Bursa Hunter-net-Hunter
和合的价值何在
在这两年不断地增持下，英莎目前持有和合14%股权，并透过子公司Omesti间接持有15%，所以一共是29%，超越了创办人刘氏家族透过Low Chee& Son的16%股权，成为了和合的最大股东，对于公司的决策有一定的控制权。
英莎的老板汤国基到底看中和合的什么，值得他加码成为大股东，难道和合是下个益纳利？
武吉加里尔定江山
和合前年脱离了PN17，武吉加里尔的地段也透过法律途径完整的拿下来，现在总算定下来了，公司未来的业务发展方向开始明确。
武吉加里尔的地段是和合1995年买下来的，占地60英亩，账面价值150m。
武吉加里尔链接沙登、大城堡、蒲种、金銮镇和华联花园。临近地区的发展成熟，道路衔接也非常完整，这块处女地迟早要被发展。
之前马尔顿预支和合80m作为后者买下武吉加里尔剩余地段的联营发展的条件（consideration）。
其中50英亩割给Malton发展，剩余10英亩自己拿来发展。
这个联营方式是和合供地，Malton出钱出力发展，所赚到的盈利将18%分给地主和合。
这么大块肥猪肉，为什么和合不自己拿来发展？
第一、 和合没有雄厚的资金来融资
第二、 没有实力来发展，那么策略性的地段，不是随便起楼就算了
第三、 透过最好的增值方式来分到最大块的蛋糕
为什么马尔顿不干脆整块地都买下来？
现在的地价已经是高价中的高价，林老板作风谨慎，不会冒这个险。
在我看来，这绝对是双赢的发展模式。双方发挥各自所长，把风险降到最低，即使是金融风暴来袭，也不会出现周转不灵的情况。
Pavillion 2是王牌
武吉加里尔这项综合发展项目当然不会叫Pavillion 2啦，不然接下来的项目干脆就叫Pavillion 3, 4 , 5,6…..
现在的发展模式是要够大够综合才能够持久。
巴生谷一带能够屹立不倒的只有3间大型综合广场，就是双威金字塔，谷中城，还有Pavillion。
那些不大不小的很快要被淘汰，比如金河广场，陈致远的时代广场现在也是死死下。
由成功打造Pavillion的林晓春来发展是最适合不过的人选了。
这项发展项目叫Bukit Jalil City，发展总值预计4bil，和合可从中取得18%的盈利。
Aurora打铁趁热
那为什么和合自己要拿10英亩的地来发展？不大不小，干脆割给马尔顿发展不就好啦！
当然是要趁着产业热，赚最后一笔啦，而且又顶着Pavillion 2的光环，非常吸金。
这10英亩的综合发展项目叫Aurora，发展总值1bil。
根据该公司的总执行长黄吉良9日5月对星报的访谈，Aurora综合发展项目已经100%售出，其中公司保留一栋18层的办公楼来收租，还有剩余的三英亩拿来起共管公寓。
所以和合不用担心房产泡沫，面临滞销的困境。
黄吉良预计未来的8年，每年可从这50+10英亩的黄金地取得100mil的盈利。
目前和合计有262m普通股，加埋优先股，凭单，还有私配稀释后共有388m股。
所以该公司的产业部门每年可带来26仙的每股盈利。
现在股价块三，除以26仙，本益比为5倍。
这仅仅产业业务的净利贡献而已，和合还有建筑和水泥业务。
协同效应
我注意到英莎在云顶的Bukit Tinggi有130英亩的空地，这块地交给内行和合来发展比较适合。
同时，英莎也持有Omesti，SYF和Inari，以后这几家公司有什么空地要发展都可以丢给和合，肥水不流外人田嘛。
*补充：所以汤国基要掌控和合的理由就是看中10英亩Aurora的快钱、50英亩Malton发展所提供的现金流，并把旗下公司的地库过给和合发展。
汤国基是大户，他看的是和合未来8到10年的前景。
最担心的还是房产泡沫burst
以和合未来5倍本益比来算好像很抵，不过马尔顿要有钱赚，和合这边才会跟着有收入。
屋子是分阶段起的，要是下一阶段没有人买，发展就要暂时搁置。
如果遇上房产泡沫，和合可能会有两年时间要吃谷种。
所以单买和合风险还是很高的说，至少会有两年要吃谷种，不如买它的妈妈英莎，就算房产泡沫来袭，还有益纳利支撑。
大家最担心的是房产泡沫，我也是很担心，而且我猜今年就要爆了，房价至少要跌三成。
下回我将揭晓现在马来西亚的房地产发展的情况。
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Discussions
Be the first to like this. Showing 16 of 16 comments
I like your articles. Your choice of words is very entertaining. A great pleasure to read (the info also good). Especially "買他妈的英莎”. Classic
2015-05-12 04:35
Not much meaning, if u know Naruto, then u who is Kakashi, just to be funky, i add a "t" behind it, i hv been using this id since school day
2015-05-12 12:41
"根据该公司的总执行长黄吉良9日5月对星报的访谈，Aurora综合发展项目已经100%售出"
"屋子是分阶段起的，要是下一阶段没有人买，发展就要暂时搁置。
如果遇上房产泡沫，和合可能会有两年时间要吃谷种"
why this 2 statement is opposite? not all unit already been sold out?
2015-05-12 13:54
Kakashi? i hv no idea.
Aurora is considered 100% sold, but still left 3 acres to built abit of serviced apartment
Malton's Bukit Jalil City has launched phase one n phase 2 only, around 500m GDV, still got a long way to go to reach 4bil gdv.
But nvrmind, Hohup 等钱收罢了
and Hohup received 24m from Malton for fy2014, pls take note that Hohup has recieved 80m advances b4 the project started
2015-05-12 16:23
Sometime for a stock like this, no need to think too much. We already more or less know what the story is about, now all we need is just put it there and let it grow.
2015-05-12 17:37
if u check my previous article, u know im support for Insas, Insas is like a closed end fund like Icap (but better Icap), with only a few holding like hohup, inari, syf, omesti.
Fyi, Omesti is in close to get Kelantan e'court system contract
2015-05-13 14:33
kakashit... your statement ... 大家最担心的是房产泡沫，我也是很担心，而且我猜今年就要爆了，房价至少要跌三成。
how u know property bubble may be this year? & may drop 30%? Where u get the info?
But CEO Wong said fully sold except office reserve for rent only. TQ for your comment.
2015-05-13 23:02
yes, the office block is for recurrent income, hopefully they can lock in tenants for 2yrs, if not, then no good.
the property burst will be revealed in my next article, probably tomorrow, tq
2015-05-13 23:12
Good. Im propose to buy subsale apartment at Batu Caves buy this mth. If like that have to on hold. But i think if really bubble affected most will be Mont Kiara & KLCC those foreigner invest. Cause we r Malaysian still need house. Or may be they will look for cheaper property say below <RM500k. If property bubble the cheaper property will also bubble? Now bank loan approve tight. Look forward for your value article.Keep your good job. TQ.
2015-05-13 23:24
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kai8994
A very good write up!
No doubt property market is slowing down. But I also believe demand for quality product will not stop suddenly. The name of "Pavillion 2" is enough to ensure its success I guess. Not to mention the strategic location and great connectivity (near to new LRT extension)
2015-05-11 23:41