Best ever result! Record revenue, net profit in a quarter! Quite surprise when RHBIB prediction is almost correct (revenue 376 million and net profit 64million). The only difference is Tambun is yet to surpass the TP RM2.08 but this will happen soon.
Dividend of 4.6 cent is an improvement from 3.3 cent from last year. Although the total dividend of 6.60 cent is lower 9.10 cent, I believe Tambun might want to conserve some cash for land acquisition. Going through the numbers in the report, Tambun cash increase form 95 million to 125 million, the long-term borrowing decreased by few millions.
Going forward, Tambun launches planned for 2014 include new projects such as Pearl Harmoni, Pearl Avenue 2, Raintree Park and Pearl Tropika in Pearl City, Simpang Ampat, Camellia Park in Butterworth and Taman Bukit Residence in Bukit Mertajam.
To ApaMauMau, conversion of warrants is too small and does not impact the share price at all. The transfer of Novinia Sdn. Bhd. to be put under Palmington Sdn. Bhd is just a normal excercise. The land held by Novinia (which Tambun bought in December 2013) might be developed by Palmington and reduce the cost since Palmington has all the machineries and project team to develop the land.
:-) i bought it at 0.54, sold half at 1.28...so what i have on hand now is free share...hehe... and with the buying price of 0.54, the dividend yield is very attractive... *as a penangite, i bought this counter as i believe in its future growth (TAMBUN very much benefited from the 2nd PG bridge)... so, will just hold it for long term...
Hi Derrick777, Hehehe....i regret not buying it at IPO. Instead, my average cost for all my TI shares is at RM1.47/-. sighhhhhh.......anyway - it is my first time buying shares....so, i have to say - i learnt quite alot from buying TI shares....
i don't think the TP of RM1.65 is fair. RM1.80 seems fair to me. Don't forget - TI still has alot of undeveloped land at Pearl City.
But then, i am quite worried about their land banks. Seems they may run out of land to develop in the near future. But TI is a good developer. Their buyers are genuine home buyers...not speckies.
The problem in the market is always up during speculation and down the news is happened. I think Tambun will consolidate before moving higher. Hope this is wrong as I still hold some balance lots to sell higher.
@ ApaMauMau - yup. You are right. The net profit for FY14 will be even higher especially TI now controls the entire Pearl City. WIth the progressive dividend payment policy of 40% to 60%, we expect to receive higher dividends.
Hopefully, TI will continue its legacy as a township developer and will acquire future landbanks to develop more township. I wonder what is their future plan after Pearl City?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
maliong
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Posted by maliong > 2014-02-26 14:21 | Report Abuse
mali mali ong