Posted by bryan_su > 2013-02-15 16:40 | Report Abuse

dijacor 1.29 now.. buy @ 1.02... gain > 10%

Posted by tonylim > 2013-02-15 17:05 | Report Abuse

iska, as we write, tebrau and dijacorp are theme plays on iskandar.
Any lubang, feel free to post it here.

Posted by iska > 2013-02-15 17:53 | Report Abuse

hi. yes, i bot into Dijaya & Dijaya wrt, Tebrau, Sunway, Mah Sing, WCT wrts, E&O, UEM and SP Setia - all with intention of having Iskandar exposure. But i think i have only bought about 25% of what I intend to be exposed to. some of them have moved, but some have not. i think it's just a luck thing, mainly.

Posted by iska > 2013-02-15 17:58 | Report Abuse

Tebrau moved mainly cos of the listing of IWH in june. Temasek and CapLand are said to be anchoring the IWH placement shares. IWH is substantial shareholder of Tebrau, and there is talk on possible change of stakes or land between the 2, prior to IWH listing. There was huge volume recently, then it consolidated, and yest was the second move. I like its exposure to water fronting land at Tebrau area. IWH's water fronting land have high plot ratios, so could be likewise for Tebrau's. I am holding on to this one for now.

Posted by iska > 2013-02-15 18:00 | Report Abuse

Dijaya prob moved cos of the purchase of land at Danga Bay this week. Injection of land by its substantial shareholer last year now looks good for the co, with land prices going up in Johor.

Posted by iska > 2013-02-15 18:03 | Report Abuse

I like Sunway for its large land purchases in Medini and water fronting land enveloping Sg Pendas last year n in Jan. This land is huge and propelled the co to one of the top land owners in Iskandar. The land it bought is below M$20psf, including conversion cost. I think water fronting homes is the in-thing and will lure singaporeans who can't get one such home, unless one pays M$40 million for a bungalow in Sentosa cove. And the land size for that price tag is only about 7,000 sq ft.

Posted by iska > 2013-02-15 18:06 | Report Abuse

For WCT, i like its exposure to the redevlopment of a mall and hotel and perhaps apts in JB, the land for which it acquired only last year. I think its launching Medini Signature next month, and if it sells at above M$1,000 psf, that may grab some attention. It seems like a well regarded co.

Posted by iska > 2013-02-15 18:09 | Report Abuse

I like Mah Sing for its rights issue currently. That will improve its liquidity. It's due to launch iconic Meridin this few months, and i suspect the price will go above M$1,000 psf cos of its architecture. I heard it has been buying up small parcels of land in iskandar from small lot owners and amalgamating it.Price paid seems to be below M$10, or thats what one agent told me. Land is near to 2nd link, on the left hand side, near to the port. Appears to be a well regarded company too. Dijaya had interest in M&A with Mah Sing.

Posted by iska > 2013-02-15 18:11 | Report Abuse

that's all i have for now. i will be visiting iskandar again these few days.. my 4th visit in 2 weeks..haha... gotta have a feel of the place before i am convinced to put more money into iskandar stocks, i guess.

Posted by tonylim > 2013-02-16 10:08 | Report Abuse

Medini can go for 1k psf?

Posted by skyland > 2013-02-16 10:26 | Report Abuse

i like ivory..will be one of the top developer in malaysia few years later with their RM10 B bayan mutiara project...

Posted by smartguy > 2013-02-16 12:28 | Report Abuse

bayan mutiara project soft-launched started, but just offer to existing customer. Once official launch, the price will surge!

Posted by 1n1792 > 2013-02-16 14:56 | Report Abuse

By the way who is 'Cold Eye'... Any enlightenment ...

Posted by 1n1792 > 2013-02-16 15:10 | Report Abuse

By the way who is 'Cold Eye'... Any enlightenment ...

Posted by skyland > 2013-02-16 15:10 | Report Abuse

cold eye = malaysia warren buffet

Posted by ulalar > 2013-02-17 23:08 | Report Abuse

Can consider Crescendo Corporation Bhd into your the watch list

their ROE for 3 consecutive years have improved significantly :-

Year ROE
2010 3.99%
2011 7.36%
2012 11.57%

D/E for 3 consecutive years decreasing (positive) :-

Year D/E
2010 0.35
2011 0.30
2012 0.26

* warning ! low volume wor ! no financial house coverage wor! kekekekekeke

Posted by pirate99 > 2013-02-22 02:28 | Report Abuse

Hi All sifus,need opinion on Glomac.. Thanks!

Posted by kcchongnz > 2013-02-23 17:03 | Report Abuse

ulalar, my opinion on your crescendo as follows:
Investors who have bought Crescendo at about RM1.10 3 years ago would have made a paper gain of 66 sen, or 60%, twice compared to a gain of 30% of the broad KLCI composite index during the same period. The long-term uptrend of its share price is still intact.
The share price of Crescendo started to rise gradually from the beginning of the year 2012 when it was apparent that the company has its financial performance improving. On 31/3/2012, Crescendo reported a huge 35% and 75% jump in revenue and net profit for the financial year ending 31/1/2012 to 290 m and 63.7 m respectively as compared to the previous year. Besides the big jump in sales, its net profit margin also improved drastically from 17% to 21%. These in turn improved the return of equity (ROE) from 7.5% to 12.9%. Thanks to the Southern Corridor in the Iskandar Development, in particular in Crescendo’s good sales in industrial buildings development and its construction activities.
The attractiveness of Crescendo as a long-term investment comes from its fairly low market valuation. With an earnings of 35 sen per share and a share price of RM1.76, Crescendo is trading at a PER of 5. The dividend yield of Crescendo is also very attractive at 8.5% for the last financial year.
Using a variety of discount cash flows methods with the assumption of 5% growth in earnings for the next 5 years and 3% terminal growth rate, and a discount rate of 12%, Crescendo’s intrinsic value is found to be between RM2.30 to RM2.75, with an average of RM2.53. There is a potential 43% upside compared to its share price of RM1.76. The margin of safety of investing in Crescendo is above 30%.
However, the Group's revenue and PBT for the nine months of the financial year ending 31 January 2013 decreased 4% to RM210.6 million and 24% to RM49.2 million respectively. The decreases in revenue and PBT were mainly due to lower sales in industrial properties. Despite of the lower profit, earnings per share is expected to be about 27 sen for the whole year. The prospective PE ratio is still not excessive at 6.5.
The future success of investing in Crescendo will depend on the success of of its Nusa Cemerlang Industrial Park and the other development in the Iskandar Development Corridor of which the government has fully committed on. With RM 444 million worth of land held for development under its balance sheet now, the chance of success for Crescendo appears to be bright.

Posted by skyland > 2013-02-23 17:41 | Report Abuse

ivory + l&g good buy & hold

Posted by kcchongnz > 2013-02-23 19:26 | Report Abuse

skyland, I have posted my opinion on ivory before in this thread as below for your information. It is just an opposite opinion as yours.

Posted by kcchongnz > Feb 14, 2013 05:40 PM | Report Abuse X
ln1792, I didn’t know anything about Ivory before I peeped into their latest financial statement just now. For the three quarters ending 30/9/12, revenue and earnings is Rm120m and 32.6 m respectively. Earnings per share is 9.7 sen. With the present price of Ivory at 48 sen now, it is damn cheap right? Hold on until you look carefully into the details of financial statements. Out of the 32.6 m profit, “other operating income” is RM50, just what is this “other operating income”? A look at their cash flows statement may provide some clues. Cash flow from their ordinary business is negative at least for the last two three- quarters’ results in the order of RM30m. For the last three quarters, the “non-operating items” is RM34m. A fair value gain of property booked as profit, or what is it? Isn’t there a conflict of the statement of income and the cash flow statement? Is it financial misstatement or financial shenanigan? Neither is credible for Ivory. That means for the last two years, though Ivory announced that they have made more than 10 sen per share each year, none of the year has any cash flow from operations, forget about free cash flows. I always emphasize that cash flow is the most important about a company. Ivory’s latest total debt is RM263m now, or 57 sen per share. Where to find money to pay annual interest payment of more than RM10 m a year, when there is no positive cash flows at all? Obviously have to issue more share or borrow more money. But last year already issue so many right issues already (2 for 1 rights?), how? Borrow more? Would bank lend when there is not even positive cash flow from operations?
Those are the reasons why Ivory’s share price, listed at RM1.00 in 2010, has been a disaster for the past two to three years, I think? When is the Bayan Mutiara project going to start? Got money to carry out the work or not? Buy Ivory as an investment? Not for me.

Posted by skyland > 2013-02-23 21:26 | Report Abuse

ivory is a turn around company with their latest bayan mutiara project worth 10b JV with dijacor...u cant a piece of land with such good location in penang island anymore...i wont judge ivory based on history but i look at the company future with such project...

Posted by 9182 > 2013-03-13 13:17 | Report Abuse

Plenitude interests me lots. Earnings down heaps & management says its all a pipeline issue. If so then its worth far more than it is. Your wisdom on tedhis one will be appreciated.

Posted by kcchongnz > 2013-03-13 14:45 | Report Abuse

9182, what is this "pipeline issue"?

Plenitude is definitely way under-valued as shown in its financial statements and as explained in my post appeared the top of the first page of this post. Unless you can dispute me with your facts and figures. However the share price often is not the same as the value of the company.

Price is what you pay. Value is what you get. Warren Buffett

Yeah in Bursa it is also provided that the one who controls the company gives you the value of the company you deserves as a minority shareholder.

Posted by Ng Lin Tat > 2013-03-13 15:23 | Report Abuse

kcchongnz,

Plenitude acquired some small pieces of commercial lands beside Komtar during the year. That's why I get less dividends (I hope)...

They used to sponsor some events in Penang lately (dragon boat, music festival). Probably trying to make Penang as their next development base. They also have some 20 small parcels of land in Balik Pulau. The only area in Penang island that you can still do small township development.

Btw, their hotel is under renovation since end of last year. ;)

Posted by millionaire > 2013-03-13 15:34 | Report Abuse

a company with 92 acres of residential land in Kluang, good or not ??? any comment

Posted by kcchongnz > 2013-03-13 16:09 | Report Abuse

Ng Lin Tat, good information. In fact Plenitude has plenty of land bought years ago in prime areas all over the country which have not been revalued yet. The land in Balik Pulau as mentioned by you is definite one of them. Regarding dividend, Plenitude has huge amount of hard cash, 356m or 1.32 per share to be exact, to buy more land without having to be so stingy on dividend payment. They just don't want to give to minority shareholder. This is something I don't like about Plenitude.

Posted by Hustle > 2013-03-13 16:12 | Report Abuse

This 1 I'm definitely agree with kcchongnz :)

Posted by kcchongnz > 2013-03-13 16:22 | Report Abuse

Hustle, thanks for your agreement. Do you have to agree with me? But frankly Hustle, I have nothing against you. Your comments have been reasonable, no name calling or rude and demeaning terms. Just different in opinion. I even like the humour in your some of your posts. I like to be your friend. I hope you like to be mine too. As a friend, I would like to urge you to take a serious look at Ivory. Do some scuttle-butting on Ivory projects. Look at some numbers. They are important for you to know before you put your hard earned money to invest in it. Note I always emphasize "investing" rather than "speculating". Good luck.

Posted by Hustle > 2013-03-13 16:28 | Report Abuse

I'm respect to your detail analysis too and not mean to be disrespect.Sometimes,speculating just applied at certain counter only,since if totally investing will miss lots of fun moment that can he hor with others speculators :)

Posted by iafx > 2013-03-13 16:37 | Report Abuse

DY has been long mentioned early in this thread. cannot tahan other's view don't post :D

after ge can consider this counter for long term, now better keep away first

Posted by kcchongnz > 2013-03-13 16:49 | Report Abuse

Ah, I found what is mentioned by the guy above here.

Posted by iafx > Feb 8, 2013 10:35 AM | Report Abuse
everyone wants a continue growing company - but that is not enough in real world, u also want the share price grow with it, realistically speaking, good DY is one of the must-have catalyst to grow property stock price, and that depends not only how much cash in-hand, land acquired bla...bla..bla, these r juz layman terms.

This is the guy I like to take on because very often he did not like what I like, use strong words like BS, Copy here and there, tau-fu etc. But when confront him, he couldn't substantiate a thing. Absolutely no substance at all. Then he went hiding.

Now his this "good DY is one of the must-have catalyst to grow property stock price, and that depends not only how much cash in-hand, land acquired bla...bla..bla, these r juz layman terms." Do you see something seriously wrong about his this "layman terms"?

Again it shows his no substance comments. The fundamentals about growth in a company is how much the company retains its earnings for growth purpose, not high high the DY. Sigh, if you have no substance, don't always look for faults in others and just simply shoot.

Posted by tonylim > 2013-03-13 16:52 | Report Abuse

iska, are you there?

Posted by kcchongnz > 2013-03-13 16:54 | Report Abuse

This time I hope this iafx fellow won't run away hiding. I would like to discuss with him every aspect about finance and investing. Why? He always look for any fault of me and use all kinds of demeaning words. I would like to have a gentleman discussion here.

Posted by iafx > 2013-03-13 16:58 | Report Abuse

it's clear who is attacking :D

"Unless you can dispute me with your facts and figures. However the share price often is not the same as the value of the company."

hahahaaha... enough said. after u :D

Posted by kcchongnz > 2013-03-13 16:59 | Report Abuse

First of all, please explain your statement:
"good DY is one of the must-have catalyst to grow property stock price"

Posted by iafx > 2013-03-13 17:05 | Report Abuse

" Regarding dividend, Plenitude has huge amount of hard cash, 356m or 1.32 per share to be exact, to buy more land without having to be so stingy on dividend payment. They just don't want to give to minority shareholder. This is something I don't like about Plenitude."

fyi, u already answered that ;D

Posted by kcchongnz > 2013-03-13 17:24 | Report Abuse

aiyah why you copy and paste again? Your English not very good lah. Your don't understand my question ah?

First of all, please explain your statement:
"good DY is one of the must-have catalyst to grow property stock price"

Now you even dispute my statement that share price is often not the same as the value of the company. Yeah I talked about Plenitude stingy about their dividend payment. But did I talk about share price affecting by it? Where? Coming stick to my question. Answer right to the point. If not you get no marks.

Posted by Desmond Liew > 2013-03-13 18:15 | Report Abuse

hahaha...

Posted by tonylim > 2013-03-13 18:21 | Report Abuse

kcchong, ai ya go look at daiman, will you?

Posted by tonylim > 2013-03-13 18:22 | Report Abuse

Provided you are offering free services, ok?

Posted by kcchongnz > 2013-03-13 18:27 | Report Abuse

ok tonylim, promise you I will look at Daiman. We discuss lah. You are expert in properties. But I need to settle with this fellow first. He every time look for opportunity to attack me, calling names and using uncalled for terms, but with no substance. I need to defend myself once and for all, yes? I hope he doesn't go MIA again every time after simply shoot. I give him time to look up for something with substance first. He can copy and paste anywhere he likes. Give him chance, ok?

Posted by kcchongnz > 2013-03-13 19:18 | Report Abuse

"good DY is one of the must-have catalyst to grow property stock price"

The above topic of this debate was first proposed by iafx. Normally the proposal of a debate will put forward his points of argument first followed by the opposed. But since he is still scratching his head, I put myself in a disadvantaged position by speaking first. But don’t worry lah, there is nothing right or wrong in fiancé and investment, just like there is no right or wrong in a debate. It all depend on how strong is your argument.

First of all I would like to give you a lesson in Finance 101. There are three companies A, B and C. The owner each comes out with a capital of RM100,000. For simplicity, say they do the same business and earn the same return of capital of 10%. They each earn RM10,000 for the first year. Company A pays out 20% of the earnings and retain 80%, B pays out 50% and C 100% respectively. So company A, B, and C would retain 80%, 50% and 0% of their earnings respectively. The dividend yield, if you want to call it, would be 2%, 5% and 10% respectively for A, B and C. I provide the table below for your ease of understanding a simple finance concept.

ROE 10% 10% 10%
Company A B c
Capital year 1 100000 100000 100000
Profit year 1 10000 10000 10000
Payout ratio 20% 50% 100%
Retention 80% 50% 0%
Amount retained 8000 5000 0
Dividend yield 2.0% 5.0% 10.0%
Capital year 2 108000 105000 100000
Profit year 2 10800 10500 10000
Growth in profit 8.0% 5.0% 0.0%

What happen now in the second year, A, B and C would have a new capital of 108,000, 105,000 and 100,000 respectively as shown in the table. The extra money is those being retained from the previous year’s earnings. Now assuming the return of capital is the same as 10%, the profit for company A, B, and C would be 10,800, 10,500 and 10,000 respectively. The growth of profit for the second year worked out to be 8%, 5% and 0% respectively for company A, B, and C.

My question to you iafx is which company do you think will fetch a higher price if they all want to sell?

Now I have to go and sleep now. Put in all your arguments and I will rebut tomorrow morning. Hope we can have a marathon on this debate tomorrow. I can sacrifice my golf game tomorrow to do that, just for you. What else we can debate about? Yeah best is of our comments in i3investor. As I don’t think I can find something of substance of your comments to talk about in the first place, maybe you can go look for my Bullshit like what you have been doing before and try put me down. There are plenty of my bullshits (like what you have been claiming) you can pick and choose and talk about in i3. The best is if we can have a voluntary judge from here. Anyone?

Posted by ulalar > 2013-03-13 21:16 | Report Abuse

Mamma mia, here I go again
My my, how can I resist you?
Mamma mia, does it show again?

kekekekekekeke, good show starting. so nice

Posted by ulalar > 2013-03-13 21:25 | Report Abuse

ulalar fallen pick - Mitrajaya

bought during 2012 around 0.60, dividend announced = 0.05, yield = 8.33%, so damn happy that time

current Mitrajaya price = 0.415, dividend announced = 0.02, yield = 4.82%, still look good

but total capital gain/ (loss) to date = -0.185 @ -30.8%

high dividend yield really a good selection criteria?? ulalar already banged the head so hard that time, crying without tear

Posted by arv18 > 2013-03-13 21:44 | Report Abuse

I stay well away from ALL property stocks. If you like property buy

1. Plantation (West Malaysia) - Landbank play

2. REITs - Its already built. Collect rent.

3. Concrete - Only two publicly listed players (west malaysia):
Lafarge, Tasek (take your pick)

5. Steel isn't doing well. Don't ask me why. Please

Posted by kcchongnz > 2013-03-14 06:13 | Report Abuse

Ularlar, you really like Abba ah? I like too. Eh, make sure you don’t use the same IP address as mine ah. But Don’t cry for me Mitrajaya. Everyone made some mistakes in their investment some time (I know you don’t mean it). To cheer you up, I append here with this song for you.
http://www.youtube.com/watch?v=DXg6UB9Qk0o

But if you want a newer version, this one may be more interesting.
http://www.youtube.com/watch?v=QAnsWtJ9AFk

But seriously I like the companies which I own stocks in pay me good dividend also. It is because the dividend portion makes up a major portion of the total return, not because high dividend causes the high price of that stock. Take for example my Pintaras, the total return for the past 1 year is 13.2% of which a major portion of 7.4% , or 55% of the total return is made up from dividend.

It is also true that sometimes when a company first declares a relatively high dividend, share price of its stock does go up. But very often too this information has already been reflected by the stock price and it may not even go up when the news is announced. But once the dividend is ex-dated, the share price is usually adjusted downwards accordingly. There is really no statistical evidence to show that "good DY is one of the must-have catalyst to grow property stock price" as wildly claimed. I hope he knows what I mean by statistical evidence in mathematical term. The finance101 I have just presented will logically tell us that it shouldn’t be.

Posted by iska > 2013-03-14 07:51 | Report Abuse

Sorry, did not look at this forum for a while cos i was busy doing leg work in Iskandar..haha. Since I am new to Msian property stocks and Iskandar, I had been doing research the hard way - driving around, checking with agts, seeing what is where, etc. In the meantime, I added more Iskandar stocks.

As for what I found: anectodal examples of more Singaporean interest, including the beginning of interest shown by the more reluctant ones. Eg, Brunsfield's launch of its Danga project in Singapore sees the story of the site "near to Capitaland's A-2 Island" being touted, giving virgin investors the confidence of buying near to the Singapore developer's site. Brunsfield's project is priced around $1,100 psf.

WCT to launch Tower 2 in Medini Signature soon. Priced $650-700psf. 1Medini shopping mall is now at 2nd level (out of 4 I think). It will be the first air con mall at Medini area to be completed. Temasek's Avira (wellness village) could be launched in mid 2013.

Sorry, as I am so new to all this, I thought Puteri Harbour was 99-year land, like Medini, and hence, I suggested Meridin (opp 1Meridin) could be launched above $1,000psf. This was coz I heard Pinetree at Puteri Harbour now going for $1,200-1,500 psf.

Peter Lim's Motorsports Hub is located at Gerbang Nusajaya, near to the Asian Mall (to be developed by a China co). Ascendas Singapore's site nearby set to lure Singapore SMEs over, as Singapore discourages certain biz that are labour and space intensive. Anecdotal stories about some new biz set-ups in Singapore being told to "explore Iskandar" instead as the country takes the heat of its people upset about over-crowdedness in the city state.

I esp like Sunway as its huge land parcels enveloping Sg Pendas allows it to build interesting cove and river housing which command premium prices. I continue to buy/hold Dijaya, Tebrau, UEM, Mah Sing, IJM, Crescendo, KSL, SP Setia and WCT. Looking for more Iskandar story stocks...but I guess these are all the counters I could research into at the moment.. too much work.. haha

Posted by Ven Felix > 2013-03-14 08:23 | Report Abuse

Wat abt Landmark ?

Posted by iska > 2013-03-14 08:47 | Report Abuse

Ya, i like stocks with big landbank in Iskandar: UEM (also becos they are taking 40% stakes in some projects sitting on land they sold so that they partake in the devpt profits. Sunway for its huge Sg Pendas landbank, Dijaya for its landbank in Danga Bay and Tropicana Danga Cove in the east (both coastal land), Tebrau (coastal land at Tebrau Coast).

IJM also has big land bank in Johor, but the biggest plots seem to be a tad far from the main areas of devpt. Crescendo has good industrial land opposite Ascendas' site at Nusajaya, KSL I like cos not only has it got land bank in Iskandar, but i read that it has land in Batu Pahat and Muar which are possible stop-over points in the HSR link between Singapore and KL. WCT has not much land in Johor but it has immediate launches in Medini and a new shopping centre in Kemayan City site, plus possible REIT angle for its malls later. Mah Sing has its i-Parc industrial project near to the port.

There are prob other companies with big land banks in Johor but I have not done enough research to include them i guess.

Posted by iafx > 2013-03-14 09:24 | Report Abuse

bcos yr taufu statement keep contradict, and u seems to have very short memory of what u wrote yrself, copied from somewhere else again? read it again what u wrote and what u bs about, don't decorate others statement and make it yrs. btw, suggest u open roti canai shop, dam good biz u will get!