sparta very active asking people to pay for sparta service. Last time share free in telegram group. Now free telegram group got more than 5000 followers, want to charge for services. Jilaka sparta !!!
Investors should re-focus on Malton’s fundamental value as well as the potential M&A catalysts following the recent share price retracement. Leveraging on the success of the Bukit Jalil City project, the upcoming Duta Park project could be its next property sales driver. Meanwhile, while rumours of M&As have subsided, we still think the idea is viable and should benefit shareholders if Malton/WCT/Pavilion Group are to merge. Their combined presence, as a whole, could potentially pose as a threat to other top-tier developers and construction players. Fundamentals remained unchanged. Malton’s stock saw aggressive profittaking over the past few months, partly due to the twist in events for Bandar Malaysia. As its management has already announced that the company is not in discussions with Dalian Wanda (Dalian) and Employees Provident Fund (EPF) in bidding for the Bandar Malaysia project earlier, we believe investors should refocus on its fundamental value as well as the potential M&A catalyst. Last block in Bukit Jalil City is selling fast. Three years since the first launch in 2014, the sellable portion in Malton’s Bukit Jalil City project has reached almost the end. This is considered fast, amidst the softening property market – on top of the fact that the sellable area has a sizeable GDV of about MYR2.5bn. The last block (second block in The Park 2) was just launched last month. Malton was still able to lift its ASP to MYR850 psf (post discount), vs an ASP of MYR800 psf for the first block in The Park 2. Demand remains strong, and management expects the take-up rate for the latest block to hit 70-80% soon. As the entire development is gradually taking shape, and further boosted by the opening of KL Sports City in the vicinity, confidence levels in the Pavilion Bukit Jalil City Mall would likely be high. This should help Malton secure a funding partner for the mall soon. We expect some disposal gain to be realised. Launching Duta Park as scheduled. The success of the Bukit Jalil City project should benefit Malton’s next launch of its Duta Park project at Jalan Kuching by end-2017. A preview was held in end-September. Phase 1 of the project has a GDV of MYR600m, comprising 840 units of service apartments. The indicative ASP of MYR650-700 psf is within the current market price for primary projects. Still a potential M&A target. 2017 has, so far, been a vibrant year for M&As, particularly for the property sector. Although the media reported the possibility of a Malton-WCT merger some time ago, we think this M&A catalyst is still on the cards. The merger makes sense – the combined entity would be much stronger in both the property development and construction. Also, WCT had previously indicated its intention to tie up with some top China contractors to bid for construction jobs domestically. Given the scope of work required in some of the upcoming major projects in Malaysia such as Bandar Malaysia, the highspeed rail and the East Coast Rail Line (ECRL), opportunities are aplenty. Valuations. We have an indicative valuation of MYR1.78 for Malton, based on a 40% discount to RNAV. Near-term earnings would be underpinned by MYR1.08bn in unbilled sales and a MYR780m outstanding construction orderbook.
Malton is already running into deep troubles, it's just hiding negative real data. Properties launched at high end price range are only supported artificially and internal bosses groups. Nothing more than that so the sales or strong take up rates as reported are not real demand but made up to show to public a bright image and perceptions. Banks don't even want to lend out money into these kind of high end segment residential or commercial loan applications. When Malton's earnings hit a real big drop after bosses cannot tahan, be prepared to see how bubble burst.
sparta channel still asking for fees? malton barely moves....so lembik. I doubt property stocks will move. If u deny the property glut, take a good look around in the city and ask bank officers. Malton still doing well? worse result is coming. Hope they dun falsifying financial data or sales. Qatar also dun wan to build Harrods hotel in KL....wat else sign u looking for? Too much retail spaces causing gluts.
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....
tianwang
176 posts
Posted by tianwang > 2017-09-28 11:46 | Report Abuse
sifu Espesp...what rumour?