[GAMUDA BHD：由于出售Splash，净利润降低]

YTD:
今年前九个月，Gamuda集团的净利润为5.21亿令吉，而去年同期则为6.34亿令吉，主要是由于去年年底出售Splash。

本季度：
Gamuda集团的季度净利润为1.76亿令吉，较去年同期的2.06亿令吉减少，主要是由于去年年底出售Splash后，该集团停止认可其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：
海外项目继续表现良好，海外销售占集团物业销售额的三分之二;提升整体物业收益。

（c）GAMUDA基础设施特许权：
盈利较低主要是由于去年出售Splash。

QoQ:
金务大本季度的税前利润为2.36亿令吉，与前一季度的税前利润2.23亿令吉差不多。

前景：
（a）GAMUDA工程：
（i）Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”)
2019年5月底的总体累计进度为：

高架工程套件正在按计划进行，完成54％;和
地下工程套件正在按计划进行，完成55％。

（ii）Pan Borneo Highway，Sarawak - WPC04（Pantu Junction to Btg Skrang）：
2019年5月底的总体累计进度为43％，并且正在按计划进行。

（iii）槟城交通总体规划：
LRT的批准：
铁路计划的批准预计于2019年6月底完成，public inspection将于2019年7月15日至10月15日期间进行。

Pan Island Link 1（PIL1）高速公路的批准：
详细的工程设计将于2019年7月开始。

槟城南部填海区的批准：
环境影响评估批准后，会按照详细的工程设计进行，并于二零二零年年中开始进行2,300英亩的A岛填海工程。

（iv）Gamuda Industrialized Building Systems（'Gamuda IBS'）：
到2020年，Gamuda Land的所有高楼开发项目将在Gamuda IBS生产。

（v）Gamuda（澳大利亚）分行：
Gamuda（澳大利亚）分公司在悉尼成立，拥有60名澳大利亚人和马来西亚人。

（b）GAMUDA LAND：
（i）海外：
现已完工的位于澳大利亚墨尔本的豪华高层公寓661 Chapel Street的销售正在进行中，而新加坡Anchorvale Crescent的建筑工程预计即将开始。

（ii）马来西亚：
twentyfive.7’s landed residences的第一阶段已售出80％，并将于二零一九年财政年度第四季度推出第二期有地住宅。 ELITE高速公路的交汇处直接连接到Gamuda Cove，这是一个占地1,530英亩的智能城市，位于自然保护区内，拥有200亿令吉的GDV，将于2019年7月开放。

（c）GAMUDA基础设施特许权
（i）高速公路：
2019年6月21日，政府提出接管Gamuda的四条高速公路，即KESAS，SPRINT，LITRAK和SMART。预计Gamuda将通过出售其在四条高速公路上的股份获得23.6亿令吉。

（ii）水：
该集团持股40％的Splash去年以25.5亿令吉的价格出售给了Pengurusan Air Selangor私人有限公司（Air Selangor）。在股份购买协议规定的所有先决条件完成后，于2019年4月收到了19亿令吉的预付款。此后，6亿5千万令吉的购买余额价将分九期平均分期结算。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.34 (dividend RM0.015) in 10 months 16 days, total return is 89.5%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.36 in 6 months 12 days, total return is 70%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.29 (dividend RM0.04) in 11 months 27 days, total return is 67.3%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.66 (dividend RM0.0825) in 8 months 14 days, total return is 45.1%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 (dividend RM0.008) in 6 months 5 days, total return is 30.4%

f) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.735 in 5 months 8 days, total return is 27.8%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.52 (dividend RM0.035) in 7 months 10 days, total return is 22.4%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.66 (dividends RM0.03) in 8 months 29 days, total return is 18.2%

i) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.00 in 5 months 29 days, total return is 17.6%

j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.16 in 5 months 8 days, total return is 11.5%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.11 in 28 days, total return is 6.7%

l) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.64 in 3 months 4 days, total return is 5.8%

m) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.03 (dividends RM0.084) in 10 months 30 days, total return is 3.9%

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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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有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
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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

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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
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[GAMUDA BHD: Lower net profit due to the sale of Splash]

YTD:
Gamuda Group posted lower net profit of RM521 million for the first nine months of this year compared with RM634 million for the same period last year mainly due to the sale of Splash at the end of last year.

This quarter:
Gamuda Group posted lower quarterly net profit of RM176 million compared with RM206 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:
The overseas projects continued to perform well with overseas sales representing two-thirds of group property sales; bolstering overall property earnings.

(c) GAMUDA INFRASTRUCTURE CONCESSION:
The lower earnings was mainly due to the sale of Splash last year.

QoQ:
The Group’s profit before tax for this quarter of RM236 million is similar to the immediate preceding quarter’s profit before tax of RM223 million.

Prospects:
(a) GAMUDA ENGINEERING:
(i) Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”)
The overall cumulative progress at the end of May 2019 for the:

Elevated Works Package is on track at 54%; and
Underground Works Package is on track at 55%.

(ii) Pan Borneo Highway, Sarawak – WPC04 (Pantu Junction to Btg Skrang):
Overall cumulative progress at the end May 2019 was 43% and is on track.

(iii) Penang Transport Master Plan:
Approvals for LRT:
The Railway Scheme approval is expected by end of June 2019, with the public inspection to be held from 15th July until 15th October 2019.

Approval for Pan Island Link 1 (PIL1) Highway:
Detailed engineering design to start in July 2019.

Approvals for Penang South Reclamation:
Detailed engineering design shall follow after the EIA approval, with the reclamation works for the 2,300-acre Island A to commence in mid-2020.

(iv) Gamuda Industrialised Building Systems (‘Gamuda IBS’):
By 2020, all of Gamuda Land’s high rise developments will be manufactured at Gamuda IBS.

(v) Gamuda (Australia) Branch:
The Gamuda (Australia) Branch office was established in Sydney, with a staff force of 60 Australians and Malaysians.

(b) GAMUDA LAND:
(i) Overseas:
Sales at the now-completed 661 Chapel Street, a luxury high-rise condominium in Melbourne, Australia is on-going while construction works for Anchorvale Crescent in Singapore is expected to commence soon.

(ii) Malaysia:
Phase 1 of twentyfive.7’s landed residences is 80% sold with the launch of Phase 2 landed residences targeted in Q4 FY2019. The ELITE highway’s interchange connecting directly to Gamuda Cove, a 1,530-acre smart city in a nature sanctuary with a GDV of RM20 billion, is targeted to be opened in July 2019.

(c) GAMUDA INFRASTRUCTURE CONCESSIONS
(i) Expressway:
On 21 June 2019, the Government offered to take over Gamuda’s four highways namely KESAS, SPRINT, LITRAK and SMART. Gamuda is expected to receive RM2.36 billion from the sale of its stakes in the four highways.

(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 was received in April 2019 upon the 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.
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.34 (dividend RM0.015) in 10 months 16 days, total return is 89.5%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.36 in 6 months 12 days, total return is 70%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.29 (dividend RM0.04) in 11 months 27 days, total return is 67.3%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.66 (dividend RM0.0825) in 8 months 14 days, total return is 45.1%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 (dividend RM0.008) in 6 months 5 days, total return is 30.4%

f) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.735 in 5 months 8 days, total return is 27.8%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.52 (dividend RM0.035) in 7 months 10 days, total return is 22.4%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.66 (dividends RM0.03) in 8 months 29 days, total return is 18.2%

i) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.00 in 5 months 29 days, total return is 17.6%

j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.16 in 5 months 8 days, total return is 11.5%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.11 in 28 days, total return is 6.7%

l) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.64 in 3 months 4 days, total return is 5.8%

m) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.03 (dividends RM0.084) in 10 months 30 days, total return is 3.9%

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/2311638045769603 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