i see. X___X lolx

hibi's valuation is so supressed. 5X PE!! no matter how good the results are, if it stays at this valuation, the price wont have much upside. IDSS problem?

maybe because of China factor the PE is low -_____- so many other china stocks in bursa low PE..compared to peers which are around 10x pe. perhaps should view the upside conservatively

compared to previous quarter it would wont be as good because this is a seasonal business. but compared to same quarter last year and overall y-o-y performance, for sure much better. maybe suppressing price until main market transfer complete so insti funds can buy in? just wishful thinking ;D

sold off...still believe in their potential to grow but short term looks like price shot up too much too soon...will continue to monitor meantime

lets see...something is happening

director just disposed so many warrants...who absorb so much?

how do you know? can go up some more??

anyone got any insight of the land sale and how this company is doing? since feb news...quiet..and recent quarter is so so..

anyone have any idea how much will jaks make per year from the 25 year concession?

Agreed jjchan...net book value is only rm39mil (from annual report)...so face value gain is easily >RM100mil....its an old land bank so i believe maybe capital gains tax wont apply.....not sure how to factor in borrowing cost...but from accounting perspective gains doesnt account for it. im not expert...just piecing what i can find...have to wait and see quarter results...but should be showing positively unless they make losses on other projects..lol..

jaks may record huge gain on the land sale...altho it is one-off...but still good for profit and reduce gearing

whos accumulating?

buy volume seem to have increased and stabalised for some time

Good in short term. proceeds from sale is almost RM380million on top of Star's current warchest. They will have enough money to do special dividend and also look for new business to acquire. Looks like a good deal

merger maybe? but management has said not so soon. still syf has better profitability than mieco and still not moving zzz. i think will move eventually. duno when only

Uob-kayhian report
Our channel checks reveal that the group is currently in negotiations with its JV partner to finalise the terms for two new developments with a total GDV of about RM1b (to be progressively
launched over a 5-year timeframe). Thus far, we understand SYF has issued a letter of
expression of interest (on a non-binding basis) to participate in the joint development of
the above lands subject to conditions. We expect negotiations to be finalised by end-16
and we project a modest net profit contribution of RM128m (from these two projects)
over the 5-year development period.

Not only syf. All counters flat. Zzz. Wonder when will the market wake up. Maybe 2nd half of the yr only will see some action

fair value is still ard 80-85 sen with annualised rm40mil profit. anything more than that is bonus for me. pray hard

article extract from Mybursa... too be honest quite wary with mybursa. all report on syf seems too gung ho. whoever behind sure have biased interest in syf too. but any positive write up is still welcomed

Kuala Lumpur : Exporters rose today in the most unconvincing of fashion, as most investors stayed on the sidelines, even by passing opportunities to do intraday trades. The gains posted by the exporters seems to suggest the idea of staying away from doing any trades today, has thus far proven to be a wise one.

TopGlove was up 14 sen to RM13.84 a share, Inari seven sen to RM3.37 a share and Gtronic up by nine sen to RM5.97 a share. Most of the gains cannot even cover the intraday brokerage and leave aside a meaty profit for intraday traders.

The stock to watch however is SYF, particularly SWF warrant B, where the topsy turvy buying and selling of the warrants seems to suggest that something is brewing and the real cooking is being timed just when the market starts mending its ways.

Kenanga gave SYF tp of 83 sen. But was based on very conservative PE of 9.5x. If PE was 11x, then tp would be 96sen

http://klse.i3investor.com/blogs/kenangaresearch/89699.jsp

stock price sure will go up and down. wont be surprise if dip below 70sen for awhile before bouncing back up. market uncertain but still believe in fundamental of this company. pls deliver!

Kuala Lumpur : What MyBursa can gather from CIMB’s report on Heveaboard Bhd is that the US Dollar Does Matter and it is going to play a very crucial role in the coming earnings session.

For one, most of the chipboard makers such as Hevea, SYF Resources Bhd, Mieco Chipboard, and Evergreen are going to report earnings that are much stronger than anticipated by the research community.

And this boost is solely due to the steep depreciation of the Ringgit as well as the research communities conservative benchmarking of the Ringgit.

They have benchmarked the Ringgit at RM4 to the Dollar, a level which the Malaysian currency has not even come close to achieving over the past four months.

Based on the reality on the ground, MyBursa’s untrained estimate is that Hevea’s full year profit for the 12 months ended December 31 2015 which will come out next month will leap frog to the RM80 million level from RM32 million recorded in 2014.

Likewise SYF’s earnings are expected to be boosted by more than 20 per cent than previous estimates.

SYF is the current small cap exporter with momentum which has not been blunted even after the shocks coming out of China, which has literally strangled the Asian bull to the point of submission.

http://www.mybursa.news/2016/01/13/us-dollar-does-matter-and-hevea-is-going-to-kick-start-version-one-of-the-2016-chipboard-rally-it-all-starts-now-and-ends-in-march/

i think short term time frame will move sideways until feb/march when nearing results. unless there is some unforeseeable catastrophe, price may react negatively

yup still positive :) upside potential still there. i think 0.90 - 1.00 is still achievable. All will depend on results

at last 70sen. hopefully close at this px or higher today.

anyone has the link to the full report?

KUALA LUMPUR (Jan 7): SYF Resources Bhd ( Valuation: 1.10, Fundamental: 1.10) is confident that the double-digit growth momentum in its bottom line will continue in the next two years, driven by new and existing property developments which it believes are in rental hotbeds, while its furniture business has found its niche with resource maximisation throughout the value chain.

After SYF Resources’ annual general meeting today, executive director Datuk Seri Chee Hong Leong said the group will be launching property projects worth some RM500 million in gross development value (GDV) over the next three or four years.

In this financial year ending July 31, 2016 (FY16) alone, SYF already has RM200 million worth of unbilled sales.

SYF Resources’ property development division was initially used to generate funding for its furniture segment’s growth after the group’s restructuring exercise in the early 2010s, but property sales have in turn become the group’s biggest earnings driver, said Chee.

In FY15, 52.27% of SYF Resources’ pre-tax profit of RM16.34 million came from its property development business. In 1QFY16, its net profit grew by 110.17% year-on-year to RM10.83 million, mainly because its property development segment’s pre-tax profit multiplied by nearly five times to RM6.65 million.

“We are launching our Lavender Residence in Bandar Sungai Long soon. That already has a big captive market for investors seeking rental income, with a lot of students needing accommodation there,” Chee told reporters.

As for its furniture business, Chee credited SYF Resources’ executive chairman and chief executive officer Datuk Seri Ng Ah Chai for adding the upstream business to SYF Resources’ value chain four years ago, which has enabled SYF Resources to “secure” its own space in the furniture industry and gain competitive advantages.

“We have two business units in each of our new upstream plant. Kiln dried timber and whatever that is left, we will use them for particle board or density board. Thus, there is no waste in raw materials.

“We sell the timber to local and foreign players and the balance [is used] for our own furniture manufacturing (downstream segment). This is the same as our boards segment, where we sell them to local furniture players and also for our own usage,” Chee explained.

While the boards segment made marginal pre-tax profit of RM987,000 on revenue of RM10.96 million in 1QFY16, Chee said SYF Resources will increase its overall capacity, as it will have three plants by FY17.

“We already have the first factory (for boards segment). The second plant will be fully on stream in the middle of this year, while our third plant is coming in FY17. So, we are going to have three plants in the board area, where each plant has the capacity of between 80,000 (cubic metre) cu m and 100,000 cu m.

“If all three run in full stream, the boards segment should generate about RM140 million revenue (annually), although some of the boards will be used for our own,” said Chee.

SYF Resources, which reached a 10-year high of 70 sen on Tuesday, closed at 66.5 sen today, valuing it at RM415.6 million.

most of the good news already known. just have to wait for results to show itself. whole market is down even export counters despite usd strengthening. hard for even syf to go up today. dont know if there is any coverage report out yet.

now i understand why they are so confident in introducing dividend policy. they are expecting the property development side to sustain growth for next few years while they grow the particle board segment. by april 100% increase increase in capacity with secured customers is really unexpected. property dev will not last forever but growth in other divisions are more sustainable. niceee

anyone attending the agm? would love to know what they say. too bad i cant.

Kuala Lumpur : Timing is everything if you are the contra men. And the timing for SYF Resources is now.

MyBursa have learned that a slew of research reports on SYF will hit the streets in the next 24 hours time.

The timing is perfect, as on Thursday, SYF will be holding its shareholders meeting followed by a media conference.

SFY is expected to announce that it is in the midst of expanding its fibre board capacity by 100 per cent via setting up a new factory.

Operations will start in April, running at full capacity. The cream on this cake is the plant will be outputting for secured and ready buyers.

SYF which counts Norway’s Central Bank as its minority shareholder is now seen courting the Employees Provident Fund, to come in as a substantial shareholder.

Last month, EPF fund managers were given a close door briefing by SYF, as part of the plan in getting EPF as well as Valuecap in the picture.

It is for this reason, SYF had worked closely with the research community to come out with a RATED report on the company.

Talk in town is SYF will be valued somewhere between RM1 to RM1.20 a share.

Such stock has given fresh legs to SYF, and as a result, strong buying momentum on SYF has finally arrived.

SYF is now the 16th most heavily traded stock, with the price now up by 2.5 sen to 65 sen.

SYF which is MyBursa’s next bit thing (NBT), had opined that if and when SFY passes the 70 sen a share mark, this stock will be entering into the “Seven To Heaven Realm”.

happy new year all!

the problem with careplus is not that its not doing well, sales and margins are actually improving but end up the company take less than its Brazil partner when it comes to the profit. sometimes it takes more, sometimes less. that is the unpredictable part. i dont know how is the business arrangement or profit sharing arrangement like. not that Q3 profit before tax was great but careplus' share was significantly less. Also wondering what is actual potential of careplus in terms of production units? At maximum capacity how much revenue can it make? just some importaant areas to look at i feel...

Thanks Hairi for the tip!

wow daz ng. Thanks! how do you even get hold of this mybursa article before its uploaded? i still cant find it on their website yet

Thanks Daz Ng!
stok3898. yeah i think that is the lavender residence condo. GDV around RM140mil i think. But that is supposed to be completed in Q3 2018. Unfortunately, the revenue recognition policy of SYF is based on stage of completion. So even if its sold out it may not show up as revenue yet until project construction commences. Maybe thats why they only mention Kiara Plaza and Wira Heights projects in the annual reports as those projects have already commenced. Anyone heard anything about Kiara Plaza and Wira Heights take up?

Hi everyone. I did a little analysis on SYF. On a conservative basis, it seems that for px to hit RM1.00, the next FYE 2016 needs to be at least RM50mil net profit (2x of last FYE)

FYE 2015 - EPS - 4.0 sen
FYE 2016 - EPS - est 8.0 sen - RM1.00 / 8 sen - 12.5x PE

The question is, is this achievable? Definitely not from Rubberwood and Particle Board but possible from property dev

Rubberwood is stable and seems to be quite ok in Q1 (profit RM5mil). Assume it continues and whole year profit is RM18mil from this division

Particle Board is fast growing and will grow more with the new capacity expansion. Good thing is that alot of the set up costs has been spent last year and hopefully less of these costs in FYE 2016. Q1 profit was about rm1.0mi. Assume whole year profit is RM4 mil for this division

Now for property development. In The Edge article, it was stated that total GDV is RM500mil over next 3 years. SYF currently has 4 ongoing projects - Kiara Plaza, Wira Heights 3, Lavender Residence, and Semenyih Hi-Tech 7. (based on the estimated value of these projects, it should be alot higher than RM500mil)

Out of these 4, Kiara Plaza (est GDV RM364mil) and Wira Heights 3 (est GDV RM76mil) is supposed to be COMPLETED by end 2017. This means that a total GDV value of RM440mil is to be recognised in 2016 and 2017.

Assuming that 50% of that GDV managed to be recognised in FYE 2016, that translates to revenue of RM220 mil, and with net profit estimate at 18% margin, that translates to profit of RM39.6 million.

This ties in with the statement that SYF wants to start a dividend policy in 2017, which means they are expecting cash from these projects to pay off loans while its other biz division improve operating cash.

So estimated profits for FYE 2016
Rubberwood - RM18mil
Particle Board - RM4mil
Prop Dev - RM39.6 mil
Total RM61.6 mil
less tax of RM13.6mil (approx 22%)
= RM48 million
EPS = RM48 mil / 611mil shares = 7.86 sen


Of course arriving at this depends on many many factors and things could go wrong or be delayed. But hopefully it will stay on course and the company achieves these targets.

These are all estimation from public info. Would love to hear your thoughts on this and if anyone has any special insights into syf, would appreciate it :)

Happy holidays and happy new year

Lol. lets hope for the best

yeah. i think profit is quite likely given prospects in next 12 mths. the question is how much profit. looking at the historical financial of the company, i'm impressed by how they turnaround in the past 2 years. have not studied the financials in detail or what they did to turnaround but this is on the surface observation

The article daz ng mentioned in case anyone missed. thx
http://www.theedgemarkets.com/my/article/property-sector-fuel-syf-resources-going-forward

yup there are other test equipment makers on bursa but not necessarily in the same testing space as aemulus. aemulus specialises on wireless technology which is a booming industry now e.g. smartphones, IOT, etc. Other tester makers may be for testing LED components, vision tech related components, automotive related components etc. (but i think aem also serves some automotive)

guoyen, this industry is seasonal. you wont always see growth from qtr to qtr because of downtime seasons and holiday seasons. Therefore have to compare the qtr from corresponding previous FYE to have a better feel. but as Twh said cos newly listed company you cant compare that. but overall results is better than last FYE :)