【TA 4898 交流专区】达企业

草根一名

tagb今年第一季赚三千万,比较去年一千八百多万...
derwee 发表于 4-7-2011 08:24 PM

PE＝１７，这股现在的价格是高了些的水平。

纯粹菜鸟自言自语。

asiakeroro

我相信自己的眼光,Tagb有很大的作为!开番不是梦

villa1668

有时PE高，并不代表贵，对于成长型的公司通常比较高的。如果讲高，有些公司更高，但股价还是会向上，PE低的比如XDL和SUCCESS还是好像一直没有动静。我也相信这TA和TAGB会翻倍！

asiakeroro

所以我会一直累积它,嘿嘿...
不鸣则已,一鸣惊人...

tllaw

TA Global to play catch -up
BY Siow Chen Ming ( The edge weekly)

Buoyed by a hot property market, the stock prices of prominent developers have reached new highs while general offers have surfaced for mid-to-smalll cap property stocks still trading under book value, such as OSK property Holdings Bhd and Merge Housing Bhd.

Yet the shares of TA Global Bhd, which is deemed a sizeable developer, still lack movement. The counter, which closed last Wednesday at 36.5 sen ( 33.5sen for its PA), was traded below  its 50 sen par value and 44 sen net asset value per share.
TA Globa's  stock has grossly underperformed since its listing in November 2009 at 50 sen apiece. At last Wednesday's price, the group had a market capitalisation of RM 1.9Billion, which doesn't  fully reflect the potential of its prime landbank and htel assets, say market observers.
" The lukewarm interest could be due to perception that  it is a property investment holding company, much like what people feel about Selangor Properties Bhd, which sits on prime assets rather than generate fast turnover on them," says an analyst.
Indeed, despite being asset-rich, earnings delivery has been rather slow for TA Global Bhd, especially in property development, which produced only RM 33.9m in pre-tax profit for FY2011 ended Jan 31( Segment revenue RM89.6M), less than the RM 47.2M recorded in FY2010(segment revenue RM 97M). Management had attributed the revenue decline to the timing gap between the completion of old projects and the launch of new developments.
However, the lull in its property development division could start to reverse in FY 2012 and gather pace from FY2013, with the group starting to line up some major projects for launch, tapping its total outstanding gross development vlue of about RM8.87 Billion, management said last Thursday.
These projects are the flagship Damansara Avenue development (RM 4 B); TA 3 & 4 opposite KLCC ( RM1.38B) ; Nova Square in Jalan Imbi ( RM 1.35b); Dutamas ( RM 385m);Taman permata in Cheras (RM368m); Little Bay in Sydney, Australia ( 50% share of A$600m or RM1.95B); and Gardens in Richmond, Canada (65% of c$202 m or RM 631.5m).
Spread over a development period of 10 years, the projects could translate into annual revenue or property sales of about RM 890m, 10 times more than what TA Global's property division generated per year, over the last two years.
The momentum is already building, with the group's unbilled sales currently at RM 118m, mostly from the maiden phase of Damansara Avenue.
The huge potential GDV aside, it is also worth noting that the bulk of these projects sits on land acquired years ago, which means low holding costs that could translate into lucrative margins. The low cost of land also gives TA Global a competitive advantage over its rivals that have exhausted  their cheap landbank.
According to its listing prospectus, the 107,694sq ft of land for the TA 3&4  project is carried at a net book value of RM 65.5M, or  about RM 608.3 psf, which is a third of the going  rate for land in the KLCC vicinity of about RM2,200 psf. Meanwhile the 129,888sqft site for Nova  project  in Jalan Imbi is carried at RM85.4 million or RM657.58psf.
More interestingly, the 48 acres for the Damansara  Avenue project are only carried at RM 199m, or about RM95psf. After imputing the RM 100m infrastructure cost stated by management and deducting seven acres for the park, the cost of the development  land portion is about RM 167psf, compared with the unit selling price in the Sri damansara area of above RM550psf now.
Additionally, TA Global's hotel division has started to show strong earnings momentum. In fact, the group sprang some surprises in its results for 1QFY2012 ended Aprill 30. The hotel division reported a much stronger pre-tax  profit of RM20.3m compared with RM13.3m in the same quarter last year.
The hotel division is expected to gain further as 1Q took in less than one month's contribution from the newly acquired Swissotel Kunshan hotel in Kunshan, China, which was bought  on Aprill 7 for US$60.75 M. For the remaining 23 days in April, Swissotel Kunshan contributed a profit of RM 467,000 to TA Global.
Annualising the group's  1QFY2012 hotel operations,  pre-tax profit from hotel division could amount to some RM81.2m in FY2012, almost double the RM42.5m recorded in FY2011.
Adding the hotel's income to pretax profit from the group's investment  properties - Menara TA one KL; retail and office suites at the Subang Business Centre and Taipan USJ' and Fortis BC Centre , Vancouver- which amounted to RM5.9m in 1QFY2012, or RM23.512m per annum, the group's annual recurring income from room rates and rents could reach about RM104.7m.
Ths, for a yield of 7%, the potential value of the hotels and investment  propeties to be spun off in a REIT could fetch about RM1.5B, although management  had said it was looking at value of RM2B. A partial divestment of its hotels and investment properties through a REIT structure could help pare down the group's net total borrowings of RM662.2M as at Aprill 3,2011.
There is value waiting to be unlocked a TA Global based on the above scenario. But for the stock to start moving, investors need to see more active property development by the group.

villa1668

今天卖了OSK，再买了TAGB,我的投资组合就只有TA和TAGB了！

koo_2828

回复 146# villa1668


   OSK是很好的股。。比ta更好。。

tllaw

回复 147# koo_2828
What is the general PE for property sector? Mahsing, Ytl land , UEMland  and spsetia. All this counter PE above 18, if TAGB and make 5 sen a share then it should worth 90 sen. 5 sen is only minimum because for FY2010 it make 1.76 sen a share, if everything go according to the management plan then, the development segment will be able to contribute 5 sen a share, what about property investment segment? Remember for the next 10 years the development segment will generate RM 850M revenue a year, that say the profit only 30% it will make RM255m a year, so 5 sen profit per share is real. The next Q result will show us how true is the management plan.

tllaw

回复 148# tllaw


   Sorry for the wrong calculation, the hotel and property investment arm should be able to contribute  RM104.7m pretax profit a year and the development arm will contribute 30% x RM890m = RM267m. Total pretax profit per year will be RM371.7. Less tax 25%  profit after tax will be RM278.775 a year. EPS will be 278.775/4500= RM0.062. If PE at 17 then the stock should trade at RM1.054. The important thing now is the company need to keep on launching project as plan. One important thing need to high light here that 30% profit is a low side for a developer, especially TAGB who brought the land at very low price like sri Damansara, Bukit Bintang and KLCC. Hold for one more year to see the true value of this company.

tllaw

回复 149# tllaw

I have 850,000 lot of TAGB-PA and 500,000 lot of TA hope to make money for next two years

villa1668

回复  villa1668


   OSK是很好的股。。比ta更好。。
koo_2828 发表于 8-7-2011 07:26 AM

  证券方面无可否认，但是有时资金有限，必须要做出选择，选择TA是因为公司有很大的地库在KL地区，这都是在多年前买下的！至于证券行方面，觉得竞争实在太大了。

villa1668

回复  tllaw

I have 850,000 lot of TAGB-PA and 500,000 lot of TA hope to make money for next two  ...
tllaw 发表于 8-7-2011 02:28 PM

   lots 还是 units?为什么选择TAGB-PA而不是TAGB? 分享看看。

tllaw

回复 152# villa1668


   TAGB-PA will convert to TAGB next year without paying singer sen, when i sold TAGB and brought  the pa the price difference about 10sen, even didn't get dividend for three years but still wort to hold PA  instead of mother share. Now the price difference only 4 sen, but still wort to change it, because dividend will not more then 1 sen for next year. This counter need to hold for long term not for short term player, i never think  it will move up after the listing. For TA when TAGB moving TA will move as well. If you remember TA -WB then u should be confident to hold TAGB. This counter is good in foundation and also subject to speculation. If more news coming up then this is sign of something going on. When the Aus and Cana project is officially launch, i think it will go up. So we hope for the best and if buy at current price i can't see any risk for you all.

asiakeroro

tllaw兄,你就不能写中文吗?
看得很辛苦叻...:@

asiakeroro

回复 150# tllaw


    你真的很多水一下...我目前才30粒tagb

asiakeroro

哈哈,不好意思,看错人...

tllaw

回复 156# asiakeroro

Sorry friend i'm not too familiar with Pin Yin. The TAGB i got it free when i brought the TA at RM1 per share. I invest RM500k for it

asiakeroro

好像除了我们几个,其他股友对他兴趣都不大...

villa1668

好像除了我们几个,其他股友对他兴趣都不大...
asiakeroro 发表于 8-7-2011 10:49 PM

   以后赚钱我们这几个出来大家一起庆祝。

michael0320

还好啦，年轻人全部要投机，比较少人会想到long term