Gabungan AQRS

Gabungan AQRS

Postby winston » Fri Oct 06, 2017 10:28 am

not vested

The group recently secured its largest contract ytd worth RM1.2b from Prasarana Bhd to construct the Light Rail Transit 3 (LRT3).

In the following months, the group is eyeing further contract wins worth >RM300m.

With the recent win, its construction orderbook has ballooned to RM2.6b (representing an orderbook cover of 12x to its 2016 construction revenue).

A potential amicable settlement of the variation orders for MRT1 worth >RM100m could increase the likelihood of a bumper dividend.

Share Price Catalyst
Further contract wins of >RM300m by the year end.
Announcement of final settlement amount for MRT Line 1 with a potential of special
dividend.

Source: UOBKH
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Re: Gabungan AQRS

Postby winston » Fri Feb 22, 2019 8:05 am

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UOB Kay Hian named Gabungan AQRS Bhd as one of the key beneficiaries of the potential revival of the ECRL.

It noted that AQRS had previously tendered for three packages along the stretch in Kuantan with a tender value of RM2.5bil.

“We strongly believe AQRS is one of the clear beneficiaries on the back of a longstanding relationship with the main contractor, China Communications Construction Company, and the tendered rail line alignment packages, which are adjacent to the state administrative centre (in Kuantan) which is currently being constructed by AQRS,” UOB Kay Hian explained.

Source: The Star

https://www.thestar.com.my/business/bus ... W90bQSo.99
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Re: Gabungan AQRS

Postby winston » Mon Apr 01, 2019 12:28 pm

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Many potential catalysts on top of earmarked 10 sen DPS:-
a) potential revival of ECRL mega project
b) construction contract award of Pan Borneo Highway
c) launch of high-demand E’Island in 2Q19
d) securing strategic partner for One Jesselton by 2H19

Source: UOBKH
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Re: Gabungan AQRS

Postby winston » Mon Apr 01, 2019 12:59 pm

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Gabungan AQRS

Potential winner of Pan Borneo Highway Sabah (PBHS) construction contract coupled with
ECRL work contract, with negotiations expected to be concluded by Apr 19.

PBHS is likely to be awarded in 1H19 while the ECRL project has yet to be finalised with the relevant parties, particularly in work scope and contract value.

AQRS’ fundamentals remain intact:
a) strong outstanding orderbook of RM2.1b as of Dec 18 (2.2x 2018F revenue) and
b) a five-year plan to resuscitate its property arm which is expected to contribute considerable earnings in the coming years through key projects like E‘Island in Puchong and The Peak in Johor.

It commits to dole out property development cash flows as dividends which can amount to 10 sen/share (about 8% yield) from 2019 to 2023.

In addition, the recent appointment of Sotheby’s to market its Jesselton development is
definitely a strong endorsement of the project’s success. AQRS is expected to launch its
maiden waterfront development project by 2H19.

Share Price Catalyst
1. Potential reactivation of ECRL.
2. Remaining stretches of PBHS receiving the government’s nod to go ahead under Budget
2019.
3. Strong take-up for E’Island, a medium-range but high-quality condo project with RM501m
GDV in Puchong, Selangor. Bookings are close to 2,400 units (of the planned 2Q19 launch
of 1,100 units)

Source: UOBKH
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Re: Gabungan AQRS

Postby winston » Thu Oct 03, 2019 9:49 am

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Gabungan AQRS

AQRS is expected to be the likely winner of the roll-out of shelved mega projects such as ECRL and Bandar Malaysia, given its profound expertise and it being a bumi-controlled company.

We reckon AQRS is deemed as one of the frontrunners to secure a new package in the Kuantan stretch (under phase 2 of ECRL).

Also, the requirement of bumi content bodes well for AQRS to secure new mega projects.

Potentially, AQRS may form a formidable partnership to place the JV in a bright spot to secure large-scale projects and to jointly construct with its partner the ECRL stretch in Klang Valley (under Phase 3) which is likely to be awarded from end-20.

Other notable projects that AQRS is likely to secure include works relating to the resumption of the PBHS. We believe AQRS is in a bright spot to win the contract, given its presence in Sabah and with the project being jointly tendered with its partner, Suria Capital (Sabah state listed company).

In addition, AQRS own a 49% of Sedco Precast (in partnership with Sabah Economic Development Corporation, a state agency).

Share Price Catalyst

Remaining stretches of PBHS receiving the government’s nod to go ahead under Budget 2019.

Strong take-up for E’Island, a medium-range but high-quality condo project with RM501m
GDV in Puchong, Selangor.

Source: UOBKH
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Re: Gabungan AQRS

Postby winston » Tue Oct 15, 2019 11:52 am

vested

Augusty 23, 2019

Gabungan AQRS (AQRS MK)
1H19: Misses Expectations, Promising Times Ahead


AQRS’ 1H19 earnings missed expectations, coming in at 28% and 29% of our and consensus full-year estimates respectively, dragged by slower-than-expected billings for both construction and property projects.

Construction billings recognition and construction of E’Island (ytd sales: RM95m) are expected to see significant qoq earnings growths in 2H19.

Outlook remains promising as GAQRS is one of the frontrunners to clinch the ECRL and PBHS contracts in 2H19.

Maintain BUY with a lower target price of RM1.80.

Maintain BUY with lower target price of RM1.80 (from RM2.01), in line with earnings revisions.

Our target price is based on 11x 2020F PE.

We believe there will be significant upside to our target price should GAQRS clinch ECRL or rope in an equity partner for the OJW project.

Should GAQRS clinch both ECRL and PBHS contracts (cumulative contract size of RM3b) in 2019, this could provide an upside to our target price to RM2.50/share based on 11x 2020F PE.


Source: UOBKH

https://research.uobkayhian.com/content ... 1e9c046dca
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Re: Gabungan AQRS

Postby winston » Fri Nov 15, 2019 4:02 pm

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Gabungan AQRS (AQRS MK)
2019: Good But Not Great


External factors such as delays in LRT3 progress billings, sluggish property sales and
later-than-expected potential job wins (ECRL and PBHS) prompt us to revise down our
2019 earnings while keeping our 2020-21 forecasts unchanged.

Despite the headwinds, GAQRS is expected to deliver decent results vs peers.

However, prospects remain promising as GAQRS is highly seen as the frontrunner to clinch ECRL and PBHS contracts.

Maintain BUY. Target price: RM1.80.

Source: UOBKH

https://research.uobkayhian.com/content ... 53c7e3e1a2
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Re: Gabungan AQRS

Postby winston » Mon Dec 02, 2019 10:22 am

vested

Gabungan AQRS (AQRS MK)
9M19: Broadly In Line, Expect A Stronger 4Q


GAQRS 9M19’s core net profit is broadly in line, tracking at 67% of our full-year estimates but missing consensus at 55%.

On a yoy basis, 9M19 core earnings dropped by 34% negated by lower billings of LRT3 project.

Meanwhile, we expect earnings to improve from 2020 onwards, driven by billings of construction orderbook, particularly the LRT3 project and E’Island property development.

GAQRS is well positioned to clinch new contracts (ie ECRL and PBHS).

Maintain BUY and target price of RM1.80.

Source: UOBKH

https://research.uobkayhian.com/content ... ce30c90763
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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