Highlights
KLSE: MUHIBAH (5703)       MUHIBBAH ENGINEERING (M) BHD MAIN : Construction
Last Price Today's Change   Day's Range   Trading Volume
1.76   +0.04 (2.33%)  1.69 - 1.77  384,600
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Overview

Market Cap: 854 Million
NOSH: 485 Million
Avg Volume (4 weeks):2,275,410
4 Weeks Range:1.57 - 1.98
4 Weeks Price Volatility (%):
46.34%
52 Weeks Range:1.57 - 3.08
52 Weeks Price Volatility (%):
12.58%
Average Price Target: 3.05
Price Target Upside/Downside: +1.29
Stamp duty exempted for year 2020

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2019 [#3]  |  28-Nov-2019
Next QR | Est. Ann. Date: 31-Dec-2019  |  05-Mar-2020
T4Q P/E | EY: 6.51  |  15.36%
T4Q DY | Payout %: 4.23%  |  27.53%
T4Q NAPS | P/NAPS: 2.4497  |  0.72
T4Q NP Margin | ROE: 14.43%  |  11.04%

Headlines

Date Subject
15-Feb-2020 下跌股:睦兴旺RM1.72支撑
14-Feb-2020 Muhibbah Engineering (M) - Down But Not Out
23-Dec-2019 Edge Weekly Lead Story: Stocks that are undervalued by the market
29-Nov-2019 Muhibbah Engineering Berhad - Expect Better 2020
29-Nov-2019 Muhibbah Engineering (M) - Construction Drag
25-Sep-2019 【视频】睦兴旺 股价还能涨50%
04-Jun-2013 防御周期低谷·睦兴旺做大建筑蛋糕
30-Aug-2019 Muhibbah - Right on the Mark
30-Aug-2019 Muhibbah Engineering (M) - Within Expectations
29-Aug-2019 PublicInvest Research Headlines - 29 Aug 2019
29-Aug-2019 Muhibbah Engineering Berhad - Awarded With EPCI Contract
05-Jul-2019 Construction - S.O.S!
03-Jun-2019 Muhibbah Engineering Berhad - Hitting the Mark
14-May-2019 哪些建筑股前景好但股价未涨……
03-Apr-2019 Malaysian, Chinese firms Interest in Penang airport expansion
01-Mar-2019 Muhibbah Engineering Berhad - Earnings From Airports Seen Crystallizing
01-Mar-2019 Muhibbah Engineering (M) - FY18 Within Our, Above Consensus

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.
Analyze this stock with MQ Trader system

  14 people like this.
 
CharlesT Choivo Capital I want to, but finish research first.

===
CharlesT Ah jon dare to buy more to average down yr early batch of rm1.78 or not?
03/02/2020 12:34 PM
04/02/2020 3:02 PM


so when u first bought at 1.78 last week u have yet to finish yr research ah?
04/02/2020 3:38 PM
CharlesT after dropping 0.20 from yr first purchase price u chichen now ah?
04/02/2020 3:39 PM
RainT @Fabien

can share the article about MUHIBAH is inside the top 10 buy for next decade ?
05/02/2020 10:54 AM
Icon8888 I bought some

No buy no feel
05/02/2020 3:46 PM
RainT up 8% only buy?
05/02/2020 4:06 PM
Icon8888 My cost 164
05/02/2020 4:10 PM
lching icon indeed a golden finger :)
06/02/2020 9:13 AM
Choivo Capital Not chicken, disciplined!

Haha, i am forcing myself to always finish all my research before buying more.

For example, OPENSYS, my original thesis and what i found out from subsequent studying of the owners earnings, gave a somewhat different conclusion.

To finish my muhibbah research, i need to read all annual reports including original prospectus ( and compare against actual subsequent reality), to see if management is competent, do owners earnings analysis on the earnings since IPO. Do a forex differential analysis on the cambodia earnings etc.

However, i currently very busy with the restructuring of a company and agreement that has been in the news a lot for this and last year (i have not gone back from work earlier than 11pm on average for the whole year), a new business i started this year, 90 mins in the gym daily (new habit from last year), new girlfriend last year (so more paktor) and wasting time reading stupid wuxia novels (must cut this down this year).

===
CharlesT after dropping 0.20 from yr first purchase price u chichen now ah?
04/02/2020 3:39 PM
06/02/2020 11:24 AM
Choivo Capital And yes CharlesT,

No i have not finished my research, but i've always been aware of the company and liked it, and had a rough idea of the price i would like.

So i was ok with buying a very small 1%+ position first.
06/02/2020 11:27 AM
value88 Bought some at price weakness.
Its airport concession and crane segments will continue to do well in 2020. Its construction segment's revenue fluctuated a lot quarter to quarter, and depends on the progressive billings and therefore difficult to forecast...

Anyway, the price is cheap enough to collect now. The price weakness is probably due to people think the Wuhan virus would impact tourism and hence its Cambodia airport concession. Cambodia's is actually not much impacted by Wuhan virus, and if it is, the impact is not going to be long term.
06/02/2020 3:37 PM
RainT why MUHIBAH most quarter operating cash flows is negative?

nad indication ?
06/02/2020 4:20 PM
Cloudboy Major shareholder is selling....beware
06/02/2020 4:56 PM
RainT why is recent quarter 3 / 2019

the profit of infrastructure construction division is just 294,000?

it is the lowest ever?

anybody know what happen?
06/02/2020 5:13 PM
RainT @choivo

With work commitment
Where u have time to do such details analysis???

Wow

For me I will make it simpler by read available articles and annual reports
And filter out what can trust what is rubbish

Haha
06/02/2020 8:04 PM
Choivo Capital Haha because i enjoy it i guess?

Hmm you can make it simpler if its an easy to understand business, and the price is right ?

For me, i notice that when i do these kind of really detailed analysis, i discover things that i would have otherwise missed, and alot of them are quite material.

Also when you've done that level of research and you really understand the business and who you're dealing with (management), it makes it alot easier to buy more shares and sleep when prices drop significantly.

====
Posted by RainT > Feb 6, 2020 8:04 PM | Report Abuse

@choivo

With work commitment
Where u have time to do such details analysis???

Wow

For me I will make it simpler by read available articles and annual reports
And filter out what can trust what is rubbish

Haha
06/02/2020 8:15 PM
Samtuckfatt Foreign Substantial shareholders is acquiring recently
https://klse.i3investor.com/insider/substantialShareholder/5703/06-Feb-2020/478255_2030439969.jsp
06/02/2020 8:45 PM
Longi3 https://themalaysianreserve.com/2020/01/31/airport-rivalry-in-cambodia-hurts-muhibbahs-shares/
06/02/2020 10:53 PM
CharlesT Ah jon.this can cut short a lot of yr time for yr really detailed analysis or thesis
07/02/2020 6:11 AM
Choivo Capital Haha, that is probably 80% of the reason for the drop. But im concerned on a few more things.
07/02/2020 11:24 AM
Fabien "The Efficient Capital Allocater" Posted by RainT > Feb 5, 2020 10:54 AM | Report Abuse

@Fabien

can share the article about MUHIBAH is inside the top 10 buy for next decade ?


What i have is the hardcopy of weekly The Edge
08/02/2020 10:17 AM
RainT @choivo

can share what few things is your concern about MUHIBAH?
11/02/2020 11:34 AM
RainT @Fabien

I got that article already

thanks

quite simple article about MUHIBAH, does not deep into future prospect of MUHIBAH
11/02/2020 11:35 AM
chl1989 back to rm2
11/02/2020 1:02 PM
loico you think possible to back to RM2 in March?
11/02/2020 5:26 PM
RainT That foreign fund keep on buying

Anybody know where is the fund from ?
12/02/2020 12:05 AM
ozymandias https://www.construction-property.com/vinci-airports-and-sca-request-to-cooperate-with-ocic-on-the-new-airport-development/
12/02/2020 11:57 AM
12/02/2020 7:55 PM
Sky Liew 1.87 can back to 2.7?
13/02/2020 12:21 AM
chl1989 go go go
13/02/2020 9:30 AM
chl1989 tp hit. easy money. next tp 2.2 gogo
13/02/2020 3:57 PM
Choivo Capital .. why lah research still didnt finish, cannot top up T_T
13/02/2020 6:05 PM
ozymandias RainT That foreign fund keep on buying

Anybody know where is the fund from ?
12/02/2020 12:05 AM

boston
13/02/2020 6:56 PM
Sky Liew nayang 唱衰哈哈,拿edeg6天前的新闻来讲
14/02/2020 8:49 AM
RainT @choivo
faster finish your research and share with us !

today big drop, give u chance to buy
14/02/2020 7:19 PM
ragesliew Go to their yard.... they just expanded their covered workshop significantly.
No construction or fabrication company will spend this kind of money unless they are expecting or preparing for some big contract award....
16/02/2020 10:06 AM
ozymandias which yard is this
17/02/2020 9:38 AM
RainT now i know why MUHIBAH share price was waterfall recent days

it is due to Cambodia willbuild new aiport and MUHIBAH might be ask to close it airport and get compensation

the new aiprort to be complete in year 2020

then no more concession income for MUHIBAH then
17/02/2020 3:01 PM
RainT so that why la
17/02/2020 3:01 PM
RainT @ragesiew

what is their covered workshop?
u mean the construction of which projects ?

or ?

please share more
17/02/2020 3:02 PM
RainT where is the yard located ?
17/02/2020 3:04 PM
akulamatata Concession all protected by rule and contract,I think market overact on these news which yet confirm.Dun think Cambodia government want pay compensation , there always hv win win solutions.Now the price is super undervalued
19/02/2020 11:43 PM
Fabien "The Efficient Capital Allocater" the key issue is that the concession agreement does not have exclusivity clause. there is a risk of premature ending of the agrement when the new airport is completed.

anyway, right now the immediate concern is the negative impact on tourist arrivals
the lack of chinese tourists are expected to trim 0.5-1% of Cambodia's GDP
20/02/2020 8:25 PM
Fabien "The Efficient Capital Allocater" depending on what perspectives you have,

for example, Kenanga TP is RM2.35 while CIMB is RM1.50

but what is certain that sentiment would not improve unless the uncertainty surrounding the airport concession is cleared
20/02/2020 8:27 PM
ozymandias There is exclusivity clause for Phnom penh and sihanoukville. Please read kenanga report and don't blindly say things.
21/02/2020 12:04 AM
hng33 bought Muhibah at 1.82
21/02/2020 3:10 PM
Fabien "The Efficient Capital Allocater" you can say my statement is incomplete

but DONT u dare to accuse me of malicious intent

ozymandias There is exclusivity clause for Phnom penh and sihanoukville. Please read kenanga report and don't blindly say things.
21/02/2020 7:22 PM
antoniomc27 Fabien, ignore him, your comments always add value.
Do you know where could I find CIMB report on MUHIBAH, the one with TP 1.50 ? Or would you mind copy-pasting a bit of it here?
Thank you.
22/02/2020 4:28 PM
ozymandias Cimb report doesn't account for latest development regarding the potential jv
22/02/2020 7:29 PM
Fabien "The Efficient Capital Allocater" what i had is a hardcopy.

but what i can tell, the main difference between CIMB and Kenanga can be attributed to the discount factor to the computed RNAV. it's a matter of perspective really

both came up with RNAV of RM3 though the valuation of individual businesses are different as methodology is different. Kenanga with 30% discount v. CIMB 50%

that's the beauty of investing. valuation is an art.

we can't discount the fact that there are uncertainties, which i have already mentioned. it all depends on how you weight those risks v. benefits

at this price, what does it implies? what are the market expectations ?

that's the hard part that we, as investors, need to find out.

i also had a report by Nomura, which i had obtained from Muhibbah investor relation, with a TP of 2.43 with a 20% discount factor.
24/02/2020 8:16 PM
antoniomc27 Thanks for the explanation.
25/02/2020 12:51 PM


 

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