丽阳机构成立于1979年，在1995年在主板上市。公司原本名为Dijaya，1992年率先推出度假村主题产业项目Tropicana Golf
& Country Resort后，贯彻度假村概念的建筑理念，推出一系列的类似度假村概念产业，更在2012年改名为Tropicana。
近期的Icap.biz有相关报道，说得有声有色，引起我的兴趣。
营业范围
- Property development
- Property management
- Property investment
- Property maintenance services
- Education services
经营表现
- current ratio和quick ratio健康
- 存货还好，应收账款暴增
- 现金相对资产增幅太低
- 近五年来资产暴增（爆发？？？）
- 营业额与净利爆增（因为资产暴增）
- 近五年的reo、rea、roic进步中
- 债务太多（爆发前的还债记录很漂亮）
- 据Dupont分析，roe是被债务撬起的
- 负的自由现金流（爆发前很漂亮）
- Cash Convertion Cycle漂亮
- PE和DY非常诱人
- 地库多达1800 arces
- 主要产业分布于巴生谷、Iskandar Malaysia以及槟岛
- 获奖无数（产业发展方面）
- 董事部持股29%
- 没有基金显著持股
- esos滔滔不绝
- warrant很多，2019年到期
- 近年来附加股和私下配售挖了不少钱（避免过高负债？）
FINANCIAL HIGHLIGHTS & INSIGHTS
- Revenue increased by 33.7%
- Profit before tax (“PBT”) decreased by 10.4%
- Profit attributable to owners of the parent (“PATMI”) decreased by 7.8%
- Core PATMI increased by 36.8%
PROPERTY DEVELOPMENT
- revenue increased by 29.1%
- operating profit was higher by 24%
- contributed by key projects within the Klang Valley such as Tropicana Gardens in Kota Damansara, Tropicana Heights in Kajang and Tropicana Metropark in Subang Jaya, as well as Tropicana Danga Bay in the Iskandar region in Johor and gains of land sales.
PROPERTY INVESTMENT & RESORT
- revenue increased by 0.7%
- operating profit was 25% lower
- attributed to a lower FV gain of RM22.1 million
- continue to remain at sustainable levels through recurring incomes of its investment properties
INVESTMENT HOLDINGS & OTHERS
- revenue increased by 120%
- profit has decrease to RM4.7 million from RM77.9 million in FY13
- because included in FY13 were higher in FV gain on re-measurement of an associated company and share of profits of joint ventures
- Group Capital Structure
- The shareholders’ equity of the Group improved by 14.1%
- better operational performance, gains from land sales and higher retention of the current profit.
- net gearing ratio increased to 0.68
- to facilitate the Group’s property development activities
- cash balance of RM452.6 million and secured unbilled sales of RM2.7 billion
CHAIRMAN’S STATEMENT
（全篇空话？？？）
GROUP EXECUTIVE VICE CHAIRMAN’S MESSAGE
- Instead of maximising on the number of units with the land space, we increased the overall percentage of green and open spaces to between 15% and 16% at each development, as compared to the industry practice of 10%.
- We have also（新加坡）extended our reach to Surabaya, Medan, Hong Kong, Macau and Shanghai.
- As market demand continues to shift towards landed properties at strategic locations, we will focus on our new launches in the central and northern region, though more selective in the southern region.
GROUP CEO’S MESSAGE
- Pursuing our partnership initiatives with education providers to enhance the value of our developments, Tropicana entered into a strategic tie-up with Singapore’s education group, the Lasallian Asian Partnership for International Schools in August 2014 to build the St Joseph’s Institution International School in Tropicana Indah Resort Homes.
- In January 2015, we entered into an agreement to build an international school with GEMS Education in Tropicana Metropark, Subang Jaya.
- More recently, in April 2015, Tropicana announced its plans to develop a 10-acre international school campus in Tropicana Aman with Tenby Schools.
- Tropicana recorded land sales worth approximately RM1.1 billion in 2014, including the sale of 308.72 acres of Canal City land to Eco World Development Group Berhad in March 2014 for a total cash consideration of RM470.67 million
- Another significant transaction was the sale of 3.138 acres of prime freehold land located along Jalan Bukit Bintang in Kuala Lumpur to Offshore Triangle Sdn Bhd, a joint venture company between Agile Property Holdings and Tropicana, for a total cash consideration of RM448.4 million
- One of the main priorities remains to improve on our gearing position. We believe there is further scope to lower our group borrowings, and this entails continuing with efforts to improve sales from on-going projects and inventories, in addition to divesting our non-core landbanks and non-core assets.
竞争优势
- 地库便宜，多年之前购入
- 团队有经验（老字号嘛，效率未可知）
- 产业有特色（地点，建筑主题，国际学校增值）
营运风险
- 竞争激烈
- 经济低靡
- 产业泡沫（特别是Iskandar特区）
操作
- 年报咨询丰富，如果有意投资，一定要仔细看一遍
- 2010年起公司积极扩张，使得多项经营指标变调
- 看空：负自由现金流、高负债、经济前景黯淡、产业泡沫、外资流出
- 看多：低PE、高DY、高增长（打很多长肉针）
- 建议在目前局势下，先不要投资。待到局势好转，在投资不迟。
TROP (5401) - 丽阳机构 (TROP, 5401)
http://value-mining.blogspot.my/2016/01/trop-5401.html
TROP, TROP (5401) 丽阳机构, 5401, CN5401, KLSE:TROP, Investment,
挖掘价值
