Tambun Indah Land Berhad (5191)   
Full-rounded Underdog Analysis 

https://tambunindah.com/

1. Fresh out of Oven Annual Report (Last day of April). The legendary investor No.6 Fong SiLing a.k.a Coldeye 冷眼 have invested in Tambun. 
What did he see in this stock

Top 30 is holding 70.73% with ultimate beneficiary added positions

The underdog beneficiary from Penang Light Rail Transit (LRT) Project beside E&O.

Other expansion plans by Penang-based and regional semiconductor players, along with the Malaysia My Second Home (MM2H) programme’s easing requirements ought to bring positive demand spillover to the property sector.

Tambun Indah Land Bhd and E&O are considered the major Penang players, although the latter is not a pure play.

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Financial Analysis

Let's break down into financial here.

Let's do a comparison here between Tambun and E&O
Financial Information

Market Cap               = 487.64m vs 2.067b
PE                            = 11.91 vs 18.25
EPS                          = 9.32 (TTM) vs 5.59
Net Profit                  = 40.96M (TTM) vs 113.22M
Net Margin               = 20% (TTM) vs 30.9%
5Years CARG Profit = 17.5% vs Nil

Net Cash Company = 76M vs -1.109B
FCF                          = 21M vs -152.21M
Dividend Yield          = 5% vs Nil

Tambun is currently pricing in fairly low at 11.91 PE compare with peer E&O PE18 , UEMS PE70+. Even with the consistent growth of 17.5 CARG profit, with higher EPS earnings. Meanwhile, Tambun is a Net Cash company with dividend yield. 
Overall comparing from financial status here, find that Tambun is fairly undervalued at the moment.
Tambun would be have a upside room of 53% if Tambun is trading at 18PE = RM1.70 at least.
Peer to Peer Comparison , Market Median PE is trading at 27.21 . As you can see below . Tambun would worth RM2.5 in that case but lets be safe and realistic, PE18 would be fair here @ RM1.70.

Technical Basis 

Let's just talk about 2024 rally itself. E&O has actually gone up to 93.70%+ in 2024

While Tambun is lagging here with another 52.60% room for upside.

Both stocks are forming good base here with higher low setup.

Particularly Tambun is just got their fresh Stage 1 breakout setup here in compare with E&O (Stage 2).

Tambun would offer a better risk-reward ratio investment here.

With the volume break out further in near term would re-test 1.18 resistance and should retest 1.37 and 1.7.

Besides , Tambun formation have some similarities with EUPE (Property) setup.

Break through high 1.15 at last trading day and closed at 1.110 probably due to window dressing or fund switching.

Additional catalysts : Link here from Bernama New USD 100Million investment in Penang​

Quoting from there, Federal Government is working on Semiconductor Strategic Plan plus IC Design park.
Penang Development Corporation (PDC).

3 NEW semiconductors companies , name China Wafer Level CSP Co (WLCSP), Ningbo SJ Electronics Co (SJE), and Wuxi AMTE Inc (AMTE), are keen to put down 100M USD of investment in Penang.

Keynote takeaway from major Penang Property Player - Tambun

1. Penang Light Rail Transit (LRT)
2. Malaysia My Second Home (MM2H) programme
   
3.  Semicoductor Stategic Plan + IC Design park
4. New 100Mil USD investment in Penang from China 
5. Top shareholders increased shares over the year
6. Coldeye as top6 shareholder for gem value invest
7. Great fundamental ground and yet covered by market
8.  Peer to peer comparison fairly undervalue : current PE 11.91 (RM1.11) , E&O (Penang) PE18, Industry Median PE 27.21. 
9. Tambun would be trading at RM1.7 @ PE18 ; RM2.5 @ PE27.21
10.  Technical Stage 1 breakout from long consolidation , forming higher low setup with potential handle for next wave.
11. Similar to Eupe (Property). 
    
    
    
    Decent Risk-reward ratio investment.
    
    Dyodd , thanks.