Total GDV of MYR3.4b until 2020. The group has about 700 acres of land bank with total GDV of MYR3.4b until 2020. It has unbilled sales of ~MYR300m from its current GDV of MYR813m and pipeline GDV of MYR598m to be launched by end-2012. The remaining 560 acres with a GDV of MYR2.3b will be launched between 2013-2020. Its JV with land-owner Nadayu Properties has enabled the group to achieve healthy gross margins of >30% after locking-in its land cost at MYR11psf for Pearl City. Land prices in the vicinity have since risen to MYR20-25psf.
The group has net cash of MYR34.5m (11.1 sen/share) as at 30 Sep 2012. Given its strong Balance Sheet and operating cash flow, TILB is expected to pay 6 sen dividend in FY12 and 7.5 sen in 2013 (within its 40-60% DPR guidance), which translates to a net yield of 8% in FY12 and 10% in FY13.
TILB is trading at prospective FY13 PER of 4.8x, similar to its smaller-cap peers in the sector. However, it has a higher ROE and one of the highest dividend yields in the sector. It has an RNAV of ~MYR565m, which translates to a fullydiluted RNAV of MYR1.60/share. Imputing a 40% discount to its RNAV (similar to Glomac) implies a target price of MYR0.96, an upside of 28% from current levels
Tambun Indah Land Bhd targets to launch at least five new projects in the first half of this year, with a total gross development value (GDV) of RM253m. All of the projects will be in Penang, where the company has been active in recent years and will continue to do so, as it taps into the growing Penang property market. The company is actively looking for new land banks in the Klang Valley and other areas where it can develop future projects, either on its own or in collaboration with joint-venture partnerships.
This will complement our existing undeveloped land bank of 300ha across Penang, which translates into a potential GDV of more than RM3.4bn that is expected to last until 2020.
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....
Teo Jiunnjye 张畯傑
71 posts
Posted by Teo Jiunnjye 张畯傑 > 2012-11-21 01:04 | Report Abuse
qtrly report coming soon.... hopefully great profit