Latest news with #KerjayaProspekGroupBhd
New Straits Times
a day ago
- Business
- New Straits Times
Kerjaya Prospek buys freehold land in Jalan Puchong for RM112.8mil
KUALA LUMPUR: Kerjaya Prospek Group Bhd is expanding its development footprint in the Klang Valley and Penang through a series of strategic land acquisitions and a joint venture (JV) that strengthens its pipeline of premium projects. The construction and property development group today announced plans to buy three parcels of freehold land covering three hectares in Jalan Puchong here for RM112.8 million. The acquisitions will be made via its wholly owned Senandung Raya Sdn Bhd. The plots, located in mature and accessible areas, are being acquired from Sunrise Bright City Sdn Bhd and Top Up Properties Sdn Bhd. "The proposed acquisitions will be financed through a mix of internally generated funds and/or bank borrowings. Completion of the transaction is expected by September 2025," Kerjaya Prospek said. In Penang, Kerjaya Prospek is entering into a joint venture with Aspen Vision Tanjung Sdn Bhd, a unit of Singapore-listed Aspen (Group) Holdings Ltd, to develop two parcels of freehold land in Tanjung Bungah. The JV will be undertaken via Tanjung Bungah Development Sdn Bhd, a special purpose vehicle in which Kerjaya Prospek Ventures Sdn Bhd holds a 60 per cent stake and Aspen Vision Tanjung the remaining 40 per cent. The land, measuring 1.8 hectares, carries a total consideration of RM117 million. "The proposed mixed-use development will feature residences, serviced apartments and retail units, with the gross development value yet to be finalised. Completion of the transaction is expected by December 2025," it added. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the company is strategic in choosing its investment locations. He added that both the Klang Valley and Penang are familiar markets with strong demand and significant development prospects. "Our balanced approach through a mix of JV and direct acquisitions gives us the flexibility to grow sensibly and allocate capital towards future growth opportunities. "Ultimately, we remain focused on building a strong, future-ready pipeline that enhances our property development profile and earnings visibility, while continuing to excel in our core construction business," Tee said.
The Star
30-05-2025
- Business
- The Star
Strong project pipeline boosts Kerjaya Prospek's outlook for FY25
PETALING JAYA: The market outlook for construction and property player Kerjaya Prospek Group Bhd remains solid after the company reported a 37% jump in net profit on the back of a 40% surge in revenue for the first quarter ended March 31, (1Q25) compared with the same quarter a year ago. The company also declared a first interim dividend of three sen per share payable on June 30. Several analysts have raised their target price on the stock following a meeting with Kerjaya's management, which was upbeat on achieving the company's target of RM1.6bil in new projects for this year, supported by year-to-date contract wins of RM870.3mil and an order book of RM4bil. Kenanga Research, which maintained an 'outperform' call on the stock and revised the target price to RM2.30 from RM2.10, said the company, in partnership with Samsung C&T Corp, expects decisions on three data centre projects worth RM3bil in 3Q25, in addition to listed subsidiary Eastern & Oriental Bhd 's planned launch of property projects worth RM2bil this year. The research house said the company's property arm can expect its 55%-owned Rivanis redevelopment project located in Butterworth, Penang, to anchor future earnings. BIMB Research said the higher interim dividend compared with an expected 2.5 sen reflected the management's confidence in its earnings outlook and strong cash position.
The Star
29-05-2025
- Business
- The Star
Project pipeline boosts Kerjaya Prospek's outlook
PETALING JAYA: The market outlook for construction and property player Kerjaya Prospek Group Bhd remains solid after the company reported a 37% jump in net profit on a 40% surge in revenue for the first quarter ended March 31, 2025 (1Q25) compared to the same quarter a year ago that were largely in line with expectations. The company also declared a first interim dividend of three sen per share payable on June 30. Several analysts have raised their target price on the stock following a meeting with the Kerjaya's management, who were upbeat on achieving the company's target of RM1.6bil of new projects for the financial year ending December 31, 2025 (FY25) supported by year-to-date contract wins of RM870.3mil and an outstanding orderbook of RM4bil. Kenanga Research, which maintained an 'outperform' call on the stock and revised the target price to RM2.30 from RM2.10, said the company in partnership with Samsung C&T Corp expects decisions on three data centre projects worth RM3bil in 3Q25, in addition to listed subsidiary Eastern & Oriental Bhd 's planned RM2bil launch of property projects this year. It said the company's property arm can expect its 55%-owned Rivanis redevelopment project located in Butterworth, Penang to anchor future earnings. The research house has a neutral view of the company's 49% stake acquisition in Aspen Vision Land Sdn Bhd for RM98mil announced recently given the potential future capital commitments that could offset construction opportunities and property earnings. BIMB Securities said the higher first interim dividend declared compared to an expected 2.5 sen reflected the management's confidence in its earnings outlook and strong cash position. The research house expects a dividend payout of 12 sen for FY25, which translates to a dividend yield of 5.6% from the stock's last closing price. It has maintained a 'buy' call on the stock with an unchanged target price of RM2.59. TA Securities, which maintained a 'buy' call but revised its target price to RM2.97 from RM2.72, said the company have plans to expand its property development business through a capital expenditure allocation of RM550mil, with active scouting for landbank opportunities in Penang, the Klang Valley, and Johor backed by robust net cash position of RM336.7mil as at end-March 2025. RHB Research said earlier-than-expected wins of industrial jobs such as data centres before mid-FY25 and quicker-than-expected launches of the new phases of Aspen Vision City, which has an estimated gross development value of RM5bil on 14.16-ha of land could be re-rating catalysts for the stock, in which the brokerage has maintained a 'buy' call but revised upwards the target price to RM2.80 from RM2.67.
New Straits Times
12-05-2025
- Business
- New Straits Times
Kerjaya Prospek's Johor win boosts order book to RM4.6bil
KUALA LUMPUR: Kerjaya Prospek Group Bhd's maiden project win in Johor has pushed its outstanding order book to RM4.6 billion, providing earnings visibility for the next three years. Kenanga Research is positive on this sixth contract job win for financial year 2025 (FY25), which is Kerjaya Prospek's first non-related party win for the year. "It has guided a 10 per cent profit after tax margin for this project. This win brings year-to-date contract wins to RM870.3 million, against our FY25 job replenishment assumption of RM1.8 billion. "This formed 48 per cent of our target and 54 per cent of management's target. Its current total outstanding order book stands at RM4.6 billion, which will keep them busy for the next three years," it said in a note. Kerjaya Prospek's subsidiary Kerjaya Prospek (M) Sdn Bhd has secured a RM162 million building contract in Johor Baru from Majestic Gen Sdn Bhd. The contract involves main building works for Gen Rise, a 47-storey transit-oriented serviced apartment development located near customs, immigration and quarantine and the Bukit Chagar rapid transit system. Additionally, Kerjaya Prospek has set a job replenishment target of RM1.6 billion for FY25, backed by a RM2 billion tender book for building jobs. In addition, together with its joint venture partner Samsung, the company is tendering for three data centre jobs worth RM3 billion with targeted outcomes by the third quarter of 2025. "Its related party company E&O plans to launch projects with building jobs worth RM2 billion in 2025. For its property development segment, its 55 per cent-owned Rivanis will sustain its construction and property earnings in the next seven years," it added. Kenanga Research maintained its 'Outperform' call on the stock with an unchanged target price of RM2.10.
The Sun
08-05-2025
- Business
- The Sun
Kerjaya Prospek, Majestic Gen in RM162m Johor deal
KUALA LUMPUR: Construction company Kerjaya Prospek Group Bhd's wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd has accepted a letter of award from Majestic Gen Sdn Bhd for a building contract worth RM162 million in Johor Bahru. The contract entails main building works for Gen Rise, a 47-storey transit-oriented serviced apartment development near the customs, immigration and quarantine (CIQ) and Bukit Chagar Rapid Transit System (RTS). The project comprises a single block with 732 units, nine levels of podium parking, and other supporting facilities. Construction, scheduled to commence on Aug 1, is expected to be completed within 36 months. Kerjaya Prospek CEO and executive director Tee Eng Tiong said the construction of Majestic Gen's is the company's maiden project in Johor and its first contract win in the state for 2025. 'Geographically, our focus remains on three growth regions namely Klang Valley, Penang and Johor, where we see strong demand and vibrant development activities continue to shape the future of urban living. 'With this latest RM162 million job, our year-to-date new contract wins have reached RM870.3 million, placing us well on track to achieve our RM1.6 billion target for the year,' he said in a statement. Tee said the total outstanding order book now stands at RM4.6 billion, providing healthy earnings visibility and a solid foundation for continued growth over the next four financial years. Majestic Gen CEO Datuk Hoo Kim See said the company had appointed Kerjaya Prospek, a reputable construction firm, to build Gen Rise – its first project in Johor. 'This is a truly momentous occasion for both companies as we aim to deliver quality and sustainable products to our esteemed buyers. 'We hope that this collaboration will further boost the market's confidence in our current and future developments with an estimated GDV of RM3.7 billion,' he said.
