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OCK Group Bhd – 6th July 2020

We were surprised by corporate exercise as OCK has only completed the private placement to raise RM52.3m back in November 2019. Nevertheless, the impact would be miniscule considering the size of the cash call. The move would enable OCK to improve bottom line by approximately 0.6% and 1.1% to RM33.1m and RM35.1m for FY20f and FY21f respectively on the back of the interest cost saving but at the expense of dilution in EPS.

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OCK Group Bhd – 26th Nov 20

We attended the post quarter results analyst briefing and came away feeling re-assured on OCK Group Bhd (OCK) expansion moving into FY21f. 9MFY20 was largely affected by the slowdown of sites deployment due to the Covid-19 pandemic. Moving into the final quarter of FY20, we understand that the 4Q results are traditionally stronger over the years may see an exception in FY20 due to the current implementation of Conditional Movement Control Order (CMCO) that is impacting the engineering services segment via restriction of interstate travel.

Chin Well Holdings Bhd – 26th Nov 20

Although there were signs of recovery taking shape after emerging from a net loss position in 4QFY20, we reckon that the pace of recovery is expected to remain tepid as companies scaled down their operations. With several countries in Europe returning to lockdown mode, the outlook appears to be relatively challenging.

AME Elite Consortium Bhd – 26th Nov 20

Moving forward, we believe that AME will be able to capitalise on the initiative delivered under Budget 2021 which entails RM100.0m for the maintenance of infrastructure of industrial parks and RM42.0m under JENDELA to improve internet connectivity in 25 industrial parks. Manufacturers of pharmaceutical products will enjoy 0-10% tax rate for 10 years for investment in Malaysia which may attract foreign investors to re-locate or expand their facilities also bodes well for AME.

OCK Group Bhd – 26th Nov 20

As of 3QFY20, OCK owns and manages over 4200 telco sites in Malaysia (500 sites), Myanmar (1,000 sites) and Vietnam (2,700 sites) that will provide stream of recurring income over the long term. Moving forward, OCK remain committed to drive their overseas expansion via brownfield acquisitions in Vietnam and greenfield acquisitions in Myanmar. At the same time, the group remains committed to increase their tower tenancy ratios in Myanmar and Vietnam which could further strengthen their bottomline margins.

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