http://www.theedgemarkets.com/article/pavilion-reit-participate-ownership-pavilion-bukit-jalil-mall

Almost one month already. How long do they need to do the Due Diligence?

TSRDL bought the block of 10 million shares in April and May, 2018 from the open market , the lower price transacted at the dates of his purchases as disclosed to bursa was 54.5 cents and the highest price was 86 cents.

Just to refresh

叶子 uptrending The price is ridiculously low...
Only idxxts will sell...

so many idxxts...?
12/09/2018 16:12

90 % of the people lost money...

Must be money you don't need for the next 1-2 years..

Market sentiment is very bad and the trade war..
Bankers may take the opportunity to press it down..
Must prapare to hold through the storms if you buy...

Market Cap is only rm277 millions
Unbilled property sales is rm 1.03B
Construction order book is about rm1. 5B
RNAV is about RM 3 per share
NTA RM 1.73
DIVIDEND YIELD is about 4.76 %

If you are a long term investor, Use foot to think also can arrive at the correct answer... haha

The price is ridiculously low...
Only idxxts will sell...

叶子 Fur sure this is NOT the PEAK for the stock yet
26/07/2018 16:57

freonsf Hi Ye Zi, how do know this is not the peak for Malton?
26/07/2018 16:58

txfs Pavilion REIT 2Q NPI up 18%, pays 4.34 sen DPU
http://www.theedgemarkets.com/article/pavilion-reit-2q-npi-18-pays-434-sen-dpu
26/07/2018 21:07

txfs Pavilion Bukit Bintang is doing good. What about Pavilion Bukit Jalil?
26/07/2018 21:08

叶子 Hi freonsf, simply because this is still in the BOTTOM range. haha
27/07/2018 10:06

wah168 hard sell
06/09/2018 21:36

Haha!
Yes! All the positive facts may seem hard sell.
Those are hard solid facts for readers to evaluate and examine critically.

Buy/Sell are at your own risks.
I have personal interests in the shares.

:)

INCREDIBLE

FY...... Basic EPS(cent)...... Net PROFIT (RM)
FY18..... 10.79...................... .55,449,000
FY17..... 13.59........................63,181,000
FY16........8.12 .......................36,315,000
FY15......10.47 ...................... 45,847,000
FY14......12.42........................52,043,000
FY13........8.46........................35,384,000
-------------------------------------------------------------------
Total......63.76.......................288,219,000
=================================

6 years accumulative EPS = 63.76 cents
6 years accumulative Net Profit = RM288.22 million.
Current share price, 56 cents
Current Market Capitalization, RM296 millions

WOW! ISN'T THAT CRAZY?

TSRDL bought 3.2 million shares in April this year at the price range of 75 to 86 cents and again 6.8 million shares in May at the price range of 54.5 to 59.5 cents. He surely thought the prices were absurdly cheap.

The total 10 million shares is about 2% of the total shares in issue of 528 millions. TSR cannot continue to buy thereafter as he will trigger an MGO if he increases his stake by more than 2% in any 6 months period, which is the CREEPING THRESHOLD for an MGO. He can continue to buy again in Nov/Dec. Would him? Won't him? He is a smart businessman.

即来之则安之！怕啥？哈哈哈！

TTDI Project, GDV RM 3.7B as originally planned. Malton holds 51%

l3ryan Taman Rimba project most likely is carry on
05/09/2018 14:42

WOW!
It is good news then!

PAVILION BJC MALL will be supported by 464,300 Bukit Jalil population alone by 2020 when it is due for opening.

"With a net lettable area of 1.8 million sq ft, Pavilion Bukit Jalil City mall is poised to be a regional mall in term of brands mix, flagship stores and concept.

Once completed in 2020, the mall and also the offices will provide thousands of employment opportunities, and Bukit Jalil’s population and employment are projected to increase by about 24.2 and 51.6 per cent to 464,300 and 273,121, respectively, from 2000."

SOURCE: https://www.nst.com.my/property/2017/08/274910/new-growth-area-ever-vibrant-and-vivacious-bukit-jalil

Malton Transaction Records Month...Open...High...Low...Close....Vol........+/-
May.......81..... .81.5...54.5...56.5.....92.4M... -24.5
June.....56.......59.5...49.......50....... 106.8M.. - 6.0
July.......50.......70.5...49.......66.5.....227M...+16.5
Aug.......66.5....67.5...58.......58........68.07M..-8.5

July UP with huge volume of 227M (total share in issued 528M). AUG drop with much less volume of 68M. In the last 2 weeks of Aug, price dropped from a high of 67.5 to 58, - 9.5 on total 22.83M only.

LAST 2 DAYS. DAILY DATA :
ON 3.9.18........55.5...56......53.....54.5.....2.17M
ON 4.9.18........54......57......54.....56.5.....1.41M

If someones collected on the way down and on the way up, during these few months since May and the price was so cheap, free float would be much lesser already loh...

Recall TSRDL converted 29 million shares @RM1 in 2017 and bought 10million shares from the open market @estimated average 65 cents in April and May. The total 39 million shares average about 91 cents.

Is the current price below 60 cent cheap???

Squeezing Sugar Cane AND still no much juice came out... LOL!

https://www.dutaparkresidences.com/

DUTA PARK RESIDENCE

As reported in the Chairman Statement, AR 2017, Duta Park Residence would be launched in the financial year ending June 2018. It was launched since April. The booking and take up rate to date is very encouraging. More than 50% have been booked, according to my market intelligence. Probably, this is also because the selling price is more affordable, per sq ft is less than RM600.

There are 1376 units
•Type A - 957 sq.ft, 736 units 53%
•Type B - 1129 sq.ft, 186 units 14%
•Type C - 1538 sq.ft Dual Key, 186 units 14%
•Type D - 858 sq.ft, 268 units 19%

The NETT selling prices of the units

858sf = RM 490K
957sf 1CP = RM 550K
957sf 2CP = RM 610k
1129sf = RM680k
1538sf = RM 885k

Total GDV is RM850++ million and targeted completion is 2022.

It is a JDA and the proprietor's entitlement was fixed at RM74. 8 million, hence the profits would be quite good. This would add to the unbilled Property Development Sales which stands at RM 1.03 billion as of 30th June 2018.

Earnings visibility for the next few years is much enhanced with The Duta Park Residences.

:)

It is senseless to evaluate Malton based on 1 to 2 quarters results.

For easy reference, check the Quarterly Results for Malton in the link below. Quarterly results are erratic. Should at least look at the Annual Results to smooth out the quarterly fluctuations in gaining a better and bigger picture. The dividend payment is consistent and paid 2.5-3.0 sen per share since 2012.

https://m.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=6181&section=financial

note the last Quarter results
FY ......Q No.... Revenue...............PBT
Jun18..... 4......RM274,555,000... RM16,583,000
Jun18..... 3...... RM177,597,000...RM6,052,000

The last quarter financial results, if compare PBT QoQ, it is actually not bad. Look at Malton past earnings, it seems that the reported profits will soar upon completion and handing over of property development projects during the reporting quarter.

EXACTED FROM THE ANNUAL REPORT 2017 CHAIRMAN STATEMENT DATED 23RD OCTOBER 2017.

"Moving forward, the Group’s prospects will be supported by its unbilled sales of RM1.1 billion. This new unbilled
sales will provide the Group with good earnings visibility over the next few years. With an estimated gross
development value (“GDV”) of RM9.2 billion, the remaining prime landbanks in Klang Valley and Johor are
expected to support the Group’s growth over the next 8 years. Barring unforeseen circumstances, the Group
plans to launch the final tower of The Park 2, Bukit Jalil City and two new projects with a total GDV of approximately
RM1.2 billion in the current financial year ending 30 June 2018. Launched in August 2017, the final tower of The
Park 2 (Tower 2) enjoyed a strong take-up rate, while Duta Park comprising 1,376 units of serviced apartments
and Villa 22 Bukit Rimau comprising 22 units of semi-detached houses and bungalows will be launched soon. On
the same note, the Group will continue to search for more strategic land bank to replenish the existing acreage,
especially in Klang Valley and Johor."

NO WONDER TSRDL CONVERTED HIS 29 MILLION RCSLS INTO SHARES @RM1.00 INSTEAD OF REDEEMED FOR CASH IN THE 1ST HALF OF 2017. TSR BOUGHT ANOTHER BLOCK OF SHARES IN APRIL AND MAY 2018 AT AN AVERAGE OF APPROX 0.65 PER SHARE.

NOW WE CAN BUY FROM THE MARKET CHEAPER THAN TSR.

WHAT AN OPPORTUNITY

https://www.propertyguru.com.my/resources/buy-property-guide/the-payment-schedule-for-an-under-construction-property-in-malaysia

The bulk of the profits of property development projects would be realised on completion and handing over as 20% of the sales are booked in then.

The initial stages up to the structure stage is less profitable as I see it.

Profits from Park Sky Residence's 1098 units should show in this FY especially if they could be handed over by June 2019.

All those choose to sell at this low price are those who are always losers in Bursa.

This Financial Year probably will show record profits with current unbilled sales in property development of rm1.03 billion and construction order book of rm 1.5 billion.

I estimate about rm500 million in property development will be booked in upon completion and hand over of 1098 units of the Park Sky Residence in BJC, likely by June 2019.

pls down to 50... The lower the better, I want to buy more..

Posted by uptrending > Jul 9, 2018 08:28 AM | Report Abuse

So cheap.....

5% dividend yield if last year 2. 5 sen annual dividend is maintained..

Bought on 9th July, 50 sen, 5% FD :)

Yes!
55sen, 4.55 % FD
50 sen 5.0 % FD

:)

DON'T PANIC!!!!

UPDATED 6 YEARS TRACK RECORDS OF THE COMPANY :

Year Ended 30 June 2018 2017 2016 2015 2014 2013
Revenue (RM’000) 818,773 830,739 632,216 503,444 500,300 359,179
Profit Before Taxation (RM’000) 83,028 114,665 71,201 75,700 79,853 50,153
Profit After Taxation (RM’000) 55,649 63,181 36,315 45,847 52,043 35,387
Total Comprehensive Income Attributable
to Owners of the Company (RM’000)
56,482 63,286 37,272 45,906 51,884 35,567
Share Capital (RM’000) 528,552 528,176 448,416 448,416 422,550 418,104
Equity Attributable to Equity
Holders of the Company (RM’000)
913,709 870,142 738,497 714,677 659,326 612,424
Total Assets (RM’000) 2,638,493 2,596,316 2,101,400 1,575,576 1,298,096 1,006,757
Basic Earnings Per Share (Sen) 10.70 13.59 8.12 10.47 12.42 8.46
Net Assets Per Share (RM) 1.73 1.65 1.65 1.59 1.56 1.46

With the above track records and property unbilled sales of RM1.03 Billion as of 30th June 2018 (Source:QR 4QFY18), and the construction order book stands at RM1.8 Billion as of Nov 18, (source:http://m.thesundaily.my/node/505594) having secured six projects, including Pavilion Ceylon Hill, Pavilion Embassy, Pavilion Damansara Heights, Royal Pavilion Hotel and two others.

What do you think is the fair share price of MALTON?

Hi southwark

Can you please give a breakdown of all the total construction unbilled sales of RM1. 8 billion for each project.

Can you please refer the source of your figures, if any.

Thank you.

As of 30th June 2018, the company has total borrowings rm530 million only. Cash and FD total RM161.4MILLION. Net debt is rm368. 6 MILLION only.

There is more than RM1 Billion Credit Facilities standing by.

SURELY NO RIGHTS ISSUE

PLEASE READ ANNUAL REPORT 2017 NOTE 30

(RIGHT ISSUE -- I DON'T THINK IS REQUIRED AS MELTON HAS A TOTAL OF RM1. 545 BILLION CREDIT FACILITIES FROM LICENCED BANK AS OF 30TH JUNE 2017, PLS REFER BELOW)

THE MAIN POINT AT THE LAST LINE :
"AS AT 30TH JUNE 2017, THE GROUP HAS CREDIT FACILITIES FROM LICENCED BANK TOTAL RM1,545,004, 000 (RM1.545 BILLION)"

THE FINANCE OF MALTON STILL HEALTHY, GEARING IS ONLY 0.5 TIME.
PARK SKY RESIDENCE IS DUE FOR COMPLETION BY EARLY 2019. WORK PROGRESS AND PROGRESS BILLING WILL BE GAINING MOMENTUM GENERATING GOOD CASH FLOW AND PROFITS GOING FORWARD TO NEXT FY JUNE 2019.

======================================= EXTRACTED FROM AR 2017 NOTE 30

30. BANK BORROWINGS
The Group The Company
2017 2016 2017 2016
RM’000 RM’000 RM’000 RM’000
Secured:
Long-term loans 336,246 268,090 - -
Bank overdrafts (Note 34) 28,055 17,372 4,964 4,960
Revolving credits 169,864 85,437 62,000 34,000
Trade facilities 13,285 50,000 - -
Bridging loans 44,563 44,502 - -

592,013 465,401 66,964 38,960

Less: Amount due within next 12 months
(included under current liabilities) (484,640) (296,506) (66,964) (38,960)

Non-current portion 107,373 168,895 - -
The non-current portion is repayable as follows:
The Group The Company
2017 2016 2017 2016
RM’000 RM’000 RM’000 RM’000
Between 1 - 2 years 38,368 87,290 - -
Between 2 - 5 years 49,189 81,605 - -
More than 5 years 19,816 - - -

107,373 168,895 - -


As of 30 June 2017, the Group and the Company have the following credit facilities from licensed banks:
The Group The Company
2017 2016 2017 2016
RM’000 RM’000 RM’000 RM’000
Secured:
Term loans 742,000 677,000 - -
Bridging loans 414,968 379,968 - -
Revolving credits 223,000 173,000 90,000 40,000
Trade facilities 63,286 50,000 - -
Bankers guarantee 55,750 44,880 2,000 2,000
Bank overdrafts 28,000 28,000 - -
Islamic financing 18,000 18,000 5,000 5,000

1,545,004 1,370,848 97,000 47

I checked with my friend who is also in the property development business. According to him, at the initial development stages, from S&P, foundation works and infrastructure, the costs are proportionately much higher as compare to recognition of sales on the progress billings.

The Park Sky Residence, the progress billings now maybe up to infrastructure only.

Park 2 only S&P and foundation works.

The Duta Park Residence, just starting with Marketing in May, only incurred costs, no sales revenue as yet.

These could be the reasons for the low PBT in this quarter apart from the timing difference on progress recognition as stated by txfs.

Thank everyone for your valuable insights and sharings.

nemesis

Agree with you.

I will take out my FD to add more if the price dropped further. I believe big hands already accumulated quite a lot after GE 14, dropping from 80 sen to 70... 60... 50, and subsequently was ramped up with huge volume to 70 sen.

Hi Jon

Thank you for your comments.
What I meant was not to run from the tax, but to defer it. The Co may not take up all the sales for this quarter but defer it to the future quarters.

I checked Hohup's revenues from property development for the last 2 quarters and they are mainly from their 18% entitlement to the JDA at BJC as disclosed in their QR announcements.

Hohup's property development revenues:
Quarter ending 31st March 2018 was rm27.2million mostly from BJC implying Malton's revenue from property development @BJC about rm150 million.

Similarly this quarter, hohup's property development revenue is rm 21.44 million, also mostly from JDA @ BJC, implying Malton's BJC Property development revenue alone is rm119 million.

But last quarter Malton's TOTAL property development revenue was rm88. 44 and this quarter the TOTAL is rm128.4 million. I can't figure out why the discrepancy.

Your findings and comments are welcome.

It is good to have you here. I like to listen to your views.

Thanks.

Cannot understand why the results so disappointing, suspect the Management hiding profits for next financial year to conserve cash and pay less tax, but the prospects of the current FY19 is optimistic.

Prospect of the current financial year (quoted from the QR).

"In the meantime, the on-going development projects of the Group namely, The Park Sky
Residence and The Park 2 Residence in Bukit Jalil, Duta Park Residence @ Jalan Kuching and
Rapid City Centre in Johor, with a total unbilled sales of RM1.03 billion as of 30 June 2018
together with the on-going construction contracts in hand and in particular Pavilion Damansara
Heights, The Pavilion hotel, Pavilion Ceylon Hill and Pavilion Embassy projects, will continue to
contribute positively to the earnings of the Group for the financial year ending 30 June 2019."

At this price, I will continue to hold. Afterall, the dividend yield is better than FD rate.

Didn't hear from txfs for some time now..... :)

The new MD, not only has a first class honours in Electrical Engineering (you must have the brain to win a First Class honours in Engineering Degree), he also has an MBA. With his 22 years experience in a worldwide organisation, his management experience is invaluable. Noted the profits and margins from the construction division improved substantially since FY 2016.

The company carried out Enhancement Initiatives and MQS (Management Quality System), cost savings, value engineering and IBS (Industrial Building System). Just see if the company can deliver more values to the shareholders.

Though I think this QR results may not be as good as the corresponding QR results last year, but there could be surprise on the upside. But pl don't hold too high an expectation..

My 2 cents..

Yalor, that why I reminded that there could be potential big construction contract for Malton (Domain Resources Sdn Bhd). There are a few billion more to be awarded in the near future.

Maybe another a resolution would be sought for approval in the coming AGM for Related Party Transactions.

Ikan bilis like us, just dumb dumb hold loh.. and collect dividend, the yield of which is as good as FD mah, if not better (should the board declare better dividend going forward).

The market price depends on the bankers, if there is any. But could the price be manipulated for long time?

On valuation, it's dirt cheap.

If we can't trust our judgement, just think of TSRDL, why he converted his 29 million RCSLS to shares @RM1.00 instead of surrendering for CASH. And he did purchase from the open market B4 GE 14 In April this year, 3.2 million share between 75 to 80 sen and another block of 6.8 million share at the end of May @ 55-60 sen.

His new additional block of 39 million shares cost on average about 91 sen per share.

So what do you think? Could the boss of the company go wrong?

I think this QR results can't beat 4Q17 results as the 112 Signature Shops were handed over in 4Q last FY. Earnings should remain decent. Hopefully this FY18 EPS is better than that of last FY17.

Pavilion KL retail chief executive officer Datuk Joyce Yap said the mall, which would open for business in 2020, has received more than 1,000 registrations.
Read more at https://www.thestar.com.my/business/business-news/2017/08/26/the-power-of-two-in-bukit-jalil-city/#SIoEQFCwq1kfvIGp.99

With the disclosure made on 26/08/2017 by Pavilion KL retail chief executive officer Datuk Joyce Yap, it is highly that the BJC Mall would be a success.

Today is THE DAY!

Pavilion Damansara Heights with GDV of approximately RM7 Billion.

Domain Resources Sdn Bhd, a 100 % subsidiary and the construction arm of Malton has secured a RM703 millions contract for the demolition, foundation, retaining walls, car parks and the retail podium.

More jobs are up for grab. Would Domain Resources Sdn Bhd be awarded further contracts for the Pavillion Damansara Heights project which would be completed only by 2021/2022. I personally think that the chance of securing another major contract is likely.

https://www.edgeprop.my/content/rm7b-pavilion-damansara-project-start-2q2016

“为人低调的林晓春深谙商场营运之道，尽管武吉加里尔柏威年并未公布太多详情，但从布局及商场命名来看，林晓春应当在摩拳擦掌，准备在竞争还不算太剧烈的武吉加里尔打造新的商场地标，进一步扩增商场王国。”

武吉加里尔柏威年，可以脱颖而出。更何况武吉加里尔没有大商场。

林晓春肯定有答案。经营大商场，如果柏威年与林晓春认第二，可能没有人敢认第一。呵呵。

Check it out yourself, the AR 2017 has a section on "Management Discussion and Analysis", after the Chairman Statement. It mentioned how the management is enhancing values. Incidentally, the new MD reporting for the first time in AR.

Previous years it was simplistic "Operation Reviews"

Hopefully, value enhancement for the company and shareholders are ongoing with new management insights.

Delivery system and profitability are improving as I see it.... :)