【LCL 交流专区】LCL 集中分析区。

scsiang82

Change in Boardroom Reference No LC-070829-49477

Company Name	:	LCL CORPORATION BERHAD
Stock Name	:	LCL
Date Announced	:	30/08/2007

Date of change	:	31/08/2007
Type of change	:	Resignation
Designation	:	Executive Director
Directorate	:	Executive
Name	:	Lim Yuk Meng
Age	:	34
Nationality	:	Malaysian
Qualifications	:	Bachelor of Accounting , University of Strathclyde (Glasgow, UK)
Working experience and occupation	:	General Manager in LCL Holdings Sdn Bhd - 2001 to 2004 Sr. General Manager in LCL Corporation Berhad - 2004 to 2006 Executive Director in LCL Corporation Berhad - 2007
Directorship of public companies (if any)	:	NIL
Family relationship with any director and/or major shareholder of the listed issuer	:	NIL
Details of any interest in the securities of the listed issuer or its subsidiaries	:	32,550
Remarks	:

   
http://announcements.bursamalays ... 32B7BB?OpenDocument

根据2006年的年报，MR Lim是在2007年1月1日被委任为executive director。为何他会辞职呢？？

[ 本帖最后由 scsiang82 于 3-9-2007 02:34 PM 编辑 ]

eiji1108

股票賣完不是辭職loh 。。。 應該有1 Million plus gua : P ~~

ChuiShui

我也好想知道。。。？
３４岁当 director。。。好强！
被抄的吧。。

scsiang82

原帖由 scsiang82 于 3-9-2007 02:31 PM 发表
根据2006年的年报，MR Lim是在2007年1月1日被委任为executive director。为何他会辞职呢？？

Here the reply from the LCL management;

Dear Mr. scsiang82,

Thank you for your inquiry, interest and support.

We are pleased to reply to your inquiry as follows :

What is the main reason of Mr. Lim resignation?
a)  Mr. Lim has resigned on his own accord to pursue his personal interest to which the Management and The Board are appreciative of his service during his tenure in the Company and wish him well in his future endeavors.

Does the increase price of raw material affect the LCL operation?
b)  The Company does not experience any substantial increase in the prices of raw material.  The raw materials for interior fit-out project is made up of various types which unlike other construction projects, are heavily dependant on one or two major raw material.  Hence, the risk of price increase of raw material is mitigated.

It is always the strategy of the Company in sourcing for the best price for our raw material usage.

How to LCL overcome the manpower problem due to increase number of project?
c)  Manpower is always a challenge.  And the Company has been putting a lot of effort in training and developing our Human Resources including recruting as part of our Human Resources Plan, taking into account the expected expansion of our operations in Dubai as well as other overseas countries.

We are able to pass on the cost increase in this respect for the overseas project.

Thank you.

Chiam Tau Meng
Director

8years

强，超强。竟然可以令Chiam Tau Meng，“Director“来回答你的问题

scsiang82

我也嚇了一跳,哈哈...

ChuiShui

哇！director 亲自 reply 你。
是不是每个人email他都会回呢。。
我越来越喜欢 LCL 了。。。

xzm

http://biz.sinchew-i.com/content.phtml?sec=307&data=biz

企業故事 LCL在迪拜築綠洲

updated:2007-09-09 19:45:23 MYT



■劉增銘(放大) ■迪拜到處大興土木，龐大計劃不計其數，效應料持續數十年；以酒店、公寓室內裝修為主攻業務的LCL企業，將持續從中獲利。(放大) ■高檔室內裝修，尤其是5星級酒店的室內裝修，為LCL企業帶來高回酬。(放大)

迪拜的地平線上，到處高樓林立，在夕陽餘暉映照下，高樓的起重機尤其讓人感到其發展脈動。

即使是凌晨3時，從機場至市區的路上還是車水馬龍；這個160多個國民匯集的城市，匯集了全球掘金人士，也有很多富翁在此銷金……。


迪拜有30至50個非常龐大的計劃，不論是最高的大廈、最大的海底酒店、每個計劃動輒數數十億令吉，而且效應將擴散很久很久……。根據劉增銘的預期，5至8年的榮景應沒問題。到2015年之前，需要3萬3000店酒店客房。

LCL企業（LCL，7177）就循著石油流動的方向，不怕沙漠的炎熱而在沙漠找到綠洲，以裝修為主的它目前手握3億令吉工程，工程包括靠近世界最高建築比斯迪拜塔的比斯迪拜商場酒店（BURJ DUBAI HOTEL）和阿特蘭蒂斯酒店（ATLANTISHOTEL）裝修工程，有關工程每項超越1億令吉。

海外業務貢獻
料增至逾80%

LCL企業海外業務貢獻料由今年的70%增至未來幾年的逾80%，主要是中東的阿聯酋、印度、中亞的哈薩克斯坦、北非與俄羅斯的工程貢獻。

該公司董事經理劉增銘指出，目前的6億令吉海外工程中，有4億工程來自阿聯酋，而且都是由國際著名公司頒發的工程，公司口碑已獲認同。

除了已在迪拜得標的5星級酒店外，其競標總額約為20億令吉，競標名單包括6億美元川普國際酒店的室內一攬子工程。

自911後，很多的資金已挪移至此，很多產業價格還在上漲中。在這當兒，迪拜就像一塊吸金石，把四方八面的人物 都引來；新加坡不久將到來；中國也一兩年會來。

以迪拜為業務據點

LCL企業以迪拜為據點，多年的辛苦耕耘讓業務等候豐收後，目前逐步擴大至阿聯酋阿布扎比、卡塔爾的多哈、南亞的印度、中亞與南俄羅斯等地。

基於結構、基礎工廠皆有，而且在外國獲取工程的經驗豐富，因此海外對該公司履約與交貨能力投以信任票，讓該公司海外業務表現亮眼。

劉增銘說，在海外成功獲取龐大室內裝修工程，絕沒有僥倖可言，很多訪問過LCL企業的人士都對該公司，而且該公司的經驗和有能力履約與交貨，是投標合約成功的密訣。

他說：“如果在迪拜廣場（DUBAI MALL）工程看看，我們所派駐整300名熟練人員，可讓市場更會容易接受。”

他在帶領本地媒體和基金經理前往迪拜參觀該公司的裝修工程時指出，該公司目前使用產能65%，另有35%未全面用盡；為了不使資本開支增長過多，公司沒有即時計劃更多工廠供應裝修所需用的材料，而以考慮外包方式獲得材料。

設立隊伍訪問各國

該公司已設立一個隊伍，去年訪問越南、中國、緬甸、印尼與週邊國家，以便與電燈、地毯、傢具供應商洽談。儘管價格合理、素質可能未達滿意水平，但若有人監督其品管，將至少和現有所生產的不相上下。

他說，目前考慮的是交貨的問題，在迪拜這麼小的地方，一夜間將聞名遐邇，沒有太多專業人才，因此職員都必須受訓，確保他們懂得監管供應商與二手承包商。

“長遠來說，持有這些生產原料公司的股權將是其中一個方法。目前，在我們的工程中需要很多地毯，我們向歐美訂很多貨，也向大馬獲取貨品。但大馬的產能不大，中國的產品素質不是很好，但可以大量獲得，因此仍向歐美訂貨。”

該公司有意收購一些大馬供應商股權，現在洽談中，找出最好選擇，預料明年落實。

做生意要放長線釣大魚

劉增銘認為做生意，建立長期關係是很重要的，有意眼光要放遠，不要只看即時的盈利。

他以獲得KERZNERS 國際公司的1億多令吉阿特蘭蒂斯酒店（Atlantis The Palm）工程為例，就是建立“關係”的功勞。

該公司也贏得阿聯酋最大發展商EMAAR產業公司信任，獲頒1億1900萬令吉和1億3900萬令吉的MARINA MALL酒店工程與比斯迪拜商場酒店（BURJ DUBAI HOTEL）裝修工程。

其餘獲得的裝修工程包括獲日本清水公司（SHIMIZU）3420萬令吉棕櫚島瑪麗娜（PALM JUMEIRAH MARINA）公寓裝修工程。

“在2004年起的首一兩年中，我們沒有獲得回酬，但我們還是投下巨資，很多人都疑慮是否可回本，但我有信心，這只是時間問題；今天，我們已可以拿出具體工程向他們證明這點。”

對於該公司攫取更工程的融資問題，劉增銘說：“我們的負債率在合理水平，如果同時要獲得那麼多工程，只好通過借貸來增強營運資本，我們試圖避開這樣的局面，在獲取工程時，也試圖與客戶談談給予20%至30%的首期付款，另外也在他們擔保下，獲得一些融資。”

與怡保工程
建立多年關係

談到與怡保工程（IJM，3336）的聯手工程時，劉增銘說這也是很多年建立起的“ 關係”，70%至80%怡保工程的室內裝修由LCL企業負責，這是主承包商與二手承包商的關係。

他說，印度未來5年需要建5萬至6萬客房的5星級酒店，基於怡保工程要找外國承包商不易，有了這個主承包商指導與照顧，相信LCL企業一至兩年，可期望更大的室內裝修工程。

根據他預估，4年後印度市場將非常大，該國家與城市大，室內裝修對他來說是個可以擴展的行業。

看好哈薩克斯坦前景

劉增銘也看好哈薩克斯坦的前景，他說該國國土廣袤人口少，產油量豐富，可維持很多年；如果手上有錢，人們將會花在提升生活水平與室內裝修。

在世界第4大油產國的哈薩克斯坦，該公司目前競標1億令吉室內裝修工程， 到手工程達3000萬至4000萬令吉。

“作為在哈薩克設立展示館的公司，加上在印度欽耐也設廠供作中亞支援，近年必會在該國乃至中亞地區和俄羅斯南部地區有豐碩收獲。”

2009年後為配合中亞業務發展，該公司可能會在哈薩克斯坦設廠，為業務版圖擴大打下扎實基礎。 （星洲日報/投資廣場•2007.09.09）

scsiang82

LCL哈薩克斯坦設陳列室

（吉隆坡12日訊）LCL機構（LCL，7177， 主板貿易）間接聯號公司LCL-SC Interior進軍哈薩克斯坦，設立首間陳列室。

該公司發表文告指出，上述陳列室面積達2500平方公尺，主要是展示從大馬運至的生產裝潢配件給當地客戶。

LCL-SC Interior是LCL機構子公司LCL Furniture與哈薩克斯坦公司JSC Stroy Contract的聯號公司，而LCL Furniture持股51%。

LCL機構董事經理劉增明指出，由于當地賺幅相當高，相信未來哈薩克斯坦將成為公司重要的收入來源。

LCL-SC Interior剛完成2500萬令吉的工程，目前，手上的訂單額達1500萬令吉。

另外，LCL機構正競投總值近3億6000萬令吉的工程。

from: http://www.chinapress.com.my/con ... mp;art=0913bs10.txt

scsiang82

一些哈薩克斯坦公司JSC Stroy Contract的资料。。。

About company

The company was founded in September, 2002. At the beginning it was a designing group from 12 architects by the designing draft. Later several departments like designing, engineering and construction departments were opened during that year. Up to today, the company is one of the leading planning organizations, where 60 experienced architects and designers, art-designers and other specialists work. They are specialized in realizing planning activity of constructions. All building projects are realized by JSC «SC Industry».

The company offers advantage in high-powered facilities and design programs, which are used by the specialists of a company in planning projects.

Over a period of time about 140 constructions have been planned and one third of them have already been built. The company up to today cooperates with Astana, with central regions of Kazakhstan, like Aktau, Atyrau, Shymkent and as well as with foreign business customers from Malaysia and Korea.

The significant constructions of a company for today are:
— A block of flats with 44 apartments in «Ak-bulak» micro-district, built in 2005.
— An office block of «KEGOC» in Astana, built in 2005.
— A VIP town «Kulsai», which is situated in 25 hectares on the left bank of Ishim river in Astana, which consists of a block of flats with 126 apartments, built in 2006.
— «Sport centre», «Mansion house», office building of «KazMunayGas» , «Castle (zamok)» and cottage town, buildings’ date of term is 2007.
— A VIP town «Kulsai-2», where the area is 15 hectares.There is a dwelling with148 apartments “Albion” and cottage town.
— «SAGY» – a unique factory, which manufactures windows and door blocks, it is a type of manufacturing lines of factories that consolidated in one technological process.
— The factory is specialized in manufacturing of building blocks; building blocks are from sand concrete and commodity concrete.

High quality work of personnel was noted with service experts of Almaty during the analyzing projects.

«Almaty Stroy Contract» is a reliable business partner in designing and building.

from: http://asckz.com/en/okompanyi/index.html

scsiang82

LCL Kazakh JV targets RM175mil revenue

By DANNY YAP

KAZAKHSTAN: LCL-SC Interior Creations LLP, a 51:49 joint venture between LCL Furniture Sdn Bhd and Kazakhstan-based JSC Stroy Contract Corp, expects to achieve revenue of RM175mil by end-2008.

LCL-SC Interiors was incorporated in Kazakhstan on April 27. LCL Furniture is a subsidiary of Bursa Malaysia-listed LCL Corp Bhd.

LCL group managing director Low Chin Meng said the joint venture was made possible by the strong support from Malaysia's ambassador to Kazakhstan, who works tirelessly to support Malaysian companies venturing into Central Asia.

“The JV enables the creation of the first interior fit-out collaboration between Malaysians and Kazakhs,” Low told reporters after the launch of LCL-SC Interiors’ showroom in Almaty, the former capital city of Kazakhstan.



He said the US$600,000 showroom was a showcase of the partners' combined expertise in property development.

The collaboration between interior fitting and design specialist LCL and developer and contractor JSC Stroy Contract would enable LCL-SC Interiors to potentially secure many projects, he said.

“We are already in talks with many parties to develop complexes, new townships and residential properties in Kazakhstan,” Low said.

He said the joint-venture company was looking to capture a bigger slice of Kazakhstan's mega property development projects, now that LCL has had two years of experience developing residential properties there.

“Our foray into Kazakhstan is only the start of our expansion plans to capture more mega property development projects in Central Asia,” Low said.

JSC Stroy Contract chairman Sabit A. Tolegenov said the partnership with LCL was a natural progression as the two companies had similar business goals.

“Currently, we are working on property development projects worth over US$200mil, mostly in Almaty. We will require LCL’s expertise in custom-made furniture fittings and designs for many of our projects,” he said.

from: http://biz.thestar.com.my/news/s ... 97&sec=business

scsiang82

PROPOSED PRIVATE PLACEMENT OF NEW ORDINARY SHARES OF RM1.00 EACH IN LCL ("LCL SHARES") REPRESENTING NOT MORE THAN 10% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF LCL ("PROPOSED PLACEMENT")

Contents :

We refer to the announcement dated 30 July 2007 in relation to the Proposed Placement. On behalf of LCL, CIMB Investment Bank Berhad ("CIMB") wishes to announce that the Securities Commission ("SC") has in its letter dated 13 September 2007, which was received on 17 September 2007, approved the Proposed Placement, as follows:

(i) Private placement of LCL Shares ("Placement Shares") representing not more than 10% of the issued and paid-up share capital of LCL; and

(ii) Listing of and quotation for the Placement Shares on the Main Board of Bursa Malaysia Securities Berhad.

The approval of the SC is subject to the following conditions:

(i) CIMB/LCL to comply with the relevant provisions in Guidance Note 8C and all other relevant requirements pertaining to the implementation of the Proposed Placement as stipulated in the Policies and Guidelines on Issue/Offer of Securities;

(ii) LCL should allocate 30% of the Placement Shares to Bumiputera investors or increase its Bumiputera equity by 3.47% of the new enlarged issued and paid-up share capital (representing 2,726,229 of new LCL Shares) within 2 years from the date of implementation of the Proposed Placement;

(iii) LCL Stone Sdn Bhd, a subsidiary of LCL, should comply with the equity condition imposed earlier vide Foreign Investment Committee ("FIC")'s letter dated 22 March 2005 in which the extension of time to comply with the said condition had been submitted to the FIC (The FIC has on 27 August 2007 approved the extension of time to 31 December 2008 for LCL Stone Sdn Bhd to increase its Bumiputera equity level to at least 30%); and

(iv) CIMB and LCL should inform the SC upon the completion of the Proposed Placement.

In addition, the SC has approved the Proposed Placement pursuant to the Guideline on the Acquisition of Interests, Mergers and Take-Overs by Local and Foreign Interests issued by the FIC.
(This announcement is dated 17 September 2007)

from: http://announcements.bursamalays ... 35E2F9?OpenDocument

8years

"(ii) LCL should allocate 30% of the Placement Shares to Bumiputera investors or increase its Bumiputera equity by 3.47% of the new enlarged issued and paid-up share capital (representing 2,726,229 of new LCL Shares) within 2 years from the date of implementation of the Proposed Placement;
"
难怪malay management 之前不怕卖股，因为他们知道肯定可以买得回。。。。。。。。。

scsiang82

没办法，30%给土著。。。 :@ :@

ChuiShui

对股价会有影响吗。。?

xzm

资料来源：http://bernama.com/bernama/v3/news_lite.php?id=286582

September 24, 2007 16:21 PM                              

LCL Corp Front-runner To Gain From Kazakhstan's US$13 Bln Development

KUALA LUMPUR, Sept 24 (Bernama) - LCL Corporation Bhd, an interior fit-out (IFO) company, is expected to be the front-runner in reaping the benefits from the US$31 billion (US$1=RM3.43) expansion plan to be undertaken by Kazakhstan's administrative capital Astana, over the next four years, an analyst said today. In a research note, TA Securities Holdings Bhd analyst, Kamarulzaman Hassan, said LCL's business opportunities opportunities in Kazakhstan were enormous given that it has established a joint venture with a counterpart in Kazakhstan which is a strong household name. The company, LCL-SC Interior Creations LLP.LCL-SC, is a joint venture between LCL and JSC Stroy Contract, a Kazakhstan-based property developer and construction company. LCL owns 51 percent of the joint venture. "We believe the joint venture will serve LCL favourably as the group will be able to get continuous work from Stroy. Additionally, the joint venture entity will also enable it to bid for more local projects given the strong brand name of the local partner and its connections," he said. JSC Stroy is one of the top property developer and construction companies in Kazakhstan. Before the jont venture, LCL had smaller IFO contracts from JSC Stroy. Kamarulzaman said so far, LCL has completed RM25 million worth of projects in Kazakhstan and its current order book stood at RM15 million. "The group has aggressively bid for more than RM360 million worth of contracts in Kazakhstan and expects to know the results of some of the bids soon," he said. He said based on the discussions with JSC Stroy's management, the group has secured projects worth US$550 million in the near term focusing on Astana and Almati. "This will certainly be good news to LCL as we can expect most of the IFO projects to be undertaken by the joint-venture entity. As such, we are not surprised to see LCL's confidence in achieving a turnover of US$50 million in 2008 before accelerating at a faster pace in the consecutive years," he said. Kamarulzaman said in Kazakhstan, IFO constituted a huge part of the development expenditure. "According to a Kazakhstan government architect, IFO works alone can fetch between 25-40 percent of the total development value given that most of the property owners want their buildings or houses to be different from others. "This has resulted in strong demand for IFO and has pushed the IFO cost in Kazakhstan to between US$1,200 and US$1,500 per sq metre compared with between US$600 and US$800 in Dubai and between US$100 and US300B in Malaysia," he said. He said based on the assumption that 75 percent of the IFO for JSC Stroy projects worth US$550 million were given to LCL, 25 percent of the development value was for IFO and the tenure of the project was three years, the joint-venture entity could see a sales of US$34.4 million for financial year ending Dec 31, 2008. "Based on its 2006 financial result of net margin of 7.6 percent, the joint- venture entity is expected to report its maiden net profit of RM9.1 million of which RM4.7 million will be LCL's 51 percent portion," he said. Kamarulzaman said the importance of United Arab Emirates cannot be discounted as this region would likely continue to underpin the group's growth in the next four to five years. "The group has recently secured a RM110 million contract in Palm Jumeira, Dubai which is its third project in the smallest man-made island in Dubai. "In total, the group has more than RM467 million worth of contracts in UAE, totalling close to 80 percent of its outstanding order book," he said. Going forward, he said, LCL was closed to securing two more additional projects in Palm Jumeira. "The deal is expected to be signed in the medium term. The total value is said to be in the region of RM200-RM250 million," he said. Kamarulzaman said LCL's foray into India was also deemed favourable given the huge potentials. "It is expected to sign a RM100 million IFO contract in the short term. "A rough estimate indicates that the project in India can enhance the group's earnings for 2008 financial year by RM1.9 million," he said. Given the scenario, he said, Malaysia would eventually take a back seat as the company focuses more on overseas contracts due to higher margins and less competition. "The company will still continue to be a major player in Malaysia but will be more selective in terms of projects. "We believe the presence in Malaysia is important, as it will serve as training ground for its skilled workers before sending them out overseas," he said. He said currently, the group has RM100 million worth of order book in Malaysia and expected to maintain it at that level. "The order book can sustain LCL for the next two financial years," he said. The analyst said 80 percent of the group's major works now were in the UAE 17.1 percent in Malaysia and India less than three percent. "However, with the impending job in India and Kazakshtan, Malaysia will fall further and take a back seat on LCL's growth fortune," he said. He said TA Securities has revised upwards LCL's 2008 and 2009 earnings assumptions by 19.2 percent and 9.8 percent respectively taking into consideration the new projects worth RM400 million from Dubai, Kazakhstan and India that would propel the group's revenue and earnings from 2008 onwards. "The fair value for LCL is revised upwards to RM6.30," he said. -- BERNAMA

[ 本帖最后由 xzm 于 24-9-2007 04:45 PM 编辑 ]

scsiang82

Partnership made in heaven

Updated : 22-09-2007
Media : The Star
Story By : N/A
via www.biznewsdb.com
Mail this story or page to friend(s).

Following a recent trip to Kazakhstan, TA research analyst Kamarulzaman Hassan is convinced of the potential of LCLˇs foray into Central Asiaˇs growing tiger

AFTER over a year and half in Kazakhstan and having completed its learning curve, LCL Corp Bhd is ready to commit itself in one of the fastest growing countries in Central Asia.

LCL has created history by establishing the first Malaysian joint venture with local counterpart in Kazakhstan known as LCL-SC Interior Creations LLP. LCL-SC is a joint venture between LCL and JSC Stroy Contract - a Kazakhstan based property developer and construction company - in which LCL owns a 51% interest.

Prior to the JV, the group embarked in smaller IFO jobs for Stroy Contract.

We believe the JV will serve LCL favourably as the group will be able to get work from Stroy as well as bid for more local projects given the strong brand name of the local partner and its connections.

So far, LCL has completed RM25mil worth of jobs in Kazakhstan; its current order book stands at RM15mil. In addition, the group has bid for over RM360mil worth of contracts in Kazakhstan.

We expect the future to be bright as Astana, Kazakhstan's administrative capital is embarking on a major expansion plan worth US$13bil in the next 4 years. Additionally, we expect the hotel and leisure development to take shape as the country has been mandated to host the Asian Winter Games in 2011.

Based on discussions with the management of Stroy Contract, it has secured and will develop US$550mil worth of projects in the near-term in Kazakhstan, particularly in Astana and Almati.

This sounds promising for LCL as we can expect most of the IFO projects to be undertaken by the JV entity. As such, we are not surprised by the company's confidence in achieving a turnover of US$50mil in FY08 before accelerating in the consecutive years.

In Kazakhstan, IFO constitutes a huge part of the development expenditure. Based on our discussion with the Kazakhstan government architect, IFO works alone could fetch between 25%-40% of the total development value given that most of the property owners want their buildings or houses to be different from the rest.

This has resulted in strong demand for IFO and has pushed the IFO cost in Kazakhstan to US$1,200 - US$1,500 per sq metre (psm) compared to Dubai US$600 - US$800 psm and Malaysia's US$100 - US$300 psm.

We would like to illustrate LCL's potential in Kazakhstan. Assuming that 75% of the IFO for Stroy Contract projects worth US$550mil will be given to LCL, 25% of the development value is for IFO and the tenure of the project is 3-years, the JV entity could see a sales of US$34.4mil or RM120mil in FY08. Based on its FY06 net margin of 7.6%, the JV entity is expected to report its maiden net profit of RM9.1mil of which RM4.7mil is LCL's 51% portion.

Hence, Kazakhstan venture could potentially contribute around 13.5% to the group's net profit in FY08.

Pivotal part

The importance of United Arab Emirates cannot be overemphasised as this region is likely continue to underpin the group's growth in the next 4-5 years.

The group has recently secured a RM110mil contract in Palm Jumeira, Dubai, its third project in the city. In total, the group has some RM467mil worth of contracts in UAE, which constitutes close to 80% of its outstanding order book.

My sources in Dubai say LCL is close to securing two more additional projects in Palm Jumeira, likely to be signed in the medium term.

The total value for this project is said to be in the region of RM200mil-RM250mil.

We are not surprised by LCL's potential in the UAE given the group's impressive track record in supplying IFO for renown landmarks such as the 7-star Atlantis Hotel as well as the Burj Dubai Development, which will be the biggest Mall in UAE.

The sources also point out that there are several developers knocking at LCL's door for IFO projects but the group is evaluating the proposal closely given its limited capacity at the moment.

LCL managing director Low Chin Meng has said that the group can take on RM1bil worth of jobs based on the current capacity.

India ? Changing soon

LCL's foray into India was deemed favourable given the huge potentials. However, despite making in roads for the past 3 years and the completion of its factory in India, the IFO projects are not forthcoming. In my one-on-one discussion with Low, he admitted that unlike Middle East and Kazakhstan, doing business in India is trickier and thus it takes longer for LCL to graduate.

However, it is believed that the group is expected to sign a RM100mil IFO contract in the short-term. Sources say the contract could be signed as early as next week. Note that the work in India can be carried out through its JV partnership with IJM Corp.

Rough calculations indicate that the project in India could enhance the group's earnings by RM1.9mil or 5% of the group's FY08 net earnings.

Although nothing to shout about (in term of net earnings), this would be a good stepping stone for LCL to further entrench its brand name in the rising Indian economy.

Just to recap, LCL has set up a strategic partnership with IJM to focus on IFO in Hyderabad and Chennai.

Hyderabad is India's next Silicon Valley with upcoming extensive investments projects and world-class infrastructure namely the Genome Valley and Nanotechnology Park.

In addition, the explosive demand for IFO is expected to be fuelled by the construction of new hotels in India in preparation to host the Commonwealth Games in 2010.

Based on the study by HVS International Research, Hyderabad and Chennai alone are looking to expand close to 12,000 new rooms including top-notch hotel players like Ritz Carlton, Hilton, Hyatt, Marriott and Accor Hotels-Sofitel.

Considering LCL's close ties with IJM, a major construction player in Hyderabad (IJM) and its track record in hotels, it stands in good stead to secure IFO projects in India.

Malaysia takes back seat

The group admits that Malaysia will take a back seat as the company focuses more on overseas contracts given the higher margin and less competition.

Having said that, the company will continue to be a major player in Malaysia but will nevertheless be more selective.

We believe the presence in Malaysia is important, as it serves as training ground for skilled workers before sending them out overseas. Currently, the group has RM100mil worth of jobs in Malaysia.

The group's healthy order book should be sustainable over the next two financial years.

Its major works are located in UAE (80%) while Malaysia is taking the back seat with 17.1%. Kazakhstan and India currently contribute less than 3%.

We have revised upwards our FY08 and FY09 earnings assumptions by 19.2% and 9.8% respectively taking into consideration the new project worth RM400mil from Dubai, Kazakhstan and India that should propel the group's revenue and earnings from FY08 onwards.

Our fair value is also revised upwards to RM6.30 based on the same target PER of 11x, which is the average benchmark for small-cap main board construction companies.

Hence, with 34% capital appreciation potential, we remain bullish on LC's future. Remain a BUY.

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8years

"My sources in Dubai say LCL is close to securing two more additional projects in Palm Jumeira, likely to be signed in the medium term.

The total value for this project is said to be in the region of RM200mil-RM250mil. "

scsiang82

The sources also point out that there are several developers knocking at LCL's door for IFO projects but the group is evaluating the proposal closely given its limited capacity at the moment.

还可以慢慢选。。。

8years

工找人和人找工不同点就在这里。