Shah Alam Stadium job another feather to MRCB’s hat

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The RM787mil job will be carried out on a public-private partnership basis that requires MRCB to bear the entire cost of the project, which will be repaid by the Selangor state government via a land swap.

PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) latest major refurbishment works for the Shah Alam Stadium in Selangor, once completed in 2026, will add another feather to the construction group’s hat, says MIDF Research.

The RM787mil job will be carried out on a public-private partnership basis that requires MRCB to bear the entire cost of the project, which will be repaid by the Selangor state government via a land swap.

This will allow MRCB to carry out developments that would cover the cost of the stadium refurbishment.

According to MIDF, one of the main focus for MRCB in the financial year 2022 (FY22) is to raise its cash levels.

“While it is still unclear which land(s) will be transferred to MRCB, we are expecting it/them to be located in Shah Alam, which is positive for the group for future developments, being the capital of Selangor.

“This would also boost MRCB’s land bank, which currently stands at 1,007.82 acres with a gross development value of RM33.35bil,” the research house said in its latest report.

MIDF is maintaining its FY22-FY24 earnings estimates of RM75.5mil to RM70.4mil.

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It reiterated a target price of 44 sen for MRCB, which was derived by pegging the group’s FY23 earnings per share of 1.5 to a target price-earnings ratio of 29.4 times.

The research house, which has a “buy” call on the stock, is also positive on the management’s focus to raise its cash levels this year.

This will see the group intensifying its efforts to sell off unsold property units, it added.

MIDF noted that a stronger cash position will enable MRCB to take on future public infrastructure projects that are likely to be self-funded or require upfront financing.

“We are also positive on MRCB’s Ipoh Raya Integrated Park project that was launched early last month.

“This marks the group’s diversification into the industrial and logistics development business,” it said.


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