Posted by JN88 > 2014-12-23 16:31 | Report Abuse

No body want to sell at this price....haha symlife share holder really long term holder. Now waiting Azman show....each Q net profit -15m cukup ady...

Posted by kancs3118 > 2014-12-23 17:06 | Report Abuse

@ JN88, you maybe right - trading volume is just 45K.

Posted by Robert Lee > 2014-12-30 16:21 | Report Abuse

boring counter...

Posted by JN88 > 2014-12-31 09:24 | Report Abuse

Boring market......almost more than 50% investors hibernating ..experience investors are slowly slowly collecting this counter.

Posted by azlan88 > 2014-12-31 21:07 | Report Abuse

Symlife completed disposal of bcom holdings today.

Posted by JN88 > 2015-01-01 00:00 | Report Abuse

After completed disposal ...will increase the share price?

Posted by kancs3118 > 2015-01-01 18:24 | Report Abuse

bcom holdings is actually the construction company within SymLife group for their projects in Melaka.

Posted by kancs3118 > 2015-01-02 13:19 | Report Abuse

market will stay irrational longer than we stay solvent.

Posted by JN88 > 2015-01-07 09:41 | Report Abuse

Good good no body want to sell and want to buy ady...you have 6-9 months increase ur capity and buy good counter now..

Posted by kancs3118 > 2015-01-07 11:16 | Report Abuse

ought to be glad though....the whole market is expected to decline sharply this coming weeks given that Petronas boss just came out and say - they will be slashing OPEX this time....

Posted by JN88 > 2015-01-08 13:02 | Report Abuse

Symlife ya...cepat bangun lo...

Posted by kancs3118 > 2015-01-09 17:20 | Report Abuse

how come SymLife can spike up suddenly?

Posted by nightkid123 > 2015-01-09 17:26 | Report Abuse

kancs3118 .... when symlife down u ask why ? now up also why ? apa lu mau ? just kidding .. cheers

Posted by JN88 > 2015-01-09 17:26 | Report Abuse

Suppose should be 0.84....but somebody buy at 0.86 so spike up (volume only 1/1000)...hahaha

Posted by nemesis > 2015-01-09 17:32 | Report Abuse

symlife unbilled sales have gone down to around 190 million...so nxt qtr fin result wont be good...

Posted by kancs3118 > 2015-01-09 17:58 | Report Abuse

@ nemesis - in the last quarter end results, they said - this sales revenue should come up next quarter given that the TWY and a couple other projects have come online...and management has asserted that some of these projects have good take up rate.

Posted by nemesis > 2015-01-10 00:45 | Report Abuse

Are you sure??? they say only, as far as i know high end property sales are sluggish and declining...Do you think ppl got so much money to buy properties nowaday especially high end properties given the cooling measures imposed by the government...Dun forget symlife develops high end properties and its price is expensive

Posted by nemesis > 2015-01-10 00:47 | Report Abuse

though i am also shareholder of symlife i am pessimistic about property sector due to the crash of oil price...BUT if u talk about value then symlife fits in but not their earnings....

Posted by kancs3118 > 2015-01-11 20:04 | Report Abuse

Whoever that buys SymLife at RM0.84 is literally buying gold. Applying BenGraham’s net asset valuation method (the lowest form of valuation) assuming if the company is liquidated tomorrow and the assets go on immediate fire sale. Hence, we assigned a huge discount to some of the assets when computing the book value of assets backing per share.

Fixed assets:
Freehold land: RM526K
Leasehold land: RM14,235K
Land held for property development: RM202,496K
Investment properties: RM9,030K

Current assets:
Other receivables
(RM51,541K x 70%) RM36,078K
Property development costs
(RM369,807K x 70%) RM258,864K
Inventories
(RM6,305K x 50%) RM3,152K
Trade & other receivables
(RM150,269K x 70%) RM105,188
Cash and bank RM107,351K

Less: total liabilities: (RM448,142K)
Total net assets RM288,778K
Net assets backing per share RM0.93
Assigning a 10% margin of safety (RM0.09)
Current share price RM0.84

Apart from paying RM0.84, what are the investors getting free of charge???

Here, we have not yet even factored in:
- the revaluation gain for the 419 acres of Sungai Long land (conservatively priced at RM80 per square feet) and the 29.2 acres of land at Puchong (conservatively priced at RM150 per square feet).
- the profit contribution coming in from The STar residences, TWY Mont' Kiara, Desiran Bayu and Tijani Raja Dewa (although this project may be affected by the major flood in Northern Malaysia). The profits are expected to come online later in FY2015 (watch out for Q3/Q4'15 quarterly results).

http://klse.i3investor.com/servlets/cube/post/james70.jsp
http://klse.i3investor.com/servlets/cube/post/james70.jsp?fp=2

Posted by kancs3118 > 2015-01-12 11:01 | Report Abuse

@ nemesis,
I agree with you that 2015 will be a pretty rough year for SymLife's sales because most of its product offerings are targeted at the high end market segment. This is what i found out: (from Q2'15 results + other medias).

Elevia Residences: GDV RM120.0M - take up rate 60%
Star Residences Phase 1: Take up rate 80.0%. (unknown GDV attributable to SymLife since this is a JV with UDALand).
I believe these two projects would add significantly to the unbilled sales from Q3'15 and beyond.

Desiran Bayu Klang Valley GDV RM80.0M - no worries about this take up rate - since all the construction costs/ property development expenses would be recognised in the accounts already because this is a Build, then sell concept and sales revenue will be recognized later (subsequent to the cost).

The rest which is a question mark???
TWY Mount Kiara: GDV RM400.0M - take up rate Unknown
Tijani Raja Dewa: GDV RM160.0M - pretty bad news here as the flood has badly affected Kota Bharu

Posted by JN88 > 2015-01-12 13:10 | Report Abuse

After apartment. soho, sovo and so so so what next??? Rumah teres?? Yup rumah teres will still the first choose for Malaysian....

Posted by kancs3118 > 2015-01-12 13:35 | Report Abuse

Hi JN88, if Symlife gonna build double storey terrace house (at RM550K) at their Sungai Long land - it will be fully snapped up despite this weak market. Hahaha

Posted by JN88 > 2015-01-12 13:47 | Report Abuse

RM550K???I sapu semua (just kidding sapu one pun susah)...hahaha... double storey terrance house at least rm700-rm800 k lo...High quality one maybe more than 1 M..

Posted by kancs3118 > 2015-01-12 17:32 | Report Abuse

don't forget the land bought for Sungai Long at SymLife's books are dirt cheap. They can easily do charity by selling double storey terrace houses at Sungai Long at RM550K.

come and think of it - many people are concerned about whether property developers can survive this soft market.... but then, the way i think of it - Symlife's balance sheet is strong (based on the BenGraham net assets valuation performed). And then, the lands that they carry in their balance sheet are very cheap - assuming if management are the laid back type of people - they just need to break even quarter in and quarter out. Based on Q2'15, sales revenue of RM50K per quarter is enough to break even liaw. Furthermore, management has not yet even start to tap into the potential of Sungai Long. They kind of enjoy entering into JVs with other developers and working on miscellaneous projects.

Based on this reasoning, to me, SymLife should be able to survive this storm.

Differences in ideas are welcomed.

Posted by kancs3118 > 2015-01-13 19:12 | Report Abuse

What if someone is unfortunate to buy before the market experienced a steep correction in Q4'14? The question now is whether RM1.20 is considered expensive for SymLife?

The net assets per share (based on net net Ben Graham valuation method) is RM0.93.
Assuming if someone privatized SymLife by paying RM1.20.
He is paying RM83.7M in terms of goodwill on business acquisition (RM0.27 x 310.0M)

Is this way too much to pay? To put things into perspective: Based onhttp://klse.i3investor.com/servlets/cube/post/james70.jsp

The 29.2 acres of Puchong land is valued at RM189.4M (RM150 psqf [being conservative instead of using RM170 psqf ~ this is what MahSing paid) x 43560 x 29.2 acres]
This land is carried at SymLife's books at RM33.9M
Revaluation gain: RM155.5M
Goodwill on acquisition as a percentage of the revaluation gain = 53.8%

What does this mean?
By paying RM1.20, the acquirer is obtaining all of the net assets of SymLife and is paying only for half of the market price of the Puchong land.

In addition, this is what he got away for free:
- the revaluation gain for the 419 acres of Sungai Long land (conservatively priced at RM80 per square feet).
- the profit contribution coming in from The STar residences, TWY Mont' Kiara, Desiran Bayu and Tijani Raja Dewa (although this project may be affected by the major flood in Northern Malaysia). The profits are expected to come online later in FY2015 (watch out for Q3/Q4'15 quarterly results).

At RM1.20, this is literally a daylight robbery. What is essentially a daylight robbery (at RM1.20) transpires into a daylight murder (at RM0.84).

I believe that as management continues to monetise those lands and stop screwing up (such as some projects got delayed resulting in Q2'15 operating profit to drop by 50.0%), Symlife has a fair chance to shoot until RM2.00. This RM2.00 is obtained by way of a very, very conservative RNAV approach.

I agree - execution is key. Symlife needs to polish on their execution in monetising their landbanks. The quality of their execution needs to reach the level of Tambun Indah.

Anyway, patience is a virtue.

Posted by JN88 > 2015-01-20 09:25 | Report Abuse

Terrance house very hot now..hopefully symlife turn their head to this type of product...

Posted by kancs3118 > 2015-01-25 18:09 | Report Abuse

Regardless of whether it is terrace houses, bungalows, semi-detached, villas, condos or shoe boxes in the sky, this coming Quarter result is very important ~! Without the once off gain arising from disposal of CESP, last quarter was in the red due to the delays in launching several projects. The gain from the disposal is used to pare down bank borrowings and its trade payables. SymLife has got alot of potential - let us hope this kid will grow up uccessful one day and not end up as a junkie on the roadside.

Posted by JN88 > 2015-02-07 12:57 | Report Abuse

Flying soon ...

Posted by Robert Lee > 2015-02-09 10:28 | Report Abuse

why said so JN88 ?

Posted by weychong > 2015-02-09 11:50 | Report Abuse

Wait few day already, no movement at all. Aiii

Posted by azlan88 > 2015-02-14 23:05 | Report Abuse

saw Tijani Ukay advertisement sprung up in front of KLCC. Looks like they have difficulty to sell the unit.

On the positive side EKVE has finally got the green light from government through announcement by AZRB in Bursa three days ago. The construction work will start very soon. The highway connects Sungai Pusu in Gombak and Sg. Long, where large of tract of Symlife land bank stood.

On another positive note, The Edge reported that Phase 1 Star Residences have achieved 80% booking. From AKLEH highway, you can see a lot of crane tower at the construction site, which situated at Jalan Yap Kwan Seng. I believe that for Star Residence, quality issue will not be a problem since the main contractor (Samsung C&T) is a reputable contractor. Phase 2 will be launched in September this year.

Posted by JN88 > 2015-02-15 17:38 | Report Abuse

Lai lo...QR..

Posted by kancs3118 > 2015-02-16 18:07 | Report Abuse

when quarterly reports going to be released?

Posted by Eelyn Soon > 2015-02-16 20:41 | Report Abuse

already out today. from losses to profits

Posted by kancs3118 > 2015-02-16 22:45 | Report Abuse

why cannot see in Bursa website?

Posted by kancs3118 > 2015-02-23 13:01 | Report Abuse

Quarterly results very likely to be out by the end of this week...

Posted by kancs3118 > 2015-02-26 09:30 | Report Abuse

this counter looks like a value trap....

Posted by JN88 > 2015-02-26 16:43 | Report Abuse

QR coming soon??hahaha

Posted by kancs3118 > 2015-02-26 16:58 | Report Abuse

QR should be released either by today or tomorrow.

Posted by JN88 > 2015-02-26 17:17 | Report Abuse

This QR no need to worry.....next QR is what I concern...

Posted by JN88 > 2015-02-26 17:21 | Report Abuse

@kancs3118: Hi bro have you go to jalan jalan during this crisis period?

Posted by JN88 > 2015-02-26 18:24 | Report Abuse

http://klse.i3investor.com/servlets/anpth/1052989.jsp

Posted by daizan55 > 2015-02-26 18:58 | Report Abuse

cumulative period for 2014 FY is still up. But the profit reduced even though the revenue increased for the previous quarter. According to the report, they are spending a lot on investment activities

Posted by azlan88 > 2015-02-26 23:18 | Report Abuse

Believe that the most of the increased revenue come from tijani ukay and star residences. anyway it is not a bad result. Their unbilled sales increase from RM196 million to RM 465 million due to Star Residence project and they received 80% booking. When phase 2 is launched in September, their unbilled sales will be boosted further, Thus Star residence will be a wild card for them.

To survive in current condition, they have to shift away from high end and should offer more affordable housing. In this difficult current condition, it is wise to follow what other developers are doing (build more affordable houses).

Posted by kancs3118 > 2015-02-27 09:57 | Report Abuse

After buying this counter, i start to learn a very important lesson. Earnings is more important than assets. The speed that management is able to turnaround and profit from their assets (payback period) is more important than holding alot of assets. Admittedly, SymLife is really undervalued but then, so what?

Their flagship now is Star Residences (more than 80% booking) to boost their unbilled sales to RM400.0M++ (from their previous RM100.0M++). What about their other projects? It appears their other project's take up rate is just so-so (not breaching the 60% rate that developers need to break even). They want to crave a niche market as a premium property developer - one that specialises in developing high end properties but then, their product's quality sub par.

It is nice to know from their latest quarterly report their net assets per share backing is about RM2.00++. By my computations, it is more than that. So what? Now, we want them to turn these assets into high EPS. High EPS will bring in higher share prices to benefit us, shareholders.

Posted by JN88 > 2015-02-27 22:09 | Report Abuse

Management team very important..... look at the team member tambah all > 300 years old....seem like no power to go liao....loo like taking salary only....

Posted by kancs3118 > 2015-02-27 23:19 | Report Abuse

the way i look at it, they pay big fat pay check for the directors and above. Datuk Azman Yahya's pay was about RM1.8M. Hopfully, he does not treat SymLife as a piggy bank for himself.........

Posted by azlan88 > 2015-02-28 22:48 | Report Abuse

exactly. Same goes to Tropicana. huge landbanks but they cannot monetize fast enough.

Posted by kudamuda > 2015-03-02 13:58 | Report Abuse

seems no catalyst in near term.... wait miracle?

Posted by JN88 > 2015-03-02 17:42 | Report Abuse

This counter going to hibernating for at least 2-3 years (next property hot hot period)...kecuali if the management team try to do smtg, then maybe ada show lagi....