Result Update 23 November 2017 Tambun Indah Land Berhad
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1 MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Result Update 23 November 2017 Tambun Indah Land Berhad Sales remain in doldrums sten HOLD Maintained Share Price Target Price RM1.01 RM1.06 Company Description Tambun Indah Land Bhd develops real estate. The Company builds residential projects including attached terrace homes, villas, condominium tower, and bungalows. Stock Data Bursa / Bloomberg code 5191 / TILB MK Board / Sector Main / Property Syariah Compliant status Yes Issued shares (m) Par Value (RM) 0.50 Market cap. (RM) week price Range RM Beta (against KLCI) m Average Daily Volume 0.33m 3-m Average Daily Value^ RM0.37m Share Performance 1m 3m 12m Absolute (%) Relative (%-pts) Major Shareholders % SIRAM PERMAI AMAL PINTAS 8.33 KIAK SENG TEH 5.88 Historical Chart 1.50 Result Earnings within expectations. Tambun Indah Land (TIL) recorded net earnings of RM23.9m in its 3Q17 results, down 5.2 yoy but up 18.9% qoq. Overall, 9M17 net profit of RM68.0m (-12.1% yoy) accounted for 73% of our full year earnings estimate and 79% of consensus. Comment Weaker yoy but better qoq. TIL recorded a lower yoy results with net profit declining 5.2% mainly due to lower revenue achieved, -16.9% as there were few on-going projects and lower new sales. However, the Group managed to mitigate the topline decline by achieving higher margins in this quarter (EBIT margin: +7.0ppts) thanks to cost savings from its completed projects. Similarly, TIL posted better qoq performance with net profit increasing 18.9%, mainly attributable to the abovementioned reason as costs were front loaded (EBIT margin: +6.5ppts) amid flat revenue, +1.3%. Lackluster 9M new property sales. TIL recorded new sales of RM32.0m in 3Q17, deteriorating from RM47.9m sales achieved in 2Q17 and RM36.2m sales in 1Q17. Overall, the Group chalked up new sales of RM116.1m during 9M17, tumbling 45.1% yoy from RM211.4m made in 9M16. The sales figure also accounted for 58% of our sales assumption of RM200m for Unbilled sales deteriorate further in tandem with new sales. TIL s unbilled sales decline further to RM95.0m as of 3Q17 from RM132.8m in 2Q17. The Group s unbilled sales now underpin its topline visibility of close to 3 months or equivalent to 0.3x of 2016 revenue Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Source: Bloomberg Lee Chung Cheng , ext. 758 cclee@jfapex.com.my Scale back of new launches for TIL plans to launch one new project named Palma Residence, Alma (GDV: RM50.0m) in end 2017 or early The project consists of 90 units of terraced houses. The Group also exerts its efforts in marketing its two projects which were launched in 1H17, i.e. Pearl Saujana Phase 1 (doublestorey terrace and semi-d worth GDV of RM102.7m) with current take-up rate of 12.8% and Pearl 28 (double-storey linked semi-d and bungalow worth GDV of RM20.0m) with take-up rate of 22.4%. This is in addition to the on-going projects such as Rain Tree Park 2 (64.5% take up), Avenue Garden (75.9% take up) and Pearl Tropika (63.9% take up). Moving forward, the Group aims to launch RM163.0m GDV of new projects in 2018 Permai Residency@Kota Permai (GDV: RM53.0m) and Palm Garden@Pearl City (GDV: RM110.0m) to capitalise on Please read carefully the important disclosures at end of this publication
2 gradual property market recovery next year. In view of the challenging property outlook in Penang, the value of new property launches for 2018 were substantially lower than the initial plan of RM393m. Proposed first interim dividend of 3.0 sen/share. TIL has proposed an interim dividend of 3.0 sen/share for this quarter. Earnings Outlook/Revision We slash our 2017F and 2018F net earnings estimates by respective 2.3% and 10.9% to RM91.0m and RM82.0m after lowering our new property sales assumptions to RM130m (from RM200m) for this year and RM250m (from RM300m) for next year. Valuation & Recommendation Maintain HOLD with a lower target price of RM1.06 from previous target price of 1.26 after applying wider discount of 58% (from 50% discount previously) to its fully-diluted RNAV/share of RM2.52 in view of its dismal new sales and unbilled sales as well as dampening purchasing power of Penangites as affected by the recent floods. Limited downside risk on the back of attractive dividend yield and cheap valuation. While the Group s earnings are currently affected by the sluggish sales, we see limited downside risk for the stock as the share price is well supported by its attractive dividend yield of 8-9% and it is now trading at 5.3x 2018F fully-diluted PE. 2
3 Figure 1: Quarterly Figures Year to 31 Dec (RMm) 3Q17 2Q17 3Q16 qoq (%) yoy (%) 9M17 9M16 yoy (%) Turnover Operating profit Pre-tax profit Net profit Core net profit Operating margin (%) / ppt PBT margin (%) / ppt Figure 2: Financial Summary Year to 31 Dec (RMm) F 2018F Revenue Operating profit Profit before tax Net Profit Core net profit EPS (sen) DPS (sen) P/E (x) P/BV (x) Revenue growth (%) Net profit growth (%) Core net profit growth (%) Operating margin (%) PBT margin (%) Dividend yield (%) Net gearing (%) ROE (%) ROA (%)
4 Figure 3: RNAV DCF of On-going projects Remaining GDV Stake development profits Basis RM(m) (%) BM Residence Cost of equity of 10% Straits Garden Pearl Residence Pearl Impian Pearl Avenue Ph Bkt Residence Camellia Park Permai Residence Pearl Avenue Ph Pearl Harmoni Pearl Tropika Rain Tree Park Rain Tree Park Avenue Garden Pearl Saujana Ph Pearl Pearl Saujana Ph Central Avenue Camellia Park Alma Kota Permai Pearl City - other phases Total Remaining Landbank values 96.7 Net Cash/(Debt) 19.5 Warrant proceed 3.42 RNAV Enlarged no. of shares FD RNAV/share acres in Pearl City for property investment purposes with market value of RM35psf 5.7m exercise price of RM0.60 4
5 JF APEX SECURITIES BERHAD CONTACT LIST JF APEX SECURITIES BHD 6 th Floor, Menara Apex Off Jalan Semenyih Bukit Mewah Kajang Selangor Darul Ehsan Malaysia General Line: (603) Facsimile: (603) PJ Office: 15 th Floor, Menara Choy Fook On No. 1B, Jalan Yong Shook Lin Petaling Jaya Selangor Darul Ehsan Malaysia General Line: (603) Facsimile: (603) DEALING TEAM Kong Ming Ming (ext 3237) Shirley Chang (ext 3211) Norisam Bojo (ext 3233) Institutional Dealing Team: Fathul Rahman Buyong (ext 741) Ahmad Mansor (ext 744) Zairul Azman (ext 746) PJ Office: Mervyn Wong (ext 363) Azfar Bin Abdul Aziz (Ext 822) Tan Heng Cheong (Ext 111) RESEARCH TEAM Lee Chung Cheng (ext 758) Lee Cherng Wee (ext 759) Low Zy Jing (ext 754) Nursuhaiza binti Hashim (ext 752) Siau Li Shen (ext 753) JF APEX SECURITIES - RESEARCH RECOMMENDATION FRAMEWORK STOCK RECOMMENDATIONS BUY : The stock s total returns* are expected to exceed 10% within the next 12 months. HOLD : The stock s total returns* are expected to be within +10% to 10% within the next 12 months. SELL : The stock s total returns* are expected to be below -10% within the next 12 months. TRADING BUY : The stock s total returns* are expected to exceed 10% within the next 3 months. TRADING SELL : The stock s total returns* are expected to be below -10% within the next 3 months. SECTOR RECOMMENDATIONS OVERWEIGHT : The industry as defined by the analyst is expected to exceed 10% within the next 12 months. MARKETWEIGHT : The industry as defined by the analyst is expected to be within +10% to 10% within the next 12 months. UNDERWEIGHT : The industry as defined by the analyst, is expected to be below -10% within the next 12 months. *capital gain + dividend yield JF APEX SECURITIES BERHAD DISCLAIMER Disclaimer: The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of JF Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report. Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of JF Apex Securities Berhad and are subject to change without notice. JF Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. JF Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against JF Apex Securities Berhad. JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad. Published & Printed By: JF Apex Securities Berhad (47680-X) (A Participating Organisation of Bursa Malaysia Securities Berhad) 5
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