Sell, take profit and move to Psiptek.......

CKInvest Interestingly, its revenue has been growing steadily over the past 5 years...

Psiptek ('000RM) 2013 2012 2011 2010 2009
Revenue 422,603 266,591 181,849 191,926 181,959
YOY Growth % 59% 47% -5% 5% 52%

PE = 8, NTA 1.05, trading at 0.35......grossly undervalued.
09/05/2014 08:52

CKInvest As I research more, found that its list of properties has not been revalued since 1994, 2006, 2007??? NTA is certainly higher than 1.05.......???? RM1.60 - RM2.00 if revalued ???Surprisingly, the small market cap of RM45mil. company has not been sported by corporate raiders.....plenty of cash in bank, FD, customer, trade; large retained earnings, double growth in revenue in 2013 AND with so much undervalued assets in Damansara, Gombak, KL and Thailand

List of Properties - 2013 Annual Report

1. PT Nos 3742 & 3743 Mukim Damansara, Daerah Petaling : Freehold 3 Storey Shop Office
Area : 4047 sq ft Net Book Value : RM919,000 Acquisition : 1994
Cost per sq ft in books : RM919,000 / 4047 = RM227/sq ft Market est : RM1,000 ??/sq ft (Damansara)

2. Lot No 9348 Geran No 255858 Mukim Batu, Daerah Gombak : Freehold land under development
Area : 406,197 sq ft Net Book Value RM1,545,000 Acquisition : 2006
Cost per sq ft in books : RM1,545,000 / 406,197 = RM3.80/sq ft vs Market est. RM1,500 ?? / sq ft (KL area)
This piece of land at RM3.80/sq ft cost is EXTREMELY LOW……..
Grossly undervalued by more than RM50mil…..NTA > 1.50 ???? if revalued

3. Lot No. 742 Sect 47 Geran No. 71989 Mukim Bandar Kuala Lumpur : Freehold land under development
Area : 19,569 sq ft Net Book Value : RM11,386,000 Acquisition : 2007
Cost per sq ft in books : RM11,386,000 / 19569 = RM582/sq ft vs Market valuation RM1500 ???/sq ft (KL area)
This piece of land in KL area is certainly undervalued by > RM15 mil……NTA > 1.60???? If revalued

4. Lot 159, Seksyen 7 Bandar Shah Alam : Freehold land under development
Area : 18,220 sq ft Net Book Value : RM18,060,000 Acquisition : 2011
Cost per sq ft in books : RM18,060,000 / 18220 = RM992 / sq ft vs Market value RM1,000 ??? / sq ft

5. Chingrak Noi, Bangpa District, Pharanakorn Sri Ayuthaya, Thailand : Freehold land under development
Area : 404,017 sq ft Net Book Value : RM12,590,000 Acquisition : 2007
Cost per sq ft in books : RM12,590,000 / 404,017 = RM32 per sq ft.
09/05/2014 10:00

Hi CK, interesting read...