COTRUCTIO GUD (G K, GU.KL) 29 rch 22 Cmn rrt H Kn k mk-h-kn@mnkr.cm +63 236 2294 Lckin nr-trm cntrct srriss Rtinl fr rrt: Cmn Rslt HOLD (intind) Pric ir Vl 52-wk Hih/Lw K Chns ir l EP R3.59 R3.79 R3.95/R2.72 Instmnt Hihlihts intin HOLD n Gmd with r fir l twkd slihtl wrds 2% t R3.79/shr n n nchnd 5% discnt t its risd m-of-prts (OP) l, fllwin ttr-thn-xctd HY2 rnins. YE t Jl Y Y2 Y3 Y4 Rn (Rmil) 2,673.2 2,82.9 3,78.3 5,57.9 Cr nt rfit (Rmil) 43.8 52.4 57.9 63.8 Cr D EP (n) 2.6 23.5 26.4 28.9 Cr D EP rwth (%) 28. 4.2 2. 9.4 Cnsnss EP (n) 23.4 26.9 3.4 DP (n) 2. 3. 3. 3. Cr D PE (x) 7.8 5.3 3.6 2.4 EV/EBITD (x) 2.6 4.8 2.4.8 Di ild (%) 3.3 3.6 3.6 3.6 ROE (%) 2.4 3. 3.7 3.8 t Grin (%) 24.4 2.8 5.4 5.7 tck nd inncil Dt hrs Otstndin (millin) 2,6.2 rkt C (Rmil) 7,396. Bk l (R/shr).79 P/BV (x) 2. ROE (%) 2.4 t Grin (%) 2.7 jr hrhldrs kim mnh hm Bmitr (8.3%) KWP (8.%) r lt (%) 7. Dil Vl (Rmil) 9.4 Pric rfrmnc 3mth 6mth 2mth slt (%) 4.4 33.2 (5.2) Rlti (%) 8.3 7. (.) r th HY2 rrtin rid, Gmd rrtd nt rfit f R269mil n ttl trnr f R.4il. Its rslts cnstittd circ 57% f r ris fll-r frcst, nd 54% f cnsnss stimts. Th siti rinc cm frm: (i) hihr-thn-xctd cnstrctin mrins which dld t 2.4% in HY2; (ii) hihr-thn-xctd cntritins frm th wtr & xrssws diisin nd (iii) lwr-thn-xctd ffcti tx rts (2% s r ris frcst f 25%). Cnstrctin rnins jmd 89% YY, s hsicl rrss t th Ih-Pdn Bsr lctrifid dl trckin rjct hs rchd 77%. Cnstrctin mrins dld t 2.4% inst 6.2% in HY. Gmd s tstndin rdrk stnds t ~R5.8il with th inclsin f th R8.2il tnnllin cntrct fr th.blh-kjn (BK) RT lin (Gmd s 5% shr: R4.il). If th Prjct Dlir Prtnr (PDP) rl wrdd t th C-Gmd JV is t incldd, its rdrk wld xnd cls t rcrd R2il. Prrt r-sls ls dld t R87mil frm r. Th ncrin rsns t Gmd Cit (Hni: r-sls: >R2mil) ws mititd slish dt fr Cldn Cit (H Chi inh Cit) dsit th lttr kin in ins frm th sl f lnd t EO drin th qrtr. Unilld sls std t ~R.3il. 8. 6.,674,455 Th C-Gmd JV is witin frml wrd frm RT C fr th BK tnnllin j rl hsicl wrks shld kick-ff rch 23. 85% f th 9 wrks cks ndr this nw lin shld wrdd Octr 22. ) 4. (R 2.,236,7 In d x P in ts W h risd Y24 nt rfit frcst 5%-6%. Bt, r HOLD cll n Gmd rmins s th BK RT lin rjct wins h lrl n crstllizd, with nl th ctl wrd f th tnnllin j ndin. W d nt xct tnil dcisin n nthr tw nw RT lins t mtrilis ntim sn.. 7-7 8-8 9-9 Gmd B KLCI 798 2 Th R8il Gms-JB dl trckin rjct rs t th nl thr nr-trm ctlst whr th Gmd- Chin Rilw Cnstrctin C is rrtdl mn thr cnsrtims in cnsidrd fr th j. PP 2247/6/22 (36) Th wtr cnslidtin rcss in lnr is still frstrtinl slw with n rsltin in siht fr nw. PLH rcils r rwin ~R5mil r qrtr.
Gmd 29 rch 22 TBLE : REULT URY YE 3 Jl (Rmil) H H2 % YY Q2 2Q2 % QQ Trnr,24.4,4.3 3.7 642. 769.3 9.8 EBIT 4.6 255.4 8.4 4.4 4. 23.3 Intrst Exns (3.6) (33.8) (4.) (9.8) Intrst Incm 22. 8.2 8.8 9.4 Pr-Exctinls Prfit 33. 239.8 9.2 3.5 Exctinls.... Pr-sscits/JV Prfit 33. 239.8 9.2 3.5 sscits 2. 5.7 57.9 57.7 Prtx Prfit 235. 355.4 5.2 67.2 88.3 2.6 Txtin (47.6) (74.) (33.) (4.) inrit Intrst (4.9) (2.6) (.8) (.8) t Prfit 82.6 268.8 47.2 32.3 36.5 3. EP (sn) 8.6 2.7 6.3 6.4 Grss DP (sn) 6. 6. 6.. T/shr (R).74.85.85.85 EBIT rin (%).4 8. 7.8 8.3 Prtx rin (%) 8.9 25.2 26. 24.5 Effcti Tx (%) 2.3 2.8 9.8 2.8 mntl Brkdwn Cnstrctin 868.8 825.2 (5.) 382.7 442.6 5.7 Prrt dlmnt 38.9 52.9 68.6 225.2 295.6 3.3 Wtr nd xrssws 63.7 65.2 2.3 34. 3. (8.7) Othrs. n/m. n/m Ttl Trnr (Rmil),24.4,4.3 3.7 642. 769.3 9.8 Cnstrctin 53.8 2. 89.5 42.7 59.2 38.6 Prrt dlmnt 58.4 3.6 23.8 58.8 7.8 22. Wtr nd xrssws 22.9 22.9. 65.6 57.3 (2.7) Othrs. n/m. n/m Prtx Prfit (Rmil) 235. 355.4 5.2 67.2 88.3 2.6 Pr-tx rin (%) Cnstrctin 6.2 2.4.2 3.4 Prrt dlmnt 8.9 25. 26. 24.3 Wtr nd xrssws n/m n/m n/m n/m Othrs n/m n/m n/m n/m Ttl 8.9 25.2 26. 24.5 Ttl 8.9 25.2 26. 24.5 rc : Brs lsi OTHER UPDTE RO GUD LYT BRIEIG In cnjnctin with Gmd s HY2 nlst rifin, mnmnt ls shwcsd tchnicl rsnttin n its rrtin fr th cmin tnnllin j ndr th BK lin. Blw r th k tkws: Th ntir 9.5km tnnl which inclds sn ndrrnd sttins - wld rkn dwn int fi min wrks cks. It wld strt frm mntn, fr ndin t th Cchrn r within KL cit cntr. Th C-Gmd JV is xctd t dl tn tnnl rin mchins (TBs) cstin twn 4 mil nd 5mil ch. Th first tw TB is t rcid r-nd. Bnd miliztin wrks nd th ld-tim whn rdrin th TBs, rl hsicl wrks n th tnnllin j shld cmmnc rch nxt r. - T-dt, rhl R.5il wrth f js r 27 wrks cks t f ttl f 9 fr th BK lin h lrd n wrdd. - nthr 6 r lrd thrh th tndrin rcss, whil th lnc 47 shld sstntill wrdd r-nd (Octr 22 trt: 85% f rll rjct l). - Thr mjr wrk cks tht wld incld tw ltd idct cntrcts r d t wrdd nxt mnth fllwd nthr tw mr in. - RT C is in th rcss f min t cnsltnc wrk fr th tw thr nw lins circl lin nd nthr rdil lin linkin rdn t.blh. This wld incld finlisin th trck linmnt sids tinin fdck frm ris stkhldrs- similr t th BK lin. mrsrch dn Bhd 2
Gmd 29 rch 22 CHRT : G.BULOH KJG RT LIE rc: PB, mrsrch TBLE 2: DERIVTIO O IR VLUE Diisin Vl % f tk Bsis (Rmil) (R) V (%) Cnstrctin rnins 3,5.8.29 32.4 ris 6x 3-r r sstinl nt rfit RV f rrt 2,778.2.5 28.9 ris RV f ndld lndnk Wtr rnins 695..29 7.2 8 5x 3-r r sstinl nt rfit Instmnt in Litrk 92.2.38 9.6 47 Bsd n Litrk's fir l (R4.3/shr) Instmnt in Kss 293.9.2 3. 3 PV f Kss t WCC f 9% Instmnt in Indin tlls 249.. 2.6 7 PV f Drr nd Pnrh-Plsit hihws t WCC f 7.3% Instmnt in PLH 93.6.39 9.7 4 Bsd n PLH' ffr fr wtr ssts in lnr in (rch 2) PV f RT tnnl 387..6 4. 5 Bsd n IRR f 2% t Csh/(Dt) (9.7) (.37) (9.4) Y ndin 3 Jl 2 Csh frm wrrnts/eo cnrsin,72..44.2 Exrcis ric fwrrnts t R2.66/shr Intrst incm frm cnrsin f wrrnts 64.3.3.7 t ild f 6% D -O-P 9,67.5 3.99. ll diltd shrs 2,49.3 D -O-P/shr (R) 3.99 ir Vl (5% discnt t OP) 3.79 Usid frm crrnt shr ric (%) 5.5 Y2 diidnd ild 3.6 Ttl Rtrn (%) 9. rc: PB, mrsrch - Hwr, Gmd ds nt xct firm dcisin n th tw nw lins ntim sn. T sr, w thr tht th rnmnt cn still t t nl mrsrch dn Bhd 3
Gmd 29 rch 22 wrd th cnstrctin wrks in nd-23/rl 24 nd still k within its initil trt f cmltin ll thr lins 29. TBLE 3: G.BULOH KJG TUELLIG WORK PROGR chin T Glicl rmtin Tnnllin wrks Lnth 2 ns EPB Knn Hills rth Prtl (mntn) - KL ntrl ttin,6m 2 ns EPB Knn Hills Pd 2,7m 2 ns VP lrr Krstic Limstn Psr Rkt t Pd,9m 2 ns VP lrr Krstic Limstn Cchrn t Psr Rkt,2m 2 ns VP lrr Krstic Limstn Cchrn t lri,3m rc: Gmd, mrsrch TBLE 4: OUTTDIG ORDERBOOK jr Prjcts Blnc wrks Cmltin tts (Rn) % nw Cmltin dt Cmmnts jr Onin Dl trckin.6 77 24 chiin strn mrins Rcntl crd KVRT Tnnllin 4. 27 ilizin Cmltin n Yns Prk TP. 98 22 Prrin fr hndr DI - Ph,2 22 Prrin fr hndr rc: Gmd, mrsrch mrsrch dn Bhd 4
Gmd 29 rch 22 CHRT : PB BD CHRT CHRT 2 : PE BD CHRT 5. 52. 4. 43.2 3. ) (x +s 34.4 (x ) +s 2. 25.6 s. 6.8 s. - 9 2 8. - 9 2 mrsrch dn Bhd 5
Gmd 29 rch 22 TBLE 5: ICIL DT Incm ttmnt (Rmil, YE 3 Jl) 2 2 22 23 24 Rn 2,455. 2,673.2 2,82.9 3,78.3 5,57.9 EBITD 266.6 39.8 555.2 653.9 7. Drcitin (28.8) (39.2) (44.5) (5.) (55.7) Ortin incm (EBIT) 237.8 352.6 5.7 64 655.5 Othr incm & sscits 96.2 228.8 96.8 97.7 29.6 t intrst (2.8) (3.5) (32.) (28.8) (9.5) Exctinl itms..... Prtx rfit 42.3 55.9 675.4 772.6 855.6 Txtin (8.5) (.6) (52.) (77.9) (95.) inritis/rf diidnds (8.8) (7.5) (2.9) (23.8) (29.7) t rfit 322.9 43.8 52.4 57.9 63.8 Cr nt rfit 322.9 43.8 52.4 57.9 63.8 Blnc ht (Rmil, YE 3 Jl) 2 2 22 23 24 ixd ssts 36.9 35.6 398.9 44.2 474.4 Intnil ssts 62.6.9 97.8 94.8 9.7 Othr ln-trm ssts,978.2 2,4.9 2,68.7 2,86.4 3,26. Ttl nn-crrnt ssts 2,347.7 2,863.4 3,5.5 3,34.3 3,592. Csh & qilnt,949.7,385.6,756.,434.7,364.4 tck 79.7 34. 6.9 83.7 9. Trd dtrs,67.8,927.5,68.4 2,32. 2,632.9 Othr crrnt ssts 566.,34.7,34.7,34.7,34.7 Ttl crrnt ssts 4,23.2 4,687.9 4,776.9 4,89. 5,457. Trd crditrs,4.,528.2,237.,673.7 2,5.9 hrt-trm rrwins 5.3 626.2,4.9,5.4,28.9 Othr crrnt liilitis 7.9 5.4 5.4 5.4 5.4 Ttl crrnt liilitis,93.2 2,69.8 2,663.4 3,89.5 3,797.2 Ln-trm rrwins,278.7,323.5 838.8 269.3 9.3 Othr ln-trm liilitis 34.2 7.2 7.2 7.2 7.2 Ttl ln-trm liilitis,32.9,494.6,. 44.4 9.4 hrhldrs fnds 3,257.5 3,686.6 3,987.7 4,357.2 4,786.7 inrit intrsts 5.2 2.3 22.3 245. 274.8 BV/shr (R).6.79.94 2. 2.32 Csh lw (Rmil, YE 3 Jl) 2 2 22 23 24 Prtx rfit 42.3 55.9 675.4 772.6 855.6 Drcitin 87.7 283.8 44. 5.6 733.2 t chn in wrkin citl 88. (922.8) (9.7).2 9.9 Othrs 3.7 7.7 (36.4) (335.) (382.) Csh flw frm rtins 542.8 (62.) 43.8 488.8 72. Citl xnditr (.) (4.) (.) (.) (.) t instmnts & sl f fixd ssts 3.4 5.3... Othrs (699.3) 25.9... Csh flw frm instin (677.9) 62. (.) (.) (.) Dt risd/(rid) 25.3 59.7 3. (48.) (469.5) Eqit risd/(rid) 29.7 29.7... Diidnds id (82.) (23.8) (2.3) (2.3) (2.3) Othrs 38.8 (56.) (32.) (28.8) (9.5) Csh flw frm finncin 37.7 (98.5) 66.6 (7.) (69.3) t csh flw 2.6 (98.4) 37.4 (32.3) (7.2) t csh/(dt) /f,54.,65.6,49.,49.4,98. Exchn rt ffcts 8.9 (8.2)... t csh/(dt) c/f,65.6,49.,49.4,98.,27.8 K Rtis (YE 3 Jl) 2 2 22 23 24 Rn rwth (%) n/ 8.9 5.2 3.8 36.4 EBITD rwth (%) 45.3 47. 4.7 7.8 8.8 Prtx mrins (%) 6.8 2.6 24. 2.8 6.9 t rfit mrins (%) 3.2 6.2 7.9 5.4 2.5 Intrst cr (x) 5.4 6. 8.. 4.2 Effcti tx rt (%) 9.5 2.3 22.5 23. 22.8 t diidnd t (%) 56.2 53.7 4. 35.2 3.8 Dtrs trnr (ds) 228 24 23 8 68 tck trnr (ds) 3 8 6 7 7 Crditrs trnr (ds) 86 2 79 43 5 rc: Gmd, mrsrch mrsrch dn Bhd 6
Gmd 29 rch 22 nchr int fr disclimr txt x Plishd mrsrch dn Bhd (3355-P) ( mmr f th minstmnt Bnk Gr) 5 t h l r B n n n mb n k Gr 55 Jln Rj Chln 52 Kl Lmr Tl: ( 3 ) 2 7-2 4 4 4 ( r s rc h) x: ( 3 ) 2 7 8-3 6 2 Printd mrsrch dn Bhd (3355-P) ( mmr f th minstmnt Bnk Gr) 5 t h l r B n n n mb n k Gr 55 Jln Rj Chln 52 Kl Lmr Tl: ( 3 ) 2 7-2 4 4 4 ( r s rc h) x: ( 3 ) 2 7 8-3 6 2 Th infrmtin nd inins in this rrt wr rrd mrsrch dn Bhd. Th instmnts discssd r rcmmndd in this rrt m nt sitl fr ll instrs. This rrt hs n rrd fr infrmtin rss nl nd is nt n ffr t sll r slicittin t n scritis. Th dirctrs nd mls f mrsrch dn Bhd m frm tim t tim h sitin in r with th scritis mntind hrin. mrs f th minstmnt Gr nd thir ffilits m rid srics t n cmn nd ffilits f sch cmnis whs scritis r mntind hrin. Th infrmtin hrin ws tind r drid frm srcs tht w li r rlil, t whil ll rsnl cr hs n tkn t nsr tht sttd fcts r ccrt nd inins fir nd rsnl, w d nt rrsnt tht it is ccrt r cmlt nd it shld nt rlid n s sch. liilit cn cctd fr n lss tht m ris frm th s f this rrt. ll inins nd stimts incldd in this rrt cnstitt r jdmnt s f this dt nd r sjct t chn witht ntic. r mrsrch dn Bhd Bnn Chw nin Dirctr mrsrch dn Bhd 7