It's May already and lots of listed companies had released their quarterly reports ending 31-Mar-2021. INARI and GDB (I'm currently holding both) had just released their QR recently, and today I will look at GDB's Q1 2021 report in detail.
0198 GDB - Q1 2021 report
Full announcement here:
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=213884&name=EA_FR_ATTACHMENTS
Snapshot:
As of Q1 2021, GDB's cash pile reduced RM 7.6 mill or -9.3%, from RM 81.8 mil to RM 74.2 mil. Borrowings remain zero.
As of Q1 2021, GDB recorded a negative cash flow of RM 8.5 mil, with significant reduction in Net Cash from Operating Activities compared to the previous year. This was mainly due to the trade and receivables at RM 24.4 mil, which means GDB had not receive a big sum of payments.
Company's review on Q1 performance:
Company update on the future prospect:
My personal takeaways on GDB's Q1 2021 report:
As expected, revenue in Q1 exceed RM 100 mil, which in tandem with the contribution from the RM 1.25 bil 8 Conlay project. Although the revenue was slightly lower compared to the preceding quarter, net profit increase marginally due to completion of the AIRA project 1 day ahead of schedule and the contribution from 8 Conlay. Profit margin also improved to 7.92%, even though the prices of construction materials has been rising since January 2021.
Outstanding order book stood at RM 1.94 bil, which provides earning visibility until FY2023. This translates to average revenue of approx. RM 240 mil per quarter from now until FY2023, or approx. RM 900 mil revenue per FY. Assuming a modest profit margin of 6.5%, estimated net profit will be RM 58.5 mil, or RM 0.94 EPS. A modest 11x PER translate to a share price of RM 1.03.
More and more property development projects to be rolled out in 2H2021. As can be seen on the recent property projects won by 7161 KERJAYA (RM 28.9 mil + RM 153.5 mil) in 2021. Piling specialist 5253 ECONBHD also recently bagged 2 new contracts involving high rise property worth RM 91.3 mil. This will be positive for GDB, as the management is targeting to secure RM 500 mil of new contracts in 2H2021 . Link here: (https://www.thestar.com.my/business/business-news/2021/05/18/gdb-1q-net-profit-up-nearly-54-to-rm88m )
COVID-19 cases has been escalating in our country, with the daily new cases breaking all time high. This will be the major concern for GDB, as the reduction in revenue in Q1 2021 was partly due to positive cases reported in their project sites (Perla Ara Sentral & Park Regent Desa Park City) in January 2021.
Another concern will be the rising cost for construction materials. As commodity prices like steel, copper, etc. continue to rise, this will definitely impact GDB's profit margin. While these external factors are beyond control, I believe the management will try their best to maximize the profitability by more stringent project management and cost control, based on their track records.
No dividend declared. GDB normally declares dividend on Q2 and Q4.
Other links related to GDB's Q1 2021 report:
Hong Leong Investment Bank; BUY - TP RM 1.13; 13x P/E ex-cash:
The Star:
Enanyang:
Disclaimer: This is a personal opinion recorded for my personal record. Nothing on this Blog constitutes investment advice, performance data or any recommendation that any security, portfolio of securities, investment product, transaction or investment strategy is suitable for any specific person. The author shall not be held accountable for any investment decision made by the reader. Invest at your own risk.
转眼就进入5月份了！很多上市公司都会在这个时候公布它们截至3月31日的季度报告。INARI和GDB（目前我持有这两家公司的股份）也刚刚发布了它们的季报。今天我就来看看GDB的Q1 2021季报。
0198 GDB - Q1 2020季报
全文可以点击以下链接：
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=213884&name=EA_FR_ATTACHMENTS
截至2021年Q1，GDB手头上的现金减少了RM760万或9.3%，从原先的RM 8,180万降至RM 7,420万。公司依然没有任何借贷。
截至2021年Q1，GDB录得了RM 850万的负现金流，营运现金收入比去年大幅度的减少。这主要是因为应收款项上的RM 2,440万，代表GDB有好一大笔帐还没有收到。
公司对2021年Q1表现的看法：
公司对未来前景的更新：
我个人对2021年Q1季报的几个看点：
Q1的营业额如我所预期的突破RM 1亿，主要是因为价值RM 12.5亿的8 Conlay项目所带来的收益。虽然营业额比上个季度低，但是净利却稍微涨了一些，主要是因为完成了AIRA项目以及8 Conlay项目的贡献。即使面对建组材料成本自今年1月以来不断上涨的问题，利润率依然增至7.92%。
目前手握未完成订单达RM 19.4亿，可以贡献公司的业绩只2023财年。这意味着从现在至2023财年每个季度可以录得大约RM 2.4亿的营业额，或是每年RM 9亿的营业额。假设利润率为6.5％，那么估计净利将为RM 5,850万，或RM 0.94的每股净利。以11倍的本益比来计算，股价相等于RM 1.03
更多的房地产发展项目将在2021年下半年推出。这可以从7161 KERJAYA最近赢得的房地产项目（RM 2,890万 + RM 1.535亿）可以看出点眉目。除此之外，打桩专家5253 ECONBHD最近有获得了2项价值RM 9,130万的高层房地产合同。这些现象对GDB来说将是正面的，也符合管理层在2021年下半年取得RM5 亿的新合同。链接在这里：(https://www.thestar.com.my/business/business-news/2021/05/18/gdb-1q-net-profit-up-nearly-54-to-rm88m )
马来西亚的新冠疫情有越来越严重的趋势，新增病例几乎天天创新高。这将是GDB最大的隐忧，因为今年1月在GDB工地里发生确诊病例就导致这个季度的营业额比上季度少。
另外一个隐忧就是持续上涨的建组材料成本。随着钢，铜等大宗商品价格的持续上涨，这肯定会影响到GDB的利润率。尽管这些外部因素是无法控制的，根据管理层以往的记录，我相信管理层将尽最大的努力通过更严谨的项目管理和成本控制来替公司赚更多的钱。
没有宣布股息派发。GDB通常实在Q2和Q4宣布股息派发。
其他有关GDB 2021 Q1季报的链接：
丰隆投行； 买入评级 - 目标价 RM 1.13；13倍本益比：
The Star:
E南洋:
免责声明：这只是个人意见，记录下来供我个人使用。此博客上的任何内容均不构成投资建议，绩效数据或任何建议，任何证券，证券组合，投资产品，交易或投资策略均适合任何特定人士的建议。作者对读者做出的任何投资决定概不负责。投资风险自负。