Ekovest Bhd

Re: Ekovest Bhd

Postby winston » Thu May 04, 2017 3:19 pm

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Lim's Ekovest shares tumbles after Bandar Malaysia deal aborted

by Chester Tay

KUALA LUMPUR (May 4): Ekovest Bhd, a construction firm which has a common major shareholder with Iskandar Waterfront Holdings Sdn Bhd (IWH), saw its share price opened 42 sen or 29.37% lower at RM1.01 this morning.

As at noon, the counter pared some losses to trade at RM1.19, down 24 sen or 17%, with some 167.7 million shares changing hands.

The selling is mainly due to the spillover effect from the termination of the 60% stake sale in Bandar Malaysia project to the joint venture IWH CREC Sdn Bhd.

IWH CREC is a 60:40 joint-venture (JV) between IWH and China Railway Engineering Corp (M) Sdn Bhd (CREC).

IWH, which owns a 60% equity interest in the joint venture (JV), is the flagship of property tycoon Tan Sri Lim Kang Hoo, who also controls a 32% stake in Ekovest.

As the JV lost the deal to acquire a controlling 60% stake in Bandar Malaysia project, which owns massive prime tract on the former airforce base near Sungai Besi that is less than 15km from KL Sentral and Petronas Twin Tower, it also raise uncertainties on Ekovest's concessionaire for the Setiawangsa — Pantai Expressway (formerly known as the DUKE Phase-3) that will connect to Bandar Malaysia.

According to DUKE's website, the 29.8km expressway will traverse north to south of Kuala Lumpur and will serve areas such as University Tunku Abdul Rahman, Wangsa Maju, Setiawangsa, Ampang, the Tun Razak Exchage and Bandar Malaysia development corridor and Kerinchi.

Ekovest's share price has been climbing since beginning of the year from 96 sen on Jan 3, after IWH CREC Sdn Bhd signed a share sale agreement end of last year to buy a 60% stake in Bandar Malaysia for RM7.41 billion.

Year to date, Ekovests shares has appreciated almost 50% to close at RM1.43 yesterday.

In February, Ekovest completed the disposal of 40% equity interest held in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) to the Employees Provident Fund Board (EPF) for RM1.13 billion cash.

Kesturi is the concessionaire of Duta-Ulu Kelang Expressway (DUKE), a 34km highway comprising two phases, with a concession period of 54 years.

It was previously an indirect wholly-owned unit of Ekovest. Upon completion of the stake sale, Ekovest is left with a 60% stake in Kesturi.

Yesterday, Ministry of Finance-owned TRX City Sdn Bhd announced that the share sale agreement it had inked with IWH CREC Sdn Bhd in December 2015 had lapsed "despite repeated extensions being granted, making the agreement null and void with immediate effect".

TRX City had said it is immediately inviting expressions of interest for the role of master developer of Bandar Malaysia, with full ownership being preserved by the Ministry of Finance.

Source: The Edge

http://www.theedgemarkets.com/article/l ... al-aborted
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Re: Ekovest Bhd

Postby winston » Thu May 04, 2017 8:57 pm

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Ekovest MD says sell-down temporary as fundamentals strong, intact

KUALA LUMPUR: Ekovest Bhd, whose shares and warrants fell sharply on Thursday following the negative news about the cancellation of the Bandar Malaysia deal, described the sell-down as a “temporary phenomenon”.

Its managing director Datuk Seri Lim Keng Cheng said: “We believe the sell-down of Ekovest shares today is just a temporary phenomenon, as our fundamentals remain strong and intact.

“I call upon the investors to continue to evaluate how each of Ekovest's business divisions are managed and run, as it better reflects our performance.”

Ekovest's shares hit limit-down to RM1.01 in early Thursday trade on news that the Ministry of Finance (MoF) decided to call off the Bandar Malaysia deal with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC).

Ekovest and IWH's unit Iskandar Waterfront City (IWCity) are linked to Tan Sri Lim Kang Hoo. IWCity had sought a two-day trading suspension.

At the close of trade on Thursday, Ekovest was down 26 sen to RM1.17 with 230 million shares done while the warrants, Ekovest-WB fell 17.5c to 95.5 sen with 28.34 million units traded.

Lim Keng Cheng said: “It is best to avoid any speculation and focus on fundamentals and the facts that are known.

Ekovest’s prospects remain promising due to its active assets and strong cash flow generation. I hope the market will continue to keep its focus on the intrinsic merits of our businesses.

“The company has been run professionally and independently since its incorporation. It has a deeply entrenched value system and an extensive talent pool,” he added.

Source: The Star

http://www.thestar.com.my/business/busi ... Fe5Aa84.99
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Re: Ekovest Bhd

Postby winston » Fri May 12, 2017 9:11 am

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STOCK ON RADAR

Trading Buy: EKOVEST
Period: 4 weeks
Last px: 1.23
Upside: 1.32/1.36/1.50
Downside: 1.20/1.15
Cut loss: 1.12

Trading catalyst: The stock tumbled from YTD high of RM1.52 (13 Mar) to a low of RM1.01 (4 May) before ending at RM1.23 yesterday following the shocking announcement that the sale of Bandar Malaysia to the IWCITY-China Railway Engineering Corp JV has lapsed on 3 May.

We like the company for its
i) huge outstanding construction order book;
ii) potential unlocking of asset value through IPO for its expressways;
iii) potential REITing of its shopping malls in long term;
iv) its projects are not dependent on China FDI investments.

Source: Hong Leong Broking
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Re: Ekovest Bhd

Postby winston » Wed May 24, 2017 8:16 am

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Ekovest expects traffic volume to double with Duke 2

KUALA LUMPUR: Ekovest Bhd sees better revenue from its infrastructure division, saying the traffic volume at its intra-city highway will double once phase two of the Duta-Ulu Klang Expressway (Duke) project is completed by end-August.

Managing director Datuk Seri Lim Keng Cheng said traffic at Duke would easily double from an existing average of 135,000 vehicles per day and at the same time alleviate traffic congestion along Jalan Pahang, especially at the roundabout.

“It’s not really a delay. It’s a four-year project but we hope to complete it in three years.

“We have about a year’s buffer and as of today, we are seven months ahead of schedule,” he told Bernama after Works Minister Datuk Seri Fadillah Yusof visited the Duke Two project site near the entrance to the new Tun Razak Link (TR Link).

As an alternative route, a 9km TR Link connecting Jalan Tun Razak near Kuala Lumpur Hospital to the Sentul Pasar Interchange at Jalan Gombak would open to the traffic beginning 8pm on Tuesday night (tonight).

Lim said the Duke projects, being the group’s main highway infrastructure business, contributed one-third of Ekovest’s total revenue.

The 16.4km Duke Phase 2 project, costing RM1.18bil, is mostly elevated and comprise the TR link and Sri Damansara Link, which will be connected to the existing Duke One.

The existing Duke 1, built at a cost of RM980mil, is a 19km tolled highway which provided connectivity to the East-West route of northern Kuala Lumpur (KL), connecting the New Klang Valley Expressway in west KL to the KL-Karak Highway in the north and the Middle Ring Road Two in the east.

Meanwhile, Ekovest’s concession for Duke Phase 3, a 32km highway also known as Setiawangsa-Pantai Expressway, is under construction at a cost of RM3.9bil and comes with a concession period of 53 years, connecting Taman Melati and the Sprint Highway via Kerinci Link.

Source: Bernama

http://www.thestar.com.my/business/busi ... RYr1JvL.99
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Re: Ekovest Bhd

Postby winston » Wed May 31, 2017 8:00 am

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Ekovest posts RM11.06mil Q3 net profit

PETALING JAYA: Ekovest Bhd’s net profit for its third quarter ended March 31, 2017 was flat at RM11.06mil compared with RM11.08mil in the previous corresponding period, while revenue in the third quarter rose to RM291.75mil from RM184.77mil a year earlier.

In a filing with Bursa Malaysia yesterday, the construction firm attributed its earnings to the commencement of preliminary and construction works for the Setiawangsa-Pantai Expressway (SPE).

“Higher sales recognition for the EkoCheras project coupled with advanced progress work have also contributed to higher revenue from the property development segment.”

Ekovest also said its net profit was affected by a one-off expense amounting to RM22.62mil on the recognition of the fair value adjustment pursuant to the granting of the employees’ share option scheme on March 9, 2017.

“The lower contribution from the preliminary and enabling work for SPE which has a better profit margin has also resulted in a lower profit before tax for the current quarter.”

For the nine months ended March 31, 2017, net profit increased to RM92.19mil from RM20.27mil in the previous corresponding period while revenue grew to RM770.26mil from RM502.51mil a year earlier.

On its prospects, Ekovest said its board expects the ongoing construction of the Duke phase-2 and SPE, toll revenue and the recognition of unbilled sales from property development activities to contribute positively to turnover and profitability in the current financial year.

“Barring any unforeseen circumstances, the board is confident that the group’s performance would be much better for the financial year ending June 30, 2017 compared to the previous financial year.”

Source: The Star

http://www.thestar.com.my/business/busi ... Bw8yWDY.99
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Re: Ekovest Bhd

Postby winston » Wed May 31, 2017 8:00 am

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Ekovest posts RM11.06mil Q3 net profit

PETALING JAYA: Ekovest Bhd’s net profit for its third quarter ended March 31, 2017 was flat at RM11.06mil compared with RM11.08mil in the previous corresponding period, while revenue in the third quarter rose to RM291.75mil from RM184.77mil a year earlier.

In a filing with Bursa Malaysia yesterday, the construction firm attributed its earnings to the commencement of preliminary and construction works for the Setiawangsa-Pantai Expressway (SPE).

“Higher sales recognition for the EkoCheras project coupled with advanced progress work have also contributed to higher revenue from the property development segment.”

Ekovest also said its net profit was affected by a one-off expense amounting to RM22.62mil on the recognition of the fair value adjustment pursuant to the granting of the employees’ share option scheme on March 9, 2017.

“The lower contribution from the preliminary and enabling work for SPE which has a better profit margin has also resulted in a lower profit before tax for the current quarter.”

For the nine months ended March 31, 2017, net profit increased to RM92.19mil from RM20.27mil in the previous corresponding period while revenue grew to RM770.26mil from RM502.51mil a year earlier.

On its prospects, Ekovest said its board expects the ongoing construction of the Duke phase-2 and SPE, toll revenue and the recognition of unbilled sales from property development activities to contribute positively to turnover and profitability in the current financial year.

“Barring any unforeseen circumstances, the board is confident that the group’s performance would be much better for the financial year ending June 30, 2017 compared to the previous financial year.”

Source: The Star

http://www.thestar.com.my/business/busi ... Bw8yWDY.99
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Re: Ekovest Bhd

Postby winston » Wed Jun 21, 2017 6:17 pm

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Ekovest unit gets approval-in-principle for KL river city project

KUALA LUMPUR: Ekovest Bhd unit, Ekovest KL Bund Sdn Bhd, has received the approval-in-principle from the government for the proposed development of Kuala Lumpur (KL) River City in Gombak.

In a filing to Bursa Malaysia Wednesday, the construction company said, further details on the development would be made upon finalisation of the privatisation terms and conditions for the proposed project.

According to Ekovest’s website, the KL River City project, also known as the “River of Life”, is a riverfront development that would be stretching 3km along the Gombak River.

“It covers a potential development area of about 129.5 hectares, comprising the EkoGateway, EkoPark Place, EkoAvenue, EkoTitiwangsa and EkoQuay developments,” it said. - Bernama

Source: The Star

http://www.thestar.com.my/business/busi ... jGpyeO5.99
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Re: Ekovest Bhd

Postby winston » Thu Jul 20, 2017 8:27 am

More KL land for Ekovest

BY EUGENE MAHALINGAM

Ekovest Bhd will receive another 30 acres, making it a total of 60 acres, for work involving the rehabilitation of the Gombak River that snakes through the city.


Ekovest’s net profit for its third quarter ended March 31 was flat at RM11.06mil compared with RM11.08mil in the previous corresponding period, while revenue rose to RM291.75mil from RM184.77mil a year earlier.


Ekovest currently had an order book of RM12.5bil, which could last another four to five years, adding that the bulk of it was from the company’s Duta-Ulu Kelang Expressway Phase 3 project, which is worth RM3.9bil.

“This is excluding the Great system, which will add to our order book,”


Source: The Star

http://www.thestar.com.my/business/busi ... mRmSJrO.99
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Re: Ekovest Bhd

Postby winston » Wed Jul 26, 2017 2:31 pm

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July 20, 2017

Price retracement offers chance to buy into Ekovest shares

BY EUGENE MAHALINGAM

Since hitting a high of RM1.46 on May 2, the stock dropped to a low of RM1.01 last Friday.

At present levels, UOBKayHian said the stock is trading at a bargain, with a 2018 and 2019 price-to-earnings ratio of 15.4 times and 10.5 times respectively.


Separately, UOBKayHian said the potential listing of the DUKE 1 and 2 expressways could result in more special dividend distributions.

“The next major catalyst for the group would be the eventual initial public offering of the DUKE 1/2 expressways, which are worth about RM1.9bil, based on its 60% stake.

“Assuming that it pares down its stake in the highway by a further 20%, the net cash inflow could be around RM632mil.”

UOBKayHian said the expressways could actually be worth a potential RM2.1bil, adding that a 20%-stake downsize would result in net cash inflow of up to RM700mil.


“Presently, the group is armed with RM7bil worth of unbilled construction jobs, excluding the DUKE 2A expressway construction job that could be worth RM6.32bil.

“Including the potential DUKE 2A construction job, its outstanding order book would be a whopping RM13.1bil, representing a 14-times order book cover, which is one of the highest in the industry.”


Source: The Star

http://www.thestar.com.my/business/busi ... YpD0OgT.99
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Re: Ekovest Bhd

Postby winston » Wed Jul 26, 2017 2:31 pm

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July 20, 2017

Price retracement offers chance to buy into Ekovest shares

BY EUGENE MAHALINGAM

Since hitting a high of RM1.46 on May 2, the stock dropped to a low of RM1.01 last Friday.

At present levels, UOBKayHian said the stock is trading at a bargain, with a 2018 and 2019 price-to-earnings ratio of 15.4 times and 10.5 times respectively.


Separately, UOBKayHian said the potential listing of the DUKE 1 and 2 expressways could result in more special dividend distributions.

“The next major catalyst for the group would be the eventual initial public offering of the DUKE 1/2 expressways, which are worth about RM1.9bil, based on its 60% stake.

“Assuming that it pares down its stake in the highway by a further 20%, the net cash inflow could be around RM632mil.”

UOBKayHian said the expressways could actually be worth a potential RM2.1bil, adding that a 20%-stake downsize would result in net cash inflow of up to RM700mil.


“Presently, the group is armed with RM7bil worth of unbilled construction jobs, excluding the DUKE 2A expressway construction job that could be worth RM6.32bil.

“Including the potential DUKE 2A construction job, its outstanding order book would be a whopping RM13.1bil, representing a 14-times order book cover, which is one of the highest in the industry.”


Source: The Star

http://www.thestar.com.my/business/busi ... YpD0OgT.99
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