【SENDAI 5205 交流专区】依华建台

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依文仙台英设子公司

（吉隆坡15日讯）依文仙台（SENDAI,5205,主板建筑组）已在英格兰与威尔斯设立子公司，负起商业、家庭建筑与其他土木工程计划。

该公司文告说，依文仙台独资子公司新加坡依文仙台建筑，根据英格兰威尔斯2006年公司法令，以法定股本100万英镑（560万令吉）设立英威钢铁有限公司（ESSL）。

ESSL亦是依文仙台独资子公司。

文章来源：
星洲日报／财经‧2017.02.15

Type	Announcement
Subject	OTHERS
Description	Incorporation of Eversendai Steel-S Limited, U.K.
Eversendai Corporation Berhad (“ECB” or the "Company") wishes to announce that its wholly-owned subsidiary, Eversendai Construction (S) Pte Ltd (a company incorporated in Singapore), had incorporated Eversendai Steel-S Limited (“ESSL”) under the Companies Act 2006 of England and Wales as a private company limited by shares (“the Incorporation”) with authorized share capital ￡1,000,000 (RM5,600,000) comprised of 1,000,000 shares and initial paid up capital of ￡1,000 (RM5,600) comprised of 1,000 shares. ESSL will be principally engaged in the provision of businesses relating to building development, construction of commercial, domestic and other civil engineering projects. As a result of the Incorporation, ESSL has become a wholly-owned subsidiary of the Company. The Incorporation is not expected to have any material effect on the earnings, gearing and net assets of ECB for the current financial year. None of the Directors or major shareholders of the Company or persons connected to them has any interest, direct or indirect, in the Incorporation. This announcement is dated 14 February 2017.

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2016年首亏2.57亿
依华建台放眼首季转盈
2017年3月1日
http://www.enanyang.my/news/20170301/2016年首亏2-57亿br-依华建台放眼首季转盈/

（吉隆坡28日讯）依华建台（SENDAI，5205，主板建筑股）截至12月31日末季，陷入净亏1亿9308万令吉，全年则亏2亿5750万令吉。

依华建台向马交所报备，末季营业额挫30.3%，报3亿4097万令吉；全年萎缩11.9%，报15亿7461万令吉。

该公司上财年末季净赚728万7000令吉，全年购5536万5000令吉。

文告指出，亏损主要是金融资产的公允价值拨备及减值、坏账拨备、项目资金展延所涉及较高的成本、和制造设备使用率低，因为油气领域的复苏异常缓慢。

30亿合约创新高

依华建台执行主席兼集团董事经理丹斯里AK纳登，在文告表示，这是公司首次因内外围因素而蒙亏。

“公司已监定弱点、重新策划，以走出2016财年亏损的阴影，同时预计2017财年首季会有净利流入。”

虽然油气领域去年面临挑战，但依华建台岸外仍赢得新合约。今年迄今，争取到总值8亿140万令吉的项目，其中1亿1740万令吉源自油气领域，订单总值推高至30亿令吉。

截至去年杪，中东合约占37.7%比重，东南亚和印度则分别占24.7%和22.3%。

AK纳登表示，目前的订单是史前最高，此后也有十足信心可以赢得更多订单及盈利。

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2016	31 Dec 2015	31 Dec 2016	31 Dec 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	340,973	489,321	1,574,610	1,788,804
2	Profit/(loss) before tax	-192,198	12,469	-248,026	67,906
3	Profit/(loss) for the period	-192,775	9,794	-252,762	61,549
4	Profit/(loss) attributable to ordinary equity holders of the parent	-193,075	7,287	-257,503	55,365
5	Basic earnings/(loss) per share (Subunit)	-24.95	0.94	-33.27	7.15
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.1500		1.4500

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依华建台 SENDAI – 投资后续分享

去年10月初，本专页在0.45-0.50之间的价位累积SENDAI，当时主要看好它投资于新加坡【TECHNICS OIL】的数额已全数注销，未来的盈利有望恢复正常。此外，SENDAI在FY16标得总值RM1.8b的建筑合约，创下集团历史新高，可保持忙碌至少一至两年。其每股净资产 (NTA) 大约是RM1.30，因此本专页认为SENDAI的股价有望在今年回到RM1.00的水平。

然而，SENDAI却在FY16Q4投下一枚重量级的“红炸弹”，竟然蒙受RM193m的亏损！其营业额按年按季分别下滑30%和8%，是近两年以来最差的表现，主要因为几项重大的项目延迟进行，导致集团的建筑业务蒙受RM33m的亏损。

SENDAI的最主要致命伤来自于石油业务。这业务在FY16Q4录得RM137m的亏损，当中的RM60m来自呆账 (Doubtful Debt) 。其项目的成本计算出现失误，导致工程预算超支。同时，SENDAI迟迟无法获得融资的资金，造成工程延迟和成本严重走高。其他的因素包括厂房使用率低、机械采购出现失误所导致的罚款和存储开销，石油领域异常缓慢的复苏。

目前，SENDAI的手上订单已提升至RM3b左右。随着石油和天然气领域逐渐复苏，管理层有信心在未来取得更好的营业额和盈利表现。

归根到底，SENDAI的糟糕表现源自于其差劲的项目执行能力。翻看过去几年的业绩表现，SENDAI几乎每一年都会出现工程预算超支或者工程延迟的问题。直到今天，这一问题仍无法获得解决。值得一提，SENDAI近几年的税后赚幅非常低，仅是5%左右。无论管理层对集团未来展望再有信心，又或者订单再创新高，其表现依然无法给人带来信心。

随着业绩出炉，SENDAI今天的股价暴跌11仙，收市在0.53，四天累积跌幅高达25%。在业绩未出炉前，SENDAI已被知情者抛售。业绩泄露的内幕消息来源只有两个可能性，一是来自于管理层，二是来自于审计师 (Auditor)。无论是哪一方都好，这是个缺乏职业操守的行为，对于不知情的股东极为不公平。此外，他们的抛售动作也导致股价非理智型的暴跌。

对于这笔投资，本专页犹如坐了一趟过山车，从早前约50%的纸上盈利到所剩无几的盈利。这也说明了一天还没卖出股票，所谓的纸上盈利都不属于你的。身边的几位股友在业绩未出炉前，已多番提醒小心业绩“红炸弹”，毕竟股价暴跌不是个好的迹象。然而，在有成本优势的条件下，本专页选择死守直到业绩出炉。最终，依然还是敌不过市场的恐慌抛售，在今早以0.59的价位把成本取回，只剩下免费的盈利股票。

事实证明，市场的抛售必定有其原因所在，SENDAI的业绩令人大失所望。本专页也在之后把剩余的股票以0.53的价位全数售出。这一战的实际回酬为17%，持有时间约5个月。虽然称得上合格，但是多多少少心有不甘。

目前，本专页已对SENDAI彻底失去信心，未来不再追求缺乏稳定性的企业，尤其是建筑领域。这类型的股票，你永远都不知它何时又会出现减值动作 (Impairment)。虽然其FY17业绩或许可恢复正常，但是宁可错过也不愿提心跳胆等待业绩。

身为投资者，我们通常只能从年报、季报、股东大会、投行报告或者媒体报导获得企业发展的消息。然而，这一切都只是非常有限的资料，当中还有很多细节是我们无法得知。

因此，我们唯一能做的就把投资风险降到最低，寻找业绩稳定性高的股票，然后以下跌风险已不大的价位买入。通过这一战，相信未来可以做得更好。



RH Research

icy97

Type	Announcement
Subject	OTHERS
Description	Incorporation of Eversendai Steel-A Pty Ltd, Australia
Eversendai Corporation Berhad ("ECB" or the "Company") wishes to announce that its wholly-owned subsidiary, Eversendai Construction (S) Pte Ltd (incorporated in Singapore), has incorporated Eversendai Steel-A Pty Ltd (“ESAPL”) under the Corporations Act 2001 of Australia as a Proprietary Company, limited by shares (the "Incorporation”) with an initial issued capital of AUD100 (RM336) comprising of 100 shares. ESAPL targets to engage in the provision of businesses relating to engineering, fabrication, design and erection of structural steel works and construction of commercial, domestic and other civil engineering projects. As a result of the Incorporation, ESAPL has become a wholly-owned subsidiary of the Company. The Incorporation is not expected to have any material effect on the earnings, gearing and net assets of ECB in the current financial year. None of the Directors or major shareholders of the Company or persons connected to them has any interest, direct or indirect, in the Incorporation. This announcement is dated 13 March 2017.

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Date of change	30 Mar 2017
Name	MR S SUNTHARA MOORTHY A/L S SUBRAMANIAM
Age	55
Gender	Male
Nationality	Malaysia
Designation	Executive Director
Directorate	Executive
Type of change	Resignation
Reason	Due to his resignation as the Executive Director of Corporate Affairs of Eversendai Corporation Berhad

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今天EVERSENDAI（SENDAI）发布了该集团的年报（Annual Report），相信有注意的股友们应该不难发现有两位著名的大马股市投资者，既官有缘（大家熟悉的KYY）以及“冷眼”前辈冯时能双双出现在该集团的30大股东的名单里头。其中“冷眼” 前辈的持股就多达三百万股，而官有缘前辈则直接及间接（通过其太太及其外甥）持有三千九百万零一十九千五百股（多达5.04%），可说是持股量非常惊人！至于SENDAI到里头究竟有什么乾坤竟然能吸引到两位前辈呢？

截至2016年12月31日为止，该集团的营业额为15.8亿令吉，税前亏损为2.672亿令吉，与2015财年相比，该集团在2015财年所录得的营业额及税前收益为17.9亿令吉及六千七百九十万令吉。与2015财年相比，2016财年的营业额足足下降了12％左右。而2016财年的亏损是受到一次性的金融资产减值（Impairment Loss, 下次再为大家介绍如何注意这些小细节来买便宜货），项目资金延迟发放而导致成本过高，以及石油和天然气行业的复苏缓慢等等所拖累。 股价更是受到牵连于去年九月一度跌至RM0.43，可是股友们要是有非常好的反向思维的话，其实减值（Impairment  Loss）只是一次性未尝不是一件好事，一来可以把股价压低（你可以买在更加便宜的价位），二来一旦把这些金融资产一次过巨额注销后（Balance Sheet 必定比起之前更加“干净”），未来的盈利就必定不再受到会计指南（Accounting Standard） 的干扰，指定公司必须为坏账以及连年亏损的投资进行减值。笔者认为如此巨大数目的减值足以把资产净值表（Balance Sheet）里的坏账以及没有再为公司带来任何收益的投资/金融资产（Investment / Financial Asset）一一地减值好让公司的（Balance Sheet）可以真正的反映着公司目前的状况，对小股东们也算是比较公平。

SENDAI目前的订单一共是18亿令吉左右，可说是历年来的新高。而SENDAI手头上已经签署的合约则是八亿令吉左右，所以笔者认为SENDAI在接下来的几年营业额都不会有太大的问题，问题不是没有，还是那一句“股票投资还是需要看盈利”所以尽管订单创新高了，能不能把之转为盈利那就要看管理层对开销控制（expenses control）的本事了。不过有两位投资界的名人出现，相信他们都看好SENDAI的前景，只要公司不再出现任何一次性的减值（Impairment Loss）笔者相信SENDAI要回到以前的价位应该不难。

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ANALYSIS OF SHAREHOLDINGS SUMMARY AS AT 31 MARCH 2017
Thirty Largest Securities Account Holders as per the Record of Depositors

Name
No. of Shares Held
%

6    TA Nominees (Tempatan) Sdn. Bhd.
6,684,200
0.86
Pledged Securities Account For Koon Yew Yin

8    HLIB Nominees (Tempatan) Sdn Bhd
4,632,200
0.60
Pledged Securities Account For Koon Yew Yin

9    RHB Nominees (Tempatan) Sdn Bhd
4,349,000
0.56
Pledged Securities Account For Koon Yew Yin

10   Kenanga Nominees (Tempatan) Sdn Bhd
4,300,000
0.56
Pledged Securities Account For Koon Yew Yin

11   Maybank Nominees (Tempatan) Sdn Bhd
4,294,800
0.55
Pledged Securities Account For Koon Yew Yin

13   RHB Capital Nominees (Tempatan) Sdn Bhd
3,000,000
0.39
Pledged Securities Account For Fong Siling

19   Alliancegroup Nominees (Tempatan) Sdn Bhd
1,457,500
0.19
Pledged Securities Account For Koon Yew Yin

30   CIMSEC Nominees (Tempatan) Sdn Bhd
906,000
0.12
CIMB Bank For Koon Yew Yin
674,812,360
87.20

2017年年报鏈接:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5410653

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Notice of Interest Sub. S-hldr (29A)

EVERSENDAI CORPORATION BERHAD

Particulars of Substantial Securities Holder

Name	ENCIK KOON YEW YIN
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares
Name & address of registered holder	ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHDPLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN (6000051)CIMSEC NOMINEES (TEMPATAN) SDN BHDCIMB BANK FOR KOON YEW YIN (MY0951)HLIB NOMINEES (TEMPATAN) SDN BHDPLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN (M)KENANGA NOMINEES (TEMPATAN) SDN BHDPLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN (002)MAYBANK NOMINEES (TEMPATAN) SDN BHDPLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN RHB NOMINEES (TEMPATAN) SDN BHDPLEDGED SECURITIES ACCOUNT FOR KOON YEW YINTA NOMINEES (TEMPATAN) SDN BHDPLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	28 Apr 2017
No of securities	45,949,300
Circumstances by reason of which Securities Holder has interest	Acquisition
Nature of interest	Direct
Price Transacted ($$)
Total no of securities after change
Direct (units)	45,949,300
Direct (%)	5.937
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	03 May 2017

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依華仙台多元化業務

2017年5月03日
（迪拜3日訊）依華仙台（SENDAI，5205，主要板建築）旗下依華仙台岸外，將提供組裝升降式修井船服務，多元化服務供應。

依華仙台發文告指出，依華仙台集團獨資子公司依華仙台岸外，組裝名為“ARYAN”的升降式修井船。

依華仙台岸外總執行長納禮斯納丹說，上述發展顯示依華仙台已走在正確的道路上，即著重在業務多元化。

依華仙台岸外近期進軍岸外及海事業務。

根據文告，依華仙台岸外將在第3季，將ARYAN升降式修井船交付給Vahana岸外公司。【中国报财经】

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Type	Announcement
Subject	OTHERS
Description	Incorporation of Eversendai Construction W.L.L, Kuwait ("ECWLL")
1. INTRODUCTION Eversendai Corporation Berhad ("ECB" or the "Company") wishes to announce the incorporation of Eversendai Construction W.L.L, Kuwait, subsidiary of the Company under the Commercial Companies Law of Kuwait as a limited liability company (the "Incorporation”). 2. INFORMATION ON ECWLL The initial issued capital of ECWLL is KWD10,000 (RM142,453) comprising of 100 shares of KWD100 each and the shares are held by the following shareholders :- Name of Shareholder No. of Shares Percentage (%) Fahad Abdulrahman Ahmad Alhajri (“Fahad”) 51 51 Evesendai Corporation Berhad 49 49 TOTAL 100 100 ECWLL is considered as a subsidiary of the Company as ECB has 100% effective interest in profits and asset distribution based on agreements entered between ECB and Fahad. The intended principal activities of ECWLL are provision of businesses relating to engineering, supply, fabrication and erection of structural steel works and construction of commercial, domestic and other civil engineering projects. 3. FINANCIAL EFFECTS The Incorporation of ECWLL is not expected to have any material effect on the earnings, gearing and net assets of the Company in the current financial year. 4. INTEREST OF DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM None of the Directors or major shareholders of the Company or persons connected to them has any interest, direct or indirect, in the Incorporation. This announcement is dated 11 May 2017.

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依华建台2017年攫13亿合约
Surin Murugiah/theedgemarkets.com
May 16, 2017 16:18 pm MYT

（吉隆坡16日讯）钢铁统筹承包商依华建台（Eversendai Corporation Bhd）表示，至今已获得总值5亿5760万令吉的工程，使2017年共取得13亿令吉的合约。

依华建台今日发布文告指出，从2009年开始在印度执行工程，多年来认真学习在该国做生意的复杂性。

该集团表示，2016年已取得成功，通过大型项目来进步和提高获利，令未来前景非常乐观。

执行主席兼集团董事经理Tan Sri A K Nathan指出，印度将继续成为依华建台的焦点，因该国持续推动建设，作为经济快速增长的一部分。

“我们不断打造自己为高度复杂地标项目的利基钢铁承包商。”

“印度有很大的机会提高集团的业务并稳步定位，大量攫取多个基础设施建设。我们将服务扩至印度的企业决策证明是一个正确的决定，因最近赢得的项目数量在增加。”

Nathan说，2017年在印度获得的著名项目之一是与Piramal Realty，印度领先商业集团之一Piramal Group房地产臂膀的项目。

他说，依华建台被授予超现代的Piramal Revanta项目，预计是孟买的下一个代表标志。

他称，这是该集团在印度获得的5个项目的一部分，总计3亿5690万令吉。

他解释说，其他在印度取得的项目包括住宅发展、成立企业家创业孵化中心和办公楼项目。

同时，他说余下的2亿70万令吉合约来自中东，该区仍继续为集团业务作出重大贡献。

他表示，在中东地区包揽的一些重点项目是博物馆、办公室和地铁站。

Nathan指出，石油与天然气业务复苏，依华建台继续在其运作的大部分地区赢得新合约。

“集团将继续保持所有7个装配设施繁忙，且有信心2017年交付大量的项目，继续关注于为集团营业额和获利作出显著贡献的目标。”

（编译：陈慧珊）

Type	Announcement
Subject	OTHERS
Description	PRESS RELEASE : EVERSENDAI SECURES CONTRACTS WORTH RM1.3BILLION IN 2017
Please refer to the attachment below.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5427545

Attachments Press Release - EVERSENDAI SECURES SIGNIFICANT PROJECTS IN Q1 2017 20170516 .pdf

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依华建台首季赚1526万
2017年5月26日
http://www.enanyang.my/news/20170526/依华建台首季赚1526万/

（吉隆坡25日讯）依华建台（SENDAI，5205，主板建筑股）截至3月31日首季，从上财年同季净亏5042万5000令吉，转为净赚1526万4000令吉。

该公司称，上财年首季净亏是因为金融资产调整后，造成账面价值亏损。

当季营业额从4亿4073万令吉，按年减少10.16%至3亿9597万令吉，主要是因为油气业务营业额大幅收窄。

依华建台执行主席兼集团董事经理丹斯里AK纳登指出，去年进行内部重组及重新拟定策略后，现在已开始为集团盈利赚幅带来效益。

“随着进军新市场，包括营运地区及新服务，我们相信盈利赚幅将会增加。”

今年至今，依华建台取得13.6亿令吉的合约，把手中订单推高至超过32亿令吉。

由于油气市场逐渐复苏，集团看好可取得更多合约。

“虽然油气领域在这一年来面对漫长及艰难的挑战，但子公司依华建台岸外却能够取得突破，获颁新合约以及从零开始创造自己的纪录。”

首建自航式起重船

此外，AK纳登宣布，依华建台岸外最近成功组装第一艘自航式起重船“Aryan”，这是一项重大里程碑，意味着多元化策略处于正轨。

这是该集团首次建造自航式起重船，包括细节设计及工程。

“这也会成为第一艘完全由大马公司建造和持有的自航式起重船。”

同时，计划在第三季把船完全交给Vahana岸外。

AK纳登指，随着油气市场复苏，及营运地区的经济展望正面，所以有信心能够在今年达到20亿令吉营业额目标。

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	395,968	440,725	395,968	440,725
2	Profit/(loss) before tax	18,713	-46,740	18,713	-46,740
3	Profit/(loss) for the period	17,605	-49,037	17,605	-49,037
4	Profit/(loss) attributable to ordinary equity holders of the parent	15,264	-50,425	15,264	-50,425
5	Basic earnings/(loss) per share (Subunit)	1.97	-6.52	1.97	-6.52
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.1400		1.1200

icy97

A.K.纳登:不管情况多艰巨复杂
依华建台不拖延工程

2017年5月26日
（梳邦再也25日讯）大马建筑界“铁人”，告诉你创业应具备的“铁精神”！

依华建台（SENDAI，5205，主板建筑股）掌舵人丹斯里A.K.纳登说，过去数十年来，他的公司没有延宕过一项工程的纪录，不管情况多艰巨或复杂。

也就是这种认真与专注特质，使依华建台成为足以承建穿破云霄、遍布全球各地的钢铁结构建筑公司。

他强调，要做到专注并非易事，尤其是长期保持已达到的目标及标准，这是最困难的部分。

他昨晚应邀在“2017年马来西亚连锁协会（MRCA）总执行长之夜”发表主题为“保持核心价值，实施创新领导”的演讲，与在座精英及企业家分享他的成功经验。

自嘲“包工头”

纳登在会上自嘲自己是一名“包工头”，只不过这名“包工头”能将钢结构演绎到极致。

他表示，创建于1984年的这家公司专注于设计及承建各类工程里的钢铁结构，其扮演的角色往往只是分包工程的一部分，但也正因如此，世界上一些最大、最重、最高的钢结构建筑，该公司都有可能参与其中。

“我们的核心是钢铁结构业务，虽也拓展至油气领域，但‘万变不离其宗’，这些工程里仍有很多钢铁结构元素。”

依华建台参与的钢铁结构建筑，自1988年起已超过300座，以阿联酋最多，印度南部地区则涉及发电厂与机场钢铁结构工程。

印刷工人出身的纳登，在创业时几乎是从零开始，他在印度攻读大学前课程，但因经济问题无法报读大学，他也没有工程或建筑文凭、专业知识或经验。

他秉持的还是那一套——认真与专注，也与其企业哲学相呼应。

今年13亿挑战夺20亿合约

依华建台在2017年共取得13亿令吉的合约，而纳登表示：下一步要达到20亿！

纳登表示，他喜欢超越自我，一直有着强烈及不断向上爬的欲望。

“成功企业要继续往上发展是非常有挑战性的，而这反而刺激我想要获取更多的成就。”

他说，依华建台在2017年共取得13亿令吉的合约，归功于从2009年起在印度执行工程，并认真学习在该国做生意的复杂性。

“不过，我不打算停下脚步，并且实现超过今日所拥有的成就；而下一步，我要达到20亿！”

不惧投资失利  坚持原则

纳登指在新加坡投资油气资产的失利，非但不会令他害怕，反而坚持不断尝试的原则。

“不要害怕做决定，更不要担心做错决定，如果踌躇不前就会失去机会。”

纳登回答听众询问时表示，很多人以为他从未做错决定，但他自认常做错，甚至曾经失去一切。

“经历挫败是很难受，但必须跨过，知错就要反省并且不重犯；为此我经常不耻下问，听取各方面建议，也尊重长者及下属意见。”

鼓励年轻人勇于改变

他也承认在新加坡油气资产的投资是一个非常典型的错误，但“在哪儿跌倒，就从哪儿爬起来”，并打算“再战江湖”。

此外，纳登以“不改变就会被淘汰、拒绝尝试学习自己不熟悉的领域就不会进步、拒绝承担风险就不会有回报”，来鼓励年轻人勇于改变、尝试，并承担风险。

不轻易放弃不找借口从日本学企业精神

“不轻易放弃、不找借口”，是纳登从日本学到的企业精神。

纳登回想起27岁时在大马获得第一个钢铁结构工程，是为国产车建钢铁结构厂，主承包商为日本钢铁公司。

“从他们身上学到的是：世上没有做不到的事，借口多的人永远都说做不到，与其寻找更多借口推卸责任，不如花更多时间制定解决方案，只要有心，终能成功。”

纳登指出，不同人对成功的定义也不一样，要说相似之初，就是成功者是做得最多、付出最多的那个，他的一席话引起台下一片热烈的掌声。

另一方面，大马连锁协会会长拿督蔡家胜在致词时希望会员善用互联网的便利，以提高竞争力及生产力。

他说，该会将于下半年推出数字零售计划，鼓励会员把数字作业纳入营运模式，善用大数据及电子钱包。

出席者包括首相署表现管理和传递单位（PEMANDU）总执行长拿督斯里依德利斯贾拉、环球集团总裁丹斯里陈炎顺、大马连锁协会会长拿督蔡家胜、创会会长拿督锺义翔、永久荣誉会长拿督张兴庆、拿督郑生金、前任会长拿督廖俊亮、顾问丹斯里黄罕荣、副会长朱玉婵及理事潘正权。【e南洋】

icy97

依华建台卡塔尔渔翁得利
承接断交国取消合约

2017年6月8日

独家报道：姚思敏

（吉隆坡8日讯）依华建台（SENDAI，5205，主板建筑股）执行主席兼董事经理丹斯里AK纳登指，卡塔尔（Qatar）面对外交危机不仅不会影响业务，反而还有利于集团获取更多当地合约。

他接受《南洋商报》的电访时指，卡塔尔一些合约是颁发给断交国家的公司，如今必须取消合约，而依华建台就能趁机取得这些合约。

依华建台在卡塔尔的钢铁结构业务，只是专注在当地市场，并无从卡塔尔出口至其他中东国家。

“我们在卡塔尔多哈的制造厂，都只是用于应付当地项目而已。”

“因此，我们从中获得更多工程的机率非常高，变成我们的优势。”

他说，依华建台的制造厂对结构钢铁业务非常重要，且是卡塔尔最大型钢铁承包商，所以处于有利位置获颁更多的合约，有助推高未来盈利。

目前，该集团目前持有32亿令吉合约，在卡塔尔有3项工程，总值1.5亿令吉，相对较小。

他强调，依华建台的结构钢铁及建筑和油气业务遍布不同国家，包括中东市场、东南亚、印度等，相当多元化。

从不依赖单一市场

“我向来都不相信只是依赖在单一客户、市场或业务。”

他说，虽然现在不确定接下来发展，但卡塔尔正在释出多项大型项目，而且势在必行，所以当地建筑业展望依旧正面。

根据该公司最新年报，预计卡塔尔今年会颁更多与“2022年FIFA世界杯”有关的建筑项目，且该国预计在基建发展投入高达460亿卡塔尔里亚尔（约537亿令吉）。

他也指出，卡塔尔并没有依赖中东区域发展项目，而是靠本身资源赚取收入；虽然有向区域国家进口农业产品和食品，但以后也可向其他国家买入。

他说，虽然卡塔尔有向区域国家进口部分产品，如农业产品和食品，但他们未来能够向其他国家买入。

股价跌势仅短期

受到卡塔尔外交危机影响，依华建台的股价在本周首3日共跌了1仙或1.02%，但该股在今日反弹，收在98.5仙，起1.5仙或1.55%。

AK纳登认为，此前股价下跌，只属于短期跌势而已。

“我认为，股价下跌是因为我们在卡塔尔有业务，所以投资者感到担心。不过，我们没有面对任何问题，所以也没有看到任何令投资者担忧的因素。”



有信心可达20亿营收

随着手握32亿令吉合约，加上看好今年将取得更多新合约，AK纳登有信心今年依华建台可以达到20亿令吉营业额。

他说，在过去几年于多个海外市场执行工程，带动集团从去年的欠佳表现复苏。

“我们的目标是持续在每个季度取得盈利，及让集团更赚钱。”

依华建台截至3月31日首季，从上财年同季净亏5042万5000令吉，转为净赚1526万4000令吉。

该集团称，上财年首季净亏是因为金融资产调整后，造成账面价值亏损。

当季营业额从4亿4073万令吉，按年减少10.16%至3亿9597万令吉，主要是因为油气业务营业额大幅收窄。【e南洋】

哭哭鸟

What is wrong with Eversendai?  
ByKoon Yew Yin Posted on July 6, 2017
http://koonyewyin.com/2017/07/06/what-is-wrong-with-eversendai/

As you can see, the price of Eversendai has been falling quite sharply in the last few day and many concerned and worried investors have asked for my opinion.

As I said many a time before, no share can go up or drop continuously for whatever reason. After a while, the price must make some correction. Many weak holders would follow the crowd like sheep to sell without thinking logically about the reasons why they have bought the share. They will have the problem when the price continues to go higher, they will not buy back at higher prices than the prices they sold. As a result, they have missed the opportunity to own a small part of a really great construction company.

Some clever day traders would sell and buy back at lower prices. They have the problem to decide when to buy. Studies has shown that these people can only make enough for a living. They cannot be rich.

Only long term clever investors can make a lot of money to be rich.

Examine your track record
Readers must seriously examine their track record to see how they have been performing. If they have not been doing so well like most of the commentators in i3investor.com, they must change their method of selecting shares to buy and learn when and how to sell to get the best advantage.

My talk for all the construction contractors
About 3 months ago, I gave a talk under the title “How to overcome contractors’ difficulties?’ at the Master Builders Association Malaysia (MBAM) Building in Kuala Lumpur. MBAM members are most of the contractors who have been building all the properties in every town and city. The entrance fee for each attendee was Rm 300. The total collection was Rm 34,000 and I donated Rm 100,000 to start a scholarship fund.

Open tender system
The most difficult obstacle every contractor has to overcome is the open tender system- cheapest tender gets the contract. Every tenderer must be very optimistic in his estimation of his cost so that he can submit the cheapest price. He must assume that he has no difficulties in getting his labour and materials at current prices. He must also assume that he will not meet too much rain and he will have no construction difficulties.

When he is awarded the contract, invariably almost all his assumptions will not come true. Due to inflation and other reasons, all the labour and materials will cost more than what he has allowed. Moreover, he will meet more bad weather and unforeseen construction difficulties.

As a result, he will not be able to complete his contract on time. Statistics shows that almost all construction contracts cannot be completed within the original programme.

One: I was pleasantly surprised to see that Tan Sri A K Nathan, who is Chairman and CEO of Eversendai and Deputy President of MBAM, stood up and said that he has no difficulties in completing all his contracts on time. Wah! I am very impressed.

Two: I am also very impressed by Eversendai’s press release after its recent AGM. It has contract works in 15 different countries and it has secured projects worth RM557.6 million to-date, bringing a total of RM1.3 billion projects secured for the year 2017. Eversendai have been executing projects in India from 2009 and have gone through great details over the years in learning the intricacies in doing business in the sub-continent. This has culminated in a successful year for the Group here in 2016 with future projection looking very promising for making inroads and improving profits through capitalising on significant projects. “India continues to be a focal point for the Eversendai Group as the country continues to push construction as part of their rapid economic growth. We are continuously establishing ourselves as a niche steel contractor for highly complex land mark projects,”

Three: Eversendai specialises in large steel structures and was involved in the construction of several large and tall buildings such as Capital Gate Tower, Abu Dabai, Burj Al Arab, Dubai, Tanjong Bin 3 X 700 MW coal fired power plant, Malaysia and many others.

Four: Eversendai is not like most construction contractors. I believe there are very few contractors of this class in the world. As a result, it has less competitors and should be able to secure contracts with a higher margin of profit.

Five: Tan Sri Nathan openly declared that his company can complete Rm 2 billion value of works in the current year. From long experience in the contracting industry, I can assume that he can achieve 5 % net profit for the current year and 7.5% for next year.
Based on these profit growth prospect, you can see from Bursa announcements that I have been buying Eversendai frequently.

icy97

依华建台子公司遭索赔92.6万

2017年8月6日
（吉隆坡5日讯）依华建台（SENDAI，5205，主板建筑股）子公司接获传票及索赔清单，遭索赔92万6387令吉。

依华建台向交易所报备，旗下依华建台油气（大马）私人有限公司，被深海资源私人有限公司针对Rapid SCC塔美化项目相关工程，索赔92万6387令吉。

无论如何，依华建台认为，依华建台油气有很好的抗辩立场。

上述案件定在8月22日进行案件管理程序。【e南洋】

Type	Announcement
Subject	MATERIAL LITIGATION
Description	Shah Alam Sessions Court Civil Writ No: BA-B52NCVC-206-07/2017 Deepsea Resources Sdn Bhd ("Plaintiff") against Eversendai Oil & Gas (M) Sdn Bhd ("EOG"), a subsidiary of Eversendai Corporation Berhad ("the Company")
The Board of Directors of the Company wishes to announce that EOG has received a signed and sealed Writ Summons and Statement of Claim dated 18 July 2017 from Messrs. Chris & Partners, acting for the Plaintiff, claiming for a total sum of RM926,387.97 from EOG for various works related to the Rapid SCC-Tower Dress-up project. The Company is of the view that EOG has a good defence against the Plaintiff's claims. Case Management for the above matter is fixed on 22 August 2017. Further announcement on the development of the above matter will be made as and when necessary. This announcement is dated 4 August 2017.

icy97

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING
Description	EVERSENDAI CORPORATION BERHAD ("EVERSENDAI" OR THE "COMPANY")PROPOSED PRIVATE PLACEMENT OF UP TO 10% OF THE TOTAL NUMBER OF ISSUED SHARES OF EVERSENDAI (EXCLUDING TREASURY SHARES) ("PROPOSED PRIVATE PLACEMENT")
On behalf of the Board of Directors of Eversendai, RHB Investment Bank Berhad wishes to announce that the Company proposes to undertake a proposed private placement of up to 77,389,900 new ordinary shares in Eversendai, representing up to 10% of the Company’s total number of issued shares (excluding treasury shares) (“Proposed Private Placement”). Further details on the Proposed Private Placement are set out in the attachment below. This announcement is dated 15 August 2017.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5515717

Attachments 01 Eversendai - Announcement.pdf

icy97

依华建台
私配稀释净利2.3%

2017年8月17日

分析:达证券
目标价：58仙

最新进展

依华建台（SENDAI，5205，主板建筑股）建议私下配售高达10%的股本，相等于7738万9900股给第三方投资者，配售价尚未确定。

假设配售价为每股98仙，公司估计可筹获7580万令吉。其中，7000万令吉将用于偿还短期贷款，480万令吉将用做营运资本，而剩余的100万令吉则为私下配售的开销。

同时，公司已与麦格理银行达成有条件股权认购协议。

行家建议

我们中和看待该项私配计划。虽然私配可减轻公司的负债水平和融资成本，但每股净利也会因股量增多而被稀释。

假设每股98仙的私配计划获得全数认购，并可在明年中完成，公司的净负债水平，可由今年3月底时的0.99倍，降至0.91倍。

减轻负债后，假设年利率为5.5%，估计1年可省下390万令吉的融资成本。不过，我们预测今年的每股净利将会稀释2.3%、明后两年则将稀释4.1%和4.1%。

在公司与投资者达成认购协议的条件前，我们维持2017至2019财年的盈利预测。

另外，在油气领域有明朗化的情况以前，我们维持“卖出”评级，以及58仙目标价。



【e南洋】

哭哭鸟

Eversendai's Proposed Share Placement - Koon Yew Yin
Author: Koon Yew Yin   |    Publish date: Wed, 16 Aug 2017, 02:26 PM
https://klse.i3investor.com/blogs/koonyewyinblog/130110.jsp

Many people have asked for my opinion about the Eversendai's recent share placement announcement which is quite complicated and not easy to understand.

In short, I think the proposed share placement is a good deal.

After the company issued shares to sell to the public investors to get cash at the IPO, the company can issue shares to place out to institutional investors to get more cash to expand its business. Share placement is a clever way to get more cash to do business. Investors must bear in mind that unless the company is reasonably good, no institutional investors would want to buy placement shares even at a discount.

In the normal way of a share placement, the company place out share at the average price of the 5 days prior to fixing the price minus not more than 10%. For example, say the average of the last 5 trading day average is Rm 1.08. The placement price will be 1,08 minus 10% = 97.2 sen. The price is fixed at 97.2 sen

In the proposed method, “Macquarie Bank” or “Investor” has one year option to buy up to 10% of the total issued shares at the average price of 5 days prior to fixing the price minus 12% instead of the normal 10%.

I believe Eversendai will continue to report increasing profit and the share price will continue to increase. If that is the case, the net placement price will be higher than the case if the placement is executed now.  

In any case, the company needs the money to do more business and I believe the company has a good future because it is the best big steel structure specialist contractor in Malaysia. Being a specialist, the company can command a higher margin of net profit.

Unfortunately, the company lost about Rm 100 million in buying into an Oil and Gas company in Singapore last year which has depressed its share price.

To make money, all investors must look at the company’s long term business prospect.

As Tan Sri Nathan, the CEO, has announced that the company can complete Rm 2 billion of work in the current year, I believe its profit should be increasing which is the most powerful catalyst to move the share price.  

I am obliged to tell you that I am the 2nd largest shareholder of the company. If you buy the shares, I am not responsible for your profit or your loss.