Suprisingly, Q1 FY15' performance is not too shabby. Eventhough the unbilled sales has dropped to RM175 million from around RM250 million in Q4 2014, I believe Symlife can sustain until Q3, when all the delayed projects are launched.
As for Q2 FY15' their net profit will be 'masked' by the gain from selling their stake with Guoco JV, if they can finalize the deal within this quarter plus some revenue from Elevia Residences which was launched on 8 August 2014. Therefore Q2 result announcement won't be bad.
As for Q3 FY15', it will be sustainable as I believe TWY Mon't Kiara and Desiran bayu had been launched.
I believe their strategy to develop land through JV will be rewarding as it brings down the cost (they do not have to splurge money to buy the landbank and the money can be used for working capital instead). Based on Q1 result announcement, their borrowings has been reduced, and hence reduce the financing cost. Thus more dividends can be dished out.
Valuation is, to a certain extent, quite subjective. Hence, a more concrete way is think of how much the shareholders stand to gain if SymLife is liquidated tomorrow. Per the annual report, the net assets per share is RM1.99. After adjusting for the funny, funny accounting items such as purchased goodwill, deferred tax assets, etc...let us take a ball park figure of RM1.50.
Thereafter, assuming we just revalue the Sungai Loong land and sell off all the other land at book price (something which will never happen in real life), each shares should gain an additional RM1.00 (the very very least).
Hence, RM1.50 + RM1.00 = RM2.50 which is quite a achievable price for this share.
symlife unbilled RM175m, new projects Elevia RM120m , Desiran RM110m , TWY mont Kiara RM400m, Kelantan RM160m Total=RM965m Yearly revenue =RM 400m 965m/400m =2.4 yrs so in 2.4 yrs symlife still good in revenue. If Cost still same, profit can hit 40m/years.
Wow, MahSing just paid RM656.9M for 88.7acres or RM170/sqft of leasehold land in Puchong. Very close (~15km) to Symlife's remaining 29.2acres Puchong land. At RM170/sqft, this works out to RM216M or 70c/Symlife share. Symlife has this parcel valued at RM33.9M in its book. Fat margins here.
power88, don't forget about proceeds from sale of quarry land at 20m/year until 2017, and this year another 28m from sale of palm oil estate, which is 9.3cents/share. this year alone will have income of 48million from sale of assets, which is about 16cents/share. this is additional income other than property sale!! considering only this, eps for 2014 is only 7.5. conservatively, if income from property is only 40m, which unlikely because of the coming launches, eps, is only 4!!!! btw, elevia is almost sold out! buy while you can. results for next two quarters will burst!!!
Market is irrational.. Some stupid company with low NTA, loss making and high debt, people just continue to chase chase chase... For some company with high NTA, no one chase...@@
PETALING JAYA: Mah Sing Group Bhd has inked agreements for 105ha of prime land in Puchong’s central business district (CBD), with its first acquisition of 35.9ha to be used for its largest integrated mixed development in Malaysia.
According to Mah Sing, the proposed development with an estimated gross development value of RM9.3bil is expected to be completed within 10 years. The group, via its wholly-owned subsidiary Mah Sing Group Ventures Sdn Bhd, entered into a sales and purchase agreement with Huges Development Sdn Bhd yesterday to purchase the land for about RM656.9mil or RM170 per sq ft.
aiskkk.,....this is because i loaded extra at 1.18 to 1.20 mah...if i know it will drop to 1.16, should have wait until 1.16. If only...these two words .....
Hi guys, Symlife still holds 625 acres in Sg LOng as mentioned in their website...and Azman mentioned the same in Edge 6/03...how come it becomes 419acres....The sale of land to ytl was way back in Jan 2013...Did.t Azman know about it when he said they have 625 acres there..do in their website.....
Apart from these projects, the developer is in the process of converting 625 acres of quarry land in Sungai Long to residential land. "We are converting our quarry land in phases to 99-year leasehold, to develop a new township. That works nicely for us because the new Middle Ring Road 2 (MRR2) will cut across our land," Azman says. "We are doing the planning now and hopefully can get the first phase out probably sometime next year." The estimated GDV for this township is RM6 billion. Edge
This story first appeared in The Edge weekly edition of Jun10-16, 2013.
I was informed privately at rm 1.90......when the IB wants to come out reports I do not know..maybe Azman is not keen to see them ...for the report. They do have a long list of people to see each month..
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): NON RELATED PARTY TRANSACTIONS SYMPHONY LIFE BERHAD ("SYMLIFE" OR "THE COMPANY") - PROPOSED DISPOSAL OF THE COMPANY'S ENTIRE INTEREST OF 8,000,000 ORDINARY SHARES AND 34,876,090 CUMULATIVE REDEEMABLE PREFERENCE SHARES IN CONTINENTAL ESTATES SDN. BHD. TO PEMBINAAN SRI JATI SDN. BERHAD AND IOI PROPERTIES BERHAD FOR A TOTAL SALE CONSIDERATION OF RM63.8 MILLION ("PROPOSED DISPOSAL")
SYMPHONY LIFE BERHAD
Type Announcement Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS Description SYMPHONY LIFE BERHAD ("SYMLIFE" OR "THE COMPANY") - PROPOSED DISPOSAL OF THE COMPANY'S ENTIRE INTEREST OF 8,000,000 ORDINARY SHARES AND 34,876,090 CUMULATIVE REDEEMABLE PREFERENCE SHARES IN CONTINENTAL ESTATES SDN. BHD. TO PEMBINAAN SRI JATI SDN. BERHAD AND IOI PROPERTIES BERHAD FOR A TOTAL SALE CONSIDERATION OF RM63.8 MILLION ("PROPOSED DISPOSAL") Further to our announcements made on 23 July 2014 and 31 July 2014 respectively in relation to the Proposed Disposal, the Board of Directors of SymLife wishes to announce that the Proposed Disposal has been completed. This announcement is dated 29 August 2014.
The proposed disposal will not have any effect on the share capital, net assets per share and substantial shareholders’ stake of Symphony Life.
However, the exercise will increase the earnings per share of the group by 8.2 sen per share for the financial year ending March 31, 2015. In the same financial period, the group will record a gross gain of RM23.2mil from the proposed disposal.
The company further stated that there would be no material effect on the consolidated net assets, but that the net gearing ratio of the group would be reduced from 28% to 18%
23.2 mil , EPS up 8.2 sen,ending march 31 2015, Result will show in 4th quarter 2015. If profit same as last year ,17m , total become 17m+23m=40m.. share price will shooting up.
10% is minimal. if wanna know how much is the possible margin, check the book value of the land where elevia is sitting on from annual report a few years back. i am sure it is recorded with very low book value, meaning the margin can easily go up to 20-30% for this project
Since the disposal of stake had been completed, it will be recognized in Q2. As I posted in my earlier comment, Q2 will be a very good quarter since it will include the gain from disposal. Some investors maybe worry of earnings fluctuations, but by the time Q3 is announced, it will already include the contribution from Elevia Residences and other launches. Unbilled sales will increase in Q2 and further increase onwards
One of the catalyst going forward, is the resumption of East Klang Valley Expressway project. If I'm not mistaken EKVE project has yet to started on ground due to some issues. However ifit does materializes, Symlife will be among the biggest beneficiaries. Started from Karak, Ekve will link Ukay perdana, Ampang all the way up to Sg. Long, which is were Symlife landbank sits. I believe they are in the process of readying the land for development and once Ekve revejunated, they are good to go.
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azlan88
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Posted by azlan88 > 2014-08-26 12:15 | Report Abuse
Suprisingly, Q1 FY15' performance is not too shabby. Eventhough the unbilled sales has dropped to RM175 million from around RM250 million in Q4 2014, I believe Symlife can sustain until Q3, when all the delayed projects are launched.
As for Q2 FY15' their net profit will be 'masked' by the gain from selling their stake with Guoco JV, if they can finalize the deal within this quarter plus some revenue from Elevia Residences which was launched on 8 August 2014. Therefore Q2 result announcement won't be bad.
As for Q3 FY15', it will be sustainable as I believe TWY Mon't Kiara and Desiran bayu had been launched.
I believe their strategy to develop land through JV will be rewarding as it brings down the cost (they do not have to splurge money to buy the landbank and the money can be used for working capital instead). Based on Q1 result announcement, their borrowings has been reduced, and hence reduce the financing cost. Thus more dividends can be dished out.
Cheers!