【MUHIBAH 5703 交流专区】睦兴旺

hdcyng

该卖了。
是时候换马了。

STOCK

NAME

REF

HIGH

LOW

LAST

CHANGE

VOLUME

5703

MUHIBAH

7.250

7.550

7.050

7.500

0.250

14794

一头莽牛

First Q result 出炉啦，

OSK - downgrade TP TM 6.80


Kenanga - 买RM 7.60  TP RM 8.80

你听边个指？

一头莽牛

Kenanga report :

BUY

RM7.60

Target Price: RM8.80

Muhibbah Engineering

1Q07 net profit within expectations

l 1Q07 net profit was within our expectations. 1Q07 net profit

RM16.7m on an annualised basis (RM66.8m) was 4% and 27% higher

than our forecast and consensus of RM64.3m and RM52.8m respectively.

The higher net profit despite lower turnover was due to lower tax

higher contribution from concession and shipbuilding income which

higher margins.

l QoQ, net profit up 75.8% on the back of higher recognition of construction

earnings from the Yemen LNG jetty project secured in September

where in 4Q07 mobilisation cost for this project has resulted

recognition of pretax loss of RM3.5m from construction division.

l YoY, net profit was 50.8% higher as Muhibbah had higher

operating income of RM4.7m compared to RM1.2m in 1Q06. In addition,

interest cost was lower by 17% while concession income rose by 30%.

l We maintaining FY07 and FY08 net profit forecast. We have already

factored in the growth in its earnings from the contracts secured where

has RM1.3b construction contracts, RM489m crane contracts and RM22m

shipbuilding contracts.

l Maintain BUY with revised target price of RM8.80 based on our

of parts RNAV. We have revised upwards our valuation for

construction division using a 14x PER (4x discount to average large

construction companies PER of 18x) instead of 10x given that Muhibbah’s

market capitalisation RM1.14b is no longer a small cap construction

company. The stock remains attractive, trading at 16x and 12x FY07E

FY08E PER respectively with plenty of growth upside given that

exposed in two high growth sector of construction and oil and gas.

一头莽牛

OSK report :

1QFY07 Results Review

Muhibbah Engineering

Downgrade . Target RM6.80

Time to Take Profit

In view of Muhibbah’s euphoric share price performance over the past few months

we see it fit at this juncture to recommend taking profit on the stock as our revised

target of RM6.80 has been achieved. Also, we see that most good news of recent

contracts and expectations of earnings have already been captured into the share

price. TP at RM6.80 suggests a downside of 11.7% and current forward PE’s are

high at 18x on FY08 EPS.

Above Expectations. Annualized net profit for 1QFY07 came in 24.4% above our

expectations. The difference arose from higher profit from associate than we had

expected as well as better margins from EPCC works. Y-o-y, the Group’s revenue

contracted by 14.3% but PBT grew healthily by 70.1%.

Engineering segment doing well. The segment will be driven largely by the Yemen LNG

project this year and we expect that margins of the project will be better than local

projects at roughly 4% at EBIT level. Going forward, the Group is to commence works in

the Asia Petroleum Hub and with this we are expecting some 7.3% y-o-y revenue growth.

Orderbook for the segment is currently RM1.3bn.

Shipbuilding will improve margins. Muhibbah currently has some 6 vessels under

construction. 2 AHTS for Tanjung Offshore and 4 supply vessels for Jasa Merin which

make a total orderbook of RM357m. Vessels are to be delivered in 2H08 to 2009.

Strong visitor arrivals to Cambodia to persist. For FY06, the Group had seen some

19.3% y-o-y increase in visitor arrivals to its airports in Phnom Phen and Siem Reap. In

April alone, visitor arrivals surged by 25% at Phnom Phen and an impressive 42% at

Siem Reap. We expect such improvement to persist this year and hence are increasing

our associate profit by 9%.

Estimates Raised, TP at RM6.80. In view of the good showing this quarter, we have

raised our FY07 estimates by 17.2% and FY08 estimates by 16.3%. Our RNAV based fair

value adjusts to RM6.80 from RM5.70 before as we have placed a higher PE assumption

of 12x to the engineering and construction segment (10x before) and also as we have

raise our fair value on Favelle Favco to RM2.20 from RM1.60 previously. However, we

see that the Group’s share price has run ahead of fundamentals and newsflow has been

captured into share price hence our Take Profit call.

hdcyng

I follow OSK

一头莽牛

一样，我觉得这个quarter,不会有太大惊喜。但长期来讲，值得在低点买进，等看看下个 Quarter 的成绩吧。。

一头莽牛

4.40 pm 已经是 RM 6.90 ...

新立机构

我對它有信心，還不是套現的最佳時刻。
据我所知，目前正在新加坡標兩宗的工程。而且新加坡的子公司也已經擴大了繳足資本。在新加坡的聖淘沙娛樂城有很大的機會可以分到一杯羹。似乎在新有很大的發展空間。

一头莽牛

谢谢分享，可以提一提新加坡的锦标吗？

一头莽牛

今天，RM 6.70 啦。你认为什么价位进场？

hdcyng

DJ MARKET TALK: OSK Keeps Buy On Favelle Favco, MYR2.40 Target

15/06/2007 07:28:00 AM

0728 GMT [Dow Jones] STOCK CALL: OSK keeps Buy on Favelle Favco(7229.KU), but ups target to MYR2.40 from MYR2.20; says 1Q07 resultsshowed a very promising start with EBITDA margins rising to 12.2% from4.5% in quarter. With Australian operations turning profitable andDenmark ops branching out to offshore pedestal cranes, analyst saysprevailing margins can be sustained or even improve from hereon. As ofMay orderbook stood at MYR489 million; continues to bid for contractsin excess of MYR1 billion. Group also has plans to transfer to MainBoard soon and that could see further rerating to share price, analystadds. Shares +10.2% at MYR1.94. (VGB) 儿子还没卖，target RM２。４０

一头莽牛

儿子也买了，长期持有。。。慢慢爬吧。

hdcyng

原帖由 一头莽牛 于 18-6-2007 12:25 AM 发表
儿子也买了，长期持有。。。慢慢爬吧。

不是market买的，是５配１，配给才买的！

一头莽牛

恭喜恭喜，buy n hold 真的能赚钱 ，冲啊。。。

一头莽牛

update 一下。。。

Muhibbah enters MOU with Russian construction company


Muhibbah Engineering (M) Bhd has entered into a memorandum of understanding (MOU) with Russian construction company Mirax Construction LLC to develop commercial projects in Russia and other countries.

Muhibbah said yesterday as one of the forms of cooperation, both parties would consider the provision of joint projects with different ownership structures to be determined on a case-by-case basis.

The collaboration will provide Muhibbah with opportunities to participate in the possible privatisation, modernisation, operation and construction of infrastructure projects in Russia.

前景看好，往Russia 发展了，projects 陆续有来，值得买进。冲冲冲

33333

很高了
还能买进吗

新立机构

八月份可以分批买第三期的 ESOS 了， 开心

一头莽牛

大大， 请问esos 什么价钱？

33333

esos后会面对卖盘吗？

一头莽牛

卖盘可能出现，如果公司以esos当作bonus 的话。但公司里的人知道有什么project 等着award， 未必大卖盘。。。
现在这个oil and gas booming ， 值得买进。

请问有谁知道公司给员工几多花红？