PERAK TRANSIT BERHAD

KLSE (MYR): PTRANS (0186)

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Last Price

0.755

Today's Change

0.00 (0.00%)

Day's Change

0.75 - 0.765

Trading Volume

1,606,900

Price Target

A price target is an analyst's projection of a share's future price. 

Average Target Price, Price Call and Upside/Downside here are derived from Price Targets in the past 6 months.

Last Price

0.755

Avg Target Price

1.01

Upside/Downside

+0.255 (33.77%)

Price Call

0

SELL

0

HOLD

10

BUY

Date Open Price Target Price Upside/Downside Price Call Firm View Action
Discussions
7 people like this. Showing 50 of 10,977 comments

240gpark

Investment Highlights
We maintain BUY on Perak Transit with a higher fair value (FV) of RM1.14/share (vs. RM1.09/share previously) based on 15x PE on a rolled-forward fully-diluted FY23F EPS. Our FV reflects a neutral 3-star rating and is at a 30% discount to our FY22F target PE of 22x for Malaysia Airports.
We continue to benchmark Perak Transit’s valuation against Malaysia Airports given the many similarities between the operations of an airport and a modern public transport terminal.
Perak Transit’s 1QFY22 core net profit (CNP) of RM14.3mil came in within our expectation at 24% of our forecast and 25% of consensus’ FY22F earnings. Thus, we make no changes to our forecasts.
Perak Transit’s 1QFY22 turnover rose 15% YoY to RM41mil mainly driven by higher contribution from its integrated public transportation terminal (IPTT) operations and petrol station operations. However, its CNP expanded by only 6% attributed to increased deferred tax liabilities which led to higher tax charge for the quarter.
The group’s IPTT operation recorded a 12% YoY rise in 1QFY22 revenue to RM26mil, backed by new rental income from the logistics/warehousing and distribution tenants for both Terminal Meru Raya and Kampar Putra Sentral beginning September 2021.
Meanwhile, 1QFY22 revenue from petrol station operations expanded by 34% YoY to RM8mil on higher fuel sales volume and fuel price. The bus operation’s revenue rose 7% YoY to RM6mil, mainly contributed by the award of a new stage bus contract (for the routes in Larut, Matang and Selama districts) in 4QFY21, coupled with stronger contribution from the Interim Stage Bus Support Fund and Stage Bus Service Transformation programmes.
QoQ, its revenue climbed by 23% and CNP grew 12%, mainly due to the recognition of project facilitation fees (PFF) amounting to RM7.3mil in this quarter. There was no contribution from PFF in 4QFY21.
As at the end of March 2022, its PFF segment’s order book amounted to RM30mil which will be recognised over the next 12 months. We understand from management that there will not be any recognition of PFF in 2QFY22 as the project is expected to be completed in the subsequent quarters.
Over the mid-to-long term, the group’s growth drivers will be from the following:
(i) higher rental rates from its terminals upon the resumption of post-pandemic footfalls;
(ii) stronger contribution from Kampar Putra Sentral stemming from the expiry of the free-rental period and a higher occupancy rate as the student population returns from March FY22 onwards (to recap, the occupancy rate of Kampar Putra Sentral’s commercial area currently stands at 50% and tenants enjoy free rental amidst the MCO);
(iii) Bidor Sentral’s maiden revenue contribution from 2HFY23. The construction on Bidor Sentral has already commenced in FY21;
(iv) full-year recognition of rental from 2 of its logistic business tenants in FY22F with an expected annual contribution of RM30mil–RM36mil. Additional potential upside stems from the growth of tenants under its revenue-sharing model;
(v) securing more asset-light third-party terminal management contracts (TMC).
We continue to like Perak Transit for:
1. Its unique business model in operating modern public transport terminals that emulate airports with spacious and brightly-lit shopping, dining and waiting areas as well as clean public facilities, particularly washrooms. These entice visitors to spend more money and time in the terminals prior to their departure or upon their arrival, or while sending off or picking up their loved ones. This captive traffic is monetised in the form of rental incomes from commercial units and advertising space within the terminal;
2. Having proven the commercial viability of this business model in its interstate transportation hub, Terminal Meru Raya in Ipoh and the newly-opened Kampar Putra Sentral. Kampar Putra Sentral is also buoyed by a fast-growing student population in the campus town of Kampar. This student population has a high propensity to travel during school breaks and festivities as well as during weekends for leisure; and 3. The vast opportunities to replicate this successful business model. Already, it has at least
3 more projects in the pipeline in Bidor, Tronoh and Alor Setar.
Given that the stock is trading at an undemanding FY23F PE of 9x vs. 3-year average of over 20x, Perak Transit offers investors a good opportunity to own a defensive public infrastructure business. The group has the potential to replicate its business model for further growth.



Source: AmInvest Research - 24 May 2022

1 month ago

240gpark

Aminvest giving support. hmm.... still can go ?

1 month ago

JTleong

Super ugly candlestick with volume. Believe more downside to come

1 month ago

sianglong91

Technical wise, I think tomorrow going to have a mixed sentiment. Didn't expect the downturn coming from macros

1 month ago

TreeTopView

Another 1.6 million bought today by the MD.

1 month ago

bojed

Should've sold yesterday adoiii now -1 sen loss.

I guess I'll just hold it for the next round of dividends.

1 month ago

danchong

file:///C:/Users/Danny%20Chong/Downloads/Perak%20Transit%20220524_Amended.pdf

Aminvest has amended its report to

As at the end of March 2022, its PFF segment’s order book
amounted to RM30mil which will be recognised over the
next 12 months.

1 month ago

ZorosInvestFund

no matter what the PFF will still be recognized in this year, I guess 9/12 x RM30mil?
Zoros is still happy with the growth, keep it up Ptrans!

1 month ago

kentck86

anyone has the rakuten briefing presentation slide yesterday?

1 month ago

ZorosInvestFund

but looking at historical chart, the stock normally will fall after result release, then rebound to new high after few weeks, what was happening?

1 month ago

hoot9eonly

Take profit and leave, Wait for next adjustment and reenter again

1 month ago

TreeTopView

After delivering a very solid quarterly with record revenue and net profit my sentiment remains a buy and hold. I'd assume a lot of the selling on Tuesday after the release of the quarterly was from punters who had jumped into the stock in recent weeks as it moved upwards. You could probably include some of Monday's buyers too.

As for the technicals, Tuesday's "sell off" brought the price below the short term moving average for the first time in almost two months, around March 10. Currently the damage to the chart appears very limited and only requires the price to move up to and beyond 69.5 for the short term trend to be back on track.

If it breaks above 69.5 , then we would be looking at the two previous targets of 70.5 and 72.5/73, imo.

1 month ago

ZorosInvestFund

seems like a good buy for long term, low valuation + good dividend+ recovery of economy + support by director

1 month ago

TreeTopView

@ZorosInvestFund, I can't disagree with the four highlight points you mentioned, however the most important one you have left out is growth. That is the most relevant key word when referring to this company, imo.

Going through the recent quarterly again (for about the fifth time!! :) ) I can't see any reason why those figures can't be replicated throughout the remainder of this current financial year. In fact, there is no reason that I can currently see that those figures won't gradually increase, barring any unforeseen nasty local or global event. There are no "one off"additions that skew the quarter's revenue to appear better than they will be going forward. In fact, the one detrimental figure that softened the net profit figure was deferred tax liabilities.

For any investment stock I hold, I would never use a single quarterly report to determine the remainder of the year's results, but in this case I am struggling to find anything that will negatively effect their revenue and profit for FY22.

I ask the question to holders for a debate, is there any reason that you can currently see that the revenue for FY22 could not be around Rm160 million?
I hope long term holders make comments.

1 month ago

ZorosInvestFund

@TreeTopView can't agree more with that. From aminvest report, we see there is a almost certain growth in the next few years due to potential increase of rate from Kampar Putra Central, commencement of Bidor Sentral in 2023, and also the logistic tenant. It's a low risk high return investment from my view

1 month ago

AhChewYuann

yup it'll be good to have long term investors inputs

1 month ago

AhChewYuann

positive cash so far so its good

1 month ago

sianglong91

All I care is this company growth is commendable, futuristic and not to forget their increment of ESG rating which will attract more investors

1 month ago

remus

- Ptran entered strategic alliance agreement with edotco Malaysia to appoint the latter to provide the services to build, erect, install, construct, maintain and operate the relevant in-building solutions.
- edotco Malaysia shall pay rental for the usage of the relevant locations required or requested by edotco Malaysia for the installation and erection of the relevant assets and to enter into a tenancy agreement for each of the relevant locations.
Questions:
Who will pay for the installation of services/in-building solutions? any Capex requirement from PTRANS? estimate how many locations & what rental income?

3 weeks ago

TreeTopView

@remus, Edotco is primarily a tower services provider, so they will be renting space from PTrans for those instillations. I would assume there would be no Capex for PTrans as edotco will build and charge their clients for utilising their tower space.
The announcement states that Edotco will be paying market price for the rental space.

Seem,s like a nice new rental revenue stream for PTrans, imo.

3 weeks ago

kimpau

more upcoming fantastic news!!! stay tuned!!!

3 weeks ago

filifala666

gogogo

3 weeks ago

kimpau

if invest ptrans-wb RM0.15 now, potentially 6 months~12 months later will be RM0.30!!!

invest RM15k, in 6 months~12 months will be RM30k!!!

invest RM150k, in 6 months~12 months will be RM300k!!!

invest RM1.5m, in 6 months~12 months will be RM3m!!!

3 weeks ago

kimpau

PTRANS-WB gearing 4.8, premium 25%, super cheap!!!

3 weeks ago

hoot9eonly

Sentiment bad. Interest buyer. Discount soon ?

3 weeks ago

software guy

@kimpau, PTRANS did not hit 0.79 by end of May 2022.

2 weeks ago

bojed

YEEEHAAAA!!!!!

2 weeks ago

cheeseburger

no worry, we still buying.

2 weeks ago

kimpau

on the way~ stay tuned!!!

2 weeks ago

unclelimhuat

hoot ptrans-wb before too late, rare golden chance 可遇不可求

2 weeks ago

kimpau

2022-06-09

Insider

DATIN SRI LIM SOW KENG (a substantial shareholder) acquired 380,000 shares on 09-Jun-2022.

2022-06-09

Insider

DATO' SRI CHEONG KONG FITT (a substantial shareholder) acquired 380,000 shares on 09-Jun-2022.

2022-06-09

Insider

DATO' SRI CHEONG KONG FITT (a company director) acquired 380,000 shares at 0.717 on 09-Jun-2022.

2 weeks ago

kimpau

2022-06-10

Insider

DATO' SRI CHEONG KONG FITT (a substantial shareholder) acquired 528,800 shares on 10-Jun-2022.

2022-06-10

Insider

DATIN SRI LIM SOW KENG (a substantial shareholder) acquired 528,800 shares on 10-Jun-2022.

2022-06-10

Insider

DATO' SRI CHEONG KONG FITT (a company director) acquired 528,800 shares at 0.721 on 10-Jun-2022.

2 weeks ago

kimpau

stay tuned!!!

2 weeks ago

kimpau

2022-06-15

Insider

DATIN SRI LIM SOW KENG (a substantial shareholder) acquired 350,000 shares on 15-Jun-2022.

2022-06-15

Insider

DATO' SRI CHEONG KONG FITT (a company director) transferred 11,000,000 shares on 15-Jun-2022.

2022-06-15

Insider

DATO' SRI CHEONG KONG FITT (a company director) transferred 4,000,000 shares on 15-Jun-2022.

2022-06-15

Insider

DATO' SRI CHEONG KONG FITT (a company director) transferred 3,000,000 shares on 15-Jun-2022.

2022-06-15

Insider

DATO' SRI CHEONG KONG FITT (a company director) acquired 350,000 shares at 0.699 on 15-Jun-2022.

1 week ago

TreeTopView

The MD of this company seems to have an insatiable appetite for buying shares in this company.
Last Friday's purchases along with yesterday's should take his total buying in the last two months to around 10 million shares. Seems like a positive sign of his confidence in the business.

I continue to hold this stock.

DATO' SRI CHEONG KONG FITT (a company director) acquired 1,010,000 shares at 0.707 on 17-Jun-2022.

DATO' SRI CHEONG KONG FITT (a company director) acquired 1,245,000 shares at 0.708 on 20-Jun-2022.

1 week ago

TreeTopView

An updated report from AmInvest today for PTrans.
https://klse.i3investor.com/web/pricetarget/research/63751

They seem to have a good handle on the company with realistic expectations going forward. I can't see anything in the report that I'd disagree with, although it would have been handy if they had asked the company if they had secured any new tenants. Apart from that, all good with this update from them.

6 days ago

TreeTopView

The MD's buying continues yesterday :)

DATO' SRI CHEONG KONG FITT (a company director) acquired 782,000 shares at 0.726 on 21-Jun-2022.

6 days ago

remus

21-Jun-2022 DATO' SRI CHEONG KONG FITT Direct 16.04%, Total 29.66% 207,094,599 shares
27-Apr-2022 DATO' SRI CHEONG KONG FITT Direct 16.18%, Total 31.05% 197,026,299 shares
Dato Sri acquired 10m shares since end April, but total shareholdings % actually reduced, why like that ah?

6 days ago

aasonwu1989

There was a private placement in May 2022, which has diluted the share.

5 days ago

TreeTopView

A new day, and a new round of buying by the MD.
That should bring his buying to around 12.5 million since April.

DATO' SRI CHEONG KONG FITT (a company director) acquired 2,550,000 shares at 0.724 on 22-Jun-2022.

5 days ago

kimpau

2022-06-22

Insider

DATO' SRI CHEONG KONG FITT (a substantial shareholder) acquired 2,550,000 shares on 22-Jun-2022.

2022-06-22

Insider

DATIN SRI LIM SOW KENG (a substantial shareholder) acquired 2,550,000 shares on 22-Jun-2022.

2022-06-22

Insider

DATO' SRI CHEONG KONG FITT (a company director) acquired 2,550,000 shares at 0.724 on 22-Jun-2022.

4 days ago

kimpau

Stocks on Radar - Perak Transit

AmInvest
Publish date: Thu, 23 Jun 2022, 09:35 AM


Perak Transit’s buying interest is back after it broke out of the 2-week bullish flag pattern with a long white candle two sessions ago. With the stock pushing near its 52-week high, which coincides with its rising EMAs, the bullish momentum may be present now. A bullish bias may emerge above the RM0.70 level, with a stop-loss set at RM0.66, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.76, followed by RM0.80.

Entry : RM0.70–0.725

Target : RM0.76, RM0.80

Exit : RM0.66



Source: AmInvest Research - 23 Jun 2022

4 days ago

kimpau

On behalf of the Board of PTRANS, we wish to announce that The Combined Bus Services Sdn Bhd (“Landlord”), a 99.96%-owned subsidiary of the Company has on 23 June 2022 entered into a Tenancy Agreement (“Agreement”) with TF Value-Mart Sdn Bhd [Registration No. 199901007223 (482123-U)] (“Tenant” or “TFVM”) to grant a tenancy of the Demised Premises (as hereinafter defined) to the Tenant to operate a supermarket business in accordance with the terms and conditions of the Agreement.



The Demised Premises is located at the ground floor of an integrated public transportation terminal (“Bidor Sentral”) to be constructed on all that piece of land held under H.S.(D) 25876, PT 11387, Mukim Bidor, Daerah Batang Padang, Negeri Perak with a built-up area of approximately 52,000 square feet together with not less than 100 dedicated car parks for the use by the Tenant and the customers of the Tenant.



The tenancy shall commence (“Tenancy Commencement Date”) upon issuance of the Certificate of Completion and Compliance in respect of Bidor Sentral and the last day of the fit-out period where the Tenant will be granted a licence to carry out renovation and fit-out works of the Demised Premises with free rental for a period of three (3) months from the date the Tenant accepted the delivery of vacant possession of the Demised Premises.



The initial term of the tenancy is three (3) years commencing from the Tenancy Commencement Date followed by four (4) renewal period options for further terms of three (3) years each upon the expiry of each three (3)-year term. The rental for the initial term of three (3) years shall be increased by 8% for each renewal period.



Bidor Sentral is a new integrated public transportation terminal consisting bus terminal, retail lots, convention hall, badminton hall, bowling center, supermarket and other entertainment or leisure components in Bidor and is expected to be completed by the second half of year 2023. PTRANS aims to bring in TFVM as a core anchor tenant in Bidor Sentral. In collaboration with TFVM, it allows PTRANS to provide essential shopping experience to the customers, while attracting more footfall traffic to Bidor Sentral. In addition, this collaboration is in line with the Group’s plan to drive modernised and sustainable urban transport services in the terminals, while further diversifying into more innovative leasing ideas within the terminals.



The Agreement is not subject to the approval of the shareholders of PTRANS.



None of the directors, major shareholders of PTRANS and/or persons connected to them has any interest, direct or indirect, in the Agreement.



This announcement is dated 23 June 2022.

4 days ago

kimpau

if invest ptrans-wb RM0.15 now, potentially 6 months~12 months later will be RM0.30!!!

invest RM15k, in 6 months~12 months will be RM30k!!!

invest RM150k, in 6 months~12 months will be RM300k!!!

invest RM1.5m, in 6 months~12 months will be RM3m!!!

4 days ago

kimpau

stay tuned!!!

4 days ago

TreeTopView

The technicals are indicating a possible break above the current 73 cent price point. Seems to me that 75 and 78 cents are the two areas to be focussing on over the next few weeks.
Obviously it will depend a lot on the sentiment of the overall market for the upcoming week, with no major slaps on global markets.,

2 days ago

tham hoe yean

strong momentum, will break higher tomorrow.

20 hours ago

yewnamhung

Well done, tomorrow up~up ~ n ~go higher.

20 hours ago

TreeTopView

The MD still continues to buy.

DATO' SRI CHEONG KONG FITT (a company director) acquired 678,100 shares at 0.745 on 27-Jun-2022.

7 hours ago

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