CMSB 2852 QUARTERLY REPORT 31 DEC 2018

Quarterly Report Review:

收入与去年同期相比减少13%。

水泥业务的收入减少主要是卸货成本高,折旧和库存差异的调整。

建筑材料与贸易业务的收入增加主要是为了追赶被延迟和缓慢的工程进度,但管理成本也提升了。

房产发展业务的收入减少主要是土地出让金的分期付款所致。

该集团认为水泥的2019年销售量可达到158万吨,但也认为炼砖的进口成本会提升。

该集团认为建筑材料与贸易的2019年表现将会强劲主要是泛婆罗洲公路项目所需的碎石和预混料的需求量将达到高峰。

州政府在未来两年内预计会支出90亿令吉来发展基础设施,这将为该公司带来巨大的收益。

该集团认为建筑及道路维修的订单将会增加。

该集团预计房产发展将会在Bandar Samariang推出大约500套单层排屋。


Reference Price:
26.02.2019
Price: RM 3.04
Rolling EPS: RM 0.2479
PE: 12.26
NTA: RM 2.38
Price/NTA: 1.28
PE*Price/NTA: 15.66
Undervalued: RM 2.73
Fair Value: RM 3.64
Overvalued: RM 5.46


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