30. 柳谷（WILLOW，0008，主板科技股）
-機械追蹤儀器。
-在新加坡獲得許多工程，難得。
冷眼：“沒成長，不要買，有成長，不要賣；成長短，短持有，成長長，長持守。”
http://klse.i3investor.com/blogs/the_cold_eyed/108100.jsp
Newsbreak: Willowglen top choice for RM400m LRT3 job
This article first appeared in The Edge Malaysia Weekly, on May 29, 2017 - June 04, 2017.
WILLOWGLEN MSC Bhd and its joint-venture partner Huawei have been
selected as the front-runners in the race for a RM400 million
communications package in the light rail transit 3 (LRT3) project, say
sources.
It is understood that Willowglen and China-based Huawei formed a near-equal partnership to bid for the project.
“Prasarana’s board has reviewed the bids [for the communications
package] and has recommended Huawei-Willowglen. Its choice has been
passed on to the Ministry of Finance for its final approval,” says an
industry executive familiar with the matter.
It could take a month or two for MoF to finalise the pick and give
Prasarana Malaysia Bhd the green light to award the JV the contract.
Historically, MoF does not reject Prasarana’s recommendations but it
is not unheard-of. However, it is understood that Huawei-Willowglen
leads in both the commercial and technical aspects of the bid.
It is interesting to note that this is not the first time the two
companies have worked together. In fact, Willowglen was a subcontractor
for Huawei in the Ampang LRT extension project. This means they have a
track record with Prasarana. Furthermore, they worked under George Kent
Bhd — the overall engineering, procurement and construction solutions
provider for the Ampang LRT extension’s systems work package.
Today, George Kent is the project delivery partner for LRT3 alongside Malaysian Resources Corp Bhd.
For a bit of background, Huawei acted as the systems integrator,
assuming the full scope of the railway telecommunications systems, while
Willowglen supplied its core speciality — supervisory control and data
acquisition (SCADA) subsystems.
For the LRT3 project, however, Huawei and Willowglen are bidding as
partners. If successful, Willowglen will add an estimated RM200 million
to its order book. For perspective, its revenue for the 12 months ended
March 31, 2017, was RM144.6 million while net profit was RM20.66
million.
Willowglen’s share price has risen sharply and is hovering at a record
high. The group triggered an unusual market activity query last month
after its share price hit limit-up at RM1.38. Since then, the counter
has inched its way up, closing at RM1.63 last Thursday. This represents a
year-on-year increase of 158.4%.
It is also interesting that Willowglen has bagged a number of smaller
but still sizeable contracts worth RM24.96 million in total. On May 9,
it announced a RM5.87 million contract from Surbana Technologies Pte Ltd
for the installation and maintenance support of a remote terminal unit
and closed-circuit television (CCTV) system.
Last Thursday, it announced two more contracts — a RM9.86 million job
for a “partial discharge monitoring system replacement” for power
company SP PowerAssets Ltd and a RM9.23 million job from PowerGas Ltd
for the maintenance of a SCADA system.
These jobs are from Singapore, Willowglen’s main market. Historically,
the group draws about 70% of its revenue from Singapore.
The LRT3 job will mark a change in the group’s geographic revenue
distribution. Keep in mind that Willowglen has also found success with
other local clients. Earlier this year, it won a RM7.82 million contract
from Tenaga Nasional Bhd — the country’s largest SCADA user.
On a bright note, Willowglen is sitting on net cash of RM32.9 million
and has virtually no borrowings on its balance sheet, which puts it in a
strong position to take on the sizeable LRT3 job.
http://www.theedgemarkets.com/article/newsbreak-willowglen-top-choice-rm400m-lrt3-job
http://klse.i3investor.com/blogs/MomentumInvesting88/125602.jsp
