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The Star Online: Business

HDBS initiates coverage on Muhibbah, TP: RM2.15
Perodua expands parts distribution ops centre
Local aerospace company inks RM763mil deal with US company

HDBS initiates coverage on Muhibbah, TP: RM2.15

Posted: 26 Mar 2013 06:51 PM PDT

Published: Wednesday March 27, 2013 MYT 9:52:00 AM
Updated: Wednesday March 27, 2013 MYT 10:11:49 AM

KUALA LUMPUR: HwangDBS Vickers Research (HDBSVR) has a Buy call on Muhibbah Engineering with a target price of RM2.15, citing value in the company.

In an initiation report on Wednesday, it said Muhibbah was a strong proxy to the oil and gas industry.

HDBSVR said Muhibbah's niche strengths in marine infrastructure and construction would leave it nicely poised to win additional contracts in both the booming domestic oil and gas (O&G) industry as well as abroad.

"We believe the Asia Petroleum Hub (APH) could be given a new lease of life by Muhibbah, as the group could be planning to take over and resume the development of APH," it said.

It said the company has bitten the bullet on this project, recognising a provision of RM245mil in fourth quarter 2012, resulting in a steep loss of RM98mil for 2012. Total provisioning so far has amounted to RM405mil.

"In spite of this, Muhibbah's book value was RM1.11 per share due to the strong earnings delivery in 2012.

"All is not lost for its APH project as we understand a recovery plan is in place and we may see some light, post GE. If this happens, we expect possible writebacks of RM405 million (RM1/share), further boosting our forecasts," it said.

Perodua expands parts distribution ops centre

Posted: 26 Mar 2013 06:47 PM PDT

KOTA KINABALU: Perusahaaan Otomobil Kedua Sdn Bhd (Perodua) has expanded its parts distribution operations centre to a larger facility here to better serve its customers in Sabah and Sarawak via faster delivery time for parts as well as a larger inventory.

The new centre will allow Perodua to increase the number of line items by 300% to 6,600 units from 2,200 units to effectively increase the total stock value by 329% to RM1.2mil from RM280,000 previously.

The centre will also be almost 2.5 times larger than the previous centre with a total land size of 20,000 square feet from about 8,200 square feet.

"With this centre fully operational we are targeting an annual growth of 26% (for Sabah)," managing director Datuk Aminar Rashid Salleh said at the soft launch of the new parts distribution centre here yesterday.

"In terms of parts sales in Sabah, I am very pleased to say that it has been growing very strongly – ranging from 20% to 34% between 2009 and 2012," he added.

Aminar said the centre would improve Perodua's delivery to its parts outlets in Kota Kinabalu which will receive their stock on the same day, while delivery to other outlets will take between one and three days.

"This centre is all about keeping our customers happy as we cut down delivery time of much needed parts to our customers."This will help us in both retaining our customers and at the same time ensuring their safety by providing them high quality genuine parts as imitation parts may affect a vehicle's performance or worse compromise their safety," he said.

On Perodua's sales performance in Sabah and Sarawak, Aminar said Perodua sold some 26,500 units last year, which was a 4% increase if compared with 23,400 units sold in 2011."

On after sales, Perodua recorded some 238,700 intakes in 2012 and posted RM20.8mil in parts sale last year, an increase of 1% and 8% respectively from 2011.

In Sabah, Perodua sold 11,300 vehicles in 2012, while after sales recorded 101,100 intakes with nearly RM12mil in parts sales.

Local aerospace company inks RM763mil deal with US company

Posted: 26 Mar 2013 06:43 PM PDT

LANGKAWI: Aerospace manufacturer UPECA Aerotech Sdn Bhd (UPECA) has signed a RM763mil contract with US-based aerospace company UTC Aerospace Systems to manufacture precision machined components on their fan cowl assemblies over the next 17 years.

UTC Aerospace System's Aerostructures business unit developed the fan cowl for the General Electric and Rolls-Royce engines on the Boeing 787 Dreamliner and the fan cowl for the Airbus A350 XWB. The company awarded UPECA the components to manufacture, making UPECA the single-source producer of these parts worldwide.

This will be UPECA's biggest contract award to date and will cover all aspects of manufacturing development, design and fabrication of all jigs and fixtures, procurement of raw material, machining, testing, treatment and assembly of the machined components.

Under the agreement, the first-article components of the 787 fan cowl will be completed by May 2013, and A350 XWB component development will begin subsequently.

The contract was signed by Tim Martin, Vice President of Supply Chain and Strategic Initiatives at UTC Aerospace Systems - Aerostructures and Simon Yew, chief executive officer of the UPECA Group of Companies.

The contract award ceremony was conducted at the Langkawi International Maritime and Aerospace Exhibition (Lima 2013) and was witnessed by Mida chief executive officer Datuk Noharuddin Nordin.

Datuk Noharuddin said: "We are honoured to witness this important milestone.

"This project is a testament of the capabilities of the Malaysian companies.

"Not only is UPECA is one of few Malaysian companies to achieve AS/EN9100 approval, they also carry approvals from Airbus, Spirit AeroSystems, Honeywell, Singapore Aerospace Manufacturing (SAM) and Meggitt, enabling them to produce a range of aircraft components that include aerostructures, avionics components, and aircraft engine casings."

"We are proud to have UPECA as a partner in Malaysia, to support key machined aerospace products for United Technologies Aerospace Systems. "These parts will be used on key Boeing and Airbus platforms". says Tim Martin.

"This agreement with UTC Aerospace Systems is a significant milestone for UPECA and we are very proud of this award and to be associated with the company, one of the world's largest suppliers of technologically advanced aerospace and defense products." said Yew.

"We are highly committed to growing our business with UTC Aerospace Systems' Aerostructures business unit."

Yew explains that this project will involve investment in high-technology CNC machines and utilisation of UPECA's NADCAP-approved facility. The projected investment for this contract is valued at RM30 mil over the next three years and will create more than 100 jobs in Malaysia.

"When this project is at full capacity, we will have a combined total of 81 CNC machines in our facility and total employees of more than 400 persons.

"We have also upgraded our treatments facility and currently have 26 NADCAP approved special processes.

"All the components will be manufactured, completed with treatments and assembled at our Shah Alam plant," Yew added.

NADCAP accreditation is a universal standard for aerospace special processes to ensure treatments and testing of manufactured aircraft and aero-engine components are of the highest quality.

Established in 2005, UPECA, part of the Upeca Technologies Group of Companies, has secured its position as a key supplier to major aerospace companies worldwide.

UPECA currently operate from a 110,000 sq ft facility in Shah Alam, housing technologically advanced Computer Numerical Control machines and a NADCAP approved surface treatment and inspection facility. - Bernama

Kredit: www.thestar.com.my

Selasa, 26 Mac 2013