KLSE: GDB (0198)       GDB HOLDINGS BHD MAIN : Construction
Last Price Today's Change   Day's Range   Trading Volume
0.835   -0.005 (0.60%)  0.82 - 0.85  4,918,400
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Market Cap: 522 Million
NOSH: 625 Million
Avg Volume (4 weeks):4,914,810
4 Weeks Range:0.60 - 0.85
4 Weeks Price Volatility (%):
52 Weeks Range:0.33 - 0.85
52 Weeks Price Volatility (%):
Average Price Target: 0.45
Price Target Upside/Downside: -0.385

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2020 [#3]  |  19-Nov-2020
Next QR | Est. Ann. Date: 31-Dec-2020  |  28-Feb-2021
T4Q P/E | EY: 20.77  |  4.81%
T4Q DY | Payout %: 2.40%  |  49.76%
T4Q NAPS | P/NAPS: 0.2  |  4.17
T4Q NP Margin | ROE: 6.98%  |  20.10%


Date Subject
27-Nov-2020 Stocks on Radar - GDB Holdings (0198)
27-Oct-2020 【行家论股/视频】GDB控股 22.7亿订单撑3年
27-Oct-2020 PublicInvest Research Daily - 27 October 2020
27-Oct-2020 Mplus Market Pulse - 27 Oct 2020
27-Oct-2020 GDB-获 (潜在) 新合约后的估值如何?
27-Oct-2020 浅谈逆市也拿到合约的 GDB(0198)
23-Oct-2020 GDB控股挑战78仙/敏源
01-Oct-2020 Technical Buy - GDB (0198)
08-Sep-2020 Daily technical highlights – (GDB, OCR)
22-Aug-2020 GDB Holding-一家逆势而上的本地建筑公司 (A fast growing Malaysian construction player)
22-Jun-2020 PublicInvest Research Headlines - 22 Jun 2020
22-Jun-2020 Mplus Market Pulse - 22 Jun 2020
17-Jun-2020 PublicInvest Research Headlines - 17 Jun 2020
04-May-2020 [转贴] GDB Holdings Bhd - E.E. CAMERON
30-Apr-2020 Daily Market Update - 30 Apr 2020 (CMSB, GDB)
26-Mar-2020 Daily technical highlights – (GDB, TOPGLOV)
11-Mar-2020 Trading Stocks - GDB
06-Mar-2020 Trading Stocks - GDB
05-Mar-2020 Daily Market Update - 5 Mar 2020 (FPI, GDB)
03-Mar-2020 Trading Stocks - GDB

Business Background

GDB Holdings Bhd is engaged in the provision of construction services, of residential, commercial and mixed development projects. The company is involved in the implementation of construction projects which includes daily management of all the works required for timely completion of the projects. It also engages subcontractors to provide certain services such as supply and installation of construction materials, machinery and equipment and other specialized trade work such as mechanical and electrical engineering works, piping and plumbing works, external paint works, water proofing works and other related work.
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karimbokoss Next week can visit RM0.50 liao
31/10/2020 10:09 AM
KYJeremy Good news coming?
02/11/2020 11:50 AM
GENER @WCapital 什么是loi 和 loa
02/11/2020 2:48 PM
kent3899 letter of intent and letter of award
02/11/2020 3:07 PM
c328 @GENER, Letter of Intent (LOI) = 订婚 ; Letter of acceptance'(LOA) = 结婚证书
02/11/2020 5:03 PM
GENER @kent3899 @c328

02/11/2020 5:57 PM
shrobin https://simplywall.st/stocks/my/capital-goods/klse-gdb/gdb-holdings-berhad-shares/news/gdb-holdings-berhads-klsegdb-recent-stock-performance-looks-decent-can-strong-fundamentals-be-the-reason/
03/11/2020 10:56 AM
WCapital 而且重点是是平均价才0.625. 下来还有一个director 也买进。个人认为如果把握的话。Director 不会买进自家的股票。他们一定很肯定股价被低估了。14天后from LOI..我们在看看会不会签LOA.个人算过这个股票。TP最少1.00 而且是以profit margin 7%来算的 PE 12 . CONSTRUCTION AVG INDEX
04/11/2020 10:44 PM
shrobin Value vs Growth: There is an interesting article in the latest Edge weekly this morning....highly recommended to read.

On my own interpretation, GDB basically has changed from value to growth stock since 2018...
07/11/2020 7:03 AM
shrobin GDB is likely to double revenue in 2021....LOA on
8 Conlay awarded today....congrats to all....
09/11/2020 6:35 PM
flyingtomoon2020 Gdb gogogo
09/11/2020 7:27 PM
flyingtomoon2020 Post removed. Why?
09/11/2020 7:27 PM
lionadak https://www.linkedin.com/posts/ksk-land_we-wish-to-announce-that-on-9th-november-activity-6731508829290405888-xrTB
on 9th November 2020, Grand Dynamic Builders Sdn Bhd (GDBSB), a wholly-owned subsidiary of GDB Holdings Berhad (GDB), has officially accepted the letter of award (LOA) from Damai City Sdn Bhd
09/11/2020 10:26 PM
Begineer Even with such news, the price is not moving up . Could it be the price increase early already factor in this project?
11/11/2020 8:50 AM
GENER 明显Up Treand了,放心。
11/11/2020 10:36 AM
shrobin Just hold or buy more and keep until next year...explosive growth of revenue growth by next year....no more guessing game!
11/11/2020 12:09 PM
GENER (吉隆坡9日讯)《2021年财政预算案》带来的利好消息,分析员均认为,建筑领域是预算案的最大赢家。政府明年拨出的发展开销按年增加190亿令吉或38%,至690亿令吉。政府也同时表明,会重启大型基础设施项目,包括第3捷运计划等。另外,泛婆罗洲大道、新山至金马士双轨火车铁路项目等也获得延续。肯纳格分析员认为,建筑业将因此挥别颓势,成为各行业中最大赢家。
11/11/2020 5:00 PM
metroview GDB is coming..........
13/11/2020 3:16 PM
makemesomemoney Did some behind the tissue box calculation for GDB.

Currently with 8conlay award, orderbook sits at RM2.27bil over the next 3 years.

Revenue per year, equally dividing RM2.27bil is RM757mil per year(We should see higher revenue allocation to 2021 and 2022 due to completion of Park Regent, Hap Seng Showroom and Hyatt Centric Sabah)

Historically, their PAT margin hovers between 12% - 7%, taking the lower case scenario of 7% - 9%

7% PAT
RM757mil x 7% = RM52.99mil PAT
EPS of RM0.084784

PE8 - RM0.678 per share
PE10 - RM0.848 per share
PE12 - RM1.017 per share

8% PAT
RM757mil x 8% = RM60.56mil PAT
EPS of RM0.06896

PE8 - RM0.775 per share
PE10 - RM0.968 per share
PE12 - RM1.163 per share

9% PAT
RM757mil x 9% = RM68.13mil PAT
EPS of RM0.109

PE8 - RM0.872 per share
PE10 - RM1.09 per share
PE12 - RM1.308 per share

Also, another thing worth noting is that 8Conlay has had a portion of it's super structure completed so a majority of the award would relate to interior works which I believe should provide them with a greater margin due to it's high premium luxury development.

I think it's a strong buy for me at this levels for GDB as they have proven again to be a solid construction player with capabilities to secure high end sophisticated projects. Also with a very solid balance sheet and net cash position. Lastly at current price of RM0.735 per share at the time of writing, 2c dividend per year would provide 2.7% dividend per year which is still higher than FD rates. Also with a dividend policy of 30% which historically has been higher at 44.8%, we might even see 3-4c dividend in FY21-22.
13/11/2020 3:26 PM
shrobin Buy and hold until next year.....you will get your angpau......
13/11/2020 5:19 PM
chengcheekaan Not to mention GDB has a reputation of completing projects ahead of schedule.

This implies that GDB:

1. Has a very experience and capable Project Management Team, which utilize their manpower and machineries to the optimum level.
2. Can make higher than peers profit margin due to early completion of Projects, which usually leads to cost savings.
3. Has a very good sub-contractors supporting them which always delivered the Project on-time or ahead of schedule. This also means there is a good relationships between GDB and their sub-contractors, which is very crucial for any construction company.
13/11/2020 5:49 PM
shrobin Totally agree....
13/11/2020 6:37 PM
GENER 之前的Project GDB都不贷款的。这次的8conlay 项目太大,需要跟银行贷款。
8conlay客户是出名的赖账和Late Payment的,所以这个项目GDB Markup Margin相当的高。如果狗屎运客户没有赖帐的话,收益肯定是12%以上。估计是30%以上。
13/11/2020 8:27 PM
shrobin Many in the market has some concerns and doubts on the payment.....

GENER, just my views on the following:

1) The 8 Conlay cannot afford to delay anymore....I believe KSK Land cannot afford to fail this first project, especially such a high end and prominent project.
2) GDB being a reputable construction house will have the interest to see 8 Conlay completed timely with quality.
3) I see both GDB and KSK Land are definitely committed for 8 Conlay success.
4) I hope KSK Land will pay timely to ensure the smooth execution of this project. My guess is their financial is not that bad.
5) As payment is progressive, GDB still has some options in the worst case. Hopefully nothing will happen as what we are imagining.
13/11/2020 9:36 PM
GENER @shrobin .I Hope your view is correct. gogogo GDB
13/11/2020 10:34 PM
shrobin @GENER....I hope too. GDB has been one of my most interesting investment since 2018. I have faith in the management of the company.

I have nearly two legs in them....lol....
14/11/2020 9:42 AM
shrobin @makemesomemoney

My thinking is about the same with you except slightly different on the thinking on PE.

The market is normally, forward thinking. When I bought GDB, the PE was about 5 to 6 times only, but now is about 16 to 17 times. After IPO, for many months, no projects were secured, the market thus less understand GDB's potential, so the market priced it at a low PE. Then especially after 2019, 953mil was secured, the market has understand a little more on GDB's potential, so thus willing to accord a higher PE......

The 8 Conlay if done successfully, will be another hallmark to GDB. The success of it will on the minimum maintain the 16 to 17 times PE and won't be surprised may even go higher......

My personal PE for quick reference is 15 times but the actual can be higher...

Anyway, a good PAT in 2021 will definitely bring angpao to us all.....

A great thanks to GDB for the good work done!
15/11/2020 8:49 AM
shrobin @chengcheekaan

Great to see more guys are posting their thoughts on GDB.....

Totally agree on the sub-con relationship part. A great team both from within GDB and the committed and experience sub-cons are needed to be successful....

Agree that the eventual margin depends on how well and efficient you execute the project. The COO Alex got a big and important challenge at hand. I trust he will do well after hearing that he is the most hardworking guy around.

In 2018, when I was told GDB completes all projects ahead of schedule, I don't believe what I heard, until I personally went into GDB website to see for myself.

A Singapore civil engineer that log into GDB website was impressed, I was told.....
15/11/2020 9:09 AM
Yinyin88 KSK's payments have always been very very slow and sale of 8 Conlay has not been very optimistic. Moreover, the previous main contractor has taken legal action against KSK for terminating them, and apparently their stance seems to be quite strong. What are your thoughts on the impacts to GDB?
16/11/2020 11:05 AM
shrobin @Yinyin88:

If there is legal case, it is between KSK and the China contractor, nothing to do with GDB....

GDB 2021 receivable will show if payments is not on time....

In fact, you can monitor on it starting Q1, 2021....

We are all speculating here. Just give it a bit of time, everything will be clear.

8 Conlay may end up as one of GDB's best project....never know...
16/11/2020 11:20 AM
BostonMaxwell Throw more pls....
16/11/2020 3:25 PM
makemesomemoney Fundies are definitely taking notice of GDB, solid books with zero debt and huge orderbook with visibility over the next 3 years. STRONG BUY
18/11/2020 10:14 AM
makemesomemoney Also do note, at 77c, dividend annually @ 2c per share is still at 2.60%. Higher than FD. Profits are poised to increase which could see dividend rise to 3-4c.
18/11/2020 10:16 AM
shrobin The actions should be on next year on the quarterly profits.....
18/11/2020 2:06 PM
Begineer Yea....hopefully we will see the earning come in next year
18/11/2020 5:15 PM
Begineer Recover back to pre covid quarter.
19/11/2020 5:47 PM
GENER Q3 Report Come out.
19/11/2020 6:08 PM
shrobin Q3 result is within expectation.......
20/11/2020 5:29 AM
MichelleNg Most construction company still sleeping but GDB already running. Be careful the contracts sales and earning had been price in advance.
20/11/2020 6:29 AM
GENER 升太快。开始有想卖掉拿Profit的想法了。。。
20/11/2020 9:51 AM
shrobin The big money is the the waiting....quote by Charlie Munger...
20/11/2020 10:03 AM
makemesomemoney Congratulations to all GDB holders. The market has finally woken up to this small construction company which has one of the healthiest track record and books in the whole KLSE. Also worth noting that there is very little to almost no coverage of GDB from analyst so far. Wonder if they've been accumulating? :)
20/11/2020 11:28 AM
shrobin You are right! If you see the 2019 annual report, there are 3 Hong Leong Investment Funds are on the top 30 list. Did anyone see Hong Leong Research published any reports? I have not......I think likely they will issue reports after they collected enough......lol...
20/11/2020 1:06 PM
Begineer Congrat to all...Expecting a correction should before it will continue to go up
20/11/2020 1:07 PM
Dcmh Tmr $1
22/11/2020 9:36 PM
BostonMaxwell Why so many dbt tdy??
23/11/2020 6:29 PM
shrobin New investor bought 20 million shares from Cheah and Alex at 80sen a share.

This is not selling on the open market. It is a off market deal....

New investor willing to pay 80sen for a block of shares now is a sign that GDB should worth more in the near future.......
23/11/2020 10:19 PM
BostonMaxwell Oo I see.. Kk Thanks a lot
23/11/2020 10:32 PM
shrobin Charlie Munger on investment thinking:

24/11/2020 12:26 PM
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26/11/2020 4:08 PM

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