[GAMUDA BHD：于2019年12月中标，为国有港口运营公司Taiwan International Ports Corporation建造4,014米的海堤结构，合同价为新台币68.17亿新台币（相当于9.32亿令吉）]

YTD20 vs YTD19:
由于马来西亚房地产市场充满挑战，金务大置地在今年上半年售出了价值10亿令吉的房地产，低于去年同期的13亿令吉。在今年上半年，金务大集团的净利润为3亿4900万令吉，而去年同期为3亿4500万令吉。

2Q20 vs 2Q19：
由于建筑利润增加，金务大集团（Gamuda Group）在2020财年第2季度实现了1.75亿令吉的净利润，而2019财年第2季度则实现了1.73亿令吉的净利润。

Gamuda Engineering：较高的建筑利润归功于MRT Line 2的较高贡献。

Gamuda Land：由于马来西亚较新城镇的前期成本增加，房地产利润降低。

Gamuda基础设施特许经营权：由于所有高速公路的交通量稳定且具有弹性，因此今年的收入与去年的收入相似。

2Q20 vs 1Q20：
本季度的集团税前利润为2亿2千万令吉，略高于上一季度的2亿1800万令吉。

前景：
由于全球健康危机的不断发展，石油市场的震荡和金融市场的动荡影响经济活动，投资者信心和消费者信心，未来几个月将存在很大的不确定性。低油价也将限制政府的计划。

Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”)：
自2020年3月18日起生效的Movement Control Order (“MCO”)，由于公共安全的影响，除当局指导下的关键隧道工程外，所有工程都被暂停。

Pan Borneo Highway, Sarawak – WPC04 (Pantu Junction to Btg Skrang)：
Naim Engineering Sdn Bhd – Gamuda Berhad合资企业于2016年7月25日为Pan Borneo Sarawak项目获得了WPC04项目（Pantu Junction to Btg Skrang）。范围包括扩建和升级现有的89.30km长，2-lane single carriageway road从Pantu Junction到Batang Skrang的车道，再到JKR R5标准的4-lane dual carriageway。到2020年1月底，总体累计进度为48％。

槟城交通总体规划：
LRT的批准：
铁路计划已于2019年7月18日获得有条件批准。为期3个月的Public Inspection自2019年8月19日开始，至2019年11月19日结束，已获得LRT超过97％的支持。 LRT的环境影响评估（EIA）报告已由环境部（DOE）通过2020年2月21日的信函批准，目前正等待APAD最终铁路计划的批准。

批准Pan Island Link 1 (PIL1)高速公路：
环境部在2019年4月10日的信中批准了PIL1的环境影响评估报告。详细的工程设计将在与槟州政府签署PDP协议后开始。

槟城南部填海的批准：
槟城南部填海计划（PSR）项目已于2019年4月18日提交给Majlis Perancang Fizikal Negara（MPFN）。PSR环境影响评估报告已于2019年6月25日获得批准。槟州政府委托PSR开发进行“总体规划设计大赛”。竞赛吸引了世界知名的城市规划者的参与，竞赛结果将于2020年中期公布。占地2300英亩的A岛的填海工程计划于2020年下半年开始。

台湾：
海上桥梁项目：
2019年3月，金务大（Gamuda，拥有70％股份）与一家台湾公司的合资企业中标，为国有石油公司CPC Corporation Taiwan建造1.23 km的海上桥梁，价值新台币39.55亿元（相当于5.22亿令吉）。这座海上桥梁将接收站连接到一个人造岛上，预计该项目将于2022年11月完成。初步工程已经开始，到2020年1月底的状态为6％。

填海工程海堤：
金务大公司（拥有70％的股份）与一家台湾公司合资，已于2019年12月中标，为国有港口运营公司Taiwan International Ports Corporation建造4,014米的海堤结构，合同价为新台币68.17亿新台币（相当于9.32亿令吉）。该项目预计将于2025年1月完成。

新加坡：
新加坡土地运输局（LTA）于2019年11月12日向Greatearth Corporation-Gamuda Berhad新加坡分公司合资企业授予了Gali Batu多层巴士仓库2.6亿新加坡元的合同。该项目包括三层行政大楼，一个五层高的宿舍和一个五层高的主仓库，配备了715辆公共汽车的停车位，加油和清洗设施，维修和保养设施以及最先进的技术，可满足电动公共汽车的运行需求。合同期限为41个月。

Gamuda工业建筑系统（“ Gamuda IBS”）：
Gamuda IBS雪邦的第一家工厂于2016年6月开始运营，班廷的第二家工厂于2019年5月开始运营。有了这两家工厂，他们有能力每年生产10,000个单位，以支持政府的目标，即未来十年要建造100万套可负担房屋。

Gamuda（澳大利亚）分公司：
他们正积极竞标价值超过100亿澳元的新南威尔士州，维多利亚州，昆士兰州和西澳大利亚州的项目。

GAMUDA LAND：
海外：
墨尔本豪华高层公寓661 Chapel Street的销售仍在进行中，而新加坡Anchorvale Crescent的OLA executive condominium则因其2020年3月21日的首次启动而受到好评。

马来西亚：
由于普遍的过剩情况和较低的消费者信心，预计2020年国内房地产市场将保持疲软。

高速公路：
金务大已同意将他们在KESAS，SPRINT，LITRAK和SMART四个高速公路上的全部权益出售给政府。 Gamuda在这四条公路上的股权价值为23.6亿令吉。由于联邦政府的变动，该集团正在等待财政部就此次收购的状况做出进一步指示。

水：
Sungai Selangor水处理厂三期的运营和维护进展顺利。
-----------------------------
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James Ng
-----------------------
[GAMUDA BHD: in December 2019 won the tender to construct 4,014 meters of seawall structure with contract price of NTD6,817 million (equivalent to RM932 million) for Taiwan International Ports Corporation, a state-owned port operation company]

YTD20 vs YTD19:
Gamuda Land sold RM1 billion worth of properties for the first half of this year, lower than the RM1.3 billion sales for the same period last year due to a challenging Malaysia property market. For the first half of this year, Gamuda Group posted a net profit of RM349 million as compared with a net profit of RM345 million for the same period last year.

2Q20 vs 2Q19:
Gamuda Group posted a higher net profit of RM175 million in 2QFY2020 as compared with a net profit of RM173 million in 2QFY2019 due to higher construction profit.

Gamuda Engineering: The higher construction profit was due to higher contribution from MRT Line 2.

Gamuda Land: Lower property profit on the back of higher upfront cost for the newer townships in Malaysia.

Gamuda Infrastructure Concession: This year’s earnings is similar to last year’s earning as the traffic volumes of all expressways have been stable and resilient.

2Q20 vs 1Q20:
The Group’s profit before tax for this quarter of RM220 million is slightly higher than the immediate preceding quarter’s profit before tax of RM218 million.

Prospects:
There will be a great deal of uncertainty over the coming months due to the unfolding global health crisis, oil shock and turmoil in the financial markets affecting economic activity, investor confidence and consumer sentiment. The low oil price will also constrain the Government’s plans.

Klang Valley Mass Rapid Transit: Sungai Buloh – Serdang – Putrajaya Line (“MRT Line 2”):
With the Movement Control Order (“MCO”) in effect from 18 March 2020, all works are suspended except for critical tunnelling works as guided by the authorities due to public safety implications.

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 of Jan 2020 was on track at 48%.

Penang Transport Master Plan:
Approvals for LRT:
The Railway Scheme was given Conditional Approval on 18 July 2019. The 3-month Public Inspection that started on 19 August 2019, and which ended on 19 November 2019 has garnered more than 97% support for the LRT. The Environmental Impact Assessment (EIA) report for LRT was approved by Department of Environment (DOE) through a letter dated 21 February 2020 and is now pending Final Railway Scheme approval by APAD.

Approval for Pan Island Link 1 (PIL1) Highway:
The EIA report for PIL1 has been approved by DOE in letter dated on 10 April 2019. Detailed engineering design will commence upon signing of PDP Agreement with Penang State Government.

Approvals for Penang South Reclamation:
Penang South Reclamation (PSR) Project was presented to Majlis Perancang Fizikal Negara (MPFN) on 18 Apr 2019. The PSR EIA report was approved on 25 June 2019. The Penang State Government has commissioned a "Masterplan Design Competition" for the PSR development. The competition attracted participation from world-renowned town planners and the result of the competition will be announced by mid-2020. Reclamation works for the 2,300-acre Island A is targeted to commence in second half of 2020.

Taiwan:
Marine Bridge Project:
In March 2019, Gamuda’s 70%-owned joint venture with a Taiwanese company won the tender to construct a 1.23 km marine bridge worth NTD3,955 million (equivalent to RM522 million) for CPC Corporation Taiwan, a state-owned petroleum company. The marine bridge connects a receiving terminal to a man-made island and the project is expected to be completed in November 2022. Preliminary works have started with the status as at end January 2020 was 6%.

Seawall for Reclamation Project:
Gamuda’s 70%-owned joint venture with a Taiwanese company has in December 2019 won the tender to construct 4,014 meters of seawall structure with contract price of NTD6,817 million (equivalent to RM932 million) for Taiwan International Ports Corporation, a state-owned port operation company. The project is expected to be completed by January 2025.

Singapore:
The Land Transport Authority of Singapore (LTA) awarded the SGD$260mil contract for the Gali Batu Multi-Storey Bus depot to Greatearth Corporation-Gamuda Berhad Singapore Branch Joint Venture on 12 November 2019. The project consists of a Three-storey Administrative building, a Five-storey Dormitory and a Five-storey Main depot equipped with parking spaces for 715 buses, refuelling and washing facilities, repair and maintenance facilities and cutting edge technology to cater for the operation of electric buses. The contract duration is 41 months.

Gamuda Industrialised Building Systems (‘Gamuda IBS’):
Gamuda IBS commenced operations in June 2016 with the first factory in Sepang and a second factory in Banting in May 2019. With these two factories, they have the capacity to produce 10,000 units per year to support the Government’s target to build 1 million affordable homes in the coming decade.

Gamuda (Australia) Branch:
They are actively bidding for over AUD10 billion worth of projects in New South Wales, Victoria, Queensland and Western Australia.

GAMUDA LAND:
Overseas:
Sales at 661 Chapel Street, a luxury high-rise condominium in Melbourne, is on-going while OLA executive condominium at Anchorvale Crescent in Singapore received good response for its maiden launch on 21 March 2020.

Malaysia:
The domestic property market is expected to remain soft in 2020 due to the prevailing overhang situation and low consumer confidence.

Expressway:
The Group has agreed to dispose all their interests in the four highways namely KESAS, SPRINT, LITRAK and SMART to the Government. Gamuda’s stakes in the four highways is valued at RM2.36 billion. Due to the change in the Federal Government, the Group awaits further direction from the Ministry of Finance on the status of this acquisition.

Water:
The operations and maintenance of the Sungai Selangor Water Treatment Plant Phase 3 is going on smoothly.
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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