谢氏兄弟机构（SBCCORP, 5207主板产业股）是一家过去4年盈利高成长公司，但作风低调，很少在媒体介绍公司状况。也没有投资机构做研究报告。所以即使盈利高成长，股价也没跟着高成长。
SBCCORP有4个吸引人的地方。

• Project 开始大量发展，很快就看到盈利。
• 有大量地在KL和Sabah。大多数都是以前买的，地点都很好，还没有资产重估。
• NTA RM3.36，股价严重被低估。
• 股本只有8千2百万股，所以EPS很容易就可以上到很高。

未来发展计划

A)  Kiara East

A 20-acre integrated development of villas, condo-styled suites, lofts and f&b retail, all connected via Walking.

Planned as a multi-generational scheme, suitable for both the young and old, with plenty of open spaces to meet, such as the park, lake or our town square Marcadia.

It is also connected with a train station and via Jalan Kuching to Duke, NKVE and MRR2 expressways.

Youtube Video：

Kiara East 一共4个project。

i) Designer Suites （GDV RM300mil）（2012-2015）已经Launch，Sales很好。

ii)  SOHOS

iii) VILLAGE SQUARE

iv) VILLAS （GDV RM300mil)

这个project会在5年内完成（2012-2017）。未来5年可以有不错盈利。

Kiara East project 这块地是在2000年时买的，那时地价很便宜，地成本很低，所以未来5年Kiara East会为SBCCORP带来不错盈利。

B)  Sabah Peak Soho （GDV预测 RM150mil）（2012-2014）

从官网的讯息， The Peak Soho已经fully book。

http://www.signalhill.com.my/html/sub_project_details.aspx?ID=3&PID=34
The units were opened for registration and were fully booked. The guests previewed our modern designed show unit with great pleasure. Guests gave their nods and thumbs’ up to The Peak Soho as it was something fresh, different and exciting in Kota Kinabalu.

C) Cantonement exchange （GDV 预测RM100mil） （2012-2014）

CX is the greatest opportunity to participate in the new development focus of the Batu Cantonment area. With the train only one stop to Sentul and four stops to KL Sentral, CX is strategically located at Jalan Ipoh. Limited to 33 modern shop offices with lifts and plenty of car parks in a secure basement.

有大量地在KL和Sabah。大多数都是以前买的，地点都很好，还没有资产重估。

NTA RM3.36，股价严重被低估。

SBCCORP 总地库.
KL – 30.65 acres (预测市值 RM150million)
Kuantan – 11.95 acres (预测市值 RM30million)
Sabah – 12.95 acres (预测市值 RM40million)
Selangor – 79.18 acres (预测市值 RM100million)

总预测市值 RM320million
在annual report 里记录市值(NTA). RM150 million

NTA RM320 million – RM150 million = RM170 million.
以8千2百万股本计算, NTA 增加 RM2
原来NTA(RM3.36) + 资产重估(RM2) = RM5.36
资产重估后NTA 上到RM5.36.

最近SBC Corp卖了一块地。赚RM15.9million， EPS大概19sen。
应该会在今年2月或5月公布财报里面。
这块地从1999年到现在一共涨了5.7倍（RM19.289mil/RM3.376mil）。
SBCCORP有不少地在2000年买，到现在还没重估。
如果全部地价重估， SBCCORP NTA会大幅度提高。

The Board of Directors of SBC wishes to announce that SBCL, a wholly-owned subsidiary of SBC, has on 17th August, 2012 entered into a Sale and Purchase Agreement (“SPA”) with Bumi Harus Sdn. Bhd. (“BHSB”) as the purchaser, for the disposal of all that piece of land held under PN 22411, Lot No. 48685 Mukim Batu, District of Kuala Lumpur and State of Wilayah Persekutuan Kuala Lumpur together with two (2) units of buildings erected thereon and bearing the postal address known as Lot PT 9076, Jalan 4/18A, Off Jalan Ipoh, Batu 5 ½, Taman Mastiara, 51200 Kuala Lumpur (“the Property”) to BHSB for a cash sale consideration of RM19,289,000.00 (“Sale Consideration”) (hereinafter referred to as “the Disposal”).
The original date of investment in the Property was on 23rd March, 1999 and the land cost wasRM3, 376,222.
The Disposal is expected to result in a net gain to SBC Group of approximately RM15, 912,778.

SBCCROP 两年前已经做铁路布局。

KIARA EAST project已经连接铁路，所以它的project很多人会因为这个原因而购买。

铁路连接已经完成。 
Kiara East Project即将为它带来不错销售和盈利。

KIARA EAST地图

总结：

SBCCROP未来几年将会有不错成长，原因如下：

• 它拥有很多低成本地皮，很多都市2000年买的。

• 它拥有的地皮地点都很好，如KL，Sabah亚庇 等等，都是在大城市。

• 它的掌门人眼光很好，SBCCORP很早就在Sabah亚庇发展。而且发展的不错，最近MAHSING和SPSETIA看那边发展不错也想插一脚。

•  SBCCORP股本很小，只有8千万股。但KIARA EAST 这个project GDV应该超过10亿。所以SBCCORP会有高成长的可能性。

•  现在SBCCORP project 正在进行中的有 KIARA EAST DEX， The Peak Soho 和Cantonement exchange。 这三个project GDV预估有RM550mil。下一个Project要发布的有 VILLAS AXELS（GDV预估 RM300mil）。这些project将为SBCCORP带来盈利成长。

• 2012年它的营业额有RM152mil， EPS 29sen。如果它的营业额增长到RM300mil. 那它的EPS将会很不错。