Posted by KLCI King > 2018-06-01 01:08 | Report Abuse

"PRASARANA Malaysia Bhd has appointed Malaysian Resources Corp Bhd (MRCB) and George Kent (M) Bhd as the project delivery partner (PDP) for the light rail transit three (LRT3), which is estimated to cost RM9bil."

"The PDP for the LRT3 project will earn a management fee of 6%".

SIMPLE CALCULATION:

Project shared equally with MRCB = 9bil divided by 2 = 4.5bil

Management fee = 6% of 4.5bil = 270mil

CORRECTION:

RM270 million- LRT3
RM494 million - MRT2
RM642 million - Hospital in Putrajaya and Selangor

Total Order Book in Hand = 1.4 billion only

Posted by kong73 > 2018-06-01 05:34 | Report Abuse

Ok thanks for the heads up. Still sizeable revenue

Posted by pakatan_harapan2 > 2018-06-01 05:41 | Report Abuse

RM 1.1 billion(RM(494-MRT2+642-hospital) million) order book is true. That RM 4.5 billion order book is fake bec is PDP fee which got condition.

Posted by Jeffbkt > 2018-06-01 07:01 | Report Abuse

You sure of your calculation what about additional work of lrt2. I suggest you attend the agm and clarify with the management. Don’t just talk here and try to assume that your view is correct.

Posted by Primeinvestor > 2018-06-01 07:53 | Report Abuse

misleading blog

Posted by Patrick13 > 2018-06-01 08:08 | Report Abuse

Misleading info

Posted by Albukhary > 2018-06-01 08:26 | Report Abuse

It depends on which perspective we are looking for... If we take RM4.5bil as the LRT3 revenue, then the net profit from this LRT3 will be 6%, which is RM270mil.
But if we only recognise RM270mil as the revenue, then the net profit will be almost 100%, because this RM270mil is the management fee, there is no cost that Gkent need to bear. Even got, it will be minimal only.

Posted by knchan2001 > 2018-06-01 08:54 | Report Abuse

you hv wrongly interpreted btw order book and profit

Posted by knchan2001 > 2018-06-01 08:55 | Report Abuse

my comments is on KLCI King

Posted by Sapphire_88 > 2018-06-01 09:14 | Report Abuse

KLCI King seems like you doesn't understand the construction industry

Posted by KLCI King > 2018-06-01 09:50 | Report Abuse

please go study what do you mean by PROJECT DELIVERY PARTNER.

When your billing should be the Management Fee, then your order book should be based on the amount of management fee, not the project value.

Like Quantity Surveyor, your job is to QS on the project, not building the project, so your unbilled order book should be the FEE. The project cost should be belong to the contractors that building the project.

Posted by KLCI King > 2018-06-01 09:55 | Report Abuse

Can anyone mind to share if the management fee will be the nett nett amount to be received by GKent?

Because someone claimed that PRASARANA Malaysia Bhd will absorb the staff costs & other running costs incurred by the PDP when PDP doing their management stuff

erkongseng klci king
LRT3中45亿订单净赚6%=270m
别把270m混为订单來算。
01/06/2018 03:58

Posted by erkongseng > May 31, 2018 08:52 PM | Report Abuse
个人简单计算:
订单56亿约6%赚副为3.36亿
3.36亿/563m股数=每股59仙净利
订单佔大多数的LRT3(45亿)于2020年完工。
因此尚有4年时间收入，每年为59仙/4=14.75仙
水表业务每年取2000万净利计，每股净利为3.5仙
总共下来每年的每股净利(eps)为14.75+3.5=18.25仙
取pe=12倍，股价=RM2.19
只供参考，買卖自负。
01/06/2018 09:48

Posted by KLCI King > 2018-06-01 10:26 | Report Abuse

I am not here to make any judgement on the valuation, but just to highlight on the basis on how to get things right & from there work out your own judgement based on the correct calculation.

With earning RM1, some think the company should worth RM10, some say RM20, that's subjective thing that no right or wrong.

But the estimation of earning RM1 must be calculated based on the correct basis, not simply said or handam.

Posted by dusti > 2018-06-01 16:25 | Report Abuse

Just forget this counter. Many others to make money from. Good luck!

Posted by value88 > 2018-06-01 17:12 | Report Abuse

Misleading info. The size of order book is not calculated using profit.

Posted by SALAM > 2018-06-01 17:15 | Report Abuse

KLCI King had lumped up the
PDP fees of LRT3 of RM270 which is almost net income , with the
Project cost of RM494 and RM642 where GK may earn only 9%
Confusion !!

Posted by Sami_Value > 2018-06-01 17:35 | Report Abuse

I think the author is correct. PDP stands for Project Delivery Partner. They are more like a project management & earning the fees to manage the projects. The project value belonged to the appointed contractors not the PDP entity.

The fees for the PDP is not equal to net income. It need to less the management teams ( office + site consultant team ) overhead, the printing cost for tender evaluation & award, utility for operation & etc. The highest cost for the PDP entity is actually the overhead of the management team / human resources. Imagine each station you have 1 team from Arch, C&S , M&E, QS, Landscape, ID, Planner, etc.

6% for this size I think is fair, this is not normal building but infrastructure. They need to handle all level of counterparts. In fact, there are provision in PDP which stated that any delay or cost overrun. PDP need to dapao themselves without any cost incur to government. PDP entity have to borne all the cost overrun & liable for the late delivery.

Posted by Sami_Value > 2018-06-01 17:52 | Report Abuse

why 6% is fair ? Because as PDP, they are not only reviewing the design, they need to do coordination across the trades.

For normal residential building . The P&A rate for coordination normally range around 2.5% to 3%. For a more complex building like mall, the P&A will go up to 3.5% to 4%. For healthcare, it will reached 4.5%. It all depends on the degree of difficulty of the coordination. The P&A scope in building contract is almost identical to the PDP role function in railway jobs.

Hence, for railways with multiple disciplines & multiple stations, 6% is a fair rate.

Posted by newbie8080 > 2018-06-01 18:12 | Report Abuse

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.

Posted by geraldt9 > 2018-06-01 19:19 | Report Abuse

BN cronies counters ... what future prospects ?

Posted by KLCI King > 2018-06-01 22:16 | Report Abuse

Thank you, Mr Sami, your comment make sense to me. Learn something today.

Sami_Value why 6% is fair ? Because as PDP, they are not only reviewing the design, they need to do coordination across the trades.

For normal residential building . The P&A rate for coordination normally range around 2.5% to 3%. For a more complex building like mall, the P&A will go up to 3.5% to 4%. For healthcare, it will reached 4.5%. It all depends on the degree of difficulty of the coordination. The P&A scope in building contract is almost identical to the PDP role function in railway jobs.

Hence, for railways with multiple disciplines & multiple stations, 6% is a fair rate.
01/06/2018 17:52

Posted by KLCI King > 2018-06-01 23:23 | Report Abuse

Politically, No future.

geraldt9 BN cronies counters ... what future prospects ?
01/06/2018 19:19

Posted by Nikmon > 2018-06-01 23:51 | Report Abuse

@KLCI King, the first assumption made by you are totally wrong, so eventually the rest of the article can be ignore...lol...wrong lah

the 5.6 billion order book inclusive of

1. LRT extension
2. Hospital construction
3. LRT 3
4. Provision of water meter to Hong Kong, Singapore
5. water construction
6. MRT2

construction revenue around 80% and meter supply around 20%

the next will be share bonus and final dividend....

Posted by KLCI King > 2018-06-02 00:17 | Report Abuse

Are you kidding? Do you know what are you talking? I don't need to go anywhere but just to point out how contradict you are in your comment。

Not only you don't know what is written in the newspaper：
"The PDP for the LRT3 project will earn a management fee of 6%"

You try to said apple is actually orange:

1st, you mention what is in 5.6bil order book
Then you said construction revenue 80% meter supply 20%

Can you justify or explain your own comment?


---------------below-----------------------
Nikmon @KLCI King, the first assumption made by you are totally wrong, so eventually the rest of the article can be ignore...lol...wrong lah

the 5.6 billion order book inclusive of
1. LRT extension
2. Hospital construction
3. LRT 3
4. Provision of water meter to Hong Kong, Singapore
5. water construction
6. MRT2

construction revenue around 80% and meter supply around 20%

the next will be share bonus and final dividend....
01/06/2018 23:51

Posted by KLCI King > 2018-06-02 00:19 | Report Abuse

The owner also said very clearly PDP will earn a management fee only, still so many people get cheated by the GKent Chairman, Bankers, GKent's AR.....blah blah

haha, so funny, good that many got confused, if not, how to make money in stock market?

Posted by Primeinvestor > 2018-06-02 02:33 | Report Abuse

Totally misleading, please check analyst report on gamuda, they were the pdp of mrt1 and 2, orderbook means orderbook, not fees of orderbook, dont find it meaningful to even post this blog

Posted by KLCI King > 2018-06-02 10:11 | Report Abuse

Your level of intelligence can be seen from your comment, if you think I am wrong, so be it. It is up to you to see whatever you want to see.

If you stand firm to say it is order book, then order book loh. I am done with all my explanation & opinion, GKent is gone case anyway.

Primeinvestor Totally misleading, please check analyst report on gamuda, they were the pdp of mrt1 and 2, orderbook means orderbook, not fees of orderbook, dont find it meaningful to even post this blog
02/06/2018 02:33

Posted by traderman > 2018-06-02 10:12 | Report Abuse

klci king, no need waste energy argue with those gkent fan boy lar

another announcement on ecrl scrapped, they will continue with their order book story again

Posted by Primeinvestor > 2018-06-02 17:48 | Report Abuse

It is obviously your first time in looking at construction stock. Please download analyst reports for Gamuda here, http://gamuda.com.my/analyst-reports/

looks like you have alot to learn about order book classification, but it does not matter, i am not promoting gkent, i am only disgusted by your misleading blog

HSR order book for Gamuda consortium is RM20b, not 6% of RM20b, or you could refer to ytl's news and reports

Posted by KLCI King > 2018-06-02 18:26 | Report Abuse

Repeat

KLCI King Your level of intelligence can be seen from your comment, if you think I am wrong, so be it. It is up to you to see whatever you want to see.

If you stand firm to say it is order book, then order book loh. I am done with all my explanation & opinion, GKent is gone case anyway.

Primeinvestor Totally misleading, please check analyst report on gamuda, they were the pdp of mrt1 and 2, orderbook means orderbook, not fees of orderbook, dont find it meaningful to even post this blog
02/06/2018 02:33
02/06/2018 10:11

Posted by Primeinvestor > 2018-06-02 18:36 | Report Abuse

please call up analysts and tell them your intelligence is higher than them and ask them to resign because you deserves to be the most intelligent order book estimator, LOL, what a rubbish article, you are lucky because you can be sued for defamation for your sub par intel

Posted by erkongseng > 2018-06-02 20:05 | Report Abuse

1）GKENT身为半个PDP可以拿RM9b的50%，
而盈利则是RM9b*50%*6%= RM270m，
注明：以上为夜月大大的计算，他是合格的金融系畢业。
http://moonitez89.blogspot.com/2018/05/gkent.html

2）20/3/2018
報纸刊登的资料，並非我不老实，看看吧:
乔治肯特主席丹斯里陈溪福，通过文告表示，公司再一次创下新纪录，录得6.17亿令吉的营业额、1.6亿的税前盈利和1.24亿令吉的净利。
“这是乔治肯特前所未有的净利记录，归功于旗下均有改善的业务，包括铁路项目、水务基建项目、统筹承包医院项目和水表供应。”
他续称，公司的资产负债表仍是净现金状况，强劲的订单高达56亿令吉，能继续为未来提供清晰的净利能见度，因公司不断在本地和区域寻求机会。

http://www.investalks.com/forum/forum.php?mod=viewthread&tid=19353&extra=page%3D1&page=21

3）a)个人简单计算:
订单56亿约6%赚副为3.36亿
3.36亿/563m股数=每股59仙净利
订单佔大多数的LRT3(45亿)于2020年完工。
因此尚有2年时间收入，每年为59仙/2=29.5仙
水表业务每年取2000万净利计，每股净利为3.5仙
总共下来每年的每股净利(eps)为29.5+3.5=33仙
取pe=8倍，股价=RM2.64

b)另一个计算:
过去3年平均赚副为9.9+16.9+20.2=46.4
46.4/3=15.46
年营业额约6亿,净赚92.8M
92.8M/563M股数=每股净利(eps)为16.4仙
PE=12,股价=RM1.96
订单佔大多数的LRT3(45亿)于2020年完工。
因此尚有2年时间收入.公司cash 4.6亿随时可收购新的业务,况且谁保证公司无法取得新的订单?
hsr (暂取消)，mrt3(暫取消)，ecrl(还未擱致或取消)，这三个项目並未列入公司订单内，有无成行对公司没影响，4/6/2018的股大后，股票回购下就会见到稳定的股价回升，短期负面消息影响已完了。
gkent 的订单56亿中含概mrt2，lrt3 ，医院建设，水表业务等。往好想是gkent未来还有望取得订单，而不是只往负面想，投资不是这样吗？低買高卖，只是分享。无须追踪。
只供参考，買卖自负.

Posted by stockraider > 2018-06-02 21:06 | Report Abuse

erkongseng 拿 320 的news来读？

Posted by stockraider > 2018-06-02 21:07 | Report Abuse

我们509 换政府了。

Posted by Koon Bee > 2018-06-02 21:10 | Report Abuse

Erkongseng still live in year 2013?

Posted by Koon Bee > 2018-06-02 21:11 | Report Abuse

Today is 2/6/2018 if you still not aware.

Posted by stockraider > 2018-06-02 21:12 | Report Abuse

股价是看未来，不是过去。醒醒巴。

Posted by Koon Bee > 2018-06-02 21:16 | Report Abuse

Erkongseng...wake up!! Now our country rule by PH not BN anymore. New PM is Tun M and MOF headed by LGE. Wake up my friend

Posted by VenFx > 2018-06-02 21:37 | Report Abuse

Toll operators will be alive next week.
Market will party again, except for BN crony.

Consumer and finance sector Stay Focus.

Posted by stockraider > 2018-06-02 21:43 | Report Abuse

ya massive sink for BN crony again

Posted by Stock Kingdom > 2018-06-02 23:03 | Report Abuse

I agreed with the writter on his article, nothing to argue about, but why there are people still try to twist here & there?

Posted by stockraider > 2018-06-02 23:10 | Report Abuse

ya. limit down on Monday

Posted by Koon Bee > 2018-06-02 23:23 | Report Abuse

Monday limit down 2 times.

Tuesday suspended.

Friday delisted

Posted by stockraider > 2018-06-02 23:58 | Report Abuse

heard close shop d. Monday no trading

Posted by steve_usa > 2018-06-03 11:33 | Report Abuse

Tan Sri KH Tan and hos family should use his personal money to buy back the shates if he think the value of the shates still worth 3 times of the current price closed 1/6. Tan Sri has no balls because he worry margin call if personal money use. That clearly shown non of the major shareholders got the courage to use their personal money to buy back. If so confident the share price will go up, why not earn easy money to your own bank account rather than give back the gain to the company! Think rationally before investing....

Posted by erkongseng > 2018-06-03 19:42 | Report Abuse

from:635789
Let examine the track record of this company why the share price plunged 75% from year high of RM4.52 to year low of 1.12. This company had been accumulating profits every quarter since 31.10.2003 with unbroken profits for 15 years. Latest audited report as at 31.1.2018 had shown that it had accumulated profit of RM265m, cash of RM511m and borrowing of RM56m. This is a solid listed company with very good track records and is competitive to win big projects for open tendering. It is hard to believe the share price will be falling forever and in fact is a Good time to accumulate buying after plunging 75%.

Posted by erkongseng > 2018-06-03 19:45 | Report Abuse

一群慌羊，可憐！

Posted by KLCI King > 2018-06-03 19:54 | Report Abuse

可怜的erkongseng， 傻了

Posted by KLCI King > 2018-06-03 21:14 | Report Abuse

erkongseng开始语无伦次，无法判断大选对GKent的影响，还坚持认为Gkent现在的股价是不合理的，不应该是如此低的。

根据他的判断，一切都没有改变，政府的改变并不会对GKent造成太大的冲击。现在这个价钱根本是大减价，每天就在那里喊说GKent有56亿的工程在手，真可怜。

既然erkongseng那么坚持改朝换代没有对GKent造成很大的影响，那他根本就不会用他拇指般大的脑袋去思考56亿的工程有多大的水分。

我现在终于明白了，原来一切就是那么简单，只是我对他的行为举止感觉悲哀可怜，哀哉！

-------------xxx------------------
Posted by erkongseng > Jun 3, 2018 07:40 AM | Report Abuse
大选前rm3.90个个敢買。
大选后rm1.28没有信心買。
想不通:
1)改朝換代，谁当家都会营造良好经商环境，只要公司有实力与经验再获新订单不是问题。
2)基本面没改变，手中订单依然在，被暫取消的hsr，mrt3都不是订单内的项目。
3)4.6亿现金随时可收购潜力业务。
4)公司股票回购10%将支持股价。
5)rm1.28 大折扣。
03/06/2018 10:00

Posted by johnhuat88 > 2018-06-03 23:28 | Report Abuse

projected profit most important.

ie. lrt3 RM270mil if profit margin 80%. thats alot leh.