Author: RicheHo | Publish date: Fri, 3 Jun 2016, 03:28 PM
MITRAJAYA HOLDINGS BERHAD
23rd AGM (3rd June 2016)
No. of attendance = 110
Highlights
Ø FY16 Outlook and Target
23rd AGM (3rd June 2016)
No. of attendance = 110
Highlights
Ø FY16 Outlook and Target
o Targeted Turnover – MYR1.1b to MYR1.2b
Ø Healthcare
o Disposal of 51% stake in OPTIMAX is expected to complete by next two months
o Cost of buying this stake is MYR3.6m and MITRA disposed it with MYR5.1m, gain on disposal will be MYR1.5m
o MITRA had acquired OPTIMAX for approximately 15 to 16 years, but the performance is limited. So, MITRA decided to dispose it and allocate the resources to better investment
Ø South Africa Investment
o In FY15, MITRA had acquired a new piece of approximately 80 hectares land with 40m Rand
o Awaiting approval from development to proceed to the next stage
o In the process of getting approval to set up a medical centre and neighborhood mall
o The development is expected to complete in next 2 to 3 years
Ø Local Property Development
o Wangsa 9 Residency has a GDV of approximately MYR800m
o MITRA is looking possibility for new development
o The loss in FY15Q4 in this segment was due to internal charge of interest loss in holding companies
o The property is on full swing in construction now, the take up rate and revenue recognition will start to pick up
o Current take up rate on Wangsa 9 Residency’s phase 1 and phase 2 are 80% and 40% respectively
o After completion in year 2018, it is expected to have good demand
Ø Construction
o Latest book order – MYR1.69b
o Currently focus on tendering at KLANG infrastructure project, Johor rapid project and Sarawak Pan Borneo Highway
o Had tendered in all the 8 packages in Pan Borneo Highway and expected to have result in next 2 to 3 months. The packages are worth more than MYR1b
o In term of success rate, management don’t have a magic figure to estimate and they mentioned MITRA have sufficient order books to make profit to shareholders
o MITRA is focusing on quality project rather than quantity low margin project.
Ø Currency Risk
o The currency loss in FY15 was due to South Africa Rand had become weak
o Its acquired land was paid by cash 40m Rand
o In FY16, MITRA’s Rand account is expected to have 100m Rand which approximately MYR30m if there is no acquisition
Ø Negative Cash Flow
o MITRA was making money in FY15 but its cash flow appeared to be negative
o It was due to short term borrowing for working capitals as MITRA did not raise fund through right issues
o Besides, the clients normally take 2 to 3 months to pay MITRA
o There is a retention money of 5% for every projects
Ø Complaint by one Shareholder
o The number of attended shareholders is 110 people, but the prepared Annual Reports and the prepared chairs only have 100 and 80 respectively
o Besides, there is no presentation slide prepared for shareholders for visualize
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