小资女向前冲（大马股市）

 20/5/2017

- SP:RM0.905 (19/5/2017)

Management

- Datuk Derek Wong Kit Leong (CEO)

Joint venture

- Malton

Industry

- Construction (Contributed most of the Revenue)

- Property Developemnt 

- Bulding Materials

FR

- 营收比上一季少了20.5%， 但是净力上升了34.7%. 主要原因应该是上个季度的Operating Expenses略高

- 跟去年同期相比，不管是营收还是净力本季的业绩都不怎么出色

- 以五年的表现来看，营收持续下跌，净力还是保持在RM60-70m上下。但是很好的是Profit margin很高，一年比一年高。

- Gross profit margin 56.89%

- PBT margin 46.5%

- NP margin 33.86%

- Amount due from customers on contracts, WTF is that?? Just consider it as TR. 假设这是TR,别人欠Hohup的钱又多啦。而且看看TR, 增加了那么多

- Cash and bank balance 也少了很多很多。还债务了？

- 如果说拿去还债务？ 不完全是吧。LT Bank Borrowing下跌了但是比例远不及Cash and bank balance. ST bank borrowing and TP decreased in a small degeree. 看起来债务有点高(ST bank borrowing)

- Net cash used in operating activities: (RM4567,000). Receivables 和Amount owing by customer on contract 可能是大主因

- Google 了什么是Inter-segment elimination, 初略意思是department和department之间的交易。这样的交易如果没有被扣除，占整体revenue 47.63% (Note4)

- YoY Revenue下跌主要是因为Completion of the Parcel A, Bukit Jalil Project and decline of ready mix revenue by RM11.7million or 65.3%

- YoY net profit 下跌主要是因为 high operating expenses. High operating expenses 是因为 Preparation cost incurred for the Sungai Besut Project

- Construction and property development sector YoY revenue下跌是因为completion of project.

Outstanding Projects

- Teluk Intan (Construction sector)

- Immigration Quarters in Pengkalan Hulu (Construction sector)

- Construct breakwater for rehabiliation works along Sungai Besut

New projects

- Construction section order book: RM434million. Tendered book Rm4.4billion 

- Parcel D Bukit Jalil Project- 3rd Quarter 2017 (Property sector)

    > Is expected to be launch third quarter 2017, estimated GDV RM 500million

    > Mixed development in Kota Kinabalu, GDV RM800million, ground breaking by third quarter 2017

Factors that will affect Hohup

- Delaying of project

- High operating expenses, building material. Weaken of RM

Share price

- 股价在2015年 5月中尾开始跌，这可能是因为业绩没有符合市场预期吧。而且下一季的业绩也持续下跌到RM14m

- RM9m 是在2014-2016表现最差的业绩了

- 假设hohup开始有工程了，RM9m设为近几年最差的表现，是不是代表可以进场啦？

 ，

- 股价是跳空开高的! 有人知道业绩会好！？而且又有量

News

- Wong said Ho Hup’s construction order book now amounted to RM454 million, which will keep it busy for the next three years. (19th May 2017)

Good News

- Parcel D Bukit Jalil Project 将在第3季动工 (GDV RM500m)

- 第3/4季，开始Kota Kinabalu 和Kulai project (GDV RM800m and GDV RM300m)

Risk

- High Debt.银行可能不借钱

- Lower cash

- 曾经是PN17 (2009)

-延迟动工

Comments

- 19/5/2017股价 RM0.905. 已经突破之前的resistance level. 接下来挑战RM0.94/RM0.96. 近期新高

- 现在才第一季，第三季动工Parcel D Bukit Jalil Project 所以第四季才会看到成绩吗？那还是把钱放在其他地方，等到时间到的时候再看回来吧

- Support level RM0.81, RM0.775

Target price

- RM1.2++ (只包括Parcel D Bukit Jalil Project)

Reference
http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=7617

http://www.chinapress.com.my/20170519/%E5%92%8C%E5%90%88%E5%BB%BA%E7%AF%89%E9%A6%96%E5%AD%A3%E6%B7%A8%E5%88%A91240%E8%90%AC-%E4%BB%8A%E5%B9%B4%E6%8E%A8%E4%BB%8B16%E5%84%84%E7%99%BC%E5%B1%95%E9%A0%85%E7%9B%AE/