- The Star reported that MRT Corp has awarded three more
systems work packages worth a combined RM107mil.
- The first package went to the A.F.S Engineering (M) Sdn
Bhd-ST Electronics LTd JV, which bagged the job to supply SCADA facilities for
the Sg.Buloh-Kajang MRT line. The contract value is worth RM23mil.
- The second award was dished out to the Apex Communication
Sdn Bhd-Johnson Controls (M) Sdn Bhd JV. The contract – worth RM41mil – was for
the engineering, procurement, construction, testing and commissioning of the
electronic access control system for the new line.
- Metronic Engineering Sdn Bhd clinched the third and final
contract for the engineering, procurement, construction, testing and
commissioning of building management system. The total value of works is
RM43mil.
- Apart from this recent award, we note that Apex
Communications had previously won three other jobs under the SBK MRT line. They
include two station packages – S7 (Balakong and Taman Koperasi stations:
RM105mil) and S8 (Saujana Impian, Bandar Kajang and Kajang stations: RM252mil)
as well as the tele-communications work package (RM320mil) as part of the LG
CNS consortium.
- We believe these three contracts highlighted above are all
smaller packages under the SBK MRT systems work packages. The contract duration
is for 82 months.
- With this, we estimate that some 53 out of the 85 work
packages worth a combined RM19.8bil have already been awarded. The balance 32
packages are likely to be awarded by year-end.
- As the contract hunt under the SBK MRT line draws to a
close, investor interest would likely turn towards the suppliers of building
materials.
- Within this space, we favour Lafarge Malayan Cement, Ann
Joo Resources, Lion Industries, KimLun Corp and IJM Corp (via ICP).
- There could be more order book upside when better clarity
emerges from the proposed second and third MRT lines. However, we expect a firm
decision to only materialise after the elections.
Source: AmeSecurities
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