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zzzz. Starting to see Penang LRT subcontracts announcement. 2 sub packages on piling jobs went to Geohan. Please work harder bosses of TRC. Lol, no pun intended.
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
Is the underlying business in distress? Is management lacking credibility? Are there major regulatory or litigation overhangs that could materially erode cash reserves? Is the weakness driven by short-term market distortions — or are there other factors at play?
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/
TRC has tendered 1.8bil+ projects last year. So far, it has secured ~800mil from the tenderbook; the penang lrt plus today's contract. More to come given the strength of TRC and big boss in the industry :)
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 :)
Section D package related contracts should be announced soon given the latest updates on ECRL on track for 2027. Lets see who will be awarded the package.
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 tender results expected to be announced in Aug assuming no delays. Hopefully MRT Corp will consider the strength of respective consortium partners and TRC will stand a good chance to secure it.
CMC2 package tender results has been pushed out to Nov'26. We will know by then whether TRC+CCCC expertise & track records will be given the opportunity.
1.4bil orderbook and continue growing. Can't rule out more DC projects in the future too :) CMC2 package bidding results should be announced by Nov'26. Hopefully gomen will award the project to the best consortium based on capability/track records :)
awarded DC contract and mgmt has given heads up actually that they are confident to win some of the tenders by end of 2026 :) expecting more contracts to come
lets not forget that TRC orderbook was less than 800mil for the last few years and ~1.5bil back in 2020. Its currently sitting at 1.4bil orderbook. its coming :) slowly but surely
yup... continue to move up north. orderbook should cross the 1.5bil mark soon. and we will know in Nov whether it will be able to hit the 4bil orderbook once cmc2 package bidding results are announced
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.
MRT Corp initial estimate of CMC2 package value was 4bil. But actual contract awarded could be lower due to competitive bidding; probably at 3bil range.
bcos it is a well managed bumiputera company, 馬拉ck :) It has high cash and low debt. there were no contracts awarded in most part of 2025 resulting in not much attention on this stock plus the orderbook was below 800mil.
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.
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.
but i think company need get more DC job..
fund more like dc job..
previously company get LRT job, stock price din move..
this time get DC job, volume come!!!
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.
TRC got steady orderbook support but datacentre jobs are just too short term to really move the needle unless they keep winning them consistently to stack up the revenue visibility for the long run.