Brother Apini,
Good morning,
Good to see you here...just wanna ask you something...
Just asking for knowledge and not to challenge you...

it is great that Gadang declares 5 cents dividend.
BUt come and think about it, Symlife also declares 5 cents dividend.

Gadang is trading at RM1.50 whilst SymLife is trading at RM0.85.

Which one is more worth it? What do you think?

phariah counter

@ hng33, thanks for your input. With land cost so low (at RM112.0M) for Star Residences and a reputable developer (Samsung) building Star Residences, we sure have a winner project here. Cannot debate about this.....

About elevia residences, please refer to the link here...other lowyat forumers also agreed that the quality of deliverables by SymLife needs to be further improved.

https://forum.lowyat.net/topic/3435228/all

Actually, symlife does not have an in-house property development unit. It conceptualises the projects and acts more like a marketer and outsourced its construction to contractors. I think the contractors screwed up but ultimately, Symlife reputation is on the line.

@ hng33, understand that Star Residences is build by Samsung....hence, quality is not an issue...

how about the rest of the projects? their elevia residences is riddled with quality issue. Honestly, i like this counter - but their quality of deliverables (besides Star Residences) need to improve significantly.

That is why i ask you - what do you think of the quality of Symlife's deliverables (besides Star Residences)? And importantly, how will this affect SymLife?

@ hng33,
just asking, do you know how much is the land cost for STar Residences? In THE EDGE, it was mentioned that SymLife acquired Star Residences many years back...just wondering what is the land price? Lower land price equates to higher margin...

By the way, what is your opinion of the quality of deliverables by SymLife? Read in Lowyat that SymLife quality is not good......scared this will affect the company's sales performance??

Yes...you are right....Datuk Azman Yahya said he is confident of achieving $700M + 20% better during FYE 2016. I think the reason he said this is due to Star Residences...

@ hng33, what you said make good sense....no wonder Datuk Azman Yahya in The Edge interview is so bold to assert he is confident SymLife can achieve RM75.0M + 20% better sales for FY16.

Hi - wanna ask - only real sifus like Icon8888 (not his envious wannabes who goes with various permutations), apini, bluefun, etc are invited to answer.
Gadang declares 5 cents dividend but share price is about RM1.45 (more or less).
Symlife also declares 5 cents dividend but share price is about RM0.84 (more or less).

Why is that so? i mean if i am just going for pure dividend play - symlife is a better buy? don't understand,...can someone educate me?

just to exercise my freedom of speech - Gadang's share price is likely to stay depressed at least until the end of this year - mainly due to bearish market sentiment. Counter is good - no doubt about that....but if you are still looking to load more (like i do), then, please pray that the bear stampede will keep Gadang on the ground....

Hi Icon8888, ....what do you think about GOB? Icon8888, you still holding or not? if you jump boat...please be courteous enough to tell di-di....

please give me good news before i watch Mission Impossible - Rogue Nation....

today release quarterly results?

@ apini,
well...you are a good grandpa...think 2 generations ahead...
me...have to fend for myself...sigh,,,,all monies to invest in the share market comes from own blood and tears and sweat
if things go well for my investment...i may consider changing job - from accountant to something share market related

@ apini, you should use the $ money to buy a house for your grandchildren....
just my two cents...

abang...the cost of buying new warrants will be spread over / divided across the free warrants, thus lowering the AVERAGE cost. Hence, you will be making more since you are spreading the buying costs over to the free warrants....

share price go up or down....it is ok -most importantly, is this quarterly results due on this Fri.

adui....
correct me if i am wrong...
buy 1 warrant = RM0.20
but don't forget you got 1 free warrant during rights issue
hence, you spread out the RM0.20 to 2 warrants,
become 1 warrant = RM0.10
hence, the actual cost of holding 1 warrant is just RM0.10
this is 1 for 1 warrant matching

assuming if warrant price increase to RM0.40

hence, holding 2x warrants using the scenario above:
2 warrants x RM0.40 = RM0.80 - RM0.20 = RM0.60

assuming if you do not buy any additional warrants but just holding on to the 1 free warrant,
1 warrant = RM0.40

Assuming if you are not entitled to the free warrant but just buy 1 warrant from the market:
RM0.40 - RM0.10 = RM0.30

just a suggestion, if you have subscribe to the rights issue, then you should buy more of the warrants. The mother share is trading at its rights price of $0.50 (cannot go any lower than this floor price). Hence, buying the warrant at this price now at RM0.20, then your actual cost is just RM0.10. Hence, you stand to gain alot....

all of it is listed in the bursa announcement - don't be lazy - go and look up...but all i can say is - following the disposal of land at Seri Kembangan (and DaMein to follow suit), they should be in a comfortable position to declare dividend...even 1 cent also good enough.

hahaha - will drop more until RM1.30 before this Friday...
sial sial....that is why i dare to bet my xiao di-di....

maybe they will declare dividend following the disposal of their land at Seri Kembangan.

tunggu....i not yet accumulate habis.....

how to cut my xiao di-di? the price is still below RM1.60.... i still get to keep my little brother a little longer...hahaha

if Gadang pancut past RM1.70 this year, i will cut my xiao di-di and post at i3 for all forumers to see...
hahaha

nyum nyum....tambah makan Gadang at RM1.44

Gadang: enak, lazat, sedap, kenyang....

how about highway job?

phariah punya company - just like old man...when wanna buy - got erection - when don't wanna buy - got erection dysfunction...

if pancut beyond RM0.60, i cut off my "xiao di-di"....

tadak duit

Phariah punya counter,
bila nak beli - dia naik until RM1.45
Bila tak nak beli - dia turn sampai RM1.39

hahaha.....should i say - this is a phariah company....high revenue but matched with high OPEX and tax...- resulting in lower net profit for shareholders compared to last year...

let us look whether they will declare dividends for FY2015 following the disposal of 10+ acres of land at Seri Kembangan....

very strong rebound....i think as long as we collect at RM1.40 range...should not be too far off

i think he factors in the disposal of the seri kembangan land?

no point to shit here, shit there...market is expected to remain bearish due to Greek problem, Najib problem, 1MDB problem, US hiking up interest rate problem, constipation problem....so many problems...

Just KEEP CALM and BUY GADANG

on a positive note, the company is buzy entering into various JVs, those preserving much of their highly valued land banks...

beli Gadang (9261): hati senang...

beli Symlife (1538): hati bukan tak senang...tapi pun tak gembira...ok ok lar...ada dividen 5 sen.... sales $700M (unbilled sales; $677M) ....tak boleh complain....

beli GOB (1147): hati banyak runsing...director's action to diversify the company ends up worsening the company....hutang banyak....

but i would prefer if they can offer a range of properties from affordable housing to luxurious housing...

yah...hopefully, the TWY Mount Kiara will not have quality issues....if not, they will really kena "tiu"....

siapa beli symlife kat harga ini memang banyak untung....

Simple valuation in terms of earnings:
Expected unbilled sales for June'15 (Q1'16): RM850.0M x profit margin of 15% / 2 years / 310.0M shares = EPS = RM0.20
Assuming a very conservative PE of just 6.0
Expected share price = RM0.20 x 6 = RM1.20

At RM0.85 market price - RM0.05 dividend to be paid in Sept'15 = RM0.80

Expected to earn at least RM0.30 to RM0.40 per share.


If using balance sheet valuation =
Based on Q4'15 balance sheet:
Land held for property development: RM223.0M (based on net book value = but we bloody know the market price of 412 acres of sungai long already exceed RM1.0B)
Total current assets: Just take hard assets:
Property development costs: RM50.0M for the land cost excluding the other property development costs
Inventories - just take desiran bayu (built then sell): RM40.0M
Trade and other receivables: RM260.0M x 80% = RM208.0M
Cash and Bank balance: RM106.0M

Less total liabilities (current + long term): RM525.0M

Total net assets: RM102.0M
Divided by 310.0M shares = RM0.33 per share
This is just based on book value.

If we revalue just one niche land parcel: say the 29.2 acres Puchong land:

Stock: [SYMLIFE]: SYMPHONY LIFE BERHAD
Aug 28, 2014 01:55 PM | Report Abuse

Wow, MahSing just paid RM656.9M for 88.7acres or RM170/sqft of leasehold land in Puchong. Very close (~15km) to Symlife's remaining 29.2acres Puchong land. At RM170/sqft, this works out to RM216M or 70c/Symlife share. Symlife has this parcel valued at RM33.9M in its book. Fat margins here.


RM0.33 + RM0.60 (after land disposal at market price) = RM0.93

What does this mean?
It means by buying into the current price at RM0.85 - RM0.05 dividends = RM0.80, you have about RM0.13 safety margin assuming if the company is liquidated and all assets (and liabilities) are realised at book value except for the niche land mentioned above.

But we know in real world, land will never be sold at book value. It is always being sold at market price.

This means, SymLife is worth more dead then alive.....

wonder whether they will declare dividend? if 2 cents, also quite good....

Hopefully, they will not sell off Damen....i rather they keep it to earn recurring rental income for the next few years....

good shares......need more time to accumulate...just scared when market spike up - good shares will be more expensive and become less attractive in terms of valuation

my wish is that Gadang will sleep until middle of next year - hovering at about RM1.50 range...

Really don't know why:
(1): why their OPEX spiked up?
(2): WHy their taxation is so high?
(3): why their finance cost so high?
(4): Why there is a purchased goodwill in their balance sheet?
Don't know ask who....sigh...

Icon8888's 12 part articles is quite spot on about
- Da'men (which will be completed sometime Sep'15 to Dec'15 and this will definitely transform GOB),
- low cost land bank at Batu Kawan and Seri Kembangan (just look at their recent sales of 15 acres of land at Seri Kembangan), and
- JV with Lembaga Getah (Pavillion Embassy).
But then, his articles missed out on GOB's diversification into the F&B business to earn recurring income. My point of view is that this diversification may have worsen GOB.

GOB's revenue actually improved from FY14 to FY15 but there is a corresponding increase in
- their OPEX, taxation and interest expenses.

Up to today, i don't understand the following:
(1): why their OPEX spiked up? From another forumer, Opteron, it seems to come from their diversification in to the F&B business. Heck, they are even looking into expanding into China's F&B.
(2): why can't they be more like HuaYang or Tambun Indah who just focussed on developing properties? The reason why i buy this counter is their low cost landbank which will guarantee high profit margin when they develop those land. And they have Damein to tide them over.
(3): WHy their taxation is so high?
(4): Why there is a purchased goodwill in their balance sheet? Which company they buy ?
Without the above, GOB could have easily add on additional RM10M to RM15M into their net profit.


These are the questions that Icon8888 does not focus on his 12 parts article about GOB. Right now, i don;t know who to ask?

Other than that, please don't blame him for the drop in GOB's share price. He would not have known it in advance when writing those articles. There is dual impact to this drop.
(1): Property sector is not doing well. Heck, even good companies like Tambun Indah is experiencing RM1 drop from their previous high of RM2.60 to RM1.60, and coupled with
(2): rights issue which halve the share price.

He is NOT GOD, he does not possessed divine power to know about those share price in advance.

My point of view is that GOB is considered quite undervalued in terms of their RNAV but not so much in terms of their EPS.

you see....Gadang rebound back again to RM1.46 - almost equal to the price i paid to buy additional Gadang back on Thurs 25th June.

With hindsight, i should have purchased Gadang at RM1.40 on Monday 22nd June - just a few days difference and i could save 7 cents.

But then, how would i know?

Sometimes. it is easy for people to criticise after the event, but during the moment when you buy...you will not know...you just know RM1.47 is relatively undervalued compared to the intrinsic value of Gadang...

KEEP CALM and BUY GADANG

@ icon8888 brother, do you still hold on to GOB?

@ probably, the other day- i enter to buy at RM1.47 - now, market is at RM1.40
Lost RM0.07
Me = lagi sad...what to do? this is life arrr

tambah makan Gadang at RM1.47....

nyum nyum....
Gadang = enak + lazat + berkhasiat + kenyang....

good lar....stay at RM1.45....uncle wanna come and load up liaw