SYMLIFE (1538) SYMPHONY LIFE BERHAD - SYMLIFE - High End Property Player
With many property counters price moved to new high/ uptrending i.e. KSL, EWEIN, GOB, SEAL, etc, is this the end of property cycle? Maybe not so soon until each company quarter results reported. The most recent is PARAMON the well-known property players that report good results due to many projects in hand.
What’s so special about SYMLIFE? We will briefly state out below points:
1. High unbilled sales
The Group recorded unbilled sales of RM958 million as at 30 September 2016 (including our 50% share in Star Residences) which will contribute positively to future earnings. New projects i.e. Union Suites @ Sunway and other ongoing projects are going to continue push up the amount of unbilled sales.
2. On-going Projects (so called Prospect)
FYE2017 results ended 31 March 2017 will be contributed by below 5 projects:
- TWY Mont' Kiara, with a projected Gross Development Value ("GDV") of RM430 million, is a development which will cater to investors and the younger generation of house buyers looking for small-sized condominiums in the exclusive Mont' Kiara enclave. The project received good response and has achieved sales of more than 90%. (Expected completion date: June 2019)
- Elevia Residences, Puchong which offers a combination of villas and a block of 25-storey condominium in our Taman Tasik Prima township in Puchong with a projected GDV of RM130 million has to date achieved sales of almost 70%. (Completion date: End of December 2016)
- Desiran Bayu, a jointly developed project, is Symlife's first Build Then Sell project comprising low density development with 70 units of superlink terrace houses in Sri Rampai area of Kuala Lumpur with a projected GDV of RM110 million. Symlife's entitlement is 48 units with a GDV of RM80 million. To date, the project has achieved sales of more than 95%.
- Tijani Raja Dewa in Kota Bharu offers a combination of terrace houses and semi-detached houses and a block of condominiums with a projected GDV of RM180 million for the 1st phase of development. To date, the project has achieved sales of close to 50% for the higher priced landed units. (Expected completion date: November 2017)
- Star Residences
3. Improvement of Quarter Results
SYMLIFE is a superb hot stock back in 2014, reason being is their results are excellent however with only 3 projects in hand:
- Ceylon, KL (33-storey development comprising 215 high-end apartments in KL) GDV of RM150mil
- Tijani Ukay (109 units of zero-lot bungalows and 9 units of bungalows in Ulu Kelang) GDV of RM300mil
-Wharf Residences (1002 units of condominium in Taman Tasik Prima) of GDV of RM200mil
With the total of 3 projects GDV of RM650mil, SYMLIFE is great enough to achieve high EPS of lowest 3 cents and highest 8 cents. You can make the comparison past and present. Hence with 5 projects in hand at present we can expect better results in FYE2017.
In addition, the results in Q4 FYE2016, Q1 FYE2017 and Q2 FYE2017 we see improvement in earnings constributed due to newly launched projects- Star Residences.
4. Major revenue contributor – Star Residences
RM2.8 billion mixed development in KLCC area comprising 3 residential towers and signature retail has received very good response to date. The Residential Tower 1 (RT 1) has achieved sales of more than 95% and the recently launched Residential Tower 2 (RT 2) also received a good response and has achieved a take-up rate of more than 50%. The project is expected to complete by 2019. With GDV of RM1.4mil (joint venture) divided by perhaps most 10-12 quarters. Each quarter could easily get standard profit margin of 10% valued at average RM10mil to RM14mil.
We personally have gone to site visit and believe the progress has gone far more than the picture recorded at April 2016.
5. Upcoming projects
The Group intends to launch Union Suites@Sunway, with a projected GDV of RM400 million. This development consists of over 600 units of mainly small fully-furnished apartments targeted for students' accommodation and investors due to its proximity to several established universities, colleges and medical centres in the Sunway area. We are confident that despite the soft market, this development will be well received.
Others who awaited to be launched:
- Signal Hill, Kota Kinabalu (GDV of RM480mil)
- 51G Kuala Lumpur (GDV of RM360mil)
- The Wharf Retail Mall (GDV of RM340mil)
- Subang Airport Road (GDV of RM200mil)
- Mont Kiara 2 Kuala Lumpur (GDV of RM400mil)
- U10 Shah Alam (GDV of 300mil)
6. NTA
The Group has recorded an NTA of RM2.09 which is 186% discounted from current market price of RM0.73.
7. Dividend
SYMLIFE has been generous on dividend payout as stated below. During properties downturn in 2015 and 2016, the Group still distribute dividend of 5 cents and 2 cents respectively in years. With the huge project of Star Residence, TWY Mont Kiara, and Union Suite Sunway, we definitely can expect huge dividends being distributed.
8. Management Capability
SYMLIFE is led by Tan Sri Azman Yahya.
Background of Tan Sri Azman Yahya is as below:
He currently holds Directorships in various public listed companies which are among others the Independent Non-Executive Director of Ekuinas Nasional Berhad, Director and Audit and Risk Committee (ARC) Member of Khazanah Nasional Berhad, Director of PLUS Expressways International Berhad, Chairman and Non-Independent Non-Executive Director of Ranhill Holdings Berhad, Independent Non-Executive Director of SCOMI Group Berhad, Executive Chairman and Non-Independent Executive Director of Symphony Life Berhad, and Independent Non-Executive Director of AIA Group Limited.
He is actively involved in the nation’s motorsport arena of where he is the Chairman of the Motorsports Association of Malaysia and the Director of Sepang International Circuit Sdn Bhd. Besides that, he serves as a Member of Capital Market Advisory Group of the Securities Commission, and a Member of the Special Economic Committee of the Prime Minister’s Department.
His outstanding career started at KPMG in London before returning to Malaysia in 1988 where he built his career in investment banking to become the Chief Executive of Amanah Merchant Bank. He also worked with the Island & Peninsular Group.
Tan Sri Azman was appointed by the Malaysian Government to set up and head Danaharta, the national asset management company and subsequently became its chairman until 2003. He was also the Chairman of the Corporate Debt and Restructuring Committee (CDRC) which was set up by Bank Negara Malaysia to mediate and assist in the debt restructuring of viable companies until its closure in 2002.
He holds a first class honours degree in Economics from the London School of Economics and Political Science, and is a member of the Institute of Chartered Accountants in England and Wales (ICAEW), member of the Malaysian Institute of Accountants (MIA) and a Fellow of the Malaysian Institute of Banks.
With his leadership and diversifed background, he is seen to be capable to lead SYMLIFE towards Giant.
Conclusion:
It is vital to look at the Group prospect in a long-term manner instead of short term. SYMLIFE fulfils all the criteria of a good fundamental counter to invest for a long time with the huge number of projects in hand, huge upcoming launches, good dividend paid, and great share price appreciation to be considered as one of the undervalued counter. Properties counters has undergone a quiet year due to higher RPGT imposed, unaffordable price range, bank lending regulation stringent, etc. However we shall see a globalisation where foreigners started to acquire properties in Malaysia due to years of price suppressed to new low and attractive spots to begin invest. In comparison with peers IWCITY, KSL, MAGNA and DBHD, SYMLIFE could easily achieve EPS of 10 in FYE2017 ended 31 March with standard PE of 12, the share price can easily valued at RM1.20.
Stock Alliance
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SYMLIFE (1538) SYMPHONY LIFE BERHAD - SYMLIFE - High End Property Player
http://klse.i3investor.com/blogs/stockalliance/116147.jsp
With many property counters price moved to new high/ uptrending i.e. KSL, EWEIN, GOB, SEAL, etc, is this the end of property cycle? Maybe not so soon until each company quarter results reported. The most recent is PARAMON the well-known property players that report good results due to many projects in hand.
What’s so special about SYMLIFE? We will briefly state out below points:
1. High unbilled sales
The Group recorded unbilled sales of RM958 million as at 30 September 2016 (including our 50% share in Star Residences) which will contribute positively to future earnings. New projects i.e. Union Suites @ Sunway and other ongoing projects are going to continue push up the amount of unbilled sales.
2. On-going Projects (so called Prospect)
FYE2017 results ended 31 March 2017 will be contributed by below 5 projects:
- TWY Mont' Kiara, with a projected Gross Development Value ("GDV") of RM430 million, is a development which will cater to investors and the younger generation of house buyers looking for small-sized condominiums in the exclusive Mont' Kiara enclave. The project received good response and has achieved sales of more than 90%. (Expected completion date: June 2019)
- Elevia Residences, Puchong which offers a combination of villas and a block of 25-storey condominium in our Taman Tasik Prima township in Puchong with a projected GDV of RM130 million has to date achieved sales of almost 70%. (Completion date: End of December 2016)
- Desiran Bayu, a jointly developed project, is Symlife's first Build Then Sell project comprising low density development with 70 units of superlink terrace houses in Sri Rampai area of Kuala Lumpur with a projected GDV of RM110 million. Symlife's entitlement is 48 units with a GDV of RM80 million. To date, the project has achieved sales of more than 95%.
- Tijani Raja Dewa in Kota Bharu offers a combination of terrace houses and semi-detached houses and a block of condominiums with a projected GDV of RM180 million for the 1st phase of development. To date, the project has achieved sales of close to 50% for the higher priced landed units. (Expected completion date: November 2017)
- Star Residences
3. Improvement of Quarter Results
SYMLIFE is a superb hot stock back in 2014, reason being is their results are excellent however with only 3 projects in hand:
- Ceylon, KL (33-storey development comprising 215 high-end apartments in KL) GDV of RM150mil
- Tijani Ukay (109 units of zero-lot bungalows and 9 units of bungalows in Ulu Kelang) GDV of RM300mil
-Wharf Residences (1002 units of condominium in Taman Tasik Prima) of GDV of RM200mil
With the total of 3 projects GDV of RM650mil, SYMLIFE is great enough to achieve high EPS of lowest 3 cents and highest 8 cents. You can make the comparison past and present. Hence with 5 projects in hand at present we can expect better results in FYE2017.
In addition, the results in Q4 FYE2016, Q1 FYE2017 and Q2 FYE2017 we see improvement in earnings constributed due to newly launched projects- Star Residences.
4. Major revenue contributor – Star Residences
RM2.8 billion mixed development in KLCC area comprising 3 residential towers and signature retail has received very good response to date. The Residential Tower 1 (RT 1) has achieved sales of more than 95% and the recently launched Residential Tower 2 (RT 2) also received a good response and has achieved a take-up rate of more than 50%. The project is expected to complete by 2019. With GDV of RM1.4mil (joint venture) divided by perhaps most 10-12 quarters. Each quarter could easily get standard profit margin of 10% valued at average RM10mil to RM14mil.
We personally have gone to site visit and believe the progress has gone far more than the picture recorded at April 2016.
5. Upcoming projects
The Group intends to launch Union Suites@Sunway, with a projected GDV of RM400 million. This development consists of over 600 units of mainly small fully-furnished apartments targeted for students' accommodation and investors due to its proximity to several established universities, colleges and medical centres in the Sunway area. We are confident that despite the soft market, this development will be well received.
Others who awaited to be launched:
- Signal Hill, Kota Kinabalu (GDV of RM480mil)
- 51G Kuala Lumpur (GDV of RM360mil)
- The Wharf Retail Mall (GDV of RM340mil)
- Subang Airport Road (GDV of RM200mil)
- Mont Kiara 2 Kuala Lumpur (GDV of RM400mil)
- U10 Shah Alam (GDV of 300mil)
6. NTA
The Group has recorded an NTA of RM2.09 which is 186% discounted from current market price of RM0.73.
7. Dividend
SYMLIFE has been generous on dividend payout as stated below. During properties downturn in 2015 and 2016, the Group still distribute dividend of 5 cents and 2 cents respectively in years. With the huge project of Star Residence, TWY Mont Kiara, and Union Suite Sunway, we definitely can expect huge dividends being distributed.
8. Management Capability
SYMLIFE is led by Tan Sri Azman Yahya.
Background of Tan Sri Azman Yahya is as below:
He currently holds Directorships in various public listed companies which are among others the Independent Non-Executive Director of Ekuinas Nasional Berhad, Director and Audit and Risk Committee (ARC) Member of Khazanah Nasional Berhad, Director of PLUS Expressways International Berhad, Chairman and Non-Independent Non-Executive Director of Ranhill Holdings Berhad, Independent Non-Executive Director of SCOMI Group Berhad, Executive Chairman and Non-Independent Executive Director of Symphony Life Berhad, and Independent Non-Executive Director of AIA Group Limited.
He is actively involved in the nation’s motorsport arena of where he is the Chairman of the Motorsports Association of Malaysia and the Director of Sepang International Circuit Sdn Bhd. Besides that, he serves as a Member of Capital Market Advisory Group of the Securities Commission, and a Member of the Special Economic Committee of the Prime Minister’s Department.
His outstanding career started at KPMG in London before returning to Malaysia in 1988 where he built his career in investment banking to become the Chief Executive of Amanah Merchant Bank. He also worked with the Island & Peninsular Group.
Tan Sri Azman was appointed by the Malaysian Government to set up and head Danaharta, the national asset management company and subsequently became its chairman until 2003. He was also the Chairman of the Corporate Debt and Restructuring Committee (CDRC) which was set up by Bank Negara Malaysia to mediate and assist in the debt restructuring of viable companies until its closure in 2002.
He holds a first class honours degree in Economics from the London School of Economics and Political Science, and is a member of the Institute of Chartered Accountants in England and Wales (ICAEW), member of the Malaysian Institute of Accountants (MIA) and a Fellow of the Malaysian Institute of Banks.
With his leadership and diversifed background, he is seen to be capable to lead SYMLIFE towards Giant.
Conclusion:
It is vital to look at the Group prospect in a long-term manner instead of short term. SYMLIFE fulfils all the criteria of a good fundamental counter to invest for a long time with the huge number of projects in hand, huge upcoming launches, good dividend paid, and great share price appreciation to be considered as one of the undervalued counter. Properties counters has undergone a quiet year due to higher RPGT imposed, unaffordable price range, bank lending regulation stringent, etc. However we shall see a globalisation where foreigners started to acquire properties in Malaysia due to years of price suppressed to new low and attractive spots to begin invest. In comparison with peers IWCITY, KSL, MAGNA and DBHD, SYMLIFE could easily achieve EPS of 10 in FYE2017 ended 31 March with standard PE of 12, the share price can easily valued at RM1.20.
Stock Alliance
The information contained in this channel is for general information purposes only. Any reliance you place on such information is therefore strictly at your own risk.
We hope to bring profit to everyone as we did in today.
Do help us share out our channel link
Add our new fb:
https://www.facebook.com/stockalliance
Join our Channel and check out our performance.
https://telegram.me/stockalliance
SYMLIFE (1538) SYMPHONY LIFE BERHAD - SYMLIFE - High End Property Player
http://klse.i3investor.com/blogs/stockalliance/116147.jsp
