MUHIBBAH ENGINEERING (M) BHD

KLSE (MYR): MUHIBAH (5703)

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Last Price

1.01

Today's Change

-0.01 (0.98%)

Day's Change

0.995 - 1.03

Trading Volume

1,750,800

Financial

Show?
Last 10 FY Result
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Revenue 1,292,088 1,292,088 1,292,088 885,758 1,004,856 1,189,605 1,608,939 1,569,903 1,388,281 1,918,623 1,599,045 1,733,620 -3.21%
PBT 66,904 66,904 66,904 20,406 17,421 -57,077 158,479 262,082 216,458 182,546 168,317 143,689 -8.13%
Tax -31,055 -31,055 -31,055 -16,553 -15,679 -26,505 -39,703 -29,037 -20,141 -21,591 -31,447 -24,833 2.51%
NP 35,849 35,849 35,849 3,853 1,742 -83,582 118,776 233,045 196,317 160,955 136,870 118,856 -12.46%
-
NP to SH -7,974 -7,974 -7,974 -17,841 -3,347 -123,258 37,802 144,800 131,608 105,501 85,580 81,550 -
-
Tax Rate 46.42% 46.42% 46.42% 81.12% 90.00% - 25.05% 11.08% 9.30% 11.83% 18.68% 17.28% -
Total Cost 1,256,239 1,256,239 1,256,239 881,905 1,003,114 1,273,187 1,490,163 1,336,858 1,191,964 1,757,668 1,462,175 1,614,764 -2.74%
-
Net Worth 1,291,519 1,291,519 1,291,519 1,305,302 1,102,254 1,087,728 1,116,383 1,120,132 1,047,121 965,151 801,310 636,115 8.18%
Dividend
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Div - - - - - - 12,082 36,055 33,623 26,149 22,894 16,963 -
Div Payout % - - - - - - 31.96% 24.90% 25.55% 24.79% 26.75% 20.80% -
Equity
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Net Worth 1,291,519 1,291,519 1,291,519 1,305,302 1,102,254 1,087,728 1,116,383 1,120,132 1,047,121 965,151 801,310 636,115 8.18%
NOSH 727,561 727,561 727,561 726,950 485,228 485,228 485,168 480,743 482,114 475,443 457,891 424,076 6.17%
Ratio Analysis
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
NP Margin 2.77% 2.77% 2.77% 0.43% 0.17% -7.03% 7.38% 14.84% 14.14% 8.39% 8.56% 6.86% -
ROE -0.62% -0.62% -0.62% -1.37% -0.30% -11.33% 3.39% 12.93% 12.57% 10.93% 10.68% 12.82% -
Per Share
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 178.08 178.08 178.08 122.15 207.85 246.07 332.92 326.56 289.03 403.54 349.22 408.80 -8.81%
EPS -1.10 -1.10 -1.10 -2.75 -0.69 -25.50 7.83 30.12 27.40 22.19 18.69 19.23 -
DPS 0.00 0.00 0.00 0.00 0.00 0.00 2.50 7.50 7.00 5.50 5.00 4.00 -
NAPS 1.78 1.78 1.78 1.80 2.28 2.25 2.31 2.33 2.18 2.03 1.75 1.50 1.91%
Adjusted Per Share Value based on latest NOSH - 727,561
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 177.37 177.37 177.37 121.59 137.94 163.31 220.87 215.51 190.58 263.38 219.51 237.99 -3.21%
EPS -1.09 -1.09 -1.09 -2.45 -0.46 -16.92 5.19 19.88 18.07 14.48 11.75 11.19 -
DPS 0.00 0.00 0.00 0.00 0.00 0.00 1.66 4.95 4.62 3.59 3.14 2.33 -
NAPS 1.773 1.773 1.773 1.7919 1.5131 1.4932 1.5325 1.5377 1.4375 1.3249 1.10 0.8732 8.18%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 29/12/23 29/12/23 29/12/23 30/12/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 -
Price 0.775 0.775 0.775 0.50 0.82 1.00 2.46 2.79 2.84 2.23 2.21 1.87 -
P/RPS 0.44 0.44 0.44 0.41 0.39 0.41 0.74 0.85 0.98 0.55 0.63 0.46 -0.49%
P/EPS -70.52 -70.52 -70.52 -20.32 -118.44 -3.92 31.45 9.26 10.37 10.05 11.82 9.72 -
EY -1.42 -1.42 -1.42 -4.92 -0.84 -25.50 3.18 10.80 9.65 9.95 8.46 10.28 -
DY 0.00 0.00 0.00 0.00 0.00 0.00 1.02 2.69 2.46 2.47 2.26 2.14 -
P/NAPS 0.44 0.44 0.44 0.28 0.36 0.44 1.06 1.20 1.30 1.10 1.26 1.25 -10.94%
Price Multiplier on Announcement Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 27/02/24 27/02/24 27/02/24 23/02/23 28/02/22 30/03/21 28/02/20 05/03/19 28/02/18 28/02/17 29/02/16 27/02/15 -
Price 0.81 0.81 0.81 0.68 0.635 1.10 1.62 2.97 3.10 2.50 2.28 2.29 -
P/RPS 0.45 0.45 0.45 0.56 0.31 0.45 0.49 0.91 1.07 0.62 0.65 0.56 -2.39%
P/EPS -73.70 -73.70 -73.70 -27.64 -91.72 -4.31 20.71 9.86 11.31 11.27 12.20 11.91 -
EY -1.36 -1.36 -1.36 -3.62 -1.09 -23.18 4.83 10.14 8.84 8.88 8.20 8.40 -
DY 0.00 0.00 0.00 0.00 0.00 0.00 1.54 2.53 2.26 2.20 2.19 1.75 -
P/NAPS 0.46 0.46 0.46 0.38 0.28 0.49 0.70 1.27 1.42 1.23 1.30 1.53 -12.49%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ & YoY figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
16 people like this. Showing 50 of 3,530 comments

sten_still

So boring, huge seller

2024-02-06 16:42

speakup

Must be Fidelity

2024-02-06 21:23

sten_still

Nothing can be benefit owning this stock, up one day down so much

2024-02-21 09:27

ming

FAVCO result :

Q4 PAT: 21.3m
Full year PAT: 61.2m

Adjusted core earning (exclude one off item)
Q4: 41m
Full year: 66m

2 months ago

ming


Muhibah latest result,
PBT Q4: 8.6m
PBT Full year: 66.9m

If exclude the one off general provision claim of 40m,
PBT Q4: 48.6m (almost close to 2019 result)
PBT Full year: 106.9m

If exclude ALL the one off items like impairment, provision, forex, write off etc,
PBT Q4: 74.7m
PBT Full year: 127.6m

2 months ago

ming

Cimb increase Tp from 0.90 to 1.34 today !!!

2 months ago

lloydlim

Time to accumulate!

2 months ago

ValueMaker

Part 1: Introduction of Muhibah’s Business


1. Crane division
- owns 64% of total shareholding in Favelle Favco Berhad (stock code: 7229)
- the cranes mainly use for tower building, oil and gas sector, wind farm installation, port handling & etc
- Favco’s crane was used to construct the world tallest buildings, include:
i) Burj Khalifa, Dubai
ii) Merdeka 118, KL
iii) One Word Trade Center, NewYork
iv) Taipei 101, Taipei
v) Shanghai World Financial Center, Shanghai
vi) Tun Razak Exchange, KL
vii) International Commerce Centre, Hongkong
viii) Petronas Twin Towers, KL


2. Infrastructure Construction division
- mainly involve o&g projects, port, highway, railway, airport, bridge and etc
- completed project include:
i) installation of noise barriers for MRT, LRT, SUKE & etc
ii) wharf & terminals at Westport, Klang & Jurong, Singapore
iii) various of Petronas’s projects (onshore & offshore)
iv) large cargo building at Kuala Lumpur International Airport
v) hydroelectric project at Sarawak
vi) Ministry of Transport’s headquarter at Putrajaya
vii) Royal Malaysia Naval Base project
viii) Penang Bridge upgrading project


3. Marine Ship Repairing / Ship Building division
- owns the second largest offshore fabrication yard in Malaysia
- built and delivered more than 70 vessels both locally & overseas
- include Offshore Supply Vessels, Anchor Handling Tug/ Supply Vessels and Offshore Well Support Vessels with DP2 capabilities


4. Airport Concession
- owns 21% effective stake in Cambodia Airports
- manages the 2 operating international airports: Phnom Penh (capital city) and Sihanoukville


5. Road Maintenance Concession
- owns 21% stake in Roadcare (M) Sdn Bhd
- awarded concession to maintain Federal Roads in central and eastern Peninsular Malaysia (Selangor, Pahang, Terengganu & Kelantan)


6. Other
- second largest shareholder (7.96%) in Master-Pack Group Bhd (stock code: 7029)

1 month ago

ValueMaker

Part 2: Catalyst / Upcoming events:

1. MRT 3 / Penang LRT
- high chance for Noise Barrier job as it was the winner for past rails/highway projects
- other related parts/works award might be bonus

2. Strong OIL price may support continuous Capex spending
- more than RM 990m jobs awarded directly from Petronas between 2022 & 2023
- Petronas’s RM 25b/year capex to spend locally

3. Recovery of Cambodia tourist
- flights passengers jump > 100% in 2023 compare 2022
- concession profit improved significantly to RM 60m (compare to RM1m loss in 2022)

4. Compensation from Cambodia as early termination of airport concession
- new airport to replace the existing Phnom Penh airport by 2025/26
- unlike the SiemReap airport (non-exclusive rights), Phnom Penh airport which has an exclusive clause in the concession agreement should receive fair compensation
- based on the RHB research in March 2020, the estimate compensation should between RM 747m - 874m (actual value should be lesses now as tenure shorten)

5. Petronas Safina Project (marine)
- aims to build up to 100 vessels over the next 4-5 years to replace the old vessels
- Muhibah is one of the very few local shipyards shortlisted by Petronas
- back to last peak cycle during 2010-2014, Muhibah’s marine division recored continuous > Rm 40m profit / year

6. Westport expansion plan RM 39.6b
- expertise in wharf & port related job
- existing client relationship

7. Saudi Line City project
- a linear smart city which is designed to have no cars, streets or carbon emissions
- CIMB research in Feb 2024 first disclosed that Muhibbah alluded to possible tenders

1 month ago

snake_eye

big contract from middle east coming..order book will be 3billion..

1 month ago

lloydlim

A new trend begins!

1 month ago

ming

Let’s see which catalyst above will come first~


ValueMaker
Part 2: Catalyst / Upcoming events:

1. MRT 3 / Penang LRT
- high chance for Noise Barrier job as it was the winner for past rails/highway projects
- other related parts/works award might be bonus

2. Strong OIL price may support continuous Capex spending
- more than RM 990m jobs awarded directly from Petronas between 2022 & 2023
- Petronas’s RM 25b/year capex to spend locally

3. Recovery of Cambodia tourist
- flights passengers jump > 100% in 2023 compare 2022
- concession profit improved significantly to RM 60m (compare to RM1m loss in 2022)

4. Compensation from Cambodia as early termination of airport concession
- new airport to replace the existing Phnom Penh airport by 2025/26
- unlike the SiemReap airport (non-exclusive rights), Phnom Penh airport which has an exclusive clause in the concession agreement should receive fair compensation
- based on the RHB research in March 2020, the estimate compensation should between RM 747m - 874m (actual value should be lesses now as tenure shorten)

5. Petronas Safina Project (marine)
- aims to build up to 100 vessels over the next 4-5 years to replace the old vessels
- Muhibah is one of the very few local shipyards shortlisted by Petronas
- back to last peak cycle during 2010-2014, Muhibah’s marine division recored continuous > Rm 40m profit / year

6. Westport expansion plan RM 39.6b
- expertise in wharf & port related job
- existing client relationship

7. Saudi Line City project
- a linear smart city which is designed to have no cars, streets or carbon emissions
- CIMB research in Feb 2024 first disclosed that Muhibbah alluded to possible tenders
2 days ago

1 month ago

soon9913

actually their new contract on hand value is higher than 2019 pre covid time ady.. now is waiting delivery the result

1 month ago

snake_eye

plus the contract is more quality in term of profit than before covid time..easily touch RM2

1 month ago

ValueMaker

KUALA LUMPUR: Rakuten Trade Sdn Bhd has boosted Muhibbah Engineering (M) Sdn Bhd's earnings per share (EPS) for fiscal years 2024 and 2025 (FY24/FY25), marking increases of 41 per cent and 43 per cent respectively.

This surge follows Muhibbah Engineering's remarkable performance, surpassing its expected net profit for fiscal year 2023 (FY23) by an impressive margin of 141 per cent.

"In the fourth quarter of FY23 (4QFY23), Muhibbah achieved a core net profit of RM45 million, contributing to a full-year core net profit of RM53 million, inclusive of its associate's contributions.

"This performance was attributed to improved divisions such as Marine Shipyard, Cranes, and Intelligent Automation, along with a better-than-expected recovery in Cambodian tourist traffic," it said in a note today.

The firm expects Muhibbah to secure more contracts due to Petronas' heightened capital expenditure and transportation infrastructure projects like the Penang LRT, which require noise barrier systems.

"This enhances Muhibbah's earnings predictability as it enters a phase of increased profitability," it added.

Additionally, Rakuten Trade said the engineering company stands to gain from the rapid earnings rebound of its associates through its airports in Cambodia as tourist traffic steadily recovers.

"In the 4QFY23, Cambodia's airport passenger levels reached 40 per cent of the pre-pandemic levels in the same period of fiscal year 2019 (FY19).

"We anticipate further recovery in passenger traffic, especially with the expected increase in Chinese tourists.

"It is worth noting that in FY23, passenger numbers from China only accounted for approximately 41 per cent of the levels seen in FY19.

The firm continued that it has been suggested that Cambodian airports have raised passenger service and aeronautical charges by at least 20 per cent since October 2023.

"This increase partly offsets the loss of revenue and profit contribution from Siam Reap airport after the compensation exercise.

Consequently, it said the combination of these positive factors is expected to drive earnings from its associates to unprecedented levels in FY24 and beyond.

Rakuten Trade has suggested a 'buy' rating for the engineering company, setting a raised target price of RM1.14.

1 month ago

snake_eye

"Consequently, it said the combination of these positive factors is expected to drive earnings from its associates to unprecedented levels in FY24 and beyond."

1 month ago

sirM4KU

construction is back, buy below 1.00

1 month ago

ValueMaker


According to the joint statement from SSCA & SCA, the Cambodia government has approved CAIC to appoint SCA as the key operator of the new airport !!


SCA: SOCIETE CONCESSIONAIRE DE I' AEROPORT (Muhibah’s association)
SSCA: State Secretariat of Civil Aviation (Cambodia Governemnt)
CAIC: Cambodia Airport Investment Co., Ltd (developer & owner of the new airport)


柬政府授权法国机场特许公司参与经营新金边国际机场
https://www.jianhuadaily.com/20240405/234893

1 month ago

ming



Wow~ the CIMB research is good ! He quoted below statement in the Feb report:

‘The most ideal scenario for Muhibbah is to receive compensation for the loss of its existing operations of Phnom Penh airport and be engaged to operate the new airport’



Today it’s come TRUE !!!

柬埔寨政府授权法国机场特许公司 参与经营新金边国际机场
https://cc-times.com/posts/24528

1 month ago

soon9913

Ming, thanks for sharing the news.. such good news but price remain stagnant .....

1 month ago

ValueMaker

Muhibbah Engineering Bhd having recently secured a noise barrier package contract worth RM22mil under the Johor Baru-Singapore Rapid Transit System Link

1 month ago

soon9913

this counter will be benefiting from high oil price also, will get more contracts soon

1 month ago

snake_eye

Muhibbah Engineering (M) Bhd. (KLSE:MUHIBAH) Shares Could Be 27% Below Their Intrinsic Value Estimate

1 month ago

snake_eye

currently trading at below 30% of its intrinsic value based on last quarter result. so the actual price should be around 1.14..if the next quarter the result is positive and get more contract, the IV should be higher...so collect any price at below 90 and wait for the market recover. hope WW3 will not happen.

1 month ago

Davidl

Time to accumulate!

1 month ago

ValueMaker

最新进展:

睦兴旺(MUHIBAH,5703 ,主板建筑股)拥有柬埔寨机场(SCA)21%有效股权,该机场持有金边和西哈努克机场特许经营权。

尽管暹粒的特许经营权,早在2023年10月就交还给柬埔寨政府,不过,位于金边干丹的新国际机场目前正在建设中,预计将在明年首半年开始运作。

有关新机场预计将取代在金边营运的旧机场,而公司也将获得相应的赔偿。

睦兴旺 MUHIBAH
行家建议:

在与睦兴旺管理层进行会谈后,我们更加乐观看待公司在金边的机场特许经营权,将取得良好的成果。

该公司表示,目前正与柬埔寨政府协商,相信退出金边旧机场后,将可获得一笔赔偿费用。

与此同时,位于金边干丹的新国际机场的特许经营权,将交到睦兴旺的手中,取代现有经营权。

就整体而言,我们预计公司在今明财年的净利,会有更好的表现,主要是旅客人数增加,料带动机场业务表现走高。

此外,截至今年2月,公司手握22亿令吉的订单、造船厂的业务有所回升,且凭借海上专业,能从国油公司手中获得更多合约。

综合以上,我们重申“增持”评级,目标价维持1.34令吉不变。


分析:银河国际证券

目标价:1.34令吉

1 month ago

ming

Cambodia Airports Passengers Traffic (exclude Siem Reap Airport):

2024 Q1: 1.181mil passengers
Y-Y increase 22.9%
Q-Q increase 8.6%



2023 Full year: 4.031mil passengers


2022 Full year: 2.010mil passengers 


1 month ago

ValueMaker

+20% increase in airport passengers service charge

+Compensation of closure PP airport

+New agreement to operate Techo airport

1 month ago

ming

This week PP airport recorded highest number of arrival flights as 375 (highest since MCO)
Prior to this the highest was 367 flights (last week & twice in Feb).

24Q1 average as 356 flights/week.

23Q4 average as 341 flights/week.

1 month ago

lloydlim

Time to accumulate!

1 month ago

snake_eye

i thought it is going to shoot up..luckily it came down back..i am waiting my fund to buy..hope can drop below 90 this 2 weeks..

1 month ago

ming

迪拜—金边即将恢复往返航班

【本报消息】阿联酋航空公司(Emirates Airline)将于5月1日起,正式恢复暂停约3年的迪拜-金边客运往返航班。



据介绍,该航空公司将于今年5月1日起恢复从迪拜经新加坡中转至金边的客运航班,届时每日一班。

应提的是,阿联酋航空于2017年开通迪拜往返金边航班。然而,受新冠疫情影响,该航班自2021年以来停航至今。



https://www.jianhuadaily.com/20240424/236612

1 month ago

ming

6月起金边暹粒-郑州航线航班将增至每周3班

(金边讯)中国河南省副省长孙守刚表示,自6月起,金边暹粒—郑州国际客运航线航班将增加至每周三个航班。


https://cc-times.com/posts/24690

1 month ago

soon9913

Next month sure can break rm1.. Damn cheap valuation

4 weeks ago

ValueMaker

Mr Ooi Keng Thye become 2nd largest shareholder after Mac family..

4 weeks ago

soon9913

OKT is the major shareholder of Gtronic?

3 weeks ago

ValueMaker

Famous with Frontkn; now in Gtronic

3 weeks ago

sirM4KU

Back to 1.00 next week

3 weeks ago

soon9913

GTRONIC price drop so much

3 weeks ago

ValueMaker

The daily departure flight from Sihanoukville airport has double up to 4 flights / day recently.

It has been maintain long long time at only 2 flights departure per day more than a year.

3 weeks ago

snake_eye

since cannot breakout, it will drop back tomorrow

2 weeks ago

ming

anak dah new high in 2 years~ kasi tumpang power break above 1

2 weeks ago

soon9913

TP rm2.

2 weeks ago

snake_eye

the only good potential construction and o&G company not breakout yet...

2 weeks ago

dantay

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2 weeks ago

Cryptolover

breaking RM 1 psychological barrier

1 week ago

lloydlim

Time to accumulate!

4 days ago

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