i guess the news leaked out from government people to the market already in the morning...

i don't understand government... this stimulus seems encouraging market selling properties in secondary market rather than clearing the huge stock piling from developer... why encourage people sell, and not encourage people buy...

PM: Property tax exemption for Malaysians for disposal of up to three properties between June 1, 2020 and Dec 31, 2021

1.40 still consider cheap for me, if you look at the 10-years price chart... 50% exemption is a lottttttt....

exemption of 50% duty for import car and 100% for local car.... no wonder skyrocketed today....

as per reminder... AMMB removed from KLSE index.... fund manager gonna re-switch their index-link portfolio soon... brace for impact....

Removed from KLSE index...>< no wonder from green turn to red....

do you know the mask material price has dropped 90% in china.... and do you know now lazada lelong selling RM28 per box for mask, and during its peak, it was around RM120 per box...

just a gentle reminder... tomorrow the re-shuffling results of 30 stocks in KLSE will be out...

must be some big shark smelling the re-opening news now... suddenly so big volume...

PAGE16 , see the interest expense and the dilution effect of converted share-> https://cdn1.i3investor.com/my/files/st88k/8664_SPSETIA/qr/2019-09-30/8664_SPSETIA_QR_2019-09-30_Q3FY2019%20Financial%20Results_-673911327.pdf (10. Earnings Per Share Attributable To Owners of The Company (continued)

spsetia bought the I&P group for it's landbank in 2017, since then they double up their landbank and ended up piling huge debt (loan, preference share with 6% interest... ) you read back their last 2 quarter reports see how this interest expense eat up most of their EPS.. even OPR rate is reduced so much now... Don't forget the 6% interest for preference share is fixed rate....

because the huge landbank accumulate extremely high debt... when market not good, those land are sitting undeveloped but incurring borrowing interest cost.... plus the perpetual note borrowing, it will be eating up huge portion of earning every 2 quarter...

take a visit during weekend in icon city and southville city... the crowd are ridiculously low... worse than i expected... the 'city' is built to sell but no effort put to operate it... it looks like dead city inside... it is very bad example set by them, they will be having hard time to sell subsequent phase... take a look on sunway city, it is build to sell+operate with effort 20 years ago... and take a look on mahsing project/city >< Mahsing has high DY due to price drop...but look at the continue decreasing EPS and DPS... they cannot sustain this DY when Earning ps is less than Dividend ps... Don't forget 2019 have HOC already, their EPS also dropping...and this year got covid19 somemore...

is it big fund doing tax-loss selling to offset other realized gain during month end?

is it tax-loss selling to offset other realized gain during month end?

is a fat finger mistake or big guy doing portfolio balancing? how come so huge volume...

result so bad monday sure waterfall... probably will catch it around 40-42 cents...

is that windows dressing @ 4.50pm.... ?

omg... 0.48eps.... last 4 quarters total eps just enough to cover the 3.35 cents dividend.... >< i thought is good result... almost kena trapped today..

1) already priced in
2) short selling suspended... big shark/intra day player can only goreng up, but cannot goreng down...therefore, most of them are with oil/gas or glove counter now....

it is hard to have big drop... some more so many retail are queuing to pick up the share with discount...

0.4 to 1.6 is 4x.... the company profit 100% not possible to 4x fold just because of a good news... somemore the company is PE -21 now and NTA is 0.28 only... >< really don't know why people willing to collect the share at RM1.60... my guess is the price will continue gap down and goes back to it value at RM0.40 in few days, afterwards continue flat for the year after the crocodile cabut....

0.4 to 1.6 is 4x.... the company profit 100% not possible to 4x fold just because of a good news... somemore the company is PE -21 now and NTA is 0.28 only... >< really don't know why people willing to collect the share at RM1.60... my guess is the price will continue gap down and goes back to it value at RM0.40 in few days, afterwards continue flat for the year after the crocodile cabut....

look at the all-time/10 years chart... there are so much of margin of safety at the price for this stock...and we are talking about blue chip stock here... yes, it is hit hard for this quarter, due to pandemic and NOT due to management ability issue... once outdoor theme park open in 2020 year end, the price will eventually go back to its value... At least, to it NTA value 3.10.....

because negative outlook already priced in during march dip... same negative outlook to all other sectors, manufacturing, retail, tourism, bank/finance... all take a deep dip last month... the only different is genm is cash rich + high DY + blue chip deep dip... actually genm is not up so much yet from it historical low 1.83, compare to others counter (look at the all-time/10 years price chart). However, it is more safe that genm slowly move up like now rather than quick pump up...

the bottom fishing is most probaby happen near to covid-19 peak and MCO soon to lift period... so i guess that why price started to move..

it drop to 1.83-1.90 price in March, investor already pricing in the closure of MCO, pricing in next quarter of bad results... the bottom fishing is most probaby happen near to covid-19 peak and MCO soon to lift period... so i guess that why price started to move..

the management is already working with the strategy to dispose off non-strategic land from their huge landbank (accumulated from I&P acquisition)... this is definitely lowering down the net gearing/debt in near future... Page 18: https://www.spsetia.com/getattachment/f8d5ed7a-9fe8-4f13-b7e5-e2c553bc69f5/2019

Everyone only see the 11 billion debt.... but ignoring the fact: Unbilled Sales of RM10.67 billion is Supported by 9,381 acres of Remaining Land Banks and RM144.52 billion of Remaining GDV as at 30 June 2019.... Page 60: https://www.spsetia.com/getattachment/f8d5ed7a-9fe8-4f13-b7e5-e2c553bc69f5/2019

the higher gearing /debt is due to acquisition of I&P in 2017... the acquisition is due to I&P land bank, and it proximity to SPSetia current land/township...

thats the disadvantage of thin profit margin...

read this kenanga analysis -- > 1 year core income growth 27.2% -> (Page 13), compare with other developer. https://kenanga.com.my/wp-content/uploads/2019/10/Property-191003-4Q19-Strategy.pdf

if you are short term trader, u bought at 1.20, good price to sell now... if you are long term holder seeing the core earning growth for next two years and willing to wait for two years, this is a good time to accumulate. With new budget 2021 in place next year, the property stock will slowly recover + incoming revenue recognized from foreign project completion.... this will not happen in few days and few months....if you see the value then hold and wait, if you just want to goreng the difference from last month price, now is good price to sell if u bought at 1.20....

BSP phase two commercial unit transaction is already secured and is sold to EPF, the profit will be recognize end of 2020 to 2021. just need to wait for the construction completion.

if you read the quarter report, the profit is increase a lot last quarter, but EPS still low last quarter, it is due to the iRCPS dividend payment incurred last quarter... this expense is not happening next quarter...

the PE is near 28 is because for the past 12 months, most profit is only recognized by local project. all the SPSetia foreign project, specially the big value UK BSP project, also the singapore and australia one, the profit will only recognized when the construction completed. thats is the reason the projected core earning growth for 2020 and 2021 is high, because SPSetia will started recognized the foreign earning by then. EPF and KWAP know this and they started to accumulate slowly...

we will see, when next quarter report released around 14 Nov 2019.

From its track record of paying dividend past year.... buying the SP Setia at 1.2x price, in year 2021
when revenue recognized... i don't see a problem for >10% dividend... based on its generous dividend paying ratio in the history.

Also with the government budget 2020, HOC for first time buyer + lowering foreigner buying limit to 600k will definitely helps clearing the unoccupied house. i won't anticipate a big jump in house price next year, but i believe we will see the house price started to recover next year.... Next year is a good year for SP Setia at least.

Big revenue from battersea power station phase 2 commercial units to EPF will be recognized in FY2021... so next year 2020 will be a flying year as investor are anticipate the incoming earning growth...

2-year revenue growth 24.3% -> (Page 13) https://kenanga.com.my/wp-content/uploads/2019/10/Property-191003-4Q19-Strategy.pdf

SpSetia upgrade to Outperform. 1 year Core earning growth 27.2%, 2 year core earning growth 46.0% (Page 13)... compare with ioiprop and other developers....

see Kenanga report Page 13
https://kenanga.com.my/wp-content/uploads/2019/10/Property-191003-4Q19-Strategy.pdf

i think the strong defense will be on its NTA price 0.48

Today market really no eye see... red sea....

the whole index is down, not only layhong...

it may form double bottom now also, reverse trend to up... lets see

as i observe the trend of layhong past 3 months, when morning is buy signal, the highest price of the day will be the price before closing. Same like yesterday morning is sell signal, closing price is lowest.

don't forget ESOS for employee is 0.58, and NH Food bought 20% share 2 years ago at 0.58. Below 0.58 is consider cheap.

in term of PE, layhong not that bad.... layhong in average use to stay at PE15-20 for many years due to it consumer stock factor.... now dropped to PE10 already.