nyum nyum....tambah makan Gadang at RM1.44

Gadang: enak, lazat, sedap, kenyang....

how about highway job?

phariah punya company - just like old man...when wanna buy - got erection - when don't wanna buy - got erection dysfunction...

if pancut beyond RM0.60, i cut off my "xiao di-di"....

tadak duit

Phariah punya counter,
bila nak beli - dia naik until RM1.45
Bila tak nak beli - dia turn sampai RM1.39

hahaha.....should i say - this is a phariah company....high revenue but matched with high OPEX and tax...- resulting in lower net profit for shareholders compared to last year...

let us look whether they will declare dividends for FY2015 following the disposal of 10+ acres of land at Seri Kembangan....

very strong rebound....i think as long as we collect at RM1.40 range...should not be too far off

i think he factors in the disposal of the seri kembangan land?

no point to shit here, shit there...market is expected to remain bearish due to Greek problem, Najib problem, 1MDB problem, US hiking up interest rate problem, constipation problem....so many problems...

Just KEEP CALM and BUY GADANG

on a positive note, the company is buzy entering into various JVs, those preserving much of their highly valued land banks...

beli Gadang (9261): hati senang...

beli Symlife (1538): hati bukan tak senang...tapi pun tak gembira...ok ok lar...ada dividen 5 sen.... sales $700M (unbilled sales; $677M) ....tak boleh complain....

beli GOB (1147): hati banyak runsing...director's action to diversify the company ends up worsening the company....hutang banyak....

but i would prefer if they can offer a range of properties from affordable housing to luxurious housing...

yah...hopefully, the TWY Mount Kiara will not have quality issues....if not, they will really kena "tiu"....

siapa beli symlife kat harga ini memang banyak untung....

Simple valuation in terms of earnings:
Expected unbilled sales for June'15 (Q1'16): RM850.0M x profit margin of 15% / 2 years / 310.0M shares = EPS = RM0.20
Assuming a very conservative PE of just 6.0
Expected share price = RM0.20 x 6 = RM1.20

At RM0.85 market price - RM0.05 dividend to be paid in Sept'15 = RM0.80

Expected to earn at least RM0.30 to RM0.40 per share.


If using balance sheet valuation =
Based on Q4'15 balance sheet:
Land held for property development: RM223.0M (based on net book value = but we bloody know the market price of 412 acres of sungai long already exceed RM1.0B)
Total current assets: Just take hard assets:
Property development costs: RM50.0M for the land cost excluding the other property development costs
Inventories - just take desiran bayu (built then sell): RM40.0M
Trade and other receivables: RM260.0M x 80% = RM208.0M
Cash and Bank balance: RM106.0M

Less total liabilities (current + long term): RM525.0M

Total net assets: RM102.0M
Divided by 310.0M shares = RM0.33 per share
This is just based on book value.

If we revalue just one niche land parcel: say the 29.2 acres Puchong land:

Stock: [SYMLIFE]: SYMPHONY LIFE BERHAD
Aug 28, 2014 01:55 PM | Report Abuse

Wow, MahSing just paid RM656.9M for 88.7acres or RM170/sqft of leasehold land in Puchong. Very close (~15km) to Symlife's remaining 29.2acres Puchong land. At RM170/sqft, this works out to RM216M or 70c/Symlife share. Symlife has this parcel valued at RM33.9M in its book. Fat margins here.


RM0.33 + RM0.60 (after land disposal at market price) = RM0.93

What does this mean?
It means by buying into the current price at RM0.85 - RM0.05 dividends = RM0.80, you have about RM0.13 safety margin assuming if the company is liquidated and all assets (and liabilities) are realised at book value except for the niche land mentioned above.

But we know in real world, land will never be sold at book value. It is always being sold at market price.

This means, SymLife is worth more dead then alive.....

wonder whether they will declare dividend? if 2 cents, also quite good....

Hopefully, they will not sell off Damen....i rather they keep it to earn recurring rental income for the next few years....

good shares......need more time to accumulate...just scared when market spike up - good shares will be more expensive and become less attractive in terms of valuation

my wish is that Gadang will sleep until middle of next year - hovering at about RM1.50 range...

Really don't know why:
(1): why their OPEX spiked up?
(2): WHy their taxation is so high?
(3): why their finance cost so high?
(4): Why there is a purchased goodwill in their balance sheet?
Don't know ask who....sigh...

Icon8888's 12 part articles is quite spot on about
- Da'men (which will be completed sometime Sep'15 to Dec'15 and this will definitely transform GOB),
- low cost land bank at Batu Kawan and Seri Kembangan (just look at their recent sales of 15 acres of land at Seri Kembangan), and
- JV with Lembaga Getah (Pavillion Embassy).
But then, his articles missed out on GOB's diversification into the F&B business to earn recurring income. My point of view is that this diversification may have worsen GOB.

GOB's revenue actually improved from FY14 to FY15 but there is a corresponding increase in
- their OPEX, taxation and interest expenses.

Up to today, i don't understand the following:
(1): why their OPEX spiked up? From another forumer, Opteron, it seems to come from their diversification in to the F&B business. Heck, they are even looking into expanding into China's F&B.
(2): why can't they be more like HuaYang or Tambun Indah who just focussed on developing properties? The reason why i buy this counter is their low cost landbank which will guarantee high profit margin when they develop those land. And they have Damein to tide them over.
(3): WHy their taxation is so high?
(4): Why there is a purchased goodwill in their balance sheet? Which company they buy ?
Without the above, GOB could have easily add on additional RM10M to RM15M into their net profit.


These are the questions that Icon8888 does not focus on his 12 parts article about GOB. Right now, i don;t know who to ask?

Other than that, please don't blame him for the drop in GOB's share price. He would not have known it in advance when writing those articles. There is dual impact to this drop.
(1): Property sector is not doing well. Heck, even good companies like Tambun Indah is experiencing RM1 drop from their previous high of RM2.60 to RM1.60, and coupled with
(2): rights issue which halve the share price.

He is NOT GOD, he does not possessed divine power to know about those share price in advance.

My point of view is that GOB is considered quite undervalued in terms of their RNAV but not so much in terms of their EPS.

you see....Gadang rebound back again to RM1.46 - almost equal to the price i paid to buy additional Gadang back on Thurs 25th June.

With hindsight, i should have purchased Gadang at RM1.40 on Monday 22nd June - just a few days difference and i could save 7 cents.

But then, how would i know?

Sometimes. it is easy for people to criticise after the event, but during the moment when you buy...you will not know...you just know RM1.47 is relatively undervalued compared to the intrinsic value of Gadang...

KEEP CALM and BUY GADANG

@ icon8888 brother, do you still hold on to GOB?

@ probably, the other day- i enter to buy at RM1.47 - now, market is at RM1.40
Lost RM0.07
Me = lagi sad...what to do? this is life arrr

tambah makan Gadang at RM1.47....

nyum nyum....
Gadang = enak + lazat + berkhasiat + kenyang....

good lar....stay at RM1.45....uncle wanna come and load up liaw

@ icon8888 = yup = 100% agree with you on this - and we wait for dividend from Gadang...nyum nyum

Market is reacting very positively to this 5 cents increase...nice uptrend

Furthermore, next quarter results will be quite good due to the unbilled sales of RM670.0M umnbilled sales.....

Hopefully, on 28th, it will be at RM1.35... then I also OK.

@ nemesis | Azlan88, hopefully, both of you do not feel offended.
Sometimes, I ask questions - no matter how inappropriate it may seem- is because i want a larger point of view. I think we can add value to one another this way.

I am also a shareholder of Symlife and that I am trying my best not to be blinded by my emotional attachment to the shares I owned. Honestly, it is hard to be objective you have opened a position and the extremely bearish market just makes you cast a skeptical eye on stuff.

Anyway, I really appreciate the feedback both you and Azlan88 has continued to furnish from time to time. Let us support each other and "huat" from Symlife.

Now that Symlife has declared a 5 cents dividend . Let us hope they will declare treasury shares too. Note that they have been progressively buying back their own shares.

@ icon8888, any updates for gob klse....?

GOB should have just stick with their core area being property development. The monies spent on venturing into the F&B industry is better served the high loan liability and reward the shareholders with dividends.

The F&B segment is making losses and thus dragging down the entire profit for FY2015. What a shame. This segment is headed by a director Ta who is actually quite a young guy who is either late twenties or late thirties. His father's reputation precedes him.

Furthermore, this segment recently expanded into the F&B business in China.

But I guess this is going to be a classic textbook case of business restructuring...where you think you bought a prince at the price of a toad and able to kiss the toad and it will turn into princess. But the toad still stays a toad and you may need to sell the toad at the price of a prince.

Hopefully, this may not be the case.

Hopefully, it will be RM1.35 on 23rd June...

normally, when a company tries to push out sales , we need to be skeptical whether they can maintain a healthy profit margin? After trolling at Lowyat, i found out alot of people are complaining about the quality of SymLife's products. So, if your reputation is bad, then how to increase sales? By selling cheaper? All of this has a detrimental effect on SymLife's profitability.

@ Azlan88, sorry but don't mean to be rude. What is the meaning of :

"Hopefully the water deal saga can be wrapped in one month, after Puncak Niaga has given latest extension of one month. Then they can proceed with the Sg. Long development." ???

What is the implication to SymLife?

anyone notice that SymLife is progressively buying back its own shares? albeit in 10K lots....maybe they wanna distribute treasury shares to the shareholders?

can consider Fututech also...quite a good counter.

waiting for 1.40

mmm - 4 more cents to RM1.40....beware what you wish for....

@Abang Darren, actually just to break some bad news.... actually symlife peoduCTS not very good quality.... you can search lowyat..endless xomplaints eapwcially on tijani and their Taman tasik puxhong project....

@ probably, beware what you wish for...

cheap sale..........cheap sale..........

@ Abang Darren, i can recommend GOB (Global Oriental Berhad) for you....another undervalued property counter.

@ Abang Darren, besides SymLife, what other shares do you own?

please stay down until 28th...

SYMLIFE....rest in peace....

Abang Darren,,,what happen to symlife? Drop like nobody business...

this counter can make you vomit blood

if i know...i won't be at klse i3...