Forecasts.

Net profit to grow by 52% and 31% in FY14 and FY15 to RM38.3m and RM49.9m, respectively.

The earnings growth is based on the following assumptions:

(i) orderbook burn rate of 33%-35%,
(ii) new contracts assumption of RM300m per annum,
(iii) unbilled sales of around RM80m coupled with expected new sales of RM50m-RM115m in FY14-FY15

Other businesses to support earnings growth.

Mitrajaya has other businesses, including

(i) a 51% stake in Optimax Eye Specialist Sdn Bhd, one of the largest optical companies in Malaysia and

(ii) 152 acres of bungalow vacant lots and 18-hole golf course in South Africa.

The former contributes about close to RM1.0m last year while the latter contribute about RM5.0m last year mostly through land sales.

It could maintain the same quantum of last year’s profit through land sales.
These two divisions will likely continue to support its earnings growth in the foreseeable future.

Key catalyst for property division:

Wangsa Maju. Mitrajaya will be launching a property project comprising 3-blocks of luxury condominiums in Wangsa Maju starting 4Q2014.

Total GDV for the whole project is estimated at RM650m and it is located right opposite Wangsa Walk Mall and is only 150m away from Sri Rampai LRT station.

Despite the property cooling measures, this project will achieve strong take-up rates due to the strategic location.

According to the management, 1st phase of the project will be around RM200m and expect this project to contribute significantly from FY16 onwards.

Tenderbook of RM1.75b, targeting to win at least RM300m this year.

Tenderbook includes:
A.Petronas RAPID project (RM600m),
B.building works for Ikano Cochrane (RM350m),
C. infra projects for ECERDC (RM300m),
D. building works for Bandar Setia Alam (RM300m),
E. and building works for Putrajaya (RM200m).

F.The management expects to win at least RM300m this year and that,

Believe that it will be coming mainly from building works in Putrajaya and other infra projects.

Note that Mitrajaya has established a long-term relationship (10 years) with Putrajaya Holdings through its excellent project delivery track record.

The latest project they secured with Putrajaya Holdings Bhd was the RM427m MACC Building last year.

With this track record and background, Mitrajaya is well-placed to win more contracts from Putrajaya.

Mitrajaya’s earnings have reached an inflection point after its core net profit (netting off the RM4.2m land disposal gain in Rawang) grew significantly by 40% to RM25.1m in FY13,

driven its construction and property divisions.

According to the management, its orderbook has reached its all-time high of RM1.2b (3.3x to FY13 revenue),

140% higher than that of its previous historical high of RM500m.

As for its property division, there is RM80m locked-in sales, which will be recognised this year and about RM146m ready stock yet to be sold.

Based on our conservative analysis, we forecast Mitrajaya’s core earnings could at least report high double digit net profit growth of 52% and 31% in FY14 and FY15.

This is substantially higher than that of our construction universe’ aggregate FY14-FY15 earnings growth forecast of 16%-9%

remain invested and the recent short-term price weakness due to the poor 1Q14 results should offer investors the opportunity to accumulate at lower levels.

Newsflow will be strong over the next few months from the Johor oil & gas training school, new contracts and potentially positive developments in UniMY.

earnings should recover from 2Q14 onwards, with a stronger recovery in 2H14 as new contracts should kick in by then. A new shareholder in UniMY could help ease the pressure on management to bring in strong student numbers this year. UniMY's management will then be able to focus on expanding its student base by attracting the private sector.

positive surprises at the 1Q14 briefing today:

i) Prestariang is hopeful it can finalise the contract extension of the IC Citizen project by 3Q14. Negotiations with the government are already at advanced stages. The company is also bidding for new contracts for the school teachers' Pro-ELT and its Smart Green programmes.

ii) Prestariang is looking to bring in a new shareholder into UniMY to help boost its student numbers and hopefully break even this year.

iii) There is potential revenue from training foreign workers at its Johor oil & gas training school. We understand that both local and foreign workers in Petronas-related jobs need to get the health, safety and environment (HSE) certification.

We have not reflected potential earnings from the foreign worker segment into our forecasts

It looks like the worst is over for the company.

At the 1Q14 briefing today, the company said that it hopes to finalise the IC Citizen contract extension soon and that it is negotiating some new projects with the government.

2H14 should be a much stronger half. We maintain our EPS forecasts and our Add rating. Our target price is unchanged, still based on 16x FY15 P/E, in line with the average of its regional peers.

Positive newsflow on its new oil & gas training school, new contracts secured and strong UniMY student enrolment should catalyse the stock.

Sorry, typing error. STP2

RUN OUT FR CSCSTEL.

If not approval the STP1, Penang property price will become more
expensive.

Rem DAIMAN this stock ?
few months ago, the price stand at below rm3.00,
but 3 weeks ago, Daiman hit 3 times to the higher price
to rm3.50 above. Ofcos now have some correction price.

1.E&O this stock as good as Daiman.
2.Penang state gov soon wil approve the STP1 project bcos of Demand in property in Penang.
3. Population increased in penang.
4. FDI increased, jobs had bern created, demand of properties increase as well.

My remisier also adviced me to be patient in GADANG.

Yes, Hapseng is not in list of Syariah May 2014.
Sure continue to drop

This Campany is good dividen paid 10 cent.
Since the price seem like going to drop below rm3.00.
We can collect it.
But I dunno what is the support price ? rm2.95 / rm2.80 / ...

lim, u see how nch218 explain and consulted u.
Trust urself, MKH & LKTM steady earning campany
But Symlife Im not sure.
If u think u earn enought, then run out.
If u r confident , stay and keep & hold it.

I dun think so, might break rm3.00. high possibi;ity.

I like u, wongchowsang.
u like a teacher in Stock market.
So will u hold Gadang or not ?

at lease Mitra dint out of the latest list.
Got chance to fly next week.
cheer ch741001.

Daya’s 1QFY14 performance is back in the black, steering the Group back on track, as both SD1 and SD2 charters to Technip are already on course, contributing to higher revenue for this quarter. Revenue registered RM129.3m (+29.1% YoY, -7.6% QoQ), with earnings of RM0.9m (-81% YoY, +>100% QoQ). We are maintaining our Outperform call on Daya with a rolled-over unchanged TP of RM0.43, which implies a 10.5x multiple to its FY15F EPS of 4.1 sen. The PE multiple is lower than the previous 14x used given the uncertainties surrounding its planned capital raising exercise for the acquisition of vessels and its potential effects on balance sheet and earnings. With owned vessels however, we should expect some enhancement to Daya’s earnings.

QoQ changes. The decrease in revenue QoQ was mainly due to the lower sales recognition of cable laying project which was completed in 2013. The improvement in profitability this quarter however is from the completion of the project which suffered losses last quarter.

Polymer (Revenue: 4% contribution). Remains subdued from the slow growth prospects of the division, suppressed further by continued foreign competition. The Group however had implemented ongoing operational initiatives to deliver better production efficiency and improved cost structure, reflected in the positive results.

O&G (Revenue: 41% contribution). Will continue to be the main driver for Daya with long-term charter of SD1 and SD2 which will bring steady recurring income for the Group. Both the new-built offshore subsea construction vessels have been deployed in the North Sea since early March this year. The division is further supported by its downstream activities, in downstream chemicals and specialised lifting services.

Technical Services (Revenue: 55% contribution). Expected to grow over the next few years by leveraging on its engineering expertise, as the Group builds and execute its order book which currently exceeds RM1bn. Daya has also begun exploring strategic corporate initiatives to unlock the values.

Maintain Outperform. Daya will be buoyed by i) the LT charter of Siem Daya 1 (SD1) and Siem Daya 2 (SD2) to Technip, ii) prospects of exploration and production business via its investment into Reach Energy (soon to be listed SPAC), iii) downstream chemicals and specialised lifting services, and iv) outstanding orderbook of RM1.7bn.

Source: PublicInvest Research - 29 May 2014

rem patient .

YTL, Armada r expected to drop on Monday.

thx, livermore.
Presbhd is in the list of Syariah May 2014.

For sure Monday will up to rm1.85 something if I not wrong.

E&O IS IN THE LIST OF LATEST SYARIAH MAY 2014.

I think will conti ue to the North by Monday eventhough is slow but steady.

I think Profit Taking will be happen on Monday for MKH if I not wrong.

Mitrajaya is in the list of Syariah May 2014.
Monday will up to rm0.880 above !!!

Mean the latest syariah name list, Hapseng is not included ?
if yes, Monday will continue drop break rm3.00 for sure.

FV RM 4,.69
NEXT MONDAY IS GOIN GTO DROP .

wer can we get the latest list of shariah compliant ?
thx.

yup, me also in OCK.

We give Thheavy time to prove thier OG business within 2-3 years.

My remisier told me like that, especially to the youngers who is the investors who easier to

lost their patient.

im not sure whether Hapseng been kiskout of syariah status or not.

I still din buy yet bcos i am thinking whether want to buy MKH or Hapseng.

But yesterday I notice that Hapseng will drop, today dropped 17 cent is out of my

expectation.

dun put all ur money into the same basket.
( my advice only )
up to u.

YES, HOLD AND keep ours ENCORP'S share.

RUN, DUN BUY IN FIRST !

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1641081

almost want to rebound soon, if not today, maybe next week.
Sure up to rm2.00 above.

no such thing like what wongchowsang said .

Why Felda want to take it privately ?

Bcos Felda has a lot of land

to develop. It will be done thro ENCORP.

( Above answer , ...my PJ-KL remisier told me Encorp worth to invest.

I asked the same question to my remisier like nch218 ask ).

Recommendation

Maintain Buy and RM3.10 TP based on 30% discount to our
RM4.40 RNAV.

While the management remains committed to it 3-
year cumulative profit target of RM450m over FY14-16,

Believe
that the relatively weaker sentiment may pose a challenge to the
target.

Nevertheless, we remain sanguine of its long-term prospects
underlined by its quality land bank (Medini and STP) and strong brand
name.

Strong earnings visibility.
1. Unbilled sales stand at RM900m
(2.4x FY14 property revenue) as at Mar14 which will underpin its near-term
earnings visibility.

2. E&O has targeted RM1.2bn sales for FY15
(vs RM730m achieved in FY14), of which Avira@Medini and Andaman
condos@STP1 will account for 40% and 32%, respectively.

3.
Understand that 1st phase for 208 units of Avira terraces
(~RM1.3/unit) have been 70% taken up which will pave the way for
subsequent launches. Meanwhile, Andaman 18 East (RM600m
GDV@RM1,500psf) is likely to see robust sales given its prime seafronting
location within STP1.

Revamping F&B business.

Had it not been for the RM21.5m
operating loss from the hospitality segment, E&O would have capped
a much stronger result.

Provisions and restructuring cost have been
charged during the quarter as E&O downsized the Delicious Group
operations which could suggest better performance going forward.

Highlights

Strong 4QFY14. Excluding RM5.7m exceptional gains, E&O reported
4QFY14 core profit of RM44.9m, taking FY14 core earnings to
RM82.8m.

The stronger-than-expected 4Q was largely due to the
progressive billings of its on-going projects (The Mews, Andaman
Tower 1 & 2) as property development EBIT surged by 177% q-o-q
and 35% y-o-y to RM90.1m.

Stellar 4QFY14
• 4QFY14 result beat expectations
• RM900m unbilled sales to underpin near-term visibility
• 3 sen first and final DPS declared
• Maintain Buy with RM3.10 TP

STP2 is well on track.

E&O is now awaiting Penang state
government’s endorsement for STP2 land use master plan which was
submitted on 21 Apr 2014.

Reclamation works for phase 2A involving
384 acres (131 acres Gurney Drive foreshore for state gov) could
begin by 4QCY14/early CY15. Assuming RM150psf reclamation cost,

it could cost RM2.5bn, and we understand that E&O is in the midst of
exploring various financing schemes. We estimate that STP2 land
bank valuation will comprise 36% (RM1.60/share) of our RNAV.

( Result Snapshot
Eastern & Oriental 29.05.2014 ))

Is that will effect us as a small investor in Encorp if FIC not to intend to maintain Encorp's listing status ?

http://www.theedgemalaysia.com/highlights/292134-highlight-felda-to-take-encorp-private-hl.html

I online to read The Edge everyday.

I WILL KEEP AND HOLD IT .

Gond 1Q result for Mitra !!!