excitement on Friday was dampened by poor market sentiment. But it almost breach RM2.00. I beileve OSKProp will be gradually increased from next week onwards.
almost RM2.00. If the EPS continues to be consistent for the next 3 quarters, annualized total EPS will be around 38.00 cents. A conservative 7x PE will value OSKProp at RM2.66.
Assuming OSKProp declared 10.00 cents dividend this FY and if there is no revaluation on land value and others parameters do not vary much, then NAPS (NAV) will be around RM2.00 .
Transaction volume is low since it is tightly held by Ong family. If I'm not mistaken they hold close to 75%. Usually bank/financial firm give rating to company that has market capitalization above RM1 billion since they can be invested by fund. But I do agree OSKProp is undervalued.
I think the Ong family will privatize this stock eventually. Now they have reached 74-75% of share holding, its just a matter of time to make a MGO for the remaining number of shares.
Agree with you brendonyeap. Although Icon8888 said that OSKProp does not have strategic/prime landbank that can urge them to privatize the company, OSKProp is holding a huge cash with fairly low borrowing and this might entice them to privatize. WIth 25% more to acquire, it is not a problem for Ong family since they are flush with money from the partial sale of OSK Investment Bank to RHB.
One of the rumour is the merging of OSKProp and PJDev (also owned by Ong family). PJDev has completed the sale of Menara PJD for 220m which can reduce their borrowings, although the amount of borrowings it is still significantly higher as compared to OSKProp.
OSKprop has been consistent in giving dividends (partly due to major shareholders reward themselves) and I believe the dividend for this year might be higher than 10 cent.
If the rumour of merging OSKProp and PJDev is true, Ong family might push OSKProp price higher to gain more shares in the merged company (Ong family has 28% in PJDev). Eventhough the current market cap of PJDEV is higher than OSKProp, OSKProp has a better balance sheet compared to PJDev. PJDev is reported to buy a RM450 million piece of land in Australia via Yarra. Deducting the proceed of RM220 million from sale of Menara PJD, they might need to raise cash to fund the purchase.
NAPS for OSKProp might be higher if they revalued their landbank..
Looks like they will be focusing Sg. Petani after this. Although property price in Sg. Petani is not as high as in Penang, it will receive spillover effect from the opening of Penang 2nd bridge.
"The RM3bil GDV includes a RM300mil shopping mall and 400 units of landed properties with a RM240mil GDV that we plan to launch next year".
【unbilled sale支撑公司未来净利】 目前公司拥有11亿unbilled sale 2013年,公司营业额为5亿 所以我预测这11亿unbilled sale最少能支撑公司未来成长 estimate net profit margin:15% estimate total net profit margin:1.65亿 estimate period of complete construction:2年 estimate net profit per year for 1.1bil unbilled sale:0.82亿
If OLH wants to privatize OSKProp, hopefully he will be very generous. But since he holds the major stake, minority shareholders might be jeopardized. To get a good deal, minority shareholders must join forces to push up the price. If the current price stays at around RM2.00, I believe OLH might offer somewhere RM2.50 to RM2.70, which is quite a bargain for him. OSKProp is expected to launch RM540 million from RM3 billion GDV in Sg. Petani next year, and land which have have not been revalued from as far as 1996 (Sg. Petani land). For other piece of lands, they were last revalued around 2007 to 2009, and most of them are freehold land, which might fetch higher valuation.
Based on annualized EPS for Q1, OSKProp would be valued RM3.90 at PE 10x. But allow some discount let say, RM3.50. The share price has a lot to catch up before OLH announces offer (if it happens) somewhere in October this year..
Based on the previous failed privatization of OSK and OSKVI, hopefully OLH has learnt that privatizing below NTA will not gonna make it. Haha. But this time he has larger stakes in OSKProp,
As said by bursadummy, this is my personal opinion and does not represent a recommendation to buy or sell. (sounds like research house exit caluse). LOL
I see, life is good + rosy for me here at KB....just back from KL after a one month stint... I belief u had been laughing to the bank lately for buying up most of oskprop + wc shares? good good!
Article will be published at 1030 am. The reason I choose that time is because it is off peak. If I post now, the article will be swar,ed by other articles within half an hour, and people won't notice it
Ok good fengshui time too! Yeah agreed with ur statement, and other "strangers" will suddenly come into this forum and start the chat + begin to ask irrelevant questions...
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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....
dalpinia
2,299 posts
Posted by dalpinia > 2014-05-24 01:18 | Report Abuse
Dont dream lah 1.7.....Monday onwards will increase 2 cents every till next qtr result