CMSB 2852 QUARTERLY REPORT 31 MARCH 2019
Quarterly Report Review:
收入与去年同期相比增加18%。
水泥业务的收入增加主要是产量增加促使每吨产品生产成本降低和维修成本也下降。
建筑材料与贸易业务的收入增加主要是毛利率增加2％以及土壤侵蚀补救工作拨备逆转。
建筑及道路维修业务的收入减少主要是项目成本修改和道路维护成本增加导致整体毛利率下降4％。
房产发展业务的收入增加主要是土地出售和公寓单位出售的数量增加以及未出售公寓的租金收入增加。
该集团认为炼砖的进口成本会提升但预计不会像2018年那样大幅上涨。
该集团预计采石场和贸易业务表现良好，但预混料业务将面临激烈的竞争。
建筑和道路维护业务的注重在通过州政府最近宣布的主要新基础设施项目来增加订单和国家道路维护合同的长期更新。
房地产开发业务在2019年将关注在Bandar Samariang，并计划推出约500套单层的露台房屋。
Reference Price:
15.05.2019
Price: RM 3.30
Rolling EPS: RM 0.2496
PE: 13.22
NTA: RM 2.42
Price/NTA: 1.36
PE*Price/NTA: 18.03
Undervalued: RM 2.76
Fair Value: RM 3.68
Overvalued: RM 5.52
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
收入与去年同期相比增加18%。
水泥业务的收入增加主要是产量增加促使每吨产品生产成本降低和维修成本也下降。
建筑材料与贸易业务的收入增加主要是毛利率增加2％以及土壤侵蚀补救工作拨备逆转。
建筑及道路维修业务的收入减少主要是项目成本修改和道路维护成本增加导致整体毛利率下降4％。
房产发展业务的收入增加主要是土地出售和公寓单位出售的数量增加以及未出售公寓的租金收入增加。
该集团认为炼砖的进口成本会提升但预计不会像2018年那样大幅上涨。
该集团预计采石场和贸易业务表现良好，但预混料业务将面临激烈的竞争。
建筑和道路维护业务的注重在通过州政府最近宣布的主要新基础设施项目来增加订单和国家道路维护合同的长期更新。
房地产开发业务在2019年将关注在Bandar Samariang，并计划推出约500套单层的露台房屋。
Reference Price:
15.05.2019
Price: RM 3.30
Rolling EPS: RM 0.2496
PE: 13.22
NTA: RM 2.42
Price/NTA: 1.36
PE*Price/NTA: 18.03
Undervalued: RM 2.76
Fair Value: RM 3.68
Overvalued: RM 5.52
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
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