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high quality apple developer account:Contractors venture overseas


CLICK TO ENLARGEPETALING JAYA: Over the past few years, the situation for construction companies has always been the case of being all dressed up for the occasion. While Covid-19 has certainly thrown them into the pool of casualties, only second to that of the tourism-related sector, it was not just the pandemic that dropped the anchor on the construction industry. It was the lack of clarity that has mostly stemmed from the patchy rollout of jobs from the government since 2018. The pandemic put a halt in the repeated about-turns on the status of mega infrastructure projects as Putrajaya focused its finances on economic stimulus packages to assist the people and businesses. And as the economy slowly reopens alongside the National Covid-19 Immunisation Programme, the rollout of mega infrastructure projects to pump-prime the pandemic-battered economy still remains on the back-burner., SunCon and Cahya Mata Sarawak Bhd as a proxy to the construction upcycle in Sabah and Sarawak. (File pic shows Gamuda workers being trained for tennelling works.)" src="/zb_users/upload/20210311/2udyxzhc5rg85.jpg" style="height:472px; width:620px" />Khoo said MIDF favoured experienced rail contractors with strong balance sheets and engineering expertise such as Gamuda, IJM Corp Bhd, SunCon and Cahya Mata Sarawak Bhd as a proxy to the construction upcycle in Sabah and Sarawak. (File pic shows Gamuda workers being trained for tennelling works.) For want of better stability and to boost their order books, construction companies have aggressively sought for projects overseas, which would provide them better earnings prospects as they await further clarity of infrastructure projects in Malaysia. The strongest mover of construction counters or a re-rating catalyst will be the rollout of an infrastructure project, as it would then set the tone for the industry, at least in the short to medium term. MIDF Research analyst Khoo Zhen Ye expects Mass Rapid Transit 3 (MRT3) to be the lowest-hanging fruit for the government to pump prime the coronavirus-hit economy following the completion of tunnelling works of MRT2 last year. He said the potential rollout of the project will be the main focus in determining investors’ sentiments on the sector in the second half of this year. “We are of the view that the earnings recovery momentum of construction companies will be positive in 2021, as their average order book size still provides earnings visibility for the next two to three years. “We opine that a successful Covid-19 inoculation programme will no doubt further boost the earnings prospects of the construction sector beyond 2021, given the potential resumption of full worker capacity and strategies in place to ramp up progress to accelerate progress billings. “The rise in oil prices will also be a boon for the government’s coffers, which in turn could improve its fiscal ability to roll out mega infrastructure projects such as MRT3, ” he said. An analyst with a foreign investment bank-backed research house said the trend of construction firms aiming jobs overseas began in 2018 after the change in government, which saw Pakatan Harapan trying to review all the mega projects by Barisan Nasional. “There were just too many uncertainties related to the infrastructure rollout locally and this caused a lot of companies to start looking overseas. “We would remain cautiously optimistic on the construction sector with the expectations that mega infrastructure projects will be revived as political uncertainties are still blurring the outlook, ” he told StarBiz.The Malaysian economy saw the rule of three administrations in three years but the construction sector has been nothing but muted. A look at Bursa Malaysia’s Construction Index showed that the construction sector has only gone downhill since 2018 and it is even struggling to touch the 200-point mark. The index, which closed at 186.64 points yesterday, was usually in the high 200s since 2013 and had even hit its peak in the recent decade of 344.84 points on May 22,2017. The last time the index was trailing at such low levels was during the Global Financial Crisis in 2008 and 2009. Meanwhile, Malaysian construction firms have been making the news recently for their contract wins overseas. Gamuda Bhd, one largest construction companies in the country, has recently been shortlisted for three mega project jobs in Australia with its partners, estimated at around RM6.3bil to RM8.3bil each. The group also has ongoing projects in Taiwan and Vietnam. Sunway Construction Group Bhd (SunCon) clinched two highway projects worth more than RM800mil in India last year while Malaysian Resources Corp Bhd (MRCB) partnered Panuku Development Auckland to undertake a transport-orientated development in New Zealand with a gross development value of NZ$452mil (RM1.3bil). Khoo said MIDF favoured experienced rail contractors with strong balance sheets and engineering expertise such as Gamuda, IJM Corp Bhd, SunCon and Cahya Mata Sarawak Bhd as a proxy to the construction upcycle in Sabah and Sarawak. “Meanwhile, Gamuda, IJM and SunCon have also proven themselves in the overseas construction space in India and Australia via highway contract wins and being shortlisted for highly competitive overseas mega infrastructure projects. “This provides them exciting pockets of opportunities to boost their order book size, while in a bid to reduce their dependence on the domestic market as well. “All in, we remain positive on the earnings outlook of the construction sector, ” he said. Another analyst said while earnings for the sector would be better than 2020, it will not be as good as what it was pre-pandemic as long as mega projects are still on hold. The government has previously said that large-scale rail projects such as the East Coast Rail Link, MRT2 and LRT3 were among the priorities being considered as part of the planning for Budget 2022 for Malaysia’s economic recovery. In a note on Tuesday, UOB Kay Hian Research said Gamuda will be one of the key beneficiaries of pump-priming activities by the government through the rollout of infrastructure projects. It said the shovel-ready Klang Valley Mass Rapid Transit Line 3 would be one of the key projects in the pipeline. Gamuda also believed that a Malaysia-only high-speed rail line is still a possibility, and the revival of the project would provide the group another earnings booster.

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