[MALAYSIAN RESOURCES CORPORATION BERHAD，成长可期]

马资源在2017年12月26日和TH Properties Sdn Bhd进入了买股合约，要卖掉在59 INC Sdn Bhd的200000普通股（40%的股份），价钱是RM1亿。这个合约赚了RM6080万。由于用了value engineering initiatives来降低建筑工程的成本，帮助了建筑工程部门增加盈利率。FY2017，建筑工程部门的盈利是RM9270万，盈利率是5.2%；比较去年盈利是RM1160万，盈利率是1.4%。50%拥有的JV，MRCB George Kent Sdn Bhd，LRT3的伙伴，贡献了FY2017年RM1520万的税后盈利。

前景：
（1）产业发展和投资：
这部门在2017有RM14.2亿的销售。主要是从Sentral Suites（RM8.86亿的销售）, 和1060 Carnegie（RM2.2亿的销售）。在2017，马资源推出3个项目，就是1060 Carnegie (GDV: RM3.05亿), Kalista Park Homes (GDV: RM1.01亿) and Sentral Suites (GDV: RM15.29亿)。1060 Carnegie的购买率是72%, Sentral Suites的Towers 1和3的购买率是73%，和Kalista Park Homes的购买率是55%。FY2018有2个新的项目，TRIA和Alstonia Hilltop Homes。总未进账销售会有RM17.1亿的销售额，大约80%是住宅单位和20%是商业单位。

（2）建筑工程部门：
公开投标的价值是RM27.55亿。在2017，拿了RM4.68亿的新合约，将external client order book提高到RM62亿。在这之中，9%是fee based的项目。新拿到的项目包括Damansara-Shah Alam Elevated Highway Package CB2价值RM3.69亿, TNB HQ Campus (ph1)价值RM4000万，和Larkin Stadium价值RM5900万。截至2017年12月31日，unbilled order book是RM52亿。主要的建筑工程项目的合约价值是RM46亿，这些都还在早期阶段。

已经在2017最后一季完成的附加股票认购（RM17.32亿）增强了资产负债表。

在2017年12月22日，马资源收到了政府的邀请信，要来商讨EDL highway收费终止合约。在2018年2月9日，子公司Rukun Juang Sdn Bhd，签署了第三个和政府的土地私有化合约。合约价值是RM13亿。

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James Ng

MRCB had on 26 Dec 2017 entered into a Share Sale Agreement with TH Properties Sdn Bhd for the disposal of 200000 ordinary shares (40% equity interest) in 59 INC Sdn Bhd for RM100m. This generated RM60.8m. Infrastructure projects and the value engineering initiatives implemented to manage construction costs, helped the [Engineering, Constuction & Environment] division improve profit margins. For FY2017, profit for [Engineering, constuction & environment] segment was RM92.7m, a margin of 5.2%; compared to last year profit of RM11.6m, a margin of 1.4%. 50% owned JV, MRCB George Kent Sdn Bhd, the partner of LRT3,contributed RM15.2m profit after tax for FY2017.

Prospects:
(1) Property Development & Investment:
This division achieved sales in 2017 totalling RM1.42b. These were mainly derived from Sentral Suites, which recorded RM886m sales, followed by 1060 Carnegie with RM220m sales. In 2017, MRCB launched 3 projects, namely 1060 Carnegie (GDV: RM305m), Kalista Park Homes (GDV: RM101m) and Sentral Suites (GDV: RM1529m). To date, 1060 Carnegie has achieved a take up rate of 72%, while Towers 1 and 3 of Sentral Suites have achieved combined sales of 73% and Kalista Park Homes 55%. FY2018 will see the launch of 2 new projects, namely TRIA and Alstonia Hilltop Homes. Overall, total cumulative unbilled sales are expected to deliver RM1.71b in revenue, approximately 80% of which are residential and 20% commercial.

(2) Engineering, Construction & Environment:
Currently has open tenders valued at RM2.755b. In 2017, it gained RM468m of new contracts, increasing external client order book to RM6.2b. Of this total, 9% are fee based projects. New projects won consist of Damansara-Shah Alam Elevated Highway Package CB2 valued RM369m, TNB HQ Campus (ph1) valued RM40m and Larkin Stadium valued RM59m. As at 31 Dec 2017, unbilled order book stood RM5.2b. Major construction projects have a total contract value of RM4.6b, these projects are still in the early phase.

The completion of the RM1.732b rights issue in last quarter of 2017 has strengthened the balance sheet.

On 22 Dec 2017, MRCB received a letter from the Ministry of Works, inviting them to commence negotiation on the mutual termination agreement of the concession for the EDL highway. On 9 Feb 2018, a wholly-owned subsidiary of MRCB, Rukun Juang Sdn Bhd, has entered into a third supplemental agreement to the Privatisation Agreement with the Government and Hartanah to vary the calculation of Land Bond to be submitted. RM1.3b being the consideration for the Privatisation Agreement.

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James Ng