External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

TA Securities Holdings Berhad

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million. 

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Equity Bottom-Up

<p>undefined</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

undefinedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Depleting Construction Order Book Remains a Short-term Concern

<p>First Construction Job Win in FY22 GADANG’s wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, has secured an RM100.3mn subcontract works for Central Spine Road (Package 2) from Binary Vista Sdn Bhd. The subcontract works include demolition, site clearance, earthwork, and an access bridge to Kuala Berang, Terengganu. [...] Assuming a gross margin of 10%, the project is estimated to generate RM4.0mn of net earnings throughout the construction period. With this new job win, GADANG’s outstanding order book is estimated at RM525.0mn, translating into 1.4x FY21 construction revenue. [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

First Construction Job Win in FY22 GADANG’s wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, has secured an RM100.3mn subcontract works for Central Spine Road (Package 2) from Binary Vista Sdn Bhd. The subcontract works include demolition, site clearance, earthwork, and an access bridge to Kuala Berang, Terengganu. [...] Assuming a gross margin of 10%, the project is estimated to generate RM4.0mn of net earnings throughout the construction period. With this new job win, GADANG’s outstanding order book is estimated at RM525.0mn, translating into 1.4x FY21 construction revenue. [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> issues S$250m 5.375% perpetual securities</h3><p>AAREIT has priced the S$250m perpetual securities at 5.375%. The Series 003 Perpetual Securities will be issued under the S$750m Multicurrency Debt Issuance programme, expected to be issued on 1Sep21. The net proceeds will be used for the general corporate purposes, finance general working capital, capital expenditure and investments and the partial or full refinancing of existing borrowings. AAREIT has an existing S$125m 5.65% perpetual securities issued in Aug20, bringing its total perps exposure to S$375m (a look-through debt+perps/asset to ~46%).</p><h3>Residential property volume, prices could continue rising for the rest of 2021</h3><p>Residential property demand and prices are expected to tick higher. OrangeTee noted that demand for public and private properties has been rising and listings for both new launches and resale flats are being snapped up on the same day. Buyers are more willing to spend on bigger but older flats due to work-from-home requirements. According to OrangeTee, more than 14,000 resale HDB flats changed hands in 1H21. Prices increased 6% over that period and are just 2% below the peak in 2Q13. Total HDB resales could hit 27,000-29,000 units this year (vs. 24,748 units in 2020 and 23,714 in 2019), while prices of resale flats may rise by 9-11% for the whole of 2021. Meanwhile, a total of 8,449 private homes, including new launches and resale units, were sold in 2Q21, up 4.3% QoQ. Overall home prices may rise by 6-9% this year, possibly driven by resale volumes.</p>

SingaporeAIMS APAC REIT (AAREIT SP) issues S$250m 5.375% perpetual securitiesAAREIT has priced the S$250m perpetual securities at 5.375%. The Series 003 Perpetual Securities will be issued under the S$750m Multicurrency Debt Issuance programme, expected to be issued on 1Sep21. The net proceeds will be used for the general corporate purposes, finance general working capital, capital expenditure and investments and the partial or full refinancing of existing borrowings. AAREIT has an existing S$125m 5.65% perpetual securities issued in Aug20, bringing its total perps exposure to S$375m (a look-through debt+perps/asset to ~46%).Residential property volume, prices could continue rising for the rest of 2021Residential property demand and prices are expected to tick higher. OrangeTee noted that demand for public and private properties has been rising and listings for both new launches and resale flats are being snapped up on the same day. Buyers are more willing to spend on bigger but older flats due to work-from-home requirements. According to OrangeTee, more than 14,000 resale HDB flats changed hands in 1H21. Prices increased 6% over that period and are just 2% below the peak in 2Q13. Total HDB resales could hit 27,000-29,000 units this year (vs. 24,748 units in 2020 and 23,714 in 2019), while prices of resale flats may rise by 9-11% for the whole of 2021. Meanwhile, a total of 8,449 private homes, including new launches and resale units, were sold in 2Q21, up 4.3% QoQ. Overall home prices may rise by 6-9% this year, possibly driven by resale volumes.

<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Covid-19 Outbreak Remains a Near-Term Dampener

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

Malaysia

Gadang Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, provides earthwork, civil engineering, and construction projects.  Gadang also develops and invests in properties and manufactures ready-mixed concrete.

Gadang Holdings (GADG MK)

Depleting Construction Order Book Remains a Short-term Concern

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TA Securities Holdings Bhd

Ends Contract Drought

<p>First Construction Job Win in FY22 GADANG’s wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, has secured an RM100.3mn subcontract works...

TA Securities Holdings Bhd

ASEAN Builder's Scoop (24Aug21)

AAREIT issues S$250m perps; SG resi prices, volume continue rising; RCR offers IPO at 8% premium to NAV; CLI raises stake in reclamation firm MMDC;...

SCCM Asia Research

Covid-19 Outbreak Remains a Near-Term Dampener

Sell Gadang Holdings Berhad: Covid-19 Outbreak Remains a Near-Term Dampener. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Expecting better FY22F

Hold Gadang Holdings Berhad: Expecting better FY22F. - By: JF Apex Securities Bhd

JF Apex Securities Bhd