U guys got buy Destini ?

Is already high, kawan !

My prinsipal is , alrady make/gained Money fr stocks, which the amount
I wish to earn, then I will let go the shares.

I bought at rm3.00 10 days week ago, but I ran too early I think.
I entered HSL & YTL both 5000 units today.
See how tomoorow morning.

My Gadang also ran early, which I bought 2 weeks ago at rm1.44, ran at rm1.81
with 10000 units share.

These 2 stocks once I ran, its rebound back to higher in price.

sad ... but fortunate earned some Money.

Buy vol now 131,100
Sell vol only at 10,000

Going to break RM2.00 !!!

Sure break rm4.30 by tomorow !!!

MIDF gave TP rm2.90 .

Rising long-term trend to continue

SBC’s monthly chart shows that its share price uptrend is expected to continue
and the next major resistance trendlines are only at RM2.60 and RM4.20.

The
weekly chart shows an immediate resistance trendline at RM1.83, which was
recently taken out, which is positive. The next resistance trendline is at
RM2.60.

Huge discount to RNAV; initiate with Add rating

SBC is trading at a huge discount of 72% to our RM6.60 RNAV/share estimate
and a 52% discount to its current RM3.89 net assets/share. We initiate
coverage on SBC with an Add rating and a target price of RM3.96, based on a
40% discount to its RNAV. This is broadly in line with the 30-40% RNAV
discounts we apply to other small-cap property stocks. Big-cap property stocks
under coverage are valued at 0-30% discounts to RNAV. We think that it is only
a matter of time before SBC’s RNAV discount narrows as more investors come
to understand the company’s potential. The potential catalysts for the stock are
the start of the Jesselton Quay project and the current huge discount to its
RNAV/share.

Highest GDV/market cap ratio
Among the property stocks under our coverage, SBC offers the highest
GDV/market cap ratio at 22.1x, followed by E&O at 16.6x. In our view, this
shows that the stock has potential value to be unlocked.

Residential development focused on mid-range segment
We anticipate strong demand for SBC’s residential projects, Kiara East and
Bandar Ligamas. The average selling price of only RM0.3m-0.8m per unit in
Bandar Ligamas is affordable and comparable to the prices of similar
mid-range properties in the Klang Valley. As for Sabah, we think that there will
be robust demand for Jesselton Quay and The Peak condos due to their
strategic locations in Kota Kinabalu.

VALUATION AND RECOMMENDATION
5.1 Under-researched
SBC is under-researched as only one research house currently covers the stock.
We believe that this is mainly due to the company’s low profile. However,
management is cognisant of this and aims to raise the company’s profile. In
addition, the Jesselton Quay project is expected to start this year. We think that
it is only a matter of time before SBC is on the investors’ radar screen.

Dividend policy
Earlier this year, SBC declared a dividend policy of at least 20% payout of its
net profit annually. Based on this, the company could pay a DPS of around 5
sen (2.8% dividend payout ratio) from FY15 onwards.

Healthy balance sheet
In Dec 2013, SBC completed a 1:2 bonus issue and a 3:5 rights issue, which
raised proceeds of RM49.4m. This lowered the company’s net debt to RM62m
or 0.2x net gearing. Most of its borrowings are used to fund its working capital
needs as its current landbank was acquired many years ago. Land cost for
Jesselton Quay will only gradually be paid to Suria Capital once SBC’s sales
launches start.

Goodwill amortisation ends in FY15
SBC’s pretax profit would have been much higher in the past few years if not for
the amortisation of goodwill arising from the acquisition of a stake in the
property firm, Mixwell S/B. SBC’s amortised goodwill was RM5.5m in FY12 and
RM5.4m in FY13. In 9MFY14, SBC’s amortised goodwill was RM5m. The
outstanding goodwill amortisation should end in FY15, resulting in an
immediate pretax profit boost in FY16.

Since 2013, SBC has maintained a strong pretax margin of above 20%. One of
the main reasons for this is SBC’s cheap landbank, most of which was acquired
10 years ago. The company outsources most of its construction work but carries
out some of the smaller jobs if they can complete at a lower cost than its
contractors. We conservatively estimate pretax margins of 20-25% for SBC in
FY15-16.

Our SWOT analysis highlights SBC’s strengths in the construction and property
sectors. Its landbank is cheap, which means that the company will be able to
sustain its high property profit margin. In addition, SBC is involved in the
affordable mid-range property segment in the Klang Valley which enjoys strong
demand. However, the company needs to raise its profile in the Klang Valley
property market. Although SBC is a household name in Kota Kinabalu, not
many investors are aware of the company.

Given that Star Cruises chose Kota Kinabalu as its homeport at end-2013,
Sabah and specifically, Kota Kinabalu could see a significant increase in tourist
visitors from 2014 onwards. The higher tourist numbers in Kota Kinabalu
augur well for SBC as the state government has earmarked Jesselton Quay as a
tourism hub and financial district.

RM200m unbilled sales

SBC’s unbilled sales currently stand at RM200m. We expect a major boost by
end-2014 from the new Jesselton Quay and Kiara East project launches that are
worth at least RM1bn. SBC’s total GDV is RM6.2bn over the next 8-10 years.
2.3 Sabah has great tourism potential
Sabah’s population size is just over 3m while Kota Kinabalu’s is around 0.5m.
The population size is similar to the level of tourists (domestic and foreign) that
visited the state in 2013. Tourist arrivals in Sabah have tripled over the past 10
years to 3.38m tourists in 2013. The statistics showed that in 2013, the highest
number of foreign tourists came from China (360,361), followed by Indonesia
(211,145), South Korea (106,213) and Brunei (99,122). We note that Kota
Kinabalu made it to Agoda.com’s list of top 10 fresh destinations in Asia in
2013.

OUTLOOK
2.1 Jesselton Quay and Kiara East to drive sales
Over the next 2-3 years, the Jesselton Quay and Kiara East projects will be
SBC’s main earnings drivers. We believe that SBC will launch the next phase for
Kiara East, a RM500m GDV residential and commercial project, later this year.
SBC is expected to launch the first phase of Jesselton Quay once the project
obtains the state government’s final approval. It should be soon.

SBC has been working on Jesselton Quay with the state government since 2013
and we believe that the company is waiting for final approvals, likely soon.
Once the development order for Jesselton Quay is issued and the land premium
is paid, the company should be able to launch the first phase soon after. Phase 1
is expected to be a RM500m GDV commercial development.

Jesselton Quay will have an international cruise terminal, convention centre,
hotel and world-class retail components. According to SBC, Jesselton Quay’s
design is based on elements of Singapore’s Marina Bay Sands. SBC will also
build residential towers and premium office towers, one of which will be Suria
Capital’s office. We estimate that Jesselton Quay will generate an average
pretax margin of 20-25% in FY15-18.

The company wants to transform Jesselton Quay into Borneo’s Riviera, with the
longest waterfront city boardwalk in the region measuring 600m. Once
completed, Jesselton Quay would be a tourism hub and financial district in
Kota Kinabalu. SBC’s Managing Director Mr Sia says, “Jesselton Quay would be
a redevelopment and extension north of the old Kota Kinabalu city centre,
which could morph the city into one with more regional influence.”

Saving the best for last… Jesselton Quay, Sabah’s only
integrated waterfront project
We are particularly excited about SBC’s Jesselton Quay seafront project, a joint
venture between landowner Suria Capital and SBC. Jesselton Quay will be
Sabah’s only integrated waterfront, with full support from the state government.
Under the arrangement, Suria Capital will provide the 16.2-acre plot of land
and SBC will build and develop Jesselton Quay over the next eight years. This
plot of land has been vacant since 2007 after the Kota Kinabalu container port
was moved to Sapangar Bay.

SBC will pay Suria Capital 18% of the total project GDV (no less than RM324m)
over the next eight years. This translates into land cost of RM460 per sq ft for
Jesselton Quay, which we believe is fair in view of the development’s potential.

Out of a total of 25 acres for The Peak project, SBC has 7.6 acres of land left for
development. It plans to launch the next phase of The Peak (condominiums)
later this year. The outstanding GDV of this piece of land is around RM500m.
There is still strong demand for this project due to its location that offers
fantastic views of South China Sea. We estimate that The Peak will generate an
average pretax margin of 20-25% in FY15-16.

The Peak Collection in Kota Kinabalu

Although SBC is not well known in Klang Valley, the company is a household
name among property investors in Kota Kinabalu, Sabah. SBC was the first
developer to build high-end condominiums in Kota Kinabalu (in 2000). The
recently-completed The Peak Vista is the tallest condominium in Kota Kinabalu
at present. When The Peak Vista was launched in 2011, its average selling price
was around RM600 per sq ft. Today, the market value for this condominium is
more than RM1,000 per sq ft.

Given the rising land prices in the Klang Valley in the past few years, the
company is now focusing on building more profitable medium-to high-end
housing in Bandar Ligamas. A single-storey terrace house in Bandar Ligamas
now costs around RM250,000 while a double-storey costs around RM350,000.
The prices of Bandar Ligamas properties are still affordable and the demand for
properties in this price range in the Klang Valley remains healthy. SBC sells an
average of 200-250 houses p.a. in Bandar Ligamas.

Bandar Ligamas project in Batang Kali
In 1995, SBC and the Selangor State Development Corp (PKNS) embarked on a
50:50 joint venture to develop the 1,877-acre Bandar Ligamas project in Batang
Kali, Selangor. Batang Kali is approximately a 45-minute drive from Kuala
Lumpur and a 15-minute drive from Gohtong Jaya (5km from the peak of
Genting Highlands). Similar to Kiara East, there is a KTM commuter station
that links Batang Kali to KL Sentral

The buyers of property in Batang Kali are mainly people who live and work in
north Klang Valley. SBC aims to market Batang Kali as a second home for
residents of Kuala Lumpur due to its close proximity to Resorts World Genting.
SBC has already developed more than 3,000 low-cost houses in Bandar
Ligamas and met the state government’s low-cost housing quota. The company
still has 1,000 acres that are yet to be developed, with GDV of RM3.5bn.

Kiara East’s neighbours include Mah Sing Group (MSGB MK, Add) and Eco
World (ECW MK, Not Rated),

which is an indication of the area’s attractiveness
to developers. This area is one of the few locations in a mature neighbourhood
with land left for development. Less than 1km from Kiara East, Eco World
launched the RM1bn Ecosky integrated project at the end of last year. The first
two condominium blocks were sold for around RM650 per sq ft and the
company is looking to launch the third block at an average selling price of
RM750 per sq ft. Mah Sing’s project near Taman Wahyu, Lakeville Residence,
is a RM1.1bn GDV condominium residential and office project

Kiara East, right next to Taman Wahyu KTM station

In the Klang Valley, SBC is currently developing Kiara East, a RM1.5bn GDV
mixed condominium and retail development on a 20-acre plot of land off Jalan
Ipoh, Kuala Lumpur. The project is located right next to Taman Wahyu and the
Taman Wahyu KTM commuter station (refer to Figure 4). Construction work
started only last year. Kiara East is a 15-minute drive from the Kuala Lumpur
city centre and a mere 5-minute drive from Mont’ Kiara.

Potential GDV in the pipeline

SBC is currently working on five property development projects that offer a
potential GDV of RM6.2bn over the next 5-10 years. Its landbank currently
totals around 1,100 acres. We are particularly excited about the Jesselton Quay
project in Kota Kinabalu, Sabah, a RM1.8bn joint venture between SBC and
listed Sabah port operator, Suria Capital (SURIA MK, Not Rated).

Highest GDV/market cap
ratio
Among the property stocks under our
coverage, SBC’s GDV/market cap
ratio of 21.1x is the highest, followed
by E&O’s (EAST MK, Add) 16x. We
believe that this shows that the stock
has potential value to be unlocked.

Low profile in KL but…
SBC is a household name in Sabah
but has a low brand profile in the
Klang Valley. This is not surprising as
the company has been focusing on the
Kota Kinabalu property market over
the past decade. However, given its
rising number of property launches in
the Klang Valley over the past few
years, we believe that it is only a
matter of time before investors grasp
SBC’s potential. SBC’s current
unbilled sales total RM200m and
should see a major boost by end-2014
from its new project launches, i.e.
Jesselton Quay (RM500m) and Kiara
East (RM500m).

We
are particularly excited about the
RM1.8bn Jesselton Quay
development, an integrated seafront
project in Kota Kinabalu, backed by
the Sabah state government.
Jesselton Quay is a joint venture
between SBC and listed port operator
Suria Capital (SURIA MK, Not Rated).
SBC is waiting for final approvals
from the state government before it
launches the first phase of
commercial units. Approvals should
be soon.

Projects in Kota Kinabalu
and Klang Valley

SBC is a contractor-turned-developer
with property projects in both
Peninsular and East Malaysia. SBC is
led by Managing Director Sia Teong
Heng, who has been with the
company for more than 20 years. The
company is currently working on five
property projects, which offer GDV of
RM6.2bn over the next 10 years.

Apart from this, SBC’s share price
could be catalysed by the start of the
Jesselton Quay JV project. We begin
coverage with an Add rating. Our
target price is RM3.96 as we apply a
40% discount to its RNAV, in line
with the discount for other small-cap
property stocks.

Time to unearth deep value

This under-researched small-cap property company is trading at only
5.6x CY15 P/E and a massive 72% discount to its RM6.60 RNAV/share.
The discount should narrow as more investors wake up to the potential
of its projects in the Klang Valley and Kota Kinabalu, Sabah.

Patient, bro sis !
Still got big space to grow in price for SBC.

He heard fr others institution fren,.. Destini will secured OG contract soon,
will be announce soon.

Tomorrow will continue to the higher price !!!
TP rm1.75 by tomorrow !

BUY , this stock really high possibiliti can reach near to rm1.00.
My remisier also said like that to me.

Correct , time to collect Faber. Good campany.

Major Shareholders

Khazanah Nasional 34.29%
Lembaga Tabung Haji 14.02%

Net Profit (RM'm) 2013.12.31= rm78.9
but in 2014( F) = is at rm202.8

Good future growth campany !!!

Good news is coming soon !!!
pls told and keep !

aiya, regreted bos sold too early !

I believe Destini will reach RM0.900 !!!
So keep and told.

Rm1.20 !

I think I want to add some more 5000 units Prtasco by tomorrow,
Bright future campany !

Today I sold all my 5000 units share Pmetal.

goin to the North next week !!!

My remisier told me today TP might be at rm0.70 bcos momentum quite strong !