[GAMUDA BHD：表现将受到海外房地产销售尤其是越南和新加坡的推动，捷运2号线的进展将继续加快，高速公路部门的盈利贡献将保持稳定，槟城LRT详细的工程设计会从2019年5月开始]

年初至今：由于去年销售Splash而导致的集团收益减少
今年上半年，Gamuda集团的净利润为3.45亿令吉，而去年同期则为4.28亿令吉，主要是由于去年年底出售Splash后，该集团不再承认其Splash利润份额。

本季度：
越南的两个项目继续畅销，加上新加坡的盈利贡献，减轻了马来西亚新城镇的收入贡献减少。与此同时，Gamuda集团的季度净利润较去年同期的2.24亿令吉减少到1.73亿令吉，主要是由于去年年底出售Splash后，该集团不再承认其Splash利润份额。

（a）GAMUDA工程：
由于与政府达成协议，将高架和地下工程作为单一Turnkey合同，MRT Line 2的合同价值下降，导致建筑收益减少。

（b）GAMUDA LAND：
由于马来西亚新城镇的盈利贡献减少，整体房地产收益下降。

（c）GAMUDA基础设施特许权：
盈利较低主要是由于去年出售Splash。该集团在去年年底停止认可其在Splash利润中的份额。

与前一季度的结果比较：
金务大本季度的税前利润为2.23亿令吉，与前一季度的税前利润为2.26亿令吉接近。

前景：
金务大预计今年的表现将受到海外房地产销售尤其是越南和新加坡的推动，捷运2号线的进展将继续加快，高速公路部门的盈利贡献将保持稳定。

a）GAMUDA工程：
（i）巴生谷Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”)
MMC Gamuda与政府达成协议，承担高架和地下工程作为单一Turnkey合同，合同价格为305.3亿令吉。 2019年2月底的总体累计进度为：

•高架工程正在按计划进行，40％进度;和
•地下工程正在按计划进行，49％进度。

迄今为止，共推出了5个TBM。

（ii）Pan Borneo Highway，Sarawak - WPC04（Pantu Junction to Btg Skrang）：
Naim Engineering Sdn Bhd - Gamuda Berhad JV于2016年7月25日接受了Pan Borneo Sarawak项目的WPC04（Pantu Junction to Btg Skrang）项目。范围包括现有89.30km长，2车道单一carriageway road的扩建和升级从Pantu Junction到Batang Skrang的车道公路到JKR R5标准的4车道双carriageway。 2019年2月底的总体累计进度为39％，并且正在按计划进行。

（iii）槟城交通总体规划：
LRT的批准：
轻轨铁路计划于2016年3月29日提交给Agensi Pengangkutan Awam Darat（APAD）（原Suruhanjaya Pengangkutan Awam Darat（SPAD）），并将于2019年3月重新提交，以反映最新的路线更新。有条件的批准预计在2019年5月。轻轨的环境影响评估（EIA）报告于2017年5月18日提交给环境部（DOE），预计于2019年5月批准。详细的工程设计会从2019年5月开始。

Pan Island Link 1（PIL1）高速公路的批准：
经修订的PIL1环境影响评估报告已于2019年1月11日提交给DOE，预计将于2019年5月批准。详细工程计划将于2019年5月开始实施。

槟城南部填海区的批准：
槟城南部填海区的最终环境影响评估报告于2017年8月15日提交给DOE，目前正在修订，以纳入DOE要求的补充研究结果。该报告的目标是在2019年3月重新提交。目标是在2019年4月获得Majlis Perancang Fizikal Negara（MPFN）批准，详细的工程设计将在MPFN批准后开始。

（iv）Gamuda Industrialized Building Systems（'Gamuda IBS'）：
Gamuda IBS拥有两个全自动化机器人工厂，年产量可达10,000套房屋，可满足人们日益增长的对可持续建筑施工实践认识和需求。这将实现政府的目标，即到2020年建造20万套经济适用房，同时实施减少对外国工人依赖的政策。

（b）GAMUDA LAND：
（i）海外：
新加坡新项目Anchorvale Crescent的建设工程预计将于2019年中期开始。

（ii）马来西亚：
新推出的Gamuda Cove是一个占地1,530英亩的智能城市，位于自然保护区，拥有200亿令吉的GDV，其双层住宅在其推出后的3周内就已完全卖完。占地50英亩的探索公园是Gamuda Cove占地372英亩的商业组成部分，计划于2019年中期开放。更多有地和高层住宅将在未来六个月内推出。

（c）GAMUDA基础设施特许权：
（i）高速公路：
这公司现正与政府就政府拟收购这公司拥有的所有四条收费高速公路进行磋商。

（ii）水：
该集团持股40％的Splash去年以25.5亿令吉的价格卖给了Pengurusan Air Selangor私人有限公司（Air Selangor）。在完成股份购买协议中规定的所有先决条件后，预计将于2019年3月收到预付款19亿令吉。此后，6亿5千万令吉的购买价余额将分九期平均分期结算。集团拥有80％股权的Gamuda Water Sdn Bhd（“Gamuda Water”）接受了Air Selangor的收购要约，以解决其未偿还的应收账款并签订新的运营和维护协议（'OMA'）。
---------------------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.33 in 3 months 13 days, total return is 66.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.22 in 8 months 28 days, total return is 53.5%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.99 (dividend RM0.015) in 7 months 17 days, total return is 40.6%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.77 in 2 months 9 days, total return is 33.9%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 in 3 months 6 days, total return is 29.5%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.26 (dividend RM0.0375) in 5 months 15 days, total return is 21.6%

g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.63 (dividends RM0.02) in 5 months 28 days, total return is 15.4%

h) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.19 in 2 months 9 days, total return is 14.4%

i) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.96 in 2 months 30 days, total return is 12.9%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 4 months 11 days, total return is 12.2%

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。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人，可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系

【看懂年报和季报】课程
时间：11a.m. – 7p.m

日期：4月21日星期日
地点：G Inn Hotel, George Town (Penang)

日期：4月28日星期日
地点：Silka Johor Bahru Hotel, Johor Bahru (包括免费点心，茶和咖啡)

日期：5月26日星期日
地点：Hotel Sri Petaling, KL (包括免费3份点心，茶和咖啡)

有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

为了方便大家查询我写过的公司和选股文章以及视频，制作了索引。大家只要依照日期，就能从这 
https://web.facebook.com/jamesshareinvest/posts/2224010674532341 找到公司和选股文章以及视频。

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
-------------------------
[GAMUDA BHD: performance to be driven by overseas property sales especially Vietnam and Singapore, the progress of MRT Line 2 that continues to pick up pace and steady earnings contribution from the expressway division, detailed engineering design of Penang LRT is due to commence in May 2019]

Year to date : lower group earnings due to sale of Splash last year
Gamuda Group posted lower net profit of RM345 million for the first half of this year compared with RM428 million for the same period last year mainly because the Group stopped recognising its share of Splash profits following the sale of Splash at the end of last year.

Current quarter:
The two projects in Vietnam continued to sell well and together with the earnings contribution from Singapore, mitigated the lower earnings contribution from the new townships in Malaysia. Meanwhile, Gamuda Group posted lower quarterly net profit of RM173 million compared with RM224 million for the same quarter last year mainly because the Group stopped recognising its share of Splash profits following the sale of Splash at the end of last year.

(a) GAMUDA ENGINEERING:
The lower construction earnings is due to the reduction in MRT Line 2’s contract value following the agreement with the Government to undertake the elevated and underground works as a single Turnkey Contract.

(b) GAMUDA LAND:
Overall property earnings dropped as a result of the lower earnings contribution from the new townships in Malaysia.

(c) GAMUDA INFRASTRUCTURE CONCESSION:
The lower earnings was mainly due to the sale of Splash last year. The Group stopped recognising its share of Splash profits at the end of last year.

Comparison with immediate Preceding Quarter’s Results:
The Group’s profit before tax for this quarter of RM223 million is similar with the immediate preceding quarter’s profit before tax of RM226 million.

Prospects:
The Group anticipates this year’s performance to be driven by overseas property sales especially Vietnam and Singapore, the progress of MRT Line 2 that continues 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”)
MMC Gamuda reached an agreement with the Government to undertake the elevated and underground works as a single Turnkey Contract for a combined contract price of RM30.53 billion. The overall cumulative progress at the end of February 2019 for the:

• Elevated Works is on track at 40%; and
• Underground Works is on track at 49%.

To-date, a total of 5 TBMs have been launched.

(ii) Pan Borneo Highway, Sarawak – WPC04 (Pantu Junction to Btg Skrang):
Naim Engineering Sdn Bhd – Gamuda Berhad JV accepted the award of the WPC04 (Pantu Junction to Btg Skrang) for the Pan Borneo Sarawak project on 25 July 2016. The scope includes the widening and upgrading of the existing 89.30km long, 2-lane single carriageway road from Pantu Junction to Batang Skrang to a 4-lane dual carriageway of JKR R5 standard. Overall cumulative progress at the end February 2019 was 39% and is on track.

(iii) Penang Transport Master Plan:
Approvals for LRT:
The Railway Scheme for the LRT was submitted to Agensi Pengangkutan Awam Darat (APAD), (formerly Suruhanjaya Pengangkutan Awam Darat (SPAD)) on 29th March 2016 and will be resubmitted in Mar 2019 to reflect the latest alignment update. The conditional approval is expected in May 2019. The Environmental Impact Assessment (EIA) Report for the LRT was submitted to the Department of Environment (DOE) on 18th May 2017 and the approval is expected in May 2019. The detailed engineering design is due to commence in May 2019.

Approval for Pan Island Link 1 (PIL1) Highway:
The revised EIA Report for PIL1 has been submitted to DOE on 11 January 2019 and is expected to be approved in May 2019. Detailed engineering is targeted to commence in May 2019.

Approvals for Penang South Reclamation:
The Final EIA Report for Penang South Reclamation was submitted to DOE on 15 August 2017 and is currently being revised to incorporate findings of supplementary studies required by DOE. The report is targeted for resubmission in March 2019. Majlis Perancang Fizikal Negara (MPFN) approval is targeted in April 2019 and detailed engineering design shall commence after MPFN approval.

(iv) Gamuda Industrialised Building Systems (‘Gamuda IBS’):
With two fully automated robotic factories capable of an annual production of 10,000 homes, Gamuda IBS addresses the growing awareness and demand for sustainable building construction practices. This will go towards realising the Government’s objective to build 200,000 affordable houses by 2020 coupled with its policy to reduce reliance on foreign workers.

(b) GAMUDA LAND:
(i) Overseas:
Construction works for the new project in Singapore, Anchorvale Crescent, is expected to commence in mid-2019.

(ii) Malaysia:
The newly launched Gamuda Cove, a 1,530-acre smart city in a nature sanctuary with a GDV of RM20 billion, has seen its double storey homes fully taken up within 3 weeks of its launch. A 50-acre Discovery Park, which is part of Gamuda Cove’s 372-acre commercial component, is targeted for opening in mid-2019. More landed and high-rise residential components are targeted to be launched within the next six months.

(c) GAMUDA INFRASTRUCTURE CONCESSIONS:
(i) Expressway:
The Company is currently in talks with the Government in relation to the Government’s proposed acquisition of all four tolled expressways owned by the Company.

(ii) Water:
Splash, 40%-owned by the Group, was sold to Pengurusan Air Selangor Sdn Bhd (“Air Selangor”) for RM2.55 billion last year. The upfront payment of RM1.9 billion is expected to be received in March 2019 upon completion of all condition precedents prescribed in the share purchase agreement. Thereafter, the balance purchase price of RM650 million will be settled in nine equal annual instalments. The Group’s 80%-owned Gamuda Water Sdn Bhd (“Gamuda Water”) accepted Air Selangor’s offer to settle its outstanding receivables and enter into a new operations and maintenance agreement (‘OMA’).
--------------------------------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.33 in 3 months 13 days, total return is 66.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.22 in 8 months 28 days, total return is 53.5%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.99 (dividend RM0.015) in 7 months 17 days, total return is 40.6%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.77 in 2 months 9 days, total return is 33.9%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 in 3 months 6 days, total return is 29.5%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.26 (dividend RM0.0375) in 5 months 15 days, total return is 21.6%

g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.63 (dividends RM0.02) in 5 months 28 days, total return is 15.4%

h) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.19 in 2 months 9 days, total return is 14.4%

i) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.96 in 2 months 30 days, total return is 12.9%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 4 months 11 days, total return is 12.2%

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/

In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://web.facebook.com/jamesshareinvest/posts/2224010674532341 by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng