1) Business
Mitrajaya Holdings Berhad’s business activites divide into 3 division which is:-
A)Construction
Principal subsidiary, Pembinaan Mitrajaya Sdn Bhd (PMSB), PMSB is a construction company involved in building construction, including high-rise Residential and Commercial buildings, Industrial buildings, as well as Institutional buildings for Education and Healthcare.
B)Property
Through Mitrajaya Homes, Mitrajaya carefully planned and built its first integrated township named Puchong Prima. Then, they venture into luxury residential development and built Mont’ Kiara. Besides that, Mitrajaya also built Kiara 9 Residency which consist of a 41-storey condominium tower and 16 units of 3 1/2 storey Garden Villas.
C)International (South Africa)
Mitrajaya first venture into the international arena was in the South Afica and mixed developed Tuscan Themed Homes, Office Parks, Retail Development, Hotel, and a World Class 18 Hole Golf Course that was named Blue Valley Golf & Country Estate. Blue Valley is rated as one of South Africa’s TOP 100 golf courses.
2) Annually Earning
Year (31 Dec)
|
2012
|
2013
|
2014
|
2015
|
2016 (3Q)
|
Revenue(‘000)
|
251,536
|
338,443
|
520,205
|
891,045
|
692,463
|
Net Profit (‘000)
|
18,297
|
29,318
|
53,738
|
87,658
|
74,984
|
Profit Margin (%)
|
7.27
|
8.66
|
10.33
|
9.84
|
10.83
|
EPS (cents)
|
4.64
|
7.44
|
13.63
|
14.03
|
11.51
|
DPS (cents)
|
2
|
0
|
5
|
5
|
-
|
DPR(%)
|
43.10
|
-
|
36.68
|
35.64
|
-
|
ROE (%)
|
5.47
|
8.35
|
13.60
|
17.45
|
13.13
|
P/E (31 Dec)
|
3.66
|
3.17
|
4.11
|
8.20
|
8.28(17/2)
|
3) Net Cash/ Net Debt (Annually)
Year (31 Dec)
|
2012
|
2013
|
2014
|
2015
|
2016(3Q)
|
Total Cash (RM‘000)
|
3,346
|
19,100
|
23,919
|
33,119
|
44,935
|
Total Debt (RM‘000)
|
80,477
|
81,613
|
98,904
|
168,942
|
244,444
|
Net Cash/ (Net Debt)
|
(77,131)
|
(62,513)
|
(74,985)
|
(135,823)
|
(199,509)
|
4) Quarterly Earning
Quarter
|
31 Dec 2015
|
31 Mac 2016
|
30 Jun 2016
|
30 Sept 2016
|
Revenue (‘000)
|
254,939
|
195,492
|
245,557
|
251,414
|
Net Profit (‘000)
|
25,349
|
18,455
|
29,627
|
34,580
|
Profit Margin (%)
|
9.94
|
9.44
|
12.07
|
13.75
|
EPS(cents)
|
3.95
|
2.88
|
4.6
|
4.03
|
Total EPS (4QR)
|
17.18
|
16.66
|
15.51
|
15.46
|
P/E
|
6.69
|
7.08
|
8.06
|
8.86
|
5) Net Cash/Net Debt (Quarterly)
Quarter
|
31 Dec 2015
|
31 Mac 2016
|
30 Jun 2016
|
30 Sept 2016
|
Total Cash (‘000)
|
33,119
|
49,713
|
70,596
|
44,935
|
Total Debt (‘000)
|
168,942
|
183,201
|
206,152
|
244,444
|
Net Cash/ (Net Debt)
|
(135,823)
|
(133,488)
|
(135,556)
|
(199,509)
|
6) Revenue & PBT based on division
Quarter
|
30/9/2016
|
Percentage
|
Revenue
|
RM ‘000
| |
Construction
|
228,772
|
90.99%
|
Property Development
|
14,499
|
5.77%
|
8,143
|
3.24%
| |
Total Revenue
|
251,414
|
100%
|
Profit Before Tax
| ||
Construction
|
27,637
|
80.03%
|
Property Development
|
1,005
|
2.91%
|
South Africa Investment
|
3,926
|
11.37%
|
Others
|
1,950
|
5.65%
|
Elimination
|
15
|
0.04%
|
Total Profit Before Tax
|
34,534
|
100%
|
7) Future Prospect
Construction Division - order book (30 Sept 2016) RM 1.35 billion compared to last quarter (30 Jun 2016) RM 1.49 billion. The outstanding order book with various completion date 2019. From the lastest QR also stated that the construction activities are at its advanced stage allowing the recognition of higher level of revenue.
Property Development - unbilled sales RM 156 million. This division is expected to have higher contribution in 2016 as the construction work progresses well for the existing on-going project ‘Wangsa 9 Residency’.
South Africa Investment - unbilled sales RM 9.1 million
8) Pro’s and Con’s
Pro’s
|
Con’s
|
Revenue increase in the past 4 years (should be more than that)
|
Net Debt
|
Net Profit increase in the past 4 years (should be more than that)
|
Short term borrowing very high
|
Profit margin above 10%
|
Revenue growth starts to slow down
|
Dividend yield more than 3
|
Net profit growth starts to slow down
|
Starting to divide into more division
|
Disclamer: THIS IS NOT A BUY OR SELL CALL. Passage above is purely for sharing purpose only, Buy and Sell at your own risk. :)
