bursa tipu.....8.30am cannot key in this stock at limit up to buy......start the quote at 8.35am.key in at 8.30am kena rejected.if wanna down sure get lo,if later wanna up cannot key in
Asset backing is RM5+ and taking it private at RM3.00 is already at a big discount. Plus in the revaluation of its land bank property , the Offeror made a big killing.
Pls read the following report from Public Investment bank dated 17/6/2014 to see what is the real net book value of Daiman. Public investment Bank gave a fair value of RM7.79 per share. You compare the offer price of RM3.00 to RM7.79 per share and see how much the offerors are going to make.
The following is the extract from the Public Investment Bank report on Daiman. See for yourself, how much the investment community has overlooked Daiman.
" Huge potential value to be unlocked.
The group owns about 2,965 acres landbank in Johor spanning across Kota Tinggi (2,645 acres), Tebrau (118 acres), Plentong (158.3 acres) and Senai (43.9 acres).
The most interesting part is its 103.7-acre golf course land in Plentong, which sits on commercial land status with a book value of RM7.20 psf. Management has indicated there is a plan for redevelopment but will only start looking into it after the completion of the JV project as it wants to see an increase in traffic volume and business activities from the mixed development. Based on the transacted price with the JV partners, the land is now worth around RM140 psf.
In Kota Tinggi, it has about 2,458 acres, which has been approved for mixed development, is sitting on book value of RM2 psf. Based on the market value of RM10-RM15 psf, we believe it is worth at least RM1bn.
All-in, we think its land bank and properties in Johor stand at market value of not less than RM2.5bn, which is a far cry as compared to its current market capitalization of RM598m."
I would like to suggest to KYY, quietly accumulate the shares of a good undervalued target property counter, make a general offer to privatise the target company at an appropriate time. He may make a few hundred percents in a few months time. After that, he can either choose to sell the properties away piece by piece or even relist the company with the lands and investment properties revaluated to market prices.
For a general offer, the authority shld requires the assets of the company to be revalued so that it will be fair and transparent to all the shareholders (both substantial and minorities).
Properties held by Daiman Development Berhad PTD 49317 - 49682* PTD 56436 - 56459 PTD 62111 - 62113 PTD 62361 - 62369 Taman Johor Jaya, Mukim of Plentong District of Johor Bahru, Johor Darul Ta’zim 32 lots of residential land for development 12 lots of vacant land - Freehold 1.05 acres
Rm19,000
Attention Sifu Jon Choivo
Note:
Daiman has 44 lots of lands in Tmn Johor Jaya. Total 1.05 acres (all freehold)
Book Value (Refer to latest annual report
is only Rm19,000
So to get price psf
1.05 x 43,560 sf ft = 45,738 sq ft
Now for Rm psf
Rm19,000 divides by 45,738 = 41.59 sen
to round it up
42 sen psf
What is the curent asking price for land in Tmn Johor Jaya?
Refer to propertyguru
Jalan Teratai 33 Tmn Johor Jaya land adverised for sale at Rm100 psf
I struck quite a few takeover plays during the last 5 yrs, including MISC, HL Cap, KHSB, Samudera, Ptg Tin, KAF, Hunzpty and this year, Daiman & SPB =)
The Offer Price of RM3 is at a whopping 55.75% discount to its RNAV of RM6.78! The independent adviser, Mercury Securities, says it is reasonable to accept the offer in view of the historical share price of Daiman. For long term investor, who has stayed with the shares for its value, I would say it is grossly unfair and unreasonable to accept the offer. Will Mercury Securities or anyone willing to sell off their own real estate/ properties at 55.75% discount? Yes, Daiman is indeed a property company owning real estate, not a tech company with very little asset backing.
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....
dompeilee
11,889 posts
Posted by dompeilee > 2018-08-28 09:58 | Report Abuse
Oops...175,300 shares decided to run LOL