Posted by darrenliew > 2015-05-25 00:04 | Report Abuse

SYMLIFE & SG LONG & 4Q RESULTS EXPECTATIONS
============================================

READ SOME COMMENTS ON SYMLIFE WHICH PROMPTED ME TO ADD IN A FEW LINES WHILE AWAITING ITS 4Q RESULTS TO BE OUT BY NEXT WEEK.
Its 3Q report indicated a plan to focus more on affordable housing to be line with current demand. A financial blog said Symlife do have a plan to cater for more affordable housing in its intergrated township to be developed in its 412 acres Sg Long land and had already paid the premium to convert it to residential & commercial. However this project was held back by the govt's intention to acquire a portion of it for its Langat 2 water treatment plant and to build a new MMR2 access. Hence Symlife really want to do more affordable housing but the Water Restructuring Master Plan delayed it. Now it can proceed and this will enhance Symlife's business prospects.
The financial blog also cited Symlife's unbilled sales of RM500M which will be reflected in its upcoming 4Q results. It estimated that if just 10% of this is turned into profits, the 4Q/Full year profits could be :-
YTD 9 months EPS 14.3 sen
ADD 4Q contribution est.@ 10%xRM500M divided by 310m shares 16.1 sen
-----------------------------------------------------------------------------------------------------------
= TOTAL (estimated ) EPS FOR THE FULL YEAR 2014 30.3 SEN
==========================================================

EVEN IF WE FACTOR IN SOME IMPAIRMENT OF 5 SEN, WE MAY GET EPS OF 25.3 SEN.

POSSIBLE?

Let's wait for its 4Q results to be released in the next few days and see.

Posted by kancs3118 > 2015-05-25 10:18 | Report Abuse

Hi Darren Liew, does the EPS 25.3 sen comes purely from operating activities or from disposal of non core assets ? What will be the EPS after reconciling for profits purely from operating activities?

Posted by darrenliew > 2015-05-25 11:03 | Report Abuse

BASED ON RM500M UNBILLED SALES TO BE REFLECTED IN ITS 4Q RESULTS, THEN AN INPUT OF 10% PROFIT OR RM50M CAN ADD 10.1 SEN TO ITS FULL YEAR PROFITS. THIS ADDITIONAL 10.1 SEN EPS WILL BE PURELY FROM OPERATING ACTIVITIES (HOUSING DEVELOPMENT)

THE 4Q RESULTS DUE OUT THIS WEEK WILL PROVIDE INTERESTING INSIGHTS INTO ITS ACTUAL BUSINESS PERFORMANCS AS WELL AS IT BUSINESS DIRECTION.

Posted by kancs3118 > 2015-05-25 14:55 | Report Abuse

Mmm...not quite sure about RM500M unbilled sales...until I see the quarterly results of RM500.0M,
...then, i will celebrate....

Posted by kancs3118 > 2015-05-25 21:13 | Report Abuse

@ Darren Liew... I think you pick up that information RM500M from Bones blog. Howevee., the RM500.0M is referring to FY2014...NOT FY2015

Whatever it is...we will know this Thursday...

Posted by darrenliew > 2015-05-25 22:44 | Report Abuse

HI,
DID NOT MATTER WHO WAS IT. TO SATISFY MYSELF I UNDERTOOK MORE RESEARCH AND DID SOME BACK TESTING TO TALLY THE FIGURE OF RM500M IN UNBILLED SALES. PRETTY ACCURATE WHICH THEREFORE SUPPORTS MY OPTIMISTIC VIEWS OF SYMLIFE. I HAVE TO GO OUT SHORTLY. I HOPE I HAVE TIME TO PRESENT MY SO-CALLED CRUDE "RESEARCH AND FINDINGS" AFTER I AM BACK HOME LATER. OTHERWISE I WILL DO IT TOMORROW MORNING. JUST TO EXCHANGE INFO N OPINIONS

Posted by darrenliew > 2015-05-25 22:48 | Report Abuse

MY OWN RESEARCH WAS FOR THE 4Q OF ITS CURRENT FINANCIAL YEAR ENDING 31/3/2015.

Posted by kancs3118 > 2015-05-25 23:39 | Report Abuse

mind to share your research here?

Posted by darrenliew > 2015-05-26 09:17 | Report Abuse

I HAVE RESERVATIONS IN IDENTIFYING THE FINANCIAL BLOG. INSTEAD I HAD ATTACHED AN EXTRACT OF THEIR RELEVANT COMMENTS. IN ADDITION I DID SOME BACK TESTING TO TALLY THEIR CLAIM OF RM500M IN UNBILLED SALES TO BE REFLECTED IN SYMLIFE'S 4Q RESULTS TO 31/3/15. MY OWN FINDINGS IN FACT EXCEEDED THEIR RM500M.

PROJECTS & GDV % SOLD UNBILLED SALES
========= ==== ======= ==============
ELEVIA PUCHONG RM120M 60 72M
DESIRAN KL RM110M 40 30M
(SYMLIFE'S SHARE IS 68% OR RM75M)
TWY MONT KIARA RM400M 50 200M

STAR RESIDENCES KLCC RM724M 80 290M
(1 PHASE 557 UNITS AV PRICE
RM1.3M EACH. J/V 50/50 WITH
UM LAND)
===========================================================================
ESTIMATED UNBILLED SALES FOR SYMLIFE TO BE REFLECTED IN THE 4Q RESULTS
AS AT 31/3/15 TO BE ANNOUNCED SOON = RM592M
============================================================================

TO RECAP (MY EARLIER FORECAST FOR EPS :-
9 MONTH EPS AS AT 31/12/15 (AS ANNOUNCED) 14.3 SEN
ADD PROJECTED EPS FOR 4Q (@ 10% ON ITS UNBILLED SALES 592M 19.1 SEN
=================================================================
TOTAL EST. EPS FOR THE FULL YEAR ENDING 31/3/2015 = 33.4 SEN


=================================================================

(NOTES)
INCLUDING DISPOSAL GAIN RM26.5M OR 8.5 SEN PER SHARE
NOT INCLUDING ANY POSSIBLE IMPAIRMENT ON SHARE HOLDINGS
IN SYMPHONY HOUSE WHICH IS EXPECTED TO BE INSIGNIFICANT
THIS Q.
UNBILLED SALES COULD EVEN BE HIGHER DUE TO INCREMENTAL SALES
DURING THE 4Q FROM 1/1/15 TO 31/3/15.

SOME GOOD GROUNDS TO BE OPTIMISTIC

Disclaimer
==========
PLEASE BE REMINDED THAT MY VIEWS AND ANY FINANCIAL DATA THAT HAD PRESENTED IN THIS FORUM IS PURELY FOR DISCUSSIONS AND THE SHARING OF MARKET KNOWLEDGE FOR MUTUAL EDUCATION AND BENEFIT.

THE VIEWS EXPRESSED HERE ARE PURELY MY PERSONAL OPINIONS WHILE THE DATA PUT FORTH SHOULD NOT BE ACCEPTED AS GOSPEL TRUTHS AND MAY IN FACT BE INACCURATELY SOURCED OR COMPUTED.

HENCE MY VIEWS ARE NOT AN INVITATION TO BUY OR SELL ANY STOCKS.

Posted by darrenliew > 2015-05-26 22:40 | Report Abuse

Symlife's strong fundamentals comes from good management and solid landed asset backing from its vast landbank owned at very low costs. Some opined that if all its landbank is revalued now, its market share will be worth RM9 per share. However prudent management, especially the need to match tax liabilities against cash flows, will not take this corporate policy. instead it will progressively "mine its goldmine" (i.e. by developing it, turn it into cash profits, to unlock value for its shareholders. Nevertheless it will be worthwhile to share Symlife's strong fundamentals so that more investors will be aware of them.
P.E, RATIO : 4.8x (very low compared to its peers and the average P.E. for the property sector) indicative of its share price is very much undervalued.
DIVIDEND YIELD : 4 SEN or 4.8% (if based on last year's dividend payment)
PROSPECTS : EPS already 14.3 sen (at the 9 month/3Q stage)
+ expected/est. 4Q contribution of 16.1 sen
= TOTAL EPS 30.4 SEN (est. for the full year)

: 4 ongoing projects launched (+ another 3 in the pipeline which can be
rescheduled till after a better demand for higher end houses
returns. This fineturning will allow it to prioritise the launching of
its 412 acres RM8B township in Sg Long where it can focus on
affordable housing now and build higher end types later.

: Symlife will still have a comfortable profit margin in Sg Long
due to advantage of low land costs.

SELECTED INDICATIONS OF SYMLIFE'S UNDERVALUED LANDS BENCHMARKED AGAINST CURRENT VALUATIONS (per current purchase prices by its peers):

Stock: [SYMLIFE]: SYMPHONY LIFE BERHAD
Sep 15, 2014 09:24 AM | Report Abuse
The book value of the land per 2013 AR is RM457.7m. The revised land value based on market research and latest transacted prices is RM2.92b. Sg Long land valued at RM100/sqft. Symlife has 310m shares. RNAV of land is RM2.92b/310m = RM9.42/share.

The group’s preliminary projection shows that the 420 acres (170ha) Sungai Long township may carry a total gross development value (GDV) of RM8 billion. The land is deemed a jewel for the mid-sized developer, which has a market capitalisation of RM368.5 million at its current share price of RM1.20.
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.
Anyways let us not take our eyes of the prized assets which is the 419acre of Sg Long parcel. This is going to propel Symlife to RM4 or RM5 easily when the analyst start to cover this stock.

To recap, SYF recently paid RM31.08m to the landowners for the 8.1acre Sg Long parcel. This works out to RM88.15 per sqft.

Symlife has 419acres there valued at RM137.4m or RM7.52 per sqft. Using the RM88 per sqft benchmark, this land is worth an amazing RM1.606B or RM5.18/share on an undiluted basis or RM3.85/share with the warrants fully converted.

Then we have another benchmark from SHL Consolidated whose management stated their Sg Long land is worth RM130/sqft base on market value. Now this is worth Rm7.65/share.

Stock: [SYMLIFE]: SYMPHONY LIFE BERHAD
Aug 25, 2014 05:09 PM | Report Abuse
Go to his website tongkooiong.com. He updates his portfolio regularly and stated the reasons for buying them. He got them at RM1.25.

Aug 18, 2014 06:21 PM | Report Abuse
But for small cap, perhaps a 60-70% discount. So a TP of RM2.7 is not unreasonable.

Aug 13, 2014 02:58 PM | Report Abuse
Currently, the languishing share price presents an opportunity to collect while it is still dirt cheap. When one looks at the property sector, many of the counters have skyrocketed (Guocoland, SHL, SAB) while there are still a few counters that scream buy and Symlife is one of them.

Stock: [SYMLIFE]: SYMPHONY LIFE BERHAD
Aug 13, 2014 09:15 AM | Report Abuse
Guocoland share price spiked up because of analyst coverage.

WE JUST WAIT FOR THE CATALYSTS TO UNFOLD FOR SYMLIFE'S SHARE PRICE.
MEANWHILE WE ARE ASSURED BY ITS SOLID ASSET BACKING

DISCLAIMER
===========
THE VIEWS EXPRESSED HERE ARE PURELY MY PERSONAL OPINIONS WHILE THE DATA PUT FORTH SHOULD NOT BE ACCEPTED AS GOSPEL TRUTHS AND MAY IN FACT BE INACCURATELY SOURCED OR COMPUTED.

HENCE MY VIEWS ARE NOT AN INVITATION TO BUY OR SELL ANY STOCKS.

Posted by kancs3118 > 2015-05-27 17:24 | Report Abuse

Hi Darren Liew, just a heads up. Do not forget that the Director ~ Tan Sri Azman Yahya is actually a crony to Najib. What is going to happen to SymLife when Najib got kicked out?

Posted by darrenliew > 2015-05-27 18:45 | Report Abuse

I THINK ANY RELATIONSHIP REFERRED TO HAPPENED LONG LONG AGO. ITS VERY HISTORICAL. DURING THE LAST 5 TO 10 YEARS, THERE WERE HARDLY ANY NEWS OR EVENTS LINKING THE TWO OF THEM. ANYWAY,
SYMLIFE IS NOW VERY WELL ESTABLISHED IN ITS BUSINESS AND IS ALREADY OWNING A VAST LANDBANK WHICH IS BEING DEVELOPED WITH MANY PRESTIGEOUS PROJECTS, BOTH COMPLETED AND ONGOING. HENCE DATO AND SYMLIFE DO NOT NEED THE SUPPORT OF THE PM OR ANY ONE ELSE. SYMLIFE NOW IS ALREADY A MATURED, VIBRANT COMPANY WITH SOUND FUNDAMENTALS . SYMLIFE HAS ALREADY BEEN STEADFASTLY FUNCTIONING AS A VIABLE BUSINESS ENTITY AND A REPUTABLE DEVELOPER STANDING ON ITS OWN MERITS. NO NEED FOR ANY CRONY SUPPORT FROM ANYBODY.

Posted by darrenliew > 2015-05-27 19:05 | Report Abuse

kancs3118. TAN SRI AZMAN IS NOT INVOLVED IN ANY BIDDING FOR ANY GOVERMENT PROJECTS LIKE MRT, LRT, HIGHWAYS, HIGH SPEED RAIL, ETC. THESE ARE NOT TAN SRI'S OR SYMLIFE'S CORE BUSINESS. HENCE THERE IS ABSOLUTLY NO NEED FOR ANY CRONY RELATIONSHIP. SYMLIFE ALREADY HAS A VAST LANDBANK TO LAST IT FOR THE NEXT 15 TO 20 YEARS. I THINK U WILL AGREE WITH ME. TQ

Posted by darrenliew > 2015-05-27 20:11 | Report Abuse

So used to type in all capital letters. Finds it cumbersome to do otherwise. No offence meant. Did not know it can create the kind of impression on others. Anyway appreciate your feedback. Not aware until a 3rd party feeds back to u..

Posted by darrenliew > 2015-05-27 20:40 | Report Abuse

Tan Sri is not politically active for the longest time. Symlife is not in any business which relies on Govt support. No tenders for any Govt contracts of any kind. Symlife is operating its core businesss very well relying on its own resources and on its own merits.

Posted by kancs3118 > 2015-05-27 22:25 | Report Abuse

@ Darren Liew, thanks for your input...This is good to know.

By the way - what do you think of Datuk Azman Yahya's salary of RM4.0M?

It is quite high though...i would rather if he owns more shares and draws a more modest salary of RM1.0M.

This way - he will be motivated to work harder to enhance share holders value which indirectly benefit himself. I would rather if he took this route than paying a big fat paycheck to himself.

Posted by kancs3118 > 2015-05-27 22:27 | Report Abuse

@ Darren Liew, what do you think about Global Oriental Berhad? It is also a property developer and the story is quite similar to SymLife - that it has about 350 acres of land at Batu Kawan - bought at low prices and now the land price has appreciated many folds.

In addition, it is currently completing the shopping center - Da'mein and in the process of developing Pavillion Embassy at Jalan Ampang. it has very close connection with Malton.

Both sifu icon8888 and James70 has written about Global Oriental Berhad and have holdings in the company.

Posted by darrenliew > 2015-05-27 22:53 | Report Abuse

kancs3118 I am not well informed on what is the average salary of the Chairman and Dtors to give a fair comment. Need to have some comparitive figures. After getting some idea on this, we have to evaluate each case on its own merits, including the size of the entity/group of companies he helms as well its profitability.
Notwithstanding the above, i agree with your views in supporting the right combination of salary/shareholdings for the Board so that the minority shareholders will get to share the benefits of the company's growth in a meaningful way.

Posted by darrenliew > 2015-05-27 23:07 | Report Abuse

OK. Will do research as well as read up the comments n feedbacks from your 2 sources. Revert to you later. Hope we can share more to do more successful investments

Posted by kancs3118 > 2015-05-29 12:24 | Report Abuse

Quarterly results gonna be announced today...hopefully, it is going to be good news...

Posted by JN88 > 2015-05-29 12:30 | Report Abuse

Ada dividen?

Posted by darrenliew > 2015-05-29 13:03 | Report Abuse

Last year paid 4 sens giving a dividend yield of abt 4.8%

Posted by kancs3118 > 2015-05-29 17:52 | Report Abuse

why is the current quarter profit is only RM27.8M (Mar'15) which is a significant drop compared to RM94.6M the previous quarter (31st Mar'14)?

Posted by nemesis > 2015-05-29 18:51 | Report Abuse

though current qtr disappointing, but total unbilled sales up to date has reach 667 million...Coming qtr should be explosive and encouraging....No dividend declared for the time being...

Posted by kancs3118 > 2015-05-29 19:03 | Report Abuse

i know this is a stupid question - but can anyone explain what is unbilled sales?

i mean the detailed / in depth definition of unbilled sales...

Posted by kancs3118 > 2015-05-29 19:38 | Report Abuse

i don't quite understand this statement:

The Board is pleased to announce that for FY2015, the Group has achieved total sales of RM707 million, (including our 50% share in Star Residences) which represents a 233% increase from the previous year's sales of RM212 million despite the subdued property market.

I cannot find this in the numbers for the quarterly results...

Posted by nemesis > 2015-05-29 20:16 | Report Abuse

unbilled sales mean total revenue of properties tat is sold or gross development value...Let say symlife sold 2 houses priced at 800k per unit it means tat total unbilled sales for tat period is 1.6 million...However tis unbilled haven't deduct building material, work cost, land cost, marketing expenses and etc...In Malaysia property developer profit margin is between 16-19% of unbilled sales or GDV value...Let say 18% of its unbilled sales of 667 mil u will come to a figure of total net profit of 120 million...Finally u have to divide it by 2 yrs depend on how long d property be completed...If u divide let say by 2 yrs then annually symlife will rake in 60 million in net profit tat will come to a total EPS of 19 or 20 cent which is very good result...BUT if developer is building houses on its own landbank then its profit margin is much much more higher at least at 30% of its GDV values...Symlife coming qtr result will outperform when its 667 million unbilled sales kicks in soon...

Posted by darrenliew > 2015-05-29 20:25 | Report Abuse

Generally unbilled sales are houses sold during a certain financial quater but for some reasons and/or based on some criteria, were not captured into that quarter's sales. Not sure if there standard rules among developers governing the practice on capturing sales as sales for a certain quarter and carry forward the balance into the next quarter as "unbilled sales". Such decisions will have an impact on the sales revenue and therefore the profits reported for a particular quater or year. Nevertheless, the fact remains that sales carried forward as "unbilled sales" will have a positive and cumulative financial impact on the subsequent quater's financial results as the subsequent quarter's will be boosted up in its sales and profits.
Hence i agree with nemesis above that the coming 1Q results will be "explosively " good (based on his unbilled sales of RM667M on which a reasonable 10% profit margin or RM67.7M can be expected.
Overall the announced full year net profit > RM40M or EPS close to 15 sen is actually good. Symlife' latest profit is commendable. It's performance is better than many of its competitors. Based on its current price of 0.85 sen against its EPS of 14.82 SEN, ITS PRICE EARNINGS RATIO or P.E. is only 5.6 times (very cheap when compared to P.E.s of some of its competitors' which are now trading at more expensive P.E.s of between 12 to 18 times)
Its also comforting to know that Sylife is backed by a vast strategic landbank owned mostly at very low costs (as indicated by its audited NTA of 2.10 (without revaluation of most of its landbank)

Posted by nemesis > 2015-05-29 21:47 | Report Abuse

Darren i guess u had acquired a substantial stake in Symlife...Otherwise u won't promote it optimistically here...In fact the awareness created about tis stock here will only spike up the price so we can't be able to buy cheap anymore as we have to compete with other buyers to get lower price...The best time to buy an undervalued stock is when NO ONE mention about it or no analyst wrote about...Whatever it is i hope it will stay below 0.85 for another one more year and less investors knew about symlife...

Posted by azlan88 > 2015-05-29 22:46 | Report Abuse

Latest quarter result was hampered due to low revenue, citing stricter financing for mortgage, affecting demand for high-end properties. Their tax is surprisingly high, amounting RM4 million/ quarter, regardless the earnings and they have trim down the overheads.

As of now, there are a lot of advertisement coming up in Ulu Kelang area regarding to their promotion of 50y/o celebration, which will ended 30th June 2015. Maybe they have known that weak sales in Q4 FY 2015, and hence stepping up their marketing. However these might increase expenses and lower the earnings if not supported by sales.

For unbilled sales, if I am not mistake are receivable from property buyers (via bank loan) that will be billed according to percentage of completion. I wonder how much the have sold Tijani Ukay. There is one blog stated that they have sold 50% during launching but you can still see the ads near to that area. It is tough to sell when your price is RM2.4 million for 3700sq.ft & leasehold when Ukay Tropika (near to Tijani) sell 3800sq.ft (freehold) at RM1.2million.

On better notes, the take-up rate for TWY Mont Kiara has increased by 30% from previous quarter, which contributes to approximately RM120 million sales. As for Desiran Bayu, it has been been completed (Build-then-sell). The sales has increased by 10% which translate to RM9 million. But the biggest contributor comes from Star Residences, which lift their unbilled sales, as summarized below.

Q2: RM296 million
Q3: RM469 million
Q4: RM667 million

The acquisition of Sg. Long land by Selangor Government if materialize will give some bumper earnings to them based on recent nearby transaction of RM88 psq.ft. Hopeful for good news to come very soon.

Posted by darrenliew > 2015-05-29 23:14 | Report Abuse

Hi, Agreed on your impression on my optimism of this stock. It has all the good fundamentals which u look for when selecting a stock for investment. Hence collects it when its currrent price is still cheap and wait for its value to catch up to its fundamentals.

Posted by darrenliew > 2015-05-30 00:04 | Report Abuse

Hi,azlan88. your clarification on "unbilled sales" was very accurate. its true that developers do not and cannot capture the full values of the sales prices immediately even tho supported by legal S&P agreements. Sales recognition have to be based on the architects' certification of various stages of construction. Hence, biilings for payments, initially on the buyers and then on to their financiers, will be done progressively following their respective schedules per S & P s. Meaning developers will only recognise as sales revenues only those portions that had been billed and payments received up to the end of each quarter. the balance of the sales prices will be carried forward/accumulated into the subsequent quarters. hence nemesis is correct that billed sale revenues will explode up (accompanied with their corresponding profits ) in the coming quarters. The unbilled sales of RM677m IS very positive

Posted by nemesis > 2015-05-30 01:49 | Report Abuse

but still i am very disappointed why no dividend declared as full year result is still good with EPS of 14 cent...WHY? Even if they give 3 cent dividend also i am happy...

Posted by kancs3118 > 2015-05-30 07:10 | Report Abuse

about the dividend part, i don't think they can declare good dividend this year
simply because they are cash strapped.

From their cash flows statement:

O/B cash and bank $146M (start of FY14)
Negative operating cash flows ($75.9M) - increases in property development costs and slow down in actual billed sales
Positive investing cash flows $14.5M - mainly due to disposal of non-core businesses
Positive Financing cash flows $21.0M - increase in bank borrowings
C/B cash and bank $105.6M (close of FY14)

It seems the slowdown in property market has negatively impacted on their operating cash flows and this has resulted in their cash and bank balances to drop year on year.

Posted by kancs3118 > 2015-05-30 07:19 | Report Abuse

Thank you all for your invaluable feedback. By the way - what does it mean by the following?

The Board is pleased to announce that for FY2015, the Group has achieved total sales of RM707 million, (including our 50%
share in Star Residences) which represents a 233% increase from the previous year's sales of RM212 million despite the subdued
property market.

Problem is - i cannot find the RM707M sales in the quarterly results.

Posted by dragonking > 2015-05-30 07:25 | Report Abuse

sales can be unbooked sales...

Posted by darrenliew > 2015-05-30 08:03 | Report Abuse

dragonking is correct.. the RM707M sales represent actual sales but NOT yet recognised in its account books or announced results. that is, its managment is correct in its reports that they achieved higher sales of RM707M but the billed sales (captured/included in its results as announced wll be different or less because a portion of the sales remained UNBILLED sales due to payments not yet fully received from the buyers or their financiers(who will pay only based on the schedule of progress payments specified in their S&Ps. The unbilled portions, i.e. the balance of purchase price, will then be carried forward to the next fiinancial quarters. Its OK and is cumulatively positive to future quarterly results as these unbilled sales progressivley turned into BILLED sales (recognised as sales revenues and profits).
Agreed that Symlife's sales revenues and profits will likely jump up in the coming 1Q results (as at 30/6/15). We can expect a Dividend declaration and other rewards for shareholders then..

Posted by kancs3118 > 2015-05-30 13:41 | Report Abuse

Hopefully, some one can advice me about the disconnect between the quarterly sales of $27.8M versus the unbilled sales of $667M.

My case is per below.

Posted by kancs3118 > 2015-05-30 13:55 | Report Abuse

On first glance, the increase in inventories from:
FY2014: $7.6M to
FY2015: $53.6M
seems worrying because it indicate poor sales/ take up rate on SymLife's completed projects. However, on a more positive note, it is highly likely that the increase in the inventories:
is mainly due to Desiran Bayu whereby it is SymLife's "First Build, Then Sell" concept. Hence, this increase in inventories may not be the case of poor take up rate from its completed projects.

Desiran Bayu, a jointly developed project, is Symlife's first Build Then Sell project comprising low density development with only 70 units of superlink terrace houses in Sri Rampai area of Kuala Lumpur with a projected GDV of RM110 million. Symlife's entitlement is 48 units with a GDV of RM80 million. Todate, the project has achieved a take-up rate of more than 50%.

Hence, RM80.0M x 50% take up rate - leaving behind RM40.0M. Hence, the rest of RM53.6M - RM40.0M = RM13.6M maybe attributable to other projects which have been completed but no takers.

Hence, after reconciliation to take out Desiran Bayu. Here, the increase in inventories is still acceptable from (taking out Desiran Bayu):
FY2014: $7.6M to
FY2015: $13.6M
in view of the poor property market.

Posted by kancs3118 > 2015-05-30 13:58 | Report Abuse

Hi guys, just being skeptical because i am unable to connect the unbilled sales of $667M versus the dismay sales of $27.8M in Q4'14.

Mgmt states that the unbilled sales is $667M ~ which i believe they have accumulated during FY'15. My basis for this assumption is that management states the Group has achieved total sales of RM707 million for FY2015.

The question now is why they don't recognise a portion of this unbilled sales in Q4'14? If we assume that on average (give and take), all the projects is about 40% completed during Q4'14, then we should be seeing more sales being recognised than $27.8M during Q4'14.

This leads me to believe that on average, the projects are only at its infancy stage ~ whereby the % of completion is somewhere between 10% to 20% completed. Therefore, SymLife is unable to recognise a bigger portion of this unbilled sales of $667M during Q4'14.

If this is the case, this points to:
(1): Possible weaknesses in the execution of projects by SymLife (this is independent of sales). The speed of construction and project deliverable is independent of sales. Here, the more i build, the higher is my percentage of completion. And the higher sales revenue that i can recognise from the unbilled sales of $667M.

Hence, it is possible that the percentage of completion of the projects during Q4'15 lies at the lower end of the spectrum (say about 10%) and this leads to lower recognition of the unbilled sales of $667M during Q4'14.

(2): or possibly the mix of projects that give rise to this impact? Maybe we have the front runners such as TWY and The Star Residences that contribute significantly to these unbilled sales and both projects are still at their infancy stage. Don't forget that Symphony Life has just awarded the piling job to EconPile for TWY and the piling work has just been completed for The Star Residences.

If that is the case, what happens to the rest of the projects (the ones which are more matured in their stage of completion)?

Posted by darrenliew > 2015-05-30 19:26 | Report Abuse

We do not have details of the sales and their schedule of receivables from the buyers It is true that their apportionments are important as they affect the sales revenues and the profits reported for any quarter's results. However the fact remains is that all its sales will be fully accrued to the company whether in this Q or subsequent Qs. Hence we just accept it.

What i wish to discuss now is on its DIVIDENDS. What is forthcoming?
The 4Q results just announced said "do not propose to pay any INTERIM dividend for the quarter under review". i.e. no INTERIM dividend for this 4Q. This is consistent policy for Symlife. It is not its policy to pay interim dividends. But it had paid 4 sens last year as a 1st & final dividend. Hence altho it will not pay any interim dividend as in the past, it can still pay a DIVIDEND AS A 1ST & FINAL DIVIDEND FOR THE FINANCIAL YEAR JUST ENDED 31/3/2015.

It is still possible to see

i) a cash dividend
ii) a share dividend via a free distribution of its Treasury shares (it is now confirmed that it still has 388k shares bought under its buy back programme). Together with its just announced purchase of 10k, it will ow have 398k Treasury shares. Based on its capital base of 310k shares, it can declare a 1.2 for 100 distribution ratio. This is equivalant to an additional cash dividend of 1.26 sen (1.2/100x0.85 share price).(correct me if my computation is wrong)


(disclaimer. my personal opinions above are purely for exchange of views and to clarify various aspects of the 4Q results just announced and are not an invitation to buy or sell this or other stocks)

Posted by darrenliew > 2015-06-01 08:30 | Report Abuse

positive news for Symlife's Sg Long huge landbank and its township development. Media reports that UTAR (University TAR) is relocating from Setapak to its new Campus at Sg Long today

Posted by siam8888 > 2015-06-02 22:32 | Report Abuse

If intend to earn money from this counter, advise you buy other counter potential than this rubbish counter

Posted by kancs3118 > 2015-06-08 23:46 | Report Abuse

this counter can make you vomit blood

Posted by pangolin > 2015-06-08 23:53 | Report Abuse

gone case ,.......

Posted by kancs3118 > 2015-06-09 21:51 | Report Abuse

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

Posted by Martin_Cho > 2015-06-10 09:57 | Report Abuse

Yes.. GG.com.
Please sell more and sell cheap. =)

Posted by azlan88 > 2015-06-15 23:47 | Report Abuse

Symlife has become more aggressive in promoting their Desiran Bayu and Tijani. I believe they might have almost sold out the Tijani but Desiran Bayu which is build-then-sell concept is just started to sell. Two new billboards has been put up, in which the latest being at Ukay Perdana entrance (quite big). As for Star Residences, I don't see any new billboards coming up. I think they managed to get 90% sales by now. Their promotion in newspaper for Star Residences is also a short one, maybe the demand is too encouraging.

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.

Posted by kancs3118 > 2015-06-16 04:57 | Report Abuse

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

Posted by kancs3118 > 2015-06-16 05:00 | Report Abuse

@ 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?