James的股票投资James Share Investing

[转贴] [ECO WORLD DEVELOPMENT GROUP BHD:截至2019年8月31日的10个月内实现的销售使集团能够将其仅来自马来西亚项目的未来收入份额保持在2019年8月31日的43亿令吉] - James的股票投资James Share Investing

James Ng
Publish date: Mon, 30 Sep 2019, 11:01 AM

[ECO WORLD DEVELOPMENT GROUP BHD:截至2019年8月31日的10个月内实现的销售使集团能够将其仅来自马来西亚项目的未来收入份额保持在2019年8月31日的43亿令吉]

3Q19 vs 3Q18:
与2018年第三季度相比,2019年第三季度的收入和毛利润分别增长了15%和17%。2019年第三季度记录的收入和毛利润增加的主要原因是已售出的已竣工/接近完成单位的比例更高和本季度各种正在进行的项目完成的情况的百分比更高。

与2018年第三季度相比,绿盛世在马来西亚合资企业的业绩份额在2019年第三季度增加了39%。增加是由于Eco Grandeur,Eco Business Park V,Eco Horizo​​n,Eco Ardence和武吉免登市中心(BBCC)的工程进度有增加。

绿盛世在国际合资企业Eco World International Berhad的业绩份额在3Q 2019比2018年第三季度增长了约4.5倍。这主要是由于EcoWorld已完成EcoWorld Ballymore并将单位交付给客户,以及EcoWorld London的Built-to-Rent(BtR)开发项目的收入和利润确认已开始。与2018年第三季度相比,2019年第三季度的更高的收入,毛利和合资企业的业绩份额导致集团税前利润(PBT)增长了94%,集团税后利润(PAT)增长了82% 。

YTD19 vs YTD18:
与YTD 2018相比,YTD 2019的PBT和PAT分别大幅增长了37%和51%。这主要是由于与YTD 2018相比,YTD 2019确认的合资企业利润份额更大。由于赚取了更高的收入,合资企业在YTD 2019为集团贡献了更高的PBT和PAT。

EcoWorld International从YTD 2018的净亏损2,320万令吉转为YTD 2019录得7,150万令吉的PAT。归属于股东的利润增至6,870万令吉,其中集团的份额基于27%的股权为1850万令吉。

EcoWorld International的利润预计将继续增长,因为截至2019年8月31日,其在英国合资企业和澳大利亚子公司的58亿令吉的可观未来收入的很大一部分有望实现并在2019年第四季度以及FY2020转化为利润。

3Q19 vs 2Q19:
由于合资企业在2019年第三季度的利润贡献显着提高,PBT比2019年第二季度增长16.8%。

前景:
集团在截至2019年8月31日的10个月录得19亿4千万令吉的销售额,其中17.1亿令吉是在2019年3月1日全国房屋所有权运动(NHOC)正式启动后录得的。推出之后的更高销售结果是因为客户一直在等待的根据NHOC提供的房屋所有权激励措施的细节的发布。

该集团在截至2019年8月31日的10个月中的销售额在很大程度上要归功于自己的HOPE活动提供的各种房屋所有权的解决方案。此外,绿盛世已成功使用社交媒体吸引了目标客户,并将产生的潜在客户转化为销售。

为了改善Life @ EcoWorld的方方面面,集团在已完成的项目中策划了各种便利设施和服务,并表明了为在建项目提供同样服务的承诺。这些努力在创造销售中发挥了作用。

截至2019年8月31日的10个月内实现的销售使集团能够将其仅来自马来西亚项目的未来收入份额保持在2019年8月31日的43亿令吉。为了确保持续的可供出售的房地产管道,从2019年第四季度开始,绿盛世将在其各个城镇发展中启动以下阶段:

-Cora at Eco Ardence
-Regent Gardens at Eco Grandeur
-Hazelton at Eco Forest
-Mellowood at Eco Majestic
-Brydon at Eco Horizon
-Rosé at Eco Spring

随着集团努力实现为2019财年和2020财年设定的两年销售60亿令吉的目标,这些新产品预计将在未来几个月内逐步向市场推出。在截至2019年8月31日的10个月中,EcoWorld International总销售额达7.73亿令吉,其中6.86亿令吉在英国产生,8700万令吉在澳大利亚产生。

英国的大部分销售来自伦敦的中端产品,价格从每平方英尺500英镑到800英镑不等。这一部分在很大程度上不受英国退欧不确定性的影响。为了满足这一需求,2019年8月在Verdo @ Kew Bridge推出了第二个住宅区,EcoWorld London正在为针对伦敦住宅房地产市场中游这一市场的其他项目进行多项规划应用。

EcoWorld International维持其2019财年和2020财年实现60亿令吉的销售目标。在英国,目前正在寻求的潜在的Build-to-Rent(BtR)交易将成为这两个财政年度的主要销售推动力。关于建设进度,EcoWorld International在2019年第三季度取得了重要的里程碑,当时Kew Bridge的BtR街区获得了金砖奖。这使项目能够随着工作的进行而开始确认收入和利润。

其他项目的建设工程正在按计划进行,伦敦城市岛和使馆花园的其他住宅楼预计将于2019年第四季度开始交付给购买者。此外,EcoWorld International预计将在下一个财政年度移交Wardian,West Village和Yarra One。

综上所述,截至2019年8月31日,集团在EcoWorld International未来收入中拥有很大一部分达15.6亿令吉,并有望转化为集团在2019财年和2020财年确认的利润。基于在马来西亚和国外开展的项目,未来会有总收入58.6亿令吉,因此,EcoWorld Malaysia具有清晰的近期和中期收益可见性,因为收入将在未来1-3年内转化为利润。
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a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.70 (dividend RM0.025) in 1 year 1 month 13 days, total return is 141.3%

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f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.29 (dividend RM0.018) in 9 months 4 days, total return is 35.5%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.07) in 10 months 10 days, total return is 34.6%

h) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.30 (dividend RM0.1875) in 11 months 14 days, total return is 31.6%

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l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.20 (dividends RM0.111) in 1 Year 1 month 27 days, total return is 8.9%

m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.90 in 8 months 25 days, total return is 5.9%

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James Ng
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[ECO WORLD DEVELOPMENT GROUP BHD: The sales achieved in the 10 months ended 31 August 2019 have enabled the Group to maintain its share of future revenue from Malaysian projects alone at RM4.3 billion as at 31 August 2019]

3Q19 vs 3Q18:
Revenue and gross profit grew by 15% and 17%, respectively, in 3Q 2019 compared to 3Q 2018. The higher revenue and gross profit recorded in 3Q 2019 were mainly due to a higher proportion of completed/near completion units sold and a higher percentage of completion attained by various ongoing projects during the quarter.

The Group’s share of the results of its Malaysian joint-ventures increased by 39% in 3Q 2019 compared to 3Q 2018. The increase is the result of greater progress of works achieved by Eco Grandeur, Eco Business Park V, Eco Horizon, Eco Ardence and Bukit Bintang City Centre (BBCC).

The Group’s share of the results of the international joint-venture, Eco World International Berhad (EcoWorld International), increased by approximately 4.5 times in 3Q 2019 compared to 3Q 2018. This was mainly due to the completion and handover of units to customers by EcoWorld Ballymore and the commencement of revenue and profit recognition from EcoWorld London’s Built-to-Rent (BtR) development. The higher revenue, gross profit and share of results of joint-ventures in 3Q 2019 have resulted in an increase of 94% in Group Profit before Tax (PBT) and an increase of 82% in Group Profit after Tax (PAT) when compared to 3Q 2018.

YTD19 vs YTD18:
PBT and PAT increased substantially by 37% and 51% respectively in 3Q YTD 2019 compared to 3Q YTD 2018. This was mainly due to the more substantial share of profit of jointventures recognised in 3Q YTD 2019 compared to 3Q YTD 2018. The Malaysian joint-ventures contributed higher PBT and PAT in 3Q YTD 2019 to the Group due to higher revenues earned.

EcoWorld International turned around from a RM23.2 million net loss in 3Q YTD 2018 to record a PAT of RM71.5 million in 3Q YTD 2019. Profit attributable to its owners increased to RM68.7 million, of which the Group’s share based on its equity stake of 27% was RM18.5 million.

EcoWorld International’s profit is expected to continue to increase as a large percentage of its sizeable future revenue from its UK joint ventures and Australian subsidiaries of RM5.8 billion as at 31 August 2019 is on track to be realised and translated into profits in 4Q 2019 and FY2020.

3Q19 vs 2Q19:
Due to significantly higher profit contributions from the joint ventures in 3Q 2019, PBT was 16.8% higher than in 2Q 2019.

Prospects:
The Group recorded RM1.94 billion in sales in the 10 months ended 31 August 2019, of which RM1.71 billion were recorded after the official launch of the National Home Ownership Campaign (“NHOC”) on 1 March 2019. The proportionately higher sales after the launch was the result of the announcement (during the launch) of the details of the home ownership incentives offered under the NHOC that customers had been waiting for.

The Group’s sales during the 10 months ended 31 August 2019 was largely achieved on the back of the various home ownership solutions offered under its own HOPE Campaign. Additionally, the Group has been successful in the use of social media to reach and engage targeted customers and convert leads generated into sales.

In its efforts to improve every aspect of Life@EcoWorld, the Group has curated a wide array of amenities and services at its completed projects, and demonstrated its commitment to provide the same for projects under construction. These efforts have played a part in generating sales.

The sales achieved in the 10 months ended 31 August 2019 have enabled the Group to maintain its share of future revenue from Malaysian projects alone at RM4.3 billion as at 31 August 2019. In order to ensure a continuing pipeline of properties available for sale, beginning from 4Q 2019, the Group will be launching the following phases at its various township developments:

-Cora at Eco Ardence
-Regent Gardens at Eco Grandeur
-Hazelton at Eco Forest
-Mellowood at Eco Majestic
-Brydon at Eco Horizon
-Rosé at Eco Spring

These new launches are slated to be progressively unveiled to the market over the next few months as the Group presses on to achieve the two-year RM6 billion sales target set for FY2019 & FY2020. In the 10 months ended 31 August 2019, EcoWorld International recorded sales totalling RM773 million, of which RM686 million were generated in the United Kingdom and RM87 million in Australia.

The majority of the UK sales were contributed by mid-mainstream products in London priced from GBP500 psf to GBP800 psf. This segment remains largely unaffected by Brexit uncertainties. To capture this demand, a second residential block in Verdo@Kew Bridge was launched in August 2019 and EcoWorld London is working on multiple planning applications for other projects that target this midmainstream segment of the London residential property market.

EcoWorld International is maintaining its sales target of RM6 billion to be achieved over FY2019 and FY2020. Potential Build-to-Rent (BtR) deals in the UK that are currently being pursued are expected to be the key sales driver in these two financial years. With regard to construction progress, EcoWorld International achieved an important milestone in 3Q 2019 when the BtR blocks in Kew Bridge achieved Golden Brick status. This enables the project to start recognising revenue and profits as work progresses.

Construction works at other projects are progressing on schedule with additional residential blocks in London City Island and Embassy Gardens expected to commence delivery to purchasers in 4Q 2019. In addition, EcoWorld International expects to hand over Wardian, West Village and Yarra One in the next financial year.

Arising from the above, a significant portion of the Group’s share of EcoWorld International’s future revenue amounting to RM1.56 billion as at 31 August 2019 is expected to be realised and translated into profits to be recognised by the Group in FY2019 and FY2020. Based on a total combined share of RM5.86 billion in future revenue from projects undertaken both in Malaysia and abroad, EcoWorld Malaysia therefore has clear near and mid-term earnings visibility as revenues are translated into profits within the next 1-3 years.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

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This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng