TAMBUN (5191) : As Expected
Tambun Indah FY14Q4 Financial Result
| TAMBUN | FY14Q4 | FY14Q3 | FY14Q2 | FY14Q1 | FY13Q4 |
| Revenue | 110.1 | 116.8 | 128.0 | 112.0 | 118.4 |
| Gross Profit | 38.8 | 43.8 | 38.1 | 39.9 | 40.4 |
| Gross% | 35.2 | 37.5 | 29.8 | 35.6 | 34.1 |
| PBT | 35.1 | 34.8 | 33.1 | 35.3 | 36.3 |
| PBT% | 31.9 | 29.8 | 25.9 | 31.5 | 30.7 |
| PATAMI | 25.9 | 25.5 | 25.4 | 25.3 | 22.1 |
| Total Equity | 397.0 | 377.9 | 351.0 | 336.0 | 310.1 |
| Total Assets | 661.8 | 636.8 | 676.1 | 596.9 | 496.9 |
| Trade Receivables | 118.0 | 117.0 | 106.8 | 99.1 | 86.6 |
| Prop dev cost | 72.5 | 83.9 | 57.2 | 96.4 | 125.1 |
| Inventories | 2.4 | 0.3 | 0.3 | 0.3 | 0.3 |
| Cash | 131.5 | 151.1 | 194.4 | 142.8 | 125.9 |
| Total Liabilities | 262.4 | 256.6 | 323.0 | 258.7 | 183.3 |
| Trade Payables | 103.9 | 93.1 | 102.0 | 93.1 | 81.1 |
| ST Borrowings | 35.2 | 13.8 | 38.3 | 39.5 | 24.8 |
| LT Borrowings | 117.7 | 133.2 | 164.7 | 116.6 | 73.3 |
| Net Cash Flow | 17.7 | 37.3 | 80.6 | 29.0 | 24.3 |
| Operation | -5.5 | 3.0 | -23.1 | -23.0 | 57.9 |
| Investment | -12.8 | 8.5 | 2.4 | 4.1 | -21.4 |
| Financing | 36.0 | 25.8 | 101.3 | 47.9 | -12.2 |
| EPS | 6.24 | 6.22 | 6.34 | 6.41 | 6.14 |
| NAS | 0.94 | 0.92 | 0.86 | 0.85 | 0.79 |
| D/E Ratio | 0.05 | Net cash | 0.02 | 0.04 | Net cash |
Tambun's
FY14Q4 result is flat with revenue drops 5.7% while PATAMI rises 1.6%
to a record high of RM25.9mil compared to preceding quarter of FY14Q3.
This
"record" quarterly profit is helped by fair value adjustment on
investment properties amounting to RM2.6mil in current quarter.
Anyway, Tambun has achieved something special which is PATAMI of RM25+mil for all 4 quarters in a financial year.
Tambun
registers new sales of RM81mil in Q4 compared to RM74.1mil in Q3. Total
sales is RM429mil in FY14 compared to RM500mil in FY13.
This means that FY14 second half sales drop significantly from first half.
This means that FY14 second half sales drop significantly from first half.
Unbilled sales drop from RM457.3mil to RM427.4mil at the end of FY14.
| RM mil | FY14 | FY13 | FY12 | FY11 | FY10 | FY09 |
| Revenue | 466.8 | 376.4 | 296.7 | 191.8 | 128.1 | 100.9 |
| Revenue growth % | 24.0 | 26.9 | 54.7 | 43.7 | 27.0 | |
| PBT | 138.2 | 117.7 | 79.0 | 46.8 | 36.2 | 30.0 |
| PBT% | 29.6 | 31.3 | 26.6 | 24.4 | 28.3 | |
| PATAMI | 102.1 | 65.0 | 40.8 | 23.4 | 25.2 | 23.9 |
| PATAMI growth % | 57.1 | 59.3 | 75.1 | -7.1 | 5.4 | |
| EPS | 25.20 | 19.77 | 14.93 | 10.74 | ||
| NTA | 0.94 | 0.79 | 0.72 | 0.70 | ||
| ROE | 25.7 | 21.0 | 18.3 | 15.0 |
Overall FY14's revenue and PATAMI reach RM466.8mil and RM102.1mil respectively, which are 24% and 57% higher compared to FY13.
ROE reached an excellent level of above 25.
EPS stands at 24.2sen (base on today's outstanding shares of 421.5mil) and base on fair PE ratio of 8x, my target price will be RM1.94.
A minimum dividend payout of 40% will see its FY14 dividend at minimum 9.6sen. So after first interim dividend of 3sen, it should pay at least another 6.6sen later likely in September.
Dividend yield is at 5% at share price of RM1.90.
Latest progress of GEMS International School
As
mentioned in earlier articles, Tambun will only concentrate on its
Pearl City for its new launches, unless it acquires lands elsewhere.
It will launch the first high rise project in Pearl City (Avenue Garden) sooner than expected in the first half of 2015.
Avenue
Garden is a serviced apartment that offers units with built-up area
from 700 sq ft and priced from RM248k. It is located next to GEMS
International School and future Tambun Indah corporate tower.
The
price of RM350 psf is not cheap but I have a friend who is ready to
buy. I am keen to know what kind of response this project can get.
According
to analyst, Tambun plans to launch projects worth RM500mil in FY15. So I
would expect even or lower sales in FY15 compared to FY14.
In
my opinion, Pearl City is still an attractive township especially after
the completion of GEMS International School, Pearl City Mall and Jit
Sin High School SPS branch.
It is even better if the proposed medical center could be materialized.
Pearl City Master Plan (latest)
It
seems like Tambun may not sustain the tremendous growth it shows for
the past 4-5 years, especially in current soft property market.
I
believe that its management are surely busy scouting for more strategic
land and this will be a "re-rating catalyst" for its stock.
Hopefully investors can hear the good news soon.
http://bursadummy.blogspot.com/2015/02/tambun-as-expected.html
