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100 comment(s). Last comment by GoodInvestor at Apr 16, 2017 10:46 PM
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wangge
671 posts

Posted by wangge > Apr 7, 2017 6:14 PM | Report Abuse

Hi all, those Ekovest's Leavers, exLovers n Lovers, pls read Wangge message with your heart.

GKent's RM6.2B, RM4.5B is from PDP JV with MRCB for LRT 3 which earn 6% management fee. 6% of RM4.5B is RM270M, 4 years annualized is RM67.5M

Will be good fine tuning the forwarding PE again.

Note: 大家看得懂就懂吧!不懂只好自球多福吧!


SALAM
944 posts

Posted by SALAM > Apr 7, 2017 6:45 PM | Report Abuse

wangge, don't simply mislead this forumers la. 6% PDP fees is management fees, meaning payment atas angin


VenFx
13670 posts

Posted by VenFx > Apr 7, 2017 7:23 PM | Report Abuse

From Ww table; I find GK has the Top Order book coverage over existing construction value By a ballooning of 13 times, compared to above construction entity .


stockmanmy
7051 posts

Posted by stockmanmy > Apr 7, 2017 7:27 PM | Report Abuse

can wealth wizard look into Pesona and help me make some money.?

not bad one actually.

Pesona is not even in his table of 7 construction stocks.

a totally neglected stock. If and when it comes, it will come as a bang.


stockmanmy
7051 posts

Posted by stockmanmy > Apr 7, 2017 7:37 PM | Report Abuse

https://klse.i3investor.com/blogs/stockman/119725.jsp


VenFx
13670 posts

Posted by VenFx > Apr 7, 2017 7:51 PM | Report Abuse

谢谢 !
Wealthwizard 的 公课 。

深入潜水 简单易懂


musangfoxking
3546 posts

Posted by musangfoxking > Apr 7, 2017 8:30 PM | Report Abuse

i am going to steal to buy leh!!!!!!


yewniengwei2693
93 posts

Posted by yewniengwei2693 > Apr 7, 2017 8:32 PM | Report Abuse

After changing hand of our lovely PM, this stock will drop & just sell water meter...


Jarex
28 posts

Posted by Jarex > Apr 7, 2017 9:02 PM | Report Abuse

why bonescythe post cannot be seen


Jarex
28 posts

Posted by Jarex > Apr 7, 2017 9:03 PM | Report Abuse

why bonesythe post cannot be seen


anonboy
491 posts

Posted by anonboy > Apr 7, 2017 10:05 PM | Report Abuse

Today Malaysia's one of best small caps like JHM, Pentamaster, Ekovest, George Kent, Air Asia, Denko and Old town closed in the red,so don't worry...


anonboy
491 posts

Posted by anonboy > Apr 7, 2017 10:10 PM | Report Abuse

7 April

OTHERS MUHIBBAH ENGINEERING (M) BHD ("MEB" or "the Company") (i) Proposed Renewal of Authority for Share Buy-Back (ii) Proposed Renewal of the Existing Shareholders' Mandate and Proposed New Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature


Chan Hon Mun
3 posts

Posted by Chan Hon Mun > Apr 7, 2017 10:24 PM | Report Abuse

WealthWizard, thanks for your detail homework. I have a question hope you can help.

You estimated "next 1year construction sales = construction jobs in hand divided by 4". There is not much info on when the sales will be realized, is that a rule of thumb for your estimation?

I think this estimation is the most important part as it affect the estimation sales the most. Thanks.


paperplane
20196 posts

Posted by paperplane > Apr 7, 2017 10:28 PM | Report Abuse

When mkt goes gaga over certain stocks, I know probably this general mkt is overheated. Time to trim down some of my risky stocks now. Thanks Gkent on theindicator


VenFx
13670 posts

Posted by VenFx > Apr 8, 2017 2:06 AM | Report Abuse

Plane sifu, the Projected Forwarded P.e. is only 5.8% .... don't u think that GK will advanced to rank top 3or 4 at least from currently # 6 to sit after ; Ijm> Gamuda> Gkent or Ekovest ? (Higher rank will have rating advantage, isn't it ?)

Since u are in the Banking sector, don't u agree Gkent should opt for a re rating this mid 2017 ?
Furthermore, it's peer has an forwaded average of 15 - 27 p.e.

MY CONCLUSION IS 100% POTTENTIAL IS FAR TOO CHEAP ... 150% may fit my argument for a ranking # 3 or 4 by mkt. Cap backed by highly visible earning.

SO GO BUY MORE , that why moneySIFU fully bet on GK.

$10.00 - 12.00 can satisfy my argument .


VenFx
13670 posts

Posted by VenFx > Apr 8, 2017 2:15 AM | Report Abuse

Cheers , this might be another Counter u may fall in love and all in after Kesmi xp


sosfinance
1295 posts

Posted by sosfinance > Apr 8, 2017 8:15 AM | Report Abuse

@wealthwizard, great tabulation. Just a clarification, out of the RM6.7b, how much is for PDP?


samsambank
609 posts

Posted by samsambank > Apr 8, 2017 9:57 AM | Report Abuse

Yesterday was a correction day for very good stocks which have been outperforming the market.


musangfoxking
3546 posts

Posted by musangfoxking > Apr 8, 2017 1:41 PM | Report Abuse

$10.00 - 12.00 can satisfy my argument???? reli??

wow!!!! very tempting, hope not a call to holland!!!


prudencee
22 posts

Posted by prudencee > Apr 8, 2017 5:01 PM | Report Abuse

Dividing the RM6.2bn orderbook by 4 to reflect in FY18 revenue may be flawed. Why are u so sure that exactly 1.55bn revenue will be earned in FY18 instead of FY19,20 or 21? This will affect your valuation as you are using PE15x for FY18


by88
17 posts

Posted by by88 > Apr 8, 2017 5:53 PM | Report Abuse

One of their (PDP) KPIs (key performance indicators) is managing the VOs (variation orders); if they cannot manage it, then we'll deduct a certain percentage of their fee," he said.

The PDP will receive a fee of 6% of the total aggregate work package contract value. Should the eventual total cost of the project be less than or equal to the target cost, the PDP will be entitled to the full fee.
---------------------------------------------------------------------------------

is that correct to use gross margin of 20% for coming year estimation? The JV only receive 6% management/consultation fee for the 9bil LRT3 contract. Correct me if i'm wrong.


WealthWizard
337 posts

Posted by WealthWizard > Apr 8, 2017 9:37 PM | Report Abuse

Thanks for all comments & highlight on the order books, I am away from home now & can only work on it & update the work sheets on Monday.

Temporary change the title until further confirmation.

Truly appreciate & thank you very much. Have a good weekend.


ehh2001
10 posts

Posted by ehh2001 > Apr 8, 2017 10:20 PM | Report Abuse

https://en.wikipedia.org/wiki/Project_delivery_method


MsfollowmeTeam
58 posts

Posted by MsfollowmeTeam > Apr 9, 2017 12:08 AM | Report Abuse

WealthWizard, We agree with your worksheet. Will buy more for short term investment. 6 months. Thanks.


TanTeeHean
68 posts

Posted by TanTeeHean > Apr 9, 2017 10:39 AM | Report Abuse

Furthermore, Gkent have Below advantage compare to the peer.
1) Net cash, RM372 millions, which mean RM1.00 per share.
2) High ROE, 26% ( very difficult for construction business )
3) East Coast Rail Link, Southern Double Track and High Speed Rail contract on the corner.
4) Increase of water metering productivity, Gkent is one of the biggest water meter manufacturer in the world and own largest hot brass forging facility in South East Asia
5) Mr. CEO did mention by introduction the new water meter ( Polymer Meter & Smart meter ) , the revenue of water meter department expected to boost boost by 5 times by 3 years time.

This mean Gkent own dual fast growing engine.


VenFx
13670 posts

Posted by VenFx > Apr 9, 2017 10:50 AM | Report Abuse

$8/ by 2017 ,
$12/ by 2018.

Funds will buy a mildly portion of Gkent now, and buy up in big way once Shade Split Plan 3:2 completed.


LA777
3116 posts

Posted by LA777 > Apr 9, 2017 10:52 AM | Report Abuse

VenFx sifu, so confident on the TP? Then, I should look into it next week, maybe buy some first.
Thanks for sharing!


LA777
3116 posts

Posted by LA777 > Apr 9, 2017 10:53 AM | Report Abuse

Their share split plan will occur soon?


VenFx
13670 posts

Posted by VenFx > Apr 9, 2017 10:57 AM | Report Abuse

La777, gkent may be a volatile stage now... range trading expected to be $4.00 to 4.50;
Trending up very promising after consolidation breaking through thjs stage.

3rd qtr shall complete for the Share Split plan.


LA777
3116 posts

Posted by LA777 > Apr 9, 2017 10:59 AM | Report Abuse

VenFx sifu, thanks for the info. I will buy on weakness next week. Cheers!
Hope we all win big again! Btw, are you still holding eg-wc?


musangfoxking
3546 posts

Posted by musangfoxking > Apr 9, 2017 11:34 AM | Report Abuse

LA777, i have followed sifu's call at Vis n Comcorp.., yes made free Starbucks there!!! will follow u Mon!!!!


LA777
3116 posts

Posted by LA777 > Apr 9, 2017 1:15 PM | Report Abuse

musangfoxking, thanks for sharing!


Tom
2984 posts

Posted by Tom > Apr 9, 2017 9:31 PM | Report Abuse

can go north further, but current price is not cheap anymore


moneySIFU
5514 posts

Posted by moneySIFU > Apr 10, 2017 1:57 PM | Report Abuse

Thank you, WealthWizard, looking forward for the updated working.


fc1233
3 posts

Posted by fc1233 > Apr 10, 2017 2:32 PM | Report Abuse

Can anyone help to clarify, the RM4.5b for LRT 3 will not contribute to revenue, but instead only show as share of results from JV?


wangge
671 posts

Posted by wangge > Apr 10, 2017 6:17 PM | Report Abuse

司馬昭之心,唯有高人才懂,看得懂就懂,看不懂就罷了!


Leonardo12
167 posts

Posted by Leonardo12 > Apr 11, 2017 10:36 PM | Report Abuse

only 6 percent as the project delivery partner, anyone can clarify?


惠方楊
13 posts

Posted by 惠方楊 > Apr 11, 2017 11:06 PM | Report Abuse

http://www.thestar.com.my/Business/Business-News/2015/09/08/Earnings-boost-for-MRCB-George-Kent/?style=biz It is only 3% as referred to the new above for the management fee.


VenFx
13670 posts

Posted by VenFx > Apr 11, 2017 11:09 PM | Report Abuse

6% is merely the management fee ... Kpi is the benchmark.
Gkent hit it , it get the reward for its performance .

I'm sure Gkent can reap good from some special works from LRT3 package,,, that will be categorised as Variance Orders.

Gkent has taking care for all the angles ...


VenFx
13670 posts

Posted by VenFx > Apr 11, 2017 11:34 PM | Report Abuse

(3 or 6) % both entitled the same management fee lar ... Total of $270mil for each partner for the 3-4 yrs job.


惠方楊
13 posts

Posted by 惠方楊 > Apr 11, 2017 11:41 PM | Report Abuse

the PDP role would easily add RM54mil per annum to the group’s bottom line, assuming a clean 6% PDP fee from Prasarana , please mark the word 'easily' it mean additional 3% gain for this contract please correct me if I am wrong.
Read more at http://www.thestar.com.my/business/business-news/2015/09/08/earnings-boost-for-mrcb-george-kent/#H4Ew3prSdlOuzOyk.99


VenFx
13670 posts

Posted by VenFx > Apr 11, 2017 11:54 PM | Report Abuse

6% / 2 partners , each partnert entitled 270mil management fee .


cstanmyinvest
30 posts

Posted by cstanmyinvest > Apr 12, 2017 7:48 AM | Report Abuse

The PDP will contribute about RM45 mil per year to GKent's PAT for the next 4.5 years. This is a very significant increase of 45% based on its 2017 PAT of 101 mil.


Leonardo12
167 posts

Posted by Leonardo12 > Apr 12, 2017 8:48 AM | Report Abuse

So gkent only earn 6 percent from the total contract value. I guess.


惠方楊
13 posts

Posted by 惠方楊 > Apr 12, 2017 9:33 AM | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4859705 profit sharing will be 50:50.


惠方楊
13 posts

Posted by 惠方楊 > Apr 12, 2017 9:36 AM | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4900709


Peaceful
9 posts

Posted by Peaceful > Apr 12, 2017 12:05 PM | Report Abuse

still waiting wealthwizard sifu to update the wroksheet.


Chelsea
223 posts

Posted by Chelsea > Apr 16, 2017 10:02 AM | Report Abuse

Peaceful,

Waiting for it rebound strongly on monday after formation hammer.
The TP still RM4.73 based on PE 12 and RM 6 based on PE 15


Pribumi
66 posts

Posted by Pribumi > Apr 16, 2017 10:04 AM | Report Abuse

Mahathir predicts former ally Najib's downfall in Malaysia vote. G Kent close shop?
http://www.theedgemarkets.com/article/mahathir-predicts-former-ally-najibs-downfall-malaysia-vote


GoodInvestor
45 posts

Posted by GoodInvestor > Apr 16, 2017 10:46 PM | Report Abuse

Base on my own calculation take into consideration of 6% management fee, GKent potential upside just around 30%. Correct me if I am wrong.

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