完全没有耐心，信心的请离开SAPNRG。谢谢！

Firstly, 重要的是Mr. SHAHRIL is back to SAPNRG . :-)
(before that I'm very worry about whether he will back or not.)

Secondly, SAPNRG's last loss monies Financial year was over.

我只看眼前。
看见majority voters are support Shahril, they are very mature in investing.

下半年不乐观。

Construction - 2H18 Outlook: Remains Challenging

Author: HLInvest | Publish date: Tue, 17 Jul 2018, 09:08 AM

The HSR and MRT3 have been scrapped while terms of the ECRL are being renegotiated and LRT3 has been downsized. We believe MRT2 may be the next project to be subjected to cost reduction. A new deadline of 4 Aug to conclude SPLASH deal has been set by the new government and we are optimistic towards the near term settlement. Maintain NEUTRAL on the sector. Maintain HOLD and raise TP for both GKent and MRCB after adding back LRT3 NPV contribution. Maintain BUY with higher TP for Taliworks after adding back receivables owed by SPLASH.

Review of mega projects. Post GE14, the new Pakatan Harapan (PH) government has embarked on a review of all mega projects, as promised in its manifesto. HSR (RM60-70bn) and MRT3 (RM40bn) were shelved shortly thereafter. Although there were reports regarding revival of these projects, we reckon that chances are slim in the near term. ECRL has been suspended pending further renegotiation which is expected to be conducted during the Finance Minister’s visit to China at the end of this month. LRT3 has been approved to continue at a reduced total cost of RM16.63bn and cost rationalisation measures such as extension of construction timeline from 2020 to 2024 and restructuring of project from PDP model to a “fixed price contract”.

MRT2 next? We opine that next mega project that is likely to undertake cost-cutting measures is MRT2 (RM32bn). Listed companies that are expecting to be negatively affected are Gamuda and MMC (PDP role and underground package of RM15.5bn), Ahmad Zaki (2 work packages amounted to RM1.7bn), IJM (RM1.5bn viaduct package), Suncon (3 work packages amounted to RM1.5bn), GKent (RM1bn track works), WCT (2 work packages amounted to RM1.1bn) and Gadang (RM952m viaduct package).

2H18 job flows. In 1H18, domestic contract awards to listed contractors totalled RM8.7bn, decreasing 18% YoY. We expect a slowing in job flows in 2H following downsizing of mega projects, with 2018 contract awards to end at RM15bn, a steep decline from 2017 (RM29bn) and 2016 (RM56bn).

Toll abolishment. In its election manifesto, PH also promised to review all highway concession agreements, taking over every toll concession with the ultimate aim of abolishing highway tolls in stages. Up till now no decision has been made by the new government. We opine that a full toll abolishment without fair compensation scenario is unlikely as this will spook investor confidence which may affect funding for future infrastructure development plan.

Water deal. A new deadline of 4 Aug to conclude the SPLASH deal has been set by the new Minister of Water, Land and Natural Resources and assurance has been given that the issue would be settled before the new deadline. Major beneficiaries from settlement of the deal are Gamuda and KPS via 40% and 30% stake in SPLASH respectively and Taliworks via the recovery of RM638m receivables (as at 31 March 2018) owed by SPLASH. Besides, pipe manufacturers such as Engtex, Hiap Teck, Choo Bee and YLI may benefit from rollout of pipe-replacement projects in order to curb Non-Revenue Water (NRW) problem post SPLASH deal.

Maintain NEUTRAL. Maintain NEUTRAL on construction post changes in federal government and scrapping of mega projects. The domestic construction industry landscape is expected to remain challenging and we do not expect a significant improvement in near term. Nonetheless, high order book levels (average cover ratio of 4.9x) following the robust job flows in the past 2 years should help sustain construction earnings amid subdued near term industry prospects.
Stock Call Changes
LRT3 PDP Role (GKent & MRCB)

Since the total project cost of LRT3 has been halved (from RM31.65bn to RM16.63bn), we assume the PDP fee contribution from the project will reduce correspondingly. Although the project has been restructured to ‘fixed price contract’ model, we opine that our assumption of fee reduction is consistent with the new model as the model is part of cost-cutting measures. As such, we cut GKent FY19-21 earnings by 9.5%, 14.5% and 23.6% respectively. For MRCB, we cut FY18-20 earnings by 10.0%, 11.2% and 15.2% respectively. Despite the earnings cut, we raise GKent’s TP to RM1.27 (from RM1.17) and MRCB’s TP to RM0.65 (from RM0.63) after adding back the LRT3 NPV contribution into their respective SOP valuation. We opine that our previous bear case scenario of no LRT3 contribution to SOP may have been too conservative following last week’s announcement that the project will continue amid a scaled down basis. Maintain HOLD for both GKent and MRCB.

tomorrow gap up rm1.25-1.30 if SKIN project continue.
Target price will update to RM2.20

Buy again 99.5

Myeg come after Presbhd.

KUMPULAN Wang Persaraan 总于开始有买入了，我怀疑是它在搞鬼，故意把价位破rm1.00 below. (在之前，它一直在卖出的）

I sold at 99 sen yesterday.

Trouble brewing at CCCC-George Kent JV

https://www.theedgemarkets.com/article/trouble-brewing-ccccgeorge-kent-jv

THE relationship between China Communications Construction Co Ltd (CCCC) and its joint-venture (JV) partner George Kent (M) Bhd is understood to be fraying at the seams because of issues. The two companies have a joint venture called CCCC-George Kent JV on a 51:49 basis.

The cause of the problems is understood to be the RM1 billion systems work package for the Sungai Buloh-Serdang-Putrajaya mass rapid transit line (MRT2), which the two companies had bagged in August 2016.

Sources say the dispute has reached the ears of higher levels at Mass Rapid Transit Corp Sdn Bhd (MRT Corp), which is the developer and asset owner of the multibillion-ringgit Klang Valley Mass Rapid Transit project.

George Kent executives did not respond to emails or messages from The Edge. However, MRT Corp CEO Datuk Seri Shahril Mokhtar, although he declined to comment on any feud that might exist between the two, says, “We are watching them (the JV) closely.”

Slated to connect 35 stations, the RM32 billion MRT2 covers 52.2km, some 38.7km of which are elevated while 13.5km are underground.

As at April this year, 25% of MRT2 had been completed. The first phase, from Sungai Buloh to Batu Kentonmen, is scheduled to start operating in the third quarter of 2021 and be fully completed a year later.

Without any replies from George Kent, it is difficult to gauge how issues concerning the contract may impact the company or its RM5.38 billion order book.

Meanwhile, CCCC has been facing challenging times in Malaysia.

News of problems at CCCC-George Kent JV comes on the back of the Malaysian government suspending work on the RM81 billion, 688.3km East Coast Rail Line (ECRL) project, in which CCCC secured the engineering, procurement, construction and commissioning contract in Nov 1, 2016.

It is also worth noting that CCCC, in partnership with China Communications Construction Company (M) Sdn Bhd, might have been one of two companies shortlisted by the Barisan Nasional government for the construction of the RM45 billion MRT3, which has since been deferred.

George Kent has seen better times as well. Its chairman, Tan Sri Tan Kay Hock, who controls 42.21% of its equity, is known to be a close associate and golfing buddy of former premier Datuk Seri Najib Razak.

Some say George Kent’s success in recent years was the result of strong political connections, among others. Its fortunes changed when, from dealing in water meters and trading at 15 sen, the company diversified into rail construction, largely through joint ventures. In August 2012, via a JV with Lion Pacific Sdn Bhd, George Kent won a RM955.84 million contract for the Ampang light rail transit project from Prasarana Malaysia Bhd.

And in a tie-up with Malaysian Resources Corp Bhd, it secured the role of project delivery partner (PDP) in the RM9 billion LRT3 that links Bandar Utama to Johan Setia, among other lucrative, large rail jobs.

George Kent’s stock hit a record high of RM4.36 on March 15 this year, buoyed by the many rail jobs it was said to have won. Earlier in the year, before GE14, RHB Research and Hong Leong Investment Bank Research had “buy” calls on George Kent and target prices of RM5.19 and RM5.66 respectively.

However, since the BN government was toppled, things have taken a turn for the worse at George Kent, and the market has reacted to the uncertainty surrounding the company.


The sell-down in George Kent can be attributed to its weak earnings prospects. To recap, George Kent had formed a consortium with MMC Corp Bhd and Gamuda Bhd to challenge CCCC and China Communications Construction Company (M) for the MRT3 project.

And in partnership with four European companies — Siemens, Alstom, Ferrovie dello Stato Italiane (Italian state railway) and PORR AG — George Kent was looking to bid for the asset company role in the KL-Singapore high-speed rail project, which has also been shelved.

With its future projects more or less gone, most market watchers and analysts were banking on CCCC-George Kent JV’s MRT2 contract to maintain its earnings. Now, even that seems to be in trouble.

See rm1.10 this week.

https://www.thestar.com.my/business/business-news/2018/07/09/prasarana-mulls-taking-over-lrt-3/

Reiterate UNDERWEIGHT due to rich PER valuations and flat sequential earnings growth. Rubber glove stocks under our coverage have performed well since early 2017 till now, led by HARTA (+116%), TOPGLV (+139%) and KOSSAN (+24%). Anecdotal evidence suggests that rubber gloves stocks’ share price rally was led largely by massive PER expansion compared to pedestrian earnings growth over the past eight quarters. Our analysis suggests that strong surge in price movements of the glove stocks have been mainly due to changes in the P/E multiple and not so much on earnings growth. Near-term headwinds including gas tariff hikes, and potential higher minimum wage could derail earnings. On the flipside, key upside risk is stronger-than-expected demand. We have UNDERPERFORM calls on HARTA (UP; TP: RM5.00); TOPGLV (UP; TP: RM9.40); KOSSAN (UP; TP: RM6.85) and SUPERMX (UP; TP: RM2.20).

https://www.theedgemarkets.com/article/贸易战掀开帷幕-马股收低16

盈利negative.

Wow.

The progress. The Group has done site surveys and finalized the“Business Process Reengineering”. The development stage will take at least a year before being gradually deployed to 274 sites nationwide. It has brought in 158 experts to handle various tasks and targets a total of 300 experts by year-end. It has targeted to reach 30% completion by end of this year.


Removing the uncertainties. Meeting between Prestariang management and the government’s advisors (ie. CEP) is a big boost to sentiment and should allay concerns of investors who were doubtful about the prospects of the mega project following the rationalization of operating expenditure under the new federal government. Nonetheless, it still remains to be seen whether there is any revision in the concession value. We append a sensitivity table on impact to valuation assuming various reduced values.

To recap. Prestariang had, on 18 July 2017, signed a 15-year concession agreement with the Home Ministry to implement SKIN, a border control protection control system, which will replace the existing Malaysian Immigration System (myIMMs). Under the agreement, Prestariang will receive payment upon full commissioning of SKIN Solutions, with an average annual payment of RM294.7m for 12 years, from the 4th to the 15th year, during the maintenance service period. The Group has roped in French defence, technology and security firm, Thales Communications & Security SAS and Thales Malaysia S/B as its strategic technology partner to carry out 30% the project while the domestic team will handle the remaining 70%.

We are encouraged by the announcement made by the president and group chief executive, Dr Abu Hassan following a meeting with the Council of Eminent Persons (CEP) yesterday. Prestariang will continue to implement and roll out the RM3.5bn Sistem Kawalan Imigresen Nasional (SKIN) project as per the definitive concession agreement signed on 18 July 2017. The announcement brings much-needed calm to investors as the mega project had been seen to be in limbo following in light of the new government’s belt tightening. Post-General Election, the share price has tumbled more than 29% and fell to as low as RM1 recently. Following a better picture on the outlook of the SKIN project, we reduce the discount attached on our SOP-based valuation to 10%. We retain our Outperform call but with a higher TP of RM1.79 (up from RM1.39 previously).

Rm1.79 最新 目标价

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5843057

AirAsia (Outperform, TP: RM5.03):

Welcomes any party interested in building new LCCT. AirAsia says it welcomes proposals for the development of a low-cost carrier terminal (LCCT) in Sepang from any party, whether local or foreign.

AirAsia Group Executive Chairman and AirAsia X Group CEO Datuk Kamarudin Meranun said anyone, be it an individual, company, State government or even Malaysia Airports Holdings, can come up with such a proposal.

As a strong proponent of LCCTs, the airline would work with anyone who wants to build a low-cost terminal, he said. (The Edge)

没耍你，真的。

相信我，erkongseng。

形象很重要！Tan Kay Hock 最清楚与他的友情。

"投资不外是想赚钱，对公司没信心就不关注与投资，有信心或看见机会就投资，不好一直針对公司发布负面资讯或悪意攻击，小心公司律师採取行动。好自为之，别惹來麻烦。"

by erkongseng.

你这么单纯吗？认为一几句负面的语言会导致价位报低吗。
这当然不是啦。原因只有一个，就是与Najib有关系的股，形象被外界影响， 你明白吗？

一样样他的好朋友Najib.
有一天，最好被LGE揭发出（红色档案）里的PDP Fees 丑闻。

Substantial Paper Losses after GE:14
( Have a read the edge malaysia , page:36 )
Pity , shouldn't avg down at LIMIT DOWN of GKent.
Tan Kay Hock smarter a bit bcos he and his wife DINT buy any single ticket until now, only proposed 10% share buy back effectively July 2018.
更狡猾的还是没有用自己的金钱买入，而是公司的现金。够贱！

第二，ICON 以前的亏损大幅度减低很多。
http://www.m.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5255&section=financial

希盟联邦政府计划会通过至少5%石油税归还给州政府。
公平对待各州属，有开发石油企业与相关石油公司受益不浅！
ICON 是其中一所石油上市公司，IPO rm1.85.
目前提过92.97%折扣买卖。
ICON 是当中被stock alliance 找到的这么大的折扣。

Bought ICON too.

http://www.m.malaysiastock.biz/Blog/BlogArticle.aspx?tid=19377

"人何必那么辛苦呢？只能用个假名偷偷困在背面批抨，哈哈哈，真的不是男人。看不起这种人。
06/06/2018 11:42"
在之前其他i3 forum，我都不比起你的狡猾。

好高啊！！！！！

活该。

Si muka pucat berdoa setiap pagi dan malam.

"then qtr out with 200m loss, back to 50c
06/06/2018 11:21"
By super panda.

你讲是就是咯,lol

Cuma Gamuda, HSSEB, GBGAQRS tidak pernah disiasat oleh MACC.
GAMUDA mempunyai tahap kepakaran yang tinggi dalam pembinaan LRT, MRT terutamanya dalam PEMBINAAN TEROWONG. (Gkent 100% berlainan dengan GAMUDA)
专注其他多元化业务（除了再靠基建建筑）。
换言之,你们心目中的GKENT将来的会只是靠水表吃饭。它还有什么能力靠别的生意去维持吗?没有。

Gamuda tak kurang juga, TIGA TAHUN KEWANGAN AKAN DATANG TELAH DIPOTONG DAN DIMINIMUMKAN KEUNTUNGANNYA.

最糟的业绩已经在上一次（4th, FY2018)揭晓了， 还没有清醒吗大家?
http://www.m.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5218&section=financial

HSSEB and GBGAQRS is became a speculation counters , SENANG UNTUK traded. GKENT itu Tak sama, is terlibat dalam siasatan MACC sebelum ini, harga kini masih belum mengambil kira dalam scandal MACC.

A lot of GKENT's lovers Investors is holding at average cost of rm3.00-3.20 after rm3.80 not much monies to avg down their price at current price since they accumulated quite so much share before General Election 14.
But, I'm sure is that some of them sold during FIRST LIMIT DOWN.

搁置了HSR, MRT3 已经造成被抛售的对象（无论该公司有多少建筑订单在手里都好，无论是该公司有没有去竞标工程工程项目都好）
Jiat lat, GKENT aslo tender (not Open tender) ECRL projects rm1.0 billion
(还未知道未来命运。)

RHB, CIMB, KENANGA, HONGLEONG 纷纷调低目标价，为什么?因为他们的顾客很多在GE14 以为Barisan National 继续组成政府，所以大量购买了建筑stocks.（调低目标价目前是要减少他们之前的亏损。）LIMIT down 时候很多人都已经不够钱去再进货了，所以，他们持有的价位很高，相信亏了几十%.

自大嘴巴。
Attn:脸青青。

财政部＂红色档案＂解封後弊案一一见天日
林冠英下星期爆另一个大锅

财下部长林冠英上任还，接二连三揭发国阵政府留下的种种弊端，从一马发展公司（1MDB）丑闻，到国债超过1兆令吉，每一次揭发都令国人感到心惊胆跳，惊觉原来问题那麽严重，如果你以为问题到此为止，那恐怕你还要吃惊多几次。

林冠英透露，下个星期，他会揭发另一宗严重弊案，不过，他拒绝说明细节。

他两次重复说：「我下个星期将会揭露一切！」。

林冠英在第十四届全国大选後，受委财政部长，他在上班第一天，就将多份＂红色档案′解密，并从＂红色档案＂里，找到政府为一马发展公司摊还债务的事实。

什麽是＂红色档案＂，这是前首相兼财政部长纳吉的决定，被前财长定义为＂红色档案＂的文件，只有财政部长秘书长依万（IRWAN）和其另一名署理秘书长才能调阅，每一次调阅都要书面申请。

负责审查国家财务的总稽查司也被禁止调阅红色档案，林冠英表示，他在第一天上班时，总稽查司就求见，当晚十点，他才有空档见她。

「结果，她告诉我这一切坏消息，我从中知道国家债务超过1兆令吉，才知道有＂红色档案＂。」

林冠英指出，被列为＂红色档案＂的案件，包括一马发展公司投资，SRC国际和联邦土地发展局（FELDA）的投资案。

林冠英是在接受英文财经周刊THE EDGE访问时，向该刊物揭露这一连串问题。

他也向THE EDGE预告，下星期他会揭发另一宗严重弊案。

是什麽泼天大案呢？林冠英暂时守口如瓶，让我们拭目以待，这名斗士型财政部长下星期会揭露什麽案，肯定的是人民要再吃一惊，而涉及各种弊案的政治领袖和政府祸官在这个周末肯定不能睡好觉。

https://9shares.my/财政部＂红色档案＂解封後弊案一一见天日-林冠英/

most of the investors dint facing 10-20 cent loss only, but rm1.50-rm2.20 loss.

红色档案揭发了更大丑闻！！

劲爆消息 PFI：第二個1MDB等著爆發！

劲爆消息 PFI：第二個1MDB等著爆發！ 敦馬再次向納吉開炮 除了追問1MDB的420億下落，這次他也提到另一家已累積至少279億，目前已高達474億債務，和1MDB不遑多讓的 GLC。 叫人擔憂的是 這家公司的所有貸款皆來自我們的EPF！ 這家GLC叫PFI，和1MDB一樣，也是財政部旗下財政部機構（MoFInc）持有99.99%股份的GLC，其餘一股由聯邦土地局（Federal Land Commission）持有。

看來PFI就是Pembinaan Finance Incorporated的簡寫。行動黨王建民曾數次提到這家也是問題重重的GLC，可是未能引起大眾注意。 先說這家公司如何操作。長話短說 便是政府將本身擁有的土地租給這家公司，然後再以15年直至2027年的時間，向這家公司租回，租價總額達292億。 平均起來 政府每年需支付20億給這家PFI，以“租用”政府本身的土地。而在2013年前，政府已經在使用這些土地，而且無需支付任何租金。 是不是很奇怪？明明是政府的土地，爲什麽刻意低價租給這家公司，然後又高價向它租回來？ 這不也是“洗黑錢”的一種手法嗎？有誰從中牟利？大家也就心照。

這個做法 與政府將土地低價賣給1MDB，後者再將土地高價賣給其他GLC有異曲同工之妙。或者可以這樣說 PFI是1MDB的第二個版本。 問題是 既然這家公司只是向政府“收租”，理論上應該擁有很多現金。但事實上它卻背負了279億債務！所收來的“租金”和這279億債務，究竟去了哪 裡？ 政府一路來都使用這些土地，而且在2013年前根本無需付任何租金，卻在2012年“租給”PFI，再向PFI“租回”17年。 根據2013年總稽查司報告，PFI的債務在所有GLC排名第三，截至2012年就已高達279億，僅次於國油（1520億）和國庫（690億）。

問題是 國油和國庫還有營運收入，而PFI并沒有任何營運收入；除了向政府租來的土地，它也沒有本身的資產。 去年8月开始 公司通過EPF再貸195億元回債，總債務因此達致474億，這裡再重複一次，這家公司的所有貸款都由EPF融資！ 比起來，我們更應該擔心PFI的474億債務，它比1MDB的420億還多。

它也和1MDB一樣操作神秘，其年報只到2012年，比1MDB还厉害还糟。

很多traders and investors 还比TS Wong来得单纯。

U mean Myeg, right stockintalk?

Moneymore, 够白痴咯。