Talking about property stock, cheap and good, one stock appear on my mind - Plenitude.
The latest quarter report Q1 2008 has been released :
the net profit is 12millions out of 53.33millions sales, compared to the Q1 2007 millions 9.82millions from 42.52 millions sales , which is 22% improvement. ( Compare to Q4 is a major setback as Q4 net profit is 21.34millions)
Take a look on the Property Development Projects - current portion which is 140.8 millions, compare to previous quarter 131.50 millions, which means there is still projects going on, nothing much to worry.
while for long term Property Development Projects is 132 millions compare to the previous quarter 175.30millions, where we can see there is 40 millions gone, as they have been the current portion parts of project, seems we can see that they did not announce other major project recently, so it is normal to see such a drop.
The one that attract my eyes is the cash on hand, which stood at 107 millions, translate into 80 sen cash per share. At current price 2.92, thats consider alot.
By seeing the their project , we have much more confidence as they have project at Sg Petani, Johor IDN , and also kl prime land. ( visit their website http://www.plenitude.com.my/),
we can see that their managing director is the kind of slow but steady as company is having lots of cash 107 millions! and barely little long term debt 8.25millions .
And most importantly, the company is valued at PE ( 2.93/0.42 = 7) , which is obviously very low PE. With NTA RM4, and dividend of 0.115sen, translate to net dividend yield 2.86%, this counter seems like a very value buy. 0.115sen will cause the company to pay 15.5 millions, stripped off a small portion of 107millions.
The reason why this counter is valued at such low PE is due to the slow but steady net profit since 2004, which is 47.34millions on 2004, 49 millions on 2005, 52.4 millions on 2006, 56.46 millions on 2007. Without any major project going on, or any aggresive development, this counter is fairly value at around 8-10. Just hope that the management can pay more dividend if they cannot accumulate any cheap but quality land.
But not forgeting was this counter ever hit RM3.60 at July before retreat to current level RM2.93. I am still searching for property that better than this, maybe Mahsing? you like the picture below? Thats Plenitude Chart.
The latest quarter report Q1 2008 has been released :
the net profit is 12millions out of 53.33millions sales, compared to the Q1 2007 millions 9.82millions from 42.52 millions sales , which is 22% improvement. ( Compare to Q4 is a major setback as Q4 net profit is 21.34millions)
Take a look on the Property Development Projects - current portion which is 140.8 millions, compare to previous quarter 131.50 millions, which means there is still projects going on, nothing much to worry.
while for long term Property Development Projects is 132 millions compare to the previous quarter 175.30millions, where we can see there is 40 millions gone, as they have been the current portion parts of project, seems we can see that they did not announce other major project recently, so it is normal to see such a drop.
The one that attract my eyes is the cash on hand, which stood at 107 millions, translate into 80 sen cash per share. At current price 2.92, thats consider alot.
By seeing the their project , we have much more confidence as they have project at Sg Petani, Johor IDN , and also kl prime land. ( visit their website http://www.plenitude.com.my/),
we can see that their managing director is the kind of slow but steady as company is having lots of cash 107 millions! and barely little long term debt 8.25millions .
And most importantly, the company is valued at PE ( 2.93/0.42 = 7) , which is obviously very low PE. With NTA RM4, and dividend of 0.115sen, translate to net dividend yield 2.86%, this counter seems like a very value buy. 0.115sen will cause the company to pay 15.5 millions, stripped off a small portion of 107millions.
The reason why this counter is valued at such low PE is due to the slow but steady net profit since 2004, which is 47.34millions on 2004, 49 millions on 2005, 52.4 millions on 2006, 56.46 millions on 2007. Without any major project going on, or any aggresive development, this counter is fairly value at around 8-10. Just hope that the management can pay more dividend if they cannot accumulate any cheap but quality land.
But not forgeting was this counter ever hit RM3.60 at July before retreat to current level RM2.93. I am still searching for property that better than this, maybe Mahsing? you like the picture below? Thats Plenitude Chart.
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