回顾历史，马来西亚独立后经济迎来腾飞时期主要得益于一系列政策改革、基础设施建设和全球经济环境的有利变化。大马经济从主要依赖于农业和原材料出口的单一经济结构，通过引入外资和技术，积极推动工业化进程，重点发展制造业和出口导向型经济，在20世纪末成功转型经济迈向多元化。此外，大型基础建设如吉隆坡国际机场（KLIA）、国油公司双峰塔和南北大道显著地提高效率和国际竞争力，为经济腾飞奠定了坚实的基础。
近年来，大马政府持续加大基础设施投资，推动泛婆罗洲高速公路、东海岸铁路、第三轻快铁线（LRT3）和槟城轻快铁（Penang LRT）再到夹带外资加持和本地私人企业的人工智能（AI）和数据中心等大型项目，使我们迎来似曾相识的时刻(deja vu moment)。这些项目无疑是大马经济再次腾飞的催化剂。我在《马股人工智能投资机遇》 一文中分析马股投资者从英伟达和微软科技巨头在人工智能和数据中心基础建设上，可以得到的机遇。
各项大型基础建设、AI以及数据中心基础建设不仅有助于刺激资本市场，也可以为实体经济带来长远的效益。根据公共工程部副部长拿督斯里阿末马斯兰所提供的数据显示，2024年政府和私人领域总共投入了1800亿令吉用于建筑项目，其中900亿来自政府的2024年预算发展支出。这些项目的实施，将带动建筑材料需求急剧上升，为相关企业带来巨大的机会。
正如美国著名基金经理彼得林奇（Peter Lynch）所说：“在淘金热期间，大多数淘金者赔了钱，但那些卖给他们镐、铲、帐篷和牛仔裤的人却赚了不少钱。”换言之，在淘金热期间，淘金者面临著巨大的风险和不确定性，而那些提供铲子、牛仔裤、帐篷和其他必要用品的企业则能获得稳定的利润。因此，这个策略被用于强调在繁荣的行业中，投资于提供基础设施和支持的公司可能是更安全和更有利的选择。
回看马股，“卖铲子”给基建项目的公司中，其中一个可能最大受惠者，就是2022年上市的建材批发与分销商──联营工业集团（Unitrade）。作为一家领先的建筑材料批发与分销公司，该公司提供超过6000种的管道、阀门、配件及其他建筑材料，广泛应用于机械和电气工程及土木工程领域。联营工业集团不仅在建筑材料分销方面表现出色，还在预绝缘管的制造和销售中占据重要地位，这些管道广泛应用于空调系统、电加热和石油储存处理等商用和工业用途。
另外，通过租赁脚手架、钢板、方钢和重型支撑系统等临时结构支撑设备，联营工业集团也为建筑和工程项目提供了灵活的解决方案。
盈利催化剂
此外，联营工业集团也通过企业并购为客户提供附加价值的服务和拓展产品组合，这也有助于加强公司的盈利能力。该公司分别于2023年8月份和今年1月份收购了Winnson Marketing私人有限公司以及Intergreen Metals私人有限公司。
通过收购Winnson Marketing公司，将使联营工业集团扩充至液压软管市场和环保废物管理领域。至于，收购Intergreen Metals私人有限公司则显示公司垂直整合(vertical integration)策略。这项收购使该公司踏足金属回收行业，在讲求符合环境、社会和治理(ESG)原则的经商氛围尤其重要。
值得关注的是，这项收购不仅有盈利保证，还保留了“原班人马”的专业团队，（预测能）确保在2024到2026财年间为公司提供合共4500万令吉的盈利。这一新业务除了为公司带来了稳定的收入来源，同时也可减少了钢铁价格波动的冲击，增强了业务的抗风险能力。
拓展业务符合ESG
联营工业集团另一项与可持续发展相关的部署是与华为技术（马来西亚）有限公司和JJ-LAPP（马来西亚）有限公司签订协议，联手促进华为数码电力智能光伏解决方案在住宅以及商业和工业（C&I）领域的销售。这些智能光伏解决方案整合了数码技术，优化了太阳能系统的能量生成和效率，同时实现了远程监控和管理。
该公司拓展绿色能源和节能产品将为国内的太阳能工程、采购、施工和调试(EPCC)提供优质产品，既可以响应市场对低碳和可持续建筑需求的增长，也无需直接与EPCC领域业者竞争，反而是可以成就后者。
联营工业集团另一个不可忽视的业务是其租赁业务，通过提供更多种类的临时结构支撑设备和集中劳工宿舍（CLQ）解决方案。实际上临时结构支撑设备可以帮助以建筑行业为主的发展商客户减低开销，也可以达到环保的作用。
不得不提的是，供公司员工居住的CLQ减少了员工的通勤需求，根据ESG原则，这将减少范围三（Scope 3）的排放。范围三的排放包括公司价值链中与公司活动间接相关的所有其他排放，其中包括员工通勤排放。减少员工通勤距离有助于降低与员工日常交通相关的温室气体排放。
另一方面，CLQ不仅符合马来西亚《工人住房和便利设施最低标准的第446号法案（修正案）》的要求，还为工业雇主提供了经济、高效的工人住宿解决方案。租赁业务和CLQ都能提供稳定的经常性收入，改善公司的现金流。
建材行业挑战
尽管联营工业集团在经济再次腾飞下充满各种机遇，投资者还是必须留意该公司所处于的建筑材料行业可能遇到的挑战。大致上可归纳为
融资风险：由于建筑材料行业需要大量的营运资金，如果公司未能以有竞争力的利率获得足够的融资，可能导致利息支出增加和融资选择受限，从而影响公司的财务稳定。
库存减值风险：公司必须保持足够的库存以满足客户需求，但库存过多可能导致减值风险，特别是在市场需求波动或产品滞销的情况下。
钢铁价格波动风险：钢铁价格的波动会影响公司的销售成本和库存成本。如果公司不能将成本增加转嫁给客户，可能会对财务表现产生负面影响。尽管公司通过采购策略来管理库存水平，但钢铁市场的不确定性依然是一个重要风险因素。
由大型基础建设驱动的经济无疑将让许多本地企业长远受惠，而联营工业集团很可能就是站在这风口上其中一家企业。无论如何，个人的投资决策都须基于了解自身可承担的风险和充分的研究与专业咨询，本文仅为信息分享而非投资建议。
郑荣信《大马经济再次腾飞机遇》英文版： The Opportunities at the Forefront of Malaysia’s Economic Resurgence
Looking back at history, Malaysia's post-independence economic takeoff was mainly due to a series of policy reforms, infrastructure development, and favorable global economic conditions. The Malaysian economy, initially reliant on agriculture and raw material exports, transitioned through industrialization by attracting foreign investment and technology, with a strong focus on manufacturing and export-oriented industries. By the late 20th century, Malaysia had successfully diversified its economy. Major mega infrastructure projects such as the Kuala Lumpur International Airport (KLIA), Petronas Twin Towers, and the North-South Expressway (PLUS) significantly boosted efficiency and international competitiveness, laying a solid foundation for economic growth.
In recent years, the Malaysian government has continued to ramp up infrastructure investment, promoting mega projects like the Pan-Borneo Highway, East Coast Rail Link (ECRL), Light Rail Transit 3 (LRT3), and Penang LRT. Coupled with foreign investment and local private sector initiatives in artificial intelligence (AI) and data centers, we are experiencing a déjà vu moment reminiscent of past economic booms. These projects are undoubtedly catalysts for another economic surge in Malaysia. In my article "Opportunities in AI Investment in Bursa Malaysia" , I analyzed the opportunities for Bursa Malaysia investors to benefit from AI and data center infrastructure investments, spurred by tech giants like Nvidia and Microsoft.
Such mega infrastructure, AI, and data center projects not only stimulate the capital market but also bring long-term benefits to the real economy. According to data provided by Deputy Minister of Public Works, Dato' Seri Ahmad Maslan, in 2024, the government and private sector will invest a total of RM180 billion in construction projects, with RM90 billion coming from the government's 2024 budget development expenditure. The implementation of these projects will lead to a significant increase in demand for construction materials, presenting enormous opportunities for related companies.
As the famous American fund manager Peter Lynch once said, "During the gold rush, most gold miners lost money, but those who sold them picks, shovels, tents, and jeans made a lot of money." In other words, during a gold rush, the miners faced significant risks and uncertainties, while companies providing essential supplies like shovels, jeans, and tents were able to earn stable profits. This strategy emphasizes that investing in companies that provide infrastructure and support in a booming industry can be a safer and more profitable choice.
In the context of Bursa Malaysia, one of the companies that could benefit the most from infrastructure projects is Unitrade Industries Berhad, a building materials wholesaler and distributor that went public in 2022. As a leading distributor of construction materials, the company offers over 6,000 stock-keeping units (SKUs) of pipes, valves, fittings, and other construction materials widely used in mechanical and electrical engineering and civil engineering. Unitrade not only excels in the distribution of building materials but also holds a significant position in the manufacturing and sales of pre-insulated pipes, which are widely used in air conditioning systems, electric heating, and oil storage processing for commercial and industrial applications.
Additionally, Unitrade provides flexible solutions for construction and engineering projects through the rental of temporary structural support equipment such as scaffolding, steel plates, hollow sections, and heavy-duty support systems.
Two Major Corporate Exercises as Profit Catalysts
Furthermore, Unitrade has enhanced its profitability by providing value-added services and expanding its product portfolio through corporate acquisitions. The company acquired Winnson Marketing Sdn Bhd in August 2023 and Intergreen Metals Sdn Bhd in January this year.
The acquisition of Winnson Marketing will allow Unitrade to expand into the hydraulic hose market and environmental waste management sector. The acquisition of Intergreen Metals, on the other hand, demonstrates the company's vertical integration strategy. This acquisition enables the company to enter the metal recycling industry, which is particularly important in an era where environmental, social, and governance (ESG) principles are increasingly emphasized.
Notably, this acquisition not only comes with profit guarantees but also retains the original professional team, which is expected to ensure that the company generates a total profit of RM45 million between FY2024 and FY2026. This new business not only provides the company with a stable revenue stream but also mitigates the impact of steel price fluctuations, enhancing the company's resilience to risks.
Business Expansion Aligned with ESG Principles
Another ESG-related initiative by Unitrade is its partnership with Huawei Technologies (Malaysia) Sdn Bhd and JJ-LAPP (Malaysia) Sdn Bhd to promote Huawei's digital power intelligent photovoltaic (PV) solutions in the residential, commercial, and industrial (C&I) sectors. These intelligent PV solutions integrate digital technology to optimize solar energy generation and efficiency while enabling remote monitoring and management.
The company's expansion into green energy and energy-efficient products will provide high-quality products for domestic solar energy engineering, procurement, construction, and commissioning (EPCC), responding to the growing demand for low-carbon and sustainable buildings in the market without directly competing with EPCC players, but rather complementing them.
Another significant business that cannot be overlooked is Unitrade's rental business, which offers a wide range of temporary structural support equipment and centralized labor quarters (CLQ) solutions. In fact, temporary structural support equipment can help developers, primarily in the construction industry, reduce expenses and achieve environmental benefits.
It is worth mentioning that CLQ, which provides accommodation for the company's employees, reduces their commuting needs. According to ESG principles, this will reduce Scope 3 emissions. Scope 3 emissions include all other indirect emissions related to a company's activities within its value chain, including employee commuting emissions. Reducing employee commuting distances helps lower greenhouse gas emissions associated with daily employee transportation.
On the other hand, CLQ not only complies with Malaysia's Minimum Standards of Housing and Amenities Act 446 but also provides industrial employers with an economical and efficient solution for worker accommodation. Both the rental business and CLQ can provide stable recurring income, improving the company's cash flow.
Challenges in the Building Materials Industry
While Unitrade is well-positioned to benefit from an economic boom driven by mega infrastructure projects, investors must also be aware of the challenges the company may face in the building materials industry. These challenges can be broadly categorized as follows:
1. Financing Risk: The building materials industry requires substantial working capital. If the company fails to secure sufficient financing at competitive rates, it may lead to increased interest expenses and limited financing options, affecting the company's financial stability.
2. Inventory Impairment Risk: The company must maintain sufficient inventory to meet customer demand, but excessive inventory could lead to impairment risk, especially in cases of market demand fluctuations or slow-moving products.
3. Steel Price Volatility Risk: Fluctuations in steel prices can impact the company's cost of sales and inventory costs. If the company is unable to pass on these increased costs to customers, it could negatively affect its financial performance. Although the company manages inventory levels through procurement strategies, the uncertainty in the steel market remains a significant risk factor.
An economy driven by mega infrastructure development will undoubtedly benefit many local companies in the long run, and Unitrade Industries Berhad is likely to be one of the companies well-positioned to take advantage of this opportunity. However, individual investment decisions should be based on an understanding of the risks one can bear, thorough research, and professional consultation. This article is intended for informational purposes only and does not constitute investment advice.
