LINGKARAN TRANS KOTA HOLDINGS

KLSE (MYR): LITRAK (6645)

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Last 10 FY Result
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Revenue 269,461 378,961 269,461 400,932 392,827 503,844 516,034 523,897 534,235 416,235 380,733 373,932 -3.57%
PBT 1,577,952 1,577,952 1,577,952 242,279 267,080 342,883 314,590 306,449 292,436 228,676 186,955 171,730 27.92%
Tax -51,331 -51,331 -51,331 -79,431 -61,304 -80,967 -78,480 -77,895 -71,402 -54,579 -49,066 -37,599 3.51%
NP 1,526,621 1,526,621 1,526,621 162,848 205,776 261,916 236,110 228,554 221,034 174,097 137,889 134,131 31.00%
-
NP to SH 1,526,621 1,526,621 1,526,621 162,848 205,776 261,916 236,110 228,554 221,034 174,097 137,889 134,131 31.00%
-
Tax Rate 3.25% 3.25% 3.25% 32.78% 22.95% 23.61% 24.95% 25.42% 24.42% 23.87% 26.24% 21.89% -
Total Cost -1,257,160 -1,147,660 -1,257,160 238,084 187,051 241,928 279,924 295,343 313,201 242,138 242,844 239,801 -
-
Net Worth 295,994 295,994 295,994 1,212,918 1,181,006 1,074,277 930,029 822,966 713,597 604,604 536,870 498,377 -5.62%
Dividend
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Div 2,475,198 2,468,065 2,475,198 133,235 106,565 132,830 131,993 131,987 131,224 130,078 103,056 87,398 44.95%
Div Payout % 162.14% 161.67% 162.14% 81.82% 51.79% 50.71% 55.90% 57.75% 59.37% 74.72% 74.74% 65.16% -
Equity
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Net Worth 295,994 295,994 295,994 1,212,918 1,181,006 1,074,277 930,029 822,966 713,597 604,604 536,870 498,377 -5.62%
NOSH 541,459 541,459 541,459 533,083 532,843 531,341 527,975 527,917 524,896 520,313 515,280 514,108 0.57%
Ratio Analysis
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
NP Margin 566.55% 402.84% 566.55% 40.62% 52.38% 51.98% 45.75% 43.63% 41.37% 41.83% 36.22% 35.87% -
ROE 515.76% 515.76% 515.76% 13.43% 17.42% 24.38% 25.39% 27.77% 30.97% 28.80% 25.68% 26.91% -
Per Share
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
RPS 49.75 69.97 49.75 75.23 73.73 94.83 97.74 99.23 101.78 80.00 73.89 72.73 -4.12%
EPS 282.59 281.86 282.59 30.56 38.66 49.39 44.72 43.34 42.11 33.46 26.76 26.09 30.28%
DPS 457.00 457.00 457.00 25.00 20.00 25.00 25.00 25.00 25.00 25.00 20.00 17.00 44.12%
NAPS 0.5465 0.5465 0.5465 2.2759 2.2165 2.0219 1.7615 1.5588 1.3595 1.162 1.0419 0.9694 -6.16%
Adjusted Per Share Value based on latest NOSH - 541,459
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
RPS 49.48 69.59 49.48 73.62 72.13 92.52 94.76 96.20 98.10 76.43 69.91 68.66 -3.57%
EPS 280.32 280.32 280.32 29.90 37.79 48.09 43.36 41.97 40.59 31.97 25.32 24.63 31.00%
DPS 454.50 453.19 454.50 24.46 19.57 24.39 24.24 24.24 24.10 23.89 18.92 16.05 44.95%
NAPS 0.5435 0.5435 0.5435 2.2272 2.1686 1.9726 1.7077 1.5111 1.3103 1.1102 0.9858 0.9151 -5.62%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Date 31/03/23 31/03/23 31/03/23 31/03/22 31/03/21 31/03/20 29/03/19 30/03/18 31/03/17 31/03/16 31/03/15 31/03/14 -
Price 0.49 0.49 0.49 3.91 3.88 3.70 4.21 5.69 6.02 5.10 3.74 3.84 -
P/RPS 0.98 0.70 0.98 5.20 5.26 3.90 4.31 5.73 5.91 6.38 5.06 5.28 -17.05%
P/EPS 0.17 0.17 0.17 12.80 10.05 7.51 9.41 13.14 14.30 15.24 13.98 14.72 -39.06%
EY 575.23 575.23 575.23 7.81 9.95 13.32 10.62 7.61 7.00 6.56 7.16 6.79 63.71%
DY 932.65 932.65 932.65 6.39 5.15 6.76 5.94 4.39 4.15 4.90 5.35 4.43 81.12%
P/NAPS 0.90 0.90 0.90 1.72 1.75 1.83 2.39 3.65 4.43 4.39 3.59 3.96 -15.17%
Price Multiplier on Announcement Date
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Date 29/05/23 29/05/23 29/05/23 30/05/22 28/05/21 29/06/20 30/05/19 30/05/18 30/05/17 26/05/16 28/05/15 30/05/14 -
Price 0.50 0.50 0.50 4.66 3.69 4.18 4.20 4.30 5.90 5.35 4.18 3.86 -
P/RPS 1.01 0.71 1.01 6.19 5.01 4.41 4.30 4.33 5.80 6.69 5.66 5.31 -16.83%
P/EPS 0.18 0.18 0.18 15.25 9.55 8.48 9.39 9.93 14.01 15.99 15.62 14.79 -38.71%
EY 563.73 563.73 563.73 6.56 10.47 11.79 10.65 10.07 7.14 6.25 6.40 6.76 63.42%
DY 914.00 914.00 914.00 5.36 5.42 5.98 5.95 5.81 4.24 4.67 4.78 4.40 80.86%
P/NAPS 0.91 0.91 0.91 2.05 1.66 2.07 2.38 2.76 4.34 4.60 4.01 3.98 -15.11%

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
Be the first to like this. Showing 50 of 769 comments

taitaumau

Not to dampen the high expectation of return as shown by many of you, may i take a cautious views to draw your attention on the following matters
Upon completion of disposal on 13/10/22,
1. Compensation receivables (80.5M) - this amount is still pending certification by Malaysian Highway Authority. EGM circular says "If the Government of Malaysia actually settles less than the amount receivable shown in this Circular for any reason, then the relevant Concession Holding Company bears the full risk of this shortfall.
2. Retention sum (20.5M) - uncertain whether there is any warranty claim (retention period will only expire on 31/1/13)

Anyway, i do hope that there is no significant impact on capital repayment should the above events unfortunately occur.
Note: EGM Circular Pg 118 refers

2022-11-13 23:12

taitaumau

correction: retention period expires on 31/1/2023

2022-11-13 23:16

csan

taitaumau, the circular also says that the actual amount received compared to the estimate has always been +-5% historically. The future interest income should cover for any shortfall. and if i am not mistaken, there is also a WACC return on that retention sum that ALR has to pay to Litrak.

2022-11-14 02:10

Just88

Only 90% of the money is in the trust acccount

2022-11-14 15:10

csan

just88, are you referring to investment in securities as the non-trust cash?

2022-11-14 17:01

Just88

No, its asset is 100% in cash, but only 90% of the cash is in designated trust account which can only be distributed to shareholders or acquiring new business. Balance is in normal bank account under BOD's free control.

2022-11-14 17:58

csan

just88, now i understand. this should be for the RM9.6 million in future estimated expenses?

2022-11-14 18:41

Just88

Csan, the regulation stipulates that at least 90% cash in hand must be placed in a designated trust account. Could be more than the estimated future expenses. Need to wait for the next results to see the trust amount.

2022-11-14 20:03

speakup

Speakup bought 3.80, sold off all avg 4.97

2022-11-15 09:01

rohank71

all made money here. dividend paid out yesterday. enjoy the last 53 to 55 Sen in Oct 2023 or earlier.

2022-11-18 09:11

cklimm

there goes our Goose that Laid the Golden Eggs

2022-11-18 10:24

speakup

good thing litrak sale to alr completed before GE15, otherwise litrak deal sure cancelled by PN

2022-11-20 22:16

speakup

After Litrak, will govt privatise IJM's LEKAS, NPE & BESRAYA?

2022-11-30 21:59

sylvester89

alamak when the price will go up again @_@

2023-01-06 11:43

Just88

There is not much upside in Litrak left as it will be delisted soon.

2023-01-08 08:41

sylvester89

No wonder this company is switching to private property soon. So which mean has the right to delist LITRAK from Bursa anytime right?

2023-01-09 10:58

csan

warranty period ending. big money coming from ALR soon.

2023-01-28 00:42

speakup

https://www.thestar.com.my/business/business-news/2023/02/02/alr-seeks-extension-on-warranty-claim-period-from-highway-concessionaires

2023-02-02 21:03

speakup

this is called moving the goal post

2023-02-02 21:03

observatory

Apparently, NTA per share is only RM0.515 as of 31 Dec 2022

2023-03-01 09:03

speakup

Obviously around there.

2023-03-01 09:18

csan

the management must now make sure that litrak gets the highest interest income for its cash. last quarter litrak earned RM7 million in interest income.

2023-03-01 10:41

taitaumau

csan, i believe 3Q RM 7 m is mainly contributed from 1 month interest earned on special dividend 2,475 M prior to its payment to shareholders

2023-03-01 12:05

csan

taitaumau, as you pointed out earlier, government receivable around RM80million, retention sum around RM20million. but balance sheet only has RM75million receivable. any idea where is the balance RM25million? or is the RM75million in the balance sheet a conservative estimate?

2023-03-01 14:14

Just88

A lot of people are caught surprised by the warranty claims

2023-03-01 15:20

taitaumau

Scan, my understandings (may be wrong):
1. Sprint disposal proceeds for compensation rec. (47 x 1/2) and retention monies (7 x 1/2), Total= 23.5 + 3.5 = 27 M (b4 any warranty claim) is receivable by Ass. Co. (Sprint Holding, S, unlisted). This amount will only be reflected in Litrak Holding ( H, listed) upon receipt ( under equity accounting)
2. This amount is hidden in Holding A/C under the heading "Assets held for distribution" , though the value is stated nil, in order to comply with Acc. standard
3. This sum, TOGETHER WITH OTHER ASSETS x 1/2, IF ANY, will be distributed to H , via capital repayment exercise,

hopefully. situation not that bad as we think

2023-03-01 15:43

Just88

Taitaumau, how bad can the situation be ?

2023-03-01 15:59

taitaumau

Risks include:
Compensation rec. - delay in receipt plus shortfall
Warranty claims - H & S didn't dispute for reduced final agreed sum
Subsequent Corporate expenses - significant prior to winding up

2023-03-01 16:14

Just88

Thanks, taitaumau

2023-03-01 16:20

Syndicates

not to forget the QR is only reported until 31 dec, retention sum is not deducted by warranty claim. hence the NTA should be 0.515 minus 0.02 (warranty claim) = 0.495

2023-03-01 19:56

speakup

as far as LITRAK is concerned, the big money is already made. speakup bought 3.80+, sold 4.90+.
if u wan bet on future privatisations, here's the list: MPHBCAP, INSAS, ICAP, FACBIND, KSENG

2023-03-01 21:20

csan

taitaumau, oh yes i missed that associates part out. so there is actually still another RM25 million not in the net assets of the balance sheet yet? well, now should be RM15 million after warranty claim and this would make the net assets approximately RM0.54. is that right?

2023-03-02 01:27

taitaumau

csan, you are right. i do hope that all other things remain unchanged !

2023-03-02 08:17

speakup

Bstead going privatise at 0.855.

Bstead nta 1.62. Net debt 6.85Bil. Share price 0.655.
Insas nta 3.16. Net cash 789Mil. Share price 0.77
Kseng nta 6.74. Net cash 1Bil. Share price 3.53
Insas & Kseng look juicier for privatisation than Bstead.

2023-03-03 08:26

csq9883

should i keep litrak stock or sell it?

2023-03-03 09:46

speakup

Your call. Your choice hold or sell.
As I say the big money already made in LITRAK. You can still make money, but small money now

2023-03-03 10:26

csan

49.5sen to 54sen is not small money. just be aware of the risks pointed out by taitaumau earlier. but i do think the market is wrongly valuing it by taking the latest net assets and deducting RM10 million from that. they forget that there's another RM15 million that is hidden away. anyway, these kinds of pricing mistakes is how some of us can make money.

2023-03-03 14:40

speakup

4.5¢/share isn't a lot unless u buy in big bulk.
Before this, we make over rm1/share

2023-03-03 14:49

csan

lol 4.5sen the risk also 4.5sen, rm1 also the risk rm1. stock market is not genting casino.

2023-03-03 14:51

taitaumau

Good News !!!
Reference is made to the Company’s announcements dated 13 October 2022 in relation to the completion of the Disposals.
The Board of Directors of LITRAK Holdings wishes to announce that the Company had on 6 April 2023 received an amount of RM57.94 million from ALR representing the balance of Government Compensation Receivable pursuant to the SSPA.
With that, other than the Retained Amount in relation to the ALR Warranty Claims as announced by the Company on 4 April 2023, all proceeds from the disposal of LITRAK have been received by the Company.
This announcement is dated 6 April 2023.

2023-04-06 18:48

samanthalee1024

net asset per share of 0.5465 in the unaudited report.. if buy in at price of 0.50.. Will have earning of 0.0465 during asset distribution?asset distribution?

2023-05-29 19:02

csan

taitaumau, u got the sprint equity accounting right. brilliant stuff. very nice to work with people like you instead of those saying 49.5sen hahaha

2023-05-29 22:56

csan

samanthalee1024, no. it will be around 52-53sen. because there is some dilution from exercise of ESOS. 52-53sen assumes the RM1.7million interest per quarter remains the same in the upcoming quarters. but its likely to be a little higher because of OPR hike.

2023-05-29 22:59

csan

litrak will get the court order in 2 days on 20 july. and the capital repayment should be made around 1 month from 20 July.

2023-07-18 15:34

Syndicates

20th July already. No announcement?

2023-07-20 21:51

speakup

really dont understand you guys.
speakup sold Litrak and move to Wce. but you guys still hanging on Litrak which has no meat left. You are missing out on opportunities by hanging onto Litrak.

2023-07-21 07:42

Syndicates

appetite difference. earn extra income with zero capital when you receive dividend

2023-07-21 08:42

csan

syndicates, it was somehow changed from hearing to case management on 20 july. the order is now scheduled to be given in 2 days on 26 july.

2023-07-24 16:36

samanthalee1024

email is out

2023-07-27 14:55

Syndicates

when take back money?

2023-10-19 20:00

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