Posted by nikicheong > 2018-02-28 09:23 | Report Abuse

Very healthy cash levels. I think Tambun's selling point now will be the dividend yield cause the cash can finance dividends handsomely for the next 2-3 years...by which point you'd expect the property market to have recovered. Even if the dividend drops to 6 sen a year, if you buy in at current levels you will be getting a yield of nearly 7%. Very hard to beat actually. I foresee a correction in the price soon once it is clear that dividends won't simply fall off a cliff.

Posted by khfoo88 > 2018-03-01 06:50 | Report Abuse

Tambun Indah - Missed Sales Target
Author: HLInvest | Publish date: Wed, 28 Feb 2018, 09:41 AM

Results
Below expectations: TILB’s FY17 core PATAMI of RM82.6m came in below expectations, accounting for 92.6% and 91.5% of HLIB and consensus full year forecasts, respectively.
Deviations
Mainly due to slower sales and lower-than-expected margin.
Dividends
None. The final dividend is usually declared after subsequent 1Q results.
Highlights
QoQ: 4Q17 revenue was down (-14.7%) while core profit contracted by 38.8% due to fewer on-going projects, weaker margin and further dragged by a RM4m provision for the loss of a low cost housing project.
YoY: Revenue fell by 26.0% mainly due to fewer on-going projects and lower new sales. Core net profit declined more drastically by 50.6% caused by lower margin product mix.
FY17: Core net profit declined by 22.8% on the back of lower revenue (-21.8%) due to lower new sales and fewer on-going projects as some projects were completed in the prior year such as Pearl Residence and Pearl Harmoni.
In 4Q17, total new sales achieved was RM30.2m (RM17.8m in 4Q16), bringing FY17 sales to RM146.3m (FY16: RM229m), falling short of full year target at RM180m.
Shrinking unbilled sales at only RM66m (cover ratio of 0.24x FY17’s revenue) remains the concern on the sustainability of earnings moving forward.
Management is looking to sustain the earnings by improving the average take-up rate (currently at 70%) for its ongoing projects with a total GDV of RM848m.
Three new planned projects namely Palma Residency (GDV: RM50m), Permai Residency (GDV: RM53m) and Palm Garden (GDV: RM110m) are set to launch in FY18.
Risks
Delay in new project launches.
Forecasts
We reduce our FY18 and FY19 earnings by 7.3% and 6.6%, respectively after factoring in lower sales assumptions.
Rating
TRADING BUY ↔ ; TP: RM1.23
Maintain TRADING BUY as we believe the retreat of share price is overdone with potential attractive dividend yield of c.8% at below average P/E multiple despite overall soft sentiment on the sector. While the replenishment of unbilled sales may be slow with delay in project launches, TILB remains one of the strong beneficiaries of the rising land prices in Penang mainland with attractive margin.
Valuation
Target price is lowered to RM1.23 (from RM1.27) based on unchanged discount of 45% to RNAV of RM2.26.
Source: Hong Leong Investment Bank Research - 28 Feb 2018

Posted by fong7 > 2018-03-01 07:18 | Report Abuse

never mention land bank. Who knows how many acres undeveloped landback Tambun has currently?

Posted by fong7 > 2018-03-01 07:19 | Report Abuse

Any other research paper available to share? Thank you! (remember RHB has it last time, not sure now still have it or not).

Posted by David Thong > 2018-03-02 09:18 | Report Abuse

Tambun is oversold and undervalued at current price! Look at its strong balance sheet, cash rich, low debt, current price below NAV, etc. Profits are dropping is because of slowdown in property market, not the company's problems. The bottom line is property market will recover sooner or later. DYODD!

Posted by skvt9 > 2018-03-02 12:50 | Report Abuse

anyone know about the latest unbilled sales in Q1 2018? there is chance that we wont get any dividend in 2018 if their distribution policy is 40% of profit. will looking to cut loss if Q1 result disappointed

Posted by kancs3118 > 2018-03-03 08:40 | Report Abuse

Hehehe ...waiting for RM0.75 ....in property, there is a time lag between property construction vs revenue recognition. This means that unbilled sales take about 2 years to be fully recognised. So, this two years will be pretty tough on Tambun. Hence, if wanna hold long long....wait till RM0.75

Posted by kancs3118 > 2018-03-03 08:42 | Report Abuse

Having said that, Tambun is still a good company. Competent and honest management. And it's existing 100+ acres of landbank near to Batu Kawan is still a crown jewel.

Posted by kancs3118 > 2018-03-03 08:44 | Report Abuse

What I am trying to say is that ....no hurries to buy...still a long way to drop...

Posted by geary > 2018-03-04 21:28 | Report Abuse

http://www.valuewalk.com/2018/01/8-quantitative-rules-of-dividend-investing/

Posted by investor1888 > 2018-03-05 23:09 | Report Abuse

Tambun MD Teh is accumulating.

Posted by geary > 2018-03-06 09:27 | Report Abuse

Haha... boarded...@>75% Margin of Safety. Good luck...!!!

Posted by skvt9 > 2018-03-08 21:16 | Report Abuse

Wow, Uncle Teh bought 2.5 mil shares @0.8

Posted by David Thong > 2018-03-12 00:50 | Report Abuse

It is a good sign that CEO is accumulating! It brings confidence to shareholders

Posted by geary > 2018-03-21 20:01 | Report Abuse

https://www.valuewalk.com/2018/03/seth-klarman-what-is-an-appropriate-margin-of-safety-before-making-an-investment/

Posted by David Thong > 2018-04-06 11:25 | Report Abuse

Super undervalued

Posted by kancs3118 > 2018-04-06 20:48 | Report Abuse

Because unbilled sales is virtually non existent !!

Posted by David Thong > 2018-04-07 00:14 | Report Abuse

So what should we do now? Buy more? Hold and monitor?

Posted by Yippy68 > 2018-04-07 02:37 | Report Abuse

74 Sen. Lowest in 5 years, how much it can fall further?

Posted by David Thong > 2018-04-09 12:18 | Report Abuse

Any idea when is the AGM? Maybe wait for the announcement for earning results and dividend?

Posted by David Thong > 2018-04-10 18:17 | Report Abuse

Any idea when is the quarter result release date ?
If uncle teh still paying good dividend then can buy more!

Posted by greatest94 > 2018-04-13 01:52 | Report Abuse

Uncle Teh bought back 783,000 shares at 73.5-74.0 sen and propose 4.7 sen dividend.

Posted by cy91 > 2018-04-13 12:53 | Report Abuse

wa this one worst than iwcity

Posted by geary > 2018-04-13 17:17 | Report Abuse

Haha... Bought n Hold... Averaging...@<0.85...We shall see...its sustainability...!!!

Posted by Lim Tek Wai > 2018-04-13 17:44 | Report Abuse

worst ever

Posted by geary > 2018-04-13 18:23 | Report Abuse

Hahaha...lowest in 5 years...n not 52 weeks...>45%... below its NTA... that's for asset play...like Bank, Utility, Reit, n others​ holding big assets. TQ.

Posted by kancs3118 > 2018-04-13 19:16 | Report Abuse

Problem with Tambun is its virtually non existent unbilled sales. The drip in share price commensurate with the drop in its EPS.

Posted by kancs3118 > 2018-04-13 19:16 | Report Abuse

Another way to prop up its share price is via the payment of dividend .

Posted by nikicheong > 2018-04-17 21:58 | Report Abuse

http://www.theedgemarkets.com/article/penang-residential-overhang-more-doubles-2017

Posted by ZEPAN > 2018-04-18 14:17 | Report Abuse

Very cheap now, perhaps to collect for the dividend.

Posted by David Thong > 2018-04-18 19:02 | Report Abuse

Yes, I agree. Hold or buy more on dip to collect dividend while waiting for the earnings to shoot up again.

Posted by geary > 2018-04-21 16:05 | Report Abuse

https://www.valuewalk.com/2018/02/david-einhorn-dont-sit-around-trying-figure-precise-value-stocks/

Posted by Fabien Extraordinaire > 2018-04-22 21:38 | Report Abuse

If u have holding power and able to hold for 3-5 years

Posted by Wendy Yap > 2018-04-23 09:43 | Report Abuse

when is dividen come out?

Posted by geary > 2018-04-23 17:42 | Report Abuse

OTHERS | http://www.klsescreener.com/v2/announcements/view/28849841

Posted by Chin Yik Han > 2018-04-27 13:27 | Report Abuse

4.7 sen final dividen subject to shareholders' approval

Posted by Yippy68 > 2018-05-09 01:57 | Report Abuse

it is coming..80 sen

Posted by geary > 2018-05-10 18:13 | Report Abuse

http://www.theedgemarkets.com/article/malaysia-needs-foreign-investments-achieve-development-goals-%E2%80%94-juwai

Posted by remus > 2018-05-14 12:12 | Report Abuse

Huh why price shot up today ah? can benefit from new Gov?

Posted by David Thong > 2018-05-14 22:07 | Report Abuse

Tambun was oversold previously and investors were worried about the election results previously. Now the worries is cleared and seems like the confidence is back!

Posted by share2014 > 2018-05-19 10:30 | Report Abuse

Is this stock good to buy for dividend purpose rather than put in fd? Is the price high now?

Posted by bigmacmj > 2018-05-19 12:39 | Report Abuse

1st interim dvd =rm0.03
Final dvd propose =rm0.047
Total rm0.077
Rm0.077 / share price rm0.83
Dvd yield= 9.27%

Posted by zcmeow > 2018-05-19 19:09 | Report Abuse

Hi bigmacmj , may i know how to get the final dvd =0.047 ? why not 0.06 or 0.07 ya ?

Posted by bigmacmj > 2018-05-20 12:07 | Report Abuse

zcmeow http://www.sinchew.com.my/node/1745710/恒大置地派息47仙

Posted by share2014 > 2018-05-26 12:44 | Report Abuse

Anybody know when is coming qtr result out?

Posted by bigmacmj > 2018-05-26 22:02 | Report Abuse

28 may 18 AGM anyone going?

Posted by nich0las > 2018-05-28 17:48 | Report Abuse

Tambun Revenue = Lowest since IPO.

Posted by share2014 > 2018-05-29 09:35 | Report Abuse

Tomorrow drop

Posted by mudah288 > 2018-05-29 14:07 | Report Abuse

Price will stabilise at current level. Reduced profit already factor in. Price supported by dividend yield.

Posted by Kareemabduljabbar > 2018-05-29 20:48 | Report Abuse

Price drop like a stone. No more profits this year to pay as dividend.