Author: kiasutrader | Publish date: Tue, 23 Jun 2015, 10:37 AM
- The Edge Malaysia reported that the race for the Project Delivery Partner (PDP) contract for the Penang Transport Master Plan (PTMP) is now down to two.
- The two are Gamuda and a Chinese entity linked to the Export-Import Bank of China (China Exim Bank).
- We understand that Request for Proposals (RFP) for the highly-coveted role was initiated last August, but had closed only about three months ago.
- Earlier reports indicated that six bidders had submitted bids for the PTMP. They were Gamuda, IJM Corp, WCT, Prasarana Malaysia, Singapore-based CGC Group, and two Hong Kong investors represented by independent strategic adviser Datuk Dr. Nik Zamri Majid.
- The Edge Malaysia report also added that three Chinese outfits – China Railway Construction Corp, China Harbour Engineering Co LTd, and Sino Hydro Corp Lyd – had acquired the RFP documents from the Penang government.
- Based on our earlier checks, the award for the PDP was supposed to have been finalised by the end of this month.
- The construction of a 17.5km LRT line linking Komtar to the Penang International Airport and a link from Bayan Lepas to Tg.Bungah are among key components of the RM27bil PTMP, we gather.
- The contract for the PTMP is supposed to be worth ~RM5.5bil, according to The Edge Malaysia report. Also, other news reports revealed that the winning bidder could be in a position to reclaim ~1,500 acres of prime seafronting land located between the Penang Bridge and Sg. Pinang (i.e. Penang Middlebank).
- While the exact payment structure is not immediately known at this juncture, we believe a robust property market in Penang is vital to make the PTMP attractive from a project standpoint, given that a fair chunk of the consideration would likely involve land as payment-in-kind.
- That being the case, the latest development reaffirms our view that Gamuda would emerge as a frontrunner for project given its prior track record and niche strength in tunnelling works.
- Based on our preliminary estimates, the PDP contract could lift Gamuda’s NAV by RM0.83/share (+14%), assuming it successfully secures a 50% stake in the project.
Source: AmeSecurities Research - 22 Jun 2015
- The two are Gamuda and a Chinese entity linked to the Export-Import Bank of China (China Exim Bank).
- We understand that Request for Proposals (RFP) for the highly-coveted role was initiated last August, but had closed only about three months ago.
- Earlier reports indicated that six bidders had submitted bids for the PTMP. They were Gamuda, IJM Corp, WCT, Prasarana Malaysia, Singapore-based CGC Group, and two Hong Kong investors represented by independent strategic adviser Datuk Dr. Nik Zamri Majid.
- The Edge Malaysia report also added that three Chinese outfits – China Railway Construction Corp, China Harbour Engineering Co LTd, and Sino Hydro Corp Lyd – had acquired the RFP documents from the Penang government.
- Based on our earlier checks, the award for the PDP was supposed to have been finalised by the end of this month.
- The construction of a 17.5km LRT line linking Komtar to the Penang International Airport and a link from Bayan Lepas to Tg.Bungah are among key components of the RM27bil PTMP, we gather.
- The contract for the PTMP is supposed to be worth ~RM5.5bil, according to The Edge Malaysia report. Also, other news reports revealed that the winning bidder could be in a position to reclaim ~1,500 acres of prime seafronting land located between the Penang Bridge and Sg. Pinang (i.e. Penang Middlebank).
- While the exact payment structure is not immediately known at this juncture, we believe a robust property market in Penang is vital to make the PTMP attractive from a project standpoint, given that a fair chunk of the consideration would likely involve land as payment-in-kind.
- That being the case, the latest development reaffirms our view that Gamuda would emerge as a frontrunner for project given its prior track record and niche strength in tunnelling works.
- Based on our preliminary estimates, the PDP contract could lift Gamuda’s NAV by RM0.83/share (+14%), assuming it successfully secures a 50% stake in the project.
Source: AmeSecurities Research - 22 Jun 2015
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