Posted by poh_83 > 2018-02-01 15:55 | Report Abuse

Is ok, it keep drop then you keep buying, once it rebound then slowly sell....

Posted by apolloang > 2018-02-01 16:02 | Report Abuse

when bottom only done 100 share how to buy? nobody know when is bottom. if u feel it's cheap then buy and keep that's all.

Posted by zero > 2018-02-01 18:00 | Report Abuse

Dividend payout sustainable or not?

Posted by fong7 > 2018-02-01 22:07 | Report Abuse

dividend depends on earnings. lower earnings, lower dividend.
is penang that bad? really that bad?
competitions is fierce too, mahsing, eco world....invading penang...

Posted by Jon Choivo > 2018-02-02 13:33 | Report Abuse

Ok, i want me some tambun.

Posted by Jon Choivo > 2018-02-02 13:48 | Report Abuse

Tambun is a lesson in "what is already cheap can become much cheaper".

The people who paid 1.2 above, it was cheap-ish then. But at 0.95, its quite attractive given the type of property development company it is. Its nowhere near as good NTA or RNAV wise compared to say ORIENT, DAIMAN or PLENITUDE, but this company is much much more efficient with its capital allocation that those above, and yet, it trades at such low valuation.

Need to wait? At this kind of price, i can wait forever hahaha. Only question now is, where to find the money to buy, sell or deposit in money =(

Posted by Aaxfan > 2018-02-02 14:15 | Report Abuse

No one will know how deep can it falls lol

Posted by zero > 2018-02-02 14:19 | Report Abuse

Jon, good points - I like this company and how they treat their shareholders, but I'm waiting for the next Q - unbilled sales are very low and we need to watch out for potential plunge in earnings. The market, bearish as it is on property, may punish it severely a la Huayang.

I want to see more future revenue streams being secured before I commit.

Posted by zero > 2018-02-02 14:22 | Report Abuse

In short, what's in the pipeline for Tambun beyond Pearl City?

Posted by Jon Choivo > 2018-02-02 14:31 | Report Abuse

zero,

At this price, people are pricing it as if it has no prospect at all, that their net asset is worth less than what is written in the FS, and as if the management is rubbish.

All of which is untrue.

I'm not that big of a fan of projecting too far into the future. Pearl city and their current developments should keep it busy for the next 2-3 years.

ECOWORLD etc on the other hand, yes best management etc etc, but at 20 pe, you're paying for it and more imho.

Do note that i'm probably buying only a small 2-3% position, due to lack of cash and other just as attractive opportunities.

Posted by Jon Choivo > 2018-02-02 14:31 | Report Abuse

I can average down all the way if fundamentals does not change for the worse.

If it drops to 5 sen, ill privatize it. Hahahaha

Aaxfan No one will know how deep can it falls lol
02/02/2018 14:15

Posted by zero > 2018-02-02 14:38 | Report Abuse

Jon, thanks very much for sharing, those are really good points. The management, as far as I can see, is solid, make good margins, and is not averse to sharing with minorities.

I've been in some value traps, that's why I'm a bit more cautious these days, and look more to the Growth side.

Maybe you can help me privatise PARKSON too, where I've been stuck for a while ;)

Posted by stopbombing > 2018-02-02 14:39 | Report Abuse

sumatec, kedai laundry yang paling besar di dunia, bukan cuci baju, bukan cuci sotong, bukan cuci octopus, tapi cuci wang dan tidur dekat hindustan.

Posted by zero > 2018-02-02 14:41 | Report Abuse

https://www.forbes.com/sites/forbesasia/2014/01/29/malaysias-teh-kiak-seng-builds-affordable-housing/#176f7f35343f

Posted by poh_83 > 2018-02-02 14:45 | Report Abuse

new low price 0.945

Posted by Aaxfan > 2018-02-02 14:46 | Report Abuse

Anyone know what's the reason behind this drastic fall? I know the whole industry is not doing well but this particular stock is worse lol

Posted by Aaxfan > 2018-02-02 14:46 | Report Abuse

Planning to go in after cny

Posted by jayteng > 2018-02-02 14:52 | Report Abuse

with the opr increased, is bad for developers. seeing some more further down.

Posted by poh_83 > 2018-02-02 14:53 | Report Abuse

ya i think it will go down further....prepare cash to buy more to keep lol

Posted by Aaxfan > 2018-02-02 15:38 | Report Abuse

Monitoring LIIHEN as well. Another bottomless stock lol. Looking for the right time to enter both

Posted by nikicheong > 2018-02-04 10:37 | Report Abuse

Look, Tambun is actually a great company. It has a near 20% ROE (even in these difficult conditions!) while it trades at a mere 0.7x of Book Value! The dividend, even if halved, should still be a handy RM0.05/share, which should translate to an over 5% yield at current valuations. Balance sheet is relatively clean. Plus it solely has exposure to Penang property market, which according to some people I have spoken to, is in better health compared to the market in KL/Selangor/Johor.

The problem with Tambun however is the scary fall in unbilled sales. If you monitor its movement QoQ/YoY for the past 2 years, you see that unbilled sales have fallen to ALMOST NOTHING, yet the earnings have held up strongly. This means, logically, that at some point in the near future the earnings have to fall off a so-called "cliff".

Another problem with Tambun is the lack of future visibility beyond Pearl City, which can only sustain them latest until 2022/2023. However, this is not really a problem...rather it is an opportunity! Tambun has been seeking landbanking opportunities for a very long time already. The majority shareholder/owner is also the main corporate guy in-charge of the company. He definitely has a plan!

I am quite certain that as soon as Tambun does some landbanking its price will appreciate 20-30% and bring it back to book value at least.

Posted by Fabien Extraordinaire > 2018-02-04 10:43 | Report Abuse

Property market as a whole still in a downcycle. Market is merely discounting the future earnings prospect.

Posted by shortinvestor77 > 2018-02-04 20:41 | Report Abuse

Pearl City Mall in deed has been generating a recurring income already. That's why Tambun can keep a good profit even unbilled sales is decreasing(but still can last for a few more years, not zero like what nikicheong bullshit.). All investors must know its strength. Property market will soon rebounce at the time no body know when it is.

Posted by nikicheong > 2018-02-04 21:50 | Report Abuse

@shortinvestor, Pearl City Mall's recurring income is minuscule only lah. Nothing major. It's either RM5mil/q or RM5mil/year.

Posted by poh_83 > 2018-02-06 10:59 | Report Abuse

new lowest price 0.90 :(

Posted by Benny1123 > 2018-02-06 11:17 | Report Abuse

panic..

Posted by poh_83 > 2018-02-06 11:20 | Report Abuse

i want to top up at price 0.77 :)
waiting...

Posted by shortinvestor77 > 2018-02-07 20:47 | Report Abuse

大戶少少貨就可以推低股價震倉, 引來更多沽盤幫手進一步推低股價, 這是大戶一慣的做法! 散戶也是一慣服從, 樂意地聽話, 照做止蝕!!!

Posted by khfoo88 > 2018-02-08 06:32 | Report Abuse

一个稳健的领导层跟有信誉的发展商，业务跟现金流不错的公司何惧只有

Posted by kancs3118 > 2018-02-08 17:43 | Report Abuse

$0.70 is within grabs .....

Posted by Kent Chong > 2018-02-08 23:26 | Report Abuse

go 0.7

Posted by fong7 > 2018-02-09 00:54 | Report Abuse

wow....free fall....

Posted by poh_83 > 2018-02-09 09:11 | Report Abuse

collecting time... DDDDD

Posted by investor1888 > 2018-02-12 10:01 | Report Abuse

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : INTENTION TO DEAL DURING CLOSED PERIOD
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5687381

Posted by Beza > 2018-02-21 16:27 | Report Abuse

Low got lower. Siau .

Posted by Beza > 2018-02-21 16:28 | Report Abuse

But good to accumulate.

Posted by peterfeh > 2018-02-21 23:07 | Report Abuse

investor1888, the meaning of "closed period" means tambun gonna close shop? Share price will further go down hill?

Posted by chanyh > 2018-02-22 08:48 | Report Abuse

"closed period" means a period commencing 30 calendar days before the targeted date of announcement up to the date of the announcement of the following to the Exchange

Posted by Benny1123 > 2018-02-24 11:37 | Report Abuse

anyone know when QR come out?

Posted by YH Chan > 2018-02-24 21:08 | Report Abuse

might be Monday.

Posted by fong7 > 2018-02-26 06:05 | Report Abuse

how's tambun's recent landbank condition? how many acres they have waiting to be developed?

Posted by PotentialGhost > 2018-02-27 02:11 | Report Abuse

The good company give najib government policy play until want died already

Posted by shortinvestor77 > 2018-02-27 21:35 | Report Abuse

Price in already. No worry.

Posted by YH Chan > 2018-02-27 21:51 | Report Abuse

property sentimental not good, revenue lower /.\

Posted by Benny1123 > 2018-02-28 00:08 | Report Abuse

still got profit...

Posted by nikicheong > 2018-02-28 09:23 | Report Abuse

Very healthy cash levels. I think Tambun's selling point now will be the dividend yield cause the cash can finance dividends handsomely for the next 2-3 years...by which point you'd expect the property market to have recovered. Even if the dividend drops to 6 sen a year, if you buy in at current levels you will be getting a yield of nearly 7%. Very hard to beat actually. I foresee a correction in the price soon once it is clear that dividends won't simply fall off a cliff.

Posted by khfoo88 > 2018-03-01 06:50 | Report Abuse

Tambun Indah - Missed Sales Target
Author: HLInvest | Publish date: Wed, 28 Feb 2018, 09:41 AM

Results
Below expectations: TILB’s FY17 core PATAMI of RM82.6m came in below expectations, accounting for 92.6% and 91.5% of HLIB and consensus full year forecasts, respectively.
Deviations
Mainly due to slower sales and lower-than-expected margin.
Dividends
None. The final dividend is usually declared after subsequent 1Q results.
Highlights
QoQ: 4Q17 revenue was down (-14.7%) while core profit contracted by 38.8% due to fewer on-going projects, weaker margin and further dragged by a RM4m provision for the loss of a low cost housing project.
YoY: Revenue fell by 26.0% mainly due to fewer on-going projects and lower new sales. Core net profit declined more drastically by 50.6% caused by lower margin product mix.
FY17: Core net profit declined by 22.8% on the back of lower revenue (-21.8%) due to lower new sales and fewer on-going projects as some projects were completed in the prior year such as Pearl Residence and Pearl Harmoni.
In 4Q17, total new sales achieved was RM30.2m (RM17.8m in 4Q16), bringing FY17 sales to RM146.3m (FY16: RM229m), falling short of full year target at RM180m.
Shrinking unbilled sales at only RM66m (cover ratio of 0.24x FY17’s revenue) remains the concern on the sustainability of earnings moving forward.
Management is looking to sustain the earnings by improving the average take-up rate (currently at 70%) for its ongoing projects with a total GDV of RM848m.
Three new planned projects namely Palma Residency (GDV: RM50m), Permai Residency (GDV: RM53m) and Palm Garden (GDV: RM110m) are set to launch in FY18.
Risks
Delay in new project launches.
Forecasts
We reduce our FY18 and FY19 earnings by 7.3% and 6.6%, respectively after factoring in lower sales assumptions.
Rating
TRADING BUY ↔ ; TP: RM1.23
Maintain TRADING BUY as we believe the retreat of share price is overdone with potential attractive dividend yield of c.8% at below average P/E multiple despite overall soft sentiment on the sector. While the replenishment of unbilled sales may be slow with delay in project launches, TILB remains one of the strong beneficiaries of the rising land prices in Penang mainland with attractive margin.
Valuation
Target price is lowered to RM1.23 (from RM1.27) based on unchanged discount of 45% to RNAV of RM2.26.
Source: Hong Leong Investment Bank Research - 28 Feb 2018

Posted by fong7 > 2018-03-01 07:18 | Report Abuse

never mention land bank. Who knows how many acres undeveloped landback Tambun has currently?

Posted by fong7 > 2018-03-01 07:19 | Report Abuse

Any other research paper available to share? Thank you! (remember RHB has it last time, not sure now still have it or not).

Posted by David Thong > 2018-03-02 09:18 | Report Abuse

Tambun is oversold and undervalued at current price! Look at its strong balance sheet, cash rich, low debt, current price below NAV, etc. Profits are dropping is because of slowdown in property market, not the company's problems. The bottom line is property market will recover sooner or later. DYODD!