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发表于 18-8-2008 11:01 AM
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发表于 18-8-2008 11:13 AM
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OSK Research Report
August 15, 2008
Going Downtown Jebel Ali
LCL Corp, via its subsidiary LCL Interior Contracting LLC, has been awarded a sub-contract to supply all necessary labour, materials, equipment, supervision, management and all other related matters from Taisei Corporation in Dubai. The work scope includes the installation and completion for interior fit-out (IFO) works for the Downtown Jebel Ali project in Sheikh Zayed Road, Dubai, UAE. The letter of award dated Aug 13, ‘08 is for a total contract sum of AED67m (RM61m; RM1 = 0.90 AED). The project comprises of a 28 storeys twin tower-cum-podium in Downtown Jebel Ali. The project shall commence immediately and is due for completion by August 2009.
COMMENTS
Middle East expectations intact. It’s been quite a while since LCL last secured a project from the Middle East. Bagging this AED67m project marks LCL’s growing exposure in the Dubai emirate. Although small in value compared with its previously secured “mega projects” such as the Atlantis Palm Hotel or the Dubai Mall Hotel (valued at above AED100m each), we see LCL’s continuous efforts to build its track record in Dubai vital in enhancing its status as a competitive IFO player in the region. The said project also provides a net margin of above 15% which should help cushion any potential impacts from any unexpected hike in raw material costs.
Earnings intact. As we have already factored in an orderbook replenishment of RM350m for this year, our valuations have priced in this project. Thus, there is no change in our earnings estimates. Going forward, we expect LCL to secure more “mega projects” sometime 2H this year to early next year. It is in the midst of negotiating on the Meydan Racetrack and Green Line Stations projects. As such projects hold substantial contract value (potentially above RM200m each), their potential future contributions could well call for an upward earnings revision.
BUY intact, TP RM3.90. No change in our earnings estimates or valuations parameter. We are retaining our target price of RM3.90 based on FY08 EPS of 39 sen pegged with its regional peers PER of 10x. Following a share split exercise late last month, the stock has become much more liquid compared with previously.
[ 本帖最后由 scsiang82 于 20-8-2008 12:28 PM 编辑 ] |
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发表于 20-8-2008 12:30 PM
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对LCL有没有影响呢？？
20-08-2008: Dubai corruption probes raise economic fears
Email us your feedback at fd@bizedge.com
DUBAI: A series of financial scandals at major Dubai firms threaten to derail the Gulf Arab emirate's ambitions to become an international business hub unless the government tackles corruption head on.
Propelled into the global limelight by glitzy projects such as the world's tallest tower, Dubai has long sought to transform itself into a global player, partly by assuring investors that it offers a world class legal system as well as zero tax.
But at least four police investigations launched this year into executives at major government-linked real estate and financial firms have raised fears that a lack of regulation and transparency could hamper investor confidence.
"There is a recognition that on these business dealings, negative headlines can have damaging consequences," said Christian Koch, director of international studies at the Gulf Research Centre. "Confidence in the economy, its future plans, transparency and fighting corruption is all tied together."
The vice-chairman of government investment fund Istithmar World, who in June was ringing the Nasdaq's opening bell in New York, is under investigation for alleged financial wrongdoing in his previous post at Islamic mortgage firm Tamweel.
Nakheel, which built Dubai's palm islands and recently bought into Canada's Cirque du Soleil, said last week one of its officials was being investigated on suspicion of bribe-taking.
Unlike earlier cases, UAE nationals were implicated for the first time, making the cases juicy fodder for international and local media and threatening to tarnish Dubai's glossy image.
"You cannot allow stories like this to hang around, as the damages and end results will be much worse," said Koch.
With its gross domestic product rising to US$53.9 billion in 2007 and an annual average growth rate of 8%, Dubai has begun to realise that it can ill-afford to rest on its laurels if it wants to keep its title as the Gulf business capital.
The government has said the latest investigations are part of a high-level decision to clamp down on graft.
"Any employee exploiting his position to make illegal profits will not have immunity," a rare statement from Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum's office said, following the latest revelations of financial irregularities.
The flurry of cases has coincided with a strengthening of the financial audit department at the start of 2007, giving it more power and making it directly answerable to Sheikh Mohammed.
It audits about 250 entities annually in Dubai, including all firms in which the government owns 25% or more, and passes any violations on to the public prosecutor's office.
"When you are expanding and there is booming activity, there will be mistakes," said the Financial Audit Department's director general Yaser Amiri.
State-controlled firms, including sovereign wealth fund Investment Corporation Dubai and Emaar Properties, the Arab world's largest developer, are among a growing number of companies publicly supporting the new directives.
Emaar chairman Mohammed Alabbar is clear: "Embrace international best practices and (it) will reassure investors in the region and beyond."
The messages aim to reassure a jittery international community already wary after the global credit crunch. One of Dubai's biggest fears is losing the international credibility it has acquired as a financial safe haven, analysts say.
Shares of Tamweel, in which Istithmar World has a 21.6% stake, have lost almost a quarter of their value since the scandal surfaced, and most sellers have been foreign.
The dearth of regular economic data, such as monthly inflation figures, or vague statements from listed companies add to the aura of unease, said Marios Marathefis, regional head of research at Standard Chartered.
Solving such basic issues would bring transparency to Dubai's fast-growing and increasingly complex economy, he said.
But officials say corruption is no more entrenched in Dubai than it is in almost any country around the world.
"This happens all over the world and if you compare the size of Dubai with the size of corruption then it's very small," said Fawzi Tamim, an advisor at the audit department.
According to Transparency International's latest Corruption Perception Index, the UAE scores above average at 5.7 out of 10 points, but below nearby Qatar and others like Malta or Estonia.
"There is no perfect scenario... one tries to say everything is great in the UAE, but you have to accept the authorities are learning and this is part of the learning process," said Koch. - Reuters
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_de087cb9-cb73c03a-df294000-81c2a5c3 |
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发表于 26-8-2008 09:59 AM
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熊市週期僅走到一半 區域股市明年後期翻身
2008年8月26日
（吉隆坡25日訊）美元持續疲軟和原產品價格重新回升，將繼續衝擊區域股市的表現。分析員認為，區域股市在短期內都不易翻身，或需等到09年下半年才會恢復元氣。
展望區域市場，近期仍出現許多的負面因素，美元的疲軟和原產品價格回升，導致幾乎所有的區域股市表現都走低。美國方面的最新經濟數據全屬於負面的消息，還有大馬和香港最新公佈的通脹水平都攀新高。這一連串的負面消息，讓區域市場雪上加霜，要恢復正面走勢，還需要一段時間。
聯昌國際投資銀行分析員表示，股市的基本面和技術指標顯示，區域股市或還會在未來兩個月內持續下跌，並形成熊市格局，或許還要經歷至少10個月的疲軟走勢。區域股市在09年次季才穩健回穩，2010年或會出現經濟週期轉好的跡象。
他表示，過去的兩個熊市(1997年金融風暴和2001年科技泡沫)都要經歷19個月至21個月的下調期。如用之前的熊市期套用在這次的熊市，那麼這次的熊市僅經歷了一半，這也意味著，區域股市還有不少的下跌空間。
該分析員認為，大馬和泰國可能是接下來在區域市場內跌勢最小的國家，因為自市場創高峰以來，外資基金在這兩個市場和香港的資金流出，已經是最嚴重的。反觀，外資基金仍保留大部分在中國和新加坡的投資。外資資金從07年10月份在這兩個國家的資金流出，只佔了之前注入的33%至36%左右。
再說，許多的統計數據如週息率、固定收入除存款回酬比率，以及價格除帳面價值對股票報酬率比例等等，都顯示出大馬和泰國是區域市場內最具吸引力的市場。無論如何，政治因素仍是這兩個地區的一大關鍵因素。該分析員選了一些值得在股市下跌時留意的股項，這些股項包括安裕資源（ANNJOO，6556，主板工業股）、億順控股（EKSONS，9016，主板工業股）、高產尼品（KOSSAN，7153，主板工業股）、LCL機構（LCL，7177，主板貿服股）、百利金國際（PELIKAN,5231,主板消費股）和QSR（QSR，9415，主板貿服股）。
http://www2.orientaldaily.com.my/press.php?TASK=news&TYPE=LBZ&NEWS=2fH30uro02pc8ael01UV8090228y6w56 |
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发表于 26-8-2008 06:21 PM
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| Financial Results | | Reference No LC-080825-56253 |
| Company Name | : | LCL CORPORATION BERHAD | | Stock Name | : | LCL | | Date Announced | : | 26/08/2008 |
| Financial Year End | : | 31/12/2008 | | Quarter | : | 2 | | Quarterly report for the financial period ended | : | 30/06/2008 | | The figures | : | have not been audited |
| Please attach the full Quarterly Report here: |
 LCL 2Q08.doc
SUMMARY OF KEY FINANCIAL INFORMATION | 30/06/2008 |
| INDIVIDUAL PERIOD | CUMULATIVE PERIOD | | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | | 30/06/2008 | 30/06/2007 | 30/06/2008 | 30/06/2007 | | RM'000 | RM'000 | RM'000 | RM'000 | | 1 | Revenue | 97,938 | 57,132 | 201,188 | 107,279 | | 2 | Profit/(loss) before tax | 7,197 | 5,268 | 16,734 | 10,910 | | 3 | Profit/(loss) for the period | 7,297 | 5,624 | 17,436 | 10,034 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 6,982 | 6,210 | 16,989 | 10,344 | | 5 | Basic earnings/(loss) per share (sen) | 9.77 | 14.79 | 23.78 | 24.64 | | 6 | Proposed/Declared dividend per share (sen) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent (RM) | 2.1100 | 1.8700 |
Note: For full text of the above announcement, please access Bursa Malaysia website at www.bursamalaysia.com
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/48256E5D00102DF4482574B10036B3DF?OpenDocument |
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发表于 27-8-2008 09:47 AM
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发表于 27-8-2008 12:13 PM
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LCL 的成绩单
| | Q108 | Q208 | % | | Revenue | 103,250 | 97,938 | -5.14 | | Operating Expenses | 88,034 | 86,885 | -1.3 | | Profit from Operation | 15,377 | 12,565 | -18.29 | | Finances Cost | 5,528 | 5,157 | -6.71 | | Net Profit | 10,139 | 7,297 | -28.03 |
营业额下跌了5.14%可是净利却跌了28.03%，成本上涨把净利吃掉了？？？
| | Q108 | Q208 | % | | Inventories | 23,248 | 25,069 | 7.83 | | Receivables | 190,858 | 251,924 | 32 | | Contract Works | 201,734 | 213,727 | 5.94 | | Cash | 22,768 | 23,954 | 5.21 | | Total Borrowing | 281,156 | 293,434 | 6.78 | | Paybles | 55,536 | 113,205 | 103.84 |
应收款增加了32%但是应付款却上涨了103.84%，进的钱少出的钱多？？？借贷也持续上涨6.78%。。
LCL的balance sheet还是这么的难看。。。 |
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楼主 |
发表于 27-8-2008 12:27 PM
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回复 728# scsiang82 的帖子
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这是行业问题，这行业的特性就是如此。所以right issue占了重要的地位。不过现在right issue推到明年，看来finance cost还会大幅上升。。。。。。。 |
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发表于 27-8-2008 12:37 PM
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我个人不相信装修公司可以真的做大，所以认为抄LCL只是抄中东油钱这个概念吧了。之前LCL说她听从基金的意见所以取消发出warrant，我想现在自然也是听基金的所以延迟发出附加股。还没发出附加股，目的还没达到，所以后市可期。等要发附加股，就会有大量好消息 (例如拿到大project)来抄高股价了。是机会吗？ |
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发表于 27-8-2008 12:57 PM
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回复 730# Mr.Business 的帖子
前景已经是不能预测，因为好坏因素各有各半。
“不相信装修公司可以真的做大”
可以参考世界大型的装修公司，你会看到大型的周围都是。 |
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发表于 27-8-2008 02:09 PM
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发表于 27-8-2008 02:11 PM
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各位技术分析的大大，如果LCL的春天到了，请通知一声。谢谢。 |
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发表于 27-8-2008 03:06 PM
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1HFY08 Results Review
OSK Investment Research
August 27, 2008
Domestic Setback
Results were slightly below our expectations. 1H revenue made up of only 39% of our estimate whilst net profit at 30% of our estimate. Compared to its historical performance where 1H tends to account for 35-40% of full year profits, LCL cited slower domestic billings momentum and lower operating margins as key factors contributing to the weaker performance. Nonetheless, the group’s foreign ventures in the Middle East has helped cushion the impact. We tone down our earnings estimates for FY08 and FY09 by 7.2% and 9% to factor in the said domestic weakness which we expect to prolong till next year. Hence, rolling over to FY09 EPS, we derive a new target price of RM4.30 applying an average regional peer PER of 10x onFY09 EPS of 42.8sen. BUY maintain.
Slightly below. Y-o-y basis, 1H revenue rose by 87.5%, PBT was up by 53.4% while PAT improved by 64.2%. Despite that, q-o-q results were markedly lower as revenue declined 5% and to a greater degree PBT and PAT fell by 24.5% and 30.2% respectively. The improved y-o-y performance is largely due to LCL’s success in clinching high value Dubai based projects. The weaker q-o-q however, was due to weaker contributions by its domestic operations. In terms of EBITDA margins, 1HFY08 stood at 14.7%, slightly lower against the preceding year which was at 15.2%.
Dip in domestic operations. Domestic billings momentum slowed on a q-o-q basis, achieving only RM20m compared to RM34m in 1Q (down 41%). This was largely due to the lacklustre domestic construction sector while higher operating cost has also led to lower profit contributions from its IFO services at RM9.3m in the current quarter from RM14.5m in 1Q. In terms of foreign earnings (Dubai), flows remain intact, inching slightly higher to RM111m (2Q) from RM104m (1Q). We expect foreign contributions to pave a stronger in 2H onwards.
BUY maintained. Rolling over to FY09 EPS at 42.8sen, we derive a new target price of RM4.30 based on the average regional peer PER of 10x. Despite the weak 1H, we believe the 2H performance will be etter as LCL gains stronger foreign billings momentum. Our downward earnings revision is on the back of slightly slower billings recognition in FY08 and a lowered EBITDA margin to 14.9% in FY08 and 14.8% in FY09 from 15.6% previously. |
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发表于 29-8-2008 11:57 AM
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Standard & Poor’s Equity Research
August 27, 2008
Results Review & Earnings Outlook
• LCL’s 2Q08 results were below our expectations with 1H08 net profit of MYR17.0 mln accounting for 34% of our previous 2008 forecast of MYR50.2 mln.
• 1H08 revenue surged 88% YoY to MYR201.2 mln, largely driven by overseas contributions, particularly from the Middle Eastern region. Consequently, 1H08 net profit was 64% higher at MYR17.0 mln.
• While 1H is traditionally a slower period as compared to 2H, we had expected 1H08 net profit to make up more than 40% of our projection. The performance was largely dragged down by 2Q08 results, where net profit fell 30% QoQ to MYR7.0 mln from MYR10.0 mln.
• According to management, 2Q08 earnings were mainly impacted by the slowdown in the domestic building construction activities given rising materials prices and the current uncertain political climate. Although projects in the Middle East are the main earnings anchor at LCL, the domestic market nonetheless still contributes approximately 15% to revenue. We understand that its Middle Eastern projects are progressing on schedule.
• We believe the current local construction doldrums are likely to prevail into 2H08, and consequently, we are reducing our 2008 net profit projections by 14% to MYR43.2 mln after factoring in lower contribution from Malaysia.
• No dividend was declared during the quarter under review.
Recommendation & Investment Risks
• We maintain a Strong Buy recommendation but with a lower 12-month net profit of MYR2.80 (from MYR3.93). Note that our target price is adjusted to reflect the recent two-for-one share split issue in July 2008.
• We derive our TP from ascribing a target PER of 9x (from 11x) to our revised 2008 earnings including a 5 sen projected dividend. The lower target PER reflects the downturn in the broader market and represents a 60% discount to its closest competitor, Depa Ltd. (DEPA DU, USD1.19, Not Ranked)’s trailing PER of 15x.
• Despite the short-term setback in earnings, LCL’s longer-term outlook remains bright with continued focus in the Middle East. The group had on Aug. 14, 2008 secured another project, worth approximately MYR61 mln, for the interior fit-out works at a 28-storey twin office tower cum podium in Downtown Jebel Ali, Dubai, UAE. The value of LCL’s ongoing projects is approximately MYR900 mln while tendered projects are worth MYR4.5 bln with a historical success rate of 15%.
• On the corporate front, LCL announced it is deferring its proposed 1-for-5 rights issue till February 2009 given the current weak equity market.
• Risks to our recommendation and target price include a prolonged slowdown in local projects, potential delays in overseas projects by LCL’s clients and a lack of financial resources to undertake large and complex projects. |
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发表于 10-9-2008 10:15 PM
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Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Reference No LC-080910-45968
Company Name : LCL CORPORATION BERHAD
Stock Name : LCL
Date Announced : 10/09/2008
Information Compiled By Bursa Malaysia
Particulars of Director
Name : LOW CHIN MENG
Address : NO. 21, JALAN SL 3/3, BANDAR SG LONG
43000 KAJANG , SELANGOR
Descriptions(Class &
nominal value)
: ORDINARY SHARES OF RM0.50 EACH
Details of changes
Type of transaction Date of change No of securities Price Transacted (RM)
Acquired 09/09/2008 75,500
Circumstances
by reason of which change has occurred
: ACQUIRED IN THE OPEN MARKET
Nature of
interest
: DIRECT
Consideration (if any)
: CASH
Total no of securities after change
Direct (units) : 75,500
Direct (%) : 0.05
Indirect/deemed interest (units)
:
Indirect/deemed interest (%)
:
Date of notice : 10/09/2008
Remarks
THE TOTAL NO. OF SHARES AFTER CHANGE IS REGISTERED IN THE FOLLOWING NAMES:-
CIMB GROUP NOMINEES (TEMPATAN) SDN BHD - 16,075,500
CIMSEC NOMINEES (TEMPATAN) SDN BHD - 12,900,000
ABB NOMINEE (TEMPATAN) SDN BHD - 5,000,000'
OWN NAME - 7,504,500
-------------
DIRECT SHAREHOLDINGS 41,480,000
LCL HOLDINGS SDN BHD (INDIRECT) 2,214,000
--------------
43,694,000
==============
http://announcements.bursamalaysia.com/EDMS/curshweb.nsf/LsvAllByID/48256E5D00102DF4482574C0001B1ABA?OpenDocument |
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发表于 10-9-2008 10:19 PM
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有点好奇.....跑去看看他的价..
WAT......1.55..!!!
8 TO 1.55 = -80%
1.55 TO 8 = 500% |
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发表于 10-9-2008 10:44 PM
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回复 737# publicpang 的帖子
8是还没分拆之前的。。 |
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发表于 10-9-2008 10:49 PM
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回复 738# scsiang82 的帖子
OK.........多谢提醒.....
合久必分..... .... |
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发表于 10-9-2008 10:52 PM
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发表于 10-9-2008 11:00 PM
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回复 740# scsiang82 的帖子
想念咯.......想念那时的价...
后悔咯.......后悔那时没卖.... |
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