2015年8月12日星期三

Mitra 9571 美德再也 rm 1.73 进入--

a)

Mitrajaya Holdings Bhd - 2Q15 Results In-Line

Date: 12/08/2015

Source : KENANGA
Stock : MITRA     Price Target : 2.35     |     Price Call : BUY
Last Price : 1.72     |     Upside/Downside :  +0.63 (36.63%)



Period

2Q15/1H15

Actual vs. Expectations

1H15 core net profit (CNP) of RM36.5m came in within our expectation at 46% but below consensus’s expectation at 36%.

Dividends

None as expected.

Key Results Highlights

QoQ, 2Q15 revenue (RM243.2m) and CNP (RM23.1m) jumped by 50.5% and 72.4%, respectively, mainly due to: (i) higher progressive recognition from construction projects secured since 2014 (EBIT margin +1.5% to 12.2%), and (ii) higher contribution from South Africa investment (EBIT margin +5.6% to 40.6%).
YoY, 1H15 CNP rose 48.9% to RM36.5m, mainly attributable to increase in revenue by 69.5% due to higher construction billings. That said, the improvement in earnings is also well supported by the (i) improvement in construction EBIT margin (+0.7% to 11.6%), and (ii) higher EBIT margin from South Africa investment division (+13.1% to 38.2%). Note that construction segment contributes to c.74% of the group’s EBIT in 1H15, grew by 110.7% to RM39.7m.

Outlook

We reaffirm our positive view on the group’s construction division that the construction division should be able to sustain at least for the next three years, driven by government’s spending on infrastructure projects and development of affordable housing projects for the next five years under 11MP. Furthermore, the group’s current outstanding orderbook of RM1.75b should also be sustained by the implementation of affordable housing by private developers.
While its property division will be driven by its Wangsa 9 and Puchong Prima project, we expect the property segment to continue to grow, supported by its existing project, Wangsa 9 (GDV: RM680m) as well as upcoming project in Puchong Prima (GDV: RM1.5b),
We also expect stable earnings from South Africa land sales. Going forward, management expects this division to contribute more, at RM10.0-RM15.0m per annum driven by higher value land sales as well as plan to sell residential houses there. Additionally, the division’s unbilled sales of ZAR98.6m are expected to be recognised progressively by end-2015.

Change to Forecasts

FY15-16E CNP estimates remain unchanged at RM78.9m-99.8m, respectively.

Rating

Maintain OUTPERFORM

Valuation

Maintain OUTPERFORM with Target Price of RM2.35. Our TP implies 9.4x PER, which is relatively cheaper than that of small-mid cap contractors’ Fwd-PER range of 10- 14x. Given that the stock is still trading at single-digit valuation, i.e. FY16 PER of 7.0x, this offers potential total upside of 36.4%, including dividend yield of 2.6%.

Risks to Our Call

Lower-than-expected margins
Delay in construction works
Lower-than-expected orderbook replenishment
Lower-than-expected property sales
Source: Kenanga Research - 12 Aug 2015
b)

Mitrajaya - Boasting a record quarter

Date: 12/08/2015

Source : HLG
Stock : MITRA     Price Target : 2.92     |     Price Call : BUY
Last Price : 1.72     |     Upside/Downside :  +1.20 (69.77%)



Results

  • Mitrajaya posted a record set of 2QFY15 results with revenue of RM243.2m (+81% YoY, +51% QoQ) and earnings of RM23.1m (+70% YoY, +72% QoQ). For the cumulative 1H period, earnings totalled RM36.5m, translating to a strong 49% YoY growth.

Deviation

  • 1H earnings made up 46% of our full year forecast (36% of consensus) which we deem inline. Earnings are expected to be even stronger in 2H. The strong 72% QoQ earnings growth in 2Q is testament that momentum is gathering pace fast, making this the strongest quarter ever recorded.

Dividends

  • None. Usually declared in 4Q.

Highlights

  • Strong push for construction. Construction saw the best of both worlds YoY with 1H revenue almost doubling (+98%) and EBIT margins expanding from 10.9% to 11.6%. Its orderbook currently stands at RM1.8bn, implying a superior cover of 4.7x against FY14 construction revenue which should help sustain its earnings trajectory.
  • Job wins to pick up. YTD job wins have totalled RM230m or 46% of our full year target of RM500m. Management shared that it is bidding for building works in the Klang Valley (RM1.5bn) and Putrajaya (RM780m) as well as infra jobs in the Klang Valley (RM200m). It is also preparing another RM300m worth of tenders. Overall, management remained upbeat to further add on to its orderbook by year end.
  • South African boost. 1H domestic property revenue was lower by 26% YoY, due to the Wangsa 9 being at the initial construction stage. However, this was offset by a strong performance in South Africa with revenue up 159% YoY from the sale of 10 completed bungalows. Wangsa 9 has achieved 70% sales for Phase 1 and 26% for Phase 2.

Risks

  • Delays in construction and softening property market.

Forecasts

  • We maintain our earnings forecast as the results were inline and remain confident that FY15 will post another round of record earnings at RM80.2m (+49% YoY).

Rating

BUY, TP: RM2.92 (+66% upside)
  • Mitrajaya remains our top pick amongst the small cap contractors as it offers a compelling case of robust growth prospects (3 year CAGR: 24%) at inexpensive valuations of 9.1x and 7.6x FY15-16 P/E.
  • Share price has fallen 13% from its peak this month and we advise investors to take the opportunity to accumulate. Near term catalysts would be on 17 Aug, being the ex-date for its 5 sen dividend and 1 for 5 free warrants.

Valuation

  • Our SOP based TP of RM2.92 implies FY15-16 P/E of 15.1x and 12.6x respectively. Current share price merely reflects its net land value (RM1.78/ share), implying that investors would be getting its core business of construction for free!
Source: Hong Leong Investment Bank Research - 12 Aug 2015
c)Mitrajaya 2Q net profit up 70% on higher contribution from construction unit, South Africa investment

KUALA LUMPUR (Aug 11): Mitrajaya Holdings Bhd ( Financial Dashboard) saw its net profit rise 70% to RM23.09 million or 5.75 sen per share in the second quarter ended June 30, 2015 (2QFY15) from RM13.58 million or 3.45 sen per share a year ago, on higher contribution from its construction division and South Africa investment.

Revenue for 2QFY15 jumped 80.5% to RM243.21 million from RM134.72 million in 2QFY14.

In a filing with Bursa Malaysia today, Mitrajaya said its construction division was the major contributor to the increase in the group's revenue and pre-tax profit in 2QFY15, which rose 108.9% and 119.3% respectively.

"It was attributable to the higher recognition from new projects secured since last year," it said.

"Our property project in South Africa also contributed higher revenue and pre-tax profit of RM9.91 million and RM4.02 million respectively, representing an increase of 538.3% and 5567.6% compared with 2QFY14.

For the six months period (6MFY15), Mitrajaya's net profit grew 48.9% to RM36.49 million or 9.17 sen per share from RM24.51 million or 6.22 sen per share a year ago.

Revenue in 6MFY15 rose 69.5% to RM404.8 million compared to RM238.89 million in 6MFY14.

Going forward, Mitrajaya expects its financial performance for the financial year ending Dec 31, 2015 (FY15) to be strong.

"The construction division will contribute significant high revenue and pre-tax profit for FY15 as works on existing on-going projects are progressing well from the current outstanding order book of RM1.75 billion.

"Our investment in South Africa is also expected to record a significant growth in revenue and profit for FY15. The unbilled sales currently stands at Rand 98.57 million which will be recognised progressively by end of this year," it added.

The group, however, expects the property division to record a lower growth for FY15 as the existing on-going project (Wangsa 9 Residency) is currently at initial construction stage eventhough the project has achieved satisfactory take up rate.

Mitrajaya (fundamental: 1.7; valuation: 1.4) shares closed 5 sen or 2.92% higher at RM1.76 today, bringing a market capitalisation of RM729.55 million. 
d)美德再也次季净利攀升70%

(吉隆坡11日讯)美德再也(MITRA,9571,主板建筑股)2015財政年次季(截至6月30日止)净利达2309万令吉,按年攀升70.07%,去年同期为1358万令吉;营业额则从去年同期的1亿3472万令吉,按年上涨80.53%,至2亿4321万令吉。

上半年而言,该公司净利从去年同期的2451万令吉,按年成长48.88%,至3649万令吉;营业额达4亿零480万令吉,去年同期为2亿3889万令吉,按年涨69.45%。http://www.orientaldaily.com.my/business/cj706
----最后3天来取 5 sen 股息,
红股2送1,warrant 5送1,希望还有机会.

e)2015-08-12 17:10

半年符預期‧美德再也全年淨利有望破紀錄



(吉隆坡12日訊)美德再也(MITRA,9571,主板建筑組)首半年淨利符合預期,分析員維持全年財測及評級不變,有信心全年淨利可創紀錄新高的8千萬令吉。

豐隆研究預期2015全年淨利增長49%至8千萬令吉,2016年預期增長至9千600萬令吉。


肯納格研究2015和2016全年淨利預測是7千900萬令吉和9千980萬令吉。
肯納格表示,在第11大馬計劃下,基建領域及可負擔房屋將提振該公司建築業務。目前該公司未執行訂單達17億5千萬令吉。
豐隆表示,開年至今,該公司已經攫取2億3千萬令吉訂單,全年目標為5億令吉。
管理層透露,公司目前在巴生河流域建築工程及基建領域競標合約分別為15億令吉及2億令吉,而布城競標的建築訂單合約為7億8千萬令吉。此外,管理層也準備再競標額外的合約總值為3億令吉。
產業業務方面,肯納格預期,該公司早前推出的Wangsa 9產業項目及即將在蒲種推出的產業項目,可提振該公司產業業務成長,兩者的發展總值分別為6億8千萬令吉及15億令吉。
豐隆補充,Wangsa 9首期及次期工程分別達到70%及26%的認購率。
此外,肯納格表示,該公司海外業務預期每年可取得1千萬至1千500萬令吉的營業額,主要是來自脫售南非地庫及計劃中的產業銷售。目前該公司在南非的未入賬銷售為9千860萬蘭特(約3千零48萬令吉),預計今年杪可入賬。
雖然建築工程延期及產業市場放緩是該公司所面對主要的風險,惟分析員一致認為該公司表現亮眼,因此維持評級及目標價不變。
小型建築股首選
豐隆表示,美德再也是首選小型建築股,股價目前從高峰下跌13%,提供累積機會,8月17日5仙股息和5送1憑單除權日,提供股價走高催化。
肯納格也看好該公司估值相對廉宜,本益比只有個位數的7倍,擁有走高潛能。
派息可期
分析員也看好該公司派息;豐隆預期2015和2016年分別派發6.8仙和8.1仙股息,週息率達3.8%和4.6%;肯納格預計今明兩年週息率分別為2.7%和3.2%。
(星洲日報/財經‧報導:謝汪潮)

f)受惠于低材料成本 美德再也目标可达 二零一五年八月二日 晚上七时二十五分





尽管预期相关行业放缓,建筑公司美德再也控股有限公司(MITRA,9571,建筑组)继续维持其今年10亿令吉的订单目标。
去年,该公司成功创下11亿5000万令吉的建筑订单,而令投资者和同业讶异。这些订单可将保持其未来3年的忙碌。
这个成就一洗之前数年仅录得5亿5000万令吉或以下常年订单更新的颓势。
但今年,于1999年进军产业发展的美德再也控股,只赢得一项计划,即PPA1M,涉及在布城兴建3栋公共公寓,总值2亿3000万令吉。
它迄今已提升总额24亿令吉的投标,并准备再竞标另外3亿令吉。
董事经理陈永标披露:“我们积极朝冲突10亿令吉的目标前进,希望我们可在年杪前争取另外1或2项计划。”
“我们可能无法达到10亿令吉目标,最终可能只介于6亿至7亿令吉。但它仍然存在可能性,我们还无法确定。”
该公司已把焦点集中在2项具规模的计划,即一马公务员房屋计划(PPA1M)和另一项来自私人界,将让它迈进10亿令吉的目标。
陈永标指出,市场上的工程数字今年已经萎缩,现在大部分是来自私人领域。由于疲软的产业市场情绪,许多住宅发展计划已经搁置,从而冲击了流入市场的建筑工程。
“位于热点的计划将会持续,但面对更多承包商的竞争。因此,必然地,利润将会缩小。”
给予美德再也控股‘超越大市’评级的肯纳格研究,在一份报告中称,该公司2014财政年的建筑税前盈利利润为9.8%,高于行业平均盈利利润7.9%。
陈永标说,这局部是拜最近较低材料成本,尤其是钢铁条。美德再也控股获得了比提出竞标时低于15%的价格获得有关材料。
他补充,在每一项投标的计划,他预料盈利利润约为5%至7%,但在执行时,它可能提高到9%至10%,这是拜价值工程实践所赐。
“在明年我们是否可以获得新工程,我们预料市场将非常具竞争,因建筑领域进一步放缓。为提高赢得计划的机会,我们将实际降低我们的利润。希望透过新捷运线和建议中高速大道的启动,市场将会改善,及竞争不会太过激烈。”
陈永标指出:“惟在现阶段,它仍然非常竞争,而且越来越激烈。”
建筑竞争贡献该公司约70%收益,而产业发展部门则占19%左右。其余11%是由被列为‘在南非投资’的南非产业发展计划,以及目前放眼份分拆的眼科专业医院连锁‘Optimax’所贡献。
在国内,美德再也控股拥有2项进行中产业计划,即位于Puchong Prima的280 Park Homes和旺莎玛朱的Wangsa 9 Residency。
前者的第1阶段已经售了66%,而第2期则只售出5%。
陈永标表示,放缓的销售属预期中,因这些阶段包含面积2000至4000平方尺的住宅单位。
而Wangsa 9 Residency方面,美德再也控股则已成功售出第1期的70%,及第2期的25%。
它也拥有位于已建成的满家乐住宅计划和Puchong Prima商店办公室,被列为库存,但陈永标并不担心。
“我们了解库存相当高,但我预料在未来数年,我们将可出清库存。”
他解释:“在流动现金方面,当然如果可出售将比列为库存更有利我们的资产负债表。但这些基础成本都已经缴付,任何脱售行动都将为我们的账户带来正面的资金流入。”
该集团来临建议中位于Puchong Prima的综合用途发展计划,占地15英亩,预料将比原订的2015年杪延缓1或2年。
“我们并不需要迫切,我们可能获得当局批准扩大面积。如果我们建造600至1400平方尺单位,认购率将会偏高。有关单位距离轻快铁车站将只有150米左右,我们计划兴建一座桥梁连接上述发展。”
尽管面对建筑利润削薄风险和疲软产业市场,陈永标仍然把今年的目标设于11亿7000万令吉。这个数字主要是来自其建筑部门。
肯纳格研究指出,目前该公司的负债率处于0.2倍的舒适水平,比较行业平均达0.5倍。http://www.kwongwah.com.my/news/2015/08/02/117.html
g)《2015建筑之皇》- MITRA(9571)美德再也陆续有来,木羊年再创高峰!!
Thursday, July 30, 2015
http://harryteo.blogspot.com/2015/07/11122015-mitra9571.html?m=1

MITRAJAYA美德再也上一次突破历史新高是5月19号,价格是RM2.01.而在5月21号,第11大马计划11MP还没有公布之前,股价一度冲到RM2.08.可惜在Jib Gor公布了没有惊喜的11MP,MITRA的股价应声而跌。也这样在RM1.80 - 1.90之间徘徊整整2个月,股价在前天7月28日终于突破了历史新高RM2.02。在2015年7个月内的时间内,股价从RM0.98上涨到今天的RM1.98, 整整有102.04%的涨幅。

这在马来西亚45家建筑股里可算是独领风骚,称之为建筑领域的皇者也不为过。回看今年的马股,涨幅超过100%的应该不超过50家,而MITRA就是其中一家。而且2015年的前景看好,Hong leong Bank已经给出了RM2.92的目标价格。今天就让我们一起挖掘隐藏在MITRA身上的“宝藏”吧。


上图是MITRA的Corporate Sturcture,包括了建筑,产业,医药保健,Quality Control以及其它等。

上图是MITRA的7位Board of director,本人曾经出席他们今年的股东大会。所以其中6个都见过了。

以上是MITRA在2014年的表现,无论是盈利,业绩,ROE,股东基金,净资产都有了飞跃的进步。股息更是从2013年的2仙进步到2015年的5仙,整整进步了150%。

以上是Chairman的报告,也是Annual report最重要的一环之一。主要是概括了过去1年公司的表现以及对未来的的展望。


建筑领域在2014年贡献了72.4%的营业额,所以盈利才会有了突破性的爆发。


在2014年的时候,公司也获得了1.14 billion的建筑合约,截至今年4月的时候又高达1.88 billion的合约在手。2015年的季度报告出炉后,MITRA手上还握有1.75 billion的合约在手。而且今年还有5个月的时间,相信MITRA还是有机会获得更多建筑工程。因此凭着手握的合约,Mitra就可以一直忙碌到2017年。

而产业领域很明显在2015年已经放缓,在2014年贡献了接近25%的盈利。可是在2015年Q1的时候,产业领域大约的税前盈利只贡献了17.1%。虽然管理层展望年底会有不少销售进帐,但是笔者对产业这一块其实并没有什么期待。

反观Mitra在南非的产业投资以及高尔夫球场,在最新15Q1的季度贡献了13.5%的盈利。而且98.57 million的Unbilled sales将会在2015年底进帐。单单这笔销售额就是2014年接近20%的revenue,所以MITRA在南非经营了接近20年终于开始带来喜人的盈利了。



2014年的EPS比2013年进步了83.5%左右,管理层有信心今年的营业额会Double,而且Profit Margin也会有所进步。假设2015年的营业额有1.05 Bil, 而Profit Margin有11.5%,2015年的盈利可以高达1亿2000万左右。以现在403mil的outstanding计算,乐观估计的EPS竟然可以高达30仙左右。

假设保守估计今年的EPS是25仙,而目标PE是12的话,不包括未被重估的地皮,目标价格可以高达RM3.00。

*以上纯属个人分析,买卖自负。

在2014年MITRA手上暂时还有87 mil的地皮等待着发展,这就是我所谓被隐藏的“宝藏”。



上图是2014年Annual report的资产以及地皮的清单,单单还没有被发展的地皮价值就超过80mil左右。很多已经超过10年 - 15年没有被重估过,假设被重估,释放出来的价值是非常惊人的。

MITRA的盈利已经连续进步9个季度,我相信这会继续维持下去。因为它是一家大方派股息,营业稳定,管理层专业的5星级好股。


这是Hong Leong Bank之前的估算,MITRA的409.7 arces的地皮,Book value是188 mil。可是现在的Market Value其实已经值755 mil,差异足足有567 mil。假设把地皮重估,MITRA的NTA应该会有2.43左右。

NTA 2.40的计算方式:

最新季度的NTA = 1.03

被重估的地皮 = 567 mil/ 403mil = 1.40

Revalue过的NTA = 1.03 + 1.40 = 2.43。

在经过我1年半的追踪之后,我对MITRA的信心是越来越高。今年保守估计的目标价格会是RM2.50。如果冲到RM3.00也不足为奇。现在距离季度报告出炉还有不到1个月的时间,而且5仙股息除权,红股以及免费凭单要到来。以上种种的利好消息都是刺激MITRA股价走高的推手。除非金融风暴来临或者政治因素,不然MITRA将会是2015年马来西亚建筑领域的“绝对皇者”!


魔法师Harryt30
21.38p.m.
2015.07.30

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