Posted by soon9913 > 2023-11-15 22:48 | Report Abuse

Nov and Dec will be super peak month in Cambodia...

Posted by soon9913 > 2023-11-20 08:36 | Report Abuse

https://www.khmertimeskh.com/501394170/cambodias-international-airports-handle-4-11-million-air-passengers-in-ten-months/

Posted by gndthx > 2023-11-20 17:56 | Report Abuse

https://www.thestar.com.my/business/business-news/2023/11/20/muhibbah-engineering-gets-rm161mil-terminal-expansion-job

Posted by Fabien _the efficient capital allocator > 2023-11-20 17:59 | Report Abuse

1) Proposed Construction and Completion of Lumut Maritime Terminal Expansion Project at Mukim Lumut, Manjung, Perak (Phase 2A – Construction of Onshore Infrastructure and Offshore Facilities inclusive Main Open Type Wharf). The total contract value is approximately RM161 million.
2) Provision of Engineering, Procurement, Construction and Commissioning + Installation (EPCC+I) of Light Weight Structure, Duyong Brownfield Modification and Host Tie-In for Gansar Project, around 190 kilometres from Terengganu shore for a total contract value approximately RM318 million

Posted by TCH1186 > 2023-11-21 07:24 | Report Abuse

o.O

Posted by soon9913 > 2023-11-21 09:16 | Report Abuse

when will be the result announcement?

Posted by soon9913 > 2023-11-21 09:16 | Report Abuse

it will hit rm1 anytime soon

Posted by soon9913 > 2023-11-21 09:16 | Report Abuse

this stock use to be RM2-RM3 before covid time..

Posted by ming > 2023-11-28 22:33 | Report Abuse

Susah nak calculate the minority interest part..

Last qr profit almost fully go to equity owner side. This qr change again~ mayb got to use annualize data to judge it..

Anyway~ at least move forward to right way..

Posted by firehawk > 2023-11-28 22:43 | Report Abuse

(sorry! the previous post mixed-up the Q1 & Q2 figures, repost as below:)

Qtr Revenue PBT PAT NP EPS(sen)
Q3 287,043 35,169 26,978 6,114 0.84
Q2 324,000 10,350 5,442 5,130 0.71
Q1 203,718 12,774 8,506 2,044 0.28

Posted by firehawk > 2023-11-28 22:46 | Report Abuse

Although profit improved significantly, but most of it went to Non-controlling interests (20.865m), merely a small portion went to Owners of the Company (6.114m).

Posted by soon9913 > 2023-11-29 11:41 | Report Abuse

firehawk, what does it mean non-controlling interest? meaning profit from associated company?

Posted by firehawk > 2023-11-30 23:42 | Report Abuse

soon9913, example, you and your partner opened a co, you own 51%, yr partner 49%. So, you are the owner of the co, but when doing acct. 49% of the profit goes to yr friend , this is called non-controlling interest (or minority interest). Yr friend reported this as share of profit of associate.

for this Muhibbah, the profit attribution is not consistent Q by Q, i.e. in Q2, Non-controlling interests (0.312m), Owners of the Company (5.132m). It could be some of the subsidiaries attribute their earnings in half a year quantum (or yearly?), I'm not too sure.

Posted by Michael Kwok > 2023-12-04 00:30 | Report Abuse

Price 74 cents
Resistance 81 cents
Support 67 cents
Depend on which way it go.break resistance means a buy, and vise versa
4/12/23 12.23am

Posted by soon9913 > 2023-12-05 09:20 | Report Abuse

engine baru start, significant improved in financials... huge contract on hand.. profit visibility in coming quarter..!

Posted by ming > 2023-12-15 11:31 | Report Abuse

Cambodia Airports Passengers Traffic

2023
Oct: 410k (no sure included Siem Reap airport either full month or half)

Nov: 460k (without Siem Reap airport !!!)

Q3: 1.205M
Q2: 1.215m
Q1: 1.265m

2022 (Full year: 2.382mil passengers)
Q4: 974k
Q3: 738k
Q2: 475k
Q1: 195k

Posted by Alphabull > 2024-01-03 12:01 | Report Abuse

share price look nice today, break 82 sen resistance then fly?

Posted by thegoldfinger > 2024-01-03 14:40 | Report Abuse

I guess many ppl didn't notice, next QR got one off profit for Cambodia Airport concession compensation. 63mil USD if based on rate 4.6 = 290 mil, 50% market cap of the company

Posted by soon9913 > 2024-01-04 13:08 | Report Abuse

full compensation not going to muhibah as it own 21% of the airport operator company only.......

Posted by soon9913 > 2024-01-04 13:10 | Report Abuse

so your rm290mil is 50% of the market cap is not correct.. could be rm60million and less not yet deducted the cost captured in their book... gain could be not much

Posted by thegoldfinger > 2024-01-04 16:50 | Report Abuse

thx for correcting @soon9913, thought got chance give special dividend

Posted by thegoldfinger > 2024-01-04 17:01 | Report Abuse

cimb give tp 89.5 sen, hope can reach
https://rfs.cgs-cimb.com/api/download?file=525ef4af-0964-4025-ae98-c474c73aa9f5

Posted by Alphabull > 2024-01-04 17:12 | Report Abuse

https://www.thestar.com.my/aseanplus/aseanplus-news/2023/11/30/foreign-tourist-numbers-skyrocket-in-cambodia

Posted by Alphabull > 2024-01-05 15:31 | Report Abuse

start engine today gogogo

Posted by Alphabull > 2024-01-09 03:12 | Report Abuse

RM 1 otw

Posted by Alphabull > 2024-01-11 10:05 | Report Abuse

https://theedgemalaysia.com/node/692649

Posted by Alphabull > 2024-01-15 15:07 | Report Abuse

slowly coming gogogo

Posted by ming > 2024-01-23 18:33 | Report Abuse

Cambodia Airports Passengers Traffic



2023 (exclude SiemReap Airport) :
Full year: 4.031mil passengers



2022 (exclude SiemReap Airport) :
Full year: 2.010mil passengers 


Posted by Alphabull > 2024-01-26 11:01 | Report Abuse

wow increase double, means coming result should be good

Posted by soon9913 > 2024-01-26 15:28 | Report Abuse

oil and gas good prospect and secured many contracts last year, crane and construction biz is good, airport biz also good. what to expect to the share price? buy and keep only

Posted by sten_still > 2024-02-06 16:42 | Report Abuse

So boring, huge seller

Posted by speakup > 2024-02-06 21:23 | Report Abuse

Must be Fidelity

Posted by sten_still > 2024-02-21 09:27 | Report Abuse

Nothing can be benefit owning this stock, up one day down so much

Posted by ming > 2024-02-27 01:19 | Report Abuse

FAVCO result :

Q4 PAT: 21.3m
Full year PAT: 61.2m

Adjusted core earning (exclude one off item)
Q4: 41m
Full year: 66m

Posted by ming > 2024-02-28 02:29 | Report Abuse

Muhibah latest result,
PBT Q4: 8.6m
PBT Full year: 66.9m

If exclude the one off general provision claim of 40m,
PBT Q4: 48.6m (almost close to 2019 result)
PBT Full year: 106.9m

If exclude ALL the one off items like impairment, provision, forex, write off etc,
PBT Q4: 74.7m
PBT Full year: 127.6m

Posted by ming > 2024-02-28 12:31 | Report Abuse

Cimb increase Tp from 0.90 to 1.34 today !!!

Posted by lloydlim > 2024-03-05 19:41 | Report Abuse

Time to accumulate!

Posted by ValueMaker > 2024-03-27 14:40 | Report Abuse

Part 1: Introduction of Muhibah’s Business


1. Crane division
- owns 64% of total shareholding in Favelle Favco Berhad (stock code: 7229)
- the cranes mainly use for tower building, oil and gas sector, wind farm installation, port handling & etc
- Favco’s crane was used to construct the world tallest buildings, include:
i) Burj Khalifa, Dubai
ii) Merdeka 118, KL
iii) One Word Trade Center, NewYork
iv) Taipei 101, Taipei
v) Shanghai World Financial Center, Shanghai
vi) Tun Razak Exchange, KL
vii) International Commerce Centre, Hongkong
viii) Petronas Twin Towers, KL


2. Infrastructure Construction division
- mainly involve o&g projects, port, highway, railway, airport, bridge and etc
- completed project include:
i) installation of noise barriers for MRT, LRT, SUKE & etc
ii) wharf & terminals at Westport, Klang & Jurong, Singapore
iii) various of Petronas’s projects (onshore & offshore)
iv) large cargo building at Kuala Lumpur International Airport
v) hydroelectric project at Sarawak
vi) Ministry of Transport’s headquarter at Putrajaya
vii) Royal Malaysia Naval Base project
viii) Penang Bridge upgrading project


3. Marine Ship Repairing / Ship Building division
- owns the second largest offshore fabrication yard in Malaysia
- built and delivered more than 70 vessels both locally & overseas
- include Offshore Supply Vessels, Anchor Handling Tug/ Supply Vessels and Offshore Well Support Vessels with DP2 capabilities


4. Airport Concession
- owns 21% effective stake in Cambodia Airports
- manages the 2 operating international airports: Phnom Penh (capital city) and Sihanoukville


5. Road Maintenance Concession
- owns 21% stake in Roadcare (M) Sdn Bhd
- awarded concession to maintain Federal Roads in central and eastern Peninsular Malaysia (Selangor, Pahang, Terengganu & Kelantan)


6. Other
- second largest shareholder (7.96%) in Master-Pack Group Bhd (stock code: 7029)

Posted by ValueMaker > 2024-03-28 17:37 | Report Abuse

Part 2: Catalyst / Upcoming events:

1. MRT 3 / Penang LRT
- high chance for Noise Barrier job as it was the winner for past rails/highway projects
- other related parts/works award might be bonus

2. Strong OIL price may support continuous Capex spending
- more than RM 990m jobs awarded directly from Petronas between 2022 & 2023
- Petronas’s RM 25b/year capex to spend locally

3. Recovery of Cambodia tourist
- flights passengers jump > 100% in 2023 compare 2022
- concession profit improved significantly to RM 60m (compare to RM1m loss in 2022)

4. Compensation from Cambodia as early termination of airport concession
- new airport to replace the existing Phnom Penh airport by 2025/26
- unlike the SiemReap airport (non-exclusive rights), Phnom Penh airport which has an exclusive clause in the concession agreement should receive fair compensation
- based on the RHB research in March 2020, the estimate compensation should between RM 747m - 874m (actual value should be lesses now as tenure shorten)

5. Petronas Safina Project (marine)
- aims to build up to 100 vessels over the next 4-5 years to replace the old vessels
- Muhibah is one of the very few local shipyards shortlisted by Petronas
- back to last peak cycle during 2010-2014, Muhibah’s marine division recored continuous > Rm 40m profit / year

6. Westport expansion plan RM 39.6b
- expertise in wharf & port related job
- existing client relationship

7. Saudi Line City project
- a linear smart city which is designed to have no cars, streets or carbon emissions
- CIMB research in Feb 2024 first disclosed that Muhibbah alluded to possible tenders

Posted by snake_eye > 2024-03-29 16:06 | Report Abuse

big contract from middle east coming..order book will be 3billion..

Posted by lloydlim > 2024-03-30 11:33 | Report Abuse

A new trend begins!

Posted by ming > 2024-03-31 15:53 | Report Abuse

Let’s see which catalyst above will come first~


ValueMaker
Part 2: Catalyst / Upcoming events:

1. MRT 3 / Penang LRT
- high chance for Noise Barrier job as it was the winner for past rails/highway projects
- other related parts/works award might be bonus

2. Strong OIL price may support continuous Capex spending
- more than RM 990m jobs awarded directly from Petronas between 2022 & 2023
- Petronas’s RM 25b/year capex to spend locally

3. Recovery of Cambodia tourist
- flights passengers jump > 100% in 2023 compare 2022
- concession profit improved significantly to RM 60m (compare to RM1m loss in 2022)

4. Compensation from Cambodia as early termination of airport concession
- new airport to replace the existing Phnom Penh airport by 2025/26
- unlike the SiemReap airport (non-exclusive rights), Phnom Penh airport which has an exclusive clause in the concession agreement should receive fair compensation
- based on the RHB research in March 2020, the estimate compensation should between RM 747m - 874m (actual value should be lesses now as tenure shorten)

5. Petronas Safina Project (marine)
- aims to build up to 100 vessels over the next 4-5 years to replace the old vessels
- Muhibah is one of the very few local shipyards shortlisted by Petronas
- back to last peak cycle during 2010-2014, Muhibah’s marine division recored continuous > Rm 40m profit / year

6. Westport expansion plan RM 39.6b
- expertise in wharf & port related job
- existing client relationship

7. Saudi Line City project
- a linear smart city which is designed to have no cars, streets or carbon emissions
- CIMB research in Feb 2024 first disclosed that Muhibbah alluded to possible tenders
2 days ago

Posted by soon9913 > 2024-04-02 10:16 | Report Abuse

actually their new contract on hand value is higher than 2019 pre covid time ady.. now is waiting delivery the result

Posted by snake_eye > 2024-04-02 14:37 | Report Abuse

plus the contract is more quality in term of profit than before covid time..easily touch RM2

Posted by ValueMaker > 2024-04-04 13:01 | Report Abuse

KUALA LUMPUR: Rakuten Trade Sdn Bhd has boosted Muhibbah Engineering (M) Sdn Bhd's earnings per share (EPS) for fiscal years 2024 and 2025 (FY24/FY25), marking increases of 41 per cent and 43 per cent respectively.

This surge follows Muhibbah Engineering's remarkable performance, surpassing its expected net profit for fiscal year 2023 (FY23) by an impressive margin of 141 per cent.

"In the fourth quarter of FY23 (4QFY23), Muhibbah achieved a core net profit of RM45 million, contributing to a full-year core net profit of RM53 million, inclusive of its associate's contributions.

"This performance was attributed to improved divisions such as Marine Shipyard, Cranes, and Intelligent Automation, along with a better-than-expected recovery in Cambodian tourist traffic," it said in a note today.

The firm expects Muhibbah to secure more contracts due to Petronas' heightened capital expenditure and transportation infrastructure projects like the Penang LRT, which require noise barrier systems.

"This enhances Muhibbah's earnings predictability as it enters a phase of increased profitability," it added.

Additionally, Rakuten Trade said the engineering company stands to gain from the rapid earnings rebound of its associates through its airports in Cambodia as tourist traffic steadily recovers.

"In the 4QFY23, Cambodia's airport passenger levels reached 40 per cent of the pre-pandemic levels in the same period of fiscal year 2019 (FY19).

"We anticipate further recovery in passenger traffic, especially with the expected increase in Chinese tourists.

"It is worth noting that in FY23, passenger numbers from China only accounted for approximately 41 per cent of the levels seen in FY19.

The firm continued that it has been suggested that Cambodian airports have raised passenger service and aeronautical charges by at least 20 per cent since October 2023.

"This increase partly offsets the loss of revenue and profit contribution from Siam Reap airport after the compensation exercise.

Consequently, it said the combination of these positive factors is expected to drive earnings from its associates to unprecedented levels in FY24 and beyond.

Rakuten Trade has suggested a 'buy' rating for the engineering company, setting a raised target price of RM1.14.

Posted by snake_eye > 2024-04-04 13:03 | Report Abuse

"Consequently, it said the combination of these positive factors is expected to drive earnings from its associates to unprecedented levels in FY24 and beyond."

Posted by sirM4KU > 2024-04-04 17:29 | Report Abuse

construction is back, buy below 1.00

Posted by ValueMaker > 2024-04-05 23:20 | Report Abuse

According to the joint statement from SSCA & SCA, the Cambodia government has approved CAIC to appoint SCA as the key operator of the new airport !!


SCA: SOCIETE CONCESSIONAIRE DE I' AEROPORT (Muhibah’s association)
SSCA: State Secretariat of Civil Aviation (Cambodia Governemnt)
CAIC: Cambodia Airport Investment Co., Ltd (developer & owner of the new airport)


柬政府授权法国机场特许公司参与经营新金边国际机场
https://www.jianhuadaily.com/20240405/234893

Posted by ming > 2024-04-06 00:00 | Report Abuse

Wow~ the CIMB research is good ! He quoted below statement in the Feb report:

‘The most ideal scenario for Muhibbah is to receive compensation for the loss of its existing operations of Phnom Penh airport and be engaged to operate the new airport’



Today it’s come TRUE !!!

柬埔寨政府授权法国机场特许公司 参与经营新金边国际机场
https://cc-times.com/posts/24528

Posted by soon9913 > 2024-04-08 17:27 | Report Abuse

Ming, thanks for sharing the news.. such good news but price remain stagnant .....