Icon8888 Gossips About Stocks
(Icon) Global Oriental Bhd (5) - Value Bursting At The Seams
Today RHB Investment Bank property analyst issued two reports :-
(a) "Penang's Property Market is Set to Buzz"; and
(b) "Global Oriental Bhd - An Alternative Penang Mainland Play"
In the first report, the analyst having recently visited Penang, stated that Penang is set to become a Business Process Outsourcing hub. The Batu Kawan Area is in for more excitement. Tambun Indah is the main beneficiary, while GOB and Malton are the key alternative plays.
In the second report, the main theme is that GOB is deeply undervalued from Revised Net Asset Value ("RNAV") point of view.
According to the report, market value for land parcels in Batu Kawan has reached RM45 to 55 per sq ft, or RM1.96 mil to RM2.40 mil per acre.
Since GOB has 350 acres landbank at Batu Kawan, the value of those landbank even if based on RM45 per sq ft, would be worth RM686 mil, almost three times the existing market cap of GOB of RM234 mil.
(GOB's land bank is located on top of "5" and left hand side of "4" with a red arrow pointing at it)
(GOB land bank is where "Equine Home Gallery" is pointing at. GOB is previously known as Equine Capital)
According to RHB's calculation, GOB's RNAV per share should be approximately RM2.87.
The analyst ascribes a 40% discount to its RNAV and arrive at fair value of RM1.72 for GOB (before rights issue).
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Discussions
3 people like this. Showing 30 of 30 comments
Matrix the run up came faster than expected, right ? I was expecting probably 90 sen when rights go ex
Anyway, no complain
Huat ah
2014-04-15 20:15
thanks Ricky Kiat, my loyal supporter.
I can always count on you, no matter how crappy my article is
cheers
2014-04-15 20:18
icon888, i appreciate your kind sharing. thanks a lot for giving me a momentum to buy GOB, i already watch GOB a while becos of tambun, still regret about tambun becos allocate too few fund in. Now GOB is fourfold compare with tambun. cheer....
2014-04-16 08:26
icon888, have you done research on EUPE, i found that it is even more undervalued than GOB!
2014-04-16 16:50
i just had nando... woo. ok wat is the right issue? gua mao hantam kuat kuat. bro icon?
2014-04-16 20:28
1 for 1 free 0.5 warrrant. more delicious than nando chicken. right at what price?? 50c? sure boh?
2014-04-16 20:29
i want subscribe full full sama sapu all pal form. right at what price???
2014-04-16 20:32
now 50 if split in 2,bcom25. not nice50 split by 1 hand become 10. then got 1,4, 1. give you 1pc 10 the 1/2 warrant another 5. Total 15cents.Look at technicals Better. Up up n away.
2014-04-16 23:55
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matrix6050
I remember when we discussed about this, GOB still very quiet. Anyway, thanks for the write up bro and huat ah :)
2014-04-15 20:12