Blog: SOS Is Gadang's property segment a drag? 2018

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4 comment(s). Last comment by sosfinance 2018-02-26 18:48

Larrytrader

1,453 posts

Posted by Larrytrader > 2018-02-23 14:43 | Report Abuse

2.57 a share so undervalued

Flintstones

1,762 posts

Posted by Flintstones > 2018-02-23 17:06 | Report Abuse

Should we take the contribution from capital coty at full value? Proprrty developers usually buy land when they receive money from their previous development. That should be the maintenance capex

sosfinance

1,305 posts

Posted by sosfinance > 2018-02-23 18:18 | Report Abuse

Just an estimates. A very conservative estimates will be RM67m p.a. earning contribution for next 3 years. So, taking RM200m is reasonable. (lower valuation can use as buffer).

sosfinance

1,305 posts

Posted by sosfinance > 2018-02-26 18:48 | Report Abuse

Land purchases

Semenyih RM100m
Damansara Perdana RM55m
Pontian, Johor RM149m

Total purchases RM304m

Dividend last 2 years

FYE2016 RM16m
FYE2017 RM19m

(Appears that Gadang is cash rich, when it purchases land in 2016 to 2018)

JV Land
Kwasa Land RM700m
Cyberjaya RM1,800m

Expected Cash inflow from Capital City, Johor RM220m + operating CF about RM150m.

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