present government not very conducive to mudajaya.. it was active during the last government under mahathir, court case also was running smoothly... now i think they lost hope in the new government... looks like BACK TO SQUARE ONE
Mudajaya is really in piece of sh** at the moment, after covid19, i dunno how this co. is going to survive...cant believe there is such co. in malaysia. Better go jual pisang goreng, I am sincerely advice to the BOD
based on last 2 qtrs announcement, RKM share dropped from 26% to below 20%? what happened? is this because of restructuring? what happen to 7% sales? why no announcement?
Mudajaya new chinese name from "cheng rong" to "huihuang", thought changing of fengshui name by new investor Kuo can bring MCB to the right path, however whatever belt & road system dunno still applicable or not
Has lee family/mulpha really sold down mudajaya? many common independent directors and even executive director Lee Eng Leong Based on annual report 2018. both exec directors earned package in millions plus big stock options. lee is serving as ED for both and getting paid millions from both Mulpha(AR p39) and Mudjaya (AR p53)?
for mulpha shareholders, sad case, many corporate exercise to raise fund with NTA > RM10, with many assets oversea. share price is lavishing ard 1.45 now, so much lower than exRight @ 2.50 (after 10 to 1), fund raised from shareholders.
Daily Chart--- Uptrend is intact, higher high and higher low so far. It is under healthy consolidation after hitting $0.36 on 5/5/20.Immediate support is at $0.33/$0.325 and strong support at $0.31. So far $0.33 had been tested several times and hold. It is anticipated to close the “Fallen Gap” that happened on 9/3/20 at $0.35/$0.375. A break above $0.375 it is expected to try $0.40 and possible Target of $0.45.
With MCO Bursa Malaysia has granted Extention til 30.06.2020 for Annual Report 31.12.2019 to be issued. At the same time Quarter 1, 2020 is also expected to be announced. Anticipate the write back of impairment for its Associate company of 26% RKM which is NIL value on the book of the group as its has achieved commercial operation Date and produced power to supply to PTC India for the 550 MW project. The write back will have extreme huge Positive Impact to the company Profit and loss statement and increased earning for the company. Investors can consider to look into this counter
In the latest Q4 report, there is a big tax expense of 12.9mil recorded. What is the nature of charge? Also, it is mentioned that RKM's equipment procurement deferred income of 244.6mil fully recognised following disposal. What is the rationale of disposal? Any tax impact?
For the Tax expenses of RM12.9 mil if u look at note18 income tax expense of the Quarter 4 announcement, the note stated that it resulted from subsidiary imposed by Inland revenue board in relation to year of assessment 2012 and 2013 (likely due to additional assessment via composite assessment) which result it corporate tax above statutory rate of 24%. This further shown via group cash flow that tax paid only RM4.85 mil and tax refunded RM14.1 mil. Hence, on positive note that the group highly unlikely got any major tax issue from that particular subsidiary. With paying tax position that can interpreted the company has turnaround and good candidate for investing in this counter
With the group service concession assets stood at RM318.8 mil and Total Non Current Assets of RM476.3 mil (represents 67% of Total Non Current Assets ) and Current Assets of RM851.5 mil ( cash and cash equivalent of RM301.8 mil represents 35% of current assets) and total assets of RM1,327.8 mil. As the industry Mudajaya in, required huge capital outlay and anticipate sales of power for it 550 MW to PT India which will generate substantial income. Hence, previous impairment on financial Assets of RM28 mil and impairment loss of investment In associate of RM39.5 mil for 2019 and 145.5 mil in 2018 will lightly be reversed in 2020 possibly in Q1 which will give positive impact to the group. Furthermore, the paid up capital of 605.4 mil shares, this will give handsome reversal to NTA of the Group.
question is the nature of additional tax assessment. RKM reversal - what is the basis of reversal allowed under accounting standard? In Q4 announcement, RKM is still under lender restructuring. Also, there is announcement on legal suit with Crest. Based on Annual Report 2018 (note 14, pg155), Crest building is part of the total asset (value 199 mil?), which contribute to NTA of 0.25 . Under current market situation, what is the market value of the building considering it is under legal case?
highly risky stock, with high debt, uncertainty in RKM, legal case for Crest, and dwindling construction order book (reported at 1.4bil at Q4, how much is for LRT3? With value revised down under PH government from 30+ bil to ard 16 bil, how much downward revision required?)
With Sin Chew Daily today news stated the possibility of Malaysia-Singapore high speed rail restart, this might boost construction counters like Mudajaya
Based on article, the Indian associate company had inked and supply power to Uttah Pradesh Power Corp Ltd from the coal power plant. With the sales, the associate will derived income and with that income stream, the impairment previously carried out will likely be reverse according to international accounting standard as the projection of cash flow from the project is way beyond positive in this scenario. With Impairment write back huge amount, the group will have good prospect
Seem like overall outlook of this counter is good with 3 positive news that is possibility of revive of Malaysia to Singapore high speed rail restart and possibly write back of Impairment to total of exceeding few hundred mil (if based on financial statements 39.5 mil for 2019 and 145.5 mil in 2018 totaling to RM185 mil). The group started to pay tax at the last financial year ended 31.12.2019 which mean the group turnaround from loss to profit. Likely in Quarter 1, 2020 as income from various stream for the Group will likely to materialized.
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Posted by johnny cash > 2020-03-12 13:35 | Report Abuse
present government not very conducive to mudajaya.. it was active during the last government under mahathir, court case also was running smoothly... now i think they lost hope in the new government... looks like BACK TO SQUARE ONE