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.
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
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.
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.
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.
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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.