[GAMUDA BHD：MRT Line 2进度为28％，UGW Line 2进度按计划计算为37％，WPC04进度为29％，明年房地产销售目标是达到40亿令吉，GEM Residences已售出99％]

年初至今：由于越南和新加坡的销售强劲，Gamuda的房地产销售创历史新高:
Gamuda Land于2018财年录得创纪录的房地产销售额36亿令吉，超过其35亿令吉的销售目标。由于其在越南的两个项目，胡志明市的Celadon City和河内的Gamuda City以及新加坡的GEM Residences的销售强劲，房地产销售额与去年的24亿令吉相比增长了50％。明年，Gamuda Land的本地和海外项目的房地产销售目标是达到40亿令吉。

与此同时，Gamuda集团（包括其合资公司的收入份额）今年实现了创纪录的72亿令吉收入，比去年的57亿令吉增长了26％。剔除今年的一次性亏损以及去年Smart的投资一次性减值损失的9800万令吉，Gamuda集团今年实现了创纪录的核心净利润8.18亿令吉，比去年的7.01亿令吉增长了17％。 Gamuda集团全年收入和核心净利润的增长主要是由于其在越南和新加坡的项目的房地产销售增加以及正在进行的建设项目的工作进展。

本季度：由于越南和新加坡销售强劲，Gamuda的房地产销售额达到10亿令吉:
Gamuda集团（包括其合资公司的收入份额）在4QFY18的收入为19亿令吉;与去年同期的17亿令吉相比，增长了13％。剔除本季度的一次性亏损以及去年Smart的投资一次性减值损失9800万令吉，Gamuda集团在4QFY18实现核心净利润2.03亿令吉，较去年同期的2.01亿令吉增长1％。Gamuda集团本季度的收入和核心净利润的增长主要是由于其在越南和新加坡的项目的房地产销售增加以及正在进行的建设项目的工作进展。

金务大各部门于本年度的表现如下：
（a）GAMUDA工程：
包括其在合资公司收入中的份额，建筑部门的收入在截至2018年7月31日止年度增长22％至创纪录的41亿令吉，而去年则为33亿令吉。与去年的2.25亿令吉相比，今年的核心净利润增长了32％，达到创纪录的2.97亿令吉。

收入和核心净利润的增加主要是由于KVMRT Line 2项目的工作进度较高，其中集团是项目交付合作伙伴和唯一的地下工程承包商。与此同时，Pan Borneo Sarawak Highway - Pantu Junction至Btg Skrang的工程正按计划进行。

（b）GAMUDA LAND：
物业部门实现了创纪录的36亿令吉销售额，超过其35亿令吉的目标销售额。房地产销售额比去年的24亿令吉增长了50％。同时，包括其在合资公司收入中的份额，物业部门的收入为26亿令吉，核心净利润为2.06亿令吉，而前一年收入为19亿令吉，核心净利润为1.65亿令吉。更好的销售，收入和利润表现主要是由于其在越南的海外项目，胡志明市的Celadon City和河内的Gamuda City以及新加坡的GEM Residences的销售贡献增加。

（c）GAMUDA基础设施特许权：
该部门的收入为5.12亿令吉（不包括联营公司的收入份额），与去年的财务表现相似，而其核心净利润则由3亿1,100万令吉增加2％至3亿1600万令吉。

与前一季度的结果比较：
截至2018年7月31日止的本季度，金务大录得净亏损1.01亿令吉，而截至2018年4月30日止的上一季度录得的净利润为2.01亿令吉。不包括本季度出售Splash的一次性亏损（3亿令吉）以及Gamuda Water（400万令吉）的投资减值，金务大核心净利润2.03亿令吉。

其他综合收益（OCI）：
截至2018年7月31日止年度的其他全面收益包括2.24亿令吉的净汇兑亏损。

总体前景：
由于海外项目尤其是越南及马来西亚新兴城镇的推出，KVMRT Line 2的进度继续加快，金务大预计明年的整体表现会有所改善，原因是房地产销售增加和高速公路部门的稳定盈利贡献。

（a）GAMUDA工程：
（i）Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”)：
Project Delivery Partner (“PDP”) Line 2：
到目前为止，已经获得了310亿令吉的合约，占整个工程的98％。2018年8月底的总体累计进度为28％。铁路系统的最终设计和采购正在进行中。在韩国的承包商工厂正在进行列车的制造。

Underground Works Package (“UGW Line 2”)：
截至2018年8月底的总体累计进度按计划计算为37％。

（ii）Pan Borneo Highway，Sarawak - WPC04（Pantu Junction to Btg Skrang）：
范围包括扩建和升级现有89.30公里长的双车道单车道公路至JKR R5标准的4车道双车道。2018年8月底的总体累计进度为29％，预计将如期完成。

（iii）槟城交通总体规划：
2015年8月14日，公司拥有60％股权的SRS财团收到槟城州政府颁发的Letter of Award（“LOA”），政府任命SRS Consortium为实施槟城运输总体规划（PTMP）的项目交付合作伙伴。由于遵守联邦政府批准程序所需的额外时间，槟城州政府已将LOA的有效期延长至2019年8月30日。

LRT的批准：
轻铁的铁路计划已于2016年3月29日提交至Suruhanjaya Pengangkutan Awam Darat（SPAD），以供审查和批准。 LRT的环境影响评估报告已于2017年5月18日提交给环境部（DOE）。

Penang South Reclamation（PSR）的批准：
PSR的最终环境影响评估（EIA）报告于2017年8月15日提交给DOE。

Pan Island Link 1（PIL1）高速公路的批准：
PIL1的环境影响评估报告已于2018年5月7日提交给环境部（DOE）。环境影响评估报告已于2018年7月11日至8月10日向公众展示，目前正在由DOE审查。

（b）GAMUDA LAND：
Gamuda Land于2018财年录得创纪录的房地产销售额36亿令吉，超过其35亿令吉的销售目标。由于越南的两个项目，胡志明市的Celadon City和河内的Gamuda City以及新加坡的GEM Residences的销售增长，房地产销售额与去年的24亿令吉相比增长了50％。明年，Gamuda Land的本地和海外项目的房地产销售目标是达到40亿令吉。

（i）海外：
随着2018年4月澳大利亚661 Chapel Street的建筑工程完工，预计销售将加快步伐，新加坡GEM Residences已售出99％，其Temporary Occupation Permit（TOP）预计在2019年上半年拿到，比时间表提前一年。

根据Gamuda Land的国际多元化战略和增加非令吉收入的份额，新加坡Gamuda的全资子公司Gamuda (Singapore) Pte Ltd与Evia Real Estate（8）Pte Ltd合作赢得了招标，在Anchorvale Crescent工地的土地包括执行公寓开发，面积约17,137平方米，值3.1889亿新元。

（ii）马来西亚：
Gamuda Cove是未来的标志性城镇开发项目，其GDV为200亿令吉，占地1,530英亩，位于ELITE高速公路沿线的Cyber​​jaya / Putrajaya交汇处对面，距离吉隆坡国际机场15分钟，将于2018年第四季度启动。

（c）GAMUDA基础设施特许权：
（i）高速公路：
除SMART Expressway的流量低于预期外，其他高速公路的交通量继续保持稳定和弹性。

（ii）水：
金务大拥有40％权益的Syarikat Pengeluar Air Sungai Selangor Sdn Bhd（'Splash'）是双溪雪兰莪供水计划第一期及第三期的特许权持有人，以25.5亿令吉出售给Pengurusan Air Selangor Sdn Bhd（“Air Selangor”）。有条件的销售和购买协议于2018年9月28日签署，并在完成SPA规定的所有先决条件后提供19亿令吉的预付款。此后，6亿5千万令吉的购买余额价格将以9个相等的年度分期付款。

同时，集团拥有80％股权的Gamuda Water Sdn Bhd（“Gamuda Water”）接受了Air Selangor的出价： - 
•解决Gamuda Water因其现有的Sungai雪兰莪水处理厂第3阶段（“SSP 3”）的运营和维护所产生的未偿还应收款，其金额相当于未偿还应收款的90％，由各方共同商定一个日期来解决。结算金额的10％应预先支付，结算余额分9年平均分期结算，

•签订新的运营和维护协议（“OMA”）以取代现有的OMA，以继续运行和维护SSP 3。新OMA的费率比现有OMA的费率减少约2仙/立方米。新的OMA和和解协议预计将在2018年底之前完成。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.89 in 1 month 23 day, total return is 24.5%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.915 in 3 months 4 day, total return is 15.1%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.46 in 2 months 27 days, total return is 13.4%

4) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM5.08 (dividend RM0.015) in 1 month 9 days, total return is 6.6%

5) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.13 (dividend RM0.0215) in 2 months 6 days, total return is 4.8%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

我想说服读者学习基本面分析FA以便能从股市赚钱。

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James Ng
---------------------
[GAMUDA BHD: MRT Line 2 progress is on track at 28%, UGW Line 2 progress is according to plan at 37%, WPC04 progress was 29%, next year targets RM4 billion property sales, GEM Residences already 99% sold]

Year to date : Gamuda posts record-high property sales on the back of stronger sales from Vietnam and Singapore:
Gamuda Land posted a record-high property sales of RM3.6 billion for FY2018, surpassing its RM3.5 billion sales target. The property sales grew by 50% compared with last year’s sales of RM2.4 billion on the back of stronger sales from its two projects in Vietnam, Celadon City in Ho Chi Minh City and Gamuda City in Hanoi, and GEM Residences in Singapore. Next year, Gamuda Land targets RM4 billion property sales from its local and overseas projects.

Meanwhile, Gamuda Group (including its share of joint venture companies’ revenue) achieved a record-high revenue of RM7.2 billion this year, an increase of 26% compared with RM5.7 billion last year. Excluding this year’s one-off losses and last year’s one-off impairment loss on investment in Smart of RM98 million, Gamuda Group achieved a record-high core net profit of RM818 million this year, an increase of 17% compared with RM701 million last year. The increase in Gamuda Group’s full year revenue and core net profit resulted mainly from the higher property sales of its projects in Vietnam and Singapore as well as the work progress from its ongoing construction projects.

Current quarter : Gamuda posts RM1 billion property sales on the back of stronger sales from Vietnam and Singapore:
Gamuda Group (including its share of joint venture companies’ revenue) posted revenue of RM1.9 billion in 4QFY18; an increase of 13% compared with RM1.7 billion revenue for the same quarter last year. Excluding this quarter’s one-off losses and last year’s one-off impairment loss on investment in Smart of RM98 million, Gamuda Group achieved a core net profit of RM203 million in 4QFY18, an increase of 1% compared with RM201 million for the same quarter last year. The increase in Gamuda Group’s revenue and core net profit for the quarter resulted mainly from the higher property sales of its projects in Vietnam and Singapore as well as the work progress from its ongoing construction projects.

The performance of the respective divisions of the Group for the current year to date are as follows:
(a) GAMUDA ENGINEERING:
Including its share of joint venture companies’ revenue, the construction division’s revenue grew 22% to a record-high RM4.1 billion for the year ended 31 July 2018 compared with RM3.3 billion in the preceding year. Core net profit for the year grew by 32% to a record-high RM297 million compared with RM225 million in the preceding year.

The increase in revenue and core net profit were mainly due to higher work progress from the KVMRT Line 2 project where the Group is the Project Delivery Partner and the sole underground works package contractor. Meanwhile, works on the Pan Borneo Sarawak Highway – Pantu Junction to Btg Skrang is progressing on schedule.

(b) GAMUDA LAND:
The property division achieved a record-high sales of RM3.6 billion, surpassing its RM3.5 billion targeted sales. Property sales grew by 50% more than last year’s sales of RM2.4 billion. Meanwhile, including its share of joint venture companies’ revenue, the property division reported revenue of RM2.6 billion and core net profit of RM206 million in the current year compared with revenue of RM1.9 billion and core net profit of RM165 million in the preceding year. The better sales, revenue and profit performance were mainly due to stronger sales contribution from its overseas projects in Vietnam, Celadon City in Ho Chi Minh City and Gamuda City in Hanoi, and GEM Residences in Singapore.

(c) GAMUDA INFRASTRUCTURE CONCESSIONS:
The division reported a revenue of RM512 million (excluding share of associated companies’ revenue) which is similar to last year’s financial performance, while its core net profit reported an increase of 2% from RM311 million to RM316 million.

Comparison with immediate Preceding Quarter’s Results:
The Group posted a net loss of RM101 million in the current quarter ended 31 July 2018 as compared to a net profit of RM201 million recorded in the preceding quarter ended 30 April 2018. Excluding this quarter’s one-off losses on disposal of Splash (RM300 million) and impairment on investment of Gamuda Water (RM4 million), the Group achieved a core net profit of RM203 million.

Other Comprehensive Income (OCI):
Included in other comprehensive income for the year ended 31 July 2018 is a net foreign exchange loss of RM224 million.

Overall Prospects:
The Group anticipates a better overall performance next year on the back of higher property sales, driven by overseas projects especially Vietnam and the launching of new townships in Malaysia, the progress of KVMRT Line 2 continue to pick up pace; and steady earnings contribution from the expressway division

(a) GAMUDA ENGINEERING:
(i) Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”):
Project Delivery Partner (“PDP”) Line 2 :
To date, RM 31 billion representing 98% of the overall works packages have been awarded. The overall cumulative progress at the end of August 2018 is on track at 28%. Rail systems final design and procurement is proceeding. Manufacture of the trains is ongoing at the contractor’s facility in Korea.

Underground Works Package (“UGW Line 2”):
The overall cumulative progress as at end of August 2018 is according to plan at 37%.

(ii) Pan Borneo Highway, Sarawak – WPC04 (Pantu Junction to Btg Skrang):
The scope includes the widening and upgrading of the existing 89.30km long, 2-lane single carriageway road to a 4-lane dual carriageway of JKR R5 standard. Overall cumulative progress at the end of August 2018 was 29% and is expected to be completed on schedule.

(iii) Penang Transport Master Plan:
On 14 August 2015, the Company’s 60%-owned SRS Consortium received a Letter of Award (‘LOA’) from the Penang State Government appointing SRS Consortium as the Project Delivery Partner for the implementation of the Penang Transport Master Plan (PTMP). The Penang State Government has extended the validity of the LOA to 30 August 2019 due to the additional time required to comply with Federal Government approval processes.

Approvals for LRT:
The Railway Scheme for the LRT has been submitted to Suruhanjaya Pengangkutan Awam Darat (SPAD) on 29th March 2016 for their review and approval. The Environmental Impact Assessment (EIA) Report for the LRT has been submitted to the Department of Environment (DOE) on 18th May 2017.

Approvals for Penang South Reclamation (PSR):
The Final Environmental Impact Assessment (EIA) Report for PSR was submitted to DOE on 15 August 2017.

Approval for Pan Island Link 1 (PIL1) Highway:
The Environmental Impact Assessment (EIA) Report for PIL1 has been submitted to Department of Environment (DOE) on 7 May 2018. The EIA report has been displayed to the public from 11 Jul to 10 Aug 2018 and is currently being reviewed by the DOE.

(b) GAMUDA LAND:
Gamuda Land posted a record-high property sales of RM3.6 billion for FY2018, surpassing its RM3.5 billion sales target. The property sales grew by 50% compared with last year’s sales of RM2.4 billion on the back of stronger sales from the two projects in Vietnam, Celadon City in Ho Chi Minh City and Gamuda City in Hanoi, and GEM Residences in Singapore. Next year, Gamuda Land targets RM4 billion property sales from its local and overseas projects.

(i) Overseas:
With the completion of construction works at 661 Chapel Street, Australia in April 2018, sales is expected to pick up pace, GEM Residences in Singapore is already 99% sold with Temporary Occupation Permit (TOP) targeted for first half of 2019, one year ahead of schedule.

In line with Gamuda Land’s strategy to diversify internationally and increase share of non-Ringgit revenue, Gamuda (Singapore) Pte Ltd, a wholly owned subsidiary of Gamuda in Singapore, in partnership with Evia Real Estate (8) Pte Ltd won the tender for the land parcel at Anchorvale Crescent site earthwork for executive condominium development measuring about 17,137 square meters for SGD 318.89 million.

(ii) Malaysia:
Gamuda Cove, a future landmark township development with a GDV of RM20 billion on 1,530 acres located opposite the Cyberjaya/Putrajaya interchange along the ELITE Highway and 15 minutes from KLIA will be launched in Q4 of 2018.

(c) GAMUDA INFRASTRUCTURE CONCESSIONS:
(i) Expressway:
Except for the SMART Expressway which experienced lower-than-expected traffic, the traffic volumes of other expressways continue to be stable and resilient.

(ii) Water:
The Group’s 40%-owned Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (‘Splash’), the concession holder of the Sungai Selangor Water Supply Scheme Phase 1 and 3, was sold to Pengurusan Air Selangor Sdn Bhd (“Air Selangor”) for RM2.55 billion. The conditional sales and purchase agreement was signed on 28 September 2018 and provides for an upfront payment of RM1.9 billion upon completion of all condition precedents prescribed in the SPA. Thereafter, the balance purchase price of RM650 million shall be settled in a nine equal annual instalment.

Meanwhile, the Group’s 80%-owned Gamuda Water Sdn Bhd (“Gamuda Water”) accepted Air Selangor’s offer to :-
• settle Gamuda Water’s outstanding receivables arising from its existing operations and maintenance of the Sungai Selangor Water Treatment Plant Phase 3 (“SSP 3”) at an amount equal to 90% of the outstanding receivables as at a date to be mutually agreed by all parties. 10% of the settlement sum shall be paid upfront and the balance shall be settled in nine equal annual instalments, and

• enter into a new operations and maintenance agreement (“OMA”) to replace the existing OMA for the continued operation and maintenance of SSP 3. The rates in the new OMA represent an approximately 2 sen/m3 reduction to the rates in the existing OMA. The new OMA and settlement agreements are expected to be completed before end of 2018.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.89 in 1 month 23 day, total return is 24.5%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.915 in 3 months 4 day, total return is 15.1%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.46 in 2 months 27 days, total return is 13.4%

4) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM5.08 (dividend RM0.015) in 1 month 9 days, total return is 6.6%

5) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.13 (dividend RM0.0215) in 2 months 6 days, total return is 4.8%

I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/

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