【MUHIBAH 5703 交流专区】睦兴旺

hdcyng

Company Name        :        MUHIBBAH ENGINEERING (M) BHD
Stock Name         :        MUHIBAH
Date Announced        :        07/06/2006

Subject        :        MUHIBAH - NOTICE OF BOOK CLOSURE

Contents :

      Renounceable restricted issue of up to 30,587,520 new ordinary shares of RM0.50 each in Favelle Favco Berhad ("FFB") ("FFB Shares"), a wholly-owned subsidiary of Muhibbah Engineering (M) Bhd ("MEB"), to the entitled shareholders of MEB on the basis of one (1) new FFB Share for every five (5) existing ordinary shares in MEB held by the entitled shareholders of MEB on the entitlement date, at an issue price of RM0.55 per FFB Share payable in full upon application, in conjunction with the listing of FFB on the Second Board of Bursa Malaysia Securities Berhad ("Flotation") ("Restricted Issue").

      Kindly be advised of the following :

      1) The above Company's securities will be traded and quoted [ "Ex - Offer" ]
      as from : [ 21 June 2006 ]

      2) The last date of lodgement : [ 23 June 2006 ]


ANYONE GOT STUDY ON THIS STOCK?  IS THE SUBSIDIARY WORTH BUY IN?
HEARD THAT IT WILL PARTICIPATE IN PENANG SECOND BRIDGE CONTRACT

[ 本帖最后由 Mr.Business 于 5-12-2007 03:40 PM 编辑 ]

hdcyng

Muhibbah Engineeering Bhd’s share price has performed exceedingly well in the past couple of months. Despite the recent market rout, the stock has doubled since the start of the year, and from when we first recommended them late last year. While the stock was exceedingly cheap to start with, there were also several positive catalysts behind the rally.

One was a good set of 2005 results, which saw its net profit increase over three-folds to RM26.1 million, or 18 sen per share (although part of that was due to lower taxes). Another was the proposed listing of its crane unit, Favelle Favco, which would help unlock some value.

These factors, plus its focus on the oil & gas industry triggered the investment community to re-rate and recognise Muhibbah’s attractive fundamentals and low valuations. For a company that had fallen off investors’ radar screens since the 1997-98 financial crisis, Muhibbah is now truly back on their screens again, with many brokers recently recommending a "buy" on the stock.

Muhibbah has spent much of the post crisis years restructuring its businesses, strengthening its core divisions and refocussing on the oil and gas industry. We are glad that Muhibbah has finally received its long deserved re-rating. But with its shares having performed well, is there more upside -– or should one start to lock in profits?

More upside over long term
Muhibbah’s sterling rally in such short a time may invite some profit-taking activities in the near term –- particularly with the market’s rally now running out of steam due to a plunge in global equity markets.

Over the longer term though, we expect further upside for Muhibbah’s shares, which are still undervalued. The company has been successful at clinching new deals, particularly in construction, airport concessions and shipbuilding.

Unlike other construction groups that had diversified into property (which is now facing oversupply problems), Muhibbah’s focus on serving the oil and gas sector (via building of oil installations and pipelines, cranes and building of marine vessels, etc) is paying handsome dividends given the boom in crude oil prices.

Muhibbah has a steady stream of concession earnings, from its two airports in Cambodia and Roadcare. Concessions accounted for just under half of 2005-06 pre-tax profits, providing a defensive earnings stream. Prospects are good with 20% growth in tourist arrivals for Siem Reap and Phnom Penh, and the group is reportedly bidding for a third airport in Sihanoukville.

Earnings forecasts raised
We are raising our pre-tax profit forecasts for 2006-07 by 13% and 20%, respectively, to take into account higher profit margins at the crane and shipbuilding units, and stronger growth from its concessions.

However, our net earnings forecasts for 2006-07 are raised by a much higher margin of 36% and 57%, respectively, due to much lower effective tax rates, which we understand will be in the low teens. We are now assuming 13% versus 22.5% previously.

We now expect Muhibbah’s net earnings to rise 23% to RM32 million in 2006 or 22.2 sen per share, and another 28% to RM40.8 million or 28.2 sen per share in 2007. This will place the stock’s price-earnings ratio (P/E) multiples still at a very reasonable 6.5 and 5.1 times, respectively.

Further possible re-rating catalysts for the stock include the listing of Favelle Favco (expected around August), securing of further contracts and possibly the third airport concession in Cambodia. We remain positive on the stock.

新立机构

樓主看來對這支股蠻感興趣的，為什麽呢？是否有什麽内幕消息？我目前手上有七粒它的股票。

hdcyng

恭喜你! 子公司 Favelle 你卖了吗？

目前短期看来不错!

新立机构

子公司 Favelle Favco Cranes (M) BHD, 上市時並不在公開市場上籌資，意思是說它的股票在未上市前只是給某些特定的人士（如公司的董事或股東或雇員）和政府所指定的土著投資公司。當然，因爲我是母公司的員工，所以我也有分配到股票。

hdcyng

原帖由 新立机构 于 27-8-2006 12:21 PM 发表
子公司 Favelle Favco Cranes (M) BHD, 上市時並不在公開市場上籌資，意思是說它的股票在未上市前只是給某些特定的人士（如公司的董事或股東或雇員）和政府所指定的土著投資公司。當然，因爲我是母公司的員工，所 ...

看来你迟买了
五股母股配一股FFB
今天 RM１。６０

hdcyng

25-08-2006: HLG Research maintains buy on Muhibbah Engineering

HLG Research has maintained its buy call on Muhibbah Engineering (M) Bhd at RM1.51 with a sum-of-parts derived target price of RM1.99 per share on an implied FY07 price earnings multiple of 6.1 times.

It said Muhibbah had shown growing concession earnings, an attractive FY06–FY08 compounded annual growth rate (CAGR) of 26%, as well as potential upside from new projects under the Ninth Malaysia Plan.

HLG Research added that nearly half of iits earnings were from concessions expiring in 2016-2020.

It said annualised, Muhibbah's first half net profit of RM20.8 million, which grew 97% year-on-year, came in within its and market expections.

The profit growth was achieved on the back of a 7.1% y-o-y rise in revenue to RM515.4 million, as a result of stronger contributions from the construction and shipyard divisions.

“Concessions and construction divisions are the key earnings contributors, accounting for 40% and 33% to the group’s 1HFY06 profit before tax,” it said.

HLG Research said Muhibbah had benefited from the growing oil and gas industry, with its shipbuilding operations improving significantly in 2Q06 underpinned by demand for anchor handling tug boats from the regional offshore oil and gas industry.

It said Muhibbah’s construction business also picked up, with contributions mainly from the oil terminal project in Singapore and operational and maintenance services for the integrated transport system in the Klang Valley.

It said Phnom Penh and Siem Reap airport concessions in Cambodia were growing steadily with gains in tourist arrivals, while contribution from the third airport concession in Sihanoukville would kick in in 2009.

“We believe that development potential of Sihanoukville is attractive given the beachside resort and recent oil and gas finds.

“Muhibbah also stands to benefit from the construction work for the expansion of Sihanoukville airport, estimated at US$30 million (RM110 million) over the next three years,” it said.

HLG Research has forecast a 54% rise in Muhibbah’s net profit to RM40.3 million for FY06 from RM26.1 million in FY05.

It has projected Muhibbah’s net profit to rise to RM45.4 million and to RM50.9 million for FY07 and FY08, respectively.

hdcyng

原帖由 hdcyng 于 28-8-2006 01:13 PM 发表


看来你迟买了
五股母股配一股FFB
今天 RM１。６０

Close RM1.64

新立机构

依你的看法，你對這支股的前景如何呢？

hdcyng

原帖由 新立机构 于 28-8-2006 07:50 PM 发表
依你的看法，你對這支股的前景如何呢？

决定于是否获得 Penang Project 和 Cambodia 的新工程

hdcyng

Dated 29 Aug

Muhibbah sees growth potential in Cambodia airport concessions
By Alfean Hardy

Muhibbah Engineering (M) Bhd sees potential for expansion for its international airport concessions in Cambodia, especially the Sihanoukville International Airport, given the high passenger growth rate in the country.

The company are set to benefit from the three airports that will encourage more package tours to Cambodia espcially with its famous historical sites in Siem Reap, fast-growing city in Phnom Penh and seaside attractions in Sihanoukville.

Its group chief financial officer Shirleen Lee Poh Kwee said Phnom Penh and Siem Reap airports posted 15% and 38% growth in passenger numbers last year.

Sihanoukville International Airport, which currently handling private jets only, has the capacity to expand its facilities to cater for larger aircraft given the increasing number of tourists.

“Siem Reap is mostly tourist while Phnom Penh is 85% business with 15% tourism. Sihanoukville is a hybrid of both. The growth for Sihanoukville will be like Siem Reap but may be bigger.

“Both airports (Siem Reap and Phnom Penh) are also similar contributors to revenue but Siem Reap is growing faster,” she told a group of visiting Malaysian journalists after the official opening of the Siem Reap International Airport, Cambodia.

Muhibbah's interest in the three airports are through its 30% stake in Societe Concessionaire des Aeroports (SCA), which operates the Phnom Penh and Siem Reap airports under a build-operate-transfer concession with the Cambodian government until 2040. The majority 70% stake is held by France-based Vinci Group.

Lee said the development cost for Sihanoukville airport, which is expected to begin operations within two years to cater to smaller international flights, was expected to cost between RM55 million and RM73 million.

“Once it is developed to handle Boeing 737 aircraft, it can begin generating revenue because of flights from overseas such as Malaysia, Vietnam, and Thailand. Right now it’s only big enough for small, private jets,” she added.

Lee said Muhibbah was confident of being chosen by SCA to do the expansion work given its good track record at both the Phnom Penh and Siem Reap airports. She also would not rule out doing other projects around the region.

She said: “Replenishing order book in Cambodia is not very difficult for us. We have Muhibbah Engineering Cambodia, which has done infrastructure projects like roads and the US Embassy in Phnom Penh and we are quite famous in Cambodia as one of the first construction companies from Malaysia.”

Lee said the airport concessions were part of the 70% overseas contribution to Muhibbah's revenue in its last financial year.

hdcyng

睦兴旺联营公司获准 柬3机场特许权延长20年 2006/09/02 17:50:38
●南洋商报

睦兴旺工程（Muhibah，5703，主板建筑股）持有30％股权的联营公司，机场财团联营公司（Societe Concessionnaire de Airport，SCA）获得柬埔寨政府的批准，将旗下3个机场的建筑-管理-移交特许权延长20年至2040年，冀望为柬埔寨的旅游领域注入新的经济动脉。

睦兴旺工程总财长李宝娟表示，3个获延长机场经营特许权的机场即金边（Phnom Penh）国际机场、暹粒（Siem Reap）国际机场及西哈努克市（Sihanoukville）国际机场。

她是出席暹粒国际机场开幕典礼后向媒体发表上述谈话。

她指出，该项建筑-管理-移交特许权也包括了融资、设计、建筑及装潢机场设备。

李宝娟表示：“暹粒国际机场有99％的搭客量是游客，而金边国际机场有85％是来自商务的搭客，另外的15％来自旅游；西哈努客市的搭客将是综合游客及商务的搭客。”

暹粒国际机场搭客量增30％

根据资料显示，截至2004年金边国际机场的搭客量达102万2千203人，增加25％至2005年的108万1千745人；而暹粒国际机场在2004年的搭客量也从79万9千743人，增加30％至2005年的103万8千118人。

此外，位于暹粒城市的吴哥窟(Angkor Wat)，成了旅客们喜爱观光的地方，不仅带动了暹粒的旅游领域，也推动了该地的经济增长，无形中也为该公司带来盈收。

当被询及哪个国际机场为公司的营业额带来显著的贡献时，她解释道：“其实，金边国际机场及暹粒国际机场的贡献大致上一样，而暹粒国际机场在旅客量上仍有庞大的增长空间。”

她指出，公司的营业额贡献有70％是来自海外。因此，公司也将尽力获得第九大马计划下的工程。

她称： “为暹粒国际机场开幕也意味着机场财团联营公司迈入另一个里程碑，公司对次感到无比的高兴。”

hdcyng

睦興旺工程獲5.8億合約
（吉隆坡14日訊）睦興旺工程（MUHIBAH）宣佈，獲得也門價值1億5834億美元（約5億8100萬令吉）合約。

該公司向馬證交所表示，上述合約由YEMGAS FZCO公司頒發，涉及承建位于也門的液化天然氣港口，合約為期25個月，將在2008年10月完成。

YEMGAS FZCO公司是由法國Technip公司、日本日揮公司（JGC Corp）及美國Kellogg-Brown and Root公司聯營。

Muhibbah lands RM581m Yemen LNG jetty project
By Alfean Hardy

Muhibbah Engineering (M) Bhd has secured a US$158.33 million (RM581.44 million) contract for the works at a liquified natural gas (LNG) loading jetty, which is part of Yemen's first LNG plant in Bal-Haf.

In a statement on Sept 14, Muhibbah said it had received the letter of award from Yemgas FZCO, which is a joint venture between Technip of France, JGC Corporation of Japan, Kellogg-Brown and Root Inc, US.

It said the contract involved works on the LNG jetty, water intake/outfall pipes, pumping stations, outfall basin, electrical substation and navigation aids, which are slated for completion by October 2008.

Muhibbah group managing director Mac Ngan Boon said the group had emerged as an international oil and gas player, with 80% of its existing and outstanding order book of RM1.7 billion being derived from overseas.

"The group will continue to increase its presence into international and growth markets such as Singapore, Vietnam, the Middle East, Africa and Cambodia," he said.

[ 本帖最后由 hdcyng 于 15-9-2006 12:04 PM 编辑 ]

Kino

来了.....................

新立机构

原帖由 Kino 于 15-9-2006 03:55 PM 发表
来了.....................

什麽來了？

[ 本帖最后由 新立机构 于 15-9-2006 10:33 PM 编辑 ]

pang72

因该是investor 认可 Muhibbah 获海外工程的能力.
就买进了.

pang72

黑马跑的还瞒快的, +0.11sen

hdcyng

原帖由 pang72 于 21-9-2006 05:12 PM 发表
黑马跑的还瞒快的, +0.11sen

子公司B SMART ０８年上市

新立机构

還不肯定啦，致使預測能夠在08年上市，滿怪的，我們員工對這间子公司知道得并不多.应该是老板女儿的公司.

Kino

原帖由 新立机构 于 2-10-2006 09:05 PM 发表
還不肯定啦，致使預測能夠在08年上市，滿怪的，我們員工對這间子公司知道得并不多.应该是老板女儿的公司.

您在 Muhibbah 工作吗?