Posted by buddyinvest > 2016-03-30 04:10 | Report Abuse

Yi-stock, I almost fainted when I read the above. You are so bullish on Geshen & Tienwah, but not so on Gkent.

For Gkent. It will surely secure other projects from time to time. Apa lah Yi-stock? If your assumption is correct, then Gkent's business development managers no need to find other jobs in the next five years, just shake balls in office.

Posted by 99kandar > 2016-03-30 07:09 | Report Abuse

if you write up something good or bad of a company... don't guess.. pun in the right and true!! what a GUESSING write up??? Siok sendiri ka...
or because you are sore grape//??? OOOOoooooo

Posted by bsngpg > 2016-03-30 07:33 | Report Abuse

YiStock: I give you a big LIKE. Yes I agree that logically there should be new projects secured in next years which is not in your guesstimation but I prefer your worst case analysis and let the best case to take care by itself.

One potential risk is that if his buddy- jib gor somehow cannot stay as PM anymore, there would be a big negative blow to GKent.

Posted by buddyinvest > 2016-03-30 07:34 | Report Abuse

Yi-stock, I appreciate your efforts. But if u apply your theory ( there will be no new contracts or new jobs for the next 5 years) for all other construction stocks, then I'm afraid that there is no stock we can buy. Be realistic lah. If they can secure 4.5bil job, they are no ordinary player.

Posted by buddyinvest > 2016-03-30 07:37 | Report Abuse

lesser profit during the early part of the project, and more profit recognised towards the end of 5 years contract......

Even better as we like stocks that experience incremental profits... Hihi

Posted by Koon Bee > 2016-03-30 07:43 | Report Abuse

Too many low class of article flying around i3

Posted by bsngpg > 2016-03-30 07:44 | Report Abuse

April fool is around the corner, people who use BRAIN to think and analyse would definitely NOT related to it. I am not sure about the opposite.

Posted by YiStock > 2016-03-30 08:15 | Report Abuse

Hi buddyinvest, I believe you didn't finish reading the whole article. I did mentioned that Gkent may acquire more projects in the future."

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buddyinvest Yi-stock, I appreciate your efforts. But if u apply your theory ( there will be no new contracts or new jobs for the next 5 years) for all other construction stocks, then I'm afraid that there is no stock we can buy. Be realistic lah. If they can secure 4.5bil job, they are no ordinary player.
30/03/2016 07:34


buddyinvest Yi-stock, I almost fainted when I read the above. You are so bullish on Geshen & Tienwah, but not so on Gkent.

For Gkent. It will surely secure other projects from time to time. Apa lah Yi-stock? If your assumption is correct, then Gkent's business development managers no need to find other jobs in the next five years, just shake balls in office.
30/03/2016 04:10

Posted by kai8994 > 2016-03-30 08:20 | Report Abuse

Agree with YiStock, the explosive earning should come to tail end already while waiting to kick off next project. You will understand YiStock if you are an accountant.

Posted by YiStock > 2016-03-30 08:23 | Report Abuse

Muscle, you are among the "genius" in i3. I believe you have better judgement than me. You are absolutely right. Geshen seriously fail me due to one of my misjudgment. Therefore, i become extremely careful when analyzing a company.
Please skip my article as it is purely based on my own assumption. Also bear in mind, a bad can turn good. (I'm referring to Geshen).Equally, a good can turn bad. I have seen too many such cases. Only time will tell. Therefore, i advise you to stay sane when investing.

Cheers!
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muscle Realy poor judgement... Pls dun make any more anlysis again... If u recomending buy on geshen n tienwah, tis shows how poor ur analysis.. Pla dun make urself like a fool
30/03/2016 05:50

Posted by buddyinvest > 2016-03-30 08:27 | Report Abuse

Yi-stock, again, we appreciate your contributions.

Posted by YiStock > 2016-03-30 08:28 | Report Abuse

99kandar, stay cool buddy. If i don't GUESS, i'm already insider. And i will goreng you kau kau till you "hangus".
Just kidding :-)

I am not sour grape, i have better exposure in other construction stocks. I just don't want be "hangus".

I'm just small tiny investor trying to avoid all pit fall.

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99kandar if you write up something good or bad of a company... don't guess.. pun in the right and true!! what a GUESSING write up??? Siok sendiri ka...
or because you are sore grape//??? OOOOoooooo
30/03/2016 07:09

Posted by Icon8888 > 2016-03-30 08:41 | Report Abuse

I am a shareholder of Gkent, but I endorse YiStock article

YiStock has a track record of objective analysis, He pointed out a lot of things that I couldn't see. That is value added

Having said so, I think Gkent is a good buy at current price. They might get more contracts later due to their relationship with Mr 2.6

Hee hee

Posted by nokenzo > 2016-03-30 08:43 | Report Abuse

YiStock, good analysis.

Posted by YiStock > 2016-03-30 08:49 | Report Abuse

Icon8888, like to ask your opinion, being a Project Delivery Partner for LRT3, is Gkent allowed to bid for own contract? Thanks

Posted by YiStock > 2016-03-30 08:50 | Report Abuse

2012 LRT extension work, Gkent acted as contractor. For LRT3, Gkent is PDP.

Posted by Icon8888 > 2016-03-30 08:52 | Report Abuse

Don't know woh, just close my eyes and dumb dumb hold. I have faith in our country's crony system. Somehow they will squeeze out something, if not MRT then maybe NRT , PRT or QRT

Posted by Yoon129 > 2016-03-30 08:59 | Report Abuse

good analysis :)

Posted by speakup > 2016-03-30 09:02 | Report Abuse

another dooms day article.

Posted by Mohd Fahmi Bin Jaes > 2016-03-30 09:03 | Report Abuse

take profit

Posted by superfly > 2016-03-30 09:07 | Report Abuse

sudah jual 1.86 tadi maa..awal awal sudah done..stock lama beli 1.55 dulu.

Posted by buddyinvest > 2016-03-30 13:05 | Report Abuse

Manyak panlai Superfly.

Posted by paperplane2016 > 2016-03-30 21:54 |

Post removed.Why?

Posted by paperplane2016 > 2016-04-01 00:55 | Report Abuse

Sell.

Posted by Mr. M > 2016-04-10 10:18 | Report Abuse

@YiStock, as to whether PDP can bid for the other project work, think you can look at the previous MRT project as a reference.

"In December 2010, the government approved the implementation of the MRT project,[11] and appointed Gamuda-MMC JV as Project Delivery Partner. Apart from tunneling works, the Gamuda-MMC JV will not be allowed to bid for the other eight parcels of the project.[12]"

https://en.wikipedia.org/wiki/Klang_Valley_Mass_Rapid_Transit_Project

Posted by YiStock > 2016-04-13 13:57 | Report Abuse

Mr. M, thank you for the info. Cheers,

Posted by moneySIFU > 2016-04-18 00:06 | Report Abuse

YiStock, thank you for sharing.

No matter how humble you are in your writing & STATE VERY CLEAR the article is for brain storming purposes.

Some primary school graduates just don't understand how to react or write proper disagreement, so please forgive those low class jerks.

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paperplane2016 Gkent lousy. Delay, delay, delay. And can entitled pdp. Pui
30/03/2016 21:54

Posted by paperplane2016 > 2016-04-18 00:19 | Report Abuse

Moneysifu, where u get your education? Graduate hor, stands for university. Where got such word called primary school graduates. Pity your poor knowledge. Just be extra careful in investing. My only advise to losers who can't think.

Posted by moneySIFU > 2016-04-18 00:31 | Report Abuse

Oh, paperplane, you know the meaning of graduates, OMG, you know english? Thought you are now learning how to upgrade to become RECYCLE BIN.

I suspect you are not graduate, even though you did, that's the standard of your university, primary school level. Your behaviour speak it all & match the expectation, childish & low class.

Posted by moneySIFU > 2016-04-18 00:34 | Report Abuse

You know why i put my name as sifu, because I want even a junk also have to call me sifu whenever they see me. No matter how resist you are in your heart, you still have to call me sifu, paperplane.

Posted by moneySIFU > 2016-04-18 00:36 | Report Abuse

No matter how good you talk, paperplane, paperplane is anyway just a fake plane, can't fly by itself, all have to do just begging for help to push.

Posted by moneySIFU > 2016-04-18 00:43 | Report Abuse

I always think how to be superior & you only think how to be dwarf. That's the gap between you & me。

Posted by moneySIFU > 2016-04-18 00:49 | Report Abuse

When you named yourself as paperplane in the cyber world, you have indeed accidentally & inadvertently diclose your dark side, fragile heart & inferiority.

All you did so far in i3 were just to cover up & try to be superior. But very obviously, YOU FAILED.

Posted by paperplane2016 > 2016-04-18 01:54 | Report Abuse

Loser

Posted by paperplane2016 > 2016-04-18 01:56 | Report Abuse

Who care what u think? What u said I just treat it like a fart....

Posted by YiStock > 2016-07-01 12:04 | Report Abuse

PETALING JAYA: George Kent (M) Bhd is eyeing opportunities from the UK and Europe to participate in rail road projects.

Chairman Tan Sri Tan Kay Hock (pic) said that it was still in the early stages but hoped to secure some projects there.

“It’s the rail road and construction sector we are looking at. We are already supplying meters to the UK as an original equipment manufacturer,” Tan told a press conference here after its AGM yesterday.

The engineering and construction company said that its order book stood at [RM5.5bil of which 20% is from the metering segment while 80% from the engineering business segment.]

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Order book: RM 5.5 billion x 80% = RM 4.4 billion

LRT 3: RM 4.5 billion.

Most likely guesstimate:
(1) The Ampang LRT contribution should have ended and the billing is likely "in-advance" mode.
(2) Latest EPS may have already include a small portion of LRT3 project

Posted by buddyinvest > 2016-07-02 16:28 | Report Abuse

Sell

Posted by Ooi Teik Bee > 2016-07-02 17:36 | Report Abuse

Dear YiStock,
LRT3 is in PQ stage only, no tender had been called. Hence the 6% management fee of LRT3 should not be included in recent quarter result released. I had checked with many contractors who are shortlisted for this LRT3 job.
Thank you.
Ooi

Posted by paperplane2016 > 2016-07-02 17:44 | Report Abuse

Economic good or bad, govt still pay gkent.

Posted by stockmanmy > 2016-07-02 23:47 | Report Abuse

the PV of the profits from the LRT work will definitely be less than trying to find its EPS X 10.........hahahahahaha

Posted by YiStock > 2016-08-03 11:12 | Report Abuse

Very interesting research by HLIB on Gkent:

http://klse.i3investor.com/blogs/hleresearch/101233.jsp

(1)Gkent financial year ended 31 Jan every year, which mean that we are now at FY 17)

(2) Based on the HLIB research, i extract the important forecast by HLIB:

"We forecast FY17 core earnings to scale a new high of RM52m (+29% YoY)

=> RM 52,000,000 / 300,400,000 = EPS 17 sen

For FY18, growth moderation is expected at +6% to RM55m as the LRT3 would have just commenced.

=> RM 55,000,000 / 300,400,000 = EPS 18.31 sen

Earnings growth will regain traction in FY19 (+17% YoY) to RM64m once the LRT3 moves into full swing.

=> RM 64,000,000/ 300,400,000 = EPS 21.3 sen

(3) above all EPS forecast has not included upcoming dilution from bonus issue.

(4) based on my personal estimated EPS is RM 0.22 sen per share. So, it did not run far from HLIB.

(5) I give PE 10 for construction stock, so RM 2.2 is my target price.

(6) HLIB give PE 14 for "FY 18 earning" (Jan 2019), so, RM 0.1831 x 14 = RM 2.56

(7) Add in 70 sen cash/ share = RM 2.56 + RM 0.70 = RM 3.26 (roughly)

(8) Let work backward using PE 14 for FY 17 HLIB forecast = 0.17 x 14 = RM 2.38

(9) Add back 70 sen cash/ share = RM 3.08 by FY 17 ( Jan 2017)

Point of consideration:

(1) PE 10 is cold eye standard for growth stock. For high growth stock, PE 12 to 15 maybe. Is Gkent a high growth stock?

(2) RM 0.70 per share cash. Can the RM 0.70 per share cash will become even more, or even less 3 years down the road?

(3) Should we include current cash into valuation? (HLIB regular practice)

Share investment is 25% art, 25% science, 50% bank push :-)

For value investor, PE 14 really can ar?

Speculator don't curse me, because this opinion is for value investors.

Congratulation if you have made money. You deserve it, because you take higher risk than me. I super timid now.

Posted by PlsGiveBonus > 2016-08-03 11:20 | Report Abuse

It has made closely 100% within a year, pretty much confirm it is close to fully valuation considered it is mid cap company

Posted by PlsGiveBonus > 2016-08-03 11:22 | Report Abuse

Gkent is my favorite too,
But I'm going to dispose it and turn into my next pick which is very likely another Gkent but with attractive outlook

Posted by YiStock > 2016-08-03 11:28 | Report Abuse

Dear Mr Ooi,

Is Gkent responsible for the PQ (started their role as PDP)?

Posted by Ooi Teik Bee > 2016-08-03 11:34 | Report Abuse

Dear YiStock,

Yes, I was told they are responsible for PQ. They are PDP for LRT3. MRCB/Gkent JB entitle to 6% management fee.
Thank you.
Ooi

Posted by paperplane2016 > 2016-08-03 11:38 | Report Abuse

I have many KESM, next is GKENT.

Hopefully good.......