Posted by kancs3118 > 2015-06-16 05:12 | Report Abuse

normally, when a company tries to push out sales , we need to be skeptical whether they can maintain a healthy profit margin? After trolling at Lowyat, i found out alot of people are complaining about the quality of SymLife's products. So, if your reputation is bad, then how to increase sales? By selling cheaper? All of this has a detrimental effect on SymLife's profitability.

Posted by azlan88 > 2015-06-18 18:20 | Report Abuse

I think you know the answer already.

Btw, they just announce 5.0 sen dividend to be distributed to shareholders following approval in AGM.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4776545

Posted by nemesis > 2015-06-18 18:39 | Report Abuse

Hello pls don complain so much as they already declared first n final 5 cent dividend...pls say something good about symlife now...who said they 've weak cash flow???? NOW they come out with 5 cent generous dividend...

Posted by kancs3118 > 2015-06-18 19:08 | Report Abuse

@ nemesis | Azlan88, hopefully, both of you do not feel offended.
Sometimes, I ask questions - no matter how inappropriate it may seem- is because i want a larger point of view. I think we can add value to one another this way.

I am also a shareholder of Symlife and that I am trying my best not to be blinded by my emotional attachment to the shares I owned. Honestly, it is hard to be objective you have opened a position and the extremely bearish market just makes you cast a skeptical eye on stuff.

Anyway, I really appreciate the feedback both you and Azlan88 has continued to furnish from time to time. Let us support each other and "huat" from Symlife.

Now that Symlife has declared a 5 cents dividend . Let us hope they will declare treasury shares too. Note that they have been progressively buying back their own shares.

Posted by azlan88 > 2015-06-18 22:59 | Report Abuse

Haha. I dont feel offended at all.

Posted by nemesis > 2015-06-18 23:03 | Report Abuse

Me too#...I m just joking...now we all can smile with dividend...it is a good sign

Posted by daizan55 > 2015-06-19 09:25 | Report Abuse

nemesis, you are into symlife? I remember you are strong supporter of Mkland

Posted by DareDevil > 2015-06-19 09:47 | Report Abuse

5 cents..better than previous years

Posted by kancs3118 > 2015-06-19 14:32 | Report Abuse

Market is reacting very positively to this 5 cents increase...nice uptrend

Furthermore, next quarter results will be quite good due to the unbilled sales of RM670.0M umnbilled sales.....

Posted by JN88 > 2015-06-19 14:36 | Report Abuse

Good good...

Posted by pangolin > 2015-06-19 19:47 | Report Abuse

finally,,,.. candy sweet .....

Posted by nemesis > 2015-06-19 20:27 | Report Abuse

Daizan I m also shareholder of symlife besides mkland...

Posted by daizan55 > 2015-06-19 20:59 | Report Abuse

nemesis, i also have mkland and mitra. I hope there is a turnaround for mkland and symlife cause now only mitra is performing.

Posted by nemesis > 2015-06-20 20:06 | Report Abuse

Now is the best time to accumulate property stocks to prepare for the next property boom cycle from 2018 onwards....

Posted by kancs3118 > 2015-07-06 13:24 | Report Abuse

siapa beli symlife kat harga ini memang banyak untung....

Simple valuation in terms of earnings:
Expected unbilled sales for June'15 (Q1'16): RM850.0M x profit margin of 15% / 2 years / 310.0M shares = EPS = RM0.20
Assuming a very conservative PE of just 6.0
Expected share price = RM0.20 x 6 = RM1.20

At RM0.85 market price - RM0.05 dividend to be paid in Sept'15 = RM0.80

Expected to earn at least RM0.30 to RM0.40 per share.


If using balance sheet valuation =
Based on Q4'15 balance sheet:
Land held for property development: RM223.0M (based on net book value = but we bloody know the market price of 412 acres of sungai long already exceed RM1.0B)
Total current assets: Just take hard assets:
Property development costs: RM50.0M for the land cost excluding the other property development costs
Inventories - just take desiran bayu (built then sell): RM40.0M
Trade and other receivables: RM260.0M x 80% = RM208.0M
Cash and Bank balance: RM106.0M

Less total liabilities (current + long term): RM525.0M

Total net assets: RM102.0M
Divided by 310.0M shares = RM0.33 per share
This is just based on book value.

If we revalue just one niche land parcel: say the 29.2 acres Puchong land:

Stock: [SYMLIFE]: SYMPHONY LIFE BERHAD
Aug 28, 2014 01:55 PM | Report Abuse

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.


RM0.33 + RM0.60 (after land disposal at market price) = RM0.93

What does this mean?
It means by buying into the current price at RM0.85 - RM0.05 dividends = RM0.80, you have about RM0.13 safety margin assuming if the company is liquidated and all assets (and liabilities) are realised at book value except for the niche land mentioned above.

But we know in real world, land will never be sold at book value. It is always being sold at market price.

This means, SymLife is worth more dead then alive.....

Posted by southwark > 2015-07-06 17:38 | Report Abuse

http://www.theedgeproperty.com/my/content/symphony-life-takes-high-road

Posted by kancs3118 > 2015-07-06 20:22 | Report Abuse

yah...hopefully, the TWY Mount Kiara will not have quality issues....if not, they will really kena "tiu"....

Posted by kancs3118 > 2015-07-06 20:22 | Report Abuse

but i would prefer if they can offer a range of properties from affordable housing to luxurious housing...

Posted by kancs3118 > 2015-07-06 22:40 | Report Abuse

on a positive note, the company is buzy entering into various JVs, those preserving much of their highly valued land banks...

Posted by nemesis > 2015-07-30 15:52 | Report Abuse

With over 700 mil unbilled sales achieved last yr, which will be reflected in the next coming qtr tat could easily register EPS around 20 cts per share and estimate dividend of 6 cts per share...At 0.82 it is daylight robbery against NTA of 2.10...it is rock bottom undervalued...Those who sold last few days are making the biggest mistake in their lifetime...

Posted by nemesis > 2015-07-30 15:57 | Report Abuse

I have never seen such a brilliant company like Symlife selling at such rock bottom cheap price...It has deep value but go unnoticed due to property slowdown...tis is insane.

Posted by nemesis > 2015-07-30 16:05 | Report Abuse

Earning is so good, dividend generous, huge discount to NTA, share buyback plus treasury share, strong management team and huge prime landbank tat hasn't been revalued>>>>huh only 0.82 ahhh...Can u believe tat? OHHH what a great steal!!!!!!!

Posted by hng33 > 2015-07-31 09:38 | Report Abuse

Bought Symlife at 82sen

Posted by nemesis > 2015-07-31 10:43 | Report Abuse

So ur cost is only 0.77 after deduct the coming 5 cts dividend...even cheaper...wise decision

Posted by hng33 > 2015-07-31 11:39 | Report Abuse

nemesis

I'm eying on symlife most prominent project in KLCC, Star Residence, GDV RM 3 billion, fist tower 95% sold, will launched second tower in Oct. The whole star Residence already awarded to Samsung with construction cost RM 1.18 billion, if take into assume land cost RM 100m, the total gross profit will be RM 1.72 billion, net profit RM 1.29 billion. Based on 50:50 JV between Symlife and UMland, the share net profit will be RM 645m.

These profit is set to recognized progressively until the completion of the entire project in 2019. Thus symlife is estimate to recognized IF just base on these star residence project alone, about net profit RM 161m pa for next 4 year. These translate into whopping EPS 52sen for foreseeable next 4 year earning, ensuring next 4 year earning visibility.

Therefore, we should be able to see Symlife to record at least EPS 52sen from these year onward, implying valuation of just 1.6x !!?? Assume Symlife reward shareholder with MINIMUM 15% payout, dividend with be at 7.8sen, a 9.5% yield.

Posted by kancs3118 > 2015-07-31 13:44 | Report Abuse

@ hng33, what you said make good sense....no wonder Datuk Azman Yahya in The Edge interview is so bold to assert he is confident SymLife can achieve RM75.0M + 20% better sales for FY16.

Posted by hng33 > 2015-07-31 14:22 | Report Abuse

kancs3118

It should be 20% higher sale than last year RM 700m = RM 840m, a target new sale for financial year ending Mar 2016 ( a period from Apr 2015- Mar 2016)

Posted by hng33 > 2015-07-31 14:30 | Report Abuse

In the interim, investor will be rewarded first with Symlife final dividend of 5 sen next month, give rise to yield 6.1%

Posted by hng33 > 2015-07-31 14:49 | Report Abuse

Buy 82 sen of Symlife entitle you to get = 5sen dividend + NTA RM 2.10 + unbilled sale from last year (2015) RM 680m, expect forward unbilled sale for 2016 to reach another record RM 1 billion + Forward EPS 52sen + Forward PE 1.6x

Posted by nemesis > 2015-07-31 15:40 | Report Abuse

Wow Hng33 really remarkable analysis...Symlife has a lot of potential to reach 2.00 when the next property boom cycle comes...I believe they will increase dividend from year to year and Eps could reach at least 20 cts per share every single year...with tat kind of earning it should trade above 1.50 next yr...The next major catalyst will be its 8 billion Sg Long housing project tat should take symlife to explosive growth...I won't sell until it reaches 2.30 in the long run...At 0.82 ohhh it is a daylight robbery, but I donno why even the robber don wanna rob and snatch it at tis cheap...tis is crazy cos they like to rob at night when the price rises up to 1.00...

Posted by hng33 > 2015-07-31 15:46 | Report Abuse

Bought more Symlife at 81.5sen

Posted by hng33 > 2015-07-31 16:18 | Report Abuse

nemesis

I actually expect even more earning from Symlife from its next financial year 2016 (a period from Apr 2015- Mar 2016), especially once it high margin flagship project 'Start residence' in advance construction, progress billing profit will be very very handsome

Posted by nemesis > 2015-07-31 16:19 | Report Abuse

Any idea why suddenly it drop to 0.810 and then climb back to 0.82...somebody is trying to push down the price tis few days...why

Posted by speakup > 2015-07-31 16:20 | Report Abuse

the next property boom could be 10 years from now.

Posted by hng33 > 2015-07-31 16:33 | Report Abuse

nemesis

Seller push down, so that buyer can buy more :D). The seller is same person, sell volume a multiple 29 lot follow by 71 lots

Posted by hng33 > 2015-07-31 16:38 | Report Abuse

speakup

You just need to focus on Symlife flagship project GDV 3 billion, 'Start residence' just next to Menara Public Bank, facing KLCC

Posted by kancs3118 > 2015-07-31 16:56 | Report Abuse

@ hng33,
just asking, do you know how much is the land cost for STar Residences? In THE EDGE, it was mentioned that SymLife acquired Star Residences many years back...just wondering what is the land price? Lower land price equates to higher margin...

By the way, what is your opinion of the quality of deliverables by SymLife? Read in Lowyat that SymLife quality is not good......scared this will affect the company's sales performance??

Yes...you are right....Datuk Azman Yahya said he is confident of achieving $700M + 20% better during FYE 2016. I think the reason he said this is due to Star Residences...

Posted by speakup > 2015-07-31 17:03 | Report Abuse

property move in cycles. we just had a property boom in 2009-20014. can't be boom again in 2016, right?

Posted by hng33 > 2015-07-31 17:13 | Report Abuse

kancs3118

The star residence land cost cannot find in symlife annual report. This could be due to the fact that the land is under JV, 50:50 share between symlife and UMland. I think the land size of 4 aces should be below RM 100m given the JV company already acquire these plot of land many year back.

The Star residence is to be build by Samsung C&T for total construction cost RM 1.18 billion. If you want to know the quality of Samsung C&T workmanship, you can look into it previous record, famous in building high rise tower such as Burj Khalifa in Dubai or kindly visit Petronas Twin Towers, as these firm is also build one of the twin Petronas Twin Towers in Malaysia.

Posted by hng33 > 2015-07-31 17:20 | Report Abuse

speakup

Understandable, property move in cycles. But it is happen in general market, should zoom in more closely, look under niche project, like Star residence, it is just a next to Menara Public Bank and facing KLCC, is rare and strategy location. It first tower already 95% sold out, should launch second tower in Oct, follow by last tower next year. The total 3 tower residence unit have combined GDV 3 billion, but the entire building cost is only RM 1.18 billion, awarded to high rise expertise builder: Samsung C&T

Posted by kancs3118 > 2015-07-31 17:54 | Report Abuse

@ hng33, understand that Star Residences is build by Samsung....hence, quality is not an issue...

how about the rest of the projects? their elevia residences is riddled with quality issue. Honestly, i like this counter - but their quality of deliverables (besides Star Residences) need to improve significantly.

That is why i ask you - what do you think of the quality of Symlife's deliverables (besides Star Residences)? And importantly, how will this affect SymLife?

Posted by nemesis > 2015-07-31 18:20 | Report Abuse

Anyway to be able to achieve 700 mil unbilled sales amid a flat and dampened property market is something which we should give full compliment to Azman good leadership n its high end innovative product...Symlife will continue to achieve sustainable profit growth...

Posted by hng33 > 2015-07-31 19:57 | Report Abuse

Kancs3118

About Elevia residence viila and 25 condo in taman tasik prima, puchong, i think it is still underconstruction, why concern quality issue when the building is still under construct. Symlife have till Mar 2015, achived take up rate 60% of these GDV project worth RM120m. I think the take up rate should have imporved when symlife release next q result. Aside its flagship, star residence, symlife another significant project is TWT Mont kiara, GDV 400m, take up rate is at 80% till Mar 2015. Again, we should see further increase take up rate in next q.

I dont think symlife have problem to deliver quality product, afterall, it is more than 20year property developer in the market already. It have even introduce first build and sell concept in kl area, Desiran Bayu, landed superlink complete with CF have just recently ready to sell, and so far already manage to sell 50% of these first build and sell house. If, developer have problem in quality, do you think it able to build first, sell later? All potential house buyer have first hand glance their fully build house before decide to buy later.

Posted by hng33 > 2015-07-31 20:56 | Report Abuse

Ok, i have the actual land cost for star residence land. It is orginal wholly own by symlife, but sold it to JV company for RM 112.29m for these plot of land measuring 4.3 acres in 2006. The JV company initiately was form by symlife, UM land and singapore capital land, but later capital land pull out, down to just symlife and UM land with equal 50% : 50% stake.

Posted by nemesis > 2015-07-31 21:47 | Report Abuse

Well done...good job...It is time to buy more...will buy more on Monday...hopefully price will stay at 0.815...

Posted by kancs3118 > 2015-07-31 22:16 | Report Abuse

@ hng33, thanks for your input. With land cost so low (at RM112.0M) for Star Residences and a reputable developer (Samsung) building Star Residences, we sure have a winner project here. Cannot debate about this.....

About elevia residences, please refer to the link here...other lowyat forumers also agreed that the quality of deliverables by SymLife needs to be further improved.

https://forum.lowyat.net/topic/3435228/all

Actually, symlife does not have an in-house property development unit. It conceptualises the projects and acts more like a marketer and outsourced its construction to contractors. I think the contractors screwed up but ultimately, Symlife reputation is on the line.

Posted by hng33 > 2015-08-01 00:39 | Report Abuse

Kancs3118

Agreed, not many property developer have own in house construction arm except company like KSL, yah, sp setia, ijm, lbs and wct. Therefore, it need to outsource its construction to contractor. Different project may have different contractor, therefore the quality may be different. What most problem complain is also happen in other property developer, it depend how responsive and seriousous of the problem and ability of the developer to rectify it. Bear in mind, all property after issue CF still have warranty assurance ranging from 1 year to 5 year, depending on offer by developer and there is 7.5% of the GDV is withheld by lawyer, and it serve as deposit for property developer to rectify any defect and meet demand from buyer complain , it is until these warranty lapse after, then only property developer able to reap these remaining 7.5% as final balance profit.

Thus, all the property buyer must stir up their complain if there is defect as it is still under warranty and if within the warranty period, their complain is not meet, buyer have the power to ask bank lawyer to withheld the remain 7.5% of their purchase cost and only release its if the problem is rectify.


Another problem is like property developer mostly appoint outside marketing agent to market their product. Therefore, buyer must aware that these agent promise can sometime different from what actually the developer is offering. Buyer must fully understand that only written black and white in SPA is valid. About the complain about future new mall will be part of their housing area, it must make clear that developer have absolute right to amend and change master plan to meet changing market demand, even if it did state in brochure, but it can be change so long it didn't written in SPA.

Posted by hng33 > 2015-08-05 11:43 | Report Abuse

Bought more symlife at 82sen

Posted by kancs3118 > 2015-08-06 12:41 | Report Abuse

@ hng33, do you analyse GOB as well?

Posted by hng33 > 2015-08-06 17:24 | Report Abuse

kancs3118

Sorry, not familiar with GOB. Now focus on 3 property counter only: Symlife (5 sen dividend + large lock in sale) + Tropicana (one off gain + large lock in sale) + Malton (Large construction orderbok from its major shareholder)