Posted by SANG-JERO > 2014-04-21 12:07 | Report Abuse

TP for today 2.60-2.90.......

Posted by unemployed > 2014-04-21 12:18 | Report Abuse

After a few days breather, climb climb climb

Posted by Joel > 2014-04-21 20:35 | Report Abuse

I think continue uptrend for tomorrow and this week will exceed rm2.80 !

Posted by Count3 > 2014-04-21 20:54 | Report Abuse

likely it would be up.

Posted by Joel > 2014-04-21 22:33 | Report Abuse

will break rm2.53 tomorrow !

Posted by Joel > 2014-04-21 22:34 | Report Abuse

If so, the trend will continue to RM2.65 above in this recent day.

Posted by sklyte > 2014-04-22 13:49 | Report Abuse

down already wor, what happened?

Posted by Rav > 2014-04-22 14:21 | Report Abuse

drop somemore than i buy :)

Posted by youlee > 2014-04-22 14:44 | Report Abuse

time to accumulate somemore...another MKH in the making...TP 3.80

Posted by Rav > 2014-04-22 15:40 | Report Abuse

just bought @ 2.36....yay

Posted by chiongster1234 > 2014-04-22 16:17 | Report Abuse

drop drop drop...-.-\\

Posted by unemployed > 2014-04-22 16:38 | Report Abuse

I think unlikely to drop below RM2.35. Wanna buy better buy.... climb will continue .....

Posted by SANG-JERO > 2014-04-22 17:01 | Report Abuse

CIMB TP is NOT impossible.......HOLD...SBC is BULLISH for short, medium & long term....Good Luck...cheers

Posted by CHONGWAY > 2014-04-22 17:17 | Report Abuse

I KENA CUSCAPI BY C I M B !LUKILY I SOLD 2.4 LAST WEEK

Posted by Valueseeker > 2014-04-22 17:33 | Report Abuse

Kenanga also gave a target of above RM 3.

Posted by Stevecheahsw > 2014-04-22 19:07 | Report Abuse

Chobgway, u still keeping inari? Or disposal all?

Posted by kaitun78 > 2014-04-22 19:43 | Report Abuse

Stevecheahsw inari will drop a lot right?

Posted by Stevecheahsw > 2014-04-22 20:01 | Report Abuse

Kaitun, now is under§ideway with low volume d, for long term not effect

Posted by CHONGWAY > 2014-04-22 20:22 | Report Abuse

stevecheahsw i still hold inari 65% of capital 25% i put on Gadang ,but today top up inari wa 2.24

Posted by CHONGWAY > 2014-04-22 20:37 | Report Abuse

SORRY i m wrong guys,still believe SBC can deliver very good result maybe i sold 2.40 not good decision because as they sure increase price batang kali house to increase profit . i been there KK last dec ,SABAH IS A PURE, CLEAN,n most people n placeses innosent not poluted as peninsular people ,KK hav known long beautiful windy beach along the jeselton waterfront confirm can sell !

Posted by CHONGWAY > 2014-04-22 20:43 | Report Abuse

but i really scared of this investment bank because of their background somemore SBC share volume small size company .....

Posted by CHONGWAY > 2014-04-22 22:41 | Report Abuse

How about you steve did you hold many inari or SBC ?

Posted by SANG-JERO > 2014-04-22 23:19 | Report Abuse

HOLD......Wait for the next wave........Expect for the unexpected........

Posted by Stevecheahsw > 2014-04-22 23:40 | Report Abuse

Chongway, I bought on 0.85 and sold all on 2.62, I just jump in SBC this boat with 2.40, maybe u sell for me, haha

Posted by Stevecheahsw > 2014-04-22 23:41 | Report Abuse

And now maybe invest another boat with bright future have a least 50% profit....

Posted by heng88 > 2014-04-23 14:39 | Report Abuse

why never move...drop..

Posted by colin888 > 2014-04-23 19:15 | Report Abuse

some huge investor is holding up the price. Technically, it should not fall below 2.38.

Posted by Joel > 2014-04-23 19:38 | Report Abuse

Patient, bro sis !
Still got big space to grow in price for SBC.

Posted by Joel > 2014-04-23 19:39 | Report Abuse

Time to unearth deep value

This under-researched small-cap property company is trading at only
5.6x CY15 P/E and a massive 72% discount to its RM6.60 RNAV/share.
The discount should narrow as more investors wake up to the potential
of its projects in the Klang Valley and Kota Kinabalu, Sabah.

Posted by Joel > 2014-04-23 19:40 | Report Abuse

Apart from this, SBC’s share price
could be catalysed by the start of the
Jesselton Quay JV project. We begin
coverage with an Add rating. Our
target price is RM3.96 as we apply a
40% discount to its RNAV, in line
with the discount for other small-cap
property stocks.

Posted by Joel > 2014-04-23 19:40 | Report Abuse

Projects in Kota Kinabalu
and Klang Valley

SBC is a contractor-turned-developer
with property projects in both
Peninsular and East Malaysia. SBC is
led by Managing Director Sia Teong
Heng, who has been with the
company for more than 20 years. The
company is currently working on five
property projects, which offer GDV of
RM6.2bn over the next 10 years.

Posted by Joel > 2014-04-23 19:41 | Report Abuse

We
are particularly excited about the
RM1.8bn Jesselton Quay
development, an integrated seafront
project in Kota Kinabalu, backed by
the Sabah state government.
Jesselton Quay is a joint venture
between SBC and listed port operator
Suria Capital (SURIA MK, Not Rated).
SBC is waiting for final approvals
from the state government before it
launches the first phase of
commercial units. Approvals should
be soon.

Posted by Joel > 2014-04-23 19:41 | Report Abuse

Low profile in KL but…
SBC is a household name in Sabah
but has a low brand profile in the
Klang Valley. This is not surprising as
the company has been focusing on the
Kota Kinabalu property market over
the past decade. However, given its
rising number of property launches in
the Klang Valley over the past few
years, we believe that it is only a
matter of time before investors grasp
SBC’s potential. SBC’s current
unbilled sales total RM200m and
should see a major boost by end-2014
from its new project launches, i.e.
Jesselton Quay (RM500m) and Kiara
East (RM500m).

Posted by Joel > 2014-04-23 19:41 | Report Abuse

Highest GDV/market cap
ratio
Among the property stocks under our
coverage, SBC’s GDV/market cap
ratio of 21.1x is the highest, followed
by E&O’s (EAST MK, Add) 16x. We
believe that this shows that the stock
has potential value to be unlocked.

Posted by Joel > 2014-04-23 19:43 | Report Abuse

Potential GDV in the pipeline

SBC is currently working on five property development projects that offer a
potential GDV of RM6.2bn over the next 5-10 years. Its landbank currently
totals around 1,100 acres. We are particularly excited about the Jesselton Quay
project in Kota Kinabalu, Sabah, a RM1.8bn joint venture between SBC and
listed Sabah port operator, Suria Capital (SURIA MK, Not Rated).

Posted by Joel > 2014-04-23 19:43 | Report Abuse

Kiara East, right next to Taman Wahyu KTM station

In the Klang Valley, SBC is currently developing Kiara East, a RM1.5bn GDV
mixed condominium and retail development on a 20-acre plot of land off Jalan
Ipoh, Kuala Lumpur. The project is located right next to Taman Wahyu and the
Taman Wahyu KTM commuter station (refer to Figure 4). Construction work
started only last year. Kiara East is a 15-minute drive from the Kuala Lumpur
city centre and a mere 5-minute drive from Mont’ Kiara.

Posted by Joel > 2014-04-23 19:44 | Report Abuse

Kiara East’s neighbours include Mah Sing Group (MSGB MK, Add) and Eco
World (ECW MK, Not Rated),

which is an indication of the area’s attractiveness
to developers. This area is one of the few locations in a mature neighbourhood
with land left for development. Less than 1km from Kiara East, Eco World
launched the RM1bn Ecosky integrated project at the end of last year. The first
two condominium blocks were sold for around RM650 per sq ft and the
company is looking to launch the third block at an average selling price of
RM750 per sq ft. Mah Sing’s project near Taman Wahyu, Lakeville Residence,
is a RM1.1bn GDV condominium residential and office project

Posted by Joel > 2014-04-23 19:44 | Report Abuse

Bandar Ligamas project in Batang Kali
In 1995, SBC and the Selangor State Development Corp (PKNS) embarked on a
50:50 joint venture to develop the 1,877-acre Bandar Ligamas project in Batang
Kali, Selangor. Batang Kali is approximately a 45-minute drive from Kuala
Lumpur and a 15-minute drive from Gohtong Jaya (5km from the peak of
Genting Highlands). Similar to Kiara East, there is a KTM commuter station
that links Batang Kali to KL Sentral

The buyers of property in Batang Kali are mainly people who live and work in
north Klang Valley. SBC aims to market Batang Kali as a second home for
residents of Kuala Lumpur due to its close proximity to Resorts World Genting.
SBC has already developed more than 3,000 low-cost houses in Bandar
Ligamas and met the state government’s low-cost housing quota. The company
still has 1,000 acres that are yet to be developed, with GDV of RM3.5bn.

Posted by Joel > 2014-04-23 19:45 | Report Abuse

Given the rising land prices in the Klang Valley in the past few years, the
company is now focusing on building more profitable medium-to high-end
housing in Bandar Ligamas. A single-storey terrace house in Bandar Ligamas
now costs around RM250,000 while a double-storey costs around RM350,000.
The prices of Bandar Ligamas properties are still affordable and the demand for
properties in this price range in the Klang Valley remains healthy. SBC sells an
average of 200-250 houses p.a. in Bandar Ligamas.

Posted by Joel > 2014-04-23 19:45 | Report Abuse

The Peak Collection in Kota Kinabalu

Although SBC is not well known in Klang Valley, the company is a household
name among property investors in Kota Kinabalu, Sabah. SBC was the first
developer to build high-end condominiums in Kota Kinabalu (in 2000). The
recently-completed The Peak Vista is the tallest condominium in Kota Kinabalu
at present. When The Peak Vista was launched in 2011, its average selling price
was around RM600 per sq ft. Today, the market value for this condominium is
more than RM1,000 per sq ft.

Posted by Joel > 2014-04-23 19:45 | Report Abuse

Out of a total of 25 acres for The Peak project, SBC has 7.6 acres of land left for
development. It plans to launch the next phase of The Peak (condominiums)
later this year. The outstanding GDV of this piece of land is around RM500m.
There is still strong demand for this project due to its location that offers
fantastic views of South China Sea. We estimate that The Peak will generate an
average pretax margin of 20-25% in FY15-16.

Posted by Joel > 2014-04-23 19:46 | Report Abuse

Saving the best for last… Jesselton Quay, Sabah’s only
integrated waterfront project
We are particularly excited about SBC’s Jesselton Quay seafront project, a joint
venture between landowner Suria Capital and SBC. Jesselton Quay will be
Sabah’s only integrated waterfront, with full support from the state government.
Under the arrangement, Suria Capital will provide the 16.2-acre plot of land
and SBC will build and develop Jesselton Quay over the next eight years. This
plot of land has been vacant since 2007 after the Kota Kinabalu container port
was moved to Sapangar Bay.

SBC will pay Suria Capital 18% of the total project GDV (no less than RM324m)
over the next eight years. This translates into land cost of RM460 per sq ft for
Jesselton Quay, which we believe is fair in view of the development’s potential.

Posted by Joel > 2014-04-23 19:46 | Report Abuse

The company wants to transform Jesselton Quay into Borneo’s Riviera, with the
longest waterfront city boardwalk in the region measuring 600m. Once
completed, Jesselton Quay would be a tourism hub and financial district in
Kota Kinabalu. SBC’s Managing Director Mr Sia says, “Jesselton Quay would be
a redevelopment and extension north of the old Kota Kinabalu city centre,
which could morph the city into one with more regional influence.”

Posted by Joel > 2014-04-23 19:46 | Report Abuse

Jesselton Quay will have an international cruise terminal, convention centre,
hotel and world-class retail components. According to SBC, Jesselton Quay’s
design is based on elements of Singapore’s Marina Bay Sands. SBC will also
build residential towers and premium office towers, one of which will be Suria
Capital’s office. We estimate that Jesselton Quay will generate an average
pretax margin of 20-25% in FY15-18.

Posted by Joel > 2014-04-23 19:47 | Report Abuse

SBC has been working on Jesselton Quay with the state government since 2013
and we believe that the company is waiting for final approvals, likely soon.
Once the development order for Jesselton Quay is issued and the land premium
is paid, the company should be able to launch the first phase soon after. Phase 1
is expected to be a RM500m GDV commercial development.

Posted by Joel > 2014-04-23 19:47 | Report Abuse

OUTLOOK
2.1 Jesselton Quay and Kiara East to drive sales
Over the next 2-3 years, the Jesselton Quay and Kiara East projects will be
SBC’s main earnings drivers. We believe that SBC will launch the next phase for
Kiara East, a RM500m GDV residential and commercial project, later this year.
SBC is expected to launch the first phase of Jesselton Quay once the project
obtains the state government’s final approval. It should be soon.

Posted by Joel > 2014-04-23 19:47 | Report Abuse

RM200m unbilled sales

SBC’s unbilled sales currently stand at RM200m. We expect a major boost by
end-2014 from the new Jesselton Quay and Kiara East project launches that are
worth at least RM1bn. SBC’s total GDV is RM6.2bn over the next 8-10 years.
2.3 Sabah has great tourism potential
Sabah’s population size is just over 3m while Kota Kinabalu’s is around 0.5m.
The population size is similar to the level of tourists (domestic and foreign) that
visited the state in 2013. Tourist arrivals in Sabah have tripled over the past 10
years to 3.38m tourists in 2013. The statistics showed that in 2013, the highest
number of foreign tourists came from China (360,361), followed by Indonesia
(211,145), South Korea (106,213) and Brunei (99,122). We note that Kota
Kinabalu made it to Agoda.com’s list of top 10 fresh destinations in Asia in
2013.

Posted by Joel > 2014-04-23 19:48 | Report Abuse

Given that Star Cruises chose Kota Kinabalu as its homeport at end-2013,
Sabah and specifically, Kota Kinabalu could see a significant increase in tourist
visitors from 2014 onwards. The higher tourist numbers in Kota Kinabalu
augur well for SBC as the state government has earmarked Jesselton Quay as a
tourism hub and financial district.

Posted by Joel > 2014-04-23 19:48 | Report Abuse

Our SWOT analysis highlights SBC’s strengths in the construction and property
sectors. Its landbank is cheap, which means that the company will be able to
sustain its high property profit margin. In addition, SBC is involved in the
affordable mid-range property segment in the Klang Valley which enjoys strong
demand. However, the company needs to raise its profile in the Klang Valley
property market. Although SBC is a household name in Kota Kinabalu, not
many investors are aware of the company.

Posted by Joel > 2014-04-23 19:49 | Report Abuse

Since 2013, SBC has maintained a strong pretax margin of above 20%. One of
the main reasons for this is SBC’s cheap landbank, most of which was acquired
10 years ago. The company outsources most of its construction work but carries
out some of the smaller jobs if they can complete at a lower cost than its
contractors. We conservatively estimate pretax margins of 20-25% for SBC in
FY15-16.