need see results If super good results will back to 50sen or above this last last come results sometimes is surprise with Jakcports like Media give jackpot those goreng up up up will suddenly bad results always happen like biport also
Ikhmas recorded a total core net loss (excluding impairments) of around RM14.2mil in FY18. Investors need to expect potential losses in the next quarter as well based on the 4Q18 result where even the gross profit margin was a negative of -25% vs 4Q17 GP margins of 3.4%. Any improvement to the bottom line can only be achieve if the government decides to increase back the infrastructure spending which might not happen in the near future.
At the current environment, any new contracts won might not necessarily deliver the expected profit. Given the lack of projects at the moment, a lot of contractors are quite desperate in securing any new contract. Most are willing to submit a tender that is low (with potentially small profit only) and hoped for negotiations of variation orders afterwards at the end of the construction with the clients. Until there are more contracts/ projects to be awarded/ tendered, this depressing low profit margin environment is likely to remain. Ikhmas will most probably still post losses if not only small profit in the near quarters to come.
MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.3x PE based on FY18 profit of RM166mil. PB is low at only 0.7x BV.
FY19 should deliver another profit growth year to the company. Profit growth will again be driven by the performance of Perodua (via MBMR 22.6% holdings in Perodua) from the still strong sales of new Myvi, sales of SUV Aruz and the introduction of the newly revamp Alza sometime in the 2H19. Aruz which commands a higher margin compared to other models, will help improve the total profit margin of Perodua (which will flow to MBMR’s bottom line as well).
MBMR is expected to achieve a profit of RM200mil in 2019. At the current share price, the company is being valued at only 5.1x which is a lot lower than the industry average of 15x PE. As an example, UMW (another company with exposure to Perodua) is currently trading at a PE multiple of almost 20x.
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....
genius
208 posts
Posted by genius > 2019-02-21 17:26 | Report Abuse
23 sen