2014年2月27日星期四

Top 10 In Property Sector


During the property bull run for the last 5 years, a lot of listed developers' profit grow. Thus, their share price also rise. However, does the rise in share price proportionate with the rise in profit?
After screening through the listed property stocks, actually we can find that some small/mid cap companies are still quite "undervalued" at the moment.
The tables below contain some easy-to-get info of most companies listed in property sector of Bursa KLCI. Some of them are not pure property developers. Some other property developers listed in other sectors and those with annual net profit less than RM15mil will not be included in this list. There is no guarantee that the numbers provided here will be 100% accurate.
The "remark" in the table roughly shows the most recent financial result compared to previous results.
Developers with market cap > RM1 billion












Stock Cap (mil) Price EPS PE Div (sen) DY% NTA Remark

E&O 2,270 2.00 11.7 17.5 4.5 2.3 1.28 1H13 down

IGB 3,949 2.65 12.5 21.9 7.5 2.8 2.77 1H13 flat

IJMLand 4,287 2.75 15.3 19.9 5.0 1.8 1.85 1Q14 up up

Mahsing 3,372 2.43 27.6 14.6 7.6 3.0 1.50 1H13 up

SPSetia 7,942 3.23 20.5 20.2 14.0 4.3 2.22 3Q13 up

Sunway 5,015 2.91 41.2 9.4 6.0 2.1 2.90 1H13 up

SPB 1,474 4.29 20.1 21.3 10.0 2.3 5.56 3Q13 up

TAGB 1,439 0.29 1.7 15.6 0.6 2.1 0.47 1H14 up

Trop 1,678 1.52 32.1 9.9 6.4 4.2 2.45 1H13 up

UEMS 10,656 2.45 10.4 23.8 3.0 1.2 1.28 1H13 up up

UOADev 3,202 2.39 24.6 10.6 12.0 5.0 1.80 1H13 up











Developers with market cap RM300 million - RM1 billion












Stock Cap (mil) Price EPS PE Div (sen) DY% NTA Remark

A&M 336 0.92 7.4 12.4 x x 1.44 1H13 flat

Amprop 456 0.785 16.9 4.7 3.0 3.8 1.30 1Q14 down

Asas 330 1.72 14.3 12.1 5.0 3.0 2.18 1H13 flat

BJAsset 946 0.85 4.2 20.5 1.5 1.8 1.99 FY13 down

Cresndo 736 3.23 29.1 13.2 12.0 3.7 3.02 1H14 up up

Daiman 577 2.72 32.7 8.4 12.0 4.4 4.89 FY13 up up

Glomac 852 1.17 14.7 8.4 6.5 5.5 1.16 1Q14 up

Guoco 806 1.15 6.3 19.2 2.0 1.7 1.20 FY13 up up

Huayang 615 2.33 36.6 8.7 13.25 5.7 1.75 1Q14 down

Hunzpty 499 2.34 91.6 3.0 5.6 2.4 3.84 FY13 up

IBHD 311 2.72 14.8 18.5 4.0 1.5 1.62 1H13 up

KSL 831 2.13 34.1 6.3 x x 3.16 1H13 up up

LBS 844 1.80 9.9 22.4 2.5 1.4 1.26 1H13 up

Magna 350 1.05 5.3 19.8 1.5 1.4 0.54 1H13 up

Malton 353 0.85 8.5 10.0 2.5 3.0 1.46 FY13 down

Matrix 860 2.86 34.5 8.3 15.4* 5.4* 1.73 1H13 up

Medainc 344 0.725 6.2 12.3 2* 2.8* 0.46 1H13 up

MKH 908 2.60 25.4 12.3 5.0 1.9 2.62 3Q13 up up

MKLand 435 0.36 3.4 10.7 2.0 5.6 0.91 FY13 up up

Naim 900 3.60 37.0 10.3 8.0 2.2 3.44 1H13 up

OSKProp 322 1.32 15.3 10.2 7.5 5.7 1.59 1H13 flat

Paramon 513 1.52 16.7 9.1 8.0 5.3 2.09 1H13 flat

PJDev 493 1.08 13.4 8.1 5.0 4.6 2.12 FY13 up

Plenitud 613 2.27 28.8 7.9 6.0 2.6 3.37 FY13 up

SDRED 384 0.90 11.3 8.0 2.25 2.5 1.53 1Q14 down

SHL 518 2.14 14.2 15.0 12.0 5.6 2.43 1Q14 up

Symlife 335 1.08 32.7 3.9 3.0 2.8 1.94 1Q14 up

TAHPS 419 5.60 19.6 28.5 20.0 3.6 5.99 1Q14 up up

Tambun 486 1.44 14.9 11.9 9.1 6.3 0.76 1H13 up

WingTM 831 2.55 42.1 6.3 10.0 3.9 3.22 FY13 up up

YNHProp 775 1.82 12.1 15.6 3.5 1.9 2.03 1H13 flat

YTLLand 827 0.98 3.0 32.8 x x 1.18 FY13 flat











Developers with market cap < RM300 million












Stock Cap (mil) Price EPS PE Div (sen) DY% NTA Remark

Asiapac 137 0.14 1.8 7.8 x x 0.35 1Q14 up

BCB 138 0.67 8.2 8.4 x x 1.75 FY13 up up

CHHB 284 1.03 8.9 11.6 x x 2.81 1H13 up up

Cview 223 2.23 38.0 5.9 14.0* 6.3* 2.01 1H13 up up

Eupe 95 0.745 11.6 6.4 2.0* 2.7* 2.06 1Q14 down

Gromutual 163 0.435 5.9 7.3 1.5 3.4 0.74 2Q14 up

GOB 182 0.80 13.4 6.0 x x 1.12 1Q14 flat

Ivory 261 0.585 8.8 8.1 x x 0.83 1H13 down

Keladi 193 0.255 7.0 3.7 0.5 2.2 0.34 1H13 flat

Ken 144 1.50 18.3 8.7 6.0 4.0 1.77 1H13 down

L&G 215 0.36 7.4 4.9 x x 0.56 1Q14 up

LienHoe 119 0.33 27.5 1.3 x x 0.77 1H13 loss

Menang 159 0.60 6.5 9.2 x x 0.67 loss to profit

Sapres 131 0.94 22.1 4.2 8.6 9.2 2.43 1H13 flat

SBCcorp 138 1.68 32.5 5.2 4.0 2.4 3.59 1Q14 flat

Sentoria 277 0.63 12.7 5.8 14.0 1.6 0.48 3Q13 down

Y&G 108 0.70 3.2 21.9 x x 1.11 1H13 flat











x - not dividend declared
* - dividend not fully declared for the FY
Those companies with low PE ratio in the list are likely to be undervalued. However, the EPS and PE for the latest full financial year may not give us the true picture, as some of the figures are affected by one-off extraordinary gain or loss during the financial year under review.
The tables do not include other important financial ratio such as ROE, gearing etc. Readers are advised to do their own homework to find out more.
With the numbers available here, lets derive some Top 10 companies for fun.
Top 10 Largest Market Capitalization





Rank Company

1 UEMS

2 SP Setia

3 Sunway

4 IJM Land

5 IGB

6 Mahsing

7 UOA Dev

8 E&O

9 Tropicana

10 Selangor Prop




Top 10 Companies with Lowest PE Ratio






Rank Company PE x

1 Lien Hoe 1.3

2 Hunza 3.0

3 Keladi 3.7

4 Symphony Life 3.9

5 Sapura 4.2

6 Amcorp Prop 4.7

7 L&G 4.9

8 SBC Corp 5.2

9 Sentoria 5.8

10 Country View 5.9





Most of the low PE ratio in the table above are not "justifiable" due to one-off gain and these companies may not be able to match the financial result for the next financial year.
Top 10 Companies with "Justifiable" Low PE ratio






Rank Company PE x

1 L&G 4.9

2 SBC Corp 5.2

3 Country View 5.9

4 KSL 6.3

4 WingTai 6.3

5 Gromutual 7.3

6 Selangor Dredg 8.0

7 PJDev 8.1

8 Matrix 8.3

9 BCB 8.4

9 Daiman 8.4

9 Glomac 8.4

10 Huayang 8.7





In my opinion, the low PE ratio of the companies in the table above may be a more accurate representative of its true value.
Top 10 Dividend Yield






Rank Company DY%

1 Country View 6.3*

1 Tambun 6.3

2 Huayang 5.7

2 OSK Prop 5.7

3 MK Land 5.6

3 SHL 5.6

4 Glomac 5.5

5 Matrix 5.4*

6 Paramount 5.3

7 UOA Dev 5.0

8 PJDev 4.6

9 Daiman 4.4

10 SP Setia 4.3





The dividend yield of Sapura Resources (9.2%) is not included in the list as it is likely not sustainable. There are some companies that give bonus issue or share dividend. These are not included in the calculation of dividend yield as well. Some of the dividend are tax-exempted and some are not...
Most of the property developers carry a lot of land with them. Thus their net asset per share is usually high, although these land may not be re-evaluated for a long time. At this moment, there are a lot of companies listed in property sector trading way below their published NTA.
Top 10 Companies with share price lag behind NTA






Rank Company Lag%

1 EUPE 177

2 CHHB 173

3 BCB 161

4 Sapura 159

5 MK Land 153

6 Asiapac 150

7 BJ Assets 134

8 LienHoe 133

9 SBC Corp 114

10 PJ Dev 96





Other Prominent Property Developers Not Listed In Property Sector












Stock Cap (mil) Price EPS PE Div (sen) DY% NTA Remark

Gamuda 1,0767 4.72 25.4 19.9 12.0 2.5 2.14 FY13 flat

IOICorp 3,4701 5.39 30.8 17.6 15.5 2.9 2.14 FY13 up

MRCB 2,460 1.49 4.3 40.9 2.0 1.3 1.03 1H13 down

Scientex 1,258 5.47 51.0 11.4 26.0 4.8 2.84 FY13 up

SIME 57,090 9.50 61.6 15.4 34.0 3.6 4.51 FY13 down

WCT 2,676 2.46 38.6 7.3 7.0 2.8 1.95 1H13 down











If solely base on PE, DY and recent financial results, we can rate these property developers as below:
Outstanding: 
  • Country View
  • Glomac
  • Huayang
  • Matrix
  • PJDev

Attractive: 
  • Daiman
  • Gromutual
  • KSL
  • L&G
  • MK Land
  • OSK Prop
  • Paramount
  • SBC Corp
  • Tambun
  • UOA Dev
  • WingTai

You should study the balance sheet, financial ratios and competitiveness of these companies to determine which is the best property stock. Of course those big cap developers are not bad too, and their higher range of PE is a norm to them.

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