KAQ4468

This one can keep ooo...... Theme park coming ....everyone cuti cuti Malaysia

After theme park operate back to rm 5....kiki.....DR M ady deal v Tan Sri Lim la......

EPF KWSP HAPPILY SAPU

Cuti cuti Malaysia......boost up local sales..

Tunggu Thailand results red...so kencing lagi

paktua sudah chao ar?

wowwww MI covered to unchanged ...

MI, Gtronic come back...

Drop 40 cent in two days...

Shark going to break the 1.8 wall

Forecast guidance cant believe.....they are big shark toy.

Dyson and Tesla.....which one will be king in 10 years time... look at the car, our 3rd nasional car can put in fridge ady

0.8 no problem

After smart phone, electric car coming and hit Asia next 10 years.

what happen to this sushi?

Later OPEC country go to borrow money to korek more oil......then Trump said, Iran I friend v you...no more saction......oil back to USD 60.....Double kill the OPEC member...

Fuel drop from USD 87 to USD 77 - good for Airasia

He no ball to hedge that time....wakakakakakakak he only hedge according to how many tickets they sold..

No matter up or down......let JN88 sifu ask you a question why you buy this company......

I'm wanted to give Tony a solution regarding to the fuel price during year 2016, however he is very happy that time.....I don't think he simply listen to someone when you earning a big buck...

Brent from 86 to 78 ...Tony can sleep well these few days..

Airasia...very cheap cheap until US investors pull out their money and come to ASia market..... tomorrow fly...

KAQ： remember jio me....kiki JN88 sifu buzy recently

2018 which country? China?

JN88 sifu very attracted to current price.....

Of course denied, the boss no yet run

JN88 sifu very busy recently, AirAsia price very nice.... JN88 sifu waiting chance

AIYO....those sifu sifu teaching class harr......when topglove at rm 10.....all say PE high bal bla bal.....short term no good can eat shit liao....... talk tok talk east talk west...kikiki

Where got bear....DJ still 25000k

Straight gov in power....more than 50% ...EPF TABUNG HAJI PNB..

Macroenvironment changed good ar

Look at the video of people represent Gamuda talk ...... super Sakai.....

End of video still want to say Hidup Tun

Government can entirely aquasition Gamuda and kick out all the high management team leader...

No solution....the addition 4 billion is belong to rakyat.....

After GE14.....I saw all the MRT2 company working and increase the speed for completion.....because they know government will cut.....

ALL MONEY IS FLOW INTO THE HIGH COMPANY CORRUPTED MANAGEMENT WHO GET MILLION AND BILLION JUST DO NOTHING AND SIT THERE BY MAKE POWEFUL FRIENDSHIP>>>

Manager- Salary RM 20k

Free CAR-BMW
Free Toll-Up to RM1k
Free Petro- Up to RM1k
Free car Insurance
Free Telco-RM1k

FREE FREE FREE FREE....First week of salary announcement =RM 20k in bank

Normal executive- Salary RM3k

LOAN CAR
LOAN HOUSE
LOAN PHONE
LOAN TOLL
LOAN PETRO

LOAN LOAN LOAN LOAN -----First week of annoucement =RM 0 in bank account

May I konw how much the salary for Directory and high management of GAMUDA?? Recently I saw many people drive Mercedes, BMW, Porsche, I believe most of them are high management level company worker.. .

Who is the winner...... At this moment....all sifu can open class during Saturday and Sunday. One per rm500 two person together rm800......one weekend sapu rm25k ..... wakaka..

We are open to further discussions — MMC-Gamuda

The EDge......we all play by them....they set a game......we go in kikiki.

Simply back to rm 3...

Already kowtow....kikiki

cut cost mean you give rm 1 i give u 1 egg
you give rm 3 i give u 3 egg..

profit margin same only less earn a bit

Many people can't read.

Who dare to tender the current project?? hahaha ....later suddenly said cut cost, no money.... die fast..... no one dare to deal we current gov....every day say no money

Yesterday, MOF announced that they are terminating GAMUDA-MMC JV as the main contractor for the tunnelling works. Negatively surprised, we reduced FY19-20E earnings by 33-32%. Downgrade to MP, with a lower SoP-driven TP of RM3.25 (previously, OP; TP: RM4.30). Our TP implies FY19E PER of 14.3x above KLCON’s 5-year average of 13.4x, which we believe to be fairly valued. Following our downgrade in earnings, call and TP, GAMUDA is no longer our Top Pick for 4Q18.

News. Yesterday, the Ministry of Finance (MOF) announced that they are terminating GAMUDA-MMC JV as the main contractor for the MRT2 tunnelling works valued at RM16.7b. Recall that the JV was awarded the contract back in 2016. For the remaining c.70% works, the government will call for an international tender to participate in the project.

Negatively surprised. The news is a negative shock to us as we never expected the government to terminate this contract as a termination might result in a hefty compensation to the contractors. However, we are unable to confirm on the potential compensation; further details still pending from management.

Hoping for the best. While we believe that international parties could be interested to participate in the tendering process for the remaining works, we believe that GAMUDA-MMC JV would still have an edge over potential bidders given that their machineries are already in place coupled with their strong track record in dealing with the underground rock formation in Kuala Lumpur due to their past experience with MRT1 and SMART Tunnel. Furthermore, GAMUDA-MMC JV had set up the Tunneling Training Academy (TTA) and the TBM Refurbishment Plant; both substantial investments for sustainable human capital, which they are expecting to have 1,000 skilled Malaysian tunnel workers by the end of MRT2 tunneling works.

Outlook clouded by more uncertainties. After factoring this termination of MRT2 tunneling works, its outstanding order-book will be significantly reduced to c.RM0.5b from RM6.0b, with its outlook highly dependent on its property division (property unbilled sales of RM2.3b which provide 1-2 years of visibility) and its infrastructure division, which consists of toll roads.

Earnings cut. We slashed our FY19-20E earnings down by 33-32% as we removed the tunneling portion of MRT2 from our earnings model while reducing our margin assumptions for the elevated portion from 6% to 4%.

Downgrade to MARKET PERFORM. Following the unexpected termination of MRT2 tunneling works, we downgrade GAMUDA to MARKET PERFORM (previously, OUTPERFORM and Top Pick) as we lowered our SoP-driven Target Price to RM3.25 (previously, RM4.30) after factoring the loss of MRT2 tunneling works coupled with a lower 10.0x FY19E PER ascribed to its construction division (previously 14.0x). Our TP implies FY19E PER of 14.3x above KLCON’s 5-year average of 13.4x, which we believe to be fairly valued. Following our downgrade in earnings, call and TP, GAMUDA is no longer our Top Pick for 4Q18.

Risks to our call include: (i) cancellation of toll concessions, and (ii) higher-than-expected input costs, and (iii) lower-than-expected property sales.

Source: Kenanga Research - 08 Oct 2018

We choose GAMUDA as our Top Pick, amidst the negative sentiment in the construction sector arising from uncertain prospects and cost reviews of mega infrastructure projects, as we believe that the negatives have been priced in. Currently, it is trading at FY19E PER of 9.9x which is below its 5-year -2SD level with a dividend yield of 3.6%. Maintain OUTPERFORM, with an unchanged SoP-driven Target Price of RM4.30.

Water matter resolved. In the recent FY18 results, GAMUDA booked in RM304.4m non cash flow impairment from SPLASH and Gamuda Water as they concluded their disposal of SPLASH to Selangor state government, while Gamuda Water continues to maintain the water- treatment plants in Rasa and Bukit Badong at lower re-negotiated rates (refer overleaf for details). However, we are positive with the resolution as they would be able to use the cash proceeds to pare down debts, which would lower its net gearing to 0.4x level and Selangor state had agreed to pay 90% of Gamuda Water’s long due receivables.

MRT2 cost review. Currently, GAMUDA is working closely with the government in effort to bring down the cost for MRT2. The review is taking longer than expected and we have no confirmed quantum on how much the project will be scaled down. However, based on our sensitive analysis, an RM8b reduction in contract size down to RM23.0b (from RM31.0b originally) will only result in a 4.4% reduction in FY19E CNP (refer overleaf for sensitivity analysis); substantial risk to earnings is when the reduction is more than RM8.0b.

Strong property sales. In FY18, GAMUDA achieved RM3.6b in property sales (local: 32%, overseas: 68%) bringing its unbilled sales to RM2.3b, which is sufficient to help them weather through the uncertain times, cushioning the impact from construction earnings downside due to cost review on MRT2. Going into FY19, management is targeting sales of RM4.0b as they are optimistic with their new projects, i.e. Gamuda Cove, Gamuda Gardens, and Twentyfive7 which have received encouraging responses from the market. To recap, they recently won a land tender from Singapore Housing Development Board for the development of Executive Condo (EC) in Anchorvale with an estimated GDV of RM2.0b, which we are positive, as the demand for EC remains resilient.

Estimates unchanged. No changes to our FY19-20E earnings for the time being, pending the outcome on MRT2’s cost review. Note that we do not expect GAMUDA to win any big jobs in FY19 until the cost review for MRT2 is concluded.

Maintain OUTPERFORM. All-in, we believe that most of the negative events for GAMUDA, i.e. MRT2 cost review and potential delay in MRT3 have been priced in. At current level, GAMUDA is trading at FY19E PER of 9.9x which is below is 5-year -2SD level. Hence, we believe that negatives for the stock have been well priced in and it is currently a good opportunity for bottom fishing. Maintain OUTPERFORM with an unchanged SoP-driven TP of RM4.30, which we have yet to factor in the potential from Penang Transport Master Plan. Our SoP-TP implies FY19E PER of 12.8x.

Risks to our call include: (i) unexpected delay of MRT2 project, and (ii) higher-than-expected input costs, and (iii) lower-than-expected property sales.

Source: Kenanga Research - 03 Oct 2018

Kenanga: 9:05am published on 8 OCT 2018

Gamuda Berhad - MRT2 Tunnelling Works Terminated

Wakakakakakakakkaka all play by this Big Shark wei.....

Gamuda ady offer 2.3billion reduction.

In the statement, they willing to reduce to support government fiscal.

From this two point you can see how they are willing to work well v GOV link project.

40% completion said 29%, given 24%reduction 2.3billion is huge....

You think boss will stupid till again GOV?

They made the annoucement after 6pm

stockraider: Gamuda had descript in detail what to do according to gov....gov said 23% reduction they do 24%....enough kind to gov...

Some one use the media to spread news...to make million and billion...

Icon8888: refer to the annoucement.....very detail.....the statement seem like not prepared in one day...

MEDIA purposely interpret wrong INFO!!!!!!!!!!!!!!!!!!! 2 billion in 8 hours !!!!!!!!this is how big boss earn money...