Posted by pang72 > 2016-07-15 17:41 | Report Abuse

Anything need to wait and patient ...

Posted by dick20 > 2016-07-17 12:33 | Report Abuse

Thanks pang 72. Yeah, we need to wait and be patient.

Posted by pang72 > 2016-07-18 08:43 | Report Abuse

Break new high this week.

Posted by ubf104 > 2016-07-18 09:49 | Report Abuse

bro hotdogge ,buy & keep till tp ah.....

Posted by ubf104 > 2016-07-18 11:14 | Report Abuse

Hits and mostly misses in 1H16 - The Edge

Posted by Piggybank > 2016-07-18 16:04 | Report Abuse

We initiate coverage on Tiong Nam Logistics Holdings (TNL) with a
BUY call and SOTP-based 12M target price of RM2.10. We believe TNL
is poised to benefit from the rising logistics outsourcing and growing
e-commerce fulfilment demand as Malaysia’s largest total logistics
solution provider. We expect logistics segment to grow at 14% CAGR
on robust demand for warehouse storage space.
Regional logistics champion
With 77 warehouses and more than 2,000 trucking fleet spanning across
many parts of the Peninsular Malaysia, Thailand and Singapore, TNL is
firmly established as one of the largest regional logistics champion with a
storage capacity of 4.7m sq ft. Rising logistics outsourcing, growing ecommerce
fulfilment and increasing cold room requirements should boost
demand for TNL’s strategically located storage space, keeping utilisation
level high. We expect TNL’s capacity to grow at 9% CAGR and margin to
expand on ongoing productivity gains and lower labour costs driven by
higher automation.
Healthy visibility
Aside from logistics, property development segment is a sizeable earnings
driver and contributed 36% to its FY16 EBITDA. Property sales were
commendable, averaging 76% take-up rate despite soft sentiment amid a
glut. We expect the unbilled sales of RM266m to sustain earnings visibility
for the next 2 years. Future growth prospects will be underpinned by
undeveloped land banks (153 acres) with an estimated RM1.5 bn GDV.
Potential REIT in the offing
High gearing ratio (0.8x) has dampened sentiment on the stock and led to
depressed valuations relative to peers. Management guided that the
company could convert its warehouses into a REIT as part of its debt
management plan. Assuming a conservative book value disposal at
RM532m and a 51% controlling stake, TNL could generate up to RM261m
cash which could reduce net gearing ratio to a comfortable 0.4x.
Resilient earnings
We like TNL for its resilient and stable logistic segment while unbilled
property sales should act as a buffer to earnings volatility in the property
development segment. TNL is currently trading at 7x PER CY16E with a
dividend yield of 3-4%, still below its mean of 8x and sector average of 12x.
Potential REIT to pare down borrowings could be re-rating catalyst. Key
risks are moderating global growth and weak property sales.

Posted by ubf104 > 2016-07-18 16:37 | Report Abuse

your all talk is always chun ! no worry......

Posted by ubf104 > 2016-07-18 16:57 | Report Abuse

~sai lang ~???

Posted by ubf104 > 2016-07-18 17:04 | Report Abuse

1.62 well supported, next stage stand well is...

Posted by pang72 > 2016-07-18 18:26 | Report Abuse

Ubf: talk 3 talk 4 ......felt better!

Posted by pang72 > 2016-07-18 18:27 | Report Abuse

Talk more it goes up more!!

Posted by pang72 > 2016-07-18 18:41 | Report Abuse

Tomorrow, break the new high 1.67

Posted by Apamacam > 2016-07-19 12:53 | Report Abuse

How can we see the off market trade?

Posted by Apamacam > 2016-07-19 16:13 | Report Abuse

Contra shares flooding out, good buying opportunities.

Posted by ubf104 > 2016-07-19 16:40 | Report Abuse

lelong...lelong... cheap cheap for sale !!! .mari..mari ..lah !!!

Posted by ubf104 > 2016-07-19 16:44 | Report Abuse

today kuat tekan ah....die charm charm....

Posted by inikalilah888 > 2016-07-19 17:40 | Report Abuse

ada tekan baru ada pecut :)

Posted by pang72 > 2016-07-19 18:33 | Report Abuse

No die la....time will come soon...

Posted by pang72 > 2016-07-19 19:52 | Report Abuse

So many good news yet the stock price is stagnant..accumulate tomorrow...

Posted by pang72 > 2016-07-19 19:52 | Report Abuse

Completely undervalue

Posted by pang72 > 2016-07-19 21:20 | Report Abuse

another 9.5mil into the pocket.

Posted by pang72 > 2016-07-19 22:15 | Report Abuse

Valuation and Recommendation
Initiate coverage with BUY
We initiate coverage on TNL at BUY with a SOTP-based 12M target price of
RM2.10, which implies 30% upside potential from last close. The resilient nature of
the logistics and warehousing segment should provide stable and steady growth
visibility, in line with the storage capacity expansion. We expect utilisation rate to
remain elevated on robust demand for cold room services and rising logistics
outsourcing trend. Potential e-commerce logistics solution package wins will be an
added bonus, in our view.
The RM266m unbilled sales should sustain property development segment growth
while future project launches in undeveloped land banks will underpin sales
prospects. While the slowdown in residential property sales has dampened overall
demand, TNL should be relatively insulated due to its niche exposure in industrial
and commercial properties.
Fig 23: Target price breakdown
Value
Value per
share
Remarks
(RM m) (RM)
Logistics and warehousing 953.1 1.52 DCF valuation, WACC: 7%
Property development 560.5 0.89 DCF valuation, WACC: 7%
Investment property 111.6 0.18 Latest book value
Enterprise value 1,625.2 2.59
Net debt (526.6) (0.84) As at FY17
Warrant proceeds 210.0 0.34 All warrants exercised at RM1.00 by CY18
Equity value/target price 1,308.6 2.10
Share price 1.62
Upside/(downside) 30%
Notes:
Number of shares 416.5
Number of outstanding
warrants 210.0

Posted by pang72 > 2016-07-19 22:16 | Report Abuse

Above TP from Affin Hwang RM2.10 report dated 18Jul16

Posted by pang72 > 2016-07-19 22:17 | Report Abuse

https://researchnews.affinhwang.com/Research/DailyReports/20160718/Affin%20Hwang%2020160718%20TNL%20IC.pdf

Posted by pang72 > 2016-07-19 22:39 | Report Abuse

so this is good for e-commence of TN.

Posted by Cloud Ws > 2016-07-20 10:18 | Report Abuse

y keep dropping

Posted by pang72 > 2016-07-20 11:17 | Report Abuse

Tq wc 71sen....matched

Posted by pang72 > 2016-07-20 11:18 | Report Abuse

Durian jatuh!!

Posted by pang72 > 2016-07-20 11:19 | Report Abuse

Next wave declared to be kicked start today.....

Posted by pang72 > 2016-07-20 11:20 | Report Abuse

More and more investment bank into it...Latest is from Affin....2.1 tp

Posted by yeekarwai88 > 2016-07-20 11:22 | Report Abuse

bought 70.5.

Posted by pang72 > 2016-07-20 12:27 | Report Abuse

Easy money!!

Posted by ubf104 > 2016-07-20 14:28 | Report Abuse

collect today for better & richer tomorrow ! ! !

Posted by ubf104 > 2016-07-20 14:30 | Report Abuse

wc good entry price,you get buy sifu...

Posted by ubf104 > 2016-07-20 14:35 | Report Abuse

must be ready to place your bets before it shoots up....then it would be wasted !!! miss the golden chance.......my sifu had given his golden info already !! thks sifu !

Posted by pang72 > 2016-07-20 17:28 |

Post removed.Why?

Posted by pang72 > 2016-07-20 17:28 | Report Abuse

I top up 71sen....ok la

Posted by pang72 > 2016-07-20 17:37 | Report Abuse

Another fruitful day to get in such a low price

Posted by pang72 > 2016-07-20 17:39 | Report Abuse

Short term 2.1. Long term 3.00 after REIT announce

Posted by qwerty > 2016-07-20 19:29 | Report Abuse

I bought 0.53 and top up 0.69 today, WC immediate target 0.90 +/- 0.02

Posted by pang72 > 2016-07-20 19:32 | Report Abuse

Wow...you are too lucky to get in .69....I only manage to get .71

Posted by pang72 > 2016-07-20 19:32 |

Post removed.Why?

Posted by qwerty > 2016-07-20 19:33 | Report Abuse

Mother solid support at 1.51 and I doubt they will let it down. Geshen fly today and hope TN will follow suit tmr.

Posted by qwerty > 2016-07-20 19:33 | Report Abuse

I also top up at 0.71

Posted by qwerty > 2016-07-20 19:36 | Report Abuse

If mother hit 2.10, WC can hit 1.10 easily.

Posted by qwerty > 2016-07-20 19:39 | Report Abuse

Realistic WC price when mother at 2.10 = 1.26

Posted by pang72 > 2016-07-20 19:40 | Report Abuse

Good!!

Posted by chinteikong > 2016-07-20 20:19 | Report Abuse

tomorrow will break 1.80

Posted by MoneyInTheAir > 2016-07-20 21:12 | Report Abuse

why 2mr will break 1.80?

Posted by pang72 > 2016-07-20 21:27 | Report Abuse

Reit plan announces on Friday?