THE INVESTMENT APPROACH OF CALVIN TAN
TAMBUN INDAH (Thumbs Up) - Another Excellent Value/Growth/Dividend Stock Now in Calvin Tan's Investment Radar
calvintaneng
Publish date: Thu, 05 Jul 2018, 09:11 PM
calvintaneng
0 1,841
Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Hi guys,
Lately I have been looking at Value/Growth/Dividend Stocks like TA Enterprize, Eksons & Protasco
I have found another Excellent One - TAMBUN INDAH LAND (Or Tumbs Up Land). Why is Calvin bullish?
These Are My Reasons:
1) At 86 sen with NTA of Rm1.37 TAMBUN is selling at 38% Discount to NTA. It meets 30% margin of safety by Ben Graham
Of course there are many other property stocks out there selling a even bigger discount to NTA. But see my second reason
2) Tambun at 86 sen is paying a dividend of 7.7 sen which translates to a 8.9% yield.
This is more than twice of FD rate at only 4% per year.
Is the dividend sustainable? Yes Calvin thinks highly possible
See
| 03-Jul-2018 | 30-Jul-2018 | DIVIDEND | Final Dividend | RM 0.047 |
 |
| 22-Nov-2017 | 22-Jan-2018 | DIVIDEND | First Interim Dividend | RM 0.03 |
|
| 06-Jul-2017 | 24-Jul-2017 | DIVIDEND | Final Dividend | RM 0.07 |
|
| 17-Nov-2016 | 24-Jan-2017 | DIVIDEND | Interim Dividend | RM 0.03 |
|
| 07-Jun-2016 | 01-Aug-2016 | DIVIDEND | Final Dividend | RM 0.06 |
|
| 19-Nov-2015 | 26-Jan-2016 | DIVIDEND | First Interim Dividend | RM 0.0300 |
|
| 30-Jun-2015 | 01-Sep-2015 | DIVIDEND | Final Dividend | RM 0.0670 |
|
| 18-Nov-2014 | 28-Jan-2015 | DIVIDEND | Interim Dividend | RM 0.03 |
|
| 19-Aug-2014 | 02-Sep-2014 | DIVIDEND | Final Dividend | RM 0.046 |
|
| 19-Nov-2013 | 16-Jan-2014 | DIVIDEND | Interim Dividend | RM 0.02 |
|
| 01-Aug-2013 | 27-Aug-2013 | DIVIDEND | Final Dividend | RM 0.033 |
|
| 17-Jan-2013 | 23-Jan-2013 | DIVIDEND | Interim Dividend | RM 0.02 |
|
| 15-Jun-2012 | 28-Aug-2012 | DIVIDEND | First and Final Dividend | RM 0.038 |
|
| 20-Apr-2012 | 03-May-2012 | RIGHTS_ISSUE |
Rights Issue |
2 : 5 |
|
| 09-Jun-2011 | 11-Aug-2011 | DIVIDEND |
Interim Dividend
|
RM 0.046 |
See the above. Tambun has been consistently giving out good dividends since year 2011. And Tambun's balance sheet is healthy
3) A PEEK INTO TAMBUN'S BALANCE SHEET SHOWS VERY SOUND BUSINESS MANAGEMENT
Refer to latest Quarterly Report
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Mar 2018
|
31 Mar 2017
|
31 Mar 2018
|
31 Mar 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
40,079
|
79,490
|
40,079
|
79,490
|
| 2 | Profit/(loss) before tax |
16,932 (42.5% Gross Profit)
|
30,839
|
16,932
|
30,839
|
| 3 | Profit/(loss) for the period |
11,360
|
23,293
|
11,360
|
23,293
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
11,356
|
23,291
|
11,356
|
23,291
|
| 5 | Basic earnings/(loss) per share (Subunit) |
2.62
|
5.44
|
2.62
|
5.44
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.3700
|
1.3400
|
||
Revenue was Rm40millions while Gross profit is almost Rm17 millions which translates to a Nice 42.5%! That's cool.
And Net Profit is Rm11.3 millions which is VERY SOLID 28%. FANTASTIC INDEED!! So many other companies only get single digit profit.
Now let's look further
4) Property, plant and equipment Rm3,341,000
PPE is only Rm3.3 Millions? WHOA!
REALLY AMAZING!!!
For Company like MUDA Paper PPE (Property, Plant & Equipment) is over Rm1 Billions
Directors of TAMBUN INDAH must be very frugal people like
Warren Buffet.
Warren Buffet lives in the same house for over 50 years. Ate breakfast of McDonald burger not more than US$4.00
Warren also drives an old second hand car.
Ikea Boss IgVar Kamprad
This man took bus to work and buy second hand clothes and eat in Ikea food court to save money.
Ha! Last time Muda secretary called me about their Company cars for sale by tender. As Muda did better & better over the years the Top Boss started using 6 figure Mercedes Benz as Company cars. No wonder Muda PPE now over Rm1 Billions
I also own Mui Group Shares. In Singapore near Orchard Road Pm Corp under Mui Group owns a Pent House. Also one of Mui Group subsidiary owns a very expensive Pent House Right in the heart of Bukit Bintang.
Of course these hard working Directors deserve these luxuries as long as they don"t siphon money from Company
For The Directors of TAMBUN INDAH with only Rm3.3 Millions PPE they must be driving Old Proton Saga & live so simply?
THUMBS UP!!!
CLAP!
CLAP!!
CLAP!!!
WELL DONE
RESOUNDING APPLAUSE!!
STANDING OVATION!!
THUMBS UP!!!
ALL SHARE HOLDERS ARE PROUD OF YOU GUYS!!!
Using so little Capital to generate Huge Profit & High Dividends for Shareholders?
THIS IS AN OUTSTANDING COMPANY!!
5) Now Let's See Further
LIM GUAN ENG promised to scrap Toll on Penang Bridge if PH win the Election.
PH has WON!! So Tolls will be scrapped.
Great News for Tambun as Penang Island will be Toll Free.
That means more people will move to Seberang Prai or Province Wellesley!!
TUMBUN INDAH LANDBANKS WILL RISE UP.
SALES WILL INCREASE
PROFITS EXPLODE UPWARD!!
6) NO WONDER DIRECTORS ARE BUYING & BUYING COMPANY SHARES WITH OWN HARD EARNED MONIES
| MR TEH KIAK SENG | 16-Apr-2018 | Acquired | 800,000 | 0.755 |
|
| MR TEH KIAK SENG | 16-Apr-2018 | Acquired | 355,000 | 0.762 |
|
| MR TEH KIAK SENG | 13-Apr-2018 | Acquired | 1,000,000 | 0.735 |
|
| MR TEH KIAK SENG | 13-Apr-2018 | Acquired | 236,000 | 0.743 |
|
| MR TEH KIAK SENG | 11-Apr-2018 | Acquired | 600,000 | 0.735 |
|
| MR TEH KIAK SENG | 11-Apr-2018 | Acquired | 183,000 | 0.740 |
|
| TAUFIQ AHMAD @ AHMAD MUSTAPHA BIN GHAZALI | 13-Mar-2018 | Transferred | 500,000 | - |
|
| TAUFIQ AHMAD @ AHMAD MUSTAPHA BIN GHAZALI | 12-Mar-2018 | Transferred | 500,000 | - |
|
| LAI FOOK HOY | 08-Mar-2018 | Acquired | 50,000 | 0.805 |
|
| MR TEH KIAK SENG | 08-Mar-2018 | Acquired | 243,600 | 0.808 |
|
| MR TEH KIAK SENG | 07-Mar-2018 | Acquired | 20,000 | 0.810 |
|
| MR TEH KIAK SENG | 06-Mar-2018 | Acquired | 2,500,000 | 0.800 |
|
| MR TEH KIAK SENG | 06-Mar-2018 | Acquired | 40,000 | 0.825 |
|
| MR TEH KIAK SENG | 05-Mar-2018 | Acquired | 20,000 | 0.840 |
|
| MR TEH KIAK SENG | 02-Mar-2018 | Acquired | 20,000 | 0.850 |
|
| MR TEH KIAK SENG | 01-Mar-2018 | Acquired | 20,000 | 0.860 |
|
| MR TEH KIAK SENG | 28-Feb-2018 | Acquired | 120,000 | 0.868 |
|
| LAI FOOK HOY | 04-Dec-2017 | Acquired | 15,000 | 1.020 |
|
| LAI FOOK HOY | 30-Nov-2017 | Acquired | 35,000 | 1.020 |
|
| MR TEH KIAK SENG | 22-Nov-2017 | Acquired | 39,000 | 1.015 |
|
| MR TEH KIAK SENG | 09-Nov-2017 | Acquired | 20,000 | 1.085 |
|
| MR TEH KIAK SENG | 08-Nov-2017 | Acquired | 30,000 | 1.093 |
|
| MR TEH KIAK SENG | 07-Nov-2017 | Acquired | 10,000 | 1.100 |
|
| MR TEH KIAK SENG | 12-Oct-2017 | Acquired | 20,000 | 1.090 |
|
| MR TEH KIAK SENG | 11-Oct-2017 | Acquired | 40,000 | 1.090 |
7) COMPANY DIRECTORS ARE ALSO SANGUINE
AND THEY ALREADY DECLARED A 3 SEN DIVIDEND
ANOTHER 4.7 SEN DIVIDEND ON THE WAY - MAKING IT 8.9% (THE HIGHEST AMONG PROPERTY STOCKS LIKE L&G)
See
Final Dividend
| TAMBUN INDAH LAND BERHAD |
| EX-date | 30 Jul 2018 |
| Entitlement date | 01 Aug 2018 |
| Entitlement time | 04:00 PM |
| Entitlement subject | Final Dividend |
| Entitlement description | Single tier final dividend of 4.7 sen per ordinary share for the financial year ended 31 December 2017 |
| Period of interest payment | to |
| Financial Year End | 31 Dec 2017 |
| Share transfer book & register of members will be | to closed from (both dates inclusive) for the purpose of determining the entitlement |
| Registrar or Service Provider name, address, telephone no | TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHD Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi 59200 Kuala Lumpur Tel:0327839299 Fax:0327839222 |
| Payment date | 16 Aug 2018 |
| a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers | 01 Aug 2018 |
| b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit | |
| c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. | |
| Number of new shares/securities issued (units) (If applicable) | |
| Entitlement indicator | Currency |
| Currency | Malaysian Ringgit (MYR) |
| Entitlement in Currency | 0.047 |
| Par Value (if applicable) | Malaysian Ringgit (MYR) 0.000 |
8) OTHER CONTRIBUTING FACTORS VERY POSITIVE FOR TAMBUN
a) Tun Dr Mahathir won Langkawi, Mukhriz won Kedah & LGE won Penang
Now these 3 will be the Golden Triangle For Growth. And Tambun sits right inside with its Prime Lands
b) IKEA is setting Up one of the Biggest Manufacturing Plant here. So got lots of Good Jobs... leading to population boom
c) It was rumoured that China is building a canal on the Isthmus of Kra. If so Tambun will benefit further
9) SO NO MATTER HOW YOU LOOK AT IT - TAMBUN IS A THUMBS UP BUY!
Warmest Regards
Calvin Tan Research
Please buy or sell after doing your own due diligence
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Discussions
3 people like this. Showing 21 of 21 comments
Thank you VenFx
EG also a great growth stock. Hopefully one day EG will graduate to Dividend paying stock
2018-07-05 22:35
Haha I own a small 1.8% position in tambun. My perspective on the company is somewhat different, and I would likely explain them differently.
But itis a pretty decent pick. Good luck. Great management, good business.
2018-07-06 00:13
This stock can wait. If it is good, the stock will still become attractive at 8%, 7% or 6% yield. It is a downtrending stock with a cyclically deteriorating business. I will wait and see
2018-07-06 01:20
Good morning guys,
Yes Flintstones,
Although Tambun is in a cyclical property business its fortunes are a-changing due to these factors:
1. Unlike cement and long steel being cyclical industries and even real estate also being cyclical the Nature of Tambun business is localised in Batu Kawan region of Penang Mainland
2. Just like pockets of oasis can thrive in desert where there is water Tambun's fortune will be sustained by positive factors of Penang Bridge Toll Removal
3. The Upcoming Launch of IKEA by Jan 2019 which provides ample employment and expected 6 million yearly shoppers to Batu Kawan
4. Fresh boom in Langkawi, Kedah and Penang as STATES WHERE TOP LEADERS OF PH EMANATE FROM...TUN DR M, DATUK SRI ANWAR IBRAHIM, FINANCE MINSTER LGE AND MUKHRIZ of which Tambun is located.
5. A proactive hands on management that steer the Company in the right direction that build affordable houses which meet the needs of the market
This is what they call "green leaves in drought time".
2018-07-06 08:14
And more salient factors for Batu Kawan are:
Penang Island cost of real estate is now getting far too expensive. A 2 storey house in Island Glades cost around Rm1.5 millions. Tambun first launched its 2 storey houses for sale around Rm300k a unit.
This price disparity will cause more Penang Island people to shift to Penang Mainland
2018-07-06 08:46
There are 2 constrains for growth on Penang Island:
1. Central Penang is very hilly. Penang Hill to Ayer Itam Dam is about 10 km. Highest elevation over 2,700 feet. Same apllies all the way from Fettes Park, Tanjong Tokong, Tanjong Bungah, ShamRock, Batu Ferringhi and all the way to Teluk Bahang. Only a strip of coastal land here and there.
So Penang Island has no more lands for development unless they cut the hill slopes which is very dangerous due to flooding
2. Without the catchment area of forests Penang Island will suffer more floods and inundations
So there is little choice if Penang wants to expand its population growth.....it has to move to the Penang Mainland like Batu Kawan
2018-07-06 09:06
The only for Penang Island is to expand upward
So people live in low cost flat like pigeon holes
Or the so called Private Apartments which are actually "glorified" low cost flats.
Why live in glorified small low cost Apt on Penang Island when for the same cost you can live in a spacious 2 storey landed house on Penang Mainland only less than 40 minutes away?
2018-07-06 09:11
tak mahu lo island so syok,mainland is sleeping town.my fren took me to see the showhouse wanna sell for 550k at simpang empat 3 storeys even got Japanese pond I also no want cos by 9pm all lights out and go to sleep area
2018-07-06 12:22
NOW ANOTHER GOOD FACTOR IS IKANO BUILDING 24 ACRES IKEA IN BATU KAWAN
THIS IS A MAGNET FOR A HOT PROPERTY ZONE
WHEN IKEA CAME TO DAMANSARA - TMN TUN DR ISMAIL, BANDAR UTAMA AND DAMANSARA UTAMA SAW AN INCREASE OF PROPERTY PRICES
SAME THING IS NOW HAPPENING TO THE NEWLY OPENED IKEA IN TEBRAU
MT AUSTIN AREA IS EXPERIENCING PROPERTY BOOM TIME
SO TAMBUN INDAH HOUSES SHOULD BE IN HOT DEMAND ONCE IKEA BATU KAWAN IS UP AND RUNNING
THE TRICK IS TO BUY PROPERTY THERE BEFORE. PRICES SURGE UPWARD
SINCE BUYING PHYSICAL PROPERTY THERE IS TOO FAR FOR ME THE NEXT BEST THING IS TO BUY PROPERTY STOCK LIKE TAMBUN INDAH
2018-07-06 12:24
still can go ah?
All property company also jiaksai already.. KSL so good also die
2018-07-06 12:26
ideal,menang,ewein,tambun all property counters can up,why ken still sleeping?
2018-07-06 12:30
targetinvest
property overhang is not due to lack of demand but more on prices way to high and bank stringent loan which is very conservative
Since Tambun houses are priced attractively they should sell well.
Not all property stocks are the same.
Ksl only got unsaleable highrise condo and its new 2 storey houses in bkt denai in Ulu Tiram are priced way too high above rm700k.
So Ksl looks like a mediocre property stock now.
As the PH Govt leaders are mostly from Penang, Kedah and Langkawi we will see more development up north
2018-07-06 12:52
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
calvintaneng
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may you be blessed
2018-07-05 22:24