今天2017年1月25日，天气阴下小雨，因农历新年脚步快接近，心情也难免有点“放假”的感觉，哈哈哈。 终于终于，嘉登兄的 FY17Q2 quarterly result 终于出炉啦。 还蛮不错的说， net profit 27m，超越了FY16Q2 & FY17Q1 的 17m，真是可喜可贺呢，哈哈哈 :)
感谢嘉登董事们在 16年的AGM 里，回答股东们的问题说公司非常有信心 FY17 业绩与 FY16 至少持平 或者超越。 这让 bluefun 在FY17Q1大跌 RM0.50 之后，在全世界都放弃嘉登之际， bluefun 小弟还继续坚定不移地持有着嘉登的股份不放 XD。
Comparison Q vs Q
1. Revenue increase about 46m， from 102m in FY16Q2 increase to 142m in FY17Q2， +45%
2. Profit before taxation increase about 10.60m， from 25.50m in FY16Q2 increase to 36.10m in FY17Q2, + 42%
3. Net profit increase about 10.27m， from 17.66m in FY16Q2 increase to 27.93m in FY17Q2，+58%
4. EPS increase about 2.69cents， from 7.40cents in FY16Q2 increase to 10.62cents in FY17Q2, +34%
5. Although revenue is huge increase，but profit margin slightly dropped 2.86%， from 31.53% in FY16Q2 to 28.67% in FY17Q2
6. Rolling 4Q(F16Q3,Q4+FY17Q1,Q2)， Adjusted EPS = 15.48cents， with today share price(25/01/2017) = RM1.03， P/E ratio about 6.74， market cap = (647167)*1.03 = 666.582m。
Comparison Rolling 4Q
Adjusted EPS calculation after share split, bonus issue & ESOS exercised
Revenue & Profit/（loss) before taxation Analysis
Overall， Gadang improved in its revenue for various division due to completion of project(Construction division), due to higher development billing progress(Property division)，improvement in margin(Utility division)，higher harvesting activities(Plantation division)。
Profit before taxation for Construction division surged about 4.5m compare to FY16Q2 mainly due to the completion of some projects in FYE 2016. Current outstanding order book stands at some RM527.2 million.
Cash flow Analysis:
1. Great improvement in CFFO，from -38.11m in FY16Q2 to 10.45m in FY17Q2
2. Reduce debt & payables in CFFF，interest saving, healthy balance sheet
Fundamental Analysis of Gadang，
Share price as at 25/01/2017 = RM1.03
1. ROIC - 0.22 (average 6 years = 0.19)
2. EBIT multiple - 4.63 (average 6 years = 5.13)
3. CY = 6.53% (average 6 years = 21.31%)
Business Prospect
Conclusion:
不知不觉， bluefun 已经手握持有嘉登兄 27个月，说长不长，说短不短的时间。 依然会耐心的等待努力灌溉，等待嘉登兄茁壮成长， sustainable growth!!!
不管今天明天后天股价如何，但愿嘉登一步一脚印，未来努力发展，平步青云迈向那 1billion 的 market cap。 就如 Tan Sri Kok Onn 在 AGM说的， 嘉登是一支很慢的公司(默默耕耘)，要有别与常人的耐心耐性，才有 faith 分享未来那丰盛的果实， kikiki :D
1. 未来的盈利清晰能见度 (future profit guarantee)
2. 未来的发展大蓝图 (future prospect remain +)
3.企业计划 (corporate exercise such as share split, bonus issue, free warrant)
4. 多现金 (strong cash on hand)
5. 少债务 (less debt/borrowings)
6. 净利领先其他建筑公司 (leading profit margin)
7. 稳定的股息 (steady dividend as appreciation)
8. 公共设施的合约 (Lrt, Mrt)
9. 成长中的营业额与净利 (continuous growth in revenue & profit)
10. 良好的基本面 (good fundamental analysis)
经历了盈利屡破新高，股价还是 ding ding dong dong
经历了投资者频看好，股价不停往北飞
经历了盈利退了小步，股价一天蒸发50 cents
经历了全世界都抛弃，股价 dong dong ding ding
一个字“信” 已经在 bluefun 心中筑起，只要你心中有“信”，一切暂时的黑暗挫折都会变光明。
看山是山，看水是水；
看山不是山，看水不是水；
看山还是山，看水还是水。
Keep your FAITH , Sunrise will be RAISE
一步一脚印，脚踏实地，顶天立地
bluefun
25.01.2017
P/S: This article is just for sharing purpose, this is not a buy call or sell call, any trade please on your own risks.
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