pintaras unlikely to declare bonus issue because they just completed it last december. the retained earnings / total equity was stood at 43% only. no potential for bonus. but ksl and plenitude probably may declare bonus issue as retained earnings / total equity for ksl and plenitude stood at 81% and 72%, nta 3.49 and 3.59 respectively, highly potential for bonus.
Profit margin droped a little but still above 30%. FCF ada kurang sikit but considered good. In such a competitive industry many are relying on borrowing to make both ends meet. PTARAS is exceptional!
Strong FY14. Pintaras Jaya’s FY14 core net profit (excluding MYR3.5m in portfolio investment gains and MYR2.3m in non-cash employees’ share option scheme (ESOS) fair value adjustment) of MYR53m came in within our forecast (consensus estimates are not available).
The prospects for the piling segment are strong, backed by: i) the MYR73bn Klang Valley mass rapid transit(MRT) project that will keep the entire value chain of the construction sector (including piling) busy until 2021,
ii) a proliferation of high-rise residential, commercial and office developments on rising land scarcity in prime locations that require extension piling, and iii) the chronic shortage of piling capacity in the market, which will boost piling rates.
i) its full range of piling machines, tools and accessories。
ii) its in-depth knowledge of ground conditions。
iii) its ability to secure cash discounts for key inputs, given its strong balance sheet. As at 30 June, it had liquid assets (90% cash and 10% portfolio investment managed by external fund managers) worth a total of MYR168.7m or MYR1.05/share.
We increase our FV by 1% to MYR4.92 (from MYR4.88). Our FV is based on 13x revised CY15 EPS of 37.9 sen, in line with our 1-year forward target P/E of 10-16x for the construction sector.
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....
Sapphire
1,765 posts
Posted by Sapphire > 2014-08-12 21:43 | Report Abuse
switch back some kls share to ptaras...hehe....