Posted by 刘健仁 > 2014-06-23 14:15 | Report Abuse

股價嚴重被低估，是重估雪兰莪地庫股價应该在7令吉到8令吉之间看这几天的反弹好消息将要公佈了。

Posted by sasopi87 > 2014-06-23 20:57 | Report Abuse

hope this time can reach 7.00......no UMA again

Posted by Funtrade > 2014-06-24 09:17 | Report Abuse

Philip Capital fair value per share: RM12.21

current net cash: RM148m
Disposing the land at kota kemuning shah alam: net cash RM6.60 per share.

http://www.theedgemalaysia.com/business-news/295762-hot-stock-sab-continues-charging-on-land-banks-reported-worth-of-rm11b-gdv-of-rm5b.html

Posted by 刘健仁 > 2014-06-24 09:27 | Report Abuse

之前有買到SAB的人士今天是值的高兴的一天，今天星洲日報财经版说加上总估值给SAB的合理价RM12.21

Posted by hongwei > 2014-06-24 10:44 | Report Abuse

still the rise chance

Posted by xiedonghin > 2014-06-24 11:00 | Report Abuse

saya membeli RM5.60

Posted by Funtrade > 2014-06-24 11:02 | Report Abuse

Philip Capital fair value per share: RM12.21

http://klse.i3investor.com/blogs/tiptoptap/54831.jsp

Posted by yiqqre > 2014-06-24 11:03 | Report Abuse

还有很大的上涨机会

Posted by 刘健仁 > 2014-06-24 11:11 | Report Abuse

现在買还不算遲

Posted by xiedonghin > 2014-06-24 11:18 | Report Abuse

Hari ini boleh sampai RM6.00

Posted by Equityengineer > 2014-06-24 11:29 | Report Abuse

Went it 5.60 ....

Posted by Equityengineer > 2014-06-24 13:34 | Report Abuse

So hight Tp ... What's brewing actually

Posted by aatzer > 2014-06-24 14:17 | Report Abuse

Be careful.....the land is just newly planted with oil palm....I believe the owner will keep the land for quite some time....After all, their current business are doing fine, not in hurry to develop this pcs. of land....Apparently, the longer they keep it, more money they will make in the future.. SAB got holding power, keep for another 10 years, is fine to them....

Posted by aatzer > 2014-06-24 14:21 | Report Abuse

Wait and see, when SC query SAB on the price increase, they will reply that they will keep the land for oil palm....similar answer to last query..

Posted by Equityengineer > 2014-06-24 15:10 | Report Abuse

Why want to query , the research says it's undervalued what ... TP is high though

Posted by Funtrade > 2014-06-24 17:22 | Report Abuse

thats why u collect at RM5 when it's still cheap, after 2 or 3 years the land price will up until mummy daddy cant recognize...That time SAB will be RM15......
Come on IJM's Rimbayu, Sime Darby's Kota Kemuning,Tropicana and ECO WORLD all there inflating the land price. It's ECO WORLD, man !!! Golden piece of land, their most valuable assets....
Pump in RM100,000 now withdraw 2 years later RM300,000. Worth or not calculate urself lorr.....
What business can generate 300% in 2 years...LAND LAND LAND :)))))))

Posted by rchi > 2014-06-24 17:41 | Report Abuse

the co dun even hv to sell the land,all they need to do is revalue it....nta will be more than RM10 per share...and later if issue bonus shares 5 for 1 or even more.....wat a golden goose.

Posted by Lucas Chan > 2014-06-24 18:19 | Report Abuse

What tp sab?

Posted by sasopi87 > 2014-06-24 18:26 | Report Abuse

cheer........................

Posted by Funtrade > 2014-06-24 18:44 | Report Abuse

if they revalue 5.70 will be bye bye n history.....not yet revalue because they want those who believe in them have a chance to buy...after that revalue say hello to NTA rm10..........

Posted by rchi > 2014-06-24 19:33 | Report Abuse

if the land is worth RM1 billion and the share price remain at this level,this co will be the target of a hostile takeover bid,the takeover party could offer up to RM10.00 per share.

Posted by Cipta > 2014-06-24 21:09 | Report Abuse

there is a related party legal dispute with the company involving RM60mil..do anyone know what was happening?

Posted by luyee > 2014-06-25 14:02 | Report Abuse

TP more than rm10. Time will tell. :D

Posted by Equityengineer > 2014-06-26 11:12 | Report Abuse

Bargain buy

Posted by kltan > 2014-06-26 13:33 | Report Abuse

The price has gone up quite a bit since I talked about this a few months back. Right now many would wonder if it is getting too pricey now?

Let us do a rough breakdown of the company.

(1) The company has net cash of 90 M (cash of 156M - total liability of 66 M). It is RM 0.65/= per share.
(2) 10800 acre of land planted with palm oil in Indonesia. Let us conservatively assume RM10k per acre. It is worth 108 M, or RM0.78/= per share.
(3) Olechemical industry: It is making 23M PBT in 2013. Assume Tax of 25%, PE = 5.0. It is worth 23 x 0.75 x 5 = 86 M, or RM 0.63/= per share.
(4) Health Care, 3.8M PBT in 2013. Again, Tax of 25%, but PE should be higher at 10. It is worth 3.8 x 0.75 x 10 = 28.5M, or RM 0.20/= per share.
(5) About 5% of Paramount.

If we sum up item 1 to 4 (ignore #5, which is rather small), it works out to be ~RM2.2

With the current share price at RM5.5/=, one is actually paying RM3.3/= for the land in Kota Kemuning. One lot of SAB owns ~200 sf. Based on current price, it works out to be RM 17/= psf. Eco World paid RM35/= psf for a piece of leasehold land next to it. Compare these numbers and judge for yourself. Another key point to keep in mind: SAB's land is freehold.

I visited the 644 acre site recently. Part of the land has been replanted with palm oil (my estimate is not more than 1 year). However, on March 25, the company injected ~137M into a subsidiary called Pembinaan Gejati Sdn Bhd. Later I found out that Pembinaan Gejati is actually the registered land owner. I still have trouble to figure out why the company injected so much money into the subsidiary. To fully plant a 644 acre land with plam oil only needs about 10% of 137M. A more logical guess is the company going to develop the land by itself.

Posted by rchi > 2014-06-26 21:56 | Report Abuse

kltan..tq for your input.

Posted by chengyee > 2014-06-27 06:57 | Report Abuse

Tq, kltan.

Posted by whytea > 2014-06-27 09:39 | Report Abuse

Thanks a lot kltan

Posted by chabalang > 2014-06-28 20:30 | Report Abuse

Hi kltan, with regard to your query on Pembinaan Gejati...the transaction were just a transfer of inter-coy balance with no cash involved i.e left-hand to right-hand from SAB group's perspective. It is done for t........ purposes if you are familiar with corporate finance and group corporate structure design. Hope the above explanation helps, my upfront apologies for not spelling 't..'word in full.

Posted by kltan > 2014-06-29 18:50 | Report Abuse

Thanks

Posted by Yogibear > 2014-06-29 20:00 | Report Abuse

Hi KLTAN, you really don't believe me meh..when I made this statement previously " I have to watch oil palm grow"? Hahaha!
Anyway guys, I've re-bought back my position currently below RM5, on the grounds that SAB is a decently managed oleochemical product company with a relatively small plantation hectarage. But having said that, I'm also not sure la wether or when the directors/owners will go into property development.
Does anyone here knows if any of the SAB directors is a property developer? That would be a good indicator for all of us, if the full value can come soon enough! I do believe though, SAB can rise but not so fast one lah...

Posted by aatzer > 2014-06-29 20:16 | Report Abuse

SAB has announced in April, they are keeping the land for oil palm.. NOT for property development...

Posted by aatzer > 2014-06-29 20:18 | Report Abuse

SAB is a good counter for long term investment...but NOT for contra player..

Posted by kltan > 2014-06-29 20:30 | Report Abuse

I started buying into this when it was less than 3, and I am still accumulating. My target price is 10 if not less.

Posted by Yogibear > 2014-06-29 21:46 | Report Abuse

Bro kltan, you've been buying into SAB for quite sometime now. It must have been quite an exhilarating run! By the way, what does Cipta means by SAB's related legal dispute to the tune of RM60 millions? I'm abit scared leh...

Posted by kltan > 2014-06-30 08:12 | Report Abuse

I don't too worry about it as 60M is insignificant compared to the safety margin of this company offered. My brother is living in Kota Kemuning (one developed by Paramount). According to him, currently a 2D linked house (Land area of 20x70, gated) is asking for not less than RM600k. If you look around, how much does a link house by IJM land cost (Rimbayu)? It is above 800k! I cannot afford to buy a house in that area, at least not now. However, with SAB, I am able to invest in the freehold land in that area with a much cheaper price tag of RM28/= psf if we ignore everything else in the company. RM28/= psf is still cheaper than what Eco-world is paying for. It is perfectly ok with me if the company wants to plant palm oil in there for the next 10 years as the price of land can only go up with time. By the time IJM Land, Eco-world, Tropicana exhaust all their land, how much will they be willing to pay for the land by SAB?

Posted by Yogibear > 2014-07-01 16:20 | Report Abuse

Hi kltan, to be honest..I'm not that scared of the RM60 million case. My fear is more on the possibilities of shareholders dispute as per what Cipta refers to as a related party legal dispute. It could be the tip of an iceberg. As you know, any internal dispute is damaging to the company. SAB has a history of shareholders dispute. Somehow, rich people likes to fight over money! Hahaha! Anyway, they have earlier sometime in early 2000 tried developing this land (kemuning jaya, according to a friend of mine) but somehow dropped the idea and change direction. Subsequently, oil palm was replanted on this land.

Posted by johnny cash > 2014-08-08 01:33 | Report Abuse

https://www.facebook.com/228799620464655/photos/a.228820880462529.68340.228799620464655/831311683546776/?type=1&theater

SAB (5134) ready to rebound ???

PLEASE LOGIN TO FACEBOOK OK

Posted by albukhary > 2014-08-11 16:44 | Report Abuse

Actually, SAB seems like a good buy at any price below RM5.30.

Next soar should be able to reach RM6.50, and then consolidate and sustain at RM6.00.

It will never drop back below RM5 anymore.

Philip Capital target price is RM12++
Public Bank target price is RM9.90..
CIMB will start initial coverage soon..

I think, now the biggest problem is the dividend yield. This company have a lot of cash reserved, but seldom declare dividend. Even declare, it declare very little (5 sen).

Technically, it a company is making 30 sen EPS per year, and the company does not required a lot of cash for re-investment, it should declared at least 70% dividend to its shareholder.

If let said SAB willing to payout RM0.20 as a dividend, then i believe its share price will stable at RM6.00.

Anyway, I think SAB reserve the cash is for property development purpose (that why it injected RM130mil cash into this company).

Posted by Unique > 2014-08-12 14:32 | Report Abuse

Agreed

Posted by albukhary > 2014-08-13 21:40 | Report Abuse

Heard someone said SP Setia is negotiating a piece if land at Shah Alam... 600 acre ++ for RM1bil

Posted by albukhary > 2014-08-13 21:41 | Report Abuse

Would it be SAB land at kemuning?

Posted by aatzer > 2014-08-18 14:57 | Report Abuse

Albukhary, 1. SAB did not inject RM130 mil into the company. Please refer Chabalang's comment on 28 Jun 2014.

2. SAB land in Kemuning is just planted with oil palm. thus they are not in hurry to develop it. Being a cash rich company, I don't see why they need to sell the land at this moment. They can just keep it and develop themselves when timing is right.

Chinese managed company will not simply sell their land, especially freehold land at strategic location. The longer they keep, higher the land value. Thus, SAB is a counter for long term investor, not for speculator.

Posted by albukhary > 2014-08-19 01:34 | Report Abuse

aatzer, thank for your comment. However, I don't really agreed with Chabalang's comment, if we refer to the financial report, it did mentioned that:-

A11. Changes in Composition of the Group

There were no change in the composition of the Group during the current quarter under
review and financial year-to-date other that those disclosed as follow:
The company had on 25 March 2014 subscribed 136,900,000 new ordinary shares of
RM1.00 each in Pembinaan Gejati Sdn Bhd (“PGSB”), an indirect 100% owned
subsidiary for a total consideration of RM136,900,000.00 which was settled via
combination of cash consideration and intercompany set-offs. With the completion of
the subscription of new shares, PGSB is now a direct 99% owned subsidiary of SAB
whereas the new paid up capital of PGSB is RM137,000.00.00 comprising 137,000,000
ordinary shares of RM1.00 each.

it did mentioned that it is settled via combination of cash consideration and intercompany set-offs.

Initially, Pembinaan Gejati is an 100% owned subsidiary of SAB Property Development Co Sdn Bhd (SPDC), and SPDC is a 100% owned subsidiary of SAB.

Pembinaan Gejati is just a small company with 100,000 paid up capital.

Subsequently, Pembinaan Gejati issue 136,900,000 new share directly to SAB. To subscribe for this new share, SAB has to inject RM136,900,000 cash into Pembinaan Gejati.

So now, Pembinaan become a direct subsidiary of SAB (99%), and balance of 1% is owned b SPDC.

I'm not a corporate finance expert, can anyone tell me why Pembinaan Gejati want to issue 136,900,000 directly to SAB? What is the purpose of enlarge it paid up capital?

Appreciate if we can have more expert come to contribute their opinion.

Posted by speakup > 2014-08-19 07:33 | Report Abuse

SAB is an asset play, just like Delloyd & BPlant.

Posted by aatzer > 2014-08-19 13:12 | Report Abuse

Albukhary, 137m injection to develop land does not make any sense to me. The logical reason to me why SAB injected 137m into its subsidiary Pembinaan Gejati sdn bhd is to repay the loan for the original purchase of the 644ac as RM5 x 43,560 = 140m, which is close enough to the 137m that was capitalised.

Posted by albukhary > 2014-08-19 20:30 | Report Abuse

aatzer, SAB call for a EGM, to revise the M&A.. Do you think SAB will announced that they will venture into property development project?

Posted by Yogibear > 2014-08-19 22:20 | Report Abuse

Ello all... I've notice that SAB's executive director is an oil palm man thus, sure plant oil palm la!! Estate man don't develop land one la...

Posted by albukhary > 2014-08-19 22:29 | Report Abuse

Don't forget SAB is well connect with Paramount!

Posted by aatzer > 2014-08-20 10:47 | Report Abuse

Judging current property market conditions, they will just wait until IJM, Ekoworld and Tropicana have fully launched their projects at Kemuning area. If they all develop and launch at the same time, may be over supply in the same area. Thus, the best strategy is to hold on and plant oil palm. The land will generate reasonable profit from oil palm and land price will keep appreciating. Anyway, the current team are still very much oil palm man, will take time to organize a "fresh" property development team.