关于PLENITU : 1。现金在手RM396 mil 2。NET BOOK VALUE RM700 mil 如果重估价后它所有的资产产业,VALUE 恐怕超过RM1bil ! 那么,PLENITU 所值 RM396 mil 加上 RM1 bil = RM1.396 bil NTA 至少可达RM5.20 ! 3。PLENITU 是所完全没有负债产业公司以及手中握着龙大现金! RM1.48 -RM1.50 per share the cash ! 4。TOTAL CURRENT ASSETRM562.9 mil 5。TOTAL LIABILITIES RM136.3 mil 6. TOTAL SHARE@PLENITU are 152.4 mil 7。 PE = 6.30 8。EPS = 46.86 cent 9. Par Value = $1.00 10.Dividend = around 7 cent. 11. Revenue up RM224 mil.
就快会有COVER RESEARCH REPORT against PLENITU Nov-Dec 2014。
Looking at the share price now, Plenitude is totally under value. Most of the land is freehold status and was purchase many years back. With the high cash pile in the bank this company had the advantages over many others company in Bursa.
for me, the latest result is consider ok. hotel business still haven't generate profit. with cash 421.7mil, nta 3.71, retained earning/total equity=73%, latest eps 8.1sen, i am still waiting for plenitude to declare special dividend or bonus issue near future.
Special dividend is unlikely because the purchase of Gurney Resort costs 160 millions. But I agree that bonus issue after the purchase of Gurney Resort is possible. The hotel business that you mentioned is another hotel, not Gurney Resort. I anticipate the acquisition of Gurney Resort to increase annual EPS about 0.03 while reducing the cash or increasing the debt. I also think that for the coming two years annual EPS to be above 30 sen per share, base on the projects in the pipeline. My fair price tag for this counter is RM 3.50.
If the management is generous, then the 3 sen per annum from Gurney Resort may be added to the current dividend of 6 sen per annum, bringing it to a total 9 sen per annum. The management is quite conservative so it is easier for them to pay out fixed income than fluctuating or project generated income.
U all just keep on talking the good things of plenitude...but just ignore the bad things of plenitude...so that's why u hard to earn money from this company....plenitude has a very serious bad side for investment's view, that is....
Let me give a little bit explanation on why this company is so much undervalue.
The latest financial result show that the cash in the balance sheet amounted to RM 421,712,000 and if it convert to cash per share it shall give RM 1.56 (RM 421,712/270,000)
The last closing price of Plenitude on 18th Nov 2014 is RM 2.64
Meaning that from the last closing market price at 2.64 minus cash per share 1.56 and 1.08 will be the remaining Asset – Liability of the company.
Don’t forget that this is a debt free company, therefore we can easily look into other asset which is the land held by the company and a Four Star Sheraton Hotel in Tanjung Bungah Penang.
The remaining 1.08 x 270,000 shall give RM 291,600,000 to the value of the land and the Sheraton Hotel.
From the latest Annual Report, Plenitude land areas cover 155 acres in Selangor, 444 acres in Johor, 91 acres in Penang and 663 acres in Kedah. A total of 1,353 acres and majority of the land is FREEHOLD title.
What about the 220 rooms Four Star Sheraton Hotel in Tanjung Bungah. The estimated value of the hotel could be RM 135,000,000 giving the hotel is in good location and facing the sea with beautiful sandy beach.
When you do a simple calculation RM 291,000,000 minus out the value of the hotel shall give you the value of the 1,353 acres of land in Plenitude.
With this value, the 1,353 acres of land is super cheap. If you are planning to buy a piece of land for your children or grandchildren, perhaps can think of buying Plenitude share. Beside if you bought a land you got to pay tax every year, with Plenitude you received dividend.
We are just minority shareholders. If the management not willing to share profit with you, whatever undervalued or cash pile are just nothing more than a peanut. Do not be so naive.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
CK
269 posts
Posted by CK > 2014-10-30 19:38 | Report Abuse
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