We are initiating coverage on ECOWLD with a OUTPERFORM recommendation and TP of RM2.05. Our TP only offers a 16% total return albeit applying a property RNAV discount of 35% (peer average: 50%). The lower-than-sector average discount is for their: (i) solid management team who are pioneers in property development, (ii) huge appetite for landbanking which will provide strong newsflow, (iii) ability to gain market share due to right product positioning as a township player and their experience with aggressive A&. Resilience is seen in their on-going projects as take-up rates for recent launches have been strong at 80%-100% vs. industry average of 50%-60% within the first 3 months of launch. This will result in strong earnings growth of 420%-344% in FY15E-FY16E. Although normalization of PERs may take up to FY17 as property contributions are still at an early stage while net gearing is expected to remain relatively high at 0.57x-0.65x over FY15-16E, we still like the stock as a longer-term value emerging stock given their aggressive growth path and the management team. Expect ECOWLD to be a ‘must-have’ stock as we will not be surprise if it becomes a market leader
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....
erkongseng
3,192 posts
Posted by erkongseng > 2015-04-14 17:59 | Report Abuse
取op大之资料---谢谢他的功课.
以每年它的sales是 RM3bil来预测它的revenue
2015 RM 1bil
2016 RM 2bil
2017 RM 3bil
根据SPSETIA profit margin是10%。
ECOWLD股本是 1.97bil
2015年 是 5sen EPS 左右
2016年 是 10sen EPS 左右
2017年 是 15sen EPS 左右
这里是我的功课了--
个人取年中完成私下配股20%,ECOWLD股本是 2.36bil,如上profit margin是10%。估算如下,
现在价位=rm1.76,取eps=4.2sen算,pe=41.9倍(取产业股最高之pe算,prduren 8613的pe=40.4 ),
2015年 是 4.2sen EPS 左右,pe=41.9倍,价位=rm1.76 ,8206w 价位=rm0.635
2016年 是 8.4sen EPS 左右,pe=41.9倍,价位=rm3.51 ,8206w 价位=(rm3.51-2.08)=rm1.43
2017年 是 12.6sen EPS 左右,pe=41.9倍,价位=rm5.27 ,8206w 价位=(rm5.27-2.08)=rm3.19
ecowld于22~1~15 年報显示,大股东己持有55.19% ,30大共持74.83% ,扣除30 大后,市流量为25.17% ,
很重要的看到epf有4.38% ,大东方保险有2.2% ,这些机构投资者是精明的,也不是短期投资者,难道没考慮公司前景吗?
看好就投资,看淡不投资,畢尽市面还有许多好股可选择,安康!
供参考,进出自负.
网友kiro tan告知,自己判断真假了.如下--
我的小婶在里面上班的 !公司的director 叫他们买来收着就对了 .