6月起金边暹粒-郑州航线航班将增至每周3班

（金边讯）中国河南省副省长孙守刚表示，自6月起，金边暹粒—郑州国际客运航线航班将增加至每周三个航班。


https://cc-times.com/posts/24690

迪拜—金边即将恢复往返航班

【本报消息】阿联酋航空公司（Emirates Airline）将于5月1日起，正式恢复暂停约3年的迪拜-金边客运往返航班。



据介绍，该航空公司将于今年5月1日起恢复从迪拜经新加坡中转至金边的客运航班，届时每日一班。

应提的是，阿联酋航空于2017年开通迪拜往返金边航班。然而，受新冠疫情影响，该航班自2021年以来停航至今。



https://www.jianhuadaily.com/20240424/236612

This week PP airport recorded highest number of arrival flights as 375 (highest since MCO)
Prior to this the highest was 367 flights (last week & twice in Feb).

24Q1 average as 356 flights/week.

23Q4 average as 341 flights/week.

Cambodia Airports Passengers Traffic (exclude Siem Reap Airport):


2024 Q1: 1.181mil passengers
Y-Y increase 22.9%
Q-Q increase 8.6%



2023 Full year: 4.031mil passengers


2022 Full year: 2.010mil passengers 


Wow~ the CIMB research is good ! He quoted below statement in the Feb report:

‘The most ideal scenario for Muhibbah is to receive compensation for the loss of its existing operations of Phnom Penh airport and be engaged to operate the new airport’



Today it’s come TRUE !!!

柬埔寨政府授权法国机场特许公司 参与经营新金边国际机场
https://cc-times.com/posts/24528

Muhibah + Teo Chang Hock have more than 10% shareholding in MASTER-PACK.

Should press the management to increase the dividend pay out !

**Muhibah & Teo are the shareholder in FAVCO as well~

Let’s see which catalyst above will come first~


ValueMaker
Part 2: Catalyst / Upcoming events:

1. MRT 3 / Penang LRT
- high chance for Noise Barrier job as it was the winner for past rails/highway projects
- other related parts/works award might be bonus

2. Strong OIL price may support continuous Capex spending
- more than RM 990m jobs awarded directly from Petronas between 2022 & 2023
- Petronas’s RM 25b/year capex to spend locally

3. Recovery of Cambodia tourist
- flights passengers jump > 100% in 2023 compare 2022
- concession profit improved significantly to RM 60m (compare to RM1m loss in 2022)

4. Compensation from Cambodia as early termination of airport concession
- new airport to replace the existing Phnom Penh airport by 2025/26
- unlike the SiemReap airport (non-exclusive rights), Phnom Penh airport which has an exclusive clause in the concession agreement should receive fair compensation
- based on the RHB research in March 2020, the estimate compensation should between RM 747m - 874m (actual value should be lesses now as tenure shorten)

5. Petronas Safina Project (marine)
- aims to build up to 100 vessels over the next 4-5 years to replace the old vessels
- Muhibah is one of the very few local shipyards shortlisted by Petronas
- back to last peak cycle during 2010-2014, Muhibah’s marine division recored continuous > Rm 40m profit / year

6. Westport expansion plan RM 39.6b
- expertise in wharf & port related job
- existing client relationship

7. Saudi Line City project
- a linear smart city which is designed to have no cars, streets or carbon emissions
- CIMB research in Feb 2024 first disclosed that Muhibbah alluded to possible tenders
2 days ago

Pay dividend to shareholder > shareholder get dividend buy ksl house > money back to KSL.

Win win !

One off impairment loss 10m + forex loss 3m..

If Exclude these, revenue & core profit are roughly flat compare Q-Q / Y-Y.

Cimb increase Tp from 0.90 to 1.34 today !!!

Muhibah latest result,
PBT Q4: 8.6m
PBT Full year: 66.9m

If exclude the one off general provision claim of 40m,
PBT Q4: 48.6m (almost close to 2019 result)
PBT Full year: 106.9m

If exclude ALL the one off items like impairment, provision, forex, write off etc,
PBT Q4: 74.7m
PBT Full year: 127.6m

FAVCO result :

Q4 PAT: 21.3m
Full year PAT: 61.2m

Adjusted core earning (exclude one off item)
Q4: 41m
Full year: 66m

Net profit 21mil include impairment.

If exclude all the one off items, core net profit should be 41m !!!

Cost of fund getting increase as earlier low interest rate loan/sukuk gradual to mature.

Short term financing liabilities (current rate) increase vs reduce in long term (lower rate)

Business can growth or not? No sure !

But profit margin should reduce accordingly !!

-Revenue gradual recover~
-last quarter net profit 15m include forex loss of 3m
-upcoming quarter should has better forex gain as USD spike again since Jan
-dividend > 6% p.a

Cambodia Airports Passengers Traffic



2023 (exclude SiemReap Airport) :
Full year: 4.031mil passengers



2022 (exclude SiemReap Airport) :
Full year: 2.010mil passengers 


Cambodia Airports Passengers Traffic

2023
Oct: 410k (no sure included Siem Reap airport either full month or half)

Nov: 460k (without Siem Reap airport !!!)

Q3: 1.205M
Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

AK gang kena margin call trigger by Astro kah~

Susah nak calculate the minority interest part..

Last qr profit almost fully go to equity owner side. This qr change again~ mayb got to use annualize data to judge it..

Anyway~ at least move forward to right way..

Cambodia Airports Passengers Traffic

2023
Oct: 410k (no sure included Siem Reap airport either full month or half)

Q3: 1.205M
Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

If base on RHB report during March 2020, the total compensation amount should between 747m to 847m (depends on partial or full buyout)

Much higher than current market cap

Mayb the agreement include 3 airports sekaligus.. need more time to finalize total amount

Cambodia Airports Passengers Traffic

2023
Q3: 1.205M
Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

Jgn jahat~

This is not a news pun.. dah announced for months~

Siem Reap airport to cease operation by next Monday.

Now focus should turn to how much compensation to receive ~

柬日将恢复直航推动旅游业发展
https://jianhuadaily.com/20230922/206543

Combination of O&G + Construction..

But market takda appreciate it.

Airport compensation possible another bonus lagi..

Base on past record, the travel season used to be peak in Q1 & Q4..

Cambodia Airports Traffic

2023
Aug: 437k
Jul: 407k

Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

卡塔尔航空10月将重启往返柬埔寨航班
https://jianhuadaily.com/20230908/204955

Oil price up + USD up !!

Can get double effect ?

10月柬埔寨或将迎来国际游客潮
https://jianhuadaily.com/20230905/204720

CONSTRUCTION - related
OIL&GAS - related
AIRPORT - related

All are hot topics now.. but share price yet breakout

Cambodia Airports Traffic

2023
Jul: 407k

Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

got 2 CW expire this month..

Guess the pressure due to c42 as the settlement calculation base on average closing price at past 5 days (this week).. exercise value 0.88, if average price to high then issuer rugi..

That’s why these few days also close back lower.. somemore actually closing volume no huge pun~


Hopefully nx week should escape control from this issuer..

REP’s passenger volume still lack behind with just recovered 25% only compare 2019. New airport estimate to start operating by Oct 2023.

PNH’s passenger volume has recover back to 70% prior covid. New airport estimate to start operating in early 2025

2023 (YTD: 2.480mil passengers)
Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

前5个月航空入境旅客破200万
https://jianhuadaily.com/20230625/198518

Cambodia airport traffic by passengers:

2023:
May: 410k
Apr: 428k
Q1: 1.265m

2022:
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k
2022 Full year: 2.382mil passengers

Still largely dragged by the construction segment.. hopefully the outstanding orderbook of 1.1b may start contribute nx quarter..

Prospect tone dah change~

what are the different between:

coarse sugar (capping price apply)
refined white sugar (capping price apply)
fine white sugar (no capping price)

???

Cambodia airport traffic by passengers:

2023:
Apr: 428k
Q1: 1.265m

2022:
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k
2022 Full year: 2.382mil passengers

东运会期间柬埔寨航班预计增长15%
https://jianhuadaily.com/20230502/194257

IN view of its ageing fleet of offshore support vessels (OSVs) for the oil and gas (O&G) industry, Petroliam Nasional Bhd (Petronas) has recently put out to tender the building of 16 such vessels.

It is understood that this is just the first batch of contracts up for grabs. The national oil firm’s plan is to build 100 vessels in four years — a move to phase out its old vessels, according to industry sources.

Our shipyard of our subsidiary company, Muhibbah Marine Engineering Sdn Bhd, located at Telok Gong, Port Klang is one of the very few local shipyards shortlisted by Petroliam Nasional Bhd (“Petronas”) to undertake the construction of new offshore support vessels under the Petronas’s New Build Program, known as Safina Phase 1.

https://www.sinchew.com.my/20230414/日本首间赌场获批-大阪落户-2029年完成/

Cambodia airport traffic by passengers:

2023:
Q1: 1.265m

2022:
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k
2022 Full year: 2.382mil passengers