@ Nikmon

TOTAL ORDER BOOK TILL APRIL 2018= RM1.261 BIL

Using your list of order book.

I'm not sure which article from KLCI King you refer to but the orderbook breakdown should be as follows:



1. Ampang LRT extension (completed in 2016)
2. Hospital construction (RM364.9 MILLION + RM277,190,000), remaining:RM481
3. LRT 3 (6% fee of project progress billing: Gkent 50% portionof RM4.5 bil, net=RM270M till 2021
4. Provision of water meter to Hong Kong, Singapore (RM 28.72 million + RM31.19 million)
5. water construction (PNG Water Concession: + Binzhou Nanhai water supply project in Binzhou City, Shandong)(~RM40M till 2020)
6. MRT2 CCCC:GK , Gkent portion(till 2022) is 49% =RM491M (RM1,007,288,168.00 )
Remaining portion= RM411
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http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=81900&name=EA_GA_ATTACHMENTS

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=76847&name=EA_GA_ATTACHMENTS

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5248561

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5190649

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=68368&name=EA_GA_ATTACHMENTS

Based on annual report, the order book reflect the RM4.5 bil as the PDP 6% fee is based on project progress billing.
Thus, GKENT include it into its order book.

However, you're right that this figure inflated the actual order book value needed to be delivered by GKENT.

Good eye!
Hopefully, IB and analyst will highlight this clearly in their future analysis.

@ Nikmon

Well, sooner or later, when IB or analyst starts to put their revised TP, it will be reflected in the stock price.

The LRT3 portion for Gkent(50%) is only based on 6% fee instead of the entire project value undertaken.
--------------------------------------------------------------------------------

Further to our announcement on 7 September 2015 and 23 October 2015 , the Board of Directors of George Kent ( Malaysia) Berhad (“GKENT”) wishes to announce the following in respect of MRCB George Kent Sdn Bhd ( the "JV Company") appointed as PDP for the Project :

1.The authorised share capital of the JV Company was increased from RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each to RM25,000,000.00 divided into 12,500,000 ordinary shares of RM1.00 each and 12,500,000 redeemable preference shares of RM1.00 each, and


2.The issued and paid up share capital of the JV Company was on 30 October 2015 increased from RM2.00 to RM10,000,000.00 with the allotment of 9,999,998 ordinary shares of RM1.00 each at par, to the following shareholders :


Name of Shareholder

No. of Shares

Percentage Holding


George Kent Rail Sdn Bhd (“GKRSB”)

4,999,999

50%


MRCB Builders Sdn Bhd (formerly known as Gelanggang Harapan Construction Sdn Bhd)

4,999,999

50%

Total
9,999,998

100%


The subscription sum of RM4,999,999.00 by GKRSB for the abovementioned investment in the JV Company was funded by internally generated funds of GKENT. Concurrently, the issued and paid up share capital of GKRSB was increased to RM5,000,000,00 by the additional allotment of 4,999,998 ordinary shares of RM1.00 each at par to GKENT. The authorised share capital of GKRSB is currently RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00 each.

The abovementioned investment in the JV Company does not have any effect on the share capital and substantial shareholders’ shareholdings of GKENT and there is no significant impact to the earnings per share, net assets per share and gearing of the GKENT Group for the financial year ending 31 January 2016.

None of the Directors and/or major shareholders of GKENT and/or person connected to them have any interest, direct or indirect, in the abovementioned investment in the JV Company.

This Announcement is dated 2nd November 2015.

PDP Fee= Revenue

@ brisket

Crude oil falls from USD140 at peak to USD30 lowest, many large oil & gas company scrapped their large drilling and exploration plans in view that it does not have much profit margin.
This will hit 2nd liner and 3rd liner upstream companies who provide services to them.

Sapnrg has both e&p and services since it is a merger between Sapura & Kencana.
Based on annual report, the company made much investment and purchases of equipment when crude oil was trading between USD90-USD120.
Thus, the huge impairment that has to be made which cause the massive losses to the company.

Currently, the company replenishment of order book is slow and company has many oil rigs staying idle.
But the company is slowly gaining the momentum recently, since the crude oil is trading above USD60 which helps to bring back some biz and hopefully some new tenders.

Anyway, still long way to go before it reaches back to RM4++, provided crude oil can stay above USD90 for 3-5 years.

@ erkongseng

Good job. Impressive analysis on Gkent.
The only concern is the future earnings.
No matter how great this counter's fundamental, without any future project to boost it's current orderbook, the counter is practically hopeless.
Since the last project(MRT3) award to Gkent was scrapped, it means almost 2 years without any project replenishment.
Hopefully, things will change.

Wow, this counter everyday heavy volume

http://www.theedgemarkets.com/article/eversendais-first-liftboat-vahana-aryan-be-delivered-early-june

@ allenroy

Based on the previous dividend per share of 9.5 cent last year, it will provide a yield of 8% based on current share price of RM1.18.
But the dividend may be much lower if the company proceed with share buyback aggressively.

Typical pump and dump. Look at the huge volume.

Oil and gas companies not looking fine with Q1 results

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https://www.nst.com.my/business/2018/05/375034/oil-and-gas-companies-not-looking-fine-q1-results

@ propsushi

The purchase is too small. Not enough to push the share price unless they buy up 10% of more of the share issued.

YTL family is buying but not much to prop up the share price unless they are buying up 10% of share issued or more.

@ moneykj

I think more like going the other direction.

It looks weak and selling pressure to continue.

Looks weak today and likely selling pressure to continue.

At this price, the counter offers very attractive value.
Unfortunately, the uncertainty is weighing on the stock price.
Will have clearer picture very soon when CEP decides the proposal for toll owners.

No volume today.

@ wilsonboon

Just a thought:
It has a large construction order book currently at rm4bil++
This quarter's construction segment did not reflect it, something is not quite right.

Wow, revenue dropped a lot.

@ digidigi

Selling pressure not completed yet.
Buy in later.
Have many opportunity.

Bandar Malaysia is likely to be scrapped as well.

@ Mary Tan Ling

Accumulate on weakness.

@ hellbender

Read my post bro.

@ WD40

My opinion is the good old days during the 1990s is gone.
Relying on government contract these days are not reliable biz anymore since government can always change hands, proven in GE14.
There are still value in the company with the 2 power plants completing in 2020 onwards, but other than that, I think not much the company can offer.

It's time to switch to other companies with reliable and trending biz especially in e-commerce and IT sectors.

Wow, 2 support level broken back to back over last few weeks.

Looks like selling continue with the uncertainty around new gov and new policy involving toll operators.

Italy crisis hitting banking stocks worldwide

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http://www.bbc.com/news/business-44287455

Saudis, Kuwait, U.A.E. Plan Saturday Meeting on OPEC

Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss OPEC matters, about a week after the Saudis and Russia announced a new policy to revive oil production.

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https://www.bloomberg.com/news/articles/2018-05-29/saudis-kuwait-u-a-e-are-said-to-plan-saturday-meeting-on-opec

Minus off all government related revenue, not much value in the company.
Yeah, RM0.18 seems to be FV.

Many will overlook on the "good result".

Looks like a big drop tomorrow.
Hopefully, the estate of YTL & Sons Holding Sdn Bhd will hold the fort.

The property segment is really dragging the overall company's earnings.
Suggest the CEO to "kill off" this segment before it rots further.

Dr M confirms high-speed rail project with Singapore to be scrapped
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https://www.thestar.com.my/news/nation/2018/05/28/dr-m-confirms-scrapping-of-high-speed-rail-project-with-singapore/#t8e6roA6V4M4DBpk.99

Revenue
75,420

Cost of sales
(30,350)

GROSS PROFIT
45,070

Other income
3,456


Administrative expenses
(47,462)

Other expenses
(28,319)

Finance costs
(3,467)

Share of results of an associate
(142)

Actual is Loss (30,864)

Oil stumbles


That came as oil prices extended declines after coming under pressure last week following news that top producers could ease quotas on existing production cuts. Brent crude futures slid 1.87 percent to trade at $75.01 per barrel and U.S. West Texas Intermediate eased 2.47 percent to trade at $66.20 after settling 4 percent lower in the last session.

"We've been calling for oil prices this year to be relatively range-bound around the mid-$60s level and I think that's a level that OPEC's relatively comfortable with," Hannah Anderson, global market strategist at J.P. Morgan Asset Management, told CNBC's "Squawk Box."

"What they're not comfortable with is prices getting high enough that it made sense for those marginal shale producers to come back online, which is really what drove prices down in the first place in 2015," Anderson said.

Oil stumbles


That came as oil prices extended declines after coming under pressure last week following news that top producers could ease quotas on existing production cuts. Brent crude futures slid 1.87 percent to trade at $75.01 per barrel and U.S. West Texas Intermediate eased 2.47 percent to trade at $66.20 after settling 4 percent lower in the last session.

"We've been calling for oil prices this year to be relatively range-bound around the mid-$60s level and I think that's a level that OPEC's relatively comfortable with," Hannah Anderson, global market strategist at J.P. Morgan Asset Management, told CNBC's "Squawk Box."

"What they're not comfortable with is prices getting high enough that it made sense for those marginal shale producers to come back online, which is really what drove prices down in the first place in 2015," Anderson said.

Scheduled shutdown in the third quarter of 2018

KUALA LUMPUR: Hengyuan Refining Company Bhd has allotted RM700 million for capital expenditure (capex) for the next one to two years, which will be mainly used to finance two cornerstone projects, namely the Euro4M Mogas and Atlas II.

The high capex allocation is significant for the company as it goes into its next phase of growth with the implementation of proven and advanced refinery technologies as well as improve operational efficiencies to maximise refinery margins.

The Euro4M Mogas project took a longer-than-expected duration due to the fabrication of its main equipment, and is now scheduled to be completed in the fourth quarter of 2019.

“While it’s unfortunate to experience a longer timeframe for the Euro4M Mogas project, but as a company, we strive for operational excellence in a safe environment, and believe that this highly technical project must follow its due course. The adjusted timeline would not adversely impact Hengyuan’s commitment in meeting product delivery commitments and we would like assure our customers that there would be no disruption of supply,” said its chairman Wang YouDe in a statement.

The Atlas II is slated for completion during the refinery-wide 2018 Major Turnaround (MTA) exercise due to begin in August 2018. Once completed, the integrated complex will be able to produce 1.15 million tonnes per annum.

In addition to the two projects, Hengyuan will be allott resources for the installation of facilities which is in compliance with future regulatory requirements.

These facilities known as Clean Air Regulation (CAR) and Euro 5 gas oil, will be installed during the scheduled shutdown in the third quarter of 2018, to avoid future refinery shutdowns.

Selling pressure had reduced substantially.
Looks good to start accumulate.

Consolidation in Oil & Gas.
Get out and wait for more news next month regarding the OPEC decision on the quantum of oil supply increase.

Anyway, whether KYY is taxable or not, he pays tax or not, I believe is none of our biz or concern.
Thus, no need to engross yourself into this non productive and time wasting chatter and focus on topics more relevant on this counter and the company's prospect.

From Hasil or IRB:
------------------

According to the IRB, the net profit gained from the share market is taxable if the transaction is done repeatedly.
Profits derived from dabbling in the share market is an adventure in the nature of trade and is taxable as a business income if some characteristics of the badges of trade as follows exist: profit-making motive such as engaging the service of a portfolio manager; assets were purchased with the intention of selling for profit; and the period of ownership.


For example, a short period of ownership can denote trading of shares when trading of shares is the main source of income for the stock broker/remisier. Another is the frequency of transactions where transactions are found to be one of the series, that is repeated or similar, arising from a pattern of activity.

From the facts given, IRB is of the opinion that the income derived from dabbling of shares in the shares market is not in the nature of trade and not taxable as a business income under section 4(a), Income Tax Act 1967. However, it might be taxed under other gain or profit under section 4(f) of the Income Tax Act 1967 if such activity is carried out frequently.

Source:
--------------------------------------------------------------------------------------
http://lampiran2.hasil.gov.my/pdf/pdfam/Pindaan_Act_53_23112017.pdf

For further confirmation, please contact the nearest IRB office with your supporting documents. Currently, there is no threshold amount for exemption.

Looks weak.
Maybe selling pressure continue next week.

Amount of share purchase by the family trust is very little.
Probably just to stabilise the selling pressure only.
Monitor the purchase for next 30 days.

@ Rosmah

Appreciate if you do not spam this thread.

@ beachboy

I think you misread my posting.
Read again.

@ JN88

No need to argue who is right or wrong.
We just pointed out some updated news.
Up to you to figure out and how to trade your portfolio,

The impact of either demand or supply will be reflected in oil price and subsequently in the stock price.
Stay tune!

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https://www.reuters.com/article/us-oil-opec/opec-may-decide-to-ease-oil-supply-curbs-in-june-sources-idUSKCN1IN2NS

https://www.reuters.com/article/us-oil-opec/opec-may-decide-to-ease-oil-supply-curbs-in-june-sources-idUSKCN1IN2NS

WOw, support @ 0.95 almost broken.
So weak.

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OPEC is planning to raise crude oil supply in June.
Suggest to get out of this counter till the exact amount of crude oil floods the amount. Expect oil price to adjust downward accordingly.