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DATE: 10 JANUARY 2018
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THE STOCK : MMCCORP
MMC CORPORATION BHD
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Current Price : RM2.20
Target Price : RM2.30 & RM2.80
Warrant : MMCCORP-C8 (0.20cts) : TP '0.40cts++++++'
This stock has been alerted and called today by Kim. Its massive moved. Started at RM2.06 and hit our 1st TP RM2.30. Next target as above.
Tomorrow this stock still in our radar and expect to move higher to test again RM2.30 as a strong resistance. Success to do so, will bring it higher to test Kim TP RM2.50
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WHAT KIM SAY?
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"MMC Corp Bhd’s order book remains robust at RM15bil, enough to keep it busy for the next five years. Nothing impossible to fly back at RM3.00 range soon". - Kim Spartan
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THE PROFILE
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MMC Corporation Berhad an investment holding company, operates as a utility and infrastructure company primarily in Malaysia. The company specializes in transportation and logistics, energy and utilities, and engineering and construction businesses. Its containers terminal operations include the transhipment hub in South East Asia, which consist a fleet of approximately 500 container vessels; a multi-purpose terminal in Johor that handles both containerized and bulk cargo; and a concession to operate the SMART motorway in Kuala Lumpur city. The company also operates as an independent power producer with a network of power plants located in the Peninsular Malaysia.
In addition, it is involved in the supply of natural gas and liquefied petroleum gas to industries, commercial businesses, and homes, as well as is engaged in banking, finance, investment advisory, securities, real estate management, and venture capital activities, as well as focuses on waste management services, which include the conversion of municipal solid waste to energy. Further, it provides engineering consultancy services related to offshore oil and gas production and processing facilities, on-shore receiving facilities and loading terminals, and refineries and petrochemical plants to the oil and gas, and petrochemical industries. MMC Corporation also designs and builds various engineering solutions in the areas of civil and structural, plant design and mechanical, and electrical and process control.
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THE KEYNOTE
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JAN 2017
MMCCORP - MMC Corp Bhd, controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary, is buying a 70% stake in KMB Seaport Sdn Bhd – operator of Tanjung Bruas Port in Melaka – from its largest shareholder Seaport Terminal (Johore) Sdn Bhd for RM21 million cash. MMC said this is part of its effort to maintain its position as a key player in the country's port industry.
MMCCORP - MMC Corp Bhd, controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary, is buying a 70% stake in KMB Seaport Sdn Bhd – operator of Tanjung Bruas Port in Melaka – from its largest shareholder Seaport Terminal (Johore) Sdn Bhd for RM21 million cash. MMC said this is part of its effort to maintain its position as a key player in the country's port industry.
MMCCORP - MMC Corp Bhd's wholly-owned unit MMC Technical Services Sdn Bhd (MMCTS) plans to dispose of 100% beneficial interest in MMC Oil & Gas Engineering Sdn Bhd for RM50 million in its bid to focus on its core businesses
MMCCORP - The protracted dispute between the MMC Corporation-Gamuda joint venture and Wayss & Freytag (Malaysia) Sdn Bhd, dating back to 2008 over the SMART Tunnel project has been settled. Gamuda Bhd announced the MMC Engineering Group-Gamuda Joint Venture (MMCEG-Gamuda JV) had agreed to pay Wayss & Freytag a lump sum of RM109.14mil inclusive of interest as full and final settlement of the arbitration proceedings.
FEB 2017
MMCCORP - Johor Port Bhd, a member of the MMC Group, has signed a memorandum of understanding (MoU) with PT Pelabuhan Indonesia IV (Pelindo IV) that will involve several collaborations, including a sister port partnership programme. The MoU will also pave the way for Johor Port to share its experience and expertise with Pelindo IV in the areas of port training services, consultation on container and conventional operations and collaboration on inter-port logistics services.
MMCCORP - MMC Corp Bhd saw its net profit jump 52% to RM267.41 million or 8.78 sen per share for the fourth quarter ended December 31, 2016 (4QFY16) from RM176.01 million or 5.78 sen per share in 4QFY15. Revenue soared 93% to RM1.85 billion from RM958.49 million in 4QFY15, the group said in a filing with the stock exchange. Net profit for the full financial year, however, plunged 67% to RM549.66 million from RM1.67 billion in FY15 while revenue fell 8% to RM4.63 billion from RM5.06 billion.
APR 2017
MMCCORP - MMC Corporation Bhd will acquire the remaining 51% stake in Penang Port Sdn Bhd (PPSB) for a cash consideration of RM220 million in order to gain full control of PPSB. MMC Port Holdings Sdn Bhd, a wholly-owned subsidiary of MMC Corp, has entered into a conditional share sale and purchase agreement with Seaport Terminal (Johore) Sdn Bhd to acquire the remaining 37.5 million ordinary shares representing about 51% ordinary equity interest in PPSB for a cash consideration of RM220 million. It added that the proposed acquisition is to enable MMC Corp to be in full control of PPSB and be in a position to determine its future strategic direction.
MMCCORP - MMC Corporation Bhd (MMC) is gunning for total ownership of Penang Port Sdn Bhd (PPSB) by proposing to acquire the remaining 51 per cent stake of the company, in addition to its existing 49 per cent stake that was newly acquired. Where the leading utilities and infrastructure group revealed the total cash consideration of the proposed acquisition to be RM220 million.
MAY 2017
MMCCORP - MMC Corp Bhd expects to hand over the loss-making ferry operations linking Penang island and Butterworth, to Prasarana Malaysia Bhd within the next two months. It was reported Prasarana was a little hesitant about taking over the ferry operations, as it would be entering unfamiliar territory and also because the operations were making losses
MMCCORP - Sime Darby Bhd is teaming up with MMC Corp Bhd in port management and establishing a sister port relationship to facilitate halal shipments between Malaysia and China. The companies jointly announced that both their subsidiaries — Northport Malaysia Bhd and Weifang Sime Darby Port Co Ltd — have signed a Memorandum of Understanding to seal the partnership.
MMCCORP - MMC Corp Bhd recorded a 7.4% increase in net profit for the first quarter at RM55.1mil, despite revenue slipping marginally by 1.1% to RM925.2mil. The group said the lower revenue was mainly due to the substantial completion of the Klang Valley Mass Rapid Transit (KVMRT)-Sungai Buloh-Kajang (SBK) Line in 2016, coupled with lower throughput volume at Pelabuhan Tanjung Pelepas (PTP), attributed to the change in network strategies of certain customers.
JUL 2017
MMCCORP - MMC Corp Bhd announced its wholly-owned unit Johor Port Bhd has disposed its 5.1 million shares — equivalent to a 51% stake — in Kotug Asia Sdn Bhd to Kotug Malaysia Sdn Bhd for RM4.1 million cash, which is part of its ongoing internal restructuring exercise.
MMCCORP - MMC Corp Bhd's 70%-owned subsidiary Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) has filed a lawsuit against Rising Star Shipping Sdn Bhd (RSS) and The Shipowners' Mutual Protection and Indemnity Association (Luxembourg) Singapore Branch seeking RM31.86 million in damages for an oil spill at the port in Johor.
MMCCORP - MMC Corp Bhd is working with a Japanese consortium to provide mechanical and engineering solutions for the High Speed Rail (HSR) project that the group is bidding for, said its group managing director Datuk Seri Che Khalib Mohamad Noh.
AUG 2017
MMCCORP - Diversified conglomerate MMC Corp Bhd has confirmed a report by The Edge Malaysia weekly that it is in talks with Sabah-controlled Suria Capital Holdings Bhd to take up a stake in the latter’s wholly-owned Sabah Ports Sdn Bhd.
MMCCORP - MMC Corporations Bhd’s subsidiary Southern Water Technology Sdn Bhd has been served with a winding up petition over an arbitration award of RM10.87mil by Suria 2000 Sdn Bhd. The group with diversified operations including ports, energy and construction said the petition was for the recognition and enforcement of a High Court order dated May 8, 2017 for the award dated Oct 27, 2016 totaling RM10.87mil.
MMCCORP - MMC Corp Bhd’s net profit fell 49.7% to RM62.92 million in the second quarter ended June 30, 2017 (2QFY17) from RM125.02 million a year ago, mainly due to the absence of gain on the sale of land at Senai Airport Free Industrial Zone, as well as the substantial completion of the Klang Valley’s Mass Rail Transit’s Sungai Buloh-Kajang line (KVMRT-SBK) last year.
SEP 2017
MMCCORP - MMC Corp Bhd’s unit Northport (M) Bhd has inked a strategic alliance with two Sarawak-based shipping companies to increase shipping service frequencies in East Malaysia. In a statement dated Sept 4, it said Northport together with Shin Yang Shipping Sdn Bhd and Harbour-Link Group Berhad have signed a Memorandum of Understanding (MoU) to establish a strategic alliance called The East Malaysia Network or TEAM Network. Under the agreement, Northport is expected to provide efficient and effective port services, as well as high terminal productivity.
NOV 2017
MMCCORP - Utilities and infrastructure group MMC Corp Bhd’s third-quarter net profit fell 78.9% year-on-year after a RM98 million one-off provision for impairment on its storm water management and road tunnel project, as a result of lower projected traffic volume. The lower quarterly earnings were also due to the absence of a gain on disposal of land from MMC Tepat Teknik Sdn Bhd. MMC saw its net profit fall to RM22.29 million in the three months ended Sept 30, 2017 (3QFY17) from RM105.89 million a year ago.
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THE FINANCIAL
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Regards,
Kim Stockwatch
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