EKOVEST BHD
KLSE (MYR): EKOVEST (8877)
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Ride The Bull Short The Bear
CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
bullmarket1628
3,711 posts
Posted by bullmarket1628 > 2022-09-29 17:21 | Report Abuse
In a strategy note yesterday, it said the rollout of new public projects will come handy at a time when order books of most contractors are fast depleting.
“We gathered from the ground that a new wave of awards of public infrastructure projects is more likely to hit the market after the 15th General Election (GE15) rather than before.
“We believe investors should add positions in the sector ahead of the GE15,” the research house said.
Kenanga Research suggests that alternative funding models could be adopted for future mega projects.
“Given the fiscal constraints, mega projects could be implemented via public finance initiative or deferred payment models.
“We believe the (construction) sector has seen the worst and should be poised for improved earnings in the second half, given the gradual return of foreign workers and the recent easing in commodity prices,” it added.
Malaysia University of Science and Technology economics professor Geoffrey Williams also said the construction sector will “obviously benefit” from Bandar Malaysia and other major infrastructure investments.
The financial sector that will provide funding to these projects will also benefit, according to him.
However, Williams said the question of whether there will be new investments in Bandar Malaysia or just relocation of existing investment and businesses must be addressed.
“Will there be a better environment for foreign direct investments and attracting foreign talent in Bandar Malaysia or will it be as restricted as it is now?
“The policy support must also be there, not just the project and concessions to government-linked people,” he said.
Williams pointed out that the financial implications from the Bandar Malaysia project must be set out clearly, especially on any fiscal outlay along with expected impact measurement such as new investments, new jobs or new businesses.
“In the current environment, government development expenditure is tight and priorities lie elsewhere in healthcare, for example.
“Rather like other mega projects, if there is a clear commercial case, then why is there a need for government involvement other than in regulation?
“Private investment is needed urgently, so there must be scope for private involvement,” he added.
Williams also said that creating new construction projects, at a time when there is a lack of workers, will worsen the ongoing problem where many construction projects are unfinished or abandoned.
“This will take foreign workers from other sectors which are also suffering demand shortages.
“Agency fees and middlemen will take a lot of money out of this,” he said.
Meanwhile, economist Manokaran Mottain thinks that the government should focus on dealing with rising cost of living and bringing down the fiscal deficit level, rather than initiating mega projects like Bandar Malaysia.
“Even if the government wants to initiate new construction projects, it should go for smaller projects for small-scale contractors.
“Budget 2023 should have lower expenditure than Budget 2022,” he said.
However, Manokaran pointed out that projects like Bandar Malaysia can be undertaken under current circumstances, if the projects are privately funded.
“Otherwise, the project can be resumed once there is a continued strong growth in the economy,” he said.
Located at the site of the Royal Malaysian Air Force base in Jalan Sungai Besi, Bandar Malaysia was envisaged to be a mixed-use, transit-oriented development.
With a land area of 194.5 ha, it is the single-largest piece of development land in the heart of Kuala Lumpur.
The project, which was introduced in 2015, was once shelved by the government back in 2017 after it was abruptly terminated.
The Bandar Malaysia project was reinstated by the Pakatan Harapan government following a cabinet meeting in April 2019, after it was decided that the development would have a positive impact on the economy and would help attract foreign investments into the country.