- Gamuda reported on Bursa Malaysia last Friday that MRT Corp has awarded the underground package
of the Sg.Buloh-Kajang MRT to its JV with MMC Corp. The scope of works includes
the design and construction of tunnels, seven underground stations and other
associated works. This encompasses a total length of 9.5km that traverses from Semantan
north portal until Maluri south portal.
As expected, the contract value is estimated at around RM8.3bil
(Gamuda’s effective 50% stake: RM4.1bil).
- We estimate that the award of the tunnelling contract
forms part of an estimated RM10.5bil worth of contracts – or 27 out of a total
of 90 work packages – that have been awarded thus far. The major jobs that have been awarded
included two elevated viaduct packages worth RM974mil (v6) and RM764mil (v5)
that have been awarded to IJM and Ahmad Zaki Resources Bhd (AZRB),
respectively. The segmental box girdle package for certain sections worth around
RM223mil was won by KimLun Corp.
- More importantly, we expect this latest award to expedite
the award of other remaining packages within the SBK line. To be sure, the
tunnelling package was one of three major packages due to be awarded this
month.
- From our channel checks, the other two packages are
elevated viaduct works that may include v1 (Sg.Buloh-Kota Damansara: Bumi
category) and v4 (Section 16-Semantan portal: open category) with an average
contract value of between RM500mil and RM1bil. While the package v4 remains an
open affair with the 11 pre-qualified contractors in the fray, we gather that
Ahmad Zaki Resources (AZRB) along with Naim Holdings and TRC Synergy could be
in the running.
- This could be followed by the dishing out of another two
major packages next month, which are likely to involve viaduct works again for
v2 and v7.
- Similarly, we also expect the award of the tunnel lining
segment to be forthcoming by end-2Q11, for which KimLun could once again emerge
as a strong contender along with MTD ACPI and privately-held Hume Industries.
- As for the station works (8 packages), we fancy WCT to
launch a strong bid for the five packages under the open category while
Pintaras Jaya could shape up as a contender for the piling/sub-structure works.
- We also envisage significant gains for the suppliers of
building materials when construction works on the MRT project gather momentum.
We expect maiden orders to materialise as early as July 2012 when physical
works swing into motion. Within this space, we like Ann Joo Resources (steel),
Lion Industries (steel) and Lafarge Malayan Cement (cement).
- An additional two MRT lines costing a combined RM30bil
would provide further impetus to the local construction industry, although a
decision is unlikely to be forthcoming before the 13th General Election.
Source: AmeSecurities
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