星洲熱股評析

购地皮普遍看好．UEM阳光短期盈利影响微

Tan KW
Publish date: Wed, 13 Dec 2017, 06:27 PM
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2017-12-13 17:40
UEM阳光新购雪州史里肯邦岸地皮，分析员普遍看好，惟短期对公司盈利没有影响，维持其财测不变。

（吉隆坡13日讯）UEM阳光（UEMS，5148，主板产业组）新购雪州史里肯邦岸地皮，分析员普遍看好，惟短期对公司盈利没有影响，维持其财测不变。

UEM阳光收购雪州史里肯邦岸新地皮，丰隆研究认为，这使该公司的有效发展总值仅稍为增加0.6%，假设营运盈利赚幅为14%，将使每股调整净资产值微增1仙，从而维持其财测。

UEM阳光昨日宣布，以1亿零950万令吉收购雪州史里肯邦岸19.24英亩土地，进行发展总值逾7亿令吉住宅产业发展计划。

MIDF研究认为，有关土地收购正面，显示该公司增加中马地区参与率，把发展焦点从南马逐渐转移至中马市场，目前UEM阳光在中马土地主要落在雪州万宜及吉隆坡的满家乐地区。

今明年财测不变

上述土地收购活动，料对UEM阳光短期盈利没有显著影响，因预期首期产业计划将在2019年才推行，MIDF对2017/18年财测维持不变。收购土地后的净负债率则从0.43倍稍为扬升至0.45倍。

马银行研究正面看待UEM阳光最新土地收购活动，这可避免公司过于依赖南马依斯干达地区，多元至其他地理位置，对公司长期发展有利。

文章来源：

星洲日报‧财经‧报道：李文龙‧2017.12.13

http://www.sinchew.com.my/node/1710217/购地皮普遍看好．uem阳光短期盈利影响微

 

UEMS (5148)
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Discussions
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ks55

Is it a good buy?
How is the land compared with 23.16 acres of freehold prime land developed by IOIP for 1039 units of condo (GDV 677m) under brand name Skyz Residence?
Location wise, Skyz Residence is very much more superior than subject land.
Project is almost completed due for delivery latest by Jun 2018.
Too bad the sales so far is less than 30% to date.
http://idaman2.kpkt.gov.my:8888/idv5/98_eHome/laporanJualanRumah.cfm?pmju_Kod=5579&proj_Kod_Fasa=25&proj_Nama=Skyz

What is your deduction.
To me, this transaction is not beneficial to UEMS shareholders in short term.
1. Simply overpriced.
2. Still ample land available in the vicinity (Megajaya).
3. Future development is towards Bukit Jalil City under Malton (Pavilion).
4. Access road is terribly jam. Only consolation is not too far from MEX exit and MRT Line 2 (2 to 3 km away).
5. Bandar Puchong Jaya, Kinrara and Bukit Jalil City are more preferred address, so the houses fetch higher premium.
6. Unlike residential units (condo?) can sell better than those in Bandar Puchong Jaya, Kinrara or Bukit Jalil City.
7. Very likely UEMS will not develop the land for next 10 years.

2017-12-14 21:02

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