KLSE: MFCB (3069)       MEGA FIRST CORP BHD MAIN : Utilities
Last Price Today's Change   Day's Range   Trading Volume
4.78   +0.04 (0.84%)  4.76 - 4.80  144,900
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Price Target

Date Open Price Target Price Upside/Downside Price Call Source
14/11/2019 4.75 5.71 +0.96 (20.21%) BUY PUBLIC BANK
04/11/2019 4.41 5.71 +1.30 (29.48%) BUY PUBLIC BANK
08/10/2019 4.28 5.00 +0.72 (16.82%) BUY MAYBANK
23/08/2019 3.72 5.04 +1.32 (35.48%) BUY PUBLIC BANK
23/08/2019 3.72 4.35 +0.63 (16.94%) BUY MAYBANK
15/08/2019 3.65 5.04 +1.39 (38.08%) BUY PUBLIC BANK
29/07/2019 3.84 5.04 +1.20 (31.25%) BUY PUBLIC BANK
17/07/2019 3.88 4.35 +0.47 (12.11%) BUY MAYBANK
30/05/2019 3.39 5.04 +1.65 (48.67%) BUY PUBLIC BANK

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  10 people like this.
linjie when start showing np from don sahong which should be another 2 qtr
05/11/2019 9:00 PM
pjseow projected eps for 2019,2020 and 2021 are 20.7 s, 48.9s and 50.2s respectively. Dividend yield projected are 31 s for both 2020and 2021. This give dividend yield of 6.8 % at today closing price of 4.56. Report from Nanyang quoting public invest analyst.
05/11/2019 10:41 PM
shpg22 Hope is not another LONBISC from Public invest
05/11/2019 10:43 PM
newbie5354_ 05-Nov-2019 Additional Listing ESOS - 13,000 shares at 2.000.
31-Oct-2019 Additional Listing Exercise of Warrants - 1,123,011 shares at 2.220.
31-Oct-2019 Insider FMR LLC (a substantial shareholder) disposed 200,000 shares on 29-Oct-2019.
06/11/2019 10:49 AM
newbie5354_ ESOS RM 2, exercise W, FMR LLC disposed why is good news?
06/11/2019 10:49 AM
utopia86 Warrant conversion and ESOS is all expected, nothing much to worry because the future earning is high. Disposed share by someone also meaning acquisition share by another!! It depends on how you look at it. Half full or half empty?? I am seeing the light at the end of the tunnel !!
06/11/2019 12:58 PM
leong1188 The FMR LLC has been holding since 10 yrs ago with the entry cost easily at only RM1-1.60. Based on the current prices, profit taking from them is normal given the huge gains they have made in this stock.
06/11/2019 2:07 PM
limcs FMR LLC already masuk pocket > 100% of return ... their pocket should be very warm now :)

Huat !!!
06/11/2019 2:21 PM
Joe Ng I think they are trying to push the price down by the share sale to buy at lower prices...
06/11/2019 4:32 PM
Joe Ng But apparently they cant now
06/11/2019 4:32 PM
utopia86 You definitely can't hold back a running horse! You need to ride on it to your destination!
06/11/2019 4:37 PM
factslim1 Maintain outperform with a higher target price (TP) of RM5.71: It is pleasing that Mega First Corp Bhd’s (MFCB) Don Sahong Hydropower Project in Laos is almost complete pending testing of all four turbines and will be ready for operations ahead of the commencement of its power purchase agreement (PPA) on Jan 1, 2020 under a “take or pay” scheme. Meanwhile, MFCB’s third quarter of financial year 2019 results are expected to be released on Nov 18 with expectations of smaller construction earnings recognition given that the hydropower plant was in its tail-end stages. We raise our sum-of-the-parts-based TP to RM5.71 after removing a 10% discount attached to our valuation model with the dissipation of construction risks as well as the lower beta attached given the plant’s completion ahead of the timeline.
06/11/2019 5:14 PM
leong1188 FMR won't buy back la. they are sitting with a gain of more than 250%. There is a mandate to sell once it reaches the certain level of gains. Same as cut loss, once it triggers the level, it is required to sell. That is the professonal investment practice adopted by fund management companies
06/11/2019 8:58 PM
leong1188 If u guys look back all the MFCB reports, the Public Invest has always maintained its Buy call. It started covering when it was around RM2.10 level in 2014. But, how many readers would have held the stocks until today.
06/11/2019 9:09 PM
pjseow power generation business is unlike other businesses which depends on supply and demand and big variations on product pricings and its costs. power generation business is a.contractual business with pricings and others stated unfront with contractual agreements. The risks are project delays and unexpected projects costs .Big Investors will not give high.PE during the early phases due to these risks. Once the project run.smoothly and near completion, higher.PE will be accorded. I am not surprised a PE of 14 will be accorded to mfcb once it started earning about 50 sen per share as projected in 2020. The 25 years contract is a solid 10 billion ringgit order book which is an envy of many.companies. These 10 billions future revenues are with good contractual margins.
06/11/2019 11:34 PM
pjseow I have been buying mfcb since a few years ago at 2.20 and buying.more and more in the middle of this year . I have never sold.a single.mfcb shares. It is worth waiting for the trees to bear fruits. Why sell the plantation when the trees grow so well and start to flower. We will enjoy the fruits in the next few months
06/11/2019 11:40 PM
4444 Sure no manipulation? Why last QR sales and profit drop?

leong1188 FMR won't buy back la. they are sitting with a gain of more than 250%. There is a mandate to sell once it reaches the certain level of gains. Same as cut loss, once it triggers the level, it is required to sell. That is the professonal investment practice adopted by fund management companies
06/11/2019 8:58 PM
07/11/2019 5:37 AM
leong1188 Attn to Reader 4444:

Firstly, u must understand what is construction profit?

Since the commencement of the construction of Don Sahong Hydropower project, by accounting practice, it is required to recognise construction profit (paper profit) from the development progress during the construction period based on their agreed net margin of 28%. That is what had contributed to the group's strong earnings over the last 4 years. As the construction is nearly complete, the % of construction progress is getting smaller. I would expect the upcoming 2H results would see much smaller numbers compared to a year ago as the construction of the power project already at the tail-end.

Once the PPA kick starts in early-2020, the proceeds received from the electricity sales would be known as real cash-flow profit (the real money), that is the time where investors will enjoy annual 30sen dividend for the next 25 years.
07/11/2019 8:29 AM
limcs @leong1188 , kuat !!
07/11/2019 9:10 AM
utopia86 The future is bright and quite certain with the estimated profit. There is no 100% sure in this investment world, not even coldeye. But certainly the risk is always smaller when you are buying in something you know. Huat!!
07/11/2019 9:39 AM
Samtuckfatt leong1188, pjseow, how u all look those company just get their power plant project or going to start to build the plant like Tadmax, Toyoink, should start accumulate or waiting plant construction start or only buy 1-2 years before plant completion?
07/11/2019 1:09 PM
shpg22 Be extremely cautious with this stock. I had advise the same for LONBISC when its at 0.60.
07/11/2019 3:55 PM
gkyt88 shpg22 what's the prob
07/11/2019 4:06 PM
TurboHydro shpg22. Yes. We will be cautious about stock investment.

You can stay away from MFCB if you feel insecure. else post us the facts tell us what problem.
07/11/2019 4:52 PM
The_Reds hahaha...someone tried to compare LONBISC with MFCB...definitely joke of the year
07/11/2019 6:05 PM
linjie gkyt88, that's always got some sour ppl bad mouth when they're not making money from the counter, u can check all his comment on every counter all bad mouthing
07/11/2019 7:52 PM
pjseow Sam, I have no knowledge about the companies you mentioned. At present , I put my investments in Jaks and mfcb of which their power plants are near completion.
07/11/2019 10:46 PM
Samtuckfatt Thks,seow here is the news https://www.theedgemarkets.com/article/tadmax-active-after-getting-govt-nod-develop-pulau-indah-plant
08/11/2019 12:34 AM
leong1188 Firstly, u need to look at capex for the construction project and whether the balance sheet can undertake such a mega project or not. Otherwise, the fund raising exercise and borrowing cost can kill their financials. 1MW coal-fired/hydro = USD1m-2m. Secondly, how transparent and prudent the management is. If u refer to 2017 annual report, they even managed to get a cost reduction for the project from USD417m to USD401m and is looking to announce a lower capex with the lower interest rate. I think a lot of us might not hear of such thing called "project cost reduction". What we normally hear is "cost over-run", eg. the Malaysian company, which has a power plant in India.... If there is a cost-overrun, the losses are all borne by the shareholders.

Well, any company can make a big shout by venturing into the power business, but how transparent they are with the construction progress and whether they are on track with the timeline is another key concern. Otherwise, it is going to be an white elephant. If u read through all the quarterly results in MFCB, they will update us the progress of the project (work scope, % of the progress and next action....)
08/11/2019 7:48 AM
The_Reds Everyday new high...pening ah~~~
08/11/2019 10:25 AM
TurboHydro @leong1188 I'm agreed with you. MFCB quarter results have very detailed information, it proves that the management is committed and very transparent on the aspect of their businesses. They really did a very good job.

I wish that the completion of this project will bring MFCB to another level and looking forward to MFCB to achieve another big milestone in the near future.
08/11/2019 10:32 AM
pjseow MFCB is not new to management of power plants. It has managed two power plants before. One in China and the other one in Tawau malaysia. Besides ,its JV partner is also power plant expert. Experience count.
08/11/2019 10:54 AM
ciaksai Why FMR not buying? Only IPP in Bursa?

Posted by The_Reds > Nov 8, 2019 10:25 AM | Report Abuse
Everyday new high...pening ah~~~
08/11/2019 11:03 AM
The_Reds Mr ciaksai...is it really matter??? don't make me laugh la, yesterday I edy laughing non stop when another guy compared LONBISC with MFCB
08/11/2019 11:57 AM
shpg22 Hehe...if our Public Invest is so smart, do you think they will recommend LONBISC despite so many red flag that a only novice can't notice.
10/11/2019 11:45 AM
shareinvestor88 Dear shpg22 tq for alerting us on MFCB. Will sell next week. What stocks u suggest to buy ?
10/11/2019 4:49 PM
leong1188 I am sure most of us including the investment gurus had the experience of making the wrong calls in the stock mkt. Research analysts including the high profile also cannot spare from it as they do make mistakes as well. If all the calls are judged 100% accurately, that is called "God of stock market". What is the point of keep criticising weakness in one counter but no credit to the good call? It also shows "the sour grape" personality in a person. Being an investor, there is an investor behaviour to adopt, otherwise, u will lose money "forever". At the end, a succesful investor measures ur gains outweighs the losses.

The MFCB recommended by Public Invest started since around 2014 at around RM2.10, are u trying to say their call is wrong throughout the years after rising more than 120%? If u randomly pick any of the MFCB reports, it nvr fails to give a "BUY" call and it comes with an increasing TP.

If MFCB touches RM5 level in less than 2 mths, hopefully, these bunch of "sour grape" investors will disappear from the chat here.
10/11/2019 6:08 PM
lloydlim Not even 5, up to 6 also no problem!
11/11/2019 2:17 PM
shareinvestor88 Hi shpg22 , i sold mfcb as advised. What stocks u suggest to buy ?
11/11/2019 8:19 PM
shpg22 I ll recommend BABA
11/11/2019 8:34 PM
shareinvestor88 What is BABA ?
12/11/2019 12:50 AM
limcs @shpg22 , it is ALIBABA ?
12/11/2019 11:35 AM
RainT JAKS will be future mfcb
13/11/2019 12:02 AM
limcs 美佳第一辽国东萨宏(Don Sahong)水电站於11月12日提前完工,为该公司经过15年精心打造的发电站填上美丽璀璨色彩。



13/11/2019 10:24 AM
般若 金刚 http://10j.powerchina.cn/index.php?m=content&c=index&a=show&catid=27&id=7033
13/11/2019 12:37 PM
lloydlim Great! More to go!
13/11/2019 1:44 PM
The_Reds top up a bit today...drop more then can top up more
13/11/2019 8:03 PM
TurboHydro Share price inching closer to its full value. Stripping out all other businesses, the Don Sahong Hydropower project is valued at an estimated TP of RM4.95/share, accounting for 87% of our SOP-based target price (refer to Figure 2). We believe upon receiving the first payment (to take about 3 months from now) from the electricity sales, the share price should re-rate closer to our SOP-based target price as it clears lingering uncertainties overpayment issues.

Time to reap gains for warrant holders. The total warrants outstanding are about 40.2m, with an exercise price of RM2.22. As the plant approaches its commercial operation date scheduled on 1st Jan 2020, in-the-money warrant holders should contemplate converting their existing holdings before expiry on 08 April 2020. Based on our estimates, we see a potential DPS of at least 30sen based on 40% payout from the Group’s free cash flow, just reward for all long-term shareholders of the company.

Monetising Serudong Power S/B’s assets. To recap, the 51%-owned subsidiary, Serudong Power S/B, which ran a 36MW diesel-fuelled power plant in Tawau, had ceased operations following the expiry of the concession on 2 Dec 2017. MFCB’s management has agreed to sell the power plant and structures together with all the facilities, equipment, plant and machinery at a total consideration of RM3m. A total provision of RM16.6m was incurred in 2018 to cover all costs associated with the dismantling of the power plant. Upon completion of the asset sale, the entire provision will no longer be necessary and will be reversed into Serudong’s profit and loss position. This will collectively contribute an estimated gain of RM9.6m or EPS of 2.43sen to MFCB’s results based on its 51% shareholdings (RM3m pre-tax gain on disposal + RM16.65m reversal of provision.
14/11/2019 10:09 AM
KL Tneoh Cambodia to import 200MW from Don Sahong start from next year.

The spokesperson also stated the transmission line is almost complete and should be ready by early next month.

Cambodia is facing power shortages.

14/11/2019 10:27 AM
Samtuckfatt Any one miss MFCB, might take a look at Jaks, both will be good power plant Darling
14/11/2019 2:11 PM


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