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CIMB Research: HSR civil works to profit local contractors

KUALA LUMPUR, April 23 — Analysts CIMB Equities Research has said today that the Kuala Lumpur-Singapore High Speed Rail (HSR) civil work projects will look to benefit Malaysian contractors. 

This comes as the research house stated that the deadline for the project’s asset-holding company (AssetsCo) role was extended by six months, from June 28 to December 28, 2018. 

The AssetsCo will be led by a foreign HSR expert, it said, likely via a joint venture (JV) with a local rail systems works player.

It will be responsible for designing, building, financing and maintaining all rolling stock as well as designing, building, financing, operating and maintaining all rail assets, such as track work, power, signalling and telecommunications.

The firm will also manage the system network for operations and maintenance needs.
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“Based on our checks, we understand that the AssetsCo bid extension will not impact the timing and progress of the RM30 billion to RM40 billion project delivery partner (PDP) scope”
“Based on our checks, we understand that the AssetsCo bid extension will not impact the timing and progress of the RM30 billion to RM40 billion project delivery partner (PDP) scope,” said the research house. 

Subsequent to the two letters of intent (LOIs) granted to MRCB-Gamuda JV and YTL-THP JV on April 5, CIMB Research expected the official letter of awards (LOA) to be formalised by the end of this month, including the details of the PDP fees. 

The PDP LOA presentation is therefore set to take place before the general election on May 9.

“We gather that a certain portion of the HSR alignment is targeted to begin construction works in 2019, implying that there could be some HSR contracts awarded over the next six to nine months. 

“So far, the only known consortiums that have expressed interest to bid for the AssetsCo are George Kent (Malaysia), YTL Corp and MMC Corp,” it said.
Source by: 
Malay Mail
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