【LCL 交流专区】LCL 集中分析区。

scsiang82

LETTER OF AWARD - SHERATON IMPERIAL HOTEL ("Sheraton project"

The subsidiary of the Company, LCL Furniture Sdn Bhd has on 13 June 2007, received a Letter of Award dated 7 May 2007 ("Letter of Award" from Inter Heritage (M) Sdn Bhd for the execution and completion of the renovation works to guest rooms non-club floor (level 21-32) comprising 208 nos standard rooms , 56 nos standard corner rooms and 4 nos handicapped and club floor (level 33-38) comprising 86 nos standard rooms and 24 nos executive suites and ancillary works at Sheration Imperial Hotel, Jalan Sultan Ismail , Kuala Lumpur for a total contract sum of RM4,200,000 subject to the terms and conditions stipulated in the said Letter of Award . The duration of the above Sheraton Project is for a period of 33 weeks from the date of possession of site on 8 May 2007.

It is expected that the above contract will contribute positively towards the earnings of the Group for this financial year . The Sheraton Project does not have any material effect on the net asset per share, gearing, share capital and substantial shareholders' shareholding of the Group.The Sheraton Project being incurred in the ordinary course of business does not require the approval of shareholders or any relevant authorities.

The Directors after due consideration is of the opinion that the Sheraton Project is in the best interests of the Company. None of the directors and persons connected to them has interest whether direct or indirect, in the above contract.

看来不只Dubai拿到工程，local也拿到蛮多工程。。只是数目小点。。

[ 本帖最后由 scsiang82 于 14-6-2007 05:34 PM 编辑 ]

scsiang82

LETTER OF AWARD - PRIME TOWER IN DUBAI, UNITED ARAB EMIRATES

IJM Construction Sdn Bhd and LCL Interiors LLC (Joint Venture) has received a Letter of Award dated 12 June 2007 from Fortune Investment Group LLC for the Proposed Tower B+G+M+56TYP+2SER & 1 Block of 10 Storey Car Park Building - Package 2 (Prime Tower) in Dubai, United Arab Emirates ("the Project") at the contract sum of AED202.4 million (approximately RM190.8 million) over a period of 28 months.

The Project is jointly undertaken between IJM Construction Sdn Bhd ("IJMC") and LCL Interiors LLC ("LCLI") on a basis of 70% and 30% respectively. IJMC is a wholly-owned subsidiary of IJM Corporation Berhad and LCLI is an associated company of LCL Corporation Berhad ("the Company").

It is expected that the Project will contribute positively towards the earnings of the Group for next financial year but does not have any material effect on the net asset per share, gearing, share capital and substantial shareholders' shareholding of the Group.The Project being incurred in the ordinary course of business does not require the approval of shareholders or any relevant authorities.

The Directors after due consideration is of the opinion that the Project is in the best interests of the Company. None of the directors and persons connected to them has interest whether direct or indirect, in the above contract.

8years

又来？？有没有夸张一点哦，project就是这么好拿？？
难道管理层讲的话从来不骗人？？？
今年真的要拿10亿porject??是就爽咯，看来投资刘老板是正确的了。

scsiang82

拿了这么多工程，就怕现金周转不灵。。。

xzm

在RM190.8 million的项目里，LCL Corporation Berhad真正得到的是多少呢？

8years

乘以30%。。。。。。。。

8years

银行会借很多，不用担心。对project base的生意，最重要的是你有没有project,有了project而pay master又强的话，银行会排队来借你钱。

问一问银行的factoring facility就可以了

scsiang82

今天带着开心的心情放工咯。。。

8years

现在我最希望lcl有private placement 和附送warrant，那就爽死。lcl需要更多的资金来发展，private placement 是一个好方法。附送warant更是可以让股东爽死的做法

xzm

原帖由 8years 于 14-6-2007 06:01 PM 发表
乘以30%。。。。。。。。

可能还要再乘以49%，我刚查到了LCL Corporation Berhad拥有LCL Interiors LLC 49%的股份。

RM190.8mil×30%×49%=RM28.05mil

8years

对对，原来才这么少，不过也好过没有啦
反正最近lcl进入巩固期，对他也没有什么大期望，如果调整期也能稳定就很好

xzm

还是别起太快的好，老实说我还没收够票，正要把其他的股都转成LCL。

LK-Park

LCL 在中东的公司都是没有 100%，那全部 projects 也要乘以 49% 了。。。

xzm

重新估算了一下LCL项目的价值（资料从CIMB报告与Bursa Announcements得来，有些项目的价值似乎CIMB给的和Bursa Announcements里的不符）。这样可以比较清楚知道LCL母公司实际分享到的总额是多少。

注：
LCLF - LCL Furniture Sdn Bhd (100%)                        
LCLI - LCL Interiors LLC (49%)                        
LCL-MK JV - LCL Mice Kraftwork JV(65% LCLI - 35% MKW)                        
LCLI-IJMC JV - LCLI - IJM Construction Sdn Bhd JV(30% LCLI - 70% IJMC)

Project	Amt.(RM m)	Awardee	LCL%	Adj. Amt.(RM m)
Prime Tower, Dubai	190.8	LCLI-IJMC JV	15%	28.0
Atlantis, The Palm Project	108.0	LCL-MK JV	32%	34.4
Dubai Marina Mall & Hotel	119.6	LCLI	49%	58.6
Burj Dubai Mall Hotel	139.0	LCLI	49%	68.1
Palm Jumeirah Marina Aprt,  Dubai	34.2	LCLI	49%	16.8
Emirates Telco Call Centre	13.7	LCLI	49%	6.7
Astana, Kazakhstan	25.2	LCLF	100%	25.2
Blk C, Saujana Resort, Shah  Alam	23.6	LCLF	100%	23.6
KLCC Luxury Condominium	23.3	LCLF	100%	23.3
Westin Langkawi Resort	14.8	LCLF	100%	14.8
Kompleks Dewan Undangan  Perlis	10.0	LCLF	100%	10.0
Maritime Centre, Package 3,  Putrajaya	8.1	LCLF?	100%	8.1
CIQ, Johor Baru	4.0	LCLF	100%	4.0
The Meritz Apartment, KL	1.1	LCLF	100%	1.1
Sheraton Imperial Hotel, KL	4.2	LCLF	100%	4.2
			Total	298.9

8years

原帖由 xzm 于 14-6-2007 10:38 PM 发表
重新估算了一下LCL项目的价值（资料从CIMB报告与Bursa Announcements得来，有些项目的价值似乎CIMB给的和Bursa Announcements里的不符）。这样可以比较清楚知道LCL母公司实际分享到的总额是多少。

注：
LCL ...

你的问题令到我改变251楼的看法，现在应该是不需要乘于subsidiari的股份了。

因为我开始调查后想到lcli虽然只有49%， 那是因为可能当地的要求来拿project，就好像马来西亚的bumiputra to take project。lcli只是一个空壳。当lcli拿到project后，lcli也没有能力去完成，所以全部将会sub给lcl包工。所以lcli拿到的全部还是会给回lcl。lcli只是会有一点profit来给当地人。

这一点可以从quater report看得出为什么profit from associate & subsidiari会很少，而lcl turnover和profit很多。

也就是说subsidiari全部都是为了拿工程而设，subsidiari本身并没有装修的员工，也没有装修原料和家私。
所以cimb的预测是对的。所有的project就算是lcli拿到，project也会给回lcl。只是profit会少一点，因为subsidiari拿了一点profit。不过从profit margin来看，这方法是值得的，因为就算用这种方法，最后的profit margin还是多过malaysia project的profit margin(虽然马来西亚的project 是lcl自己拿完)

yusiang

非常感激8years大大的功课！！我在4块多才上车（很后悔在RM1.9x没上到车呀），希望这辆快车不会那么快停下。

scsiang82

LCL unit gets Dubai project

Updated : 15-06-2007
Media : The Star
via www.biznewsdb.com

PETALING JAYA: LCL Corp Bhd said Fortune Investment Group LLC has awarded its joint venture unit, LCL Interiors LLC and IJM Construction Sdn Bhd, a contract worth RM190.8mil to undertake the Prime Tower project in Dubai.

The project was expected to contribute positively to the groupˇs earnings for the next financial year, LCL said in a filing with Bursa Malaysia.

yusiang

整个dubai好像都被LCL'包'起来做了，哈哈。

xzm

8年兄言之有理。至于Prime Tower的建筑+装修工程，LCL实际包办的装修工程到底占了多少百分比，要看详细的合约内容才能知道了。

还有一个问题想向8年兄请教。假设LCL有A子公司和B子公司。A子公司得到了10mil的合约，然后以9mil sub给B子公司做，B公司以8mil的成本完成了。那在帐目上LCL的revenue应该怎么记呢？是不是10+9 = 19mil?还是只是10mil?
当然不管怎么记profit都是2mil。可是两种不同revenue的记法，会得到不同的profit margin。

8years

这就要问jackphang了。。。。。。。