superb QR! As mentioned earlier this is just a small present. Big one yet to announce.Congrats to all and don't ask about TP , just keep and enjoy to ride on the wave
Superb earning result for first quarter compare to previous year first quarter, eps increased, Pe still below 9 consider low, if conservative growth to Pe 12 times cumulative eps, 1.00 should be no pro,long run investor will be rewarded..well done n gd luck everyone..
The reason to reschedule the launching of ara damansara project is they want to focus on mrt and another coming project. Really ,if two big scale projects running concurrently will take a lot of man power and tight in cash flow. Wise decision made by management. Hope more fund managers will continue to buy in.
Unsure the crane that TRC used at previous Kelana Jaya LRT sentimental bridge erection machines were under lease contract or self ownership. If is self owned, will be a great advantage to further lower down the cost for coming LRT project.
Jen188, many punters looking for 1 cent gain, they had missed the boats since the price raised from 1st wave at 0.52..I am sure they will miss for next few waves.
Generally, MRT project will guarantee the average return of 1.2 to 1.5 cents earning per quarter. Excluding the contribution from Pan Borneo project, property development at Australia (expected has already break even, assuming 50 percent profit margin), plus another LRX X proejct. TRC is marching towards RM1.2
I hope the long waited LRT X project is able to clinch by this month. Expected valued at 550 mil +, then outstanding order book will stand at 2.3 to 2.4 billion. We can sleep tight for another next two to three years. Waiting for their coming dividend too...1.9 cents.
Plus the Damansara project, order book will be easily hit 2.7 bil at least. Not easy to hunt for such a lean and well managed GLC company. Now the price valued at PE of 8.x ,margin of safety is relatively high for a growing business.
Hope TRC close partner, Prasarana able to finalize and get the funding by this month or early of June. Because they need to award all the 26 stations, depots and viaduct packages by this July.
Public Bank Has Raised the TP to RM0.82 from RM0.59
TRC Synergy started the new financial year strongly with 1QFY17 net profit of RM12.1m (+c.9x YoY, +31.5% QoQ), driven primarily by revision of project margin for some of its completed projects that have resulted in higher gross margins and foreign exchange (FX) gains. The results would have been better if not for the write-down of its Energy division, which we believe is related to its refinery project in Brunei. After adjusting for FX gains and the write-down for refinery project, its core 1QFY17 net profit is estimated at c.RM12.6m, constituting c. 51% of our full year estimates. We now believe that the margins should be better, given that it should continue to benefit from the write-backs from the completed projects and healthy outstanding orderbook of c.RM1.8bn. As such, we adjust our gross margin assumptions slightly higher and revise our FY17-19 higher by 52%/40%/39% respectively. Correspondingly, we also revise our TP higher to RM0.82 (from RM0.59 previously) with a higher multiple of c.11x (from c.10x previously) which is still below the sector average mean of c.13x. TRC Synergy is now upgraded to Outperform (from Trading Buy).
Outstanding order book at estimated RM1.8bn. With the new contact win secured recently from MRT Corp, the Group’s outstanding order book is estimated to be at RM1.8bn, ensuring earnings visibility for the next 2-3 years. Going forward, we believe the Group is still eyeing projects which among others include LRT3 and Pan Borneo Sabah. We understand that the LRT3 tender results should be out in the next 1-2 months, and believe that TRC Synergy has a good chance to secure at least one package, given its track record in LRT projects. Therefore, job flows for the Group is still expected to be good. Ara Damansara property development project. The long awaited Ara Damansara property project is now believed to be at the last stages of finalization, which consists of service apartments, hotel, office block and retail mall. The first launch is expected this year, with GDV estimated at c.RM1bn. We understand that the first phase is estimated to be c.RM300m. Source: PublicInvest Research - 25 May 2017
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
shunfeng2032
153 posts
Posted by shunfeng2032 > 2017-05-23 10:56 | Report Abuse
1.40 ??