x growth in.16 years. With.the expected.earning.of 250 million from the Don Sahong power plant, the earning.growth is 12x.which.is phenominal .This is translated to an annual growth rate of about 15%. With the expected 30 sen dividend per year, this stock.can attract more foreign institutional buyers.
17/02/2020 9:56 AM
Ali Baba with 5th turbine complete n power up, we shall see 90 cent eps with pe 10 share price should trade at least RM9 n above
17/02/2020 1:47 PM