Posted by nicky > 2014-04-26 12:00 | Report Abuse

worth to hold.... need to withdraw all $$$ pick up

Posted by limputong88 > 2014-04-26 12:39 | Report Abuse

JFASecurities in its the edge article mentioned despite the huge rally, this stock has still got legs to move up given the strong earnings potential which have not been fully priced in. Will hold ....

Posted by tonylim > 2014-04-26 12:41 | Report Abuse

Thks jt5774

Posted by akaboss > 2014-04-26 13:10 | Report Abuse

This company will be taken private soon.

Posted by Icon8888 > 2014-04-26 13:16 | Report Abuse

I am holding as well. I dont rule out the possiblility that it will touch 3 in two years time

Posted by lkblkblkb92 > 2014-04-26 15:25 | Report Abuse

hold

Posted by nordimohd > 2014-04-26 15:43 | Report Abuse

akaboss where do u get d info from regarding d taken private soon... is it just roumers....

Posted by nordimohd > 2014-04-26 15:48 | Report Abuse

anyway I sold my werent @ rm1.10 last week or so which i bought @ 40sen early 2014...may be buy again if d werent dip below 80sen....

Posted by akaboss > 2014-04-26 16:39 | Report Abuse

Nordimohd, just treat it as a rumour hehehe
Btw, congrats on nice gains made from warrant.

Posted by johnny cash > 2014-04-26 17:25 |

Post removed.Why?

Posted by unemployed > 2014-04-26 19:32 | Report Abuse

Ascending triangle being formed?
;)

Posted by Icon8888 > 2014-04-26 20:02 | Report Abuse

JF Apex increased target price from 267 to 281 after release of result

Posted by Joel > 2014-04-27 08:02 | Report Abuse

but now is trading sell for Gadang which gave by JF Apex.

Posted by Valueinvest > 2014-04-27 08:06 | Report Abuse

Hi icon8888 where to get the report for JF Apex for the target price of 281?

Posted by Icon8888 > 2014-04-27 08:11 | Report Abuse

valueinvest i read about it from the edge

i dont have the report also

Posted by CHONGWAY > 2014-04-27 08:22 | Report Abuse

嘉登 业绩表现超越预测

行家论股
2014-04-26 12:20
目标价：2.81令吉

最新进展
嘉登（GADANG，9261，主板建筑股）在2014财年第三季净赚1920万令吉，按年劲扬4倍及按季剧增131.3%，营业额则达1亿4750万令吉。

现财年第三季业绩亮眼，归功于建筑业务稳定。

同时，产业项目的赚幅偏高，也加强了该季表现。

累积现财年首三季，该公司净赚3460万令吉，按年弹升88%，上财年同期为1840万令吉。

行家建议

假如扣除该公司在2013财年首三季，获得的1140万令吉一次性卖地盈利，其现财年首三季净利便翻了2倍。

现财年首三季业绩远远超越了我们的预期，因为已经超出我们的全年预测，这主要是我们低估了其建筑与产业项目的赚幅所致。

因此，考量到两大业务的赚幅偏高，我们把2014至2016财年盈利预测，上修5至49%。

这意味着2014至2016财年盈利预测，分别增长143.3%、57.2%及46.8%。

JF Apex 证券

Posted by Icon8888 > 2014-04-27 08:47 | Report Abuse

thanks chongway : )

Posted by CHONGWAY > 2014-04-27 08:53 | Report Abuse

what the JF APEX forecast on 28.01.14 was 2014 NET PROFIT 34M BUT 3 QTR2014 NOW NET PROFIT EXIT RM 34.6M...

26.4.14 LATEST REPORT REFORECAST WHOLE YR 2014 NP RM 49.9 M EPS 0.23 with revenue rm 603 m (while 28.1 they put revenue 618.6 m).
net profit 49.9/216 m share=0.23 sen eps .

if so far till end fy may 2014 total share still around 197-200m share (less people convert wa)49.9m/200m share EPS 2014 SHOULD BE 0.24

that means NP margin increase frm they forecast 28.1 33.4m/618.6m=5.3%
now 49.9m/603m=8%.

my question:why they put revenue drop ?

Posted by CHONGWAY > 2014-04-27 08:56 | Report Abuse

Your welcome ICON8888

Posted by CHONGWAY > 2014-04-27 09:03 | Report Abuse

according JFapex gadand EPS MIGHT GROW 51% FRM 2014 0.24 to 0.36.
JF forecast 2015 revenue rm 761 m NP RM 78.4 M (WOW !)
WITH 1.90/0.36 per=5.2 !

Posted by CHONGWAY > 2014-04-27 09:22 | Report Abuse

i like GADANG LOGO VERY MUCH ! GOLDEN " G"similiar to another G company
...Genting

Posted by nicky > 2014-04-27 09:29 | Report Abuse

Hope profit taking is over n turn green tomorrow ...

Posted by nordimohd > 2014-04-27 09:40 | Report Abuse

CHONGWAY do u mean it will translate price target ranging from rm3.12@pe13 (eps 0.24) to rm4.68@pe13 (eps 0.36)....?

Posted by limputong88 > 2014-04-27 10:18 | Report Abuse

Joel, the trading sell recommendation was given by kenanga b4 quarter report announcement without factoring in the full pricing. JF apex buy call with new tp assessment was made after beyond expectation result.Definitely moving north..

Posted by johnny cash > 2014-04-27 10:32 |

Post removed.Why?

Posted by CHONGWAY > 2014-04-27 10:44 | Report Abuse

GENTING start famous on 70's the only one in the asia pacific got the licence entertainment "gamble'.
powerful force make sucesses of Gadang JOIN VENTURE .besides property others recurring income like make you sihat dan kuat activities examples...even legoland makes alot of visiter children n adult under the hot sun sweating and running( no time to smoke alot ).this is really truthly good entertainment .

without clean n SIHAT WATER OUR LIVE LIKE LIVING IN HELL..so water concession are brightness ernergy businesses to our human kind .

Posted by Michael Saw > 2014-04-27 11:35 | Report Abuse

Next year Gadang will have additional profit contribution from Rapid 1, 1M housing development n Capital 21 n potential profit from 80mil mini hidro acquisition. Year 2015 n 2016 I'm looking at Eps around 13-18c per quarter n 52-72c which translate to PE 1.88/52 =3.6 or 1.88/72 = 2.6. Now the price still Cheap if you are looking forward to future profit. The game is buy n hold. Rm 3.45 is not a problem by year end.

Posted by tonylim > 2014-04-27 12:50 | Report Abuse

Wow. All we need is to forecast full year EPS.

Posted by air01557 > 2014-04-27 23:13 | Report Abuse

Gadang resting on Friday, but dont worry as the TP given lately is 2.67 and 2.00 - the average is 2.34. Last traded at 1.88. So buy on Mon and exit at around 2.15 for a handsome profit !!

Posted by Valueinvest > 2014-04-27 23:14 | Report Abuse

Thanks icon888 and chongway

Posted by JT5774 > 2014-04-28 08:24 | Report Abuse

Good Morning, Gadang Investors, Happy Trading!

Posted by windz1984 > 2014-04-28 08:29 | Report Abuse

Any show for Gadang today?

Posted by tonylim > 2014-04-28 09:28 | Report Abuse

Morning

Posted by JT5774 > 2014-04-28 09:33 | Report Abuse

Based on the price movement, there is more upside than down.

Posted by Shawnie > 2014-04-28 09:48 | Report Abuse

No show no show. G6 gone to south indian sea already.

Posted by nicky > 2014-04-28 09:51 | Report Abuse

No volume.... touched RM1.90, turned red RM1.87 again............

Posted by windz1984 > 2014-04-28 09:52 | Report Abuse

Zzzz..

Posted by johnny cash > 2014-04-28 10:00 | Report Abuse

MONEY TALK
GADANG HOLDINGS (GADG MK)
3QFY14: Profit Surge
Gadang recently reported 3QFY14 net profit of RM19.7m, bringing 9MFY14 net profit to
RM35.6m. Earnings were mainly boosted by a surprisingly strong property division. The
company’s construction orderbook remained healthy at about RM1b with an additional
orderbook that is expected to come in from new earthworks packages that we believe
Gadang could win. However, we downgrade the stock to HOLD with a higher target
price of RM2.00 after the recent stellar performance (+98% since our initiation in Oct
13). Entry price: RM1.80.
3QFY14 RESULTS
Year to 31 May (RMm) 3QFY14 2QFY14 qoq % yoy % 9MFY14 yoy %
chg chg chg
Revenue 147.5 141.0 5% 212% 402.0 183%
Construction 110.3 117.2 -6% 203% 317.3 191%
Property 34.2 19.8 73% 431% 73.3 279%

EBIT 28.1 13.0 116% 547% 51.6 296%
PBT 28.5 12.9 121% 668% 51.5 363%
Construction 12.3 6.6 87% 806% 24.4 497%
Property 17.1 4.4 287% 1610% 25.8 763%
PATAMI 19.7 8.5 132% 202% 35.6 162%

Construction pretax margin 11.2% 5.6% 7.7%
Property pretax margin 49.9% 22.3% 35.2%
Source: Bursa, UOB Kay Hian
RESULTS
 Gadang reported 3QFY14 revenue of RM147.5m (+5.0% qoq, >+100% yoy) and
core net profit of RM19.7m (+>132% qoq, +202% yoy). 9MFY14 net profit of
RM35.6m was about 95% of our full-year forecast, which most likely includes
exceptionals that could be driven by the property division that we have yet to
confirm.
 Construction division grew 87% qoq. This quarter, the construction division grew
impressively by 87%, which was mainly due to the recognition of ongoing
construction projects of the MRT Line 1 and the earthworks package in Pengerang.
Construction pretax margins stood healthy at 11.2%, which we believe was due to
greater quantum of recognition of the earthwork projects, which typically carry
higher margins.
 Earnings were also further boosted by higher contribution from its property
development segment. The property development segment’s performance was
mainly driven by the improvement of profit margin for both the commercial and
residential developments of Phase 1 of the Tampoi development.
 Construction orderbook remains healthy at RM1b. Currently, Gadang’s
construction orderbook is mainly led by the MRT construction works, followed by
the construction of the Shah Alam hospital and the Pengerang Earthworks with a
combined orderbook value of about RM1b. Currently, we estimate these
construction jobs would contribute about 6% PBT margin for FY14.
KEY FINANCIALS
Year to 31 May (RMm) 2012 2013 2014F 2015F 2016F
Net turnover 246 354 458 509 657
Operating profit 21 33 46 54 72
Net profit (adj.) 14 20 36 53 68
EPS (sen) 7 10 19 27 34
PE~ (x) 13.0 9.4 5.1 3.5 2.8
P/B (x) 1.2 1.3 1.4 1.7 2.0
Dividend yield (%) 0.8 0.7 0.7 0.6 0.5
Net margin (%) 2.0 3.0 3.0 3.0 3.0
Net debt/(cash) to equity (%) 2.1 3.1 Net cash Net cash Net cash
ROE (%) 17.0 17.8 12.7 9.6 9.7

Posted by johnny cash > 2014-04-28 10:01 | Report Abuse

STOCK IMPACT
 Next key driver would be its Tampoi Land. In Dec 13, Gadang entered into a JV
agreement with Capital City Property Sdn Bhd (CCPSB) to co-develop a site in
Tampoi, Johor Bahru. Gadang would act merely as a landowner in this deal. In
exchange, it would receive RM57.5m (or RM110psf) for the proposed land that is
to be redeveloped and also a GDV share towards the development. Gadang would
receive additional gross GDV proceeds of up to RM324m, or 16.7% of the final
GDV of RM1.8b, which translates to a net gain of about RM219.7m, or 73
sen/share.
 In terms of financial impact, assuming the Jalan Tampoi development is
progressively launched over the next five years, Gadang could recognise RM40m
yearly. However, we have conservatively included these incremental earnings that
will come in from FY15 onwards.
 Unbilled property sales of RM170m. In 2014, the group targets to launch
RM425m worth of properties. These include Jentayu Residensi in Johor, The Vyne
in Salak South and the PR1MA housing scheme.

EARNINGS REVISION/RISK
 We are maintaining our earnings forecasts for FY14 pending a meeting with
management, but increase our FY15 and FY16 forecasts by 26% and 32%
respectively to include the incremental earnings from the Tampoi land deal.

RECOMMENDATION
 We downgrade the stock to HOLD with a higher target price of RM2.00 after
the recent stellar performance in share price (up by 98% since our initiation in Oct
13). In our new SOTP valuation, we have taken into account the NPV of future
earnings coming from the recently approved JV agreement with CCPSB with
regard to the Jalan Tampoi land. Our target price implies a 8x fully diluted FY15F
PE, on a par with its FY12-13 average forward PE. Entry Price: RM1.80

GADANG SOTP
SOTP RMm RM/share Remarks
Construction 136.0 0.63 Pegged at 8x FY15F construction profit.
Property RNAV 169.8 0.78 50% discount to RNAV.
Concession Assets 45.0 0.21 NPV of water assets and IPP assets.
Jalan Tampoi Land Deal 139.0 0.64 60% discount to NPV.
Warrants Conversion Proceeds 19.669 0.09
Total SOP 509.4
Sharebase 196.7
Warrants 19.7
Enlarged sharebase 216.4
EV/share 2.30
Discount 10%
Target Price (RM) 2.00
Implied PE 8.1

Posted by johnny cash > 2014-04-28 10:02 | Report Abuse

Bloomberg Consensus
Recommendation Buy Sell Hold Valuation Ratios 5/12 5/13 5/14E 5/15E
24/04/2014 50% 0% 50% P/E 7.8 9.1 11.8 7.6
Target Price 2.00 EV/EBIT 8.3 4.4 - -
Upside 6% EV/EBITDA 6.4 3.9 - -
P/S 0.5 0.5 0.7 0.5
Income Statement 5/12 5/13 5/14E 5/15E P/B 0.5 0.7 1.4 1.4
Revenue 246 354 521 752 Div Yield 3.5% - 2.1% 3.3%
Gross Income 43 57
Operating Income 19 30 Profitability Ratios %
Pretax Income 18 31 46 100 Gross Margin 17.3 16.0 - -
Net Income Adjusted* 15 20 32 52 EBITDA Margin 10.2 9.6 - -
EPS Adjusted 0.08 0.10 0.16 0.25 Operating Margin 7.9 8.6 - -
Dividends Per Share 0.02 0.04 0.06 Profit Margin 5.9 5.6 6.1 6.9
Payout Ratio (%) 20 25 25 Return on Assets 3.0 4.1 - -
EBITDA 25 34 Return on Equity 6.1 7.8 11.6 23.7
Peer Comparison Ticker Price @ Market -----PE----- -----P/B----- Yield
24 Apr 14 Cap
(RMm)
FY13F
(x)
FY14F
(x)
FY13F
(x)
FY14F
(x)
FY14F
(%)
Gamuda GAM MK 4.62 10,645 17.5 18.2 2.4 2.2 2.6
IJM IJM MK 6.33 9,095 21.2 20.8 1.6 1.6 2.1
WCT WCTHG MK 2.27 2,468 6.0 12.3 1.2 1.1 4.4
Kim Lun KICB MK 1.65 496 8.7 12.0 1.6 1.4 1.7
Average 13.3 15.8 1.7 1.6 2.7
Gadang GADG MK 1.89 372 25.7 18.7 1.5 1.4 n.a

Posted by johnny cash > 2014-04-28 10:03 | Report Abuse

HOLD

Current Price RM1.89
Target Price RM2.00
(Previous TP RM1.50)
Upside 5.8%

COMPANY DESCRIPTION
Gadang provides earthwork, civil engineering
services and is involved in construction
projects. The company also has exposure in
the property development and utilities divisions.

GICS sector Construction-
Bloomberg ticker: GADG MK
Shares issued (m): 196.7
Market cap (S$m): 371.7
Market cap (US$m): 113.7
3-mth avg t’over (US$m):

Posted by johnny cash > 2014-04-28 10:04 | Report Abuse

sorry some can be read some cannot,,i did it fast cause at workplace...uob kay hian report today

Posted by nicky > 2014-04-28 10:14 | Report Abuse

Only RM2.00 ?? so up room is limited..:-(

Posted by nicky > 2014-04-28 10:55 | Report Abuse

why all so quiet today ?? RM1.85 RM1.86..... coming down

Posted by Investhor > 2014-04-28 11:14 | Report Abuse

Just waiting for small sellers to die off and will rebound again..

Posted by dg123 > 2014-04-28 11:18 | Report Abuse

Sometimes i have this thought, when someone never posted about a stock before, and suddenly come out and post a lot of news in favour of him, either he want ppl to sell more so he can accumulate more at lower price or buy more so he can sell higher.....This is not healthy for all of us.

Due to this, we must be wise to justify for our own portfolios. Many people not willing to do the homework to calculate how much this counter really worth based on the last EPS. Most just based on the comments here and don't understand how the TP now is RM2.81.

This is not healthy, because there is no confidence, and tend to panic sell when market price is being manipulated by syndicate.

Certainly those big players still have the say, but let's ponder about this, if they push down the price to accumulate more, why in the first place they want to do that? Is it because they know something we don't know?


If you are not confident to hold on this counter, please spend time on researching and understanding how EPS, PE and other fundamentals work. Really important for us, the smaller players to have the knowledge to stay united against the big players.

Posted by Jack Ong > 2014-04-28 11:34 | Report Abuse

Well said dg123 ... We must stay united against the syndicate .. Hoho ..

Posted by bovun2014 > 2014-04-28 12:12 | Report Abuse

This is healthy correction since the price up almost 90% within 1 month. Impossible to have share keep going up without retract.

Posted by Desmond Goh Kok Seng > 2014-04-28 12:19 | Report Abuse

:)

Posted by optimusx8888 > 2014-04-28 12:26 | Report Abuse

wakakaks