Highlights
KLSE: YNHPROP (3158)       YNH PROPERTY BHD MAIN : Property
Last Price Today's Change   Day's Range   Trading Volume
1.31   0.00 (0.00%)  0.00 - 0.00  0
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Financials


Market Cap: 695 Million

Market Cap 695 Million
NOSH 530 Million

Latest Audited Result:  31-Dec-2017

Latest Audited Result: 31-Dec-2017
Announcement Date 30-Apr-2018
Next Audited Result: 31-Dec-2018
Est. Ann. Date: 30-Apr-2019
Est. Ann. Due Date: 29-Jun-2019

Latest Quarter:  30-Sep-2018 [#3]

Latest Quarter: 30-Sep-2018 [#3]
Announcement Date 22-Nov-2018
Next Quarter: 31-Dec-2018
Est. Ann. Date: 26-Feb-2019
Est. Ann. Due Date: 01-Mar-2019
QoQ | YoY   122.20%  |    36.40%

Annual (Unaudited) ( EPS: 6.14, P/E: 21.40 )

Revenue | NP to SH 333,728  |  32,468
RPS | P/RPS 63.09 Cent  |  2.08
EPS | P/E | EY 6.14 Cent  |  21.40  |  4.67%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 1.76  |  0.75
YoY   -14.56%
NP Margin | ROE 9.73%  |  3.49%
F.Y. | Ann. Date 31-Dec-2017  |  26-Feb-2018

T4Q Result ( EPS: 5.97, P/E: 22.00 )

Revenue | NP to SH 376,746  |  31,583
RPS | P/RPS 71.22 Cent  |  1.84
EPS | P/E | EY 5.97 Cent  |  22.00  |  4.55%
DPS | DY | Payout % 0.02 Cent  |  0.02%  |  0.33%
NAPS | P/NAPS 1.77  |  0.74
QoQ | YoY   6.19%  |    10.00%
NP Margin | ROE 8.38%  |  3.37%
F.Y. | Ann. Date 30-Sep-2018  |  22-Nov-2018

Annualized Result ( EPS: 3.83, P/E: 34.31 )

Revenue | NP to SH 367,949  |  20,250
RPS | P/RPS 69.56 Cent  |  1.89
EPS | P/E | EY 3.83 Cent  |  34.31  |  2.91%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   22.09%  |    -5.51%
NP Margin | ROE 5.50%  |  2.16%
F.Y. | Ann. Date 30-Sep-2018  |  22-Nov-2018



Business Performance

Business Performance (By Quarter)

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 0 / 4 0.00% 0 / 8 0.00%
Total Positive Profit Years 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Positive Profit 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Profit Growth 1 / 4 25.00% 1 / 8 12.50%
Continuous Quarters Of Adjusted EPS Growth 1 / 4 25.00% 1 / 8 12.50%
Total Dividend Years 1 / 4 25.00% 1 / 8 13.00%
Continuous Quarters Of Dividend 1 / 4 25.00% 1 / 8 12.50%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 1 / 4 25.00% 1 / 8 12.50%
Average ROE 0.84% 0.82%
Average Net Profit Margin 8.25% 8.25%

Business Performance (By Year)

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 10 Years
Continuous Years Of Revenue Growth 0 / 5 0.00% 0 / 10 0.00%
Total Positive Profit Years 5 / 5 100.00% 10 / 10 100.00%
Continuous Years Of Positive Profit 5 / 5 100.00% 10 / 10 100.00%
Continuous Years Of Profit Growth 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Adjusted EPS Growth 0 / 5 0.00% 0 / 10 0.00%
Total Dividend Years 1 / 5 20.00% 5 / 10 50.00%
Continuous Years Of Dividend 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Dividend Growth 0 / 5 0.00% 0 / 10 0.00%
Continuous Years Of Adjusted Dps Growth 0 / 5 0.00% 0 / 10 0.00%
Average ROE 4.15% 6.00%
Average Net Profit Margin 10.43% 15.52%

Key Result

Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 376,746 367,949 333,728 304,182 340,707
NP to SH 31,583 20,250 32,468 45,637 35,704
Dividend 105 - - 8,383 2,103
Adjusted EPS 5.97 3.83 6.14 8.60 6.73
Adjusted DPS 0.02 0.00 0.00 1.58 0.40

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.


Growth

Growth (By Quarter)

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue -0.26% -4.15% 18.47% 4.24% 8.60%
NP to Owner 122.20% 36.40% -5.51% -12.67% -8.52%
Dividend 0.00% 0.00% 0.00% 300.00% 700.03%
Adj. EPS 122.20% 36.40% -5.51% -12.67% -8.52%
Adj. DPS 0.00% 0.00% 0.00% 300.00% 700.00%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

Growth (By Year)

T4Q vs LFY T4Q vs AL5FY T4Q vs AL10FY AQR vs LFY AQR vs AL5FY AQR vs AL10FY LFY YoY LFY vs AL5FY LFY vs AL10FY
Revenue 12.89% 10.58% 23.86% 10.25% 8.00% 20.96% -9.74% -2.05% 9.71%
NP to Owner -2.73% -11.54% -30.80% -37.63% -43.28% -55.63% -14.56% -9.07% -28.86%
Dividend 0.00% -94.96% -98.73% - % - % - % 0.00% 0.00% 0.00%
Adj. EPS -2.80% -11.61% -30.85% -37.63% -43.28% -55.63% -14.56% -9.07% -28.86%
Adj. DPS 0.00% -94.96% -98.73% - % - % - % 0.00% 0.00% 0.00%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

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  3 people like this.
 
juinming0304 pmhldg, pmcorp.,muid
will moves !
15/10/2014 09:24
juinming0304 BIG Annoucement soon ! by Dr Yu
15/10/2014 09:25
Johnny Mah strong cash flow
20/10/2014 10:52
stncws HE BOT MUIB,PMHLDG!!
24/10/2014 17:19
logitrader http://www.klse.my/stock/result/qr/quarter/3158.jsp
29/11/2014 09:41
logitrader http://www.klse.my/stock/insider/company/shareBuyback/3158.jsp
12/12/2014 17:19
tjhldg kikikikiiii
05/02/2015 22:57
kcgoh1234 warning - pls revisit their cash flow statements, last yr figure cant even tie. it is indeed a fishy company, highly geared with huge bank overdraft.
10/02/2015 02:25
kcgoh1234 some figures are intentionally hiden. something wrong with this co.
10/02/2015 02:26
logitrader http://www.klse.my/financial/quarterResult/YoY/quarter/3158/31-Dec-2014.jsp
27/02/2015 23:26
logitrader http://www.klse.my/financial/quarterResult/YoY/quarter/3158/31-Mar-2015.jsp
26/05/2015 20:15
A1lwaysWin stupidz counter
21/07/2015 17:50
Alfonso do not play fool with ynh group...there are just too humble to be strong..
08/04/2016 16:54
Ming Haw 2.10
20/04/2016 23:02
logitrader http://www.klse.my/stock/insider/director/all/3158.jsp
11/05/2016 17:04
younginvestor92 director busy buying and selling shares lol
23/05/2016 21:48
younginvestor92 busy trading but not operating company.... very very bad management...
24/05/2016 10:10
younginvestor92 really pity the shareholders..... The most active director on trading in Bursa Msia
16/06/2016 11:21
Msfollowme Oo YNH is coming high RM2+
04/09/2016 08:04
Alfonso YNH, the most respectable co. in the entire universal
27/05/2017 14:59
reach_rich someone maintain the price everyday
13/03/2018 10:37
reach_rich can play contra easily!
13/03/2018 11:37
apolloang someone throw a lot morning now they push limit up.....all stocks same no sell no up.....all pakat to cheat the retailers
23/08/2018 15:21
apolloang all manipulation.....bursa mata buta no query?
23/08/2018 15:22
apolloang I am faster to know than sleeping bursa officials.....susupend this counter now
23/08/2018 15:23
apolloang suspend and probe mata buta bursa
23/08/2018 15:23
apolloang property stock can limit up also,who say property stocks cannot? all is only manipulation no fundamentals at all this bursa
23/08/2018 15:25
Lim Tek Wai Price will gap up this morning, good luck to all and enjoy the rollercoaster.... hehe
27/08/2018 10:37
Muarmali here got super tukang goreng. lai lai lai... :)))
29/08/2018 08:37
Jasper Coo Waiting for dividen soon. This time can cover back some capital loss. Not bad.
29/08/2018 10:50
Lim Tek Wai Good job ! keep rising....
29/08/2018 11:15
Alfonso What happened to this lanfahang counter?
22/09/2018 09:03
Alfonso deng, up lar woi!
19/10/2018 09:35
anticonman Yu Kuan Chon disposed bec margin call?
06/11/2018 06:33
Alfonso What is this Yu's family doing?? ADUIHAI!
14/11/2018 09:12
saufi74 what happen to this stock??? dropping like niagara fall..
14/11/2018 11:32
TYS_Capital negative info spreading, net loss in next quarter.
14/11/2018 16:04
TYS_Capital all cabut including major shareholders
14/11/2018 16:05
TYS_Capital vindex analysis, fair value 0.70. gg liao
14/11/2018 16:09
TYS_Capital bought in testing water, haha.
14/11/2018 16:39
TYS_Capital bet for the next quarter got surprise. then I hust gaogao.haha
14/11/2018 16:39
14/11/2018 16:40
Syndicates huat ah everyone here
14/11/2018 17:08
Syndicates cornered stock dont be afraid. big holder dont want let the price down so low.
14/11/2018 17:09
DoctorKnow Oversold already
15/11/2018 08:06
Syndicates huat ah market panic we still make money
15/11/2018 12:06
TYS_Capital haha, 见好就收。well done dudes
15/11/2018 12:18
TYS_Capital Q sell more than Q buy, show coming after lunch break?
15/11/2018 12:32
Alfonso Dont playplay with this Yu's families
20/11/2018 16:23
commonsense The company property development is mainly focus in the Klang Valley area. Some of the projects that they currently developing are the mix development Kiara 163 with GDV of RM1bil (target completion 2020), Sfera Residensi in Puchong with GDV of RM426mil (target completion end of this year) and Menara YNH near the Golden Triangle area with GDV of RM2.1bil.

But the value in investing in the company lies in it vast land banks around the Klang Valley and Perak areas with most of them yet to be revalue since early 2000. It is safe to say that the NTA of RM1.74 per share recorded in Sept 18 is actually much higher ( most probably around RM3.00). As an example they have a 90 acre land near Genting that they had acquire in 2008. In their books the land is only valued at RM17.8mil but the company is planing for a mix development project with a GDV of RM2bil. At the current share price the company is only trading at 0.8x PB (if revaluation is done potentially this drops to only 0.5x PB). However, the unlocking of the asset value might take some time. Investors need to have a longer term investment horizon for this type of stock.

In the near term, the company currently facing falling revenue and profit which is in line with the general property industry.

Core PBT for 3Q18 would have only been RM4.8mil (instead of the reported RM13.8mil) if we were to exclude the RM3.4 mil gain in disposal and the RM5.6mil write back. For 9m18 property development division actually recorded a growth of 27% in revenue but this does not translate to higher profit. EBITDA and PBT for the same period has fallen by 10% and 15% respectively.

But the bigger issue lies on its balance sheet. The company is overly dependent on debt to fund their operations. As of Sept 18 the current liabilities of RM925mil (of which RM635mil is debt) is higher than the current asset of RM621mil ( of which only RM14mil is cash). The company might faces liquidity issue in the near future unless they can sell more of its assets to raise the cash to help settle their immediate obligation. Their cash flow statement in 3Q18 did not provide details but since there was a gain on disposal, they might have already started to sell some of the assets already.

The dependence on debt might also effect their future profit margin given the expected higher interest rate trend . 9m18 interest cost is RM29mil or 54% of EBIT.

Hopefully management can provide more clarification on how they plan to strengthen their balance sheet position. As mentioned before, given the landbank that they have at the moment (the list of properties under the company has 11 pages in FY17 annual report), the company has immense potential to create more value to the shareholder either by selling the land or developing it in the future.

If you are looking to diversify your portfolio outside of the property industry (due to the current negative sentiment), i would recommend you to look at MBMR.

MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 5.8x PE (based on target FY18 PATAMI of RM145mil. 9m PATAMI is already RM106mil). PB is low at only 0.6x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17. For FY19 growth will be driven by the still high demand of new Myvi and the launch of the new SUV in 1Q19.

Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions.

Good luck.
16/12/2018 10:40