PERAK TRANSIT BERHAD

KLSE (MYR): PTRANS (0186)

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Last Price

0.69

Today's Change

0.00 (0.00%)

Day's Change

0.685 - 0.70

Trading Volume

2,017,700

Overview

Market Cap

489 Million

NOSH

709 Million

Avg Volume (4 weeks)

4,057,312

4 Weeks Range

0.65 - 0.75

4 Weeks Price Volatility (%)

40.00%

52 Weeks Range

0.52 - 0.75

52 Weeks Price Volatility (%)

73.91%

Previous Close

0.69

Open

0.695

Bid

0.685 x 375,300

Ask

0.69 x 355,300

Day's Range

0.685 - 0.70

Trading Volume

2,017,700

Financial Highlight

Latest Quarter | Ann. Date

31-Mar-2022 [#1] | 23-May-2022

Next QR | Est. Ann. Date

30-Jun-2022 | 19-Aug-2022

T4Q P/E | EY

9.05 | 11.06%

T4Q DY | Payout %

4.19% | 37.93%

T4Q NAPS | P/NAPS

0.72 | 0.95

T4Q NP Margin | ROE

37.61% | 10.53%

Market Buzz
Company Profile

Sector: CONSUMER PRODUCTS & SERVICES

Sector: CONSUMER PRODUCTS & SERVICES

Subsector: TRAVEL, LEISURE & HOSPITALITY

Subsector: TRAVEL, LEISURE & HOSPITALITY

Description:

Perak Transit Bhd is engaged in operating terminal AmanJaya integrated public transportation terminal and providing public bus services. It is also operates petrol stations.

Discussions
7 people like this. Showing 50 of 10,945 comments

cheeseburger

Good news.

5 days ago

kimpau

PTRANS RM0.82, then RM0.99!!
PTRANS-WB RM0.25 then RM0.38 !!!

5 days ago

TreeTopView

Did anyone attend the online General Meeting this morning?
It seems to have had a very positive effect on the price and volume.

5 days ago

steven rt

QR out?

5 days ago

TreeTopView

Nope

5 days ago

danchong

I did attend the AGM. Nothing special. QR should be this evening

5 days ago

danchong

Expecting around 16m in profit

5 days ago

TreeTopView

Dan, is the Rm16 mill. your guesstimate, or was there any indications of that at the GM?

5 days ago

JTleong

16mil is already New High

5 days ago

terence775

For some it may be a surprise, but for those who have been following the company, it's expected. below 60sen was really such a steal. I've been covering PTRANS in depth for 2-3 years already, so if anyone wants to read my notes when I last met up with Jennifer and Dato Cheong, and spoke to the management team, feel free to PM me.

5 days ago

cheeseburger

good show today.

5 days ago

danchong

I did a back of the envelop calculation. the last profit without PFF is 13m & the increase of rental for last Q is 3M. I'm pretty sure they have collected the PFF hence I'll be disappointed if it fall short of that.

5 days ago

bojed

YEEEHAAAAA!!!

Last year I made money from its warrant but this year I opted for the mother share @0.685.

5 days ago

TreeTopView

Quarterly out"
Revenue Rm40.66 mill
Net Profit Rm14.25 mill

More than happy with that!

5 days ago

vincent cym

revenue increases is it just due to petrol price increases?

5 days ago

TreeTopView

Vincent, no.
I suggest you read the full report.

5 days ago

cheeseburger

gain from petrol station is very small for PTRANS. you shall understand where their main earning was from.

5 days ago

moneySIFU

Beside happy with the result and justified with the current price level, I am convinced to continue hold

For those who are holding for longer term, below is very encouraging disclosure:

Upon maturity of the terminal, Kampar Putra Sentral could see its total footfall to be more than that of Terminal Meru Raya and underpins the Group’s earnings growth ahead. Kampar Putra Sentral offers a one-stop convenient public bus terminal together with retail outlets, eateries, cinema, bowling, badminton courts, hotel and ballroom to both local residents and students from the Universiti Tunku Abdul Rahman, Tunku Abdul Rahman University College and other education centres in and around Kampar.

5 days ago

moneySIFU

important to note that current quarter has recorded highest profit

Positive cash from operation of RM22.4mil is also nice to read

To conclude, it will only get better ahead.

5 days ago

smartly

time to take profit...

5 days ago

4ever5

good evening. here is my humble opinion. It is a new high revenue and profit ! however, the quarter report is not exciting nor disappointing, at least to me since this is quite expected. I would say it is within our investor expectation. Slight disaapointment on the dividend of 0.0075 compare to 0.008 last quarter. it is 0.0005 lesser but not significant though. Thumbs up to the management to keeping the dividend payout at least 30% of the profit. As investor, we should understand that Ptrans is in need of cash to support the bidor station construction. All in all, I am still planning to hold long on this stock as long as the fundamental does not mess up. do you think this thought is fair enough?

4 days ago

TreeTopView

I didn't expect any major shocks in the quarterly and the company have delivered on that.
I was also hoping to see some growth in revenue and profit, again the company delivered on that.

For a first quarter FY2022 result, I'm very pleased with the outcome and would expect to see some growth in the second quarter FY2022, with their business model and growth strategy very much intact.

4 days ago

kimpau

rocket rocket!!!

4 days ago

TreeTopView

AmInvest report on the quarterly. Increase their valuation to Rm1.14.

https://klse.i3investor.com/web/pricetarget/research/63314

4 days ago

danchong

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.

4 days ago

danchong

Does it make sense??????

4 days ago

TreeTopView

hi Dan, I read part too with a bit of confusion :)
I may contact the company later to get some clarification on that statement from AmInvest.

A higher tax cost due to a deferred tax payment also cut into what was already a very good quarter. All in all, a very solid quarter.

4 days ago

danchong

thanks TreeTopView.

At first I was also a bit concerned over the lower profit margin.

4 days ago

TreeTopView

I understand, Dan. The margin percentage dropped a few points due to the deferred tax payment made this quarter. All segments increased in revenue, which is what all longer term holders want to see, imo.

4 days ago

vincent cym

now wihch terinal average rental rate of RM1 per square foot? ipoh or kampar?

4 days ago

tksw

Those who chased high veli jia lat today

4 days ago

sianglong91

Aiyoooo, whose scallions get scythed today? Horrible terrible like a vegetable. Fundamentally, Ptrans is still very good imho

4 days ago

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

4 days ago

240gpark

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

4 days ago

JTleong

Super ugly candlestick with volume. Believe more downside to come

4 days ago

sianglong91

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

4 days ago

TreeTopView

Another 1.6 million bought today by the MD.

4 days ago

bojed

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

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

4 days 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.

3 days 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!

3 days ago

kentck86

anyone has the rakuten briefing presentation slide yesterday?

3 days 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?

3 days ago

hoot9eonly

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

3 days 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.

2 days ago

ZorosInvestFund

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

2 days 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.

10 hours 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

5 hours ago

AhChewYuann

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

5 hours ago

AhChewYuann

positive cash so far so its good

5 hours 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

21 minutes ago

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