Posted by Si Min Tan > 2016-12-01 16:56 | Report Abuse

kancs3118, mind to share why you support SymLife? is it a wise choice?

Posted by siam8888 > 2016-12-07 00:07 | Report Abuse

Keep dropping....no support line

Posted by siam8888 > 2016-12-07 00:08 | Report Abuse

Wishes you good luck

Posted by Alvinkua > 2016-12-07 10:22 | Report Abuse

http://star-residences.com/assets/img/news/starnews-03.pdf

Posted by Alvinkua > 2016-12-07 10:25 | Report Abuse

Star Residences Two take-up rate over 70%

Posted by kancs3118 > 2016-12-07 18:43 | Report Abuse

once the take up rate is translated to firm up sales, then the unbilled sales should easily surpass RM1.2B.

Let us not forget about Union Suites. Management has hinted that they are confident the sales for Union Suites will easily surpass 80%. Knowing Tan Sri Azman Yahya's style, he will not launch the project if sales does not surpass 80% since he wants each of his project to be cash flow neutral.

A gleaming year ahead for SymLife. Unbilled sales can easily be at RM1.5B.

Posted by kancs3118 > 2016-12-07 20:51 | Report Abuse

@ alvinkua, I noticed that you only have 2 counters in your portfolio...Gadang + Symlife...hehehe....same like mine....

Posted by Alvinkua > 2016-12-09 11:01 | Report Abuse

I have some export counter as well :)

Posted by Si Min Tan > 2016-12-09 12:05 | Report Abuse

hey guys, would you put all your money into mother stock or warrant? any opinion

Posted by siam8888 > 2016-12-09 20:48 | Report Abuse

64 cent....Keep dropping!

Posted by siam8888 > 2016-12-10 13:22 | Report Abuse

How good fundamental counter......still keep dropping!

Posted by siam8888 > 2016-12-10 13:28 | Report Abuse

rubberish counter! look for other cheap counters with asset backing( cash and land) and good potential and fundamental counters. There are many in klse. Don't be too comfortable with symlife. There are small player in the industry cannot compete with big players.

Posted by siam8888 > 2016-12-19 14:53 | Report Abuse

How many capital you could buy this counter.....keep dropping

Posted by Si Min Tan > 2016-12-23 16:19 | Report Abuse

coming

Posted by kancs3118 > 2016-12-23 18:33 | Report Abuse

why share price increase when the overall market is down?

Posted by investor8888 > 2016-12-27 22:13 | Report Abuse

Meaning fair value for symlife is 587M/309M=RM1.89. Share price RM0.64 today, very deep under value.

Posted by FAIRnREASONABLE > 2016-12-29 19:48 | Report Abuse

And, of course, the valuation quoted has not taken into account the fair market value of the land bank.

Posted by kancs3118 > 2017-01-02 00:20 | Report Abuse

currently, this counter is extremely undervalued from both P&L and balance sheet perspective. A lot has been said about the ridiculously low net book value for Sungai Long land and how the NTA will shoot through the roof once Sungai Long has been revalued. Hence, I will not reinvent the wheel.

These guys have written well about SymLife:
http://equitydiary.blogspot.my/2015/09/symphony-life-deeper-look-into-its-deep.html
http://bonescythe.blogspot.my/2014/04/symlife-symphony-of-life.html
http://www.symphonylife.my/wp-content/uploads/2016/12/PDF-Symlife-August-2016-AGM-COVERAGE.pdf

Let us talk from the P&L perspective:

The main game changer here is the Star Residences project at KLCC. Profit margin is kick ass given that the land cost is ridiculously low at RM500 per sqf. I believe even with a high sales commission paid to attract overseas buyers, margin is somehow preserved at the high twenties owing to the extraordinarily low land cost.

Let us take a look at RT2 and how it impacts unbilled sales.
According to Q2'17, unbilled sales hovers at about $950M (close to $1B). This is based on 50% take up rate at RT2. According to
http://star-residences.com/assets/img/news/starnews-03.pdf
sales for RT2 has achieved more than 70%. With this announcement, I believe that unbilled sales will easily increase by additional $45M to $995M.
(Why $45M? = 300 units per Retail Tower x RM1.5M each (cheapest unit @ RM1.5M and max @ RM3M for penthouse units - being conservative, we take RM1.5M across the board) x 20% delta (between 50% vs 70% take up rate) / 2 due to 50%-50% JV) = $45M).

Of course, if they finished selling RT2 - then, unbilled sales should increase by a whopping $67.5M (same calculation per above), thus bringing it to $1.06B.

To keep things simple, unbilled sales can easily surpass $1B mark once RT2 is completely sold.

Well, can management achieved this feat? Well, they just raised the selling price at Sep'16. When a developer raised the selling price especially in such a soft market, they are confident they can complete selling the remaining units for RT2. If not, it is just suicide.

During AGM2016, management has revealed there are in the initial stages of discussion with a service operator to sell 70% of RT3. Of course, this deal is still shrouded with uncertainties. What is certain is that RT2 is now 70% sold and I am confident they can finish selling RT2 by the middle of 2017. Then, unbilled sales should hit RM1.06B.

Now, the next project in the pipeline is Union Suites with a GDV of RM0.4B. One of the takeaways from AGM2016 is that Datuk Azman Yahya has hinted that he is pretty confident the sales for Union Suites will easily surpass 80%. Why is this important? Datuk Azman Yahya has emphasized that for a project to be cashflow neutral, sales need to surpass 80% and they will not launch if he is NOT confident if sales cannot hit 80%. Now, whether his team can deliver those numbers? This is a big question mark.

Assuming if he can, then, total unbilled sales can easily hit RM1.4B (a very conservative number) for 2017. This has a big impact on share price. Assuming if Star Residences, TWY and Union Suites takes about 4 years to complete, then,

RM1.4B (unbilled sales) / 4 years x 20% net profit margin = $70M net profit / 310M shares = $0.22 EPS.
Assuming if a conversative P/E of 5 is applied = 5 x $0.22 = RM1.10.

We should be looking at a share price of RM1.00 (to be conservative).

Hence, from the current share price of $0.65, there is a potential gain of 50%.

Posted by kancs3118 > 2017-01-02 00:29 | Report Abuse

now is the best time to access management's ability to deliver sales.

Extract from Q2'17 for Union Suites:
We intend to launch Union Suites@Sunway, with a projected GDV of RM400 million. This development consists of over 600 units of mainly small fully-furnished apartments targeted for students' accommodation and investors due to its proximity to several established universities, colleges and medical centres in the Sunway area. We are confident that despite the soft market, this development will be well received.

So, let us wait and see if they can achieve 80% sales - as implied by Datuk Azman Yahya during 2016 AGM. So far, he has delivered on both counts - TWY and Star Resi. Waiting for Union Suites.... :-)

Posted by Si Min Tan > 2017-01-02 16:55 | Report Abuse

can anyone tell what's the pros and cons about unbilled sales? why is it unbilled for long? will it eventually became fraud?

Posted by smartInvestor1 > 2017-01-04 17:18 | Report Abuse

Unbilled sales refers to revenue which has been recognised but not billed to the purchaser.
Unbilled sale = total sales generated by SPA signed - total revenue

Revenue is recognised based on percentage of completion
Percentage of completion is usually based on budgeted cost

Say, sales value is RM150m, and budgeted cost is RM100m
And u already spent RM10m
So, u can recognise revenue of 10% i.e. RM15m
But, u have only billed your customer RM10m
RM5m is unbilled sale

Very good entry point from TA view

Posted by kancs3118 > 2017-01-04 17:38 | Report Abuse

Unbilled sales is an important indicator of the health of property construction company.

Posted by Alvinkua > 2017-01-05 13:14 | Report Abuse

（吉隆坡4日讯）亿马建筑（IKHMAS，5268，主板建筑股）宣布，获新丰尼生活（SYMLIFE，1538，主板产业股）颁发3773万8000令吉合约，提供打桩和下部结构服务。

该公司向马交所报备，独资子公司Ikhmas Jaya私人有限公司，在1月4日接获新丰尼生活独资子公司，Symphony Crescent私人有限公司发出的得标书。

亿马建筑将为Symphony Crescent位于双威城的2座商业大楼，提供打桩和下部结构服务。

亿马建筑指，该合约为期15.5个月，预计从1月3日起生效，并于明年4月16日前完成。

该公司认为，上述合约将为亿马建筑截至2017财年的盈利和净资产，带来正面贡献。

Posted by Si Min Tan > 2017-01-06 01:00 | Report Abuse

smartInvestor1 thank you! but why can't it be billed? because their unbilled sales seem announced for quite some time already. any previous case happened like developer lied about their unbilled sales?

Posted by kancs3118 > 2017-01-10 19:37 | Report Abuse

@ Si Min Tan, the reason it cannot be billed is because both TWY and Star Residences (both projects contribute significantly to the unbilled sales) are just about 20-30% completed. Sales are progressively recognized based on stage of completion.

Posted by Si Min Tan > 2017-01-11 14:30 | Report Abuse

kancs3118, i see! that means, it has to be completed then only can recognize all the sales.

Posted by siam8888 > 2017-01-12 21:11 | Report Abuse

If this share up RM1above, you need to pray more

Posted by kancs3118 > 2017-01-12 21:34 | Report Abuse

I don't need to pray....data is all at my side

Posted by kancs3118 > 2017-01-13 10:17 | Report Abuse

Refer to my posting....if you are willing to wait for one to years, the price can easily scale RM1.20

Posted by siam8888 > 2017-01-16 10:56 | Report Abuse

Okay.... hopefully

Posted by smartInvestor1 > 2017-01-17 14:11 | Report Abuse

再买一点 有赢没输 的股票 收住一年当FD

Posted by kancs3118 > 2017-01-18 18:46 | Report Abuse

volume keeps on going up...

Posted by property > 2017-01-29 18:27 | Report Abuse

Management keep selling shares. Be careful.

Posted by kancs3118 > 2017-01-29 23:12 | Report Abuse

Got announcement meh ??

Posted by property > 2017-01-30 05:22 | Report Abuse

Why can drop so low? Left right disposing no need announcement ma.

Posted by kancs3118 > 2017-01-30 07:53 | Report Abuse

Let us talk facts here .... If directors dispose, they need to make announcement in Bursa ...

Posted by property > 2017-01-30 13:21 | Report Abuse

Talk what facts talk cock gotlah. Drop from RM 1.2 not they disposed? Ask siam8888 he know best.

Posted by SKH_ > 2017-01-30 13:44 | Report Abuse

Back to 60 sen only normal.

Posted by siam8888 > 2017-01-31 21:45 | Report Abuse

In economic situation now, we only can focus on short term investment! Take a return and run!

Posted by FAIRnREASONABLE > 2017-02-02 20:23 | Report Abuse

Good that it is now 0.67.
Hope someone willing to throw at 60 sen so that I can collect some more. My most recent buy was 0.635.

Posted by kancs3118 > 2017-02-02 20:55 | Report Abuse

with an unbilled sales of RM1B - assuming a net profit margin of 20% realized over 4 years, each year, net profit will be RM50M.

This is already 25% of today's market cap (at share price of RM0.65).
Significantly undervalued !!

Posted by smartInvestor1 > 2017-02-06 15:34 | Report Abuse

挑战0.71 这个月出业绩了

Posted by investor8888 > 2017-02-06 17:29 | Report Abuse

Q report should be good.

Posted by Alvinkua > 2017-02-06 18:27 | Report Abuse

守得云开见月明

Posted by FAIRnREASONABLE > 2017-02-06 19:43 | Report Abuse

Indeed, I am pleased to see this up trend.

Posted by kancs3118 > 2017-02-08 09:19 | Report Abuse

Slowly coming from the dead ...

Posted by nemesis > 2017-02-08 17:40 | Report Abuse

Symlife will report a few fold jump in net profit derived from its 1 billion unbilled sales...from now on u will never see Symlife below 0.70 again...

Posted by kancs3118 > 2017-02-08 17:44 | Report Abuse

Hopefully lar...

Posted by nemesis > 2017-02-08 17:45 | Report Abuse

It is time to buy Symlife now before it inflates up violently as coming qtr net profit is gonna be way beyond expectation...

Posted by kancs3118 > 2017-02-08 17:45 | Report Abuse

Dunno when they will launch Union Suites ....if assuming 90% take up rate, hence unbilled sales can easily hit RM1.3B