Latest news with #RM268mil
The Star
2 days ago
- Business
- The Star
Binastra's order book continues to strengthen
PETALING JAYA: A recent contract win by construction group Binastra Corp Bhd could contribute about RM16.1mil in net profit over the building period for the project, analysts say. This is based on an assumption of a net margin of 6%, said TA Research and Phillip Capital Research. The group secured a RM268mil contract from TNJ Development Sdn Bhd, a subsidiary of CPI Land, for the main building work for the Tuan Heritag3 Residency condominium development in Segambut, Kuala Lumpur, with a gross development value (GDV) of RM670mil. However, Phillip Capital Research said this is lower than the historical average of between 9% and 10%, reflecting a greater reliance on subcontracting as Binastra preserves internal capacity for its expanding pipeline of projects in Johor. The research house remained positive about the prospects for the group's order book replenishment, supported by up toRM7bil of committed project launches from major clients in Johor, scheduled from 2026 to 2027. The research house said it was encouraged by this latest contract win, which not only strengthened the group's order book but also brings in a new client that intends to launch projects with GDVs of RM1bil in this year and exploring expansion opportunities into Johor. The research house believes this could pave the way for future project wins. The award brings year-to-date job wins to RM976.9mil, representing 28% of its RM3.5bil order book replenishment assumption for 2026. This raises Binastra's order book to RM4.3bil, implying a 4.5 times cover of its revenue for this year. TA Research said it believes the group is well-positioned to secure additional contracts from CPI Land's RM1bil GDV pipeline. RHB Research said the group's order book is worth RM4.3bil and provides earnings visibility for the next four years. The research house said it believes Binastra's likely job wins will come from the southern region. For instance, one of Binastra's clients, Exsim Development Sdn Bhd, has a few other land parcels in Johor Baru near the New York Hotel and along Jalan Lumba Kuda, and projects there could have a cumulative GDV of over RM3bil or a potential construction value that may exceed RM1.5bil. Maxim Global Bhd , another key client, has acquired a 6.5 acre plot of land in Taman Pelangi for future development. TA Research, Phillip Capital Research and RHB Research maintained their 'buy' calls on the stock with target prices of RM2.39, RM2.30 and RM2.21, respectively. Both Phillip Cpital Research and RHB Research made no changes to their earnings estimates with the latest job win.
The Star
3 days ago
- Business
- The Star
Trading ideas: Binastra, Tower REIT, Capital A, VS Industry, Bertam Alliance, SCIB
KUALA LUMPUR: Binastra Corp Bhd, Tower Real Estate Investment Trust (Tower REIT), Capital A Bhd , V.S. Industry Bhd (VSI), Sarawak Consolidated Industries Bhd (SCIB) and Bertam Alliance Bhd are among the stocks to watch today. Binastra has secured a RM268mil construction contract from TNJ Development Sdn Bhd for the proposed development of a 45-storey suite apartment block. Tower REIT said its chief executive officer (CEO), Martin Kung Boon Keat, has resigned from the company to pursue other career opportunities. Reuters reported that AirAsia is in advanced discussions to place an order for at least 100 Airbus jets at next week's Paris Airshow, a deal likely to mark the introduction to its fleet of the planemaker's smallest jet, the A220, industry sources said. In the third quarter ended April 30, VSI's net profit fell more than half to RM23.8mil, or 0.62 sen per share, compared with RM54.4mil, or 1.43 sen, in the same quarter a year ago. Revenue for the quarter fell to RM909.4mil against RM1.01bil previously. Bertam Alliance has regularised its financial condition and no longer triggers any of the Prescribed Criteria under Paragraph 2.1 of Practice Note 17 (PN17) and Paragraph 8.03A of the Main Market Listing Requirements of Bursa Malaysia. Bertam said it will be uplifted from being classified as a PN17 company effective from 9 am today. SCIB has announced a reshuffling of its board of directors to reinforce corporate governance, enhance leadership depth and support the company's strategic growth initiatives. Datuk Chong Loong Men has been appointed as the new executive chairman of SCIB. The company also announced the resignations of independent non-executive chairman, Datuk Seri Zaini Jass, and independent non-executive directors Kang Wei Luen, Ooi Hoot Kuang and Ng Cheng Shin.
The Star
4 days ago
- Business
- The Star
Binastra wins RM268mil contract for 45-storey apartment project in KL
KUALA LUMPUR: Binastra Corp Bhd has secured a RM268mil construction contract from TNJ Development Sdn Bhd for the proposed development of a 45-storey suite apartment block. In a filing with Bursa Malayisa, Binastra said its wholly-owned subsidiary, Binastra Builders Sdn Bhd accepted a letter of award for main building works for the development in Segambut, Kuala Lumpur. The contract covers the main building works for a proposed 45-storey suite apartment block comprising 1,269 units, along with amenities and recreational facilities, podium parking, and a guardhouse. The contract will begin on Aug 15, 2025 and is scheduled for completion within 28 months from the start date. Binastra expects the contract to contribute positively its earnings and net assets per share for the financial years ending Jan 31, 2026 to 2028.
