1. Privatisation.
2. Carey Island Deep Port project. Amverton hold a big land there. Book value still at long long ago price.
3. tba...
AMVERTON COVE GOLF & ISLAND RESORT
~ Pulau Carey, Selangor ~
Success in Stock Market through Value Investment
Showing posts with label A&M (5959). Show all posts
Showing posts with label A&M (5959). Show all posts
Saturday, 28 December 2019
AMVERTON: above resistance 1.15
Again, few factors I've suspected it "goreng" by,
1. Privatisation.
2. Carey Island Deep Port project. Amverton hold a big land there. Book value still at long long ago price.
3. tba...
AMVERTON COVE GOLF & ISLAND RESORT
~ Pulau Carey, Selangor ~
1. Privatisation.
2. Carey Island Deep Port project. Amverton hold a big land there. Book value still at long long ago price.
3. tba...
AMVERTON COVE GOLF & ISLAND RESORT
~ Pulau Carey, Selangor ~
Tuesday, 17 December 2019
AMVERTON: Fund in!
Aim the bull abnormal scanner detected!
Today spike a lot!
Carey Island deep port project?
Privatisation?
Amverton Berhad, through its subsidiaries, is engaged in development and construction of properties in Malaysia. The company is also involved in housing development, building construction, property management and development, operation of hotels and resorts, and cultivation of oil palm and sale of oil palm fruits. It is also engaged in trading and assembling automotive horns and other related products, trade of automotive products and industrial lubricants, manufacturing and distribution of automotive brake lining products and spark plugs. In addition, it is engaged in the management and operation of food and beverage business. The company was founded in 1978 and is based in Klang, Malaysia.
Today spike a lot!
Carey Island deep port project?
Privatisation?
Property market still challenging. See the latest performance, only can break-even.
But Amverton got big land (Carey Island land) which is still carry long ago price. But, this is asset play, take time and only will be materialised if any takeover.
Saturday, 23 March 2019
AMVERTON: Return of the BULL, strong bull is in making!!!
Happy to see the price is showing strength. Let's the Bull ride up to 1.80 again...
Factors driving the bull:
1. Carey Island deep port...on or not on, pending feasibility by 3rd part to advise government. We need deep port, if not we're again given the business to Singapore easily, and Singapore will monopoly the deep port business. Singapore already expanding, we're still stay still...
https://www.scmp.com/week-asia/economics/article/2182645/cutthroat-shipping-industry-singapores-moves-increase-its-berth
https://www.theedgemarkets.com/article/govt-conduct-feasibility-study-carey-island-port
2. Strong earning from the compulsory land take over by government (I don't know which land as Amverton got a lot of huge land with very low acquisition price)
3. As usual, when stock super deeply undervalue, we sure can bull shit "TAKE IT PRIVATE" bla bla bla!
Factors driving the bull:
1. Carey Island deep port...on or not on, pending feasibility by 3rd part to advise government. We need deep port, if not we're again given the business to Singapore easily, and Singapore will monopoly the deep port business. Singapore already expanding, we're still stay still...
https://www.scmp.com/week-asia/economics/article/2182645/cutthroat-shipping-industry-singapores-moves-increase-its-berth
https://www.theedgemarkets.com/article/govt-conduct-feasibility-study-carey-island-port
2. Strong earning from the compulsory land take over by government (I don't know which land as Amverton got a lot of huge land with very low acquisition price)
3. As usual, when stock super deeply undervalue, we sure can bull shit "TAKE IT PRIVATE" bla bla bla!
Friday, 26 May 2017
A&M Realty - Carey That Gem Now!
When I talk about A&M is when the price around 0.80 to 1.00.
Now, Investment Bank start talking about it when price now 1.7X.
Anyway, is still not too late for you to enter at current price as I foresee the great value release in future. Think about you're a property investor, you want to buy a house, you can choose to buy a house or you can choose to buy a stock with business selling house :)
Below is the Kenanga talk with TP 3.00 :). Can you believe it? I'm supporting this.
Source : KENANGA
Stock : A&M Price Target : 3.00 | Price Call : BUY
Last Price : 1.72 | Upside/Downside : +1.28 (74.42%)
We initiate coverage on A&M with an OUTPERFORM call and TP of RM3.00 based on valuation of 57% discount to its SOP of RM7.00. We like the company for its healthy margins, light balance sheet, strong new sales, earnings growth, and its future catalyst, i.e. Pulau Carey that is set to ride on the potential port development project undertaken by SIME and MMC. We estimate FY17-18E sales growth of 195%-29% while earnings to grow by 33%-30%. Remaining total GDV of RM17.0b with long term visibility of 15-20 years.
A&M’s land banks are mostly located in the Klang Valley (93%) while the remaining is in Melaka and Seremban. In the long term, Pulau Carey would be the main growth driver being the 72% contributor of total remaining GDV. While in the immediate term, its development would be supported by its Klang and Sg. Buloh projects which make up 19% of its total remaining GDV. It also enjoys high project gross margins of 40%-50% thanks to its relatively low land-cost to GDV ratio that ranges between 0.3%-8.8%.
Beneficiary of Pulau Carey play. Pulau Carey is located approximately 70km away from KL City Centre accessible via South Klang Valley Expressway (SKVE) which is approximately an hour’s drive away. The main owner of the Pulau Carey landbank is SIME with c.11,000ha which are mostly plantation landbanks at the moment. Meanwhile, A&M has 1,901.4ac land in Pulau Carey, which currently includes 125.0ac golf-course called Amverton Cove Golf & Island Resort, which has been in operation since year 2013 and is a public golf course. Over the last 2 years, A&M’s Pulau Carey land has been rezoned for residential and commercial purposes from agriculture land status, meaning that their land is immediately developable.
Ramping-up more launches. Going forward, A&M is keen to launch its other projects currently in the pipeline, i.e. Amverton Links, Klang and Amverton Hills, Sg. Buloh. In FY17-18E, the group intends to roll out RM238.6m-RM290.1m worth of launches of which 41%-30% are landed/affordable apartments. This is positive given that the demand for landed residential projects in Klang Valley area remains fairly resilient compared to high-rises.
Light balance sheet allows for a semi build-then-sell model. Currently, the group has a net cash position of RM64.1m with zero borrowings implying that it has very little land holding costs. This allows the group to construct ahead of time RM164.5m (representing completion progress of 68%) out of the RM238.6m worth of planned launches over FY17E which indicates their confidence in the ability to sell their projects. On a positive note, the recognition of sales from these projects would have an immediate and significant impact to its earnings.
Estimates FY17-18E earnings growth of 33%-30% to RM26.7m-RM34.6m. We are expecting its earnings growth to be backed by our estimated sales for FY17-18E of RM111.9m and RM144.1m from its planned launches of RM238.6m and RM290.1m respectively. We believe that our sales estimates are highly achievable given that we have been conservative with our take up rate assumptions of c.50% for its landed residential projects in Sg. Buloh and Klang that are already at an 80% completion stage on plan launch in 2H17.
Initiating coverage with an OUTPERFORM call and TP of RM3.00 based on 57% SoP discount to its SoP of RM7.00 (partial GDV and partial landbank basis). Our applied property RNAV discount of 60% is a tad higher than HUAYANG’s applied discount of 57%. For the small-mid-cap developers within our coverage, the average SOP/RNAV discount applied is at 55% (range of 25%-82%), whereby Greater Klang Valley-based developers discount range is lower at 25%-57% while Johor based developers are higher at 73%-82%. While our TP implies a high FY17-18E PER of 41.0x- 31.6x vs. other small mid cap developers average of 9.1x–7.6x, we also note that its GDV/mkt cap ratio is also high at 26.6x vs. small-mid cap peer’s average of 12.4x. At this juncture, we think that A&M PER may not be the best basis of comparison to peers given its superior earnings growth of 33%- 30% in FY17-18E, coupled with its huge landbank size and exceptionally long visibility of 20-years. Our SOP is also conservative as 36% of its total landbank is value on land rather than project value basis
Now, Investment Bank start talking about it when price now 1.7X.
Anyway, is still not too late for you to enter at current price as I foresee the great value release in future. Think about you're a property investor, you want to buy a house, you can choose to buy a house or you can choose to buy a stock with business selling house :)
Below is the Kenanga talk with TP 3.00 :). Can you believe it? I'm supporting this.
Source : KENANGA
Stock : A&M Price Target : 3.00 | Price Call : BUY
Last Price : 1.72 | Upside/Downside : +1.28 (74.42%)
We initiate coverage on A&M with an OUTPERFORM call and TP of RM3.00 based on valuation of 57% discount to its SOP of RM7.00. We like the company for its healthy margins, light balance sheet, strong new sales, earnings growth, and its future catalyst, i.e. Pulau Carey that is set to ride on the potential port development project undertaken by SIME and MMC. We estimate FY17-18E sales growth of 195%-29% while earnings to grow by 33%-30%. Remaining total GDV of RM17.0b with long term visibility of 15-20 years.
A&M’s land banks are mostly located in the Klang Valley (93%) while the remaining is in Melaka and Seremban. In the long term, Pulau Carey would be the main growth driver being the 72% contributor of total remaining GDV. While in the immediate term, its development would be supported by its Klang and Sg. Buloh projects which make up 19% of its total remaining GDV. It also enjoys high project gross margins of 40%-50% thanks to its relatively low land-cost to GDV ratio that ranges between 0.3%-8.8%.
Beneficiary of Pulau Carey play. Pulau Carey is located approximately 70km away from KL City Centre accessible via South Klang Valley Expressway (SKVE) which is approximately an hour’s drive away. The main owner of the Pulau Carey landbank is SIME with c.11,000ha which are mostly plantation landbanks at the moment. Meanwhile, A&M has 1,901.4ac land in Pulau Carey, which currently includes 125.0ac golf-course called Amverton Cove Golf & Island Resort, which has been in operation since year 2013 and is a public golf course. Over the last 2 years, A&M’s Pulau Carey land has been rezoned for residential and commercial purposes from agriculture land status, meaning that their land is immediately developable.
Ramping-up more launches. Going forward, A&M is keen to launch its other projects currently in the pipeline, i.e. Amverton Links, Klang and Amverton Hills, Sg. Buloh. In FY17-18E, the group intends to roll out RM238.6m-RM290.1m worth of launches of which 41%-30% are landed/affordable apartments. This is positive given that the demand for landed residential projects in Klang Valley area remains fairly resilient compared to high-rises.
Light balance sheet allows for a semi build-then-sell model. Currently, the group has a net cash position of RM64.1m with zero borrowings implying that it has very little land holding costs. This allows the group to construct ahead of time RM164.5m (representing completion progress of 68%) out of the RM238.6m worth of planned launches over FY17E which indicates their confidence in the ability to sell their projects. On a positive note, the recognition of sales from these projects would have an immediate and significant impact to its earnings.
Estimates FY17-18E earnings growth of 33%-30% to RM26.7m-RM34.6m. We are expecting its earnings growth to be backed by our estimated sales for FY17-18E of RM111.9m and RM144.1m from its planned launches of RM238.6m and RM290.1m respectively. We believe that our sales estimates are highly achievable given that we have been conservative with our take up rate assumptions of c.50% for its landed residential projects in Sg. Buloh and Klang that are already at an 80% completion stage on plan launch in 2H17.
Initiating coverage with an OUTPERFORM call and TP of RM3.00 based on 57% SoP discount to its SoP of RM7.00 (partial GDV and partial landbank basis). Our applied property RNAV discount of 60% is a tad higher than HUAYANG’s applied discount of 57%. For the small-mid-cap developers within our coverage, the average SOP/RNAV discount applied is at 55% (range of 25%-82%), whereby Greater Klang Valley-based developers discount range is lower at 25%-57% while Johor based developers are higher at 73%-82%. While our TP implies a high FY17-18E PER of 41.0x- 31.6x vs. other small mid cap developers average of 9.1x–7.6x, we also note that its GDV/mkt cap ratio is also high at 26.6x vs. small-mid cap peer’s average of 12.4x. At this juncture, we think that A&M PER may not be the best basis of comparison to peers given its superior earnings growth of 33%- 30% in FY17-18E, coupled with its huge landbank size and exceptionally long visibility of 20-years. Our SOP is also conservative as 36% of its total landbank is value on land rather than project value basis
Friday, 9 October 2015
A&M (5959)
A & M REALTY BERHAD
Super undervalued stock (fair value 3.06) to be explosived. Liquidity killing the price.
Motivation:
The group is unlocking the value of its massive landbank of 1,938 acres in Carey Island by developing it into an integrated township — Amverton Cove with a massive gross development value (GDV) of RM10 billion with planned launches of RM738 million from 2014 to 2018.
(http://www.freemalaysiatoday.com/category/business/2014/04/29/am-realty-to-boost-earnings-by-185/)
Now, the property has become a gold mine with the completion of the Carey Island access interchange of the South Klang Valley Expressway (SKVE) expected in 2015, and A&M stands to reap a windfall.
(http://www.focusmalaysia.my/Mainstream/A-M-Realty-s-unexpected-gold-mine)
Ng has been reported as saying the Carey Island land was purchased more than 30 years ago for less than RM1 psf.
According to news report then, the land was valued at more than RM50 psf or RM4.2 bil, valuing A&M at about RM11.50 per share.
But the valuation may be of the high side as the land is still classified as agricultural and will need to undergo lengthy approval processes for status conversion. Its lease expires only in 2105. According to an accountant, agricultural land can be re-valued as long as it is not classified for future conversion and development.
A&M’s Carey Island land has a net book value of RM1.23 mil, significantly below the current value. For instance, KSL Holdings Bhd paid Rm156.5 mil or RM8 psf in 2009 to acquire 178.4ha of freehold land on the Blackwater Estate, about 8KM from Carey Island. According to KSL management, the land has a current market value of RM35 psf.
(http://realestatesmalaysia.blogspot.my/2014/01/a-realtys-unexpected-gold-mine.html)
Aim the Bull next...
The resort is said to be 20 minutes from Klang via the Kesas Highway and 30 minutes from Subang and Puchong via SKVE, which was completed last year.
Super undervalued stock (fair value 3.06) to be explosived. Liquidity killing the price.
Motivation:
The group is unlocking the value of its massive landbank of 1,938 acres in Carey Island by developing it into an integrated township — Amverton Cove with a massive gross development value (GDV) of RM10 billion with planned launches of RM738 million from 2014 to 2018.
(http://www.freemalaysiatoday.com/category/business/2014/04/29/am-realty-to-boost-earnings-by-185/)
Now, the property has become a gold mine with the completion of the Carey Island access interchange of the South Klang Valley Expressway (SKVE) expected in 2015, and A&M stands to reap a windfall.
(http://www.focusmalaysia.my/Mainstream/A-M-Realty-s-unexpected-gold-mine)
Ng has been reported as saying the Carey Island land was purchased more than 30 years ago for less than RM1 psf.
According to news report then, the land was valued at more than RM50 psf or RM4.2 bil, valuing A&M at about RM11.50 per share.
But the valuation may be of the high side as the land is still classified as agricultural and will need to undergo lengthy approval processes for status conversion. Its lease expires only in 2105. According to an accountant, agricultural land can be re-valued as long as it is not classified for future conversion and development.
A&M’s Carey Island land has a net book value of RM1.23 mil, significantly below the current value. For instance, KSL Holdings Bhd paid Rm156.5 mil or RM8 psf in 2009 to acquire 178.4ha of freehold land on the Blackwater Estate, about 8KM from Carey Island. According to KSL management, the land has a current market value of RM35 psf.
(http://realestatesmalaysia.blogspot.my/2014/01/a-realtys-unexpected-gold-mine.html)
Aim the Bull next...
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