On a local outlook, while a lot of measure had been implemented to curb speculation on property, despite doing so, the new launches of properties are still looking strong with good rate of take up, and Malaysia properties are still deemed cheap by foreigners.
Symlife NTA will be easily throttle above RM 3.50 once all the land had been revalued, with the Sungai Long land being the largest contributor after Symlife had paid a premium recently to convert the piece of land into a residential and commercial title for upcoming development.
The Symphony of Life
Symphony Life Berhad, previously known as Bolton Berhad, had went through difficult times when the company had expanded into various of business. Currently under the helm of Tan Sri Azman Yahya, he had reduced Bolton (now Symlife) from a more than half a billion debt into less than a quarter billion now after refocusing the company direction into a focusing on it's property division while disposing off it's other non core assets. Tan Sri Azman Yahya, a white knight for Symlife, was the man appointed by government in 1998 to set up and head the Pengurusan Danaharta Nasional Berhad, and he was the chairman for Corporate Debt Restructuring Committee, set up by BNM to assist debt restructuring of viable companies.
Symphony Life, a BCI Asia Top 10 developer is currently heading several projects.
- Elevia Residences, Taman Tasik Prima, Puchong with a GDV of RM100m
- Summer Homes, Taman Tasik Prima, Puchong with a GDV of approx RM100m
- Tower 28 of Wharf Residences, with a GDV of approx RM200m
- TWY Duplex Condo, Moont Kiara with a GDV of RM 250m
- Tijani Ukay, Ukay Perdana with a GDV of RM 300m (70% balance)
- Amanjaya, Sungai Petani, Kedah with a GDV approx RM200m
- Lavender Heights, Senawang at Seremban with a GDV of approx 100m
- 6 Ceylon condominium at Bukit Ceylon, GDV approx RM150m
Symphony Life coming up mega projects will be looking at
- 625 acres mixed township development in Sungai Long with RM6b GDV (With New MRR2 access)
- Signal Hill, Kota Kinabalu with a GDV of RM 520m
- Star Residence, high end mixed development project between Jalan Mayang and Jalan Yap Kwan Seng for a GDV of RM2b
- 51G at Jalan Gurney, Kuala Lumpur for a GDV of RM 360m
- Taman Desiran Bayu at Wangsa Maju for a GDV of RM100m
Symphony Life is one of the oldest developer in Malaysia, known for it's quality in delivering the best in their products. With more than RM500m of unbilled sales that is going to be reflected possibly in the last quarter of FYE 2014, this will be sending Symlife share price above the sky as the current EPS for 3 cumulative quarter is standing at 12.70 cents, where trading at PER x10 will be valuing the company at RM 1.27 already. Taking a skeptical 10% from the RM500m unbilled sales turning into profit will be seeing a contribution of RM50m to 310m shares, effectively boosting an EPS of RM 0.16, totaling a FYE 2014 EPS at RM 0.287, which can be possibly looking at RM 2.50 at that kind of earnings.
I believe Symlife will be a good company to be invested in due to it's huge discount in NTA, huge prime land location, solid management team, huge upcoming projects and attractive earnings. Symlife will be looking to see a short term target at RM 1.15, while a long term will see Symlife putting above RM 1.50.
Decided on your investment? Don't be too late.
Bone's short term TP: RM 1.15
Cheers and regards,