Anyway, today is the well perform for E&O.
if close at rm2.69 I also feel happy enough.
Let hope and wish for STP 2 to approval soon. CHEER !

I personaaly think that Silkhld not suppose to sell kajang highways to IJM
simply bcos the trafic vol is increasing in future.
Semenyih and kajang areas is going to boost by these 2013-2017.

My remisier told me Encorp will fly soon.

Now the buy vol much higher than sell vol.
I think will go up fr now.

Hope last minutes ( 4:30 pm ) will rebound higher.

E&O's management officers got action to the current price today.
My remisier sms me.
said to hold and keep first.

Too early to take profit fr now.
Today is juz begin the journey to the North RM3.00 above.
Patient .

He said E&O is in Active stocks today juz now.
It might be go higher price ( could be exceed Rm2.90 ) today second round 2:30 pm (3 June 2014)
Vol 117,912,000 is consider high. Buy vol 26000 compared to 6900 sell vol.
Advice to buy mother better.

Lim, go to E&O.

I try to call my remisier , hope to not disturb him to take lunch now.
haha

MITRA, which we value the stock at RM1.13/share, is an under-researched small-cap construction gem for its compelling valuation, record high orderbook of RM1.2b and 30%-50% explosive annual earnings growth next year.

Masih sempat naik boat tak kalau beli OKA sekarang ? rm0.92

Terima kasih.

Akhirnya E&O terbang juga.
Bersyukurnya kami yang berada di dalam kapal yang sama.
I felt shocked when I open to view the current price juz now.

Hold tight, bro sis !!!!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1644945

Valuation
Based on an unchanged 25% discount to RNAV, we raise our FV to MYR3.52 (from
MYR3.12), as our RNAV/share is lifted to MYR4.70, after we revise up our land value
assumption for STP2. To summarise, the greater alignment of management’s interest
resulting from the 9.9% stake acquisition by Dato’ Terry Tham, the imminent
endorsement of STP2’s masterplan by the Penang state government, and rising land
values in Penang island are the key re-rating catalysts for E&O. Maintain BUY.

Eco Macalister land valuation sets new pricing benchmark


We raise our land value assumption for STP2 to MYR400 psf from MYR360 psf.

In
end-2013, Eco World Holdings SB acquired 1.1 acres of land in Penang’s
Georgetown (at the corner of Jalan Macalister and Jalan Anson) at MYR1,252 psf.

The land is now in the process of being injected into Eco World Development (ECW
MK, NR) at MYR1,002 psf based on the appointed valuer’s appraisal.

We understand
that Eco World intends to set up its own sales office and subsequently develop a
high-rise project on the site, named Eco Macalister. These two prices, despite a 20%
discrepancy that is largely attributed to the valuations given for the heritage building
erected on the land, are high enough to set a new benchmark in Penang island, and
should lift land prices in the northern Penang island area.

Therefore, given the prime
seafront location of STP2, our revised land price assumption of MYR400 psf is
reasonable and still conservative – at a 60% discount – to take into account the
typical premium ascribed to smaller land parcels. Further upside is possible in a
longer run, as the reclamation works progress along.

E&O received the conditional approval letter from the Department of Environment (DOE) on 11 April for the detailed environment impact assessment (DEIA) study and conceptual masterplan relating to the proposed reclamation of STP2.

Currently, the company is awaiting an endorsement of the masterplan from the Penang State Government.

Upon obtaining the commencement of work notice, it should be able to kick-start reclamation works. According to the plan, the final green light is expected to be granted by June/July. We view this as the next share price catalyst.

Endorsement for STP2 may come soon
In our view, given Dato’ Terry Tham’s higher shareholding in the company, the Penang State Government would now draw greater reassurance given the full commitment of E&O’s management team. As such, the State Government’s endorsement for STP2’s masterplan could be accelerated, since the two by-elections in Bukit Gelugor, Penang, and Teluk Intan, Perak, have just concluded recently.

Management buy-in a strong showing of commitment


After meeting up with Mr Eric Chan, E&O’s deputy MD, we now view the 9.9% stake acquisition by Dato’ Terry Tham from Sime Darby in a positive light.

The reason why the market has been fuelled by speculation and scepticism over the transaction is because Sime Darby previously acquired a collective stake of almost 30% in E&O at MYR2.30/share from Dato’ Terry Tham, GK Goh and Tan Sri Wan Azmi Wan Hamzah in Aug. 2011.

With this latest transaction, Dato’ Terry Tham’s shareholding in the company will increase to 15.07%, similar to the level before he sold his partial stake to the conglomerate three years ago. Sime Darby remains the top largest shareholder with almost a 22% stake in E&O.

The 9.9% stake, acquired at a 22% premium
to the closing price on 28 May by Dato’ Terry Tham, should indicate his
greater commitment to the company over the longer term.

More
importantly, this signals the minimum price that he is willing to pay for the
company (as buying 110m shares from the open market, although at a
lower price, will require the declaration of shareholding interest), and
MYR2.90 plus a premium will be the price that he and other
shareholders would accept if there is a future takeover offer.

Imminent state endorsement for STP2.

The acquisition of a 9.9%
stake could also have an important implication for the STP2 project, as
the Penang State Government may now draw greater comfort given the
higher shareholding held by the MD.

The endorsement by the state
government could be accelerated, considering also that the two byelections
in Bukit Gelugor and Teluk Intan have just concluded recently

Eco Macalister land price a new benchmark.

The transaction of Eco
Macalister land by Eco World (ECW MK, NR) is a good benchmark for
land valuations on Penang Island.

The 1.1-acre land in Georgetown will
be injected into Eco World at MYR1,002 psf.

Therefore, raise our
land value assumption for STP2 to MYR400 psf from MYR360 psf. Our
new assumption is still conservative – at a 60% discount to the latest
transacted price.

once is break the block, then will fly to the North.
let pray .

http://biz.sinchew.com.my/node/96152

Is up a bit, steady and rise up slowly.

good to collect mitra now.

We view the acquisition and likely senior-management participation positively,
as it shows strong conviction in and commitment to E&O.

Also, with Datuk
Terry's higher stake in the company, the Penang government should draw
greater comfort that the landmark STP2 project will be carried out with E&O’s
management fully on board and hopefully approve the project's master plan
sooner.

Also, to justify the premium he paid, Datuk Terry will be spending
more time in Malaysia and is likely to drive the group harder.
What You Should Do

Continue to accumulate E&O, with this 9.9% stake purchase and positive
newsflow on the STP2 project as key catalysts.

We met E&O's Deputy MD, Mr Eric Chan, yesterday to seek clarification on a
recent announcement that MD Datuk Terry had acquired 110m shares for a
9.9% stake in E&O from Sime Darby at RM2.90/share. The reasons for Datuk
Terry’s purchase were:

1. His 3-year MD contract will expire in Aug and there were discussions with
Sime on whether he would take a bigger/smaller role when that happens.

2. After selling out three years ago, Datuk Terry realised that E&O is still very
much undervalued and provides the best platform to embark on big projects.

3. Datuk Terry intends to rope in E&O’s management to participate in the 10%
stake and will structure it in such a way as to make it attractive to management,
with a view to gaining its commitment to the company’s long-term growth.

MD raises stake in E&O

We met E&O’s management to seek clarification on Sime Darby’s Wednesday
announcement that it had sold a 9.9% stake in E&O to Datuk Terry Tham for
RM319m cash.

We view this vote of confidence by Datuk Terry positively, as
the purchase price is at a 22% premium to E&O’s Wednesday closing price.
The strong commitment shown could help accelerate the approval process for
Seri Tanjung Pinang Phase 2 (STP2), which should catalyse E&O’s share price
further.

We make no changes to our EPS, Add rating or target basis (30%
discount to RNAV), though we raise our target price after lifting RNAV by 9%
to RM4.28 to factor in an imminent start to STP2 reclamation work.

Maybe second round 2;30 pm today will up to rm2.60 above.

I think YTL might continue to fall down till below rm1.60 today.

Yes, correct Count3 !
Gadang is going to rebound today !

Good and bright future for PRTASCO !

Buy to keep 4-6 months.

MY remisier's wife also collected Thheavy some few ten lots in it.
keep for 2 years above and u will see the diff for sure.

http://klse.i3investor.com/blogs/sosfinance/53445.jsp

Eh, ktan, I cant get what u mean here?
One point here is that If I am Terry Tham or others small
shareholders , I will collect E&O share below rm2.90 as fast as,
as much as I can begin June 2014.

Do u all think ceo ( Terry Tham) will let the price run below Rm2.90?
If so, u are incorrect here.
in June 2014, E&O price will exceed rm2.90 for sure!

Correct !

kk123, pls provide ur link to us
so we can see and read.
thx .

Teery Tham might have co-operation with some others shareholders to buy back E&O's share

in future or very short-term.

It to avoid Simedarby to continue to control E&O.

So Prtasco will exceed rm2.00 tomorrow morning!

Attractive long-term investment.

Gadang is one of the MRT1 contractors and it is also one of the Petronas contractors.

Thus far, it has executed both projects well.

Due to the excellent track records, we believe it will win one of the recently-approved MRT2 packages and other Petronas jobs.

We also have only assumed 5.5% success rate of its total tenderbookofoaboutaRM6.35b..

If Gadang could secure more than our expectations we may re-look at our rating and valuation for the stock.

Forecasts.
FY15 net profit of RM39.3m with the expected net profit growth of 30%.

The net profit growth is driven by:
(i) Gadang’s new contracts’ assumption of RM350m for FY15 following higher chances of getting new phase of RAPID’s earthworks, and
(ii) unbilled property sales of RM320m (Vine Residency, Phase 1 of Jentayu Residency, Pokok Sena)

Tampoi to drive future earnings growth.

On 26-December 2013, Gadang (landowner) has entered into a JV Agreement with Capital City Property Sdn Bhd for the proposed integrated property development in Tampoi, Johor.

This project is basically the 2nd phase of “Jentayu Residensi”.

The GDV of the total project is estimated at RM1.8b and will be completed in the next 5 years.

The project will feature 10-storey retail podium, 3 tower blocks of office (SOHO), and two (2) tower blocks of hotel suites.

Interestingly, Gadang as the landowner, has agreed with Capital City that the latter will pay up to 16.7% of total estimated GDV of RM1.8b or RM300.6m.

We estimate Gadang’s total net profit from this project at RM194.5m throughout the 5 years development.

On average, the project will contribute about RM39m per year until FY19 and the management expects the profit to kick in as early as FY15.

Earnings visibility intact with outstanding orderbook of RM1.1b.

Current ongoing projects include:
(i) MRT1 V2 package (RM724.7m),
(ii)Shah Alam hospital (RM191.1m),
(iii)and site preparation works for RAPID (Phase 1) (RM189.1m).

All of these jobs are running on schedule and more importantly provide Gadang with earnings visibility for the next 2-3 years.

- Tenderbook of RM6.0b. Besides RAPID Phase 2 which it is highly likely to secure in the near-term, it has also tendered for other jobs (mostly government-related) worth about RM6.0b (please refer overleaf for details).

Amongst the early beneficiaries of RAPID.

Believe that Gadang will likely be amongst the early beneficiaries of recently-approved high profile oil & gas project, the USD27b RAPID in Pengerang, Johor.

Recall, we have mentioned in our Construction 2Q14 Strategy Report that RAPID will likely benefit contractors that already have presence in the project such as Gadang which now undertaking Phase 1 of the project’s earthworks.

We gather the Phase 2 of the earthworks will amount up to RM350m - RM500m. If Gadang wins Phase 2, we expect the margins will be much better than that of Phase 1 as it can save on the mobility costs as it has already deployed all its equipments and machineries in the existing area.

Assuming Phase 2 of RAPID earthworks will be announced this year, with a pre-tax margin of 10%, we estimate the project will add another RM12.5m per year to Gadang’s bottomline until FY17.

Valuing Protasco with a FV of RM2.90 based on
1.sum-ofparts
valuation,
2.valuing its construction and road maintenance
concessions at FY15F PER of 9x, property development business
with RNAV of RM503.7m (after applying a 20% discount), and all
other business segments at FY15F PER of 7x.

Protasco Berhad (Protasco) is primarily involved in maintenance of
federal and state roads and other construction works, property
development and education.

• Holds road maintenance concessions with an outstanding value of
RM1.8b, which contributes to a sizable 60-70% of its net profits.

• Property development business can potentially grow by leaps and
bounds, backed by its massive RM10b integrated flagship
development, De Centrum on a 100-acre land that it owns in Bangi.

• Plans to aggressively grow its current construction order book of
RM709m with a focus on government jobs which typically yield
higher margins.

• Recently acquired a 14.4 acres land in Pasir Gudang, Johor to ride
on the property boom in the Iskandar region.

• Recent entry into the lucrative Indonesian oil and gas industry via its
63% stake in oil exploration company PT Anglo Slavic Indonesia
comes with a guaranteed return to Protasco of net profit totaling
USD22m over a span of 4 years.

• Financially sound with a strong balance sheet, while sitting on a
large cash pile of RM221m (as at 31-Dec-13) or 66.5 sen per share,
together with recurring cash flow from cash-generating concession
assets.

- Fairly valued at RM1.13, TRADING BUY.

1. Reckon that this under researched stock, Mitrajaya, is one of small-cap stocks with good growth prospect that worth considering given its visible earnings growth prospects.

2. At current price, Mitrajaya appears very cheap as it is only trading at Fwd-PER15 of 6.0x against its small-cap peers average Fwd-PER of 8x-10x.

3. Benchmarked at 9x fwd-PER on FY15 earnings,

4. Mitrajaya is fairly valued at RM1.13. TRADING BUY, as the stock offers 50% potential upside.