Wednesday, December 5, 2012

Mudajaya ... Dec12

It is now in net cash position and has been a dividend-yielding stock. Despite that concerns are still surrounding its Indian independent power producer (IPP) project.

In 2006, Mudajaya ventured into the Indian power sector by taking a 26% stake in RKM Powergen Pte Ltd via subsidiary Mudajaya Corp Bhd in undertaking a 1,440MW coal-fired IPP project in Chhattisgarh, India. The project comprises four generating units with a nominal capacity of 360MW each.

RKM is one of the IPPs that have yet to ink the fuel-supply agreement (FSA) with Coal India Ltd due to the coal-supply deadlock.

The project is still on track despite fears of delays but once the Indian power plant goes into full swing, it will be the company's earnings driver, going forward, as sales of electricity will trickle in.

The IPP would be a “turning point” for Mudajaya, as it will lift the company from being a pure construction player to an IPP and provide the company with a stable recurring income rather than its current cyclical revenue from construction.

Earnings from the Indian IPP is estimated to contribute some 20% to Mudajaya's bottom line.

Its management stated that the power plant in Chhattisgarh is making significant progress and is expected to be commissioned in July 2013.

The imminent signing of the Indian IPP's FSA remains a key share price catalyst, along with potential new contracts. Mudajaya.

However checks indicate that the progress of construction at the Chhattisgarh project may have faced more delays due to unfavourable weather as well as labour shortages.

It appears that the first unit of its 4x360MW power plant will only be completed by end of first quarter 2013, versus the end of the current financial year ending Dec 31, 2012 (FY12) previously, with the remaining three units expected to come on stream on a staggered basis after three months thereafter.

Mudajaya currently has profits coming from its equipment procurement contract in India.

The Indian IPP is tax-free for the first 10 years and is expected to provide Mudajaya with a good income stream.

With RM419.49mil in cash, Mudajaya intends to make a significant purchase in the region, possibly a power plant, to boost its recurring income by becoming an IPP itself. It is looking at maybe 50% to 60% of its income to come from recurring income including IPPs, tolled highways and property projects in five to six years from 2012.

Mudajaya's revenue, which is now (Dec 2012) derived mainly from construction, will shift significantly once its recurring income increases. Currently, it has negligible recurring income.

Mudajaya's orderbook stood at RM2.8bil as of Sept 30 2012 that will last the company for the next three to four years. It has tendered for RM5bil worth of projects, mainly targeting the power plants, highways and building.

Mudajaya's power plant expansion may increase the company's construction order book and provide it with another source of steady earnings when concession profits kick in.

Mudajaya has no urgent need to raise fresh funding, given its net cash position, and can expect to soon enjoy a larger stream of recurring income. However, Mudajaya will be going to the bond market in 2013 to further boost its coffer.

The company's capital expenditure (capex) for FY13 will not be significant but is expected to rise in FY14 and FY15 to RM400mil to RM500mil as it takes on more projects. Its current capex is around RM200mil.

In its third-quarter announcement, Mudajaya declared a second interim single-tier dividend of 12.5% (or 2.5 sen) per ordinary share of 20 sen each. For the first nine months to Sept 30, Mudajaya posted a higher net profit of RM189.89mil, or 34.86 sen earnings per share, against RM164.5mil, or 30.18 sen per share, in the corresponding period a year ago.

As at Sept 30, shareholders funds stood at RM1.09bil and net assets per share at RM2.

Mudajaya fares better on home turf with civil works for the Janamanjung and Tanjung Bin power plant extension running on track.

Mudajaya is in negotiations with the Government for a building-type job worth more than RM200mil. Under this contract, Mudajaya will be paid via land where it intends to embark on a township development.

Mudajaya has also submitted its pre-qualification tender for the 1,300MW gas-fired plant at the Refinery and Petrochemical Integrated Development in Pengerang, Johor.

59 comments:

Anonymous said...

tramadol online no prescription buy tramadol online no prescription cheap - best place to buy tramadol online reviews

Anonymous said...

buy tramadol online tramadol ultram uses - buy tramadol online from usa

Anonymous said...

xanax online xanax dosages for anxiety - xanax food drug interactions

Anonymous said...

buy tramadol online tramadol for dogs taken by humans - tramadol 100mg overnight

Anonymous said...

buy tramadol online buy tramadol online eu - buy tramadol 50mg online

Anonymous said...

cheap tramadol tramadol dosage range - tramadol 50 mg for back pain

Anonymous said...

xanax online xanax side effects treatment - xanax for anxiety of flying

Anonymous said...

buy tramadol online buy tramadol usa pharmacy - tramadol kidney failure

Anonymous said...

buy carisoprodol carisoprodol 350 mg - carisoprodol 350 mg for pain

Anonymous said...

buy tramadol online tramadol buy 100 mg - what dosage tramadol for dogs

Anonymous said...

buy tramadol online tramadol 50 mg image - tramadol 50mg recreational

Anonymous said...

buy tramadol online purchase tramadol for dogs - tramadol for dogs onset of action

Anonymous said...

buy tramadol cod tramadol hcl 50 mg pill identifier - tramadol addiction australia

Anonymous said...

buy carisoprodol no prescription carisoprodol 350 mg bluelight - carisoprodol 350 mg vs flexeril

Anonymous said...

buy tramadol online reviews tramadol hcl nursing implications - tramadol 50 mg espanol

Anonymous said...

buy tramadol online tramadol over the counter - tramadol addiction gaza

Anonymous said...

soma carisoprodol soma 250 mg carisoprodol tablets - much carisoprodol soma

Anonymous said...

buy tramadol online tramadol for cheap - tramadol hcl obat

Anonymous said...

cheap tramadol buy tramadol overnight delivery - buy tramadol online pharmacy

Anonymous said...

buy tramadol online tramadol hcl for headache - buy tramadol online europe

Anonymous said...

buy tramadol online generic brand name tramadol - tramadol for dogs withdrawal

Anonymous said...

buy tramadol online tramadol for dogs seizures - tramadol no prescription overnight shipping

Anonymous said...

xanax online buy real alprazolam - generic xanax blue pill

Anonymous said...

buy cialis online generic cialis from us safe - cialis online drugs

Anonymous said...

tadalafil 20mg buy cialis online us no prescription - buy online cialis 20mg

Anonymous said...

buy cialis online is it safe to buy cialis online usa - cialis отзывы

Anonymous said...

xanax online kinds xanax bars - xanax dosage for flying anxiety

Anonymous said...

xanax online buy cheap generic xanax online - xanax drug abuse

Anonymous said...

cialis online cialis online+truffa - cheap viagra cialis us

Anonymous said...

http://landvoicelearning.com/#57594 tramadol hcl 50 mg 377 - side effects of tramadol 50 mg

Anonymous said...

buy tramadol tramadol dosage osteoarthritis - tramadol side effects high dose

Anonymous said...

buy tramadol buy tramadol 50mg usa - tramadol withdrawal ringing ears

Anonymous said...

buy tramadol online legal buy tramadol online us - buy tramadol cheap

Anonymous said...

can you buy tramadol online legally buy tramadol online - where to buy tramadol cheap

Anonymous said...

http://landvoicelearning.com/#74967 buy generic tramadol - tramadol 100mg buy online

Anonymous said...

buy tramadol tramadol withdrawal timeline - is tramadol online real

Anonymous said...

buy tramadol tramadol dosage acetaminophen - tramadol 50 mg biogaran

Anonymous said...

buy tramadol buy tramadol cod fedex - tramadol 50mg recommended dosage

Anonymous said...

learn how to buy tramdadol tramadol for dogs effects - tramadol for dogs used by humans

Anonymous said...

learn how to buy tramdadol ultram er vs tramadol - tramadol for dogs for humans

Anonymous said...

tramadol no prescription what does tramadol 50 mg look like - tramadol 50 mg side effects

Anonymous said...

ways to buy ativan online ativan dosage for dogs - ativan side effects wiki

Anonymous said...

buy ativan online 1 mg ativan and alcohol - negative side effects ativan

Anonymous said...

http://reidmoody.com/#96318 ativan dosage information - ativan expiration

Anonymous said...

buy tramadol online tramadol hcl nsaid - tramadol for high

Anonymous said...

http://ranchodelastortugas.com/#37284 order xanax online overnight - online xanax no prescription canada

Anonymous said...

buy tramadol india tramadol withdrawal vertigo - order tramadol online next day

Anonymous said...

In the US, we still express this as cubic inches, feet, or yards.

Also, keep in mind that the ingredients for the mix should
be bought from a home improvement store to insure
quality. Say we are laying out a simple home 30' x 45'; if the last dimension was forty feet
instead of forty-five then the cross corner measurement would be fifty feet.



My weblog ... concrete

Anonymous said...

buy tramadol medication tramadol no prescription usa - tramadol hcl 50 mg information

Anonymous said...

buy tramadol online buy tramadol online by cod - tramadol veterinary

Anonymous said...

With the ability to actually alter the texture and condition of the hair with clever
and fashion-forward hair styling products, Rusk Being products are sure to
intrigue the hair product lover in all of us.
Right away register your GHD curly hair straightener concerning the GHD webpage so
that you just can enact the 2-year ensure as well as
to look at to make certainyours is genuine. A well groomed woman
will look to her hair and makeup first and a poll of 3,000 females
across the UK revealed that about 44% feel attractive if they are having a good hair day, this compares to 16% who felt pleased with
their appearance if good teeth gave them that winning smile.


Feel free to visit my web blog :: hair products

Anonymous said...

Today there is still plenty of activity in all the area mines.
This running water will in fact speed up your removal of
the water and with a simple flip of the valve can add water to the fish tank.
Once the timeframe reaches 0 to X minutes, the star is about to land.


My web site; mining

Anonymous said...

xanax online xanax 2mg vs klonopin 2mg - order xanax cod

Anonymous said...

These were referred to as Linotype and Intertype machines.
Purchasing used press will also save you considerable amount of money.
They’re the real Mc - Coy and are as old as the date on their front page.
The growth in the circulation of newspapers in the country
results in the overall economic prosperity of the country, inspiring
it to higher levels. But I made it to a telephone and called Vito Genovese
who was at that time the most famous of New York's mafia bosses.

Here is my web blog - click here

Anonymous said...

Afterwards, he sent this particular Tres for you to Apollo for
any compensation for the Fifty Nandies. The lead character of
Dumm's strip was a male, whereas Messick's lead character was female.
Now, many Indian advertising agencies begin to pay more attention
to Indian Hindi news and this can be led to the increase in revenue generation.
Simply put on heavy eyeliner on your eyes and make sure that they extend beyond the edge of
your eyes and let the line go upward. Studies about Egyptians
lend itself to activities such as mummy-making,hieroglyphics tablets or Egyptian jewelry.


Here is my page - egyptian newspapers

Anonymous said...

This kind of mulch s also more natural looking than other mulch choices out
there for the delicate look of flower gardens. Owning a regular lawn mower
does not mean you have to give up on mulching your yard; you just have to be
willing to do some work. When ordering mulch, find out
what the delivery cost is and compare it between companies before ordering.

Anonymous said...

They need to see doctor for some advices on how they can take control of their blood pressure.
Further information can be obtained by contacting the Washington
Institute of Natural Medicine at (202) 237-7681. Thanksgiving day is coming, I should buy
a thanksgiving gift for Linda. If the other driver makes any admissions of fault, write those down as well.

Members of the press and/or other interested parties may obtain more information about this practice and/or the
content of this press release by contacting the following: Fayette Chiropractic Center Dr.


Here is my web page :: adders-tongue

Anonymous said...

Great blog you have here but I was wondеring if yοu kneω of any community forums that cover the same topіcѕ talked about in thіs artiсle?
І'd really like to be a part of community where I can get feedback from other experienced individuals that share the same interest. If you have any suggestions, please let me know. Bless you! car insurance comparison sites ni - cheap auto insurance

My blog: car insurance estimate online

Anonymous said...

[url=http://www.imperiacarpet.ru/category/kovry-imperial-carving/]ковер империал карвинг[/url]

Хотите украсить и поменять интерьер вашего дома, истратив при этом минимум средств? Это реально! Просто приобретите в ваш дом ковры, и он будет выглядеть по-другому, заиграет другими красками, интерьер преобразится, а ваши близкие скажут вам спасибо за красивую и уютную обстановку.

[url=http://www.imperiacarpet.ru/category/cinovki/]детские безворсовые ковры купить[/url]

Когда-то ковры были в дефиците, предметом мечты сотен тысяч наших соотечественников. На них собирали, их ездили приобретать за сотни километров, и все ради того, чтобы стать обладателем пушистого ковра.

[url=http://www.imperiacarpet.ru/category/dorozhki-kovrovye/offset48/]ковровые дорожки зао белка[/url]

Сегодня многообразие выбора поражает даже искушенных покупателей, а, благодаря нашему вебресурсу, вам даже не придется выходить из своего дома для того, чтобы стать обладателем красивого, оригинального, высококачественного ковра.

[url=http://www.imperiacarpet.ru/category/shelkovye-kovry/]ковёр круглый из шёлка[/url]

Наш интернет-магазин предлагает большой выбор ковров и ковровых покрытий, дорожек, паласов, ковролина и циновок. В нашем магазине вы можете приобрести индийские, белорусские, бельгийские и китайские ковры, ковровые изделия, подходящие для различных помещений, ковры различных расцветок, форм и наполнения. Приемлемые цены, гибкая система дисконта, красивые и качественные фотографии, позволяющие сделать свой выбор после их просмотра, продуманная система доставки, индивидуальный подход к каждому заказу – это все преимущества нашего интернет-магазина.