Tommylim. Appreciate if you could post the pictures for latest construction progress of Imago Mall in Investlah under Asiapac thread. Thanks.

I would sell immediately if its fundamental change. Why I need to worry much for Asiapac?

What hold me back from selling:

1. Huge unbilled sales 508 million
2. Reasonable profit margin
3. Imago Mall will start contributing in near future
4. Potential take over target
5. PER: 5.4 times

With huge inventory, It can't even make money during the cocoa prices flying. Be prepared to tapao when the prices of cocoa depressing.

INNO, SWKPLNT, KULIM, GLBHD. Bullish CPO. Plantation theme in year 2014.

I have diverted my attention to plantation counters.

It's a good fundamental company generating stable profit and paying decent dividend every year.

This stock is almost on the way to Holland soon.

Inventory value RM 508 million as at 30 June 2013. Let say the average price was RM 6,900/mt ( US 2300/ton). There was 73,000mt of cocoa in its warehouse. They supposed to make at least RM 73 million (73,000 x RM 1,000) from the average cocoa price increased to US 2700/mt for the past 6 months if they really trade cocoa.

It inventory hit a record high 850 million or almost 94,000 mt of cocoa as at 31 Dec 13. Amazing!

This is the basic information for digestion before investing in a plantation company. It shows the past lacklustre performance and future potential given higher FFB production.

Update:

Plantation division

Turnover:
31 Dec 13 - 10,322,000
30 Sep 13 - 8,465,000
30 Jun 13 - 6,290,000
31 Mar 13 - 4,441,000

Profit / (Loss) before tax:
31 Dec 13 - 3,085,000
30 Sep 13 - 3,038,000
30 Jun 13 - ( 132,000 )
31 Mar 13 - ( 1,562,000 )

EPS:
31 Dec 13 - 1.25 cents
31 Sep 13 - 1.41 cents
30 Jun 13 - ( 0.13 cents )
30 Mar 13 - ( 0.89 cents )

Kulim facts:

PER: 56 times (adjusted )
EPS: 6.1 cents (adjusted)
NTA: 2.92
Gearing: 0.3
Dividend yield: NIL
Special Dividend: 90 cents (Year 2012)

FFB year 2013: 879,000MT
FFB year 2012: 716,000MT
FFB year 2011: 637,000MT
FFB year 2010: 551,000MT

Mature area (2012): 101,916 hectares
Immature area (2012): 22,018 hectares


EPS
Qtr 30-12-13 - (0.61) cents
Qtr 30-9-13 - 1.3 Cents
Qtr 30-6-13 - 5.24 Cents
Qtr 31-3-13 - 0.17 Cents (adjusted)

Sarawak Plantation facts:

Current price: 2.60
Lowest price in 24 months: 2.45

P/E: 18.32 times
EPS: 14.20 cents
NTA: 2.08
Gearing: NIL
Dividend yield: 3.08%
Dividend: 8 cents / share

FFB year 2013: 334,804MT
FFB year 2012: 303,118MT

Mature area (2012): 24,709 hectares
Immature area (2012): 3,218 hectares
Estimate Planted area (2013): 1,500 hectares ( 21.8 million )


EPS
Qtr 30-12-13 - 5.4 cents
Qtr 30-9-13 - 5.65 Cents
Qtr 30-6-13 - 0.48 Cents
Qtr 31-3-13 - 2.67 Cents
Qtr 31-12-12 -(2.49) Cents
Qtr 31-9-12 - 7.25 Cents
Qtr 30-6-12 - 5.78 Cents
Qtr 31-3-12 - 5.95 Cents


Turnover
Qtr 30-12-13 - 113m
Qtr 30-9-13 - 104m
Qtr 30-6-13 - 71m
Qtr 31-3-13 - 74m
Qtr 31-12-12 - 91m
Qtr 31-9-12 - 120m
Qtr 30-6-12 - 118m
Qtr 31-3-12 - 102m

Profit before tax:
Qtr 30-12-13 - 16m
Qtr 30-9-13 - 20m
Qtr 30-6-13 - 2m
Qtr 30-3-13 - 6m
Qtr 31-12-12 - ( 3m )
Qtr 31-9-12 - 26m
Qtr 30-6-12 - 21m
Qtr 31-3-12 - 23m

Capital Management as at 31 Dec 13:

Loan & Borrowing - > 306,751,000
Trade & Other Payable -> 105,681,000
Cash & Cash Equivalent -> ( - 29,817,000 )
Net Debt 382,615,000

Shareholder's Equity -> 378,564,000
Capital & Net Debt -> 761,179,000

Gearing Ratio 50%

Rule number 1, never touch China counters. Rule number 2, never forget rule number 1.

Icon888. This is the only property counter on my hand now. You would discover more after reading this thread.

Tommylim. Thanks for your update.

My tolerance is lower than you. Many property company will not be doing well this year. It's rather high risk to invest in property counters. I invest in Asiapac because of its high unbilled sales and Imago Mall.

Steelheart. We would never know how the price moves in future. When it would go up or down is mostly decided by those big players. I prefer not to do a lot guessing on the price movement. I feel safe if Asiapac keep making good profit.

Tommylim. Please assist to update us the progress of Imago if you go to KK again. This is the Crown jewel of Asiapac. Thanks.

Don't put all eggs into a basket even though you are cock sure after doing a lot of research. I dump 35% of my money into Asiapac. My max is 40%.

There are many short term players in this counter. By looking at the chart, some may prefer to play safe whereas I am more focus on its future development and profitability. There are 2 ongoing projects will be completing this year. It's good for Asiapac to consolidate at this level of prices before heading north again.

On going projects:

1. The Loft - 631 units service Residence GDV 558m ( Launched 2nd Qtr 2011 & completing mid 2014 )

2. Dataran Larkin - 1st phase 79 units shop/office GDV 110m ( Launched in Apr 2012 & completing in mid 2014 )

3. Fortune Perdana KL - 36 units shop/office & 576 units service Residence GDV 362m ( launched 12 May 2013 ) Completing 2nd half 2016

I am looking for a turnaround company too. It takes a lot of time to do research one by one. Sometimes, it depends on luck also. Any counter you believe would turnaround?

Be patient. Asiapac is backed with huge unbilled sales and Imago mall's rental income will come in next year.

Update:

On the surface Asiapac seems highly geared.

Capital Management as at 31 Dec 13:

Loan & Borrowing - > 283,636,000
Trade & Other Payable -> 115,802,000
Cash & Cash Equivalent -> ( - 49,845,000 )
Net Debt 349,593,000

Shareholder's Equity -> 361,101,000
Capital & Net Debt -> 710,694,000

Gearing Ratio 49%

Look for a better one like INNO la.

Update:

Asian Pac financial performance for the past few years.

Turnover
FY 2014 - 202m ( 3 quarters )
FY 2013 - 103m
FY 2012 - 89m
FY 2011 - 36m
FY 2010 - 102m


Profit:
FY 2014 - 20.1m ( 3 quarters )
FY 2013 - 17.6m
FY 2012 - 15.7m
FY 2011 - 11.4m
FY 2010 - 20.2m

EPS
FY 2014 - 2.07 cents ( 3 quarters )
FY 2013 - 1.8 cents
FY 2012 - 1.61 cents
FY 2011 - 1.17 cents
FY 2010 - 2.08 cents

Update:

Asia Pac has delivered a satisfactory latest quarterly results. Both turnover and profit is very impressive.

P/E: 5.4 times
EPS: 3.80 cents
NTA: 0.3713
Unbilled sales: 507 million


Turnover
Qtr 30-12-13 - 80m
Qtr 30-9-13 - 86m
Qtr 30-6-13 - 36m
Qtr 31-3-13 - 44m
Qtr 31-12-12 - 32m
Qtr 31-9-12 - 12m
Qtr 30-6-12 - 15m

Profit:
Qtr 30-12-13 - 8m
Qtr 30-9-13 - 9m
Qtr 30-6-13 - 3m
Qtr 30-3-13 - 6m
Qtr 31-12-12 - 0.8m
Qtr 31-9-12 - ( 0.3m )
Qtr 30-6-12 - 0.3m

EPS
Qtr 30-12-13 - 0.83 cents
Qtr 30-9-13 - 0.93 Cents
Qtr 30-6-13 - 0.31 Cents
Qtr 31-3-13 - 0.65 Cents
Qtr 31-12-12 - 0.08 Cents
Qtr 31-9-12 - (0.03 ) Cents
Qtr 30-6-12 - 0.03 Cents

http://www.theedgemalaysia.com/property/265442-penang-worldcity-records-85-take-up-rate-for-its-first-four-towers.html

1. City Residence and City Mall (CMCR)
- GDV 322 million ( Year 2012 to 2016 )

2. The Wave - Penang Times Square Phase 3
- GDV 263 million ( Year 2013 to 2017 )

3. The Latitude
- GDV 195 million ( Year 2012 to 2015 )

4. Taman Bukit Erskine
- GDV 58.5 million ( Year 2012 to 2014 )

5. Penang World City ( JV )
- GDV 835 million ( Phase 1A Year 2013 to 2017 )

Wit the above projects, we can guess the Turnover for the next 3 years.

1. City Residence and City Mall (CMCR):

- GDV 322 million
- Year launched 2012 ( Completing 2016 )

- A mixed development by Ivory on a 2.42 arce prime freehold land in Tanjung Tokong.
- The commercial segment (City Mall) will consists of 23 three-storey units ranging from 3,750 sq.ft. to 14,200 sq.ft.
- The 202 residential units (City Residence) will feature studio apartments from the 7th to 10th floor as well as typical units and penthouses, ranging from 660 sq.ft. to 5,600 sq.ft. With facilities including a pool, gym room, sauna room, children’s playground and BBQ pit, the two 39-storey towers will appeal to your individuals and couples looking for trendy, cosmopolitan-style home.


2. The Wave - Penang Times Square Phase 3:

- GDV 263 million ( 1.58 billion Overall )
- Construction started in May 2013 ( completing 2017 )
- Jalan Dato' Keramat, George Town, Penang.
- 312 units office suites take up rate 80% ( The Edge 24 Jan 2014 )
- Offer 10% discount & 5% cash rebate

- SCHEDULE
Phase 1 - Completion Date: 2008
Phase 2 - Completion Date: 2011
Phase 3 - Estimated to commence in Mid of 2013
Phase 4 - In planning stage ( GDV 480 million - plan to start 1st half 2015 & completing 2019)
Phase 5 - In planning stage


3. The Latitude

- GDV 195 million ( 498 million overall )
- Year launched 2012 ( Completing 2015 )

- Mount Erskine, a prestigious area of natural environment and appealing sea view.
- The Latitude, just like its name, suggests the gravity-defying aura from the pinnacle. This masterpiece parades its 43-storey façade as one of the tallest residential buildings in the whole of Penang Island. Perched 500 feet above sea level, its elevated facilities level allows residents to enjoy the stunning cityscape of Penang. The Latitude is innovated to meet the needs of the market for mid-sized luxury condominiums that are affordably priced with living spaces ranging from 1,500 sq ft to 5,300 sq ft.


4. Taman Bukit Erskine

- GDV 58.5 million
- Resumed construction year 2012 ( Completing 2014 )
- Mount Erskine, Tanjung Tokong
- Comprising 554 units in its 38-storey apartment block, Taman Bukit Erskine is designed with three bedrooms, one bathroom and one washroom for each of the 654 sq ft unit.
- Project was abandoned for 11 years due to the 1997 economic crisis and was revived when Ivory took up the project as a white knight in 2007.


5. Penang World City

- GDV 835 million ( Phase 1A )
- Launched 1 Feb 2013 ( Completing 2017 )
- 4 out of 6 towers sold 85% ( The edge 29 Nov 13 )

- JV Tropicana
- Overall GDV 10 billion projects develop 8 to 10 years
- The first phase, parcel 1A of the project comes with the design theme of The Valley Zone with five blocks of condominium (A, B, C, D and E).
- 1 million sqft net lettable shopping mall will be built & inject into a closed-end fund or Special Purpose Vehicle with 2 other malls.
- Strategically located within Bayan Mutiara, a new development hub located in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong.
- Comprises four 22-storey residential tower, with condominium unit size ranging from 455 sq.ft onwards.

I presumed they have fully sold the units in Phase 1 & 2.

Do you know the take up rate for Time Square 3?

Another 2 more projects to go. I want to do an estimation of its potential turnover in next 3 years.

Ivory made about 65 million of profit after tax between year 2011 & 2013. It has never declared any dividend for shareholders. This amount of money is for working capital purpose too. Right issues of 100 million exercised in year 2012 is for working capital purpose also. To double its turnover from 163 million (2010) to 305 million (2013), it required additional working capital of 165 million.

The net borrowing different of 65 million between year 2010 and 2011 is for working capital purpose. We can say that 122 million out of 187 million surged in net borrowing between year 2011 and 2013 is for acquiring 3 pieces of lands

We would have a different view after analyzing the reasons for surge in borrowing. The main reason was due to purchase 3 piece of lands in year 2010 & 2012 & 2011 for future business growth.

Net Borrowing as at 31 Dec 13 : 277 million
Less: Land acquired in year 2012: 53.9 million
Less: Land acquired in year 2011: 49.7 million
Net Borrowing : 173.4 million
Less: Net Borrowing as at 31 Dec 11 : 155 million
Borrowing for car park bay & land acquired (estimate) : 18.4 million


Land acquired: Year 2012 costs RM 53,906,000
- Size: 599,473 sqf
- Residential and Commercial development
Lot No. 141, Geran 12342,
Mukim 18, Mt. Erskine, Tanjung Tokong,
Daerah Timur Laut, Pulau Pinang.

Land acquired: Year 2011 costs RM 49,671,000
- Size: 100,805 sqf
- Freehold Land held for future development
- Lot Nos. 1599, 1602 and 1603,
Geran Nos. 70644, 70647 and 70648, Seksyen 2, Bandar Tanjung Tokong,
Daerah Timur Laut, Pulau Pinang.


Land acquired: Year 2008 & 2010 & 2011 & 2012 costs RM 48,408,000
- Freehold 1 - 4 Commercial with Car Parking Bays

Phase 1 & 2 of Penang Times Square
Partial of Lot No. PT25, H.S.(D). 16561,
Seksyen 10, Bandar George Town,
Daerah Timur Laut, Pulau Pinang.

Prospects for the next financial year:

" Moving forward, the Group will continue with development of its on-going projects, namely CMCR, LAT and Taman Bukit Erskine. In addition, the Group anticipate active progress for PTS 3 and and the jointly development project, Penang World City - Phase 1A (“PWC 1A”) in the next financial year.

As for construction segment, pursuant to the Builder Agreement dated 30 December 2011, the Group was awarded the first builder contract of a whopping RM404.0 million by Tropicana Ivory SdnBhd, the joint venture company with Tropicana Corporation Berhad, for PWC 1A in the current
financial year.

These projects coupled with the construction contract will gradually generate better revenue and profit for the Group in financial year 2014 "

Do you have the information of the projects:
1. Taman Bukit Erskine
2. Penang World City - Phase 1A (“PWC 1A”)

Thanks.

Q4 - 2013 review of performance explanatory:

Turnover:
" The revenue for the property development and management segment for the current financial quarter was mainly derived from City Mall and City Residence (“CMCR”) which commenced development towards the end of the financial year, The Wave - Penang Times Square Phase 3 (“PTS 3”), The Peak Residences (“PR”) and The Latitude (“LAT”) projects."

Profit before Tax:
" Current year’s financial quarter ended 31 December 2013 recorded higher profit before tax of RM12.5 million as compared to RM0.5 million in the preceding year’s corresponding quarter as a result of contribution from CMCR, PTS 3, PR and LAT projects, where PR project was completed in current financial quarter. "

Icon8888.

Next quarter performance will be depend on the progress of:
1. City Mal and City Residence ( CMCR )
2. The Wave - Penang Times Square Phase 3 (“PTS 3”)
3. The Latitude (“LAT”)

Do you have any information about these projects?

According to ICapital, Ivory has a total unbilled sales of 1.3 billion as at 13 Aug 13.

Profit Before Tax - Year 2013
Q4 - 12 million
Q3 - 3 million
Q2 - 4 million
Q1 - 3 million

Turnover - Year 2013
Q4 - 82 million
Q3 - 68 million
Q2 - 96 million
Q1 - 59 million

Profit Before Tax
Year 2013 - 22 million
Year 2012 - 35 million
Year 2011 - 31 million
Year 2010 - 48 million

Turnover
Year 2013 - 305 million
Year 2012 - 212 million
Year 2011 - 97 million
Year 2010 - 163 million

Finance Costs
Year 2013 - 10 million
Year 2012 - 11 million
Year 2011 - 7 million
Year 2010 - 4 million

Net Borrowing
Year 2013 - 277 million
Year 2012 - 230 million
Year 2011 - 155 million
Year 2010 - 90 million

Do you know any reasons for lower PBT in year 2013? Turnover for year 2013 is actual 50% higher than 2012.

Your link above.

Good results with EPS 5.4 cents for the last quarter. They just announced 4 cents dividend.

What is the unbilled sales for Ivory?

OK. I will do some homework. What do you think Ivory is attractive to you?

Exactly, buddy. Both of us likes plantation counters. I believe you have done a lot of research on it. It takes plenty of time but worth for the effort. It's harvesting time for us. Cheers.

I want my nickname to remind me the nature of the market cycle. Up and down is a norm. I don't want myself to be too optimistic during bull run.

Dividend is secondary issue. Asiapac is considered as turnaround company. I would not expect any dividend at this time.

Tommylim. More to come. The future of Asiapac is foreseeable. I believe that Asiapac would be the target of its peers due to loose shareholding structure. Thanks.

Asiapac will enjoy fruitful results from unbilled sales in the next few quarters. Imago would offer a stable income stream nicely before ending of unbilled sales. All these needed to be well plan and execution. Asiapac is on the right track achieving it.