dry... the next few months infra contracts announcements from gomen will probably be coming from Penang LRT subcontracts & systems package; highway contracts from east malaysia and ECRL section D package. TRC tendered 1.8bil worth of projects this year and current construction orderbook on hands ~468mil is kinda low; 2 years earning visibility excluding property segment.

the biggest currency impact will be SGD due to the cash balances of TRC is mostly denominated in SGD. its a favorable trend for TRC due to strengthening of ringgit. I hope there will be contracts awarded soon for earnings visibility beyond 2 years

Probably due to no contracts awarded in 2025? No idea the exact reason but I am willing to take some calculated risks to hold it until end of next year :) The big MRT3 project will probably be awarded second half of next year. Unlikely for TRC to get the main work packages but it is definitely more than qualified and capable to secure sub-packages. Mgmt mentioned that it has tendered more than 1bil worth of gomen projects and current orderbook is slight more than 450mil which will provide earnings visibility for two years excluding property segment. The Ara Sentral Phase 2 property segment should start to see contribution second half 2026.

copied and paste the previous sharing/discussion in this thread, ncc. (1) the next few months infra contracts announcements from gomen will probably be coming from Penang LRT subcontracts & systems package; highway contracts from east malaysia and ECRL section D package. TRC tendered 1.8bil worth of projects this year and current construction orderbook on hands ~468mil is kinda low (2) The big MRT3 project will probably be awarded second half of next year. Unlikely for TRC to get the main work packages but it is definitely more than qualified and capable to secure sub-packages. Mgmt mentioned that it has tendered more than 1bil worth of gomen projects and current orderbook is slight more than 450mil which will provide earnings visibility for two years excluding property segment. The Ara Sentral Phase 2 property segment should start to see contribution second half 2026.

the next contracts that will be awarded by gomen will be related to highway contracts from east malaysia, ECRL related and MRT3. These contracts should be dominating the infra projects headlines in 2026. No idea which one that TRC tendered but 1.8bil worth of projects is quite big of a number :)

“For 2026, we maintain our contract award assumption of RM180 bil, supported by continued public-sector project rollouts and sustained private-sector momentum, particularly from data centres,” said Kenanga. Sector visibility continues to improve on both public infrastructure and private development fronts. Although the timing for MRT3, now with final approval from the Transport Ministry, remains unclear, several key projects are poised for near-term roll-out. These include the Penang LRT Mutiara Line Packages 2 & 3, Penang Airport expansion, Phase 2 of the Pan Borneo Highway, the Sabah–Sarawak Link Road, Subang Airport redevelopment, and the Johor E-ART. https://focusmalaysia.my/tech-giants-data-centre-spending-anchors-construction-outlook-to-2030/

Big boss is construction industry veteran and low profile. Subsequent contracts should be highway contracts and followed by sub packages for MRT3 second half of this year or early next year. As for the property segment specifically Ara Sentral Phase 2, the timeline for launching is second half of this year too; steady recurring income for the next five years from the property segment

3 years earning visibility for construction based on 1.2bil plus orderbook and 5 years recurring income based on Ara Sentral phase 2 500mil GDV. There's still 1bil plus tenderbook contracts yet to be announced by gomen. And one can also calculate its current net cash per share :)

TRC Synergy’s principal partner is China Construction and Communications Co (CCCC) and bidding for the 4bil CMC2 Penang LRT project. TRC has secured the CMC1 sub package end of last year. https://www.klsescreener.com/v2/news/view/1738379/six-consortiums-set-their-sights-on-second-package-of-penang-lrt-civil-works

TRC and CCCC are meeting the requirements outlined by MRT Corp - As for the CMC2 package, MRT Corp in its tender document has outlined that only companies that have completed civil and railway-related works worth RM500 million are qualified to bid for the job. Another requirement is that the companies need to have completed at least one water body-crossing viaduct incorporating a cable-stayed bridge with a main navigational span of not less than 300m.

Billing for cmc1 sub package tender that TRC won in Dec'25 should starts flowing :) Will be nice to add cmc2 main package into the orderbook :) The implementation of the Mutiara Line Light Rail Transit (LRT) project in Penang is proceeding as scheduled, with overall works reaching 8.99 per cent, says the Transport Ministry. The ministry said the 29.67km LRT line is expected to be completed and commence operations in December 2031 based on the current schedule. The Mutiara Line will connect key areas in Penang, including Komtar, Bayan Lepas, Penang International Airport and Penang Sentral in Seberang Perai, and is expected to strengthen the public transport network connectivity. In a written reply published on the Parliament website today, the ministry said the project is expected to enhance public transport connectivity, reduce traffic congestion and benefit over 1.8 million residents on the island, as well as those in Seberang Perai, southern Kedah and northern Perak.
This came in response to a question from RSN Rayer (PH-Jelutong) on the expected completion date.

CMC2 package value is big ooh. the last qr update - tenderbook more than 3.7bil and mgmt confident to win some of the tenders by end of 2026. One has just been announced yesterday :) The orderbook will definitely cross the 4bil mark if TRC Consortium wins the bid. Its already 1.4bil now and still counting.

Bcos of the requirements itself, Ricardo - MRT Corp in its tender document has outlined that only companies that have completed civil and railway-related works worth RM500 million are qualified to bid for the job. Another requirement is that the companies need to have completed at least one water body-crossing viaduct incorporating a cable-stayed bridge with a main navigational span of not less than 300m.

The list of consortium partners and CCCC is the strongest among all especially the requirements outlined by MRT Corp. - This include Kerjaya Prospek Group Bhd - Sinohydro Group - PowerChina Corp; Malaysian Resources Corp Bhd - China Railway Engineering Corp; MMC Engineering Bhd - Samsung C&T; TRC Synergy Bhd - China Communications Construction Company; WCT Holdings Bhd - Lion Pacific Sdn Bhd - China State Construction & Engineering Corp. https://www.klsescreener.com/v2/news/view/1789599/construction-sector-poised-for-re-rating-on-public-infra-revival-active-data-centre-pipeline-mbsb-research

Lol, thats for sure. the orderbook will swell to over 4bil. and assume these 4bil orderbook is delivered across 5 years and at the average 3% to 4% net margin, that will deliver at min 20mil to 30mil yearly net profit. can go up to 10th floor lor.

yes and no. yes due to the length of the project. DC job is typically several months while infrastructure jobs can take a few years to complete; faster billing and revenue recognition. no due to total orderbooks on hand as it provides earnings visibility. A DC contract that provides earnings visibility for a few months wont be able to sustain the share price :) If you have multiple DC contracts that provides earnings visibility for at least 2 years, then, boleh. TRC's orderbook is now at 1.4bil and there's 3 more months before end of 2026. It should be more than 1.5bil excluding the cmc2 package tender results.