【ZECON 7028 交流专区】亿強工程

分享王

可以paste啊。你就 copy and paste 而已，那就可以了。

chanyk07

Investment Highlights
• Zecon Bhd (Zecon) is gearing up for a strong
turnaround in core profits in FY08, as management
focuses resources on executing its construction order
book.
• With unbilled construction orders of RM465m, the
construction division will be the lead growth driver,
delivering RM253m to turnover, a far cry from an
average annual turnover of only RM50+m in the last 2
years. Coupled with healthy margins, we foresee a
sharp rise in net profits in FY08 from a loss in FY07.
This is notwithstanding absence of exceptional gains
from sale of investments/assets in FY08 and
recognition of ~RM22m gains in FY07.

http://www.klse.com.my/website/b ... cheme/eResearch.jsp

chanyk07

Per Share Data
                           2005      2006     2007E     2008F
Book Value (RM) 1.32       1.41      1.33        1.44
Cash Flow (sen)   9.7       (17.6)     (7.1)         3.8
Earnings (sen)      9.1         9.2         3.8         10.7
Dividend (sen)      0.0          0.0        3.0         0.0
Payout Ratio (%)  0.0          0.0        60.9       0.0
PER (x)                 11.0        10.9      26.2       9.3
P/Cash Flow (x)    10.3         (5.7)      (14.0)    6.3
P/Book Value (x)    0.9         0.8        0.8         0.8
Dividend Yield (%) 0.0         0.0        3.0         0.0
ROE (%)                6.6         6.5        2.9         7.4
Net Gearing (%)  119.5       115.5    129.8   104.4

guazing

原来一直还有人在讨论zecon,我到是吃了一惊！股价每况愈下，到下次炒作应该还要等非常久，庄刚刚才散票，要重新回收应该最少一两年吧！不是泼冷水，只实话实说：遭受遗弃的股项不可能在短期再炒，除非奇迹！醒醒吧！朋友！要收就放在冰箱里，心中遗忘掉股价！长期打压非普通人能忍耐。

zoom9999

大量的吃；飞飞飞

zoom9999

才处于第一天上升；不要走宝

zoom9999

ＺＥＣＯＮ和ＳＡＡＧ多是大冲天炮，飞到你不信

zoom9999

老板吃了很多票

zoom9999

Tuesday,  22 Apr 2008
5:21PM	Proposed Sukuk Musharakah by Matang Highway Sdn Bhd
5:12PM	Digital Network Sdn Bhd (218,500 Shares Acquired)
Monday,  21 Apr 2008
5:07PM	Digital Network Sdn Bhd (248,900 Shares Acquired)
Wednesday,  16 Apr 2008
5:18PM	Datuk Hj Zainal Abidin bin Hj Ahmad (16,000 Shares Acquired)
5:18PM	Datuk Hj Zainal Abidin bin Hj Ahmad (16,000 Shares Acquired)
Monday,  14 Apr 2008
5:43PM	Digital Network Sdn Bhd (512,500 Shares Acquired)
Thursday,  10 Apr 2008
5:14PM	PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE
5:14PM	PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE
Tuesday,  8 Apr 2008
5:29PM	Digital Network Sdn Bhd (102,000 Shares Acquired)
Wednesday,  2 Apr 2008
5:13PM	Digital Network Sdn Bhd (33,000 Shares Acquired)
5:13PM	Digital Network Sdn Bhd (16,100 Shares Acquired)
5:13PM	Digital Network Sdn Bhd (1,404,500 Shares Acquired)
5:12PM	Datuk Hj Zainal Abidin bin Hj Ahmad (59,500 Shares Acquired)
5:12PM	Datuk Hj Zainal Abidin bin Hj Ahmad (59,500 Shares Acquired)
Friday,  28 Mar 2008
6:12PM	Proposed Sukuk Musharakah
Tuesday,  25 Mar 2008
5:23PM	Datuk Hj Zainal Abidin bin Hj Ahmad (10,000 Shares Acquired)
5:23PM	Datuk Hj Zainal Abidin bin Hj Ahmad (10,000 Shares Acquired)
Monday,  24 Mar 2008
5:22PM	Proposed Transfer of Listing
Wednesday,  19 Mar 2008
5:18PM	ACQUISITION OF A SUBSIDIARY COMPANY
Thursday,  13 Mar 2008
5:13PM	Datuk Hj Zainal Abidin bin Hj Ahmad (138,900 Shares Acquired)
5:13PM	Datuk Hj Zainal Abidin bin Hj Ahmad (138,900 Shares Acquired)
Friday,  7 Mar 2008
5:29PM	Datuk Hj Zainal Abidin bin Hj Ahmad (43,600 Shares Acquired)
5:29PM	Datuk Hj Zainal Abidin bin Hj Ahmad (43,600 Shares Acquired)
Thursday,  28 Feb 2008
5:04PM	Datuk Hj Zainal Abidin bin Hj Ahmad (221,500 Shares Acquired)
5:04PM	Datuk Hj Zainal Abidin bin Hj Ahmad (43,000 Shares Acquired)
5:04PM	Datuk Hj Zainal Abidin bin Hj Ahmad (43,000 Shares Acquired)
5:04PM	Datuk Hj Zainal Abidin bin Hj Ahmad (221,500 Shares Acquired)
5:04PM	Dawla Capital Sdn Bhd (43,000 Shares Acquired)
Tuesday,  19 Feb 2008
5:33PM	Financial year end net profit 4.615 million (decrease 54.56%)
5:15PM	Datuk Hj Zainal Abidin bin Hj Ahmad (26,100 Shares Acquired)
5:14PM	Datuk Hj Zainal Abidin bin Hj Ahmad (26,100 Shares Acquired)
Thursday,  14 Feb 2008
5:21PM	Dawla Capital Sdn Bhd (98,000 Shares Acquired)
5:21PM	Datuk Hj Zainal Abidin bin Hj Ahmad (98,000 Shares Acquired)
5:21PM	Datuk Hj Zainal Abidin bin Hj Ahmad (98,000 Shares Acquired)
5:21PM	Datuk Hj Zainal Abidin bin Hj Ahmad (266,000 Shares Acquired)
5:21PM	Datuk Hj Zainal Abidin bin Hj Ahmad (266,000 Shares Acquired)
Tuesday,  12 Feb 2008
5:11PM	Datuk Hj Zainal Abidin bin Hj Ahmad (436,000 Shares Acquired)
5:11PM	Datuk Hj Zainal Abidin bin Hj Ahmad (436,000 Shares Acquired)
Tuesday,  5 Feb 2008
8:47AM	Dawla Capital Sdn Bhd (36,000 Shares Acquired)
8:46AM	Datuk Hj Zainal Abidin bin Hj Ahmad (99,000 Shares Acquired)
8:45AM	Datuk Hj Zainal Abidin bin Hj Ahmad (99,000 Shares Acquired)
Friday,  18 Jan 2008
5:09PM	Datuk Hj Zainal Abidin bin Hj Ahmad (16,600 Shares Acquired)
5:09PM	Datuk Hj Zainal Abidin bin Hj Ahmad (16,600 Shares Acquired)
5:07PM	Notification from Directors and PO pursuant to Paragraph 14.08(a) of the LR
Monday,  14 Jan 2008
5:19PM	Resignation of Wong Hiong Hie As Joint Secretary
5:19PM	Appointment of Lim Poh Yen As Joint Secretary
Monday,  7 Jan 2008
5:14PM	DISPOSAL OF PARCEL OF LAND
Friday,  4 Jan 2008
5:14PM	Datuk Hj Zainal Abidin bin Hj Ahmad (69,600 Shares Acquired)
5:14PM	Datuk Hj Zainal Abidin bin Hj Ahmad (69,600 Shares Acquired)
Thursday,  3 Jan 2008
5:24PM	DISPOSAL OF A SUBSIDIARY COMPANY

zoom9999

ＺＥＣＯＮ短期目标ＲＭ１。４０

股友

一大早就见红字，还真令人吃惊。被推的理由？

gamuda

我来支持一下，顶

mastercode

原帖由 股友 于 24-4-2008 09:27 AM 发表
一大早就见红字，还真令人吃惊。被推的理由？

股友果果，我一看到ZOOM大大放大大红字就买进wa咯，短短几分钟赚了千多。。你上车鸟吗?

西甲霸王

不是跌回了吗？

mastercode

[quote]原帖由 股友 于 24-4-2008 09:27 AM 发表
一大早就见红字，还真令人吃惊。被推的理由？ 不需知道被推的里由啦！知道来走鸡鸟 。。。你都说咯只要大大的红字神功一出，那只股就会飞咯 。。。你做么忘记鸟？就是你酱讲我才快快上车的。。也要多谢你啦！

zoom9999

ＺＥＣＯＮ又来了

西甲霸王

还在下跌喔

zoom9999

Date: 21 February 2008

FY07 Results

Price: RM1.03

Market Capitalisation: RM122.7m

Board: Second

ZECON BERHAD

(ZECON)

Sector: Construction

Stock Code: 7028 Recommendation: BUY

Key Stock Statistics

2007 2008F

EPS (sen) 4.2 10.7

P/E (x) 24.4 9.6

Dividend/Share (gross, sen) 3.0

NTA/Share (RM) 1.32

Book Value/Share (RM) 1.45

Issued Capital (mil shares) 119.1

52-weeks Share Price Range RM2.09 (H) – RM0.90 (L)

Major Shareholders:

Dawla Capital Sdn Bhd 31.0%

Datuk Hj Zainal Abidin 6.3%

Per Share Data

2005 2006 2007 2008F

Book Value (RM) 1.32 1.41 1.45 1.54

Cash Flow (sen) 9.7 (13.6) (7.4) 4.2

Earnings (sen) 9.1 9.2 4.2 10.7

Dividend (sen) 0.0 0.0 3.0 0.0

Payout Ratio (%) 0.0 0.0 60.1 0.0

PER (x) 11.3 11.2 24.4 9.6

P/Cash Flow (x) 10.6 (7.6) (13.8) 6.4

P/Book Value (x) 0.9 0.8 0.8 0.7

Dividend Yield (%) 0.0 0.0 2.9 0.0

ROE (%) 6.6 6.5 2.7 7.0

Net Gearing (%) 119.5 115.5 92.2 85.9

P&L Analysis (RM mil)

Year-end Dec 31: 2005 2006 2007 2008F

Revenue 142.4 45.3 81.3 266.8

Operating Profit 15.9 29.0 29.3 37.8

Depreciation (4.5) (4.8) (5.1) (5.4)

Interest Expenses (9.7) (14.2) (15.8) (16.0)

Pre-tax Profit 1.7 10.1 8.5 16.4

Effective Tax Rate (%) (472) (1.3) 44.9 21.7

Net Profit 9.7 10.2 4.6 12.8

Operating Margin (%) 11.2 64.2 36.1 14.2

Pre-tax Margin (%) 1.2 22.2 10.4 6.1

Net-Margin (%) 6.8 22.4 5.7 4.8

Share Price Chart

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2.20

15/02/2007

15/03/2007

12/04/2007

10/05/2007

07/06/2007

05/07/2007

02/08/2007

30/08/2007

27/09/2007

25/10/2007

22/11/2007

20/12/2007

17/01/2008

14/02/2008

0

1,000

2,000

3,000

4,000

Price Vol ('000)

FY07 Result Highlights:

RMm 4Q07 3Q07 % chg FY07 FY06 % chg

Revenue 29.3 7.9 270 81.3 45.3 80

Op. Profit 16.9 (1.1) >100 25.2 24.7 2

Int. expense (5.3) (4.6) 16 (15.7) (14.0) 12

Associates (0.3) (0.3) (0) (1.0) (0.6) 65

Pretax profit 11.3 (6.0) >100 8.5 10.1 (16)

Net profit 10.1 (6.0) >100 4.6 10.2 (55)

EPS (sen) 9.3 (5.5) >100 4.2 9.2 (54)

Op. margin % 57.9 (13.9) 31.1 54.6

Pretax margin % 38.7 (76.1) 10.4 22.2

Net margin % 34.6 (76.2) 5.7 22.4

Within expectations – 4Q07 saw lumpy profits

As expected, Zecon posted a strong profit in 4Q07.

This was due entirely to lumpy gains of ~RM22m

from sale of (a) 49% stake in Zecon Petra Jaya Sdn

Bhd to Semoda Development Sdn Bhd (gain of

RM17.6m), (b) 1.6ha Tanah Puteh land to Hong

Seng Construction (EM) Sdn Bhd (RM3.2m) and (c)

100%-owned Zecon Engineering Works Sdn Bhd to

Tanisca International Ltd (RM1.3m). These gains

were booked in 4Q07. Stripping out these gains,

Zecon posted a loss of close to RM12m in 4Q07,

as a result of a wider loss sustained by the

construction division and higher interest cost. No

dividend was declared 4Q07.

Zecon Berhad 21 February 2008

2

With that, Zecon managed to post a respectable

pretax and net profit of RM8.5m and RM4.6m in

FY07, some 16% and 55% below levels in FY06

respectively. Again, there were gains from sale of

subsidiary Zecon Plantations Sdn Bhd in FY06 of

RM30.6m. Excluding these one-off gains, which to

us are exceptional in nature, Zecon posted a loss of

RM26m wider than the loss of RM20m in FY06.

The poor performance in FY07 was not a surprise

given the low and slow execution of the

construction division’s order book, which consisted

of only a single project, the RM314m Matang

Highway, whose progress was wrecked by delays.

Adding to the group’s woes was virtually nil

contribution from the property division, due to a lack

of launches, with the exception of land sale, the

12% higher interest expense and normalized

taxation, as opposed to write-back of overprovisions

which it enjoyed in FY06. The only

division that did reasonably well was the tolling

division, bringing in 8% higher revenues and 11%

higher profits, thanks to growing traffic volumes.

Table 1: Y/Y and Q/Q segmental results

(RMm) 4Q07 3Q07 % chg FY07 FY06 % chg

Revenue 29.3 7.9 270 81.3 45.3 79.6

Construction 16.6 5.6 >100 40.7 63.4 (35.8)

Prop. Devt 10.3 0.0 >100 31.9 1.2 >100

Plantation 0.1 (0.0) >100 0.1 0.1 17.7

Toll 2.3 2.3 0 8.6 7.9 8.3

Elimination 0.0 0.0 0.0 (27.3)

Pretax profit 11.3 (6.0) >100 8.5 10.1 (15.9)

Construction (6.9) (2.5) ->100 (11.0) 20.3 ->100

Prop. Devt 22.0 (0.3) >100 30.5 (0.6) >100

Plantation 0.2 (0.2) >100 (0.3) (0.5) (34.7)

Toll road 1.7 1.8 (7) 6.1 5.5 11.3

Finance cost (5.3) (4.6) 16 (15.7) (14.0) 12.4

Associates (0.3) (0.3) (0) (1.0) (0.6) 64.9

Expenses 0.0 0.0 0.0 0.0

* Note: Effects of sale of Zecon Plantations were included in construction

zoom9999

Outlook

Zecon secured 4 major contracts in 2007 –

Packages 1,2 & 4 of Triang Water Supply Scheme,

Jelebu, Negeri Sembilan and Matang FAC

Highway, Sarawak – boosting its unbilled order

book to a high of RM465m as of end 2007.

Further, Zecon has an additional close to RM1b

worth of contracts pending finalization with the

authorities, such as the construction of the Unimas

Faculty of Medicine, Health Science and Package 5

of Triang Water Supply Scheme, and construction

works for Syarikat Perumahan Negara Bhd

(SPNB).

Based on secured projects alone, Zecon should

stage a strong turnaround in FY08, as works on the

contracts are rapidly gathering momentum. We

estimate that Zecon would be able to post

construction turnover of over RM250m in FY08,

from RM41m in FY07. Margins are expected at

about 10-11% in FY08. This suggests that Zecon

will show a very sharp growth in core net profit to

about RM12.8m in FY08, the highest level since

2002. In fact the 3 contracts from Triang Water

Supply Scheme alone will deliver a combined

turnover of over RM100m in FY08, forming a strong

base for Zecon. Not to mention the existing

Matang Highway contract (unbilled contract of

RM100m) which will complete in 2Q08 and the new

Matang FAC contract (RM124m) which just started.

Table 2: Projections

Y/E Dec (RMm) 2005 2006 2007 2008F

Revenue 142.4 45.3 81.3 266.8

Construction 131.1 63.4 40.7 253.0

Property Development 26.4 1.2 31.9 4.5

Plantation & Others 0.1 0.1 0.1 0.0

Toll Concession 5.5 7.9 8.6 9.3

Elimination (20.7) (27.3) 0.0 0.0

Pretax profit 1.7 10.1 8.5 16.4

Construction 3.2 20.3 (11.0) 27.8

Property development 13.0 (0.6) 30.5 0.5

Plantation & Others (2.2) (0.5) (0.3) (0.5)

Toll Concession 2.7 5.5 6.1 6.3

Associates (0.2) (0.6) (1.0) (0.6)

Finance cost (14.5) (14.0) (15.7) (17.1)

Unallocated expenses (0.3) 0.0 0.0 0.0

The property development division will play a rather

muted role, with hardly any profits in FY08, due to

lack of launches. Except for launches worth RM6m

from 2 phases of Vista Tunku planned for this year,

Zecon has no plans to aggressively activate the

property development division, in view of the soft

market conditions there.

ZTC remains the most dependable operation,

which is not surprising given the nature of the

business. It looks set to match the growth in 2008,

thanks to the healthy traffic growth.

Investment Risks

Our profit projections for Zecon place heavy

reliance on timely execution of the secured

contracts. Any significant delay could de-rail our

forecast revenues and costs, hence negatively

impacting margins. Not to mention additional strain

on its working capital and finances. Also, delays in

the inflow of receipts from the sale of its

investments and assets could also impact cash flow

and place unnecessary strain on its finances

西甲霸王

不停的跌哦。。。。几时才飞？