Posted by mk88 > 2013-07-15 18:41 | Report Abuse

Pro has been getting many jobs lately. Good work

Posted by Calvin Chong > 2013-07-15 18:46 | Report Abuse

wanted to buy more, any suggestion price to get more?

Posted by sephiroth > 2013-07-15 18:57 | Report Abuse

RM23m contract to be completed in 5.5 months? margin must be quite high

Posted by Alex Lim > 2013-07-15 19:09 | Report Abuse

good for those still holding...

Posted by mk88 > 2013-07-15 19:26 | Report Abuse

small job, good margin and prompt payment

Posted by halopanda > 2013-07-15 19:30 | Report Abuse

Gross margin for Construction projects are typically 15% of revenue for Protasco. This should translate to RM3.45 million in gross profit.

Posted by Mohd Ridzuan Othman > 2013-07-16 20:19 | Report Abuse

1.34 mega resistant.....next tsrget 1.72

Posted by mk88 > 2013-07-16 21:03 | Report Abuse

1.34 was the previous high in 2010

Posted by halopanda > 2013-07-16 21:53 | Report Abuse

Construction：Average PE = 11. Protasco Latest FY EPS = RM 0.12 Assuming Protasco moves to average PE of 11x = RM 1.33.
I believe Protasco is worth more than 11x PE with its long term recurring income from long term govt contracts.

Property: Protasco holds land with GDV worth RM 6.6 billion. Assume conservative property net margin after development of 20%, property segment is potentially worth RM 1.32 billion or about RM 4.4.

Oil and Gas: Profit guarantee of US$ 50 million or RM 150 million, translating into minimal profit/equity of RM 0.50

Construction + Property = RM 1.33 + RM 4.4 = RM 5.73

Construction + Property + Oil & Gas = RM 5.73 + Rm 0.5 = RM 6.23

It looks far-fetched. You can apply a discount however you want it but at the current price, seems like market is only valuing the company for its construction and engineering service.

Cheers.

Posted by mk88 > 2013-07-17 07:15 | Report Abuse

Halopando

How you derive the RM4.4 for property and RM0.5 for oil and gas?

Posted by halopanda > 2013-07-17 10:11 | Report Abuse

Property: Gross Development Value as mentioned by Datuk Chong is RM 6.6 billion. Typical net profit margin for Property Companies is 20% i.e. Net Profit attributable to equity holders = 20% x RM 6.6 billion = RM 1.32 billion.

No. of shares outstanding approx. 300 million.

Net Profit attributable to equity holders = RM 1.32 billion / 300 million = RM 4.4. (over the life of the project)


Oil & Gas: There is a profit guarantee of US$ 50 million (RM 150 million) over 3 years from the counter-party which stipulates that the vendor will make up for any shortfall. We could assume (unless the vendor defaults) that RM 150 million of profit would be attributable to equity holders over 3 years. Again, given about 300 million shares outstanding, this segment would be valued minimally at RM 0.50.

Hope it clarifies. Feel free to critique.

Posted by mk88 > 2013-07-17 11:51 | Report Abuse

I thought you shud divide the RM4.4 over the development period to be more reasonable. Assuming 10 year is 0.44cts?

Posted by sephiroth > 2013-07-17 12:10 | Report Abuse

assuming 10 yrs, 44 sen eps out of current share price 128 sen, do the math

Posted by halopanda > 2013-07-17 12:17 | Report Abuse

Okay. So just the value for this year would be to add 44sen. Is that right?

Posted by mk88 > 2013-07-17 12:39 | Report Abuse

I thought the reasonableness will be 1.28+0.44+0.50
A property analyst may have a different view

Posted by halopanda > 2013-07-17 13:15 | Report Abuse

I think the price would be reasonable but I'm not sure about the reasonableness of the intrinsic value. Perhaps we can use apply a discount rate to the yearly profits (assuming they eventually translate into cash) under a discounted cash flow model.

Posted by Caiyi Choo > 2013-07-18 11:17 | Report Abuse

Price uplor

Posted by abyeoh > 2013-07-18 11:43 | Report Abuse

This year sure have special dividend.

Posted by mk88 > 2013-07-18 12:00 | Report Abuse

just received 4cts dividend for Raya spending, you are talking bout
special div.

Posted by sephiroth > 2013-07-18 14:35 | Report Abuse

if these jokers unload the placement shares tomorrow, will disrupt the share price
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1353053

Posted by mk88 > 2013-07-18 19:11 | Report Abuse

good closing 1.31 with volume too

Posted by sephiroth > 2013-07-18 19:14 | Report Abuse

protasco is new kid on the block for property sector with a superb de sentrum project, once due diligence done on oil n gas biz will be another source of revenue. director bought 500,000 shares on 16/7

Posted by oilmoney > 2013-07-18 20:39 | Report Abuse

All oil companies now P/E 30x price 1.80-2.00. This joker still below water waiting oil to dry no steam. Wake up bang!

Posted by mk88 > 2013-07-18 21:21 | Report Abuse

director bought at 1.30, so more upside expected?

Posted by garygee77 > 2013-07-30 16:25 | Report Abuse

when this abang will jump again leh!!!!!

Posted by Alex Lim > 2013-07-30 18:16 | Report Abuse

66億發展潛能被忽略‧富達遭大幅低估
熱股評析 2013-07-30 17:31
（吉隆坡30日訊）富達（PRTASCO，5070，主板建筑組）在加影De Centrum城鎮擁有100英畝地庫，達證券表示就當前股價計算，市場已全然忽略該公司產業業務蘊藏的66億令吉龐大發展潛能，相信股票價值已遭嚴重低估。

100英畝地庫11年未重估

達證券估計，單是上述100英畝地庫的現有市值，很可能即已超越富達現有股本的總市值。

達證券說，該公司最新數據顯示De Centrum100英畝地庫賬面值為1億1千萬令吉（每平方呎25令吉30仙），惟必須留意的是，該土地最後一次重估已是11年前，現有市值究竟為多少暫時無從知曉，因土地並未進行重估。

“不過，由於土地價值一般佔總發展值的10%到20%，因此用De Centrum綜合發展計劃的66億令吉總發展值計算，De Centrum100英畝地庫至少價值6億6千萬令吉（每平方呎152令吉），遠比該公司目前約4億2千萬令吉市值來得高。”

值得一提的是，華陽（HUAYANG，5062，主板產業組）近期在距離De Centrum約7公里遠的地區收購一塊3.73英畝地庫時，共付出5千690萬令吉或每平方呎350令吉，這讓達證券更加堅信富達已遭市場嚴重低估。

明年推4億產業

“由於該公司目前已啟動產業發展計劃，且近期推介的首階段2億5千萬令吉產業項目取得80%亮麗訂購率，該公司放眼乘勝追擊，預料明年中再推出另外4億令吉產業，協助有關地庫逐漸釋放內在價值。”

達證券補充，富達核心盈利目前主要來自道路維修和工程業務，持有聯邦和州政府長期道路維持合約和特許經營權，負責全國約1萬4千公里道路提供維持服務。

“該公司道路維修和工程業務目前還持有17億令吉剩餘訂單在手，且政府訂單仍擁有至少2年到6年合約期，未來3年盈利能見度清晰，且該公司已開始為更新政府道路維持合約展開努力，預料產業發展業務將進一步帶動未來盈利。”

此外，富達在過去5年來持續派發超過60%淨利，派息額介於7仙到14仙之間，假設今年派息率為8仙，意味週息率高達6.25%，達證券相信就該公司淨現金狀況而言，類似派息表現能夠持續。

考量地庫遭低估和道理維持及建築業務展望強穩，達證券給予富達目標價2令吉28仙，相等於2014財政年10倍本益比，較現有股價則有近80%揚升空間，惟暫時沒有給予評級。（星洲日報／財經）

Posted by Alex Lim > 2013-07-30 18:18 | Report Abuse

undervalued....RM2.28

Posted by halopanda > 2013-07-30 19:32 | Report Abuse

Who wrote the report?

Posted by sephiroth > 2013-07-31 09:18 | Report Abuse

someone bought 30.13 million shares ilast week in a off market trade at RM1.20

Posted by sephiroth > 2013-07-31 09:21 | Report Abuse

really heating up

Posted by Abudance > 2013-07-31 09:21 | Report Abuse

Thanks,sephiroth for info. Looks like goreng time for this counter!

Posted by mk88 > 2013-07-31 09:26 | Report Abuse

Flying today

Posted by sephiroth > 2013-07-31 09:40 | Report Abuse

http://www.theedgemalaysia.com/personal-finance/247309-off-market-trades.html

Posted by Sapphire > 2013-07-31 10:50 | Report Abuse

wa...what happen?goreng time ah?

Posted by mk88 > 2013-07-31 12:46 | Report Abuse

No harm taking profit. Some sells n some buys

Posted by mk88 > 2013-07-31 12:46 | Report Abuse

TA SECURITIES TP RM2.28

Posted by halopanda > 2013-07-31 15:16 | Report Abuse

Nice...Looks like Protasco is getting more analysts coverage.

Posted by nobody > 2013-08-01 11:21 | Report Abuse

The value of 100 acres of land in Kajang, assuming it forms 10% of the GDV, the value of land is estimated at RM660mn (RM152psf), far exceeding its current market capitalization of RM420.2mn. Hua Yang Berhad recently acquire a piece of 3.73 acres of leasehold land at Sri Kembagan, located within walking distance to The Mines and Serdang KTM commuter station, and is about 7km away or approximately 8 minutes drive to De Centrum City, for RM350psf.

RM660mn / 310.91mn (o/s shares) = RM2.12 (land value already represents 57% upside to share price now)

Posted by unice > 2013-08-05 10:39 | Report Abuse

Fong Si Ling is own this counter...

Posted by halopanda > 2013-08-05 11:11 | Report Abuse

Who is fong si ling

Posted by fauzyrusdeny > 2013-08-05 11:15 | Report Abuse

all 1.35 kena sapuuu

Posted by mk88 > 2013-08-05 11:18 | Report Abuse

underpriced counter. TP 2.28 by TA

at 1.35 is cheap cheap

somebody is accumulating at 1.35. once completed,
can expect another surge upwards

Posted by halopanda > 2013-08-05 15:37 | Report Abuse

RM1.40 done.

Posted by unice > 2013-08-05 16:03 | Report Abuse

fong si ling = 马来西亚股神冯时能

Posted by mk88 > 2013-08-05 16:43 | Report Abuse

hot hot hot

Posted by halopanda > 2013-08-05 17:14 | Report Abuse

Fong si ling just bought or she buy long ago?

Posted by unice > 2013-08-05 21:39 | Report Abuse

he bought somewhere in may'13.

Posted by mk88 > 2013-08-06 09:17 | Report Abuse

another hot hot day

1.50 coming?

Posted by mk88 > 2013-08-06 12:23 | Report Abuse

consolidate at 142/143 before next push up

perhaps, we need Fong Sai Yuk, aunty of Wong Fei Hung a helping hand to push up?

Posted by eht6769 > 2013-08-06 14:35 | Report Abuse

good analysis