Net asset per share still 91sen, price below 30sen, less than 1/3

Below 30sen :)

In my opinion, better to privatise bjassets because of its gambling biz in Sarawak Dan sultan Johor is a major shareholder. Less publicity as a non-listed company, etc... Vincent tan has privatised listed companies before, nothing new.

Continue to fall, any privatisation plan at such price level like daiman? :)

When will bjassets divest its gambling biz? :)

KUALA LUMPUR: Kewujudan pusat judi termasuk di Genting Highland tidak perlu dibenarkan beroperasi, kata Datuk Mujahid Yusof Rawa.

Menteri di Jabatan Perdana Menteri (Hal Ehwal Agama) itu berkata demikian secara peribadi kerana aktiviti itu ditentang semua agama, bukan sahaja Islam.


“Saya kalau bertanya kepada saya, kalau boleh (judi) Genting Highland ke, semua tak ada. Sebab ini akan jadi masalah, selagi ada permintaan selagi itu ada tawaran,” katanya ketika ucapan pergulungan titah Agong di Dewan Rakyat.

Mujahid berkata demikian menjawab pertayaan Datuk Seri Edmund Santhara (PH-Segamat) yang menanyakan adakah kerajaan hanya membenarkan syarikat judi besar seperti di Genting Highland dan mengetepikan permohonan syarikat kecil.

Mujahid turut menjawab pertanyaan Edmund, adakah terdapat peruntukan undang-undang tidak membenarkan orang Islam menjadi pemegang saham dalam syarikat judi.



Beliau menjawab: “Mana-mana ahli lambaga pengarah Islam terlibat dalam syarikat perjudian tidak ada. Saya bercakap dari segi moralnya, jadi saya nasihat kepada orang Islam jika beliau tahu tanggungjawab dia, kalau judi haram maka nak jadi ahli lembaga, lagi tak boleh,” katanya.


Dalam perkembangan lain, Mujahid bersetuju dengan cadangan Datuk Nik Muhammad Zawawi Salleh (PAS-Pasir Puteh) supaya setiap kementerian membentuk satu jawatankuasa bagi membolehkan semua wakil agama mengadakan perbincangan soal judi dan memperkenalkan penguatkuasaan hukuman bagi semua agama secara selari bagi kesalahan judi.

“Saya bersetuju dengan Pasir Puteh, sebab saya kira isu judi bukan Islam sahaja tapi merentasi semua kaum,” kata Mujahid sambil memaklumkan pihaknya bersetuju menjadikan Kelantan sebagai contoh dalam membanteras judi, jika ia memberi kebaikan.”

Vincent tan and sultan Johor control more than more 70percents of bjassets. Maybe, they can privatise it... The gambling biz in Sarawak can be disposed off thereafter :)

Don't think sultan Johor wanted to invest in gambling biz, they should have agreed to divest the gambling biz in Sarawak asap

Buy before it becomes a shariah compliant stock. Sultan Johor is a major shareholder.gambling biz in Sarawak will be divested.... Don't think it will be delayed further, anytime from now. Buy before the price rocks

Involved in Car assembling, hotel, prop development, gambling, etc... Quite diversified but share price fell from 50sen+ :)

At 35sen now, same as its warrant exercise price. :)

https://www.bharian.com.my/bisnes/korporat/2018/07/444531/tm-lancar-unifi-mampu-milik-bawah-rm100

Daily traded volume was below 100k lots since June 13, expecting to rebound soon :)

NTA~rm1.1+, before revaluation :)

Dividend 1.75sen next month, current price 62sen, after div, net price per share 60.25sen only :)

Many +factors, govt buyback toll concessionaire, building sold to EPF, Bukit jalil contract, HSR only delayed and many more :)

:)

MRCB: Only 23% of Construction Orderbook Is From the Government
Author: kltrader | Publish date: Tue, 22 May 2018, 10:03 AM



Malaysian Resources Corp Bhd (MRCB) sees its business operations as sustainable going forward, despite the potential impact of Pakatan Harapan’s pledges to review certain mega infrastructure projects. Executive director Mohd Imran Mohd Salim said that MRCB has no exposure to the East Coast Rail Link (ECRL) and that there is no financial impact from the Kuala Lumpur-Singapore high-speed rail (HSR) project as the project has not started.

Ongoing Projects
In an article on The Star (22 May), further according to Imran at the company’s Annual General Meeting and Extraordinary General Meeting yesterday, MRCB has been implementing “prudent and sustainable approaches” over the years and has a number of ongoing projects that will bolster the company’s earnings. He said that Pakatan Harapan’s victory would not have an impact on MRCB’s ongoing projects as the nature of MRCB’s developments is that they are transit-orientated developments (TODs). Imran added that the company is not just looking into housing developments, and that they are looking into integrated developments.

Imran said that MRCB was excluded from most of Malaysia’s mega-infrastructure projects (which have since been under question following the win of the Pakatan Harapan coalition), and emphasized that MRCB has no exposure to the ECRL and never participated in the mass rapid transit line 3 project. The only project that MRCB is a part of is the HSR, but the review of this project will have no financial impact to MRCB as the project has not started.

MRCB’s chief corporate officer Amarjit Chhina added that only 23% of their construction orderbook is from the government.

Working Toward Sustainability
Amarjit said that MRCB has gone beyond being a “single-project” company. Where previously there was a question of sustainability, MRCB has been working on reducing concentration risk; it currently has projects with a gross development value of RM57 bil; on the property side, 80% comprise TODs; its construction business has also been registering good growth over the years.

The company said that the proposed disposal of the Eastern Dispersal Link (EDL), which they hope to conclude by year-end, would help reduce the company’s gearing further. MRCB posted a net profit of RM167.6 mil for the financial year 2017, as revenue climbed to RM2.82 bil. Amarjit said that the company’s financials are “in great shape”.

Source: Macquarie Research - 22 May 2018

Mrcb seems very steady.

Malaysian Resources Corporation (MRC MK) - 1Q18: Benefits From Deleveraging; Upgrade To BUY.
Author: UOBKayHian | Publish date: Thu, 31 May 2018, 05:56 PM

1Q18 results are considered in line to meet full-year expectations as we expect substantially stronger quarters ahead. The huge sell-off (-43% since GE14, -51% ytd) reflects over-bearish sentiment on the impact of the new government’s belt tightening on mega projects, and ignores the deep value from the company’s strengthened balance sheet and ability to substantially enhance value in its partnership with substantial shareholder EPF. Upgrade to BUY but with a lower target price of RM1.01.

RESULTS
Within expectations. While Malaysian Resources Corporation’s (MRCB) core net profit of RM22m (-48% qoq, +150% yoy) represents only 14.6% of our full-year forecast, we expect stronger earnings in the quarters ahead. The significant yoy profit improvement reflects lower finance costs (after rights issue) and the absence of EDL highway’s losses following the government direct non-tolling of EDL highway.
Property development: Earnings within expectations. In 1Q18, the segment recorded revenue of RM220m (+11% qoq, -7% yoy) and EBIT of RM24m (-62% qoq, -50% yoy). Key earnings contributors to the segment were its Australian project and its ongoing highrise developments - 9 Seputeh and Sentral Residences.
Construction: Margins to stabilise. The segment recorded revenue of RM191m (+5% qoq, -18% yoy) and EBIT of RM16m (-65% qoq, +>100% yoy). We expect EBIT margins to stabilise at the current 8.4% level.
STOCK IMPACT
Ability to complete disposal of EDL swiftly a key catalyst... Having followed the previous government’s instructions to stop tolling since the 2018 Budget was announced (in Oct 17), EDL’s balance sheet has further shrunk to have only sufficient cash to make one more interest payment of about RM40m to bondholders due in June. Hence, it is hoped that the new government would expedite the acquisition of EDL before the next biyearly interest payment.
…even if government compensation implies modest ROE. Our SOTP valuation incorporates only an effective RM300m equity value for EDL, which is about the equity portion of the project’s start-up capital (the equity portion was funded mostly via shareholders’ advances). This valuation methodology is considered highly conservative as it assumes zero equity return, which is even more conservative than in a government expropriation scenario which entails compensating: a) bondholders the full principal plus coupon payments, and b) equity owners’ equity clawback plus returns.
Modest-to-moderate reliance on mega projects. Despite investors’ misgivings, MRCB’s valuation is not overly dependent on federal government projects, and in fact, the federal government accounts for 11% of the group’s construction orderbook post completion (expected mid-18) of the Bukit Jalil property development sale to EPF. Moreover, the company does not expect any changes to federal government projects that have already commenced, including the LRT3 extension (currently 10% completed) which the MRCB-George Kent consortium is the appointed project manager (PDP).
Construction orderbook to swell from RM6b as of 1Q18, or 3.4x 2017 construction revenue. To-date, the group has RM6.2m worth of gross orderbook on hand, which will swell to RM17.2b after it completes the sale of the Bukit Jalil property development project to EPF. Long-dated projects like Kwasa Land and Bukit Jalil (20 years) ensure continuity of healthy contract flows even after the federal government turns off the tap on new mega projects.
Strengthening balance sheet. MRCB’s gearing is expected to drop significantly from the current 58% to as low as 10% should its asset monetisation programme be fully carried out (see RHS table).
EARNINGS REVISION/RISK
None.
Key risks include: a) the derailment of the planned sale of EDL to the federal government, and b) changes to its PDP role for LRT3.
VALUATION/RECOMMENDATION
Upgrade to BUY with a lower target price of RM1.01 (from RM1.10) after we cut our SOTP valuation to RM5.5b as our previous assumption of its EDL highway had been overly bullish. Our target price is based on a 20% discount to our SOTP valuation of RM1.26/share, implying 24.3x 2019F PE.

SHARE PRICE CATALYST
a) Sale of EDL, b) sale completion of Bukit Jalil Project, and c) various asset monetization programmes.

Source: UOB Kay Hian Research - 31 May 2018

I think mrcb is really undervalued... HSR has not even started. No financial impact yet on mrcb...


Now, HSR is just being delayed and not cancelled. It should return to around RM1 like before.

HSR postponed, not scrapped’ comes as a relief to construction companies
Affin Hwang Capital

The Edge Financial Daily

June 18, 2018 11:03 am +08

This article first appeared in The Edge Financial Daily, on June 18, 2018

Construction sector
Maintain neutral: The ongoing reviews of public-sector infrastructure projects have raised uncertainties over the status of ongoing and planned infrastructure projects. This has led to volatility in the share prices of construction stocks. Prime Minister Tun Dr Mahathir Mohamad said the Kuala Lumpur-Singapore high-speed rail (HSR) project has been postponed, and not scrapped as stated previously, leading to a relief rally for impacted firms.



These developments indicate that the infrastructure spending cuts may not be as severe as initially portrayed in statements made by the new government previously. We believe part of the reason is due to costly cancellation clauses in government-to-government contracts signed for the East Coast Rail Link (ECRL) and the HSR. If the HSR is revived, companies involved such as Gamuda Bhd, Malaysian Resources Corp Bhd, YTL Corp Bhd and HSS Engineers Bhd are potential beneficiaries.

If construction of the ECRL project continues, Malaysian contractors pursuing subcontracts such as IJM Corp Bhd, WCT Holdings Bhd and Advancecon Holdings Bhd are potential beneficiaries. The cancellation risk for HSS’ ECRL contracts, worth about RM130 million (19% of its order book of RM673 million), is also reduced.

There was good investor interest in our recent macroeconomics/construction-sector outlook analyst meetings. We met up with 23 foreign institutional investor firms in Singapore and Hong Kong. Most investors were concerned about the short-term impact from the transition to a new government but acknowledged the good long-term prospects of a more transparent and efficient government.

We reiterate our “neutral” call on the construction sector due to potential delays in implementation of infrastructure projects and a reduction in government infrastructure spending. This will reduce the order book replenishment prospects of contractors. Our top buys are IJM (large-cap), Sunway Construction Group Bhd (mid-cap) and HSS (small-cap). — Affin Hwang Capital, June 14

More +cash inflow and profit for mrcb this financial year :)

MRCB sells Kia Peng land to Socso for RM323m

MARCH 19, 2018 @ 9:39PM
BY NST BUSINESS


KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) is selling a piece of prime land along Jalan Kia Peng to the Social Security Organisation (Socso) for RM323 million.

The sale would see the company recording a profit of RM56 million.

The infrastructure-property company announced today that its unit Legasi Azam Sdn Bhd had inked a deal to sell the freehold land measuring 1.866 acres to Socso, also known as Pertubuhan Keselamatan Social (Perkeso).

MRCB said the net book value was RM269 million based on the audited accounts for the financial year ended December 31, 2016.

Its market value was RM323 million based on the valuation ascribed by IM Global Property Consultants on February 19, 2018. The original cost of investment was RM267 million, purchased on April 7, 2015.

“The proposed disposal is expected to realise an estimated after-tax gain of approximately RM30 million to the MRCB Group which is expected to improve MRCB Group’s consolidated earnings per share for the financial year ending December 31, 2018,” it said.

MRCB added the proceeds from the sale would be used for the group's working capital (including defraying expenses in connection with the proposed disposal) and property development activities within 12 months from receiving the purchase price.

Look excellent :)


Change in Boardroom

MALAYSIAN RESOURCES CORPORATION BERHAD

Date of change 02 Jul 2018
Name ENCIK MOHD IMRAN TAN SRI MOHAMAD SALIM
Age 36
Gender Male
Nationality Malaysia
Type of change Redesignation
Previous Position Executive Director
New Position Managing Director
Directorate Executive
Qualifications Degree in Electrical and Electronics from the University of Manchester Institute of Science and Technology, United Kingdom
Masters in Commerce from Deakin University, Australia
Member of the Institution of Engineers Malaysia
Member of the Institute of Electrical and Electronic Engineers, United Kingdom
Member of the Institute of Value Management of Malaysia
Working experience and occupation
Family relationship with any director and/or major shareholder of the listed issuer Imran Salim is the son of Tan Sri Mohamad Salim Fateh Din, who is an indirect substantial shareholder of MRCB via his substantial shareholding in Gapurna Sdn Bhd.
Any conflict of interests that he/she has with the listed issuer Nil
Details of any interest in the securities of the listed issuer or its subsidiaries Direct Interest in MRCB: 133,200 ordinary shares.



Remarks :
Imran Salim will be re-designated as the Group Managing Director from Executive Director with effect from 2 July 2018.

Announcement Info
Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB

All analysts valued it much higher... :)


Date Price Target Source
31/05/2018 1.01 UOBKayHian
31/05/2018 1.36 MIDF
31/05/2018 0.70 KENANGA
31/05/2018 0.68 HLG
31/05/2018 0.94 Affin Hwang Capital

Released at 4pm+ today. No wonder, TM price affected today.

Fitch revises outlook on Telekom Malaysia to negative
CORPORATE NEWS
Monday, 25 Jun 2018

4:34 PM MYT

Open tender alone could save TM a lot of money :)

Also, change of CEO... Many areas for cost savings in terms of efficiency, effectiveness and economy of TM. Also not mentioned and taken into account by analysts ::)

When people are fearful, you must be greedy , Warren buffet :)

21/06/2018 3.14
20/06/2018 3.63
19/06/2018 3.66
18/06/2018 3.80
14/06/2018 3.85
13/06/2018 3.85
12/06/2018 3.84
11/06/2018 3.88
08/06/2018 3.88
07/06/2018 3.94
06/06/2018 3.73
05/06/2018 3.61
04/06/2018 3.62
01/06/2018 3.69
31/05/2018 3.67
30/05/2018 3.63
28/05/2018 3.86
25/05/2018 4.01

TM will continue to make the same profit till year end. Next year, don't know what compensation the govt will offer to TM and the special rate only up to certain usage level or household with lower income , etc. For example, water scheme in Selangor is very unique.... I don't listen to the analysts blindly as they didn't take such factors into account. :)

Now, just the transfer of shares from the fearful to the brave ones :)

Govt will ensure TM won't rugi, need to make profit to pay good dividend to EPF, etc for the rakyat also.... No worries :)

Probably scheme like the water usage in Selangor, usage below certain level, the rakyat especially the poor will get such rate, etc... Govt will give something to TM in return eg lower corporate tax rate, etc... Wait and see in the coming quarter :)

KUALA LUMPUR (June 22): Telekom Malaysia Bhd (TM) said today it will announce further details on affordable broadband services at higher speed within the next quarter to support Malaysia's plan to lower prices of high-speed internet.

In a statement, TM said it has been talking to the Communications and Multimedia Ministry, and the Malaysian Communications and Multimedia Commission (MCMC) on the matter.

"We wish to inform that TM has had several engagements in an ongoing dialogue with the Ministry of Communications & Multimedia Malaysia and the MCMC, to reiterate its support of the government's aspiration regarding affordable broadband services at higher speed for the nation to increase its competitiveness, and on TM's proposed initiatives to implement the same.

"Further details on the initiatives will be announced by TM within the next quarter," the group said.

Govt said, cannot implement all promises yet, govt has higher than expected debts as per BN announcement last time.... Not enough money to pay compensation to TM to subsidise the poor, right? :)

Year high was about rm6... Now, really cheap 3.2+ :)

Govt will compensate TM for proposed lower price like compensation to toll companies... Cut the corruption in the public sector, enough money to pay compensation to TM :)

Yesterday volume 68mil shares+, this morning already 12mil+.....:)

Recovering today

Don't miss this opportunity, TM isn't at such low price level for many years

Telekom is defensive stock. Lower profit only. Still valued at RM3.70 by analyst. Grab some :)

I think local institutional funds will buy at this level.... Fingers crossed

Still ok, no need to rush to sell low :)

Maintain MARKET PERFORM but with lower DCF-driven TP of RM3.70. Despite keeping our FY18-19E numbers unchanged for now (pending the detailed outcome of the commercial discussion), there is a higher risk for earnings to be revised downwards post the completion of the commercial discussions. Thus, we have lowered our DCF-driven TP to RM3.70 (from RM4.35 previously) post revising our WACC assumptions to 8.4% (vs. 7.8% previously) to account for the earnings risk ahead.

Source: Kenanga Research - 21 Jun 2018

I think the rakyat has more cheaper alternatives with this new development.


KUALA LUMPUR (June 20): Broadband users should expect prices to fall by at least 25% by the end of the year, said Communications and Multimedia Minister Gobind Singh Deo.

Rakyat will benefit but profit of TM will be reduced

KUALA LUMPUR (June 20): Broadband users should expect prices to fall by at least 25% by the end of the year, said Communications and Multimedia Minister Gobind Singh Deo.

Not bad, started to rise in price, overall market was down today. A good sign

Malton has so many projects, one project has review by the court... Already so nervous. This project is handled by a company where Malton only has 51% shareholdings :)

https://www.malton.com.my/construction/projects/

Because of this project , some people have cashed out. Malton has many projects, not only this one. This project has started, it is very likely to go ahead. :)

http://www.theedgemarkets.com/article/ttdi-vs-dbkl-new-court-date-june-13

New local car company to fight perodua Japan and proton China :)

https://www.thestar.com.my/news/nation/2018/06/11/dr-m-govt-aiming-to-have-new-national-car-company/

Yup thanks smart_invest

2/3 daripada HARGA IPO dah musnah. Kini masa pemulihan

Tak Kan mati. IPO price 4.55... kini HARGA 1/3 HARGA IPO :) orang2 politik Dalam fgv akan dipecat satu per satu

Surely, this counter will rise next week

Astro has been privatised last time and relist at a much higher valuation :)