Bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria.

Thursday, April 4, 2013

~ tAmbUn IndAh lAnd bErhAd Q4FY12 Update ~

Tambun Indah Land Berhad had released its 4th quarter report and achieved a reasonably good and improved result for year 2012.

  • The current quarter recorded a 34.5% increase in revenue and 29.9% increase in profit after tax over the same quarter of preceding year while in terms of full year, year 2012 had seen a 54.8% increase in revenue and 40.9% increase in profit after tax compared with year 2011.
  • The increase in revenues was mainly due to the property development segment which contributed around 97% to Tambun’s revenues in year 2012.
  • Profit margin had increased to 19.21% from 17.56% in year 2011.
  • Diluted EPS increased to 14.81 cents. PE is around 6.1 based on today price of RM0.90.
  • ROE increased to 20.5 from 15.21 in year 2011 due to great increase in profit.
  • In terms of balance sheet, share capital of course increased as a result of the right issue while retained profit increased too due to the increases in profit.
  • Tambun purchased an undeveloped land bank which lead to an increase of around RM50m under non-current assets, investment properties column.
  • Current ratio increase to 34.7% from 27% in year 2011, but still below 50% which considered at manageable level.
  • Total borrowings increase to RM83m at which RM77m is long term borrowings while having RM95m of cash and bank balances in hands. This should not post a great liquidity problem but will need to further monitor in the future
  • From the right issue, there is still around RM15m left for utilization for year 2013.
  • The board has recommended a final dividend of 3.3 sen and thus bring the total dividend for year 2012 to 5.3sen compared with 3.8sen for year 2011.

There is still room for growth to meet PE of 8, but one must take consideration of the warrants quantity into PE calculation. And, somehow the price had seen going up from 70 cents to RM0.90 nowadays. I had been procrastinate enough and waited for any price correction to drop below 70cents for far too long and missed the boat. It’s too bad. I must learn when to invest after identified any good company. 

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