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Property Sector (KingKKK) - Unveiling Potential Q1 Stars: SUNWAY, AVALAND, E&O, SIMEPROP, UEMS, SPSETIA, IOIPG, MAHSING and ECOWLD

KingKKK
Publish date: Sat, 23 Mar 2024, 08:54 PM


The chart above from TradingView shows the Year To Date (YTD) performance of FBMKLCI, Bursa Properties Index, SUNWAY, AVALAND, UEMS, SPSETIA, IOIPG, MAHSING, SIMEPROP, E&O and ECOWLD.

These are what I see:

1. All property companies outperformed FBMKLCI YTD. All mid and big cap developers share price performance are better than FBMKLCI. These property companies generated return YTD of 27.3%-76.1% against FBMKLCI +6.1%. Possible reasons are better newsflow from Iskandar Johor and stronger property sales.

2. E&O is the champion. E&O gained 76.1% YTD. The latest Q3 FY 24 earnings was up 16% QoQ and 14% YoY.

3. SPSETIA has moved and is now 2nd. From being a laggard in January, SPSETIA gained 66.3% YTD. The latest Q4 earnings was up 186% QoQ and 64% YoY.

4. SUNWAY is ranked 3rd. SUNWAY gained 62.3% YTD. The latest Q4 earnings was up 47% QoQ and 31% YoY.

5. IOIPG and MAHSING are the laggards. IOIPG (+27.3% YTD) and MAHSING (+37.8% YTD) seems to have the lowest gain in price. IOIPG latest quarter Q2 FY24 earnings drop 30% QoQ and 70% YoY. MAHSING Q4 earnings was up 29% QoQ and 38% YoY.

6. Overall, Bursa Properties Index outperformed FBMKLCI. YTD, Bursa Properties Index +14.8% vs FBMKLCI +6.1%.


Details of 9 properties companies share price performance YTD:

E&O: +76.1%

SPSETIA: +66.3%

SUNWAY: +62.3%

AVALAND: +51.1%

ECOWLD: +43.5%

SIMEPROP: +42.7%

UEMS: +38.9%

MAHSING: +37.8%

IOIPG: +27.3%


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2 people like this. Showing 4 of 4 comments

KingKKK

Which stock do you think will be the winner in Q1?

2 months ago

gohkimhock

let's this be 2024 whole year. Not just Q1..
Before we go further, we have to look at Penang. It is very similar to Hong Kong.
The top 10 richest in Hong Kong
Li Ka-shing; US$36.2 billion - Cheung Kong/property
Lee Shau Kee; $27 billion – Henderson Land/property
Henry Cheng & Family; $22.1 billion – Chow Tai Fook/jewellery
Lee siblings; $17.7 billion – Lee Kum Kee/consumer
Peter Woo; $13.7 billion – Wheelock/property
Joseph Lau; $13.1 billion – Chinese Estates/property
Lui Che Woo; $12.1 billion – Galaxy Ent/entertainment
Kwong Siu-hing; $11.4 billion – Sun Hung Kai/property
Joseph Tsai; $8.5 billion – no info..
Francis Choi; $8.2 billion – Early Light/consumer & property

Property developers dominate 6 out of 10 in the list above.
E&O base is in Penang. Land are scarce. Population is getting bigger. This explains why people are chasing up E&O as it is currently still undervalued. E&O intrinsic value should be traded above RM2.

2 months ago

KingKKK

Yes I was surprised to see E&O charging ahead and risen to become top performer so far in Q1. Market is always right.

2 months ago

Goldberg

SP Setia intends to maximise the value of its investment assets by utilising REIT

Maybank Securities Research has increased its earnings predictions for FY24-26 by 1-55% and the target price to MYR1.66 (+38sen) based on a higher 0.5x FY24E Price-to-Book Value (PBV) ratio (previously 0.4x). This adjustment reflects the positive expectations for earnings and the financial position.

The research business views the proposed REIT as a way for SPSB to reduce debt and realise the value in its investment properties, enabling the company to keep a share in these assets and collect dividend earnings. The REIT might also help with future additions of SPSB’s mature assets, allowing for the recycling of funds.

SP Setia's Net asets backing per share is RM2.90

These properties could consist of :

Shopping centre- Setia City Mall, Setia Eco Hill Mall, INC by KL Eco City, Setia Walk

Hotels - Amari Spice Hotel Penang & Amari Kuala Lumpur

Conference Centres. - Setia City Convention Centre, Setia Spice Convention Centre Penang.

2 months ago

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