To get a first-hand
look at the RM50bn KV MRT - the
Malaysian Government’s largest ever infrastructure project - we dropped in at
one of the 5 KV MRT Information Centres in town, and took a bus to
trace the journey from Sungai Buloh to
Semantan, which is part of the Sungai
Buloh-Kajang (SBK) line. We are positive on the
potential rollout of the project and see the award of contracts accelerate in the coming months, with MMC-Gamuda assuming the
role as the caretaker of this line’s
elevated portion. Maintain BUY on
Gamuda, at an unchanged FV of
RM4.58, based on our SOP-based valuation.
A well-attended
event. The visit-cum-tour, hosted by MMC, was fairly well-attended by some
20-30 participants comprising fund
managers and buy-side analysts,
including ourselves. We started with a visit to the information centre in TTDI
Plaza in Taman Tun Dr Ismail. To kickstart the event, MMC Director of Projects
En Maslan Othman gave a 1-hour presentation on the Klang Valley My Rapid Transit (KV MRT)
project as well as provided an update on the SBK line’s progress. Later, we got
on a bus which took us to Sungai Buloh, which is the first stop along
the SBK line. From Sungai Buloh, we followed the proposed alignment of
the SBK line up to the Semantan station before calling it a day. Some of the
key findings are as follows.
Depots in RRIM and
Saujana Impian. The entire SBK line running from Sungai Buloh to Kajang is
51km long, of which 41.5km is elevated and 9.5km underground. There are 31
stations in total, comprising 24 elevated ones
and 7 underground stations. While these details are not exactly new, we
found out that there will be 2 depots – each with a parking capacity of up to
60 trains – one of which will be
situated in Rubber Research Institute Malaysia’s (RRIM) existing site in
Sungai Buloh and the other in Saujana Impian in Kajang.
Train specifications.
Operating on a 4-car train with a capacity of 300 pax per car at an average
speed of 36km/hour, the SBK line will provide effective train services to 1.2m passengers,
with an estimated daily ridership of over 400k. We understand that the MRT service will commence at 6am daily up to midnight. With an average 1km-1.5km between
stations, the average waiting time will be at most 2 minutes when the system begins
operations and at less than a minute by 2050.
Completion in phases.
MMC said the SBK line will be completed in 2 phases, with the Sungai
Buloh-Semantan section likely to commence operation by Dec 2016, while the remaining
Semantan-Kajang portion will be completed by mid-2017. To ensure interconnectivity
with other train systems, a number of
interchange stations have been identified. For instance, the proposed MRT
station in Sungai Buloh will be sitting on top of the existing Keretapi Tanah
Melayu (KTM) station at Sungai Buloh.
Source: OSK188
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