But offer can be rejected as it is not a good business.

Can Gamuda reject the offer?

What news, joe?

https://www.nst.com.my/news/government-public-policy/2018/08/399317/licensed-gambling-operators-among-those-impacted-sst

June 29 2018, already paid special dividend of 5 cents. Only 5 cents left distributed as special dividend.

Why?

Last week, the government offered to take over the Syarikat Pengeluaran Air Selangor (SPLASH) for RM2.55bn, which means a better-than-expected outcome for construction company Gamuda. Macquarie Equities Research (MQ Research) wrote a report on Gamuda, who owns a 40% stake in SPLASH, increasing its target price (TP) to RM3.80. MQ Research thinks that Gamuda may increase its FY19E dividend to 14 sen per share, while emphasizing that there will not be any special dividends post-SPLASH divestment.
Event

MQ Research increased its TP for Gamuda from RM3.50 to RM3.80 with a maintained Neutral rating, following the better-than-expected outcome of the SPLASH deal announced by the state government. Gamuda, who owns a 40% stake in SPLASH, will receive RM1.02bn from the RM2.55bn divestment value. SPLASH sale was concluded at a 28% discount to its book value of RM3.54bn, which means Gamuda will have to impair RM400mn of SPLASH’s value following this divestment. MQ Research sees potential dividend upgrade from FY19E onwards at 14sen per share vs. 12sen per share previously from this deal but stress its view that there will not be any special dividends post-SPLASH divestment.

Impact

Gamuda Water (GW) may have to impair receivables from SPLASH. The owners of SPLASH will receive RM1.9bn now and RM650mn over the next nine years to arrive at the RM2.55bn divestment value. Given that the divestment is concluded at a 28% discount to book value, MQ Research believes GW will have to accept the same quantum of discount for its receivables due from SPLASH. As at end of FY17, GW’s receivables owed by SPLASH stood at RM560mn – therefore Gamuda could potentially have to impair GW’s receivables by at least RM150mn, on top of the RM400mn impairment from SPLASH. Also, the government could further negotiate to pay GW’s impaired receivables via instalment payments per the SPLASH deal.

No special dividend; FY19-21E dividend of 14sen/FY. Post-SPLASH deal, MQ Research believes Gamuda has ample room to increase its annual dividend from 12sen per share to 14sen per share, but it will not be paying special dividend due to i) Penang Transport Master Plan will still be paid via land-swap (at best soft loan from the government), and therefore Gamuda would have some cash at hand for the initial working capital; and ii) given the new government’s strict spending habits, MQ Research believes negotiations for future variation orders (VOs) will be tough. MQ Research understands that Gamuda has an existing VO from the MRT2 project with some retention sum from MRT1. Therefore, MQ Research believes it is best for Gamuda to preserve its cash amidst any future uncertainties.

Earnings and Target Price Revision

Revised MQ Research’s estimates, FY18-21E earnings per share by +2%/-1%/-9%/-8%, respectively.

Price Catalyst

12-month price target: RM3.80 based on a Sum of Parts methodology.

Catalyst: Any infra project announcements during Budget in November 2018

Action and Recommendation

Maintain Neutral.

Source: Macquarie Research - 6 Aug 2018

paktua lost also when bottoom fishing Hevea before!

“We are looking at acquiring re-
tail pharmacy chains with two to 50
outlets ... brand owner with a strong
brand for health supplements, func-
tional food or personal-care prod-
ucts, and maybe with manufacturing
facilities,” he said.
“We have enough cash for work-
ing capital at the moment, but we
may look into possibility to raise ad-
ditional capital if any M&A (merger
and acquisition) is going to happen,”
he added.

Exactly.

Najib's bro has yet to resign.

Gamuda wouldn't agree. Afterall, Gamuda does not trust the PH Gov that "cancelld" HSR and LRT3 projects that it should have received.

No black and white. Gamuda wouldn't agree. Afterall, Gamuda does not trust the PH Gov that "cancelld" HSR and LRT3 projects the should have received.

Gamuda most likely will reject the offer.

Agree.

KYY kena force selling. Where got money to push up the price? If he got enough cash to pay, he wouldn't be forced selling. How long will it be continued? No body know. We only know KYY wants ikan bilis to help him push up the price so that banks can stop force selling OR he can sell to them!

KYY kena force selling. Where got money to push up the price? If he got enough cash to pay, he wouldn't be forced selling. How long will it be continued? No body know. We only know KYY wants ikan bilis to help him push up the price so that banks can stop force selling OR he can sell to them!

Probability you buy lah don't talk so much!

probability PE = 1 liao.....

need to talk about dividend meh?
04/08/2018 12:53

Get stuck? Wanted to let go by saying PE 1, bullshit! PE is now about 3.96 lah! If you get stuck but no dividend to receive, then have to cut loss loh.

Agree.

No dividend stock.

Down trend till Nazir resign.

Gamuda will reject the offer.

KYY is as arrogant as Herbert. Both got their KARMA back. Be humble lah!

KYY was forced selling. If he got money to buy back, he did not need to sell, idiot! Now he hopes from his article, it can attract buyers to push up the price. Then e might sell it again. No body knows how much margin he uses.

Must be humble. Not lansi, Herbert. Now you get the KARMA. If you continue to lansi, you will start lossing big all the way down.

Down trend. Nova does not worth IPO price. It can only earn around 2.6 cents per annum based on total shares of arounh 318 millions.

Mahathir ran his bread business to Holland. Now Khazanah turn and MALAYSIA turn.

Then it goes up like rocket. Don't wait!

Agree with gangnam.

freetospeak is making noise here. So many companies do not comply to the law of public spread also survive until today such as LCTITAN. How come you don't know? I think you have no shares here. Wanted to buy low price. NTA od BJland is about 86 cents. No shareholders will sell to BJCorp if it wanted to take over with less than 86 cents. Afterall, BJLand value is far more than 86 cents if reevaluation is done for all assets it owns. Leave this counter freetospeak if you have no shares.

I support Ali.

Ask him to resign then he wouldn't behave like UMNO. Otherwise, he will continue as it is.

Like throwing GLCs/GLICs Heads, PH Gov will throw all contractors under BN before. Like Dr M said, they almost all are very corrupted. MyEg is just one of them.

Tomorrow drop kau-kau.

You can say whatever you want to say.

No dividend stock.

Ranhill is a growing profit-making company. Worth to invest for a long term. Only When big sharks accumulate enough, then the price could move up. Just no body know when.

Following Chairman Yap Hoong Chai, selling your warrants and mother shares must be right.

It had never worked for BAT in June 2018.

Blog: BAT : Reason for the share price rally and why RM100 is not a dream

Jun 20, 2018 11:44 AM | Report Abuse

i dont need to asnwer you.

You havent answer me too:

1. what is the average smoking population in malaysia last month?
2. which state has the most contraband cigarette?
3. Which checkpoint are illicit cigarette smuggled in?

Do you know? You wont know because you are poor and no assess to rich man;'s information.

I will stop here. Too many loser and poor people here .

I will wait for BAT to reach RM50 by this month and RM100 by 2019.

Herbert also sailang BAT and LayHong to Holland.

Herbert also sailang BAT and TM to Holland.

Will come。

Cheers！

Sure！

TomyamGong is back from Holland. It's a good new.

Ha. No more market crash? Short short teh!

https://www.thestartv.com/v/penang-to-see-rise-in-property-transactions#lZPcAVkGcatjbOLK.99

Up lah!

GEORGE TOWN, July 21 — The Penang state government is reviewing all charges currently imposed on developers to make property prices more affordable for consumers.

State Housing, Local Government, Town and Country Planning Committee Chairman Jagdeep Singh Deo said the state planning committee had decided on the review at the request of Chief Minister Chow Kon Yeow.

He said the charges inflated the prices of properties which would be borne by the consumer, but upon review, is expected to fall.

“I have established a committee to conduct the review and is currently compiling the various charges being imposed,” he told reporters after attending the Penang MAPEX 2018 here today.

Earlier, Chow, who is also the State Assemblyman for Padang Kota, launched the event organised by the Real Estate and Housing Developers’ Association Malaysia (REHDA) at Udini Square.

Jagdeep said upon compilation of the charges, the committee would seek suggestions from Redha before making any final decision.

He said among the charges to be reviewed are those for development, infrastructure and amenities.

Meanwhile, Redha Penang Chairman Datuk Toh Chin Leong said according to the National Property Information Centre (NAPIC) 2017 report, the residential overhang in Penang was less encouraging, as the numbers grew during the review period.

He said developers are still lumbered with a high number of unsold stocks.

Toh said Redha was thankful to the state government for assisting in promoting MAPEX 2018 by providing special incentives, such as the waiver of the levy on foreign purchasers, and the two per cent levy on sub-sales within three years. — Bernama

https://www.malaymail.com/s/1654573/penang-govt-to-review-charges-imposed-on-property-developers-says-jagdeep