Engineering & Construction Business Unit
Management team at Zelan has to date successfully completed the construction of 16 power plants mostly on Design & Build (EPC) basis, 14 of which are located through Malaysia, one each in Singapore and India. Zelan's expertise also includes the design & construction of airports, highways and interchanges as well as commercial and industrial buildings.
Property & Development Business Unit
Though relatively new compared to the other Business Units, has fast built a reputation for timely delivery whist maintaining quality and value. This unit has positioned itself as a lifestyle developer and has carved a niche in the market with projects such as the Hampshire Residence and Riviera Courtyard Homes.
Manufacturing & Trading Business Unit
Specializes in the manufacturing of roofing and cladding systems that focuses on specific client needs. Mentionable projects taken on are the building envelope systems for the Kuala Lumpur Convention Centre, Changi Airport Terminal 3, Singapore, Customs, Immigration & Quarantine (CIQ) Complex, Johor and many others.
Independent Power Producers (IPP) & Investments Business Unit
This Unit is relatively new which aims to source and secure IPP investments to generate long term recurring income for the Group. Such investments would mainly focus on greenfield and/or brownfield equity participation in IPPs.
current price RM0.805
cash ps RM0.27
other investments ps RM0.099
net cash ps RM0.11
total assets ps RM3.37 (+1.25%)
short term borrowing +110%(43.5m to 92.2m)
total liabilities ps RM2.01 (+9.5%)
payables to liabilities 88.7% (-0.04%)
NTA RM1.28
Stake in IJM Corporation ps RM0.54 (IJM closed RM3.60)
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My presentations went well,thank god! Anyway, back to the topic, Zelan closed 0.805 closed 0.015 sen or 1.8% lower from my purchase price. Maybe too early to say but zelan has performed so much better than KLCI and DJ index last week. Already in coma state or could be another bear trap, only time will tell.I'm waiting for their next (3rd) financial result, should be out next week. Total book order as at sept 30 was around RM3.5bn and balance sheet looks healthy. However, Zelan's NTA value decreased from RM1.80 as at July 30 2007 to RM1.28. Though the short term borrowing increased by 110% or RM48m, overall balance still backed by a healthy net cash per share at RM0.11.Zelan has 9% stake in IJM Corporation(RM3.60) valued at RM306m or 0.54 sen per share!
36% or RM1.26bn of Zelan's order book alone derived from UAE. looking at property crisis there, should i be worry? Should be ok..i hope so. The rest from Saudi Arabia (IWPP),Indonesia (power plant) and others. Need to be more realistic because construction sector is said among the worst performer during recession time.So, hit and run should be the best strategy.hmm..
Total dividend last year was 0.12 sen and zelan already paid their interim dividend last november, 0.05 sen per share and still trading below its NTA value. TA wise, next support level should be around 0.75 sn and 0.60 sen.I'm looking forward to see their latest cash flow and balance sheet. Can't wait!
Company current price PE 52ws high 52ws low 52ws loss recent rally from 52 ws low
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