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6 comment(s). Last comment by winbigbursa at Jan 13, 2020 11:04 AM
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winbigbursa
1823 posts

Posted by winbigbursa > Nov 29, 2019 12:22 AM | Report Abuse

admin, request your help to add the labels for NAIM article, thank you.


abang_misai
1720 posts

Posted by abang_misai > Nov 30, 2019 10:59 AM | Report Abuse

Thanks for the article. I think privatisation will only happen next Monday


winbigbursa
1823 posts

Posted by winbigbursa > Dec 31, 2019 8:40 PM | Report Abuse

the price movement of NAIM since 29/11, indicate that no privatisation by the majority shareholders is likely for NAIM for now.

Nevertheless, NAIM is worth a 2nd look, as it is the top performer for the property sector this year, up 140% from 31.12.2018 close of 44.5 sen, to end at 1.07 today.

Its 26.42 % interest in assoc. Dayang is worth a hefty rm703.6 million !(est. cost rm158.5m), which gives a worth of rm1.36 per NAIM share.

How, the stellar mgmt deals with the potential investment gains in Dayang, is a happy problem for 2020.

With 9mth eps of 9.62 sen so far, n the 4th Qtr results expected to be good, a strong rerating for NAIM is expected when the full results is released by end-Feb 2020.


winbigbursa
1823 posts

Posted by winbigbursa > Jan 8, 2020 7:02 AM | Report Abuse

Conservative Guestimate for NAIM 4rd Qtr results :

3rd Qtr eps_________________ 7.25 sen main contribution is assoc. Dayang strong earnings, expected to be maintain /better for 4rd Qtr

total 9mth eps (2019)_________ 9.62 sen
4rd Qtr eps guestimate________ 7.25 sen
conservative 2019 eps_________16.87 sen

on Good years, 4rd Qtr results normally is strongest, take conservative view, same as 3rd Qtr,


based on PE of 8 , min. value for NAIM = 16.87 * 8 = 135 sen , ie RM 1.35.

NAIM current price is RM 1.02 , min upside of 33 sen (+32%)

this does not take into account the bright prospects of NAIM for 2020 :

- continual strong contribution for O&G (dayang) sector
- construction sector increased revenue & profit from state govt infrastructure, road projects
- contribution from Pan Borneo Highway project
- State govt election play in 2020/21
- revival of property sector prospects in 2020
- share investment gain in 26.42% assoc Dayang of more than rm525m
Its 26.42 % interest in assoc. Dayang is worth a hefty rm684 million !(est. cost rm158.5m) , based on price of rm2.44 on 7/1/2020


winbigbursa
1823 posts

Posted by winbigbursa > Jan 8, 2020 9:06 AM | Report Abuse

NAIM's 10 yr average PE range from 7.6-15.4 for 2005-2015.
(2016-2018 are abnormally down yrs, excluded)

with conservative est. eps of 16.87 sen,

NAIM price is seen to range from rm 1.28 to rm 2.59 for 2020,

depending on the catalysts/ news flow in focus.

at current price of rm1.02, investors are assured of a comfortable win !
Good luck to all holders !


winbigbursa
1823 posts

Posted by winbigbursa > Jan 13, 2020 11:04 AM | Report Abuse

It is true that NAIM's 26.42 (280.3 m shares) in Dayang is reflected at cost of rm158.5m in the Balance Sheet.
With projected tp of rm3 for Dayang by feb, due to its expected, stellar results for 2019, NAIM will have a BIG JACKPOT OF rm840m or rm 1.63 backing per NAIM share.
total projected NTA for NAIM is 1.63+2.62 = rm4.25 per share !!
(does not even include projeced min. eps of 17 sen for 2019.)
So, what is the fair value for NAIM ? any experts can help ?

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