现价：1.76
目标价：2.50
已投入资金:7.5%
【为何研究】
这9个月，oskprop交出非常优秀的业绩
3个季度净利表
第二季度：0.11亿
第三季度：0.20亿
第四季度：0.18亿
这数据引起了我对oskprop的关注
【unbilled sale支撑公司未来净利】
目前公司拥有11亿unbilled sale
2013年，公司营业额为5亿
所以我预测这11亿unbilled sale最少能支撑公司未来成长
estimate net profit margin：15%
estimate total net profit margin：1.65亿
estimate period of complete construction：2年
estimate net profit per year for 1.1bil unbilled sale：0.82亿
【8项房屋发展计划有望刺激净利成长】
公司陆续发展8项房屋计划
分别位于klang，cyberjaya，seremban，sungai petani
这8项房屋房展总值高达23亿
其中包括cyberjaya pr1ma （GDV：3.75亿），cyberjaya mirage（GDV：4.62亿），sungai petani 公主城（GDV：1.35亿），atria soho suite等等
【atria mall年尾开张】
地点：damansara
net lettable space：500,000sq ft
停车数额：1700个
预计会在年尾开张
预计每年可为公司带来0.19亿净利贡献
【打造kedah最大的超级市场】
位于吉打，公主城
公司拥有2500英亩地段
而目前可发展地段依然还有1500英亩
由于可发展地段依然庞大，我相信这片土地能支撑公司10年的净利
公司计划在这片土地兴建全吉打最大型的霸级市场，net lettable space：660,000 sq ft
我曾经到公主城一游，里面拥有中学，小学，就像一个城市
我对这发展计划非常看好
【公司派息慷慨+股息步步高升】
2009年：2.5分
2010年：5分
2011年：7.5分
2012年：7.5分
2013年：10分
公司几乎每年都会把40%净利，充当股息派发于股东
以目前价格买入，dividend yield>5%
【本益比低】
目前公司市值4.32亿
atria mall每年预计可贡献0.19亿
11亿unbilled sale每年预计可贡献0.82亿
这两个项目，每年净利总贡献可达1亿左右
以目前价格买入，本益比<5
这还不包括23亿发展总值的房屋计划
【预计今年可转型成为净现金公司】
2009年：net debt 0.67亿
2010年：net debt 0.56亿
2011年：net debt 1.03亿
2012年：net debt 0.88亿
2013年：net debt 0.33亿
目前公司现金相当丰厚，从以上数据可看得出，公司即将成为净现金公司
【聊osk wa的影响】
由于warrant 会在2017年才到期，所以目前warrant对于母股的净利淡稀是不会造成任何影响
如果把osk warrant如果全数转换，预计osk的净利将淡稀33%
但那已经是2017年事情，距离目前尚有4年时间
【股东持有%分析】
目前只有区区42位大股东就持有oskprop将近91%的股票
市场流动票不多，我相信oskprop今年要突围而出，不是一件难事
【后语】
本益比低，股息高，今年有望成为净现金公司，多项房屋发展计划支撑公司未来净利
我买了些oskprop，希望可从中获利
再谈oskprop（黄氏天下）
早期和大家分享oskprop
现在就详细的聊每项发展计划
据我所找到的资料
oskprop手头上拥有11项发展计划
3项是往后的发展
其中包括emira，opus suite，pr1ma
8项是目前在进行的发展项目（剩余的发展总值高达：23亿）
1）pangae（会建mall）
2）mirage by lake
3）sutera damansara
4）atria（会建mall）
5）gravitas
6）bandar puteri jaya（会建mall）
7）mirage residence
8）seremban mon jade
1）pangae
发展总值：11亿
占地：16英亩
地点：cyberjaya
会兴建mall，net lettable space：300,000sq ft
也会兴建酒店
2）mirage by lake
发展总值：4.66亿
地点：cyberjaya
3）sutera damansara
发展总值：4亿
占地：100英亩
地点：damansara
4）atria
发展总值：8亿
地点：petaling jaya
会兴建mall，net lettable space：500,000sq ft
5）gravitas（小型工业）
发展总值：1.5亿
地点：shah alam
占地：13英亩
6）bandar puteri jaya
发展总值：1.35亿
会兴建mall，net lettable space：660,000sq ft
7）mirage residence
发展总值：1.75亿
地点：jalan yap kwan seng
8）seremban mon jade
发展总值：0.38亿
虽然这8项计划发展总值高达32.64亿
但由于部分工程是2012年开始推行
所以目前8项计划剩余可发展的总值可达23亿
对于unbilled sale 11亿，我相信是包括在23亿里头
所以接下来，oskprop的unbilled sale有机会从11亿提高至23亿
【后语】
我相信今年年尾会是oskprop的爆发点，所以如果股价大跌，会持续加码
共勉之
oskprop手头上拥有11项发展计划
3项是往后的发展
其中包括emira，opus suite，pr1ma
8项是目前在进行的发展项目（剩余的发展总值高达：23亿）
1）pangae（会建mall）
2）mirage by lake
3）sutera damansara
4）atria（会建mall）
5）gravitas
6）bandar puteri jaya（会建mall）
7）mirage residence
8）seremban mon jade
1）pangae
发展总值：11亿
占地：16英亩
地点：cyberjaya
会兴建mall，net lettable space：300,000sq ft
也会兴建酒店
2）mirage by lake
发展总值：4.66亿
地点：cyberjaya
3）sutera damansara
发展总值：4亿
占地：100英亩
地点：damansara
4）atria
发展总值：8亿
地点：petaling jaya
会兴建mall，net lettable space：500,000sq ft
5）gravitas（小型工业）
发展总值：1.5亿
地点：shah alam
占地：13英亩
6）bandar puteri jaya
发展总值：1.35亿
会兴建mall，net lettable space：660,000sq ft
7）mirage residence
发展总值：1.75亿
地点：jalan yap kwan seng
8）seremban mon jade
发展总值：0.38亿
虽然这8项计划发展总值高达32.64亿
但由于部分工程是2012年开始推行
所以目前8项计划剩余可发展的总值可达23亿
对于unbilled sale 11亿，我相信是包括在23亿里头
所以接下来，oskprop的unbilled sale有机会从11亿提高至23亿
【后语】
我相信今年年尾会是oskprop的爆发点，所以如果股价大跌，会持续加码
共勉之
Oskprop 2.3bil ongoing project detail
【Pan’gaea(GDV:1.2bil)】
is truly iconic. Stretching across some 16 acres of freehold land, this modern integrated commercial and residential township includes service apartments, boutique shop offices, office suites, shopping mall, street mall and boutique hotel and has a total estimated gross development value of RM1.2 billion.
《Phase 1 of Pan’gaea, Paragon》
发行日期：april 2012
销售反映：95%已出售
完工日期：2015
a pair of iconic 16-storey and 22-storey towers comprising 196 exclusive SOFO suites, and 49 lifestyle boutique retail offices ranging from 650-1,400 square feet was launched in April 2012.Sales have been strong with an *95% take up rate.*
《Phase 2, Solstice》
发行日期：sep 2012
销售反映：已售馨
完工日期：2016
lifestyle service apartments featuring small to medium sized suites which comes with a diverse range of homes ranging from one to three bedroom suites and premier 2+1 bedroom duplex suites all of which comes fully furnished, was launched in September 2012 and has been fully sold
《Phase 3 Pangaea Eclipse Residence》
发行日期：dec 2013
销售反映：57%已出售
预计完工日期：2017
fully-furnished serviced apartments was launched in December 2013 and has attracted strong sales with a *57% take up rate to-date. *
《Phase 4 and 5》
预计发行日期：Q3 2014
预计完工日期：Q1 2018
the successful launch of Eclipse Residence at Pan’gaea, coming up next is a boutique hotel that is expected to be launched sometime in the third quarter of 2014.comprise a boutique hotel and office, shopping gallery and a street mall. The shopping mall will have 300,000 sq ft of net lettable area.
http://www.pangaea.com.my/masterplan.php
【Atria(GDV:800mil)】
发行：Nov 2011
销售反映：全部售馨
预计完工日期：2015
We launched the SoFo suites in November 2011. It was sold within seven hours,” executive director Ong Ju Xing says of the record-making launch. Sales of the SoFo suites hit RM1,100 per sq ft (psf), the highest on a psf basis.
At the bottom of the twin SoFo towers is a five and a half-storey shopping gallery with a net lettable area of 470,000 sq ft, comprising 250 shops, which will be OSK Property’s source of recurring income.
【Mirage by the Lake (GDV:466mil)】
销售反映：全部售馨
预计完工日期：Q3 2014
comprising 413 units of luxurious condominiums and 64 units of extravagant Lake and Link Villas with a total GDV of RM466.2 million, located amidst one of the finest residential landscapes in Cyberjaya, and winner of multiple local and international property awards is almost fully sold with only limited units available.
【Mirage Residence (GDV: RM 175 mil)】
销售反映：97%已出售
预计完工日期：Q4 2014
the low density 25storey tower comprising 102 units of luxury condominiums strategically located within an international locale with easy accessibility to city amenities in the heart of Kuala Lumpur class shopping and entertainment venues which includes the Suria KLCC and the iconic Petronas Twin Towers, has achieved sales of 97%
【Gravitas(GDV:125mil)】
推行日期：feb 2014
销售反应：鼓舞
预计完工日期：2016
a low density integration of factory, warehouse, office and showroom business park located in an established business hub of Shah Alam was launched in February 2014. Enquiries received from prospective buyers have been encouraging.
【Sutera Damansara(GDV:400mil)】
推行日期：september 2013
销售额：71%已出售
all phases launched previously have been fully sold, and the latest phases to be rolled out are Almira28 and The Vale II. Almira28, super link homes as big as semi-detached houses, settled in a nature-inspired township was launched in September 2013 and these very exclusive and limited units have been 71% sold. Following from the very successful townhouses of The Vale which have been fully sold, The Vale II, featuring just 36 units of prestigious townhouses which is designed with a green concept, was opened for public preview and the response has been very encouraging.
【Mon’t Jade and Seremban 3 @ Seremban (GDV: RM38 mil)】
We will also be launching single and double storey semi-detached homes (1,800- 2,500 sq ft); double storey link homes (50 units; 1,983 sq ft) in Seremban.
【Bandar Puteri Jaya (GDV:135mil)】
The Group’s development of its ongoing integrated township of Bandar Puteri Jaya in Sungai Petani, Kedah closed strongly with the sale of 537 units of single and double storey terraced and semi-detached houses as well as shops with a sales value of RM135.4 million, which is 43% higher than the previous year’s sales of RM95.0 million. Phases launched in the previous year has been 95% sold while new phases rolled out during the year
is also a proposed shopping mall that the Group intends to hold as a long term investment asset to generate recurring income. The planned two and a half storey mall encompassing an estimated net lettable area of 660,000 square feet will be the biggest shopping mall in Sungai Petani
共勉之
【Pan’gaea(GDV:1.2bil)】
is truly iconic. Stretching across some 16 acres of freehold land, this modern integrated commercial and residential township includes service apartments, boutique shop offices, office suites, shopping mall, street mall and boutique hotel and has a total estimated gross development value of RM1.2 billion.
《Phase 1 of Pan’gaea, Paragon》
发行日期：april 2012
销售反映：95%已出售
完工日期：2015
a pair of iconic 16-storey and 22-storey towers comprising 196 exclusive SOFO suites, and 49 lifestyle boutique retail offices ranging from 650-1,400 square feet was launched in April 2012.Sales have been strong with an *95% take up rate.*
《Phase 2, Solstice》
发行日期：sep 2012
销售反映：已售馨
完工日期：2016
lifestyle service apartments featuring small to medium sized suites which comes with a diverse range of homes ranging from one to three bedroom suites and premier 2+1 bedroom duplex suites all of which comes fully furnished, was launched in September 2012 and has been fully sold
《Phase 3 Pangaea Eclipse Residence》
发行日期：dec 2013
销售反映：57%已出售
预计完工日期：2017
fully-furnished serviced apartments was launched in December 2013 and has attracted strong sales with a *57% take up rate to-date. *
《Phase 4 and 5》
预计发行日期：Q3 2014
预计完工日期：Q1 2018
the successful launch of Eclipse Residence at Pan’gaea, coming up next is a boutique hotel that is expected to be launched sometime in the third quarter of 2014.comprise a boutique hotel and office, shopping gallery and a street mall. The shopping mall will have 300,000 sq ft of net lettable area.
http://www.pangaea.com.my/masterplan.php
【Atria(GDV:800mil)】
发行：Nov 2011
销售反映：全部售馨
预计完工日期：2015
We launched the SoFo suites in November 2011. It was sold within seven hours,” executive director Ong Ju Xing says of the record-making launch. Sales of the SoFo suites hit RM1,100 per sq ft (psf), the highest on a psf basis.
At the bottom of the twin SoFo towers is a five and a half-storey shopping gallery with a net lettable area of 470,000 sq ft, comprising 250 shops, which will be OSK Property’s source of recurring income.
【Mirage by the Lake (GDV:466mil)】
销售反映：全部售馨
预计完工日期：Q3 2014
comprising 413 units of luxurious condominiums and 64 units of extravagant Lake and Link Villas with a total GDV of RM466.2 million, located amidst one of the finest residential landscapes in Cyberjaya, and winner of multiple local and international property awards is almost fully sold with only limited units available.
【Mirage Residence (GDV: RM 175 mil)】
销售反映：97%已出售
预计完工日期：Q4 2014
the low density 25storey tower comprising 102 units of luxury condominiums strategically located within an international locale with easy accessibility to city amenities in the heart of Kuala Lumpur class shopping and entertainment venues which includes the Suria KLCC and the iconic Petronas Twin Towers, has achieved sales of 97%
【Gravitas(GDV:125mil)】
推行日期：feb 2014
销售反应：鼓舞
预计完工日期：2016
a low density integration of factory, warehouse, office and showroom business park located in an established business hub of Shah Alam was launched in February 2014. Enquiries received from prospective buyers have been encouraging.
【Sutera Damansara(GDV:400mil)】
推行日期：september 2013
销售额：71%已出售
all phases launched previously have been fully sold, and the latest phases to be rolled out are Almira28 and The Vale II. Almira28, super link homes as big as semi-detached houses, settled in a nature-inspired township was launched in September 2013 and these very exclusive and limited units have been 71% sold. Following from the very successful townhouses of The Vale which have been fully sold, The Vale II, featuring just 36 units of prestigious townhouses which is designed with a green concept, was opened for public preview and the response has been very encouraging.
【Mon’t Jade and Seremban 3 @ Seremban (GDV: RM38 mil)】
We will also be launching single and double storey semi-detached homes (1,800- 2,500 sq ft); double storey link homes (50 units; 1,983 sq ft) in Seremban.
【Bandar Puteri Jaya (GDV:135mil)】
The Group’s development of its ongoing integrated township of Bandar Puteri Jaya in Sungai Petani, Kedah closed strongly with the sale of 537 units of single and double storey terraced and semi-detached houses as well as shops with a sales value of RM135.4 million, which is 43% higher than the previous year’s sales of RM95.0 million. Phases launched in the previous year has been 95% sold while new phases rolled out during the year
is also a proposed shopping mall that the Group intends to hold as a long term investment asset to generate recurring income. The planned two and a half storey mall encompassing an estimated net lettable area of 660,000 square feet will be the biggest shopping mall in Sungai Petani
共勉之
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