i really wanted to buy this stock for its dividend, but very illiquid and its been in a downtrend for the last 10-15 years.

Ben. this is why quality of management is so important. If you just have brother sister uncle aunty and no management talent, the stock is not going to go anywhere. i just use my head as a minority shareholder and avoid this share altogether. i understand how family run companies work and this company is like barisan nasional. its never going to change!

very good article.

Coffee companies in malaysia is the new "glove". Those invested in Oldtown and Power Root from early days really really make! Plus still some more upside.

its only 1.90 lah. still cheap. remember when tomypak was 0.12. now its 1.40. malaysia boleh.

Wing Tai, an overlooked retailing gem
by theedgemalaysia.com/Jose Barrock

KUALA LUMPUR (Dec 9): Looking at the shopping crowd at Uniqlo outlets, many may agree that Wing Tai Malaysia Bhd could be a good proxy to the relatively robust consumer spending.

Wing Tai, formerly known as DNP Holdings Bhd (or Dragon and Phoenix), has its mainstay in property development and hospitality business that generates a recurring income apart from retailing garments.

Some of its better known property projects include Verticas Residensi in Bukit Ceylon and Nobleton Crest in U-Thant, Kuala Lumpur, and Jesselton Hills in Bukit Mertajam, Penang. Its 11 retail brands include Uniqlo, Topshop and Topman, BCBG Max Azria and Miss Selfgridge.

The company’s hospitality business consists of serviced apartments under the Lanson Place brand name, with assets owned or managed in Kuala Lumpur, Beijing, Shanghai and Hong Kong.

Last Friday, the stock staged a rebound to close at RM1.85. However, it is still below Hwang DBS’ target value of RM2.10. The low-key Wing Tai was referred to as an “undervalued, alternative proxy to Malaysia’s robust retail sales”, in Hwang’s research note.

Hwang DBS changed its view with a “buy” recommendation on the diversified Wing Tai last week, after rating the stock as fully valued for the past 16 months.

Hwang revised its target price to RM2.10 — based on Wing Tai’s revised net asset value of RM4.23 from RM1.50 previously.

Hwang noted that the company’s retail segment is becoming more prominent, contributing only RM1 million in earnings before interest and tax for financial year 2001 (FY01) to RM39 million for FY12 or 29% of the company’s total.

Wing Tai’s 45% owned associate Uniqlo, meanwhile, has started to contribute to the company’s bottom line with 5% of earnings for FY12.

“The past two years alone saw retail sales jump by 36%, driven by new stores (from 53 to 69) and higher sales per store (4%),” Hwang said.

Growth from retailing, according to Hwang, should remain exponential as the number of Uniqlo stores doubles to 10 soon, including outside the Klang Valley, with perhaps two in Penang.

Uniqlo is the No 1 retailer in Japan and has presence in 13 countries, including Singapore, Hong Kong and China.

The annual revenue from its retail division has been growing steadily over the past five years.

The division’s revenue ballooned from RM88.3 million for FY08 ended June 30 to RM167.7 million for FY12.

On its property development, according to Hwang, Wing Tai has about RM1.5 billion worth of launches and RM230 million in unbilled sales (0.9 times FY12 property development revenue given minimal new launches in Kuala Lumpur due to waning demand), with Penang contributing about a third of revenue.

With some 169 acres of landbank remaining in Bukit Mertajam, Wing Tai stands to benefit from rising land values driven by infrastructure projects such as the Second Penang Bridge slated for completion in 2013 and robust foreign direct investment into Penang, the research house said.

For its first quarter ended Sept 30, Wing Tai posted a net profit of RM18.31 million, or 5.83 sen per share, up 27.4% from RM14.3 million, or 4.59 sen, a year ago. Revenue came in 25.4% higher at RM102.7 million against RM81.9 million.

Its posted an annual net profit of RM27.1 million for FY12, compared with RM32.1 million for FY11. Revenue was RM84.8 million compared with RM100.4 million in the previous year.

Hwang forecasts Wing Tai will rake in RM131 million in pre-tax profit from RM558 million in sales for FY13, marking an improvement of 54.12% and 21.83% respectively for FY12.

“The share price not only undervalues Wing Tai’s landbank in the Klang Valley and Penang; the market has ignored its retail segment which is growing in significance,” Hwang said.

At Hwang’s target price of RM2.10, Wing Tai’s price-to-net tangible assets (P/NTA) per share would be 0.71 times from 0.58 times after allowing for a 20% holding company discount, which is reasonable compared with small mid-cap developers’ average of one times.

The research house added that it values Wing Tai’s retail segment at nine times FY13F earnings per share of 96 sen, a 30% discount to the retail sector’s average of 13 times.

“Other larger Malaysian retailers are trading at a much higher forward price-earnings ratio of 12 times, while small mid-sized developers are averaging one times P/NTA,” Hwang said.

Wing Tai offers a decent 3.5% net dividend yield, which is comparable to the benchmark FBM KLCI average.

“The share price should be supported by share buy-back (including by parent Wing Tai Holdings, albeit being less active in the last six months).

“Even after imputing 20% holding company discount, Wing Tai is trading at a steep 60% discount to Hwang’s sum-of-parts valuation of RM4.23,” Hwang’s report said.

HwangDBS raises Wing Tai's target price
2013/05/10

HwangDBS Vickers Research raised its target price on shares of property and garment retail company Wing Tai Malaysia Bhd to RM2.55 from RM2.10, citing a robust sales outlook.

Wing Tai is "ripe for another big launch" in Malaysia’s capital city, Kuala Lumpur, and its earnings will be propped up by ongoing projects in the northern state of Penang, HwangDBS said in a note on Friday.

"Share price should be supported by continual share buybacks," HwangDBS said, which includes purchases by parent Wing Tai Holdings Ltd.

The research house kept its 'buy' call on the stock.

Shares in Wing Tai Malaysia rose 2.45 per cent, outperforming the Malaysian benchmark stock index’s 0.13 fall.-- Reuters

sorry sir crawler. i will crawl myself to Stock: Wing Tai

aiya. you should buy Wing Tai. not Sendai. i know they sound similar. but one actually got some Japanese inside. you know that funny shop Uniqlo. Wing Tai and Uniqlo best brothers!

hey anbz, you keep buying a share going nowhere. meantime i'm already up 27% since ge13 over. before that it was also up 25%. profit up 25% from preceding quarter in latest fin. report. what more to say man?

pathew, to be honest i cannot comment about o&g and property. i think those counters are decent, considering o&g has pioneer status and iskander theme will drive prop counters for awhile.

i suggest you take a look at 2976 - Wing Tai. Currently about 2.05 - 2.10. They own 45% of Uniqlo Malaysia. Their profit is also growing because of this. Hwangdbs s-o-p valuation at 4.20 ish.

Technicals - it has broken above its long-term resistance (1.80 - 5 year monthly chart). Price well supported by company buy-backs @ 1.93 - most recently. I have a good feeling we could be seeing 3.00 by the end of the year for this counter.

It is not often that a listed company admits being involved with bribery, but Bina Puri Holdings Bhd seems to have done exactly that.

In a court case in Singapore between ANC Holdings (plaintiff) and Bina Puri (defendant) a sum of S$ 4.6 million (more than RM 11 million) was claimed being 5% of the total value of a project in Saudi Arabia. The plaintiff claimed it fulfilled its obligations.

I recommend the readers to read the whole document. The word "bribe" is mentioned 82 times.

"The defendant's witnesses gave evidence that it had been the joint intention of both the plaintiff and the defendant in entering the agreement that the plaintiff's assistance to the defendant's subsidiary would consist of paying bribes to secure the projects."

" ..... it is a serious thing to admit an intention to secure contracts by paying bribes. It is especially serious - legally and reputationally - for a public listed company to do to." (page 72)

"I am satisfied that the parties' common intention in entering into the Agreement was that the plaintiff would procure the Projects for Bina Puri Saudi by paying bribes."

"... the result is that the plaintiff cannot enforce any claim under the agreement."

"I therefore dismiss the plaintiff's claim."

"I decline to award the defendant any cost in the present action. When the parties are in pari delicto - as they are here - the parties' losses lie where they fall." (in pari delicto: in equal fault)

Bina Puri has just filed its annual audited accounts 2012. The following paragraphs deal with the above court case, without mentioning about the bribes:



It will be interesting to see how the top management of the company will deal with the above case. Will the Malaysian authorities take any action?

Isn't this company the one that crane drop on car and motorcycle and kill 2 people?? I won't be buying this stock. misfortune for sure!

don't be afraid of buying stocks that are moving up, especially good counters. you want to buy stocks that are moving up fast! trust me. jesse livermore (google him) said - buy higher highs. remember, at a minimum, the stock you buy must be keeping up with or exceeding the performance of the index. if not, you're wasting your time. use the index as your measuring stick. if the stock isn't moving up, but the index is, then dump it. after a period of time of course.

there is a big GAP in the index that needs to close (you can't miss it). i have a feeling that something is going to drive the index down a wee bit before it continues on its upward trajectory. just KIV (wait for two a three down days before buying) these counters for that moment, then buy. Some of these are old friends you probably already know: 1295, 4448, 5089, 5168, 7237, 0058, 6432, 4731. Feel free to add yours. i would love suggestions too.

power root is speculative??? are you nuts? do you know how to read a financial report???

where else to find another twin towers or klcc? its guaranteed to go only one way, that is up.

i forgot to mention my personal favorite. 4448 - tasek! its not cheap, but i love it so.

high beta - wider price variation or more volatile stocks. high beta, essentially means higher volatility. therefore if the index goes up, these stocks tend to go up more, if the index goes down, they tend to go down more (some exceptions). in other words, when a major risk event (elections) blows over, then you will see a rotation out of defensive into more risky/spec stocks. however many of the stocks i mentioned earlier are fundamentally very good stocks, in addition to their stock price doing well.

if you like keck seng, better buy oriental holdings. very similar group, but much better for minority shareholders. good property portfolio, motorcycle parts & manuf, plantation, hotels etc. in addition, aberdeen, mufg, public mutual are all holding. and they pay a generous dividend. leave keck seng alone. you will be wasting precious time buying this share.

now election is over, higher beta plays will make more money. shares like power root, cbip, tomypak, jobstreet, scientix, alam etc..

ceo 7106 very smart one. can open mouth big because he know govt won't do anything. all the glove companies are HUGE gas consumers. Petronas, Gas M, whoever is selling gas below market. If they raise charges, then all glove counters will be hit badly. he wants pioneer status for glove like O & G. come on man. grow up. you've already got one huge subsidy, you want another. don't be greedy. do you think you still get any subsidy elsewhere??? if you want to compete on a global level, then you have to be prepared to operate without ANY subsidies!

at the end of the day its your money right? buy, don't buy, your choice.

i don't want this fellow to suffer the same frustration that i have. yes i own power root. i also own sendai. but i won''t advise anyone to buy, unless speculation for 2-weeks to 1 month. the other companies also have solid fundamentals. do your research if you know how. read the quarterly reports etc.

don't enter. i own sendai. but i advise don't enter. buy power root, tune insurance or freight management. in that order. all these stocks priced between 1.28 - 1.80.

Well written article Lawrence

stay away from all SPAC's. good for speculation. very very bad for investment. trust me.

don't buy cliq. buy power root. if you had bought before elections you already make. same can also be said for gamuda, uem land - but i personally don't like GLC

if the name got china in it. don't buy. simple.

56 YEARS and still AIMING to be competitive??? What the hell???

if the name got china in it. don't buy. simple.

there is no reason to privatise. its a good company. well run too. personally don;t think much upside left in glove. come on, even harta gone up from .50 to 5.30 in 4 years. what more you want. take profit and go.

spend a bit more. buy a company called power root instead. you can thank me in 2 years after the stock goes up 200%.

don't be foolish. don't buy.

tan cobby, chill out with an alicafe. solid fundamentals, and has recently returned strong top line revenue growth. the latest financials looked good to me. fmcg is a good place to be, especially a malaysian fmcg company in the middle east. this is a keeper for a medium to long-term investment. 2.00 in 12 months, conditional on growth, which shouldn't be a problem.

this bad boy is going to 5.00. did you see the latest financials?

every 25, you get 6 digi. therefore 200, you will receive a grand total of 48 digi shares. congrats. provided they vote for it at the agm.

?????? - Clearly the market is pricing an opposition victory.

the saving grace is that they DO pay a dividend (once a year i believe) and have assets, that prevent this share from dropping too much. otherwise i don't see any catalyst driving the price up further (unless of course the opposition win the elections - then all shares will skyrocket!)

sorry sorry ah. just a bit emotional. klccp & mbmr are great investments. good work.

hwangdbs and salvatore dali are the ones who initiated coverage awhile back. the special dividends was a hypothesis/theory (therefore only a speculation) based on some tax rules. the traders made the most, by buying at 4.00-4.20 then disposing a ringgit higher.

i personally don't like this share as they don't communicate strategy very well/at all, very secretive, very stingy with dividend (track record + sitting on 800m cash???), family controlled company. they have also failed to revalue their land. these are all red flags in my book, and i would never consider this for investment, only short term speculation.

if you don't communicate strategy, how can you set market expectations?? the reality is that they are stingy, and only look after themselves. stay away from counters like this.

good for you crawler. however i can't say the same. i can't wait to bid riddance. as i've said before, an investment here is a missed opportunity elsewhere. opportunity cost is the most irritating thing about the decision to invest here. but thankfully this taught me to - never again - invest in construction - ever.

bryan, get a clue. its time to think like adult and use your head. by the way, since when do you start listening to anything in star biz. you want to lose money hand over foot kah?

support & psyc level to be found at 4.00 +/- 10 cents (margin of error)

F**K off hau spam somewhere else

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=MISC:KLS
பங்கு விலை: 4.30
சந்தை முதலீடு: 20,18 பில்லியன்
இலவச பங்குகளாக: 1.03 பில்லியன் பங்குகளை (மொத்த 4,46 பில்லியன்)
PE: 14,59
EPS: 0.31

மலிவான?

நிதி: http://markets.ft.com/research/Markets/Tearsheets/Financials?s=MISC:KLS

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=MISC:KLS
harga saham: 4.30
Permodalan pasaran: 20.18 Bilion
apungan bebas: 1.03 bilion saham (jumlah 4460000000)
pe: 14.59
eps: 0.31

murah??

kewangan: http://markets.ft.com/research/Markets/Tearsheets/Financials?s=MISC:KLS

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=MISC:KLS
股价：4.30
市值：20.18亿元
自由浮球式：1.03亿股（共4.46亿元）
PE：14.59
每股收益：0.31

便宜？？？

财务：http://markets.ft.com/research/Markets/Tearsheets/Financials?s=MISC:KLS

ispy2. you have no idea what you're talking about. you sound like an amateur. stop advising people to buy this lousy company. might as well give me the money. i will send you my bank details.

stay away from unisem. and stop listening to ppl saying "wok frying hot". classic red flag to STAY AWAY. trust me.

this company should have seen the move to mobile years ago and transitioned. why aren't they doing anything about it? there is huge demand for dram and nand chips.

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=MISC:KLS
share price: 4.30
market cap: 20.18 Billion
free float: 1.03 billion shares (total 4.46 billion)
pe: 14.59
eps: 0.31

cheap????

financials: http://markets.ft.com/research/Markets/Tearsheets/Financials?s=MISC:KLS

cum dividend: http://www.investopedia.com/terms/c/cumdividend.asp
ex-dividend: http://www.investopedia.com/terms/e/ex-dividend.asp

even professional lose. what makes you think you can beat them if you don't know the basics.

johotin - do u know what cum-dividends and ex-dividend mean? if not, pls save your money and seek professional help. you will lose much money in the stock market. i'm not joking.