Ikhmas Jaya

5268 IKHMAS JAYA

Olga
Publish date: Tue, 18 Oct 2016, 11:51 PM
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IKHMAS JAYA GROUP BERHAD

The company principal business activities are in engineering and construction which are involved in piling and foundation works bridge construction building construction and other civil works.

 

 

Period Ending:

2016

30/06

2016

31/03

2015

31/12

2015

30/09

Total Revenue

62.51

51.08

64.38

63.52
 

Cost of Revenue, Total

45.45

35.23

51.29

45.11

Gross Profit

17.06

15.85

13.09

18.41

Total Operating Expenses

54.31

43.98

60.55

52.83

Selling/General/Admin. Expenses, Total

3.38

2.98

3.65

2.72

Research & Development

-

-

-

-

Depreciation / Amortization

-

-

-

-

Interest Expense (Income) - Net Operating

-

-

-

-

Unusual Expense (Income)

-

-

-

-

Other Operating Expenses, Total

5.48

5.77

5.61

5

Operating Income

8.2

7.09

3.83

10.69

Interest Income (Expense), Net Non-Operating

-1.33

-1.56

-1.13

-1.09

Gain (Loss) on Sale of Assets

-

-

-

-

Other, Net

-

-

-

-

Net Income Before Taxes

6.87

5.54

2.7

9.59

Provision for Income Taxes

1.8

1.43

0.82

2.35

Net Income After Taxes

5.07

4.11

1.88

7.24

Minority Interest

0.15

0.2

0.4

0.2

Equity In Affiliates

-

-

-

-

U.S GAAP Adjustment

-

-

-

-

Net Income Before Extraordinary Items

5.22

4.31

2.27

7.44

Total Extraordinary Items

-

-

-

-

Net Income

5.22

4.31

2.27

7.44

 

 

Period Ending:

2015

31/12

2014

31/12

2013

31/12

2012

31/12

Total Revenue

268.66

293.5

205.34

202.87
 

Cost of Revenue, Total

201.32

235.6

151.76

165.23

Gross Profit

67.33

57.9

53.58

37.63

Total Operating Expenses

231.09

260.08

173.3

183.6

Selling/General/Admin. Expenses, Total

10.81

8.98

6.62

7.07

Research & Development

-

-

-

-

Depreciation / Amortization

-

-

-

-

Interest Expense (Income) - Net Operating

-

-

-

-

Unusual Expense (Income)

-

-

-

-

Other Operating Expenses, Total

18.96

15.49

14.93

11.3

Operating Income

37.57

33.43

32.03

19.26

Interest Income (Expense), Net Non-Operating

-4.8

-4.59

-3

-1.93

Gain (Loss) on Sale of Assets

-

-

-

-

Other, Net

-

-

-

-

Net Income Before Taxes

32.77

28.84

29.03

17.34

Provision for Income Taxes

8.46

7.43

7.57

3.85

Net Income After Taxes

24.3

21.41

21.46

13.49

Minority Interest

0.85

0.14

-0.03

-0.15

Equity In Affiliates

-

-

-

-

U.S GAAP Adjustment

-

-

-

-

Net Income Before Extraordinary Items

25.16

21.55

21.43

13.34

Total Extraordinary Items

-

-

-

-

Net Income

25.16

21.55

21.43

13.34

 

 

A Little Setback..

 

This article first appeared in The Edge Financial Daily, on June 21, 2016.

KUALA LUMPUR: Piling specialist Ikhmas Jaya Group Bhd, whose financial year ending Dec 31, 2016 (FY16) started off with a 49.3% slump in earnings in the first three months ended March 31, 2016 (1QFY16), is not worried about its prospects for the remainder of the year as it believes it will benefit from the country’s infrastructure boom.

Hence, despite the lacklustre first-quarter performance, the group is expecting a better FY16, with a strong double-digit earnings growth, on the back of a RM400 million revenue.

“We are trying hard to procure more projects and achieve RM400 million turnover this year,” group managing director Datuk Ang Cheng Siong, who sees more local construction projects being rolled out this year, told reporters after the group’s annual general meeting yesterday.

Ang also explained that the sluggish 1QFY16 was primarily due to the “timing” of projects, adding that earnings and revenue should see upticks in 2QFY16.

The group saw its net profit slump to RM4.31 million in 1QFY16, from RM8.49 million in the same period a year ago, after posting a lower revenue of RM51.1 million, down 33.1% from RM76.3 million in 1QFY15.

Last year, the group recorded a revenue of RM268.66 million, down 8.5% from FY14’s RM293.5 million, while net profit came in at RM24.3 million, up 13.6% from the RM21.4 million it achieved in FY14.

The group will be tendering for about RM8.9 billion local construction projects this year, from which it expects to secure at least 6% worth of jobs, based on its record, said Ang.

“We hope to get one or two packages this year. The projects’ values range from a few hundred millions to a billion,” Ang said.

Among the projects that the group is bidding for are expressway infrastructure works, namely the Damansara-Shah Alam Highway, the Shah Alam-Ulu Klang Expressway, the Duta-Ulu Klang Expressway 3 and the Pan Borneo Highway in Sarawak. These are all expected to be awarded in stages starting June this year.

The group’s projects in hand now stand at RM1.15 billion, with an outstanding order book of RM700 million, which is likely to sustain the group’s earnings for the next two years.

Ang also said the group is looking for opportunities to participate in the foundation works of the Bandar Malaysia’s project.

Meanwhile, though the group’s 1QFY16 net profit margin slid 2.7 percentage points year-on-year to 8.43%, from 11.13%, Ang believes the management will be able to maintain margins at high single digits for the rest of the year.

“The market is very competitive as the private sector is slowing down slightly,” said Ang, adding that Ikhmas Jaya is open for partners and opportunities in new areas — such as track laying — to enhance the group’s competitiveness.

Ikhmas Jaya, which was listed in July last year — with an initial public offering price of 57 sen — was unchanged at 70.5 sen yesterday. The counter, which peaked at 80 sen on May 17, has declined 11.88% over the past month.

 

 

Period Ending:

2016

30/06

2016

31/03

2015

31/12

2015

30/09

Total Current Assets

285.63

254.88

260.42

253.55

Cash and Short Term Investments

25.81

30.71

35.7

52.22

Cash

-

-

-

-

Cash & Equivalents

25.81

30.71

35.7

52.22

Short Term Investments

-

-

-

-

Total Receivables, Net

259.14

223.67

224.27

200.89

Accounts Receivables - Trade, Net

258.23

222.85

223.79

200.86

Total Inventory

0.68

0.51

0.45

0.44

Prepaid Expenses

-

-

-

-

Other Current Assets, Total

-

-

-

-

Total Assets

391.93

361.88

365.85

349.95

Property/Plant/Equipment, Total - Net

102.99

103.74

102.17

93.14

Property/Plant/Equipment, Total - Gross

-

-

-

-

Accumulated Depreciation, Total

-

-

-

-

Goodwill, Net

-

-

-

-

Intangibles, Net

-

-

-

-

Long Term Investments

3.2

3.15

3.16

3.15

Note Receivable - Long Term

-

-

-

-

Other Long Term Assets, Total

0.11

0.11

0.11

0.11

Other Assets, Total

-

-

-

-

Total Current Liabilities

161.14

132.18

153.73

138.94

Accounts Payable

-

-

-

-

Payable/Accrued

108.5

73.88

91.28

91.13

Accrued Expenses

-

-

-

-

Notes Payable/Short Term Debt

35.06

40.1

50.11

31.13

Current Port. of LT Debt/Capital Leases

17.34

17.87

11.01

11.12

Other Current liabilities, Total

0.23

0.34

1.34

5.56

Total Liabilities

193.06

168.23

176.5

162.86

Total Long Term Debt

24.85

28.83

15.35

17.3

Long Term Debt

5.35

5.57

5.78

6.22

Capital Lease Obligations

19.5

23.26

9.58

11.09

Total Debt

77.25

86.79

76.47

59.55

Deferred Income Tax

8.07

8.07

8.08

6.88

Minority Interest

-1

-0.85

-0.66

-0.26

Other Liabilities, Total

-

-

-

-

Total Equity

198.87

193.66

189.35

187.08

Redeemable Preferred Stock, Total

-

-

-

-

Preferred Stock - Non Redeemable, Net

-

-

-

-

Common Stock, Total

130

130

130

130

Additional Paid-In Capital

36.75

36.75

36.75

36.76

Retained Earnings (Accumulated Deficit)

32.12

26.91

22.6

20.33

Treasury Stock - Common

-

-

-

-

ESOP Debt Guarantee

-

-

-

-

Unrealized Gain (Loss)

-

-

-

-

Other Equity, Total

-

-

-

-

Total Liabilities & Shareholders' Equity

391.93

361.88

365.85

349.95

Total Common Shares Outstanding

520

520

520

520

 

 

Period Ending:

2016

30/06

2016

31/03

2015

31/12

2015

30/09

Period Length:

6 Months

3 Months

12 Months

9 Months

Net Income/Starting Line

12.4

5.54

32.77

30.06

Cash From Operating Activities

-3.3

-10.53

-25.42

-3.79

Depreciation/Depletion

6.92

3.45

10.93

7.77

Amortization

-

-

-

-

Deferred Taxes

-

-

-

-

Non-Cash Items

2.85

1.34

4.77

3.65

Cash Receipts

-

-

-

-

Cash Payments

-

-

-

-

Cash Taxes Paid

4.77

2.77

11.16

6.86

Cash Interest Paid

3.26

1.57

5.71

4.19

Changes in Working Capital

-25.48

-20.85

-73.88

-45.27

Cash From Investing Activities

-5.98

-4.79

-26.52

-15.23

Capital Expenditures

-6.38

-5.02

-27.13

-15.09

Other Investing Cash Flow Items, Total

0.39

0.23

0.61

-0.14

Cash From Financing Activities

-9.38

11.64

62.08

48.9

Financing Cash Flow Items

-0.1

1.89

0.32

-0.28

Total Cash Dividends Paid

-

-

-

-

Issuance (Retirement) of Stock, Net

-

-

68.25

68.26

Issuance (Retirement) of Debt, Net

-9.28

9.75

-6.48

-19.08

Foreign Exchange Effects

-

-

-

-

Net Change in Cash

-18.66

-3.68

10.15

29.88

 

 

Period Ending:

2015

31/12

2014

31/12

2013

31/12

2012

31/12

Period Length:

12 Months

12 Months

0 Months

0 Months

Net Income/Starting Line

32.77

28.84

-

-

Cash From Operating Activities

-25.42

11.05

-

-

Depreciation/Depletion

10.93

8.86

-

-

Amortization

-

-

-

-

Deferred Taxes

-

-

-

-

Non-Cash Items

4.77

4.51

-

-

Cash Receipts

-

-

-

-

Cash Payments

-

-

-

-

Cash Taxes Paid

11.16

5.23

-

-

Cash Interest Paid

5.71

5.28

-

-

Changes in Working Capital

-73.88

-31.16

-

-

Cash From Investing Activities

-26.52

-4.48

-

-

Capital Expenditures

-27.13

-4.17

-

-

Other Investing Cash Flow Items, Total

0.61

-0.31

-

-

Cash From Financing Activities

62.08

-6.14

-

-

Financing Cash Flow Items

0.32

-0.15

-

-

Total Cash Dividends Paid

-

-

-

-

Issuance (Retirement) of Stock, Net

68.25

0.16

-

-

Issuance (Retirement) of Debt, Net

-6.48

-6.15

-

-

Foreign Exchange Effects

-

-

-

-

Net Change in Cash

10.15

0.44

-

-

 

 

P/E Ratio TTM

15.69

113.87

Price to Sales TTM

1.44

2.35

Price to Cash Flow MRQ

-

1,361.59

Price to Free Cash Flow TTM

-

48.64

Price to Book MRQ

1.75

1.12

Price to Tangible Book MRQ

1.75

1.47

 

Revenue/Share TTM

0.54

1.22

Basic EPS

0.06

0.19

Diluted EPS

0.06

0.19

Book Value/Share MRQ

0.38

2.13

Tangible Book Value/Share MRQ

0.38

1.83

Cash/Share MRQ

0.05

0.59

Cash Flow/Share TTM

0.07

0.24

 

Return on Equity TTM

12.4%

8.68%

Return on Equity 5YA

-

10.97%

Return on Assets TTM

5.37%

4.64%

Return on Assets 5YA

-

5.58%

Return on Investment TTM

9.94%

6.45%

Return on Investment 5YA

-

7.81%

 

Quick Ratio MRQ

1.77

1.72

Current Ratio MRQ

1.77

2.78

LT Debt to Equity MRQ

12.49%

52.34%

Total Debt to Equity MRQ

38.84%

68.88%

 

Asset Turnover TTM

0.71

0.31

Inventory Turnover TTM

242.73

5

Revenue/Employee TTM

-

1.36M

Net Income/Employee TTM

-

342.13K

Receivable Turnover TTM

1.09

2.86

Friday, 9 September 2016

 

Wah Seong 'outperform', Ikhmas Jaya 'buy', Sime 'sell'

 

By AmInvestment Bank

Rating: Buy (maintained)

Fair value: RM0.84

IKHMAS Jaya’s earnings forecasts for three consecutive financial years have been cut.

AmInvestment’s move largely reflects the delays in the contruction company’s two key projects, namely a flyover package for a road upgrading project outside of the Klang Valley and a basement package for a high-rise project in Klang Valley. For both projects, Ikhmas is forced to postpone the commencement of work due to the delays in the handover of the sites by other parties.

However, AmInvestment has reiterated its “buy” call, with a fair value of RM0.84 although it has been cut by 9%.

The research house is positive that Ikhmas has projected for job wins of about RM500mil, on top on top of RM438mil secured year-to-date, pinning its hopes on sizeable public works. There are positive prospects for the site handover to take place in the immediate months, and with both projects going full throttle, investors can expect the projects contributing significantly in FY17. With sizeable order backlog and strong likelihood for job wins with piling sub-contracts from MRT2, Pan Borneo Highway, SUKE and DASH, AmInvestment has positive hopes on Ikhmas due to the booming local construction environment.

 

 

 

Will Ikhmas Jaya make a come back?

 

http://landofinvestments.blogspot.my/2016/10/ikhmas-jaya.html

 

 

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