Posted by eyewitness > 2017-06-07 21:57 | Report Abuse

Mr Pink, a very detailed analysis. Would Capital City be completed this year or next?
Would it then mean that Gadang's property earnings would be much lower in 2018 or 2019?
If that were the case, valuations would have to be adjusted for FY18 or FY19.

Posted by excelyou > 2017-06-07 23:05 | Report Abuse

Well explained.

Posted by Ricky Kiat > 2017-06-07 23:24 | Report Abuse

THANKS

Posted by kuokseng79 > 2017-06-08 09:35 | Report Abuse

Good analysis.

Posted by Jay > 2017-06-08 10:20 | Report Abuse

capital city project already factored in by market 2 years ago. the fact is investors are just not too enthusiastic with property, let alone johor property. once this project ends, gadang doesn't have many significant projects in the pipeline anymore

Posted by paperplane2016 > 2017-06-08 13:51 | Report Abuse

yup! no GDV future.......danger

Posted by sosfinance > 2017-06-08 15:29 | Report Abuse

A simpler explanation will be, in cash flow term (before tax), about RM217m cash in flow from Capital City will be recognised next couple of years (Btw, there is no GDV for Capital City, Gadang only provide land and share of GDV).

The company still have about GDV of 3-4b of property to go (Semenyih, Puchong, Kwasaland, Damansara Perdana, Cyberjaya, Pokok Sena, etc), if I remember correctly, will last them for many years.

Posted by pussycats > 2017-06-08 20:25 | Report Abuse

betul betul

Posted by Birdbird > 2017-06-09 12:08 | Report Abuse

Mr Pink, very good, unbiased analysis. The future of Gadang will be very different as Tan Sri has some transformation plans underway, shareholders who support Gadang will benefit.

Posted by sosfinance > 2017-06-22 20:45 | Report Abuse

Mr Pink, thanks for your analysis.

Appreciate it if you could clarify, last 2 FYs PBT for property is RM54m + RM40m = RM94m. You mentioned PBT recognised is about RM130m. How do we explain for the difference of RM46m? Tx.