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HEXCAP (0035) TRANSGRID VENTURES VERSUS MN HOLDINGS: Compare & Contrast

calvintaneng
Publish date: Mon, 30 Dec 2024, 11:09 PM
All freehold landed houses below rm500k (S$170K) are gold mines in Johor

Dear Investing Fraternity of i3 INVESTOR's Forum,


We want to compare a hot popular stock called MN HOLDINGS VERSUS HEXCAP'S TRANSGRID VENTURE


1) SEE  HEXCAP PRICETO BOOK VALUE


SUMMARY OF KEY FINANCIAL INFORMATION

30 Sep 2024


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

30 Sep 2024
30 Sep 2023
30 Sep 2024
30 Sep 2023
MYR'000
MYR'000
MYR'000
MYR'000
1
Revenue
32,174
0
117,653
0
2
Profit/(loss) before tax
-6,109
0
-3,131
0
3
Profit/(loss) for the period
-5,420
0
-3,541
0
4
Profit/(loss) attributable to ordinary equity holders of the parent
-4,114
0
-3,299
0
5
Basic earnings/(loss) per share (Subunit)
-0.92
0.00
-0.77
0.00
6
Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent
0.4600
0.5000



HEXCAP NAV IS 46 SEN

HEXCAP PRICE AS AT 30TH DECEMBER 2024 IS 36 SEN


SO PRICE TO BOOK VALUE = 36 SEN DIVIDES BY 46 SEN

= 78% OF 46 SEN

WITH A DISCOUNT OF 22% OR 10 SEN LESS

PRICE TO BOOK VALUE IS 22% DISCOUNT


2) MN HOLDINGS (refer bursa)

SUMMARY OF KEY FINANCIAL INFORMATION

30 Sep 2024


INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR

CORRESPONDING

QUARTER

CURRENT YEAR TO DATE
PRECEDING YEAR

CORRESPONDING

PERIOD

30 Sep 2024
30 Sep 2023
30 Sep 2024
30 Sep 2023
MYR'000
MYR'000
MYR'000
MYR'000
1
Revenue
103,106
55,148
103,106
55,148
2
Profit/(loss) before tax
9,888
5,574
9,888
5,574
3
Profit/(loss) for the period
7,036
4,186
7,036
4,186
4
Profit/(loss) attributable to ordinary equity holders of the parent
7,082
4,152
7,082
4,152
5
Basic earnings/(loss) per share (Subunit)
1.49
1.02
1.49
1.02
6
Proposed/Declared dividend per share (Subunit)
0.15
0.00
0.15
0.00


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent
0.2800
0.2500


Mn holding price as at 30th December 2024 is Rm1.26

Price to book value Rm1.26 divides by 28 sen

= Price to book value is 4.5 Times or 450% even more pricy than Top Glove & Harta Price to Book Value


That means HEXCAP's 22% Discount to NTA is near to Ben Graham's required 30% discount to Book Value as a required margin of safety

Being Defensive Value Investor we naturally gravitate to HEXCAP


Now both Hexcap's Transgrid Ventures & Mn Holdings are Power Providers to TNB & others


We see Research Houses very bullish and kept pushing Mn Holding to multi year high

While Hexcap (Transgrid Venture) has no Research House or Media doing any write up or highlight


Hence we have made some VERY INTERESTING DISCOVERY


For Mn holding being a listed entity anyone can get to see its jobs awarded as well as its balance sheet

Whereas TRANSGRID VENTURE is  not listed. However, we can get Info from Hexcap's Annual Report plus its quarterly report when the accounts of Transgrid are Incorporated in the Balance sheet


Now see Mn Holdings balance sheet

Refer Bursa

MN HOLDINGS

Profit after tax/Total

comprehensive income (“PAT”) Rm7,036,000


Above we see Mn Holding one qtr profit is Rm7.036 Million



SEE HEXCAP BALANCE SHEET


The Group’s strategic investments in Transgrid Ventures Sdn. Bhd. and the additional 6.75% stake in

Binasat Communications Berhad have continued to yield positive returns. Year-to-date, contributions to

profits from these associates amounted to RM8.5 million, reflecting their strong performance and

alignment with the Group’s strategic goals.


HEXCAP's 2 IPO (Initial Private Offering) Binacom  & Transgrid Ventures both combined gave a total profit of Rm8.5 Millions

Since Binacom  is listed we

HOWEVER, WE CAN SEE BINACOM RESULTS AS IT IS LISTED
PLEASE REFER TO BURSA BINACOM RESULTS
RM692,000
RM621,000
RM356,000
TOTAL IS   RM1.669 MILLIONS

so by way of deduction we can get profit contribution from TRANSGRID VENTURES

RM8.5 MILLIONS LESS RM1.669 MILLIONS (BINACOM SHARE OF PROFIT)

= rm6.831 MILLIONS

AND SINCE HEXCAP OWNS 49% OF TRANSGRID THE TOTAL PROFIT OF TRANSGRID SHOULD BE RM6.831 MILLION
MULTIPLY BY 2

= RM13.662 MILLION

THAT MEANS THAT TRANSGRID VENTURE HAS A VIABLE, PROFITABLE BUSINESS RIGHT FROM THIS IPO (INITIAL PRIVATE OFFERING) BY TRANSGRID VENTGURES GIVING UP 49% OF ITS SHARE TO HEXCAP IN EXCHANGE FOR PART CASH & PART HEXCAP SHARES VALUED AT 77.8 SEN A SHARE

AND CURRENT PRICE OF HEXCAP BEING 36 SEN IS A HUGE 54% DISCOUNT TO WHAT TRANSGRID VENTURE PEOPLE ARE HOLDING

THESE TWO YARD STICKS ALREADY TELL US THAT HEXCAP IS A VERY GROSSLY UNDERVALUE SHARE AT THIS PRICE OF 36 SEN

1) PRICE TO BOOK VALUE HEXCAP HAS A DISCOUNT OF 22% COMPARED TO PRICE TO BOOK VALUE OF MN HOLDING SELLING 4.5 x (TIMES) BOOK VALUE AT LOFTY PRICES

2) HEXCAP IS 54% CHEAPER NOW THAN WHEN TRANSGRID VENTURES DID A BOOK DOOR IPO THROUGH EXCHANGING FOR PART HEXCAP SHARES AT 77.8 SEN

ANY MORE DISCOIVERY?

YES!

WHAT MN HOLDING CAN DO HEXCAP'S TRANSGRID HOLDING ALSO CAN DO & MORE. TRANSGRID VENTURES CAN DO WHAT MN HOLDING COULD NOT

FROM ALL WE KNOW ALL JOBS DONE BY MN HOLDINGS ARE 275KV (KILO VOLT) & 133 KV) WHERE TRANSGRID HAS COMPLETED MANY HIGHEST QUALITY 500KV (KILO VOLT ) JOBS FOR TNB

SEE


Extra - High Voltage (done by Transgrid Ventures)

  • ESTABLISHMENT OF 500/275KV OLAK LEMPIT SUBSTATION
  • ESTABLISHMENT OF PMU 500/275/132KV BENTONG SOUTH (2X1050MVA & 2X240MVA), PAHANG
  • EXTENSION OF PMU AYER TAWAR 500KV AIS SUBSTATION
  • EXTENSON OF 1 DIAMETER XT 500KV AYER TAWAR INCLUDE OF 3RD 750MVA XGT
  • SUPPLY, ERECT & COMMISSIONING OF 500KV, 275KV SWITCHGEARS, 750MVA 500/275KV TRANSFORMER AND ANCILLARY EQUIPMENT AND ASSOCIATED CIVIL WORKS FOR PMU 500/275KV BUKIT TARIK EXTENSION
  • MAPAI 500kV SUBSTATION AND MAPAI 275kV SUBSTATION EXTENSION PROJECT
  • PMU 500/275KV LENGGENG (4TH XGT 1050MVA)
  • ​ESTABLISHMENT OF PMU 500/275KV BUKIT UNGGUL SELANGOR

ABOVE ARE 9 PROJECTS OF 500KV DONE BY TRANSGRID VENTURES




SEE FURTHER


Gas Insulated Substation (BY TRANSGRID VENTURES)

  • ESTABLISHMENT OF PMU 132/33kV SOUTHKEY JB GIS, (2 x 90MVA), JOHOR
  • ESTABLISHMENT OF PMU 132/33kV SRI HARTAMAS GIS AND DOUBLE CIRCUIT LILO 132KV SEGAMBUT - DAMANSARA HEIGHTS /TNBHQ INTO PMU SRI HARTAMAS GIS
  • ESTABLISHMENT OF NEW PMU 275/132/33KV (2 X 240MVA) EBOR GIS, SELANGOR
  • ESTABLISHMENT OF MUTIARA DAMANSARA GIS
  • ESTABLISHMENT OF 132/33KV SERDANG RAYA GIS​
  • SUPPLY, ERECT, COMMISSIONING OF 132KV & 33KV SWITCHGEARS, 2 X 90MVA132/33KV POWER TRANSFORMER, ANCILLARY EQUIPMENT AND ASSOCIATED CIVIL WORKS FOR METACORP 132KV GIS
  • ESTABLISHMENT OF 275/132/33KV SUBANG JAYA TOWN CENTRE
  • PMU 275/132kV THE LIGHT, PENANG (GIS)
  • TNB 1041/2018 ESTABLISHMENT of PMU 275/132kV PRINCE COURT GIS (3 x 240MVA), K.LUMPUR
  • TNB 1400/2018 MAINHEAD A : PMU 275/132kV ELMINA WEST (3x240MVA), SELANGOR
  • TNB 1401/2018 MAINHEAD B : PMU 275/132/33kV TUN RAZAK EXCHANGE GIS (2 x 240MVA & 2 x 90MVA) & PMU 132/33kV TUN RAZAK EXCHANGE 2 GIS (Building Only), K.LUMPUR
  • TNB 1511/2018 PMU 132/33kV TAMAN MELAWATI GIS (2 x 90MVA), K.LUMPUR
  • EPCC for POWER IMPORT PROJECT FOR MALAYSIA LNG SDN BHD (MLNG)


Air Insulated Substation BY TRANSGRID VENTURES

  • ESTABLISHMENT OF 132/33KV PMU TANJUNG GEMOK (2 X 45MVA)AND CONFIGURATIONOF EXISTING 132/33KV OHL FROM MERSING TO PPU TANJUNG GEMOK TO PMU TANJUNG GEMOK
  • ESTABLISHMENT OF PMU 132/33KV DUNGUN INDUSTRI (2 X 90MVA)
  • ESTABLISHMENT OF NEW PMU 275/33KV JELI
  • SUPPLY, ERECT AND COMMISSIONING OF 132KV & 33KV SWITCHGEARS, TRANSFORMER & ANCILLARY EQUIPMENT, C/W ASSOCIATED CIVIL WORKS FOR KLUANG JOHOR EXTENSION
  • CONVERSION FROM 132/22KV 2 X 60MVA TO 132/33KV 2 X 90MVA FOR NEW KANTHAN PERAK SUBSTATION
  • SUPPLY, ERECT & COMMISSIONING OF 132KV & 33KV SWITCHGEAR, TRANSFORMER & ANCILLARY EQUIPMENT C/W ASSOCIATED CIVIL WORKS FOR GEBENG EXTENSION S/S
  • SUPPLY, ERECT & COMMISSIONING OF 132KV & 33KV SWITCHGEARS, TRANSFORMERS & ANCILLARY EQUIPMENT C/W ASSOCIATED CIVIL WORKS FOR PAKA EXTENSION S/S
  • SUPPLY, ERECT AND COMMISSIONING OF 132KV & 33KV SWITCHGEARS, TRANSFORMER & ANCILLARY EQUIPMENT, C/W ASSOCIATED CIVIL WORKS FOR CHENDERING EXTENSION S/S
  • ​ESTABLISHMENT OF NEW 132/33KV SERDANG AIS SUBSTATION AND ACCESS ROAD
  • ESTABLISHMENT OF NEW PMU 275kV LALOH, KELANTAN

ARE ABOVE PROJECTS ALREADY COMPLETED OR ONGOING?

BOTH

SEE

Ts. Muhammad Firdaus Razali - Project Manager - Transgrid Ventures Sdn.  Bhd. | LinkedIn

ABOVE PHOTO TELLS US TRANSGRID VENTURE HAS ON-GOING PROJECT YET TO BE COMPLETED FOR TNB


AND MORE

TRANSGRID VENTURE IS ALSO DOING JOBS FOR DATA CENTER
to be continued

Hexcap now 36 SEN

We expect it to do very well all throughout 2025 TO 2030 TNB RM90 BILLIONS 5 YEAR JOB AWARD

With Warm Regards

Calvin Tan

Please buy or sell after doing your own due diligence or consult your Remisier/Fund manager





Discussions
Be the first to like this. Showing 6 of 6 comments

calvintaneng

hexcap also doing DATA CENTER THRU TRANSGRID VENTURE


Join Our Team at Transgrid Ventures Sdn. Bhd.! 🏗️

Are you ready to be part of an exciting journey in the world of data centers? We’re seeking dynamic individuals to join our team as Inspector of Works (IOW), QA/QC Engineer, and Site Engineers (Civil) for our fast-track CLS Data Centre project at Starhill Golf Resort, Kempas, Johor Bahru.

🔍 Position Available (Immediate Hiring): IOW - Registered with BEM, QA/QC Engineer, Site Engineer - Civil
📅 Employment: Contract
📍 Location: Starhill Golf Resort, Kempas, Johor Bahru.
🏗️ Project: Consumer Landing Station (CLS) for Data Centers.

This is a fantastic opportunity for fresh graduates to kick-start their careers in a cutting-edge industry. We encourage passionate individuals who are eager to learn and grow to apply.

If you’re ready to take on challenges, collaborate with a talented team, and contribute to building the future of data infrastructure, then we want to hear from you!

Send your resume to m.firdaus@transgrid.com.my

1 month ago

calvintaneng

Hexcap is a very young 🐄

Will grow into a 🐂

Get it early and hold

Best is yet to come

1 month ago

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2 weeks ago

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