Author Topic: CONSTRUCTION SECTORS  (Read 3253 times)

Offline king

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CONSTRUCTION SECTORS
« on: April 25, 2016, 09:04:28 AM »



BUSY TIMES AHEAD FOR CONTRACTORS IN CONSTRUCTION SECTOR — TA RESEARCH
admin | April 25, 2016
KUCHING: The construction sector will likely see busy times ahead as contractors have ample opportunities to secure new construction jobs in the foreseeable future, the research arm of TA Securities Holdings Bhd (TA Research) says.
According to TA Research, awards of works packages for KVMRT line two and Pan Borneo highway signify the commencement of largest construction projects in Malaysia.
The research arm expected more news flow in the remaining period of 2016 as more construction jobs and works packages are expected to be awarded.
“These include KVMRT line two, Pan Borneo Highway in Sarawak, LRT line three, West Coast Expressway, Southern Double Track, DASH, SUKE and EKVE,” it said.
TA Research expected listed construction players such as Gamuda Bhd (Gamuda), IJM Corporation Bhd (IJM), WCT Holdings Bhd (WCT), Sunway Construction Group Bhd (Sunway Construction), Bina Puri Holdings Bhd (Bina Puri), Kimlun Corporation Bhd (Kimlun), Gadang Holdings Bhd, Mudajaya Group Bhd (Mudajaya), Ahmad Zaki Resources Bhd, Gabungan AQRS Bhd, WZ Satu Bhd, Hock Seng Lee Bhd (HSL), Zecon Bhd (Zecon), Naim Holdings Bhd (Naim), TRC Synergy Bhd (TRC) to benefit from the rollouts of these mega infrastructure projects.
TA Research noted that in Sarawak, the construction of the RM28.9 billion Pan Borneo Highway has commenced since April 2015 with the kicking-off of the Bintulu-Miri stretch, between Jalan Nyabau and Jalan Bakun junctions.
“Subsequently, the package between Telok Melano and Sematan was awarded. In March 2016, the works packages for the stretches of between Serian roundabout and Pantau junction, and between Bintangor junction and Julau junction and Sibu Airport to Sungai Kua Bridge were awarded to the joint venture (JV) between Zecon and Kimlun, and the JV between HSL and Dhaya Maju Infrastructure (Asia) Sdn Bhd for contract amounts of RM1.5 billion and RM1.7 billion respectively,” it said, adding that the remaining eight work packages are expected to be awarded by November
2016.
The research arm highlighted that potential beneficiaries of the remaining works packages in Sarawak include Gamuda, Naim, Mudajaya, Sunway Construction, Cahya Mata Sarawak Bhd (CMS), Bina Puri, Mitrajaya Holdings Bhd (Mitrajaya), TRC, IJM, WCT, KKB Engineering Bhd, Protasco Bhd, Ikhmas Jaya Group Bhd and Malaysian Resources Corporation Bhd which had prequalified for the tender.
Nevertheless, TA Research was cautiously optimistic that the whole 1,090 kilometre (km) stretch of Pan Borneo in Sarawak could be completed by 2023, given the challenging soil condition along the coastal area of Sarawak.
“Similarly, for phase one of Pan Borneo Highway in Sabah with a length of 706km, the target completion date by 2021 appears optimistic to us.
“Given the project delivery partner (PDP) may need several months of preparation works before works packages could be awarded.
“As such, the contractors may have only a period of about five years to complete the entire stretch under phase one,” the research arm said.
On another note, TA Research pointed out that for comparison purpose, the 772km of North-South Expressway took more than a decade to complete.
“Furthermore, the supporting services for the construction industry in East Malaysia may not be as developed as that in Peninsular Malaysia.
“While the North-South Expressway is mainly built on a new alignment, substantial portion of Pan Borneo Highway involves upgrading of existing trunk roads,” it said.
The research arm added that unlike North-South Expressway whereby the construction works were mainly on green field, the upgrading works on existing roads could be more challenging as it involves utilities relocation, traffic diversion and constrained by flowing traffic.
As for KVMRT, TA Research said that line one is now mainly focused on tracks, systems, electrification, signaling and train testing works.
The research arm noted that it is on track to achieve completion within budgeted cost and scheduled period, which is phase 1 (between Sungai Buloh and Semantan) by end-2016 and overall completion by end-July-2017.
“Due to lengthier underground distance, KVMRT line two has a longer construction period of six years, versus five years in KVMRT line one,” it said.
TA Research expected underground works for KVMRT line two offer better margin than that in KVMRT line one as the tunnel boring machines used in KVMRT line one will be reused in KVMRT line two after refurbishment, having going through the learning curve in KVMRT line one, coupled with higher rate per km run.
The research arm said that after a majority of the contractors for civil works suffered low margin or even to the extent of incurring loss in KVMRT line one, contractors are expected to raise margin and be more conservative in tenders for KVMRT line two to preserve reasonable margins.
“Any further delay in the tender and contract award progress of LRT line three will increase the risk of delay in the overall completion of the project by end-August 2020,” it added.
Overall, TA Research noted that if several mega projects are rollout and implemented concurrent as planned, the local construction industry would probably be experiencing the highest level of construction activities ever in the coming two to three years’ time.
“The sheer amount of these construction works would put a strain on the supply of resources required to carry out the construction works.
“Besides possibly causing delay to the progress of works, any shortages in the resources may lead to costs escalations and erode profit margins,” it said.
The research arm further noted that related building materials players are expected to gain tremendously as well.
It pointed out that among the potential beneficiaries are cement, quarry and concrete products related companies (CMS, Hume Industries Bhd, Lafarge Malaysia Bhd, OKA Corporation Bhd, Tasek Corporation Bhd, IJM, Kimlun, YTL Corporation Bhd, Chin Hin Group Bhd (Chin Hin), DKLS Industries Bhd, Dolmite Corporation Bhd, Quality Concrete Holdings Bhd, Mudajaya, and MTD ACPI Engineering Bhd), companies involve in trading and distribution of construction materials (CMS, Chin Hin, IPMUDA Bhd and Engtex Group Bhd (Engtex)), manufacturers of steel products (Southern Steel Bhd, Malaysia Steel Works (KL) Bhd, Engtex, Ann Joo Resources Bhd, Lysaght Galvanized Steel Bhd)
With the rollouts of several mega projects as mentioned above, the research arm expected the construction industry to be robust in the next five years.
Given the ample opportunities in securing new construction jobs, coupled with sizeable amount of outstanding order books in hand which provide earnings visibility in near to medium term, TA Research upgraded its sector call on the construction from ‘neutral’ to ‘overweight’

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #1 on: April 29, 2016, 08:37:08 AM »



FUND MANAGERS ARE BUYING CONSTRUCTION STOCKS
Our Reporter | April 29, 2016
750x-1
With as much as 200 billion ringgit ($51 billion) of building jobs in play, Danny Wong Teck Meng says no investor can afford to ignore Malaysian construction stocks.

The fund manager whose Areca EquityTrust Fund beat 98 percent of peers over the past three years with a 13 percent return, has been buying builders as the government accelerates infrastructure spending across Malaysia. The latest hotspot is Sarawak on Borneo island where a 28.9 billion ringgit, 1,796-kilometer toll-free highway linking the state and Sabah is being built before a crucial state election in May.

“The construction industry will be very exciting as these jobs are expected to be awarded in the next two years. There could be as much as 200 billion ringgit of jobs out there,” said Wong, the chief executive officer of Areca Capital Sdn., who correctly predicted this year’s slump in technology shares and a rebound in energy companies. “We can’t ignore them. Sarawak stocks are in focus because of the Pan Borneo highway and also the election, where there are bound to be goodies.”

Construction companies are trading at the highest level relative to the Malaysian equity benchmark in four years as a building boom takes hold. With an estimated 136 billion ringgit of jobs in the pipeline in 2016 alone, a CIMB Group Holdings Bhd. report predicts more gains as share prices haven’t fully priced in the earnings potential. The awards bonanza from rail to roads also comes amid an “election play” on some contractors as Prime Minister Najib Razak’s ruling Barisan Nasional coalition bids to retain Sarawak — a state held since 1963 — in polls May 7.
The Bursa Malaysia Construction Index has risen 21 percent from an August low and is priced at 1.2 times net assets, near the most expensive level in almost a year. It’s up 3.7 percent in 2016, beating the FTSE Bursa Malaysia KLCI Index that’s fallen 1.1 percent. The biggest gainers in the building gauge this year are Ekovest Bhd. and Kimlun Corp. which have jumped at least 29 percent. The building gauge rose 0.6 percent at the close on Thursday, led by Gamuda Bhd., which jumped the most since March 1.

Areca’s Wong owns shares of Gamuda, the biggest builder by market value, Sunway Construction Bhd., Mitrajaya Holdings Bhd. and Econpile Holdings Bhd. He sold Kimlun because of its out-performance, as well as some Sarawak stocks.

Big Comeback

Under the 11th Malaysia Plan, the government will set aside 260 billion ringgit for development expenditure from 2016 to 2020, the culmination of a strategy to achieve high-income status. Other projects being planned include the Kuala Lumpur-Singapore high-speed line and subway extensions around the capital.

Major jobs totaling 24 billion ringgit were handed out in the first quarter, a good gauge of what’s in store for the rest of 2016, Sharizan Rosely, a Kuala Lumpur-based analyst at CIMB, who has an overweight rating on the industry, wrote in a report earlier this month.

“The construction sector is set for a new boom phase for civil and infrastructure works in 2016,” he said. This year “marks a big comeback of jobs for the sector as it is the first year of implementation of the 11th Malaysia Plan, with major high-multiplier and larger-value projects shifting to the long awaited award phase

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #2 on: May 15, 2016, 07:56:51 PM »


财经  2016年05月15日 | 记者:雷洁敏、胡雪樺
2000亿合约爭出闸 建筑股不容忽视

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2000亿合约爭出闸 建筑股不容忽视

过去1个多月建筑领域许更多新的发展,继早前捷运2工程及泛婆罗洲大道相关合约陆续颁发之后,政府也確认马新高铁將在年中签署备忘录,同时,从吉隆坡到巴生的快捷巴士系统也来到徵求建议的阶段,另外,5月初国家基建公司也透露,轻快铁第3路线的工程,將在5月陆续展开竞標。上周三(11日),捷运公司表示会在未来6个月內,颁发总值100亿令吉的双溪毛濡-沙登-布城捷运路线合约,尔后,在上周四(12日),则宣布颁出总值42亿令吉的相关合约。

这相继出炉的利好消息,让建筑股的前景更明朗,隨著砂拉越大选尘埃落定,国阵再获授权,大选前因政权的担忧而走低的当地建筑股,也將可放下心头大石。

这种种的利好因素之下,市场人士认为,建筑股是投资者今年不可忽略的投资项目。

股价仍具上涨空间


Areca资本首席执行员黄德明认为,基於大马计划推出高达2000亿令吉(约510亿美元)的建筑工程项目,本地建筑股项將会是投资者不容忽视的投资项目。

过去3年,Areca资本旗下的股票信託基金取得13%的年回酬,表现超越大部份同业,而政府加快基础建设的支出,促使该基金购入建筑股。

5月初完成选举的砂拉越,是近期基建活动最活跃的地点,总值289亿令吉,横跨沙巴和砂拉越州,全长1796公里的免过路费大道--砂拉越婆罗洲大道,预期將是推动建筑业活动的主要项目之一。

「总值约2000亿的合约,预期將在未来2年內陆续颁发,这就是为何建筑领域会具有吸引力的原因。」

黄德明表示,投资者不能忽视建筑股。在选举之前,市场的焦点也锁定砂拉越股项,因为这些建筑公司预期將可从政府的合约中受惠。

超越大市

相比大马富时综合指数,建筑股项过去4年的交易持续超越大市。联昌国际投行在报告中预测,2016年会有1360亿令吉的建筑工程项目推出,而由於建筑股的股价,还未充分反映这些合约,因此,预期仍会有上涨的空间。

在砂州选举之前,为了拉拢民心,首相陆续宣布多项基建项目,从道路至铁路相关的建筑合约。5月7日的大选,国阵获得大胜,贏得超过2/3席位。

大马交易所的建筑股指数从去年8月的低水平,至今上扬逾两成,目前是以价格对净资產值1.2倍的水平交易,达到近一年以来最昂贵价位。该指数今年以来上涨4.48%,跑贏同期跌3.79%的综指。

今年以来,涨幅最大的建筑股,是怡克伟士(EKOVEST,8877,主板建筑股)和金轮企业(KIMLUN,5171,主板建筑股),涨幅分別是53%及29%。

黄德明在早前的专访中透露,目前持有的建筑股包括,按市值计算国內最大建筑股--金务大(GAMUDA,5398,主板建筑股)、双威建筑集团(SUNCON,5263,主板建筑股)、美德再也(MITRA,9571,主板建筑股)以及亿钢控股(ECONBHD,5253,主板建筑股)。

不过,他已脱售金轮企业和部份砂拉越股项,因它们的表现已超越大市。

土木基建工程带动成长

第11大马计划下,政府预留2600亿令吉作为2016年至2020年的发展开销,这是实现高收入国的策略之一。其他计划中的项目包括,吉隆坡至新加坡的高速铁道,以及首都一带的地铁延长线项目。

联昌国际投行分析员沙里赞罗斯里在其报告中表示,政府在今年首季已经颁发总值240亿令吉的建筑合约,预料未来3季也將会有更多合约颁发。他认为,建筑领域当中的土木及基建工程,2016年將会进入一个蓬勃成长的阶段。

「由於今年是第11大马计划实施的第一年,也將是建筑领域工程强势回归的一年,许多可带来高效益的大型项目將在今年来到颁发合约的阶段。」

联昌国际也给予建筑领域「跑贏大市」的评级。

根据摩根大通银行早前的报告也期待,砂拉越选举將带动更多的基础建设项目的推出,主要受惠者將会是金务大和怡保工程(IJM,3336,主板建筑股),以及当地的建筑商--福胜利(HSL,6238,主板建筑股)、纳英控股(NAIM,5073,主板產业股)、亿强工程(ZECON,7028,主板建筑股)和砂查也马特(CMSB,2852,主板工业股)等。

该银行分析员麦海杰表示,由於砂拉越工程规定要有70%的当地公司参与,因此,砂拉越建筑公司自然是最大的受益者。

福胜利是砂拉越最大的建筑商,该股从去年8月的低点激增15%,而亿强工程也从去年9月的最低水平,上涨33%。

回调后再涨

虽然建筑领域今年的工程合约料陆续颁发,但大马Amundi资產管理公司高级投资经理陈明汉(译音)却指出,建筑股股价预期会出现一轮的回调之后,再展开另一轮的涨势。

他认为,「在建筑公司获得的工程,正式带来盈利贡献之前,市场会有一轮的套利活动,因为股价已经悉数反映所贏得的合约。」

而黄明德在砂州建筑股的一轮涨势之后,尚持有这些股项,因为相信建筑领域还有许多的商机。

此外,他也坦言,一些大资本股已经不便宜,但它们的优势是有机会获得更多大型的合约。

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Re: CONSTRUCTION SECTORS
« Reply #3 on: May 15, 2016, 08:39:31 PM »
Why PANSAR not in?
Why no good kah?
Construction need material too ba:-)
Sail away from the safe harbour,Catch the trade winds in your sails,Dream,Explore,Discover  ®One does not discover new lands without consenting to loose sight of the shore for very long time©

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #4 on: June 13, 2016, 02:20:30 PM »



RAM Ratings maintains positive outlook on construction sector
June 13, 2016
The construction sector remains the fastest-growing segment of the domestic economy.
ram-malaysia

KUALA LUMPUR: RAM Ratings has maintained a positive outlook on the Malaysian construction sector, underpinned by the sturdy pace of deal flows and construction activity.
At an 8.2 per cent clip in 2015, the construction sector remained the fastest-growing segment of the domestic economy.
The bright prospects for job awards this year are accentuated by the already-strong roll-outs in the infrastructure arena, translating into ample job replenishment opportunities for construction firms.
“This year, awards for rail- and road-related jobs have been ramped up, most notably the Klang Valley MRT Line 2 and the Pan Borneo Highway (in Sarawak), for which the announced job parcels to date have exceeded RM25 billion in total,” said the ratings agency in a statement today.

Several large projects are also undergoing the tender process.
With the pick-up in the pace of infrastructure work expected to mitigate the softer property segment, construction firms should thus be able to sustain their healthy revenue visibility, said RAM Ratings.
Most of the large listed ones currently have order books that cover at least 1.7 times their construction top lines.
“That said, project concentration for construction firms is expected to stay high,” it added.
For the first quarter of 2016, gross development product (GDP) growth for the construction sector expanded at 7.9 per cent.
However, the ratings agency said the GDP growth was expected to moderate slightly to 7.1 per cent for the full year, factoring in the increased likelihood that jobs deemed less crucial to the economy may experience slower implementation as well as the more subdued property market.
– BERNAMA

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #5 on: June 27, 2016, 10:54:25 AM »



张生安:影响经济
建筑业是国家“温度计”
41点看 2016年6月27日
(吉隆坡26日讯)马来西亚建造行联合总会会长张生安指出,建筑业是国家的“温度计”,国家经济“温度”是看建筑行业,若建筑业不振,意味着国家经济也没任何起色。

他也促请政府应在内阁慎重讨论后才实施政策,而非朝令夕改,令商家业者无所适从。


“我国经济不景气,建筑原料涨价、劳工短缺及政策朝令夕改问题,让建筑行业不知何去何从。”

他昨晚出席雪隆建造行庆祝98周年纪念联欢晚宴上,这么指出。

朝令夕改雪上加霜

出席者包括总务林再安、筹委会主席侯国良、副主席梁乾强、马来西亚行团总会长拿督蔡金星和武吉免登国会议员方贵伦等。

雪隆建造行大会主席梁振河指出,政府朝令夕改令建筑业雪上加霜,尤其外劳重聘计划更是面对各种问题。

他说,早前亲自带领5名外劳前往政府部门提出相关申请,但其中3人在首轮已被淘汰,只有两人进入申请阶段,而且还未知是否可获得批准,让人无奈。

“看见有雇主带着60本护照协助员工申请,最终只有4人申请获批准,可是雇主们都已付费给予MyEG 服务费用,每人高达1153令吉,不获得退款,加重业者负担。”

他说,重聘计划的收费昂贵,对外劳来说根本难以负担,所以雇主才需要帮忙承担,之后再以扣薪方式,让员工每月分期付款。

他促请政府应该简化条规,让建筑业者获得合法的员工。

本月起执行建筑人员认证符绩理:会员速申请

马来西亚建筑商公会署理主席符绩理指出,建筑业发展局520法令修正案,从本月起已开始执行建筑人员认证,该发展局还和该会合作评估和联合训练,目前已接获逾500份申请,还未注册的会员尽快提出申请。

他说,从去年12月1日起,只有获得规定标准认证的建筑材料才能用于建筑工程中,任何人使用没获得标准认证建筑材料可被罚款,所以建筑商、经销商和制作商都必须确保符合规定。

他说,实施上述政策避免低品质的建筑材料,对建筑工人和民众带来安全风险,建筑材料将通过标记来辨认合法认证,他提醒会员有关非法外劳重聘的计划报名将于本月截止。


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Re: CONSTRUCTION SECTORS
« Reply #6 on: June 27, 2016, 01:07:26 PM »


RAM Ratings maintains positive outlook on construction sector
June 13, 2016
The construction sector remains the fastest-growing segment of the domestic economy.
ram-malaysia

KUALA LUMPUR: RAM Ratings has maintained a positive outlook on the Malaysian construction sector, underpinned by the sturdy pace of deal flows and construction activity.
At an 8.2 per cent clip in 2015, the construction sector remained the fastest-growing segment of the domestic economy.
The bright prospects for job awards this year are accentuated by the already-strong roll-outs in the infrastructure arena, translating into ample job replenishment opportunities for construction firms.
“This year, awards for rail- and road-related jobs have been ramped up, most notably the Klang Valley MRT Line 2 and the Pan Borneo Highway (in Sarawak), for which the announced job parcels to date have exceeded RM25 billion in total,” said the ratings agency in a statement today.

Several large projects are also undergoing the tender process.
With the pick-up in the pace of infrastructure work expected to mitigate the softer property segment, construction firms should thus be able to sustain their healthy revenue visibility, said RAM Ratings.
Most of the large listed ones currently have order books that cover at least 1.7 times their construction top lines.
“That said, project concentration for construction firms is expected to stay high,” it added.
For the first quarter of 2016, gross development product (GDP) growth for the construction sector expanded at 7.9 per cent.
However, the ratings agency said the GDP growth was expected to moderate slightly to 7.1 per cent for the full year, factoring in the increased likelihood that jobs deemed less crucial to the economy may experience slower implementation as well as the more subdued property market.
– BERNAMA
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Offline king

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Re: CONSTRUCTION SECTORS
« Reply #7 on: July 04, 2016, 06:03:25 AM »



【独家】大工程出尽 海外风险高
2年后,建筑商靠什么活?
757点看 2016年7月3日
独家报道:姚思敏

捷运、高铁等大工程合约预料将在两三年内出尽,届时建筑商需另谋出路。

虽然我国建筑业正值兴旺期,但过了2017年,建筑商将会面对两难,即国内缺乏大型工程,到海外发展又风大雨大,如何支撑盈利与股价?


目前,捷运第二路线(MRT2)、轻快铁第三路线(LRT3)、泛婆罗洲大道(Pan-Borneo highway)、隆新高铁(HSR)等大型基建工程,让建筑商在这两年忙得不亦乐乎。

不过,业者应该要居安思危,因为有分析员认为,在国内大型工程合约耗尽之前,业者应该冲出海外争取合约以便未雨绸缪。

尽管如此,也有者认为,在全球经济不稳定之际,加上“人生路不熟”,建筑商面对的风险相当高。


未雨绸缪瞄准基建交通  建筑商争东盟商机

由于本地有总值3607亿令吉的潜在工程合约支撑,建筑领域目前稳如泰山,但就在这个安逸时刻,有分析员跳出来提醒,大型工程合约减少后,建筑商不得不走向海外。

届时,业者应该把目光瞄准发展潜能庞大的东盟市场,特别是印尼,由于基础设施落后,将成为建筑商蜂拥争夺的目标。

拥有潜在跨境商机的金务大(GAMUDA,5398,主板建筑股)和双威建筑(SUNCON,5263,主板建筑股),成为交通基建首选股。

可是,“出走”不一定是好事,毕竟海外市况很不一样,甚至有文化冲击,建筑商面对的风险不小。

大马政府陆续颁发各大基建工程,为建筑领域捎来好消息,无论是净利或股价,都有巨大增长潜力。

不过,有者认为,即使建筑商身处顺境,也需居安思危,因为大马的基础设施相比其他东盟市场发展脚步更快,在这轮庞大合约颁发之后,未来的增长潜能将会缩小。

因此,建筑商应该逐步把眼光放在海外,在国内大型基建工程耗尽前,做好准备攫取海外商机。

根据大马建筑工业发展局(CIDB)的数据,在2011至2012年后,业者取得海外工程合约的数量和总值显著减少,因为它们较关注国内项目,尤其是捷运工程,而且私人领域的房产工程也不断涌出。

到了了2015年,我国建筑商更没有取得任何新的海外项目。

虽然我国的工程充足,让建筑商越忙越开心,但安联星展分析员认为,在未来数年推出隆新高铁(HSR)和捷运第三路线(MRT3)之后,就会出现大型工程欠缺的窘境。

“大马基础设施完善,意味着大型工程将会在未来数年减少。因此,虽然现在看似不重要,但我国建筑业者有冲出海外的必要。”

根据2015-2016年全球竞争力指数(GCI)的调查显示,在全球140个国家中,以基础设施来看,大马排在第25位,亦是第二个表现最佳的东盟国家,仅排在新加坡之后,意味着大马的发展步伐较快。

据悉,部分建筑商已开始筹备,探讨潜在的海外合约。

针对未来海外项目,分析员预计,建筑商将通过联营方式把项目执行风险降到最低。


印尼基建需求9468亿

在2015-2016年GCI最新排名下,所有东盟国家的基础设施已获得改善,除了印尼和寮国。此外,除了新加坡、大马、越南和缅甸之外,其他东盟国家皆表示,基建供应不足,是最令商家头痛的5大问题之一。其中,基建不足的问题,困扰着菲律宾、柬埔寨、印尼和寮国。

分析员指,在大马、泰国和印尼,最大的发展潜能将会落在印尼,因为基础设施排名较低,且印尼总统佐科正积极应对这个问题。

“从2013年至2020年,印尼的基建需求达2350亿美元(约9468亿令吉),分别比大马和泰国高出一倍。”

从国内生产总值(GDP)来看,也是印尼最高,达8790亿美元(约3.5兆令吉),比大马高出两倍。由此可见,印尼未来的增长潜能无限大。

“基于相似的语言、文化和历史背景,大马建筑商拥有较高机会获得印尼的基建项目。”

分析员表示,拥有潜在跨境商机的金务大和双威建筑,是投行首选的交通基建股。

金务大依然是最佳交通基建代表,几乎参与所有大型本地项目,亦在大马历史中最大型的基建项目——捷运,扮演着良好的工程交付伙伴(PDP)角色,要到海外竞争,这是一个必需的成就。

双威建筑则是唯一一个同时参与捷运、轻快铁和快捷巴士系统(BRT)工程的建筑商。


今年1月,印尼总统佐科(右四)出席雅加达-万隆快铁动土礼。

海外商机少风险大

虽然冲出海外争取合约,被视为本地建筑商未雨绸缪的策略,然而,也有分析员对于相关的风险保持警惕。

丰隆投行研究主管兼经济学家徐克宇对《南洋商报》指出,海外市场的商机不多,而且会因为不熟悉当地营运模式而面对风险。

“大部分在海外发展的建筑商,并没有取得很多净利,同时,还必须面对风险。”

他说,上一轮建筑商多数走向中东市场,因为当地展望佳,但现在却大不如前,油价跌和国际恐怖组织的暴行,导致该市场充满挑战。因此,他认为目前海外没有太多发展机会,特别是在经济不景气时。

尽管如此,他说建筑商在国内大型工程减少前走向海外,未尝不是正面的举措,至少尽努力扶持业绩表现。

“在2017年后,国内大型基建工程合约就会显著减少。”

“虽然建筑领域会面对周期影响,但这次相比2012年颁发合约高峰期是不同的,因为政府分散颁发工程合约,正面效应将会维持2至3年。”

他指,政府从首季开始就分期颁发新合约,不像之前一次过颁发,而且这次所颁发的工程性质亦不同,如捷运和隆新高铁工程等。


马企海外业务多元

基本上,大马建筑商对于海外发展一点都不陌生。

安联星展研究追踪的建筑商,占1996年至2015年合约数量和合约总值分别达21%和41%,主要贡献来自金务大、IJM(IJM,3336,主板建筑股)和马矿业(MMCCORP,2194,主板贸服股)。

金务大的海外项目相当多元化,但普遍来自越南、印度和中东市场。

IJM自1990年代开始,便长期在印度深耕,但由于国内有多项工程,且订单合约已触顶,达85亿令吉,分析员认为,该公司现在将会选择性地探讨海外工程。

至于WCT控股(WCT,9679,主板建筑股),目前未完成订单合约包含了中东项目,将持续选择性地竞标当地工程。

双威建筑在中东拥有成功的历史纪录,如与联营伙伴凯德(CapitaLand)集团合作发展的Rihan Heights。

同时,该公司亦为印度国家公路局(National Highway Authority)完成数项道路工程。

睦兴旺(MUHIBAH,5703,主板建筑股)在海外的业务也多元化,可能会从柬埔寨获得工程,因为公司持有当地机场特许权公司的21%股权,在当地已占有一席之地。

a04p3 noresize
公共领域推动增长

今年,我国政府已拨出500亿令吉作为发展开销,相等于按年增长5.4%,占国内生产总值(GDP)的4%。

这会是第十一大马计划(11MP)的第一年,未来5年的发展开销为2600亿令吉。

分析员认为,不如往年,今年公共领域将会成为工程合约的主要推动力,但假设产业市场复苏,私人领域的产业项目也会增加。

根据亚洲经济数据库(CEIC)的数据,私人领域在过去数年,是建筑开销的主要推手,2011至2015年间的年均复增(CAGR)达8.3%。

在2007年/2008年全球金融危机,发展开销占总预算案收入比重仍高企。

在2016年修正后财政预算案,首相纳吉强调,捷运、轻快铁、泛婆罗洲高速公路、马来西亚宏愿谷(Malaysian Vision Valley)、赛城中环(Cyberjaya City Center)、边佳兰炼油与石油化工综合发展(RAPID)及

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Re: CONSTRUCTION SECTORS
« Reply #8 on: July 05, 2016, 03:40:00 PM »



Tuesday, 5 July 2016
RM6bil MRT jobs up for grabs
BY CECILIA KOKandP. ARUNA







 Prego

 
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SERI KEMBANGAN: All the six remaining viaduct packages for the upcoming Sungai Buloh-Serdang-Putrajaya (SSP) mass rapid transit (MRT) line, valued at RM6bil, will be awarded by the first quarter of 2017.

Mass Rapid Transit Corp Sdn Bhd (MRT Corp) is expected to call for tenders for these packages by the third quarter of this year.

“We are in the process of preparing the tenders for the remaining six of the 10 viaduct guideway packages for the SSP line,” said Maslan Othman, the deputy project director of the MMC Corp Bhd and Gamuda Bhd joint venture (MMC-Gamuda).



“And by the third quarter of this year, all these packages will be tendered out and awarded by the first quarter of next year,” he said at a briefing on the progress of the SSP line here yesterday.

Maslan said he was unable to state the value of the six packages.

The 52.2-km SSP alignment, which is also called MRT2, is estimated to cost more than RM28bil. It is the second MRT line to be developed under the Klang Valley MRT Project.

To date, four viaduct packages and an underground job, worth a combined RM20.24bil, have been awarded to local construction groups.

The first two packages, called V201 and V202, were awarded to Sunway Construction Sdn Bhd and Ahmad Zaki Sdn Bhd, respectively, in March this year, while the other two packages V203 and V210 were awarded to IJM Construction Sdn Bhd and Malaysian Resources Corp Bhd, with the underground package going to MMC-Gamuda.

“The first phase of the SSP line (from Kwasa Damansara and Kampung Batu) is expected to be completed by July 2021, and the second phase of the project (with the line extending to Putrajaya Sentral) is scheduled for completion a year later, in July 2022,” MRT Corp strategic communication and stakeholder relations director Datuk Najmuddin Abdullah said.

According to Najmuddin, the ground-breaking ceremony for Phase 1 of the SSP Line will be held at end-August this year.

He noted that for the Serdang and Seri Kembangan area, in particular, there would be two packages – V205 and V206 – for which the tender would be called in the third quarter of this year.

“We will award both the packages in the first quarter of next year, and construction of the alignment is expected to begin in the second quarter of 2017,” Najmuddin said.

Ths SSP line will offer 72 work packages in total.

Besides the one underground and 10 viaduct projects, the work packages for the MRT2 project will also include two depots, 15 multi-storey park and ride projects and 11 interchange stations.

Meanwhile, MRT Corp yesterday awarded three work package contracts, worth a total of RM1.38bil, for the construction of the SSP Line. These jobs, which included two system work packages and one advance work package, were awarded to Colas Rail Consortium, Sapura-EVD Consortium and SN Akmida Holdings Sdn Bhd, respectively.

The system work package SY205 that was awarded to Colas Rail Consortium was worth RM693.03mil, for the engineering, procurement, construction, testing and commissioning of the power supply and distribution system for the SSP Line.

The second system work package SY206, worth RM632mil, that was awarded to Sapura-EVD Consortium was for the engineering, procurement, construction, testing and commissioning of communications, Government integrated radio network, commercial telecom (infra) and information technology system for the SSP Line.

The advance work package, worth RM59.5mil, was awarded to SN Akmida for the construction and completion of the Sungai Besi Police Quarters and other associated works for the project.

Of the 52.2-km SSP alignment, 13.5km will be built underground, with 11 underground stations out of a total of 26 stations.

The stations will offer 9,200 parking bays under its Park & Ride facilities.

Najmuddin said a complete journey from Kwasa Damansara to Putrajaya Sentral, the other end of the SSP Line, would take about 85 minutes.

It is expected to reduce traffic congestion by removing 176,000 cars from the road daily.

“During construction alone, starting this year and until completion, the project could involve directly and indirectly 130,000 workers and professionals, so there will be a huge (positive) impact (on the country’s economy),” Najmuddin said.

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Re: CONSTRUCTION SECTORS
« Reply #9 on: July 08, 2016, 08:27:57 AM »



‘Overweight’ call on construction industry remains
Posted on 8 July 2016 - 05:39am
Print
PETALING JAYA: Hong Leong Investment Bank (HLIB) Research is maintaining an “overweight” call on the construction industry as 2016 is already a record year for contract flows.

Analyst Jeremy Goh expects a few contracts to be rolled out in the second half, including six viaduct packages for the MRT2 (RM7 billion to RM8 billion), eight packages of the Pan Borneo Sarawak highway (RM10 billion to RM12 billion), urban highways such as the DASH (RM4 billion) and SUKE (RM4 billion) as well as LRT3 (RM9 billion).

Apart from that, he said, there should be a good flow of building jobs up for grabs, driven by catalytic developments within the Klang Valley such as Tun Razak Exchange, Kwasa Damansara, Bukit Bintang City Centre, Cyberjaya City Centre and Bandar Malaysia.

In the second quarter, domestic contract awards to listed contractors amounted to RM8 billion, representing a 73% y-o-y (year on year) jump due to several MRT2 viaduct and related contracts totalling RM4.9 billion.

Domestic contract awards for the first half surged more than threefold to RM37.7 billion. Despite being at mid-year, this amount has already surpassed all prior full-year figures, making it a record year. “Even if we were to remove the impact of the MRT2 underground contract, H1 numbers would still register a robust 153% y-o-y growth,” Goh said.

Meanwhile, foreign contract awards for Q2 stood at RM788 million, bringing H1 to RM1.1 billion, a 57% y-o-y decline as most contractors continue to focus locally given the abundance of jobs up for grabs.

For the large-cap contractors, Goh highlighted Gamuda Bhd as the top pick given its expected earnings resurgence from the rollout of the MRT2.

“We also like WCT as we believe it is set to witness a reversal of fortune. The impending listing of its construction arm and Reit are tell-tale signs that a positive earnings momentum is forthcoming,” he said.

For the small caps, Goh prefers Mitrajaya Holdings Bhd, which should see a revival of job wins this year, coupled with an 11% three-year earnings compound annual growth rate at undemanding valuations.

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Re: CONSTRUCTION SECTORS
« Reply #10 on: July 10, 2016, 08:23:34 AM »



北马  2016年07月09日
建筑业明年仍不乐观

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(怡保9日讯)霹雳建造行会长辛富明指出,目前建筑业受到经济低迷的影响,加上贷款不易及购买力低等因素,已经放慢发展脚步,预测明年的建筑屋业前景也一样不乐观。

他说,建筑发展如今所面对的挑战,首当其衝就是经济萧条,加上银行贷款条件太过苛刻,造成许多欲置房產者不符合要求,而在借贷不获批准的情况下,影响到房產市场的购买力,无形中令建筑业发展遭受相当大的打击。

「此外,马幣贬值亦造成建筑材料价格上涨,地价与水电供应按装费昂贵、工人薪金提高及消费税的等各种问题,导致建筑屋业发展成本提高,促使建筑商採取稳扎稳打的方法。」

他于週五(8日)晚,为该会庆祝成立93週年晚宴及庆祝鲁班先师宝诞,致词时如是表示。


他直言,消费税给建筑业的发展影响很大,虽然房屋买卖没有消费税的负担,但屋业建材则有消费税,成本还愈来愈高,消费税更被转嫁到大眾身上,进而引发经济市场出现萎缩,让建筑屋业发展的处境更为不易。

他告知,工商业店屋因含有消费税,造成买主需承担缴付消费税,已让建筑业的销路蒙上「冷风」,对建筑商而言更是雪上加霜。

他说,建筑业发展也面对劳力工人严重短缺的难题,儘管劳力工人所享有的待遇不差,其日薪也高,惟至今仍难以聘请足够的工人。

「普通工人或不熟练工人一般的日薪介于40令吉至60令吉,熟练工人,如工头的日薪则介于80令吉至100令吉。」

他指出,聘请外劳当建筑工人也是一件难事,向有关当局申请工作准证的批准需长达6个月,等待批准的过程实在耗时太久,因此促当局应在最短时间內,批准工作准证给外劳,以改善建筑业人力不足的问题。

吁把握中资商机

霹雳建造行名誉顾问拿督易沛鸿表示,我国建筑业虽面对危机,惟仍可在危机中看到一线曙光,如中国所推广的一带一路,通过马来西亚的华裔、巫裔及印裔,接触到其他国家的华侨、中东与印尼的穆斯林或印度的印裔等。

他说,中国在我国的投资將延伸很多商机,因此建筑业者应该要面对挑战,在这商机中分得一杯羹,儘管政府的合约至今还未公开招標,但目前已有许多中国公司在我国进行投资,因此建筑商应把握机会,向有关公司承包工程。

出席者包括马来西亚建造行联合总会会长张生安、马来西亚建筑商总会会长符绩理、霹雳中华大会堂会长拿督蔡伟强、霹雳建造行名誉顾问潘照南、名誉会长何財耀等。

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Re: CONSTRUCTION SECTORS
« Reply #11 on: September 12, 2016, 03:03:42 PM »



Monday, 12 September 2016
'Overweight' rating stays for construction sector






 
 
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RM40bil contracts could be awarded in the next 12 months

CONSTRUCTION

By Affin Hwang Capital

Overweight (maintained)



THE prospect for the construction sector is positive, driven by an anticipated core earnings growth of 15% year-on-year in 2017 due to record high order books for most companies.

However, for the second quarter of 2016, the aggregate construction sector's net profit contracted by 44% on a year-on-year basis.

Awang Hwang Capital said this was due to the unrealised forex losses experienced by Eversendai, IJM Corp and WCT, the big players of the industry. Eversendai had a double whammy as it incurred a RM102m impairment loss.

Core net profit fell 14% on a year-on-year basis as ongoing projects for most construction companies are at the tail-end while new contracts have not contributed significantly to earnings yet.

Affin Hwang Capital has reiterated an “overweight” call on the sector, with “buy” calls for top market players such as AQRS, Sunway Construction (SunCon), WCT and Gamuda.

The roll out of the RM32bil MRT Line 2 and the RM16bil Pan Borneo Highway (Sarawak portion) serve as vital catalysts for the rebound in contracts awards, which jumped by 7% year-on-year in the first quarter of 2016.

The research house said that it believed that in the next six to 12 months, about RM40bil worth of contracts could be awarded.

Projects such as RM9bil LRT3 and RM8bil Southern Double-tracking Rail, among others, will prove to be great stimuli for replenishment of construction order books of the companies.

Affin Hwang is optimistic that this year may become a new record year for contract awards

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Re: CONSTRUCTION SECTORS
« Reply #12 on: October 23, 2016, 07:49:32 PM »



财经  2016年10月23日 | 记者:纪峰佑
3大行业2喜1忧 建材领域展望中和

3大行业2喜1忧 建材领域展望中和

政府继续通过大型基建项目推动经济,建筑领域受看好,而钢铁、洋灰和铝虽同为建筑业中不可或缺的材料,但分析员对3个行业的前景看法大相径庭。肯纳格研究分析员唱好钢铁与铝业的前景,但是却继续看淡洋灰业的前景,因此维持建材领域「中和」投资评级。分析员预计钢铁价格会在2017年趋高,因为政府在近期针对钢筋和钢线推行保护措施,以及钢铁產能过剩的中国开始减產。至于铝业,隨著交通和建筑领域对铝的需求增加,以及铝业的整合活动,预计將改善该领域的前景。另外,分析员唱衰洋灰业的主要原因是该领域出现新產能,导致业者之间的价格竞爭升温。

钢铁业唱好 价格末季走高

肯纳格研究分析员指出,大马钢筋价格在2015年曾处在每公吨1450令吉低水平,因为中国以超低价格出口钢筋,重击大马钢铁业者,导致它们陷入亏损,当中安裕资源(ANNJOO,6556,主板工业股)蒙受最大衝击,其2015財政年销售按年挫跌23.2%,造成该公司蒙受1亿2000万令吉核心亏损。

不过,隨著政府在今年9月26日推出保护措施,將钢线和钢筋的进口税,分別提高至13.9%和13.4%,分析员相信本地钢筋价格应该不会再度走低至每公吨1450令吉的水平,並且有望在2017年呈扬。


截至9月16日,钢筋价格介于每公吨1700至1850令吉。该分析员补充说,政府调高钢线和钢筋的进口税,將惠及本地钢铁业者,因为从中国进口的钢筋价格將较高,这將使本地进口商的贸易赚幅受到侵蚀,进而减少从中国进口。

「在市场预期政府將实施保护措施期间,我国今年6月和7月进口的钢铁数量分別按年成长11%和44%;不过,我们相信从中国进口钢铁的数量將隨著保护措施,在紧接下来的月份逐渐减少。因此,我们相信本地钢铁价格將在今年末季趋稳或走高,並预计本地钢铁价格从2017年起將显著改善。」

基建提振需求

另一方面,分析员认为,本地对长钢產品的需求依然强稳。他认为,接下来一系列的大型基建工程,如泛婆罗洲大道、捷运第二路线和第三路线、淡江高架大道(SUKE)、白沙罗-莎阿南疏散大道(DASH)、巴生谷东部大道(EKVE)、快捷巴士系统(BRT),以及大型发展项目,如武吉免登城镇中心(BBCC)、吉隆坡118大楼(KL118)、敦拉萨国际贸易中心(TRX)和大马城(BandarMalaysia),將提振建筑领域的钢铁需求量。

根据大马统计局的数据,2016年次季,大马建筑工程的价值按年增长11.7%。因此,分析员相信,本地钢铁產品的需求將持稳。

此外,该分析员称,除了本地市场的钢铁需求量提升之外,中国多年的钢铁產能过剩问题也得到改善。中国当局计划在2016年內,將钢铁產能削减4500万公吨,並在7月底该目標已实现了47%。

中国政府也採取两大措施,以减低钢铁產量,分別提供1000亿人民幣的裁员津贴和收紧对小型钢铁厂的放贷。

当局也考虑合併4大钢铁公司,以创建两家巨无霸钢铁集团,分別是北方钢铁集团(河北和首钢)和南方钢铁集团(宝钢和武汉),以便在两大钢铁集团的操纵下,钢铁產量將更容易被控制。

据了解,中国对商用车实施严厉的运载负荷管制,进一步加重中国境內的钢铁运输费用,迫使中国钢铁出口价格被提高。

中国政府的各项措施长期有助于稳定钢铁价格。相对于2015年的每公吨1800人民幣低水平,中国钢铁价已復甦至每公吨2500至2600人民幣。

首选安裕资源

对于本地钢铁公司,分析员看好安裕资源能跑贏同业。2016上半年,安裕资源的核心净利赚幅高达6.7%,比起其他同业如南达钢铁(SSTEEL,5665,主板工业股)和马钢铁厂(MASTEEL,5098,主板工业股)来得高。

该分析员看好安裕资源,主要是因为其成本优势,该公司运用了高炉-EAF混合技术,相较其他同业使用普通的EAF技术,更具成本效益。与此同时,分析员称,安裕资源主要生產钢线和钢筋,而该两项產品恰好搭上了政府调高进口税的顺风车。

因此,他维持该股「超越大市」投资建议,以及2.24令吉的目標价。上週五闭市时,安裕资源报2.12令吉,下跌1仙或0.47%,成交量为127万5400股。



3大利好支撑铝价

国际铝价从年初至今已跃进13%,至每公吨1660美元,而今年以来的平均价则为每公吨1571美元。肯纳格研究分析员维持2016和2017年的铝价预测,即每公吨1600至1700美元。

该分析员说,隨著市场对铝的需求持续超越供应,他相信铝价將获得支撑。与此同时,他列出了可提振铝价的3项利好因素:

一、福特汽车近期宣布,旗下休閒车款--Expedition在2018年將改用铝製车身;

二、中国铝业公司的整合活动,將更有效地降低產能,提升效率;

三、全球铝公司的一些企业活动,如美铝公司近期脱售上游和下游业务。

整体上,从全球供需基本面来看,分析员看好全球交通运输和建筑行业对铝的消耗量將会持续提升。

然而,在2015至2016年,全球铝產能削减了约130万公吨,导致產量降低,使到今年9月全球铝市场供应不足,短缺16万4000公吨;而年初至今则缺少3万2000公吨。

根据统计,国际铝的库存量从2015年杪开始走跌,截至今年10月锐减了21%,至394万公吨。在此情况下,分析员预计铝价在中期內將获得支撑。另外,分析员指出,今年以来,中国铝產量为2293万公吨,略高于该国的2265万公吨消耗量,即產量稍微过剩28万2000公吨或1%。

对此,分析员並没有感到担忧,因为亚洲(中国除外)市场今年以来对铝的需求(717万公吨),远高于產量(497万公吨),即出现220万公吨的缺口,而中国过剩的铝產量,恰好可填补该缺口。

首选齐力工业

在个別股项方面,肯纳格研究分析员预见三玛拉珠(Samalaju)新工厂投產后,將对对齐力工业(PMETAL,8869,主板工业股)带来显著的盈利贡献。

该分析员预计,齐力工业今明2年的盈利將分別成长45%及35%,至3亿4300令吉和4亿6100万令吉。因此,分析员维持该股「超越大市」投资评级及5令吉的目標价。

上週五闭市时,齐力工业报4.31令吉,上涨1仙或0.23%,成交量为356万8600股。

新增產能 需求黯淡 洋灰业唱衰

肯纳格研究分析员大致看好钢铁业和铝业两大领域,並看好钢铁价格和铝价在明年的走势。

惟,对于3大建筑材料之一的洋灰业,分析员並没有如此乐观。

今年首7个月,在撇除洋灰的进出口量后,大马的洋灰消耗量按年下挫14.5%,至1190万公吨。

该分析员將国內较低的洋灰消耗量归咎两大因素:一、一些大型基建工程,如MRT2仍处在初始阶段,对洋灰需求量不高;二、一些已经颁发的大型基建工程的动工时间被延迟。

大马市场对洋灰的消耗量,將会在今年第4季进一步走低,而今年的需求可能出现负增长。

「唯有等到2017年,一些大型基建工程如捷运第二路线(MRT2)和白沙罗-莎阿南大道等工程项目,进入进阶阶段后,洋灰的需求量才会提升。」

惟,该分析员仍认为,虽然2017年的洋灰需求量预计会比今年好,但是预计洋灰领域在明年不会有太大的作为,主要是因为佔洋灰总需求量2/3比重的住宅和商业產业领域仍然疲软。

根据国家建筑工业发展局(CIDB)数据,住宅与非住宅(商业)產业发展项目在2016上半年颁发的工程按年下跌51%,显示大马產业领域的萎缩,这將限制洋灰需求的增长。

產能过剩 赚幅受压

至于供应方面,在西马半岛,洋灰行业正面临產能过剩的问题,今年为止的產能过剩16%,即谦工业、杨忠礼洋灰和大马拉法基(LAFMSIA,3794,主板工业股)的產能,分別增加了180万公吨、180万公吨和120万公吨。

隨著洋灰需求黯淡,加上新產能涌入,分析员预计洋灰业市况或恶化,即:一、洋灰的供应和需求差额將会逐步扩大,供过于求的问题將日趋严重;二、洋灰生產商为了捍卫市占率,能够在市场上立足,料將展开一场价格战廝杀,导致它们的赚幅持续受压。

举例说,大马拉法基今年上半年的扣除利息、税项、折旧及摊销前盈利(EBITDA)赚幅,按年下降6.8%,归咎于价格战。

同时,据肯纳格研究分析员所了解,目前洋灰价格回扣达到每公吨180至190令吉,相较6月和7月的每公吨150令吉。

有鉴于此,分析员认为,洋灰业者至少在两年內不会进一步扩大產能,直到供应和需求的差额收窄。

以长远来看,2018年以后,一些耗时10至25年的大型工程,如发展总值1000亿令吉的柔佛森林城市(Forest City Johor)、1500亿令吉的大马城,以及估计700亿令吉的隆新高铁等將提振洋灰的需求量;惟,该需求量並不会一次性提高,而是分摊10至25年期间。

看淡大马拉法基

因此,分析员对洋灰领域维持负面的看法,並指出,该领域可能被重估的唯一潜在利好因素是占洋灰需求2/3比重的產业领域復甦;但是,肯纳格研究分析员认为,產业领域的復甦,取决于政府採取积极的货幣政策和推行可提振產业的相关措施。

由于缺乏利好因素,该分析员维持大马拉法基「跑输大市」投资建议和6.06令吉的目標价。

上週五闭市时,大马拉法基下跌15仙或1.82%,报8.07令吉,成交量为47万零800股。

总结来说,由于对洋灰领域的悲观看法抵消了钢铁和铝业的乐观看法,分析员维持建筑材料领域「中和」评级

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #13 on: December 08, 2016, 05:57:50 PM »



2016-12-08 16:59
隆新高铁ECRL带动铁道主题.建筑业明年料迎合约潮
隆新高铁将在下周签约,耗资550亿令吉的东海岸衔接铁道(ECRL)也即将启动,分析员预期铁道领域将成为2017年的重大主题,大型基建公司有望从中分一杯羹。
(吉隆坡8日讯)隆新高铁将在下周签约,耗资550亿令吉的东海岸衔接铁道(ECRL)也即将启动,分析员预期铁道领域将成为2017年的重大主题,大型基建公司有望从中分一杯羹。

广告

 
大马投行指出,除了隆新高铁和ERCL,2017年建筑业还有机会迎来新一轮合约潮,争取包括沙巴泛婆罗洲大道(128亿令吉)、轻快铁三线(90亿令吉)、金马士-新山双轨火车(75亿令吉),因此保持建筑业的“加码”评级。

不过,大马投行表示,如果发展工程延后、建筑成本超乎预期等利空浮现,不排除调低建筑业评级至“中和”的可能。

联昌则维持建筑业的“加码”评级。

较早前,首相拿督斯里纳吉透露,新加坡方面只要等待该国总统批准后,马新两国就可签署双边合约,预期隆新高铁计划将在下周举行签署合约仪式。

大马投行指出,这项往返吉隆坡和新加坡的跨国高铁项目总值介于500亿至600亿美元。

此外,根据早前报道,ECRL和中国中国交建(CCCC)签署的备忘录不排除和本地建筑承包商潜在合伙和参与。联昌研究指出,虽然至今仍无太多指引,但该行相信,铁道建筑承包商如金务大(GAMUDA,5398,主板建筑组)、怡保工程(IJM,3336,主板建筑组)及WCT控股(WCT,9679,主板建筑组)为潜在受惠者。

广告

联昌预期投标活动在2017年上半年展开,因ERCL工程预计在明年启动。

据交通部部长拿督斯里廖中莱指出,因令吉走弱及必要路线更改,ECRL建筑成本将由290亿令吉提高至550亿令吉,但对此首相署经济策划局将再作详细解释。

目前1令吉兑4.20至4.40美元,相对当初顾问公司评估期间的3.2美元差别甚大。

该铁道新路线将概括由30公里延长至50公里的蒂蒂旺沙山脉隧道,及更多高架桥,总长将由原定的545公里,增至600公里,衔接彭亨、登嘉楼及吉兰丹三州。

广告

首选金务大金轮企业

选股方面,大马投行首选建筑股包括金务大和金轮企业(KIMLUN,5171,主板建筑组),评级同为“买进”,目标价各报5令吉60仙和2令吉44仙。

联昌看好已参与捷运一线及二线建筑的金务大,料可再获捷运三线及金马士-新山双轨火车的合约,建议“加码”金务大、怡保工程及WCT控股,目标价分别为5令吉97仙、3令吉95仙及2令吉16仙。

文章来源:
星洲日报/财经 ‧ 报道:陈学颖‧2016.12.08

Offline lsmpro888

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Re: CONSTRUCTION SECTORS
« Reply #14 on: January 19, 2017, 09:57:59 PM »
Major construction job haven't announce yet for this year 2017 ?

2017 Target List :
Scouting ..................

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #15 on: January 20, 2017, 01:40:31 PM »




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Photographer: Veejay Villafranca/Bloomberg
Get Ready for the Southeast Asian Infrastructure Boom
Bloomberg News
January 20, 2017, 4:00 AM GMT+8
Big spending jump in Thailand, Philippines: Capital Economics
Old Mutual, Maybank Kim Eng, BDO Unibank and others share tips
Manila’s Metro Pacific Investments Corp., Indonesia’s PT Krakatau Steel and Airports of Thailand Pcl are among the top investor picks as Southeast Asian governments embark on programs to boost roads, rail, ports and power plants.

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Philippine President Rodrigo Duterte is promising 8 trillion pesos ($160 billion) of spending over his six-year term, while Thailand’s military-led government plans to list an infrastructure fund on the stock exchange in March. Indonesia has set aside almost 10 percent more to spend on projects this year and Malaysia is pushing ahead with plans including a high-speed rail line from Kuala Lumpur to Singapore.
Thailand and the Philippines are likely to see the biggest increase in infrastructure spending over the next few years, while in Indonesia and Malaysia, budgetary constraints may mean the rhetoric of politicians translates into comparatively little extra outlay, Capital Economics Ltd. said in a Jan. 16 research note.

Below are some selections from fund managers and analysts across the region:

Indonesia

Within Southeast Asia, Old Mutual Global Investors favors Indonesia, said Joshua Crabb, head of Asian equities in Hong Kong. The Jakarta Composite Index is cheap and President Joko Widodo’s improved political standing will give him some firepower to push ahead with his infrastructure plans, despite perceived fiscal constraints, he said. Crabb said he liked Krakatau Steel.
While acknowledging the budgetary risk, Jemmy Paul, investment director at PT Sucorinvest Asset Management in Jakarta, said many Indonesian infrastructure-related firms have received capital injections from the government and have good revenue outlooks. PT Adhi Karya, PT Pembangunan Perumahan and PT Waskita Beton Precast are among his top construction picks, along with toll-road operator PT Jasa Marga. Krakatau Steel is also interesting as prices are on the rise due to stronger demand from projects, Paul said.
Earnings growth for Indonesian construction companies will still be there, but investors should emphasize cash flow and look for companies with stronger balance sheets, said Jeffrosenberg Tan, a director at PT Sinarmas Sekuritas in Jakarta. The condition of the state budget will be critical this year, he said, adding that he prefers Pembangunan Perumahan and Adhi Karya.
Thailand


The 2016-2020 infrastructure roll out in Thailand should benefit from the longevity of the military government and high public and private sector participation, said Maria Lapiz, co-head of research at Maybank Kim Eng Securities (Thailand) Pcl in Bangkok. She said she likes the high cash flow of Airports of Thailand and telecommunications company Advanced Info Service Pcl. Sino Thai Engineering & Construction Pcl. is also attractive, said Lapiz.
The Thai government will provide 10 billion baht ($283 million) for its Future Fund, which it expects to grow to as much as 50 billion baht with money from private investors, pension funds, insurers and sovereign wealth funds. It’s an attractive investment alternative, but more details and pricing are needed before deciding to invest in the fund, said Yingyong Nilasena, the Bangkok-based chief investment officer of Government Pension Fund, which oversees around $22 billion of assets.
Philippines

Infrastructure will be least vulnerable to the headwinds of a strengthening dollar and rising U.S. interest rates, said Frederico Ocampo, chief investment officer at BDO Unibank Inc. in Manila. Metro Pacific -- which is involved in water, toll roads and electricity generation and distribution and is looking at bidding for airport projects -- and Megawide Construction Corp. are among the best bets, he said.
Metro Pacific is also the top infrastructure pick of Karen Hizon, an analyst at UBS Securities Philippines Inc. in Manila. Some exposure should also go to construction company DMCI Holdings Inc., cement firms will be a good play, while banks and property companies will also benefit, she said.
Eduardo Francisco, president of BDO Capital & Investment Corp. in Manila, said his company was looking at structuring new debt instruments for infrastructure, but is waiting for rules to govern such issuance. The challenge for marketing the debt would be the absence of cash flow in the initial years of projects, he said.
Malaysia

Construction stocks will provide the biggest opportunity among shares in Malaysia this year, said Ang Kok Heng, chief investment officer at Phillip Capital Management Bhd. in Kuala Lumpur, whose Phillip Master Equity Growth Fund has beaten 94 percent of its peers over the last five years. He said he favors mid-cap stocks like George Kent Malaysia Bhd., Hock Seng Lee Bhd. and Kimlun Corp. as they have better return potential, especially when they win large contracts relative to their size.
Some 96 billion ringgit ($22 billion) of new and ongoing infrastructure contracts will be awarded over 2017 and 2018, Loong Chee Wei, an analyst at Affin Hwang Investment Bank Bhd. in Kuala Lumpur, wrote in a Jan. 16 note. Loong maintained an overweight call on Malaysia’s construction sector and his top buys are Gamuda Bhd., Sunway Construction Group Bhd., WCT Holdings Bhd. and Gabungan AQRS Bhd.
— With assistance by En Han Choong, Lilian Karunungan, Ian Sayson, and Harry Suhartono

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #16 on: March 12, 2017, 08:42:08 AM »



Saturday, 11 March 2017
Flushed with construction jobs
BY TEE LIN SAY

image: http://www.thestar.com.my/~/media/online/2017/03/10/18/51/p3_bizw_100317_pg03a_tankimbock_1.ashx/?w=620&h=413&crop=1&hash=17991339510DB43821BA45BEC7B56B6EA16FEDB1
Rail benefits: Seremban has benefited immensely from the double tracking and electrification project - which has since been extended to Gemas .
Rail benefits: Seremban has benefited immensely from the double tracking and electrification project - which has since been extended to Gemas .
 
Local builders set to benefit from mega rail projects

TWO big ticket projects that will provide a major boost and a new source of contracts for the local construction sector will likely be the RM8bil Gemas-Johor Baru double tracking line, as well as the RM55bil East Coast Rail Link (ECRL) project.

Industry sources have indicated that packages for the 197km Gemas-Johor Baru double tracking project are set to be announced within the next two months, with the aim of completing it by 2020.

As for the ECRL project, most had expected the mega project to start at end-2017.

Nonetheless on Wednesday, Prime Minister Datuk Seri Najib Tun Razak launched the public inspection of the ECRL project at the Land Public Transport Commission’s headquarters. The ECRL is now fast tracked to start in July this year, and will be completed in July 2024.

These new contracts have kicked off a buzz in the market, which is excited about which companies will be the beneficiaries for both projects.

Local contractors are expected to be appointed as subcontractors for both the projects.

“Contractors with good rail construction track records include Gamuda, IJM Corp, Fajar Baru and WZ Satu,” said AffinHwang Capital analyst Loong Chee Wei in his construction sector report dated Jan 16.

The Gemas-Johor Baru double-track line will allow electric trains to reach speeds of 160 km per hour, with an operating speed limit of 140 km per hour.

It will run through the districts of Segamat, Kluang, Kulai and Johor Baru.

Upon completion, the railway will have a network of electric passenger trains from Padang Besar to Johor Baru.

Gemas project

The lucrative and much-awaited Gemas-Johor Baru double tracking project, which has been stalled for more than a decade, is now in the last stages of being finalised, say sources.

It was already reported last month that SIPP Railway Sdn Bhd was the first contractor for the project. It is learnt that SIPP, which is a private vehicle controlled by the Sultan of Johor, Sultan Ibrahim Sultan Iskandar, has been appointed as the main contractor for the Gemas double tracking job.

A consortium of three China-based companies — China Railway Construction Corp Ltd (CRCC), China Railway Engineering Corp (CREC) and China Communications Construction Corp (CCCC) — received the letter of award for that job from Transport Minister Datuk Seri Liow Tiong Lai in October last year.

State-owned CRCC, which is the largest engineering contractor in China, holds a 40% stake in the consortium, while CREC and CCCC each have 30%.

“We should know who the sub-contractors will be over the next two months,” says the source.

The Gemas-JB link project has been around for more than a decade. It was scrapped in late 2003 but revived in 2007. The MMC-Gamuda consortium was given the mandate to build the 330km stretch from Ipoh to Padang Besar for RM12.5bil back in 2003.

In 2008, India’s Ircon International Ltd was given the southern sector from Seremban to Gemas for RM3.45bil.

AllianceDBS Research analyst Chong Tjen San expects local players that have established relationships with the three Chinese companies to have a slight edge.

“The local portion for Gemas may be 30% to 40% of the entire contract. I suppose the Chinese players will be giving out the jobs to their Malaysian counterparts,” he says.

Malaysian companies that have partnered with the Chinese players include E&O Bhd, IJM Corp Bhd, Gamuda Bhd, George Kent Bhd, Econpile Bhd and Bina Puri Holdings Bhd For instance last August, George Kent and CCCC won a RM1.01bil work package for the mass rapid transit (MRT) Sungai Buloh-Serdang-Putrajaya (SSP) Line.

Framework financing

On the ECRL, it was in Nov 1 last year, that Malaysia and China agreed to a framework financing agreement and engineering, procurement, construction and commissioning contract for the RM55bil rail link.

The agreement was signed in Beijing by Malaysia Rail Link Sdn Bhd and CCCC, and witnessed by Najib and his Chinese counterpart, Li Keqiang.

CCCC will be appointed as the main contractor and financing will be provided from the Chinese government.

On Wednesday, the proposed alignment for the 600km-long East Coast Rail Link (ECRL) was unveiled for the public to give feedback and suggestions.

Some 23 stations have been proposed along the route, which has been described as a game-changer project that will spur development of the east coast states.

When the rail link is completed in 2024, it will allow passengers to travel by train from Wakaf Baru in Kelantan to Gombak and on to Port Klang in about four hours.

It can take up to 12 hours if that route is travelled by road.

The ECRL will also benefit freight transport because it will link key economic and industrial areas within the East Coast Economic Region, including Kuantan and Bentong in Pahang, as well as Kuantan Port and Port Klang on the west coast

Najib said the project can help spur the tourism sector, encourage commerce and the creation or growth of industrial clusters along the ECRL alignment, as well as attract new investment.

The ECRL aside, it appears to be a busy year for the construction sector.

To put things in perspective, there are some RM96bil worth of infrastructure contracts to be awarded in 2017 to 2018, not taking into account the KL-Singapore High Speed Rail (HSR).

AffinHwang Capital has named construction beneficiaries that include Sunway Construction (Suncon), WCT Holdings Bhd and Gabungan AQRS Bhd.

AffinHwang’s Loong said that the award of major work packages for MRT Line 2 worth over RM26bil and RM16.5bil for the Pan Borneo Highway (PBH) Sarawak spurred the infrastructure contract awards in 2017.

He expects major work package awards for the RM9bil LRT Line 3 in the first half of 2017.

He also says that after three maiden contract awards in the fourth quarter of 2016, the remaining 32 packages for the RM12.8bil PBH Sabah civil works should be awarded this year.

For urban rail contracts, analysts say that the key one is the MRT 3 Circle Line.

This contract is pending the finalisation of feasibility studies, which should be announced sometime at the end of first quarter 2017.

AmResearch says that there is an estimated RM40bil value for the Circle Line, based on the prevailing RM1bil cost/km for the existing MRT 2’s 13.5km underground portion.

“We see better value among small and mid-cap names such as Suncon, WCT and Gabungan AQRS. For large-cap exposure, we prefer Gamuda over IJM Corp, based on Gamuda’s lower PER and higher core EPS growth in 2017,” says Loong


Read more at http://www.thestar.com.my/business/business-news/2017/03/11/flushed-with-construction-jobs/#9w18aaBGITjuixcJ.99

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #17 on: March 20, 2017, 08:45:46 PM »



Monday, 20 March 2017
Boon for contractors, foreign funds buy construction, property stocks
BY TEE LIN SAY

image: http://www.thestar.com.my/~/media/online/2017/03/20/00/17/wct-copy.ashx/?w=620&h=413&crop=1&hash=7D58BD1349153DD938C41FFF255DEAB5EDAC7B7D
WCT Holdings Bhd, Malton Bhd, Gamuda Bhd, Fajarbaru Bhd and WZ Satu Bhd were among the top gainers last week. Speculation is rife that large government projects will be farmed out soon. During the week, the foreign investors bought RM939.9mil worth of Malaysian equities compared with local institutions who remained net sellers at RM837.8mil.
WCT Holdings Bhd, Malton Bhd, Gamuda Bhd, Fajarbaru Bhd and WZ Satu Bhd were among the top gainers last week. Speculation is rife that large government projects will be farmed out soon. During the week, the foreign investors bought RM939.9mil worth of Malaysian equities compared with local institutions who remained net sellers at RM837.8mil.
 
PETALING JAYA: Construction and property stocks rallied in a market that saw foreign funds becoming net buyers. Companies deemed to be beneficiaries of large construction projects saw some action.

WCT Holdings Bhd, Malton Bhd, Gamuda Bhd, Fajarbaru Bhd and WZ Satu Bhd were among the top gainers last week. Speculation is rife that large government projects will be farmed out soon.

On Bursa Malaysia, foreign buying momentum continued for the week ended March 16, for the sixth consecutive week as the foreigners increased their exposure in Malaysian equities.

During the week, the foreign investors bought RM939.9mil worth of Malaysian equities compared with local institutions who remained net sellers at RM837.8mil.

MIDF Research, in a report dated March 13, said that year-to-date, foreigners have mopped up RM1.7bil worth of local equities.

In 2015 and 2016, foreign investors took out RM3.0bil and RM19.5bil respectively from Bursa. To put things into perspective, there are some RM96bil worth of infrastructure contracts to be awarded from 2017 to 2018, not taking into account the KL-Singapore High Speed Rail.

AffinHwang Capital has named construction beneficiaries that included Sunway Construction Bhd, WCT Holdings and Gabungan AQRS Bhd.

Meanwhile, Credit Suisse which turned bullish on Malaysian equities, has also rated Gamuda and IJM Corp Bhd among its top 10 picks, in part due to their superior dividends and free cash flow yields.

Investors have also piled into the shares of Tan Sri Lim Kang Hoo’s Iskandar Waterfront City Bhd (IWC).

The company saw its share price moving up since a month ago – from the 90-sen level to last Friday’s close of RM2.73.

Iskandar Waterfront Holdings Sdn Bhd (IWH) is taking over the listing status of IWC, and this will include IWH’s 30% stake in the Bandar Malaysia project. This has caused Lim’s other related stocks such as Ekovest Bhd to start rising.

Some are starting to speculate that counters related to tycoon Tan Sri Desmond Lim could be the next theme.

Recall last November that Lim bought bought a 19.67% stake in WCT in a transaction valued at RM2.50 per share, for a total of RM614.28mil.

The offer price was a 30% premium to WCT’s closing price of RM1.75 on Nov 1.

The fact that Lim paid a premium for his WCT stake has given rise to speculation that there were synergistic opportunities to be created with Lim’s 28% stake in Pavilion Real Estate Investment Trust and 41.2%-owned Malton.

On a more fundamental note, major work packages to be awarded this year included the RM9bil light rait transit line three in the first half of 2017.

The remaining 32 packages for the RM12.8bil Pan Borneo Highway Sabah civil works should also be awarded this year.

For urban rail contracts, analysts said that the key job was the mass rapid transit three circle line. The contract is pending the finalisation of feasibility studies, which should be announced sometime by the end of the first quarter.

Another long-awaited big ticket project that will provide a new source of contracts for the local construction sector will likely be the RM8bil Gemas-Johor Baru double-tracking line.

Industry sources have indicated that packages for the 197km Gemas-Johor Baru double tracking project are set to be announced within the next two months, with the aim of completing it by 2020.

Sources said that the lucrative Gemas-Johor Baru double tracking project, which has been stalled for more than a decade, is now in the last stages of being finalised.

Although it has been a while since YTL Corp Bhd has won a high-profile construction job, sources said that it was one of the front runners for this project.

YTL has rail expertise and was one of the first proponents for the KL-Singapore High Speed Rail.

The last time YTL undertook a rail job was in 1997, when its wholly-owned subsidiary Syarikat Pembenaan Yeoh Tiong Lay (SPYTL) teamed up with Siemens AG and Siemens Electric Engineering Sdn Bhd to build the Express Rail Link.

SPYTL undertook the civil works portion, which was roughly RM2bil.

It is also learnt that SIPP, which is a private vehicle controlled by the Sultan of Johor, Sultan Ibrahim Sultan Iskandar, has been appointed as the main contractor for the Gemas double-tracking job.

The market is now abuzz about the companies that will be named the sub-contractors of the Gemas project.


Read more at http://www.thestar.com.my/business/business-news/2017/03/20/boon-for-contractors/#XtlAho1yqZ00BE2Z.99

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #18 on: March 31, 2017, 06:49:39 AM »



财经  2017年03月30日
盈利存风险 建筑股今年不看好

盈利存风险 建筑股今年不看好

(吉隆坡30日讯)基于4大不利因素,包括预期今年建筑股所贏取的合约总值將按年减半,至250亿到300亿令吉,分析员將备受市场看好的建筑领域的投资评级,从「增持」,下修至「中和」。

肯纳格研究分析员表示,以上所指的4项因素,分別是:一、建筑股近期公布疲软的业绩表现;二、今年的工程颁发缓慢;三、工程进度展延和较高的建材成本,导致盈利面临风险;四、建筑领域估值触顶。

业绩表现疲软

该分析员称,去年末季,他所追踪的11只建筑股交出好坏参半的业绩表现,其中6只的表现符合预期,另外5只的表现则落后预期。


与去年第3季相比,同样也是5只建筑股的表现不达標,意味著已连续2个季度交出令人失望的表现。

「5只不符预期的建筑股是艾华仙台(SENDAI,5205)、福胜利(HSL,6238)、纳英控股(NAIM,5073)、WCT控股(WCT,9679)和双威建筑集团(SUNCON,5263)。它们表现疲弱的原因,包括:赚幅受压,因为营运成本比预期高;按工程进度入账比预期缓慢;受拨备和减值影响。」

该分析员补充说,隨著建筑公司公布2016財政年业绩,他將3只建筑股的投资评级调降至「跑输大市」,而目標价的下调幅度介于16至30%。

「与此同时,我们也把双威建筑集团的投资评级调低至『与大市同步』,目標价微幅下修2%。无论如何,双威建筑集团的股价表现不俗,跑贏其他大资本建筑股如怡保工程(IJM,3336)和金务大(GAMUDA,5398)。自我们从去年6月重新追踪双威建筑集团以来,其股价涨幅为11%。」

除了业绩表现疲软,分析员看淡建筑业的另一个原因是,工程颁发比预期慢。

该分析员说,对建筑股而言,去年是美好的一年,上市建筑股贏得的合约总值高达562亿令吉,按年激增155%。

不过,他预期工程颁发將在今年降温,因为大部份的第2捷运线工程和泛婆罗洲工程已在去年颁发,占去年总工程价值562亿令吉的60%。他补充,估计今年颁发的合约总值介于250亿至300亿令吉,按年减少47%至56%。

「今年的工程合约颁发预计来自第3轻快铁(90亿令吉)、泛婆罗洲沙巴部份(128亿令吉)、金马士-柔佛南部轨道(约90亿令吉,预计30%將承包给本地业者)和政府的房屋计划工程。」

此外,分析员对建筑股的其中一个隱忧是工程颁发放缓慢之后,它们在今年的表现能否达到预期,特別是去年的合约颁发总值大增后,市场对该领域抱持很高的期望。

该分析员也称,较高的建材成本將进一步侵蚀建筑股的盈利赚幅。本地的长钢价格目前处在每公吨2140至2290令吉高水平,按年涨幅为39%。



估值偏高

另一方面,他认为,建筑领域的估值已经处在偏高水平。他说,截至3月10日,马股建筑指数的本益比为15.3倍,而大资本建筑股(怡保工程、金务大、双威建筑集团和WCT控股)的估值並不便宜,平均本益比为19倍,逼近2年新高。

他是基于以上种种因素,將建筑领域的投资评级下修至「中和」。

个股方面,他仅给予美德再也(MITRA,9571)和KERJAYA集团(KERJAYA,7161)「跑贏大市」投资评级,因为它们的盈利表现稳定,而且估值较低。

今天闭市时,KERJAYA集团大起17仙或6.86%,至2.65令吉,是第8大上升股;美德再也则微跌1仙或0.74%,报1.34令吉。

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #19 on: May 24, 2017, 01:32:42 PM »



Business NewsHome > Business > Business News
Wednesday, 24 May 2017 | MYT 1:07 PM
MIDF Research positive on local construction sector
image: http://www.thestar.com.my/~/media/online/2016/10/08/23/07/construction-building-workers-0910.ashx/?w=620&h=413&crop=1&hash=8E664E51AAD6C8A26C20356353BFD3446076AA33

 
KUALA LUMPUR: MIDF Research has maintained its “positive” outlook on the domestic construction sector, amid the strong flow of liquidity into the industry.

The research house said on Wednesday that total loans to the sector as at March 2017, increased by approximately 14.1% on a year-on-year comparison, to RM7.43bil. To note, total loans to the sector as at end-February 2017 stood at RM5.19bil.

“We believe that liquidity is a buoyancy parameter of the sector steered by not just the government through its infrastructure-focused policy, but also ‘higher-return’ mindset of institutions seeking excess return since Kuala Lumpur Interbank Offered Rate 3-month and 5-year Malaysian Government Securities show an anaemic and stagnating trend,” said the research house, while adding that the sectoral price-earnings ratio rose to 26.9 times which was unseen since October 2010.

MIDF Research stressed that the sudden liquidity surge is not a welcomed surprise, since liquidity impulse to the sector which could stretch the construction sector’s valuation and consequently masking its lofty valuations.

“From January 2017 to March 2017, loans disbursed to construction sector totalled to approximately RM20.1bil, whereas the preceding period recorded a total of RM16.8bil. This registers a sharp increase of almost 19.6%.

“On average, RM4.1bil worth of construction loans have been disbursed monthly into the sector for the past 11 years. Thus, it is only instinctive for us to depart from our positive stance to a cautious view of the sector considering excess liquidity,” stated the research house in its note.

MIDF Research indicated that the surge in credit liquidity to the sector could emanate from anticipation of an election in early fourth quarter of 2017 and announcements on big ticket project packages such as East Coast Rail Line (ECRL), High Speed Rail,Bandar Malaysia development, Kuala Linggi International Port and Baleh dam.

“The recent Belt and Road Forum 2017 dished out construction related projects amounting to RM24.28bil, consisting of the Robotic City in Johor (RM15bil), The Shore, Kota Kinabalu (RM575mil) and Methanol and Derivatives project in Bintulu, Sarawak (RM8.7bil).

“While such news supports the buoyancy of the construction sector, earnings are still chugging slowly. Therefore, we recommend a hard-nosed watch for red herrings namely East Coast Rail Line which would only bring the total of RM1.5bil of earnings, on the back of RM15bil jobs for local companies,” said MIDF Research.

The research house added that it we favours construction companies with strong core competency with diversified non-commodity revenue stream, as earnings are important despite the surge in liquidity for the sector.

“We remain positive with the prospects of Muhibbah Engineering Bhd, Malaysian Resources Corp Bhd and Gabungan AQRS Bhd due to their strong forte of construction backed by revenue stream from airport concession, facilities management and property development,” said MIDF Research.
 
TAGS / KEYWORDS:
Analyst Reports , Construction , Economy

Read more at http://www.thestar.com.my/business/business-news/2017/05/24/midf-research-positive-on-local-construction-sector/#kbcJJKXRTSyviC04.99

Offline king

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Re: CONSTRUCTION SECTORS
« Reply #20 on: June 27, 2017, 10:37:32 AM »




 
主页 > 财经 > 国内 > 【独家】估值未触顶新合约不绝建筑股延烧
【独家】估值未触顶新合约不绝
建筑股延烧
1003点看 2017年6月27日
独家报道:刘颖政


(吉隆坡26日讯)大马建筑股指数今年已涨幅超过19.5%,触及338点水平,跑赢富时吉隆坡综合指数的9%升幅。据彭博社数据,目前建筑指数的本益比为23.5倍,比去年的17.9倍高,更是2008年以来新高。


本益比如此高,这是否意味着建筑股的估值已经达到了顶点呢?


洪国兴.

辉立资产管理公司投资总监洪国兴向记者说道,投资者应该关注未来项目颁发的规模,因为这更能反映出该领域股价的潜在上行空间。

“本益比是按照过去收益表现的计算出,因此我认为,投资者应该留意的是未来潜在上涨空间。

“这点主要关键在于未来派发的项目,若获得的合约价值越大,盈利就随之增加,股价上涨空间可能出现。”


陈建尧

合约陆续释出

另外,肯纳格投行研究主管陈建尧接受《南洋商报》专访时,也异口同声认为,项目派发从不中断,相关领域现今的盈利或许还未到顶。

“未来两个季度料迎来过去项目的盈利入账,而且部分公司还获得新订单,盈利贡献源源不绝。”

“由此看来,盈利表现还有利好因素扶持,股价上行仍有看头,届时本益比可能会下跌。”

利淡出尽 只等东风

日前,首个捷运第二路线(MRT2)项目配套正式颁发,建筑行业是否迎来另一个大型合约派发的高峰期?

对此,陈建尧认为,大型基建项目的合约不会在短期内蜂拥而出,不少项目仍处在计划阶段。

大型项目包括东海岸铁路(ECRL)、泛婆罗洲大道、敦拉萨国际贸易中心(TRX)、吉隆坡118大楼(KL118)、沙巴泛婆罗州大道、轻快铁第3路线(LRT3)、隆新高铁(HSR),以及金马士-新山(Gemas-JB)双线铁路。

因此他认为,其他新推出的大型项目,不会这么快释出,合约高峰的时机未到。

“其他项目如总值550亿令吉的东海岸铁路项目,还未出现任何清晰的进展,短期内不会颁发项目配套。”

除了他早前提到的合约颁发量减少外,建筑业者也面对材料上涨的问题,压缩赚幅。

因此,肯纳格投行近期已下砍建筑领域的投资评级至“中和”,不过陈建尧补充,目前没有任何因素再下修该领域的评级。



大型公交工程推动

大众投行则认为,随去年共颁发有史以来最高总额的580亿令吉建设项目后,今年基础建设开销没有任何放缓的迹象,项目订单料踊跃颁发。

该投行认为,建筑领域的开销持续扩大,主要推动力是公共交通建筑相关工程。

“今年将颁发的项目,包括东海岸铁路、轻快铁第3路线、隆新高铁和捷运第三路线(MRT3)、快捷巴士系统(BRT)、金马士-新山双线铁路等。”

“当中,随着轻快铁第3路线的竞标活动于3月结束后,该项目的其他工程配套料在近期颁发。”

另外,分析员也相信,建筑领域持续成为国内经济增长的主要推手,并在过去几年的贡献比重有扩大迹象。

“建筑领域为国家经济增长,在2006至2007年的贡献比重为3%;而在去年达到4.9%,这也高过其他发展中国家的贡献比重,即1992年至2013年的3.6%平均水平。”

大众银行给予建筑领域“增持”投资评级,看好金务大(GAMUDA,5398,主板建筑股)、福胜利(HSL,6238,主板建筑股)和TRC协作(TRC,5054,主板建筑股)未来表现,提出”超越大市“评级,目标价分别为6.20令吉、1.86令吉和82仙。

IJM获捷运2合约意料中事

另一方面,市场乐见IJM(IJM,3336,主板建筑股)获得第二捷运项目,并指这是预料之内。

总值3亿4218万令吉的双溪毛糯-沙登-布城(SSP,即捷运第二路线)路线合约配套,占了IJM今年30亿令吉新订单目标总额的11.4%。

JF Apex证券指出,若该项目赚幅为7%,IJM料能在项目进行时获利2400万令吉。

该投行维持未来2年的财测,因为这结果符合预测;维持“买入”投资评级和3.76令吉目标价。

不过,达证券认为,目前股价已达合理价位,建议“卖出”,合理价为3.50令吉。

捷运机构在本月15日,颁发捷运第二路线S203工程配套,给IJM子公司IJM建筑。

IJM建筑将兴建4个捷运站与相关工程,分别是斯里德里玛(Sri Delima)、甘榜峇都(Kampung Batu)、肯多门(Kentonmen)和怡保路。

捷运机构称,这是由财政部长拿督斯里纳吉主持的一站式采购委员会(OSPC),在比较7家竞标公司后,决定颁发合约给IJM。