TAMBUN (5191) - Tambun: A Pleasant Surprise
Tambun Indah FY15Q1 Financial Result
| TAMBUN | FY15Q1 | FY14Q4 | FY14Q3 | FY14Q2 | FY14Q1 |
| Revenue | 130.4 | 110.1 | 116.8 | 128.0 | 112.0 |
| Gross Profit | 47.6 | 38.8 | 43.8 | 38.1 | 39.9 |
| Gross% | 36.5 | 35.2 | 37.5 | 29.8 | 35.6 |
| PBT | 41.3 | 35.1 | 34.8 | 33.1 | 35.3 |
| PBT% | 31.7 | 31.9 | 29.8 | 25.9 | 31.5 |
| PAT | 29.9 | 25.9 | 25.5 | 25.4 | 25.3 |
| Total Equity | 427.5 | 397.0 | 377.9 | 351.0 | 336.0 |
| Total Assets | 667.5 | 661.8 | 636.8 | 676.1 | 596.9 |
| Trade Receivables | 146.0 | 118.0 | 117.0 | 106.8 | 99.1 |
| Prop dev cost | 59.5 | 72.5 | 83.9 | 57.2 | 96.4 |
| Inventories | 2.2 | 2.4 | 0.3 | 0.3 | 0.3 |
| Cash | 116.0 | 131.5 | 151.1 | 194.4 | 142.8 |
| Total Liabilities | 237.1 | 262.4 | 256.6 | 323.0 | 258.7 |
| Trade Payables | 95.9 | 103.9 | 93.1 | 102.0 | 93.1 |
| ST Borrowings | 30.9 | 35.2 | 13.8 | 38.3 | 39.5 |
| LT Borrowings | 119.1 | 117.7 | 133.2 | 164.7 | 116.6 |
| Net Cash Flow | -12.3 | 17.7 | 37.3 | 80.6 | 29.0 |
| Operation | 28.8 | -5.5 | 3.0 | -23.1 | -23.0 |
| Investment | -11.6 | -12.8 | 8.5 | 2.4 | 4.1 |
| Financing | -29.6 | 36.0 | 25.8 | 101.3 | 47.9 |
| Dividend paid | 12.6 | 26.8 | 26.8 | 7.9 | 7.9 |
| EPS | 7.10 | 6.24 | 6.22 | 6.34 | 6.41 |
| NAS | 1.01 | 0.94 | 0.92 | 0.86 | 0.85 |
| D/E Ratio | 0.08 | 0.05 | Net cash | 0.02 | 0.04 |
I
think Tambun's latest quarterly result surprises a lot of investors,
even though some analysts reported that it is "within expectation".
Net
profit improves 15% to a record high of RM29.9mil from previous record
high of RM25.9mil in preceding quarter. Revenue also reaches all-time
high of RM130.4mil.
Unbilled sales manage to inch up from RM427.4mil a quarter ago to RM443.6mil.
This
better performance is contributed by higher progress billing from its
existing projects, and encouraging new sales of RM146.3mil in FY15Q1.
The
new sales are mainly contributed by Pearl Garden projects especially
Raintree Park 1. New condo Avenue Garden which achieves decent sales
(from my observation) are not included yet.
Ongoing
projects achieve average take-up rate of 87.3% as at 31 Mac 15. This
shows that demand for Pearl City projects are still high like previous
years.
As
expected, Tambun plans to pay 6.7sen final dividend for its FY14,
bringing the total to 9.7sen or 5.2% dividend yield at share price of
RM1.88.
If
we annualize FY15Q1's figure, Tambun may achieve RM120mil net profit or
28sen EPS in FY15. However, more new sales are required in order to
achieve this.
Tambun plans to launch new projects worth RM500mil in FY15.
Its
director Mr Teh mentions in press release that the company remains on
the lookout for landbank expansion opportunities given its robust
balance sheet. This should be good news to its shareholders.
Raintree Park 1 Clubhouse
Last Friday I went to an official launch of a new luxury condominium in Bukit Mertajam (BM) town known as BM Park Lane.
This
development is next to Sunway Wellesley, about 500m away from Huayang's
land, an about 2km from Tambun recently acquired land in BM.
It is a single L-shape building consists of 278 units with built-up area of 947, 1018, 1264, 1263 & 1513 sq ft.
Price
starts from RM402k with early bird discount of RM38k, thus RM364k or
RM384/sq ft for a 947 sq ft unit. Management fee is 15sen/sq ft. This is
the "market price" of this area I guess.
Though
this old BM town area is occupied with old buildings and crowded narrow
roads, it looks like almost 50% are being booked or sold on day 1.
The
selling point of BM Park Lane might be its close proximity to Sunway
Wellesley, which will probably launch its own condominium soon and I
guess that it will not be anything less than RM450 per sq ft.
Sunway
Wellesley shop offices are about to obtain OC. Public bank will also
likely to move to this area in 2017. Will all these events make this
area happening?
So, I guess Tambun may follow the trend to build a few blocks of condominium on its recently acquired land in BM.
