Journey to Wealth
CBIP - Receives RM20mil contract HOLD
- CB Industrial Product Holding Bhd (CBIP) has announced that it has received a US$6.3mil (RM20mil) contract from PT Swakarsa Sawit Raya to manufacture and supply part of the M&E (mechanical and engineering) works for a Modipalm mill in Riau, Indonesia.
- The size of the Modipalm mill is 45 tonnes/hour.
- This is CBIP's second announcement of contract in a week.
- Last week, CBIP announced it had won a RM40mil contract to supply and install part of the M&E works for a conventional mill for Jaya Tiasa Holdings Bhd.
- Including the above contract from PT Swakarsa Sawit Raya, CBIP has announced four awards of contracts so far this year.
- The total size of the contracts secured is RM121mil.
- We view the award of the contract positively as it would replenish the group's construction order book and sustain its net profit growth.
- As at end-FY11, CBIP's unbilled sales stood at RM371.1mil, which was 1.2x of FY11's mill construction turnover.
- In spite of the growing contracts, we believe that CBIP's net profit would decline in FY12F due to the disposal of the plantation assets.
- This is expected to be completed by the middle of this year.
- We maintain a HOLD on CBIP. PE valuations are expected to become more expensive due to the fall in profits resulting from the disposal of the plantation subsidiaries.
Source: AmeSecurities
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