Ekovest Bhd

[winston]

vested

The stock punched through its RM0.50 psychological levels a couple of days ago and there was follow-through buying yesterday.

Trading volume was a robust 4x its 15-day average trading volume and coupled with the strong close
yesterday may signal that the bulls are attempting to engineering a new path after trading sideways for the last 4-months or so. Higher prices may be next.

Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) have hooked higher, pointing to a rise in positive momentum.

We think that aggressive traders may want to go long now with a stop-loss set at RM0.46 (one tick below the 50-day EMA). Follow-through buying may lift prices up to test the historical resistance at RM0.56 and RM0.615 next.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 0c47d810c6

[winston]

vested

Ekovest may be dropped as River of Life PDP

By Kamarul Azhar and Jose Barrock

THE federal government is said to be mulling over the removal of Ekovest Bhd (KL:EKOVEST) as the project delivery partner (PDP) of the long-delayed River of Life project, which is facing cost overruns, sources familiar with the matter tell The Edge.

Ekovest’s wholly-owned KL Bund Sdn Bhd is the PDP, project coordinator and manager of the RM4.4 billion River of Life project that was launched in 2011 under the Economic Transformation Programme for Greater Kuala Lumpur to transform about 800ha of the Klang River and Gombak River basins into habitable waterfronts with high economic value within seven years.

None of its objectives having been achieved in 13 years, although some RM3.92 billion or almost 90% of the allocated RM4.363 billion has been spent.

As at end-March this year, Ekovest had cash and bank balances of RM173.72 million, investment funds of RM129.5 million and short-term deposits of RM91.74 million.

On the other side of the balance sheet, Ekovest had short-term borrowings of RM408.97 million and RM402.24 million of long-term debt commitments.

The company also had reserves of RM1.1 billion as at end-March this year and RM5.31 billion Islamic medium-term notes.

Net cash generated from operating activities stood at RM273.54 million for the period in review.

Source: The Edge Malaysia

https://theedgemalaysia.com/node/718998

[winston]

vested

MARC Ratings warned on Friday that it may downgrade the rating of a toll concessionaire unit of Ekovest Bhd in the intermediate term, citing cash flow concerns.

Source: The Star

[winston]

vested

Aug 9, 2024

MARC warns it may downgrade Duke 3 rating amid cash flow concerns

By John Lai

MARC Ratings warned on Friday that it may downgrade the rating of a toll concessionaire unit of Ekovest Bhd (KL:EKOVEST) in the intermediate term, citing cash flow concerns.

The agency affirmed the investment-grade AA-IS rating on Lebuhraya Duke Fasa 3 Sdn Bhd’s (Duke 3) outstanding RM3.64 billion sukuk. However, the agency has revised the outlook from ‘stable’ to ‘negative’ — which indicates that a rating may be lowered typically over the next one to two years.

Duke 3’s actual average daily traffic (ADT) between January and June 2024 was about 47% lower than the forecast made under the 2019 traffic study.

Duke 3, which is wholly owned by Ekovest, is the concessionaire for the 32km Setiawangsa-Pantai Expressway that connects the Middle Ring Road 2 at Wangsa Maju to Kerinchi Link adjoining the Federal Highway.

Back in January 2016, the company struck a 53.5-year concession agreement with the government, with the right to extend by 6.5 years if the highway does not achieve the projected internal rate of return.

The government has also helped Ekovest with a RM560 million interest-free advance to cover the first eight years of interest payments during the highway gestation period, in exchange for no toll hikes during a period of the concession.

Pursuing a sukuk restructuring plan within the next 12 months.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/722324

[winston]

vested

Ekovest narrows 4Q net loss to RM64.9m

By Syafiqah Salim

Narrowed its net loss to RM64.87 million for its fourth quarter ended June 30, 2024 (4QFY2024) from RM95.66 million a year earlier,

Revenue for the quarter decreased 3.18% year-on-year to RM270.45 million

For the full year, Ekovest widened its net loss to RM122.95 million from RM111.12 million in FY2023, marking the group's third consecutive year in the red. Full-year revenue, in contrast, rose 2.59% to RM1.15 billion

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/725059

[winston]

Ekovest’s Lim weighing sale of toll-road assets for RM5b — Bloomberg

By Elffie Chew

Deal that could value the assets at as much as RM5 billion (US$1.1 billion).

Ekovest owns 60% of Kesturi, while the remaining balance is held by the Employees Provident Fund (EPF).

Kesturi owns the concession for the Duta-Ulu Klang Expressway, which has three toll roads, totalling 56 kilometres.

Ekovest has approval from the EPF to extend an exit plan for Kesturi to February 2026, and the parties are evaluating various viable options, ac

Source: Bloomberg

https://theedgemalaysia.com/node/733071