BPURI 没有想象中酱美好

UEM Construction Sdn Bhd (UEMC) has won a RM997.23 million contract with Bina Puri Holdings Bhd to build a much-anticipated permanent low-cost carrier terminal (LCCT) at the KL International Airport (KLIA) in Sepang for airport operator Malaysia Airports Holdings Bhd (MAHB).

MAHB told Bursa Malaysia yesterday that it had appointed the UEMC-Bina Puri joint venture (JV), a 60:40 JV that was established in February, as the main contractor for the construction of the new LCCT.


Read more: UEM-Bina Puri venture wins RM997m LCCT deal http://www.btimes.com.my/articles/lcct16/Article/#ixzz0u6Ejzvp2

从以上消息可看到Bina Puri的盈利份额将是40%。

按照比例，Bina Puri获得的合约价值其实是RM997.23 million * 40% = RM398.89 million

以上的数字仅仅是“合约价值”。看清楚噢，不是盈利！

现在我们来做粗略估计它能赚多少。我们从它的历史赚幅（Historical Profit Before Tax Margin）着手。

从过去16个quarter的PBT Margin取得的平均值是1.34%。

假设Bina Puri公司继续维持如此的赚幅，那么，这次的合约能赚多少钱？

Profit from JV = RM398.89 million * 1.34% = RM5.345 million

Bina Puri total shares = 149,125,844 shares

As such, the contribution of the JV towards BPURI's EPS = 3.58sen。

上周五的中午，消息传开后，股价猛涨，挂收1.42，溢价28sen。每股盈利只是提升了3.58sen，股价需要酱大反应吗？

其实是可以理解的啦，你看回公司历来的EPS，大多数在2sen以下。现在单单一个合约就赚到了3.58sen也，相等于年度业绩的1.8倍！实在可喜可贺，呵呵！

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以上的发表纯属假设性的推测，不构成买卖建议。请谘询您的投资顾问以获取专业的劝告。