Sunday 19 May 2024
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KUALA LUMPUR (April 24): Haily Group Bhd shares continued their uptrend on Wednesday to a near all-time high, after the construction outfit won a RM109.5 million contract for terrace houses in Pontian, Johor.

At the time of writing, Haily rose 5.71% to 55.5 sen after some 302,000 shares changed hands, triple the 200-day average volume of 112,815 shares.

At the current price, its market capitalisation is RM98.05 million. The counter has risen 29.07% year-to-date and gained 46.05% in the past one year.

Currently, the stock is not covered by any analysts. At 55.5 sen, Haily is trading at 13.46 times its price-to-earnings ratio based on its trailing earnings per share (EPS) of 4.12 sen, according to Bloomberg data.

For the financial year ended Dec 31, 2023 (FY2023), the group reported a net profit of RM7.35 million, up 11% from RM6.6 million in FY2022. Annual revenue stood at RM295.58 million, up 50% from RM196.23 million. Haily has declared a dividend of 1.24 sen per share in FY2023, which is higher than FY2022's 1.12 sen per share.

Notably, the Bursa Malaysia Construction Index, which tracks 47 stocks in the sector, rose 0.47%, while the country’s benchmark index, the FBM KLCI, was 0.27% higher.

On Tuesday, ACE Market-listed Haily said it secured a RM109.5 million contract to undertake the construction and completion of 332 units of double-storey terrace houses.

The contract was awarded to Haily’s wholly owned unit Haily Construction Sdn Bhd from Mandy Corp Sdn Bhd, a main contractor appointed by Splendid Pavilion Sdn Bhd.

Both Mandy Corp and Splendid Pavilion are wholly owned subsidiaries of Main Market-listed Gadang Holdings Bhd.

Including the latest win, Haily has announced four contractor project awards since the start of 2024, with contract value totalling approximately RM247.09 million, all of which are located in Johor.

Edited ByIsabelle Francis
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