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Tuesday, September 1, 2015

PJDev: 4Q2015 Poor Poor Quarter

PJ Dev just announced its latest quarter report last week. I think its result disappointed many of us. And shock as well. 


There was a one-off gain of asset disposal at corresponding quarter last year. I just deducted it out at operating level and net profit level for comparison. So, probably would be slight difference in reality.

The group managed to record RM5.7 million net profit, poorest in 2 years.

Both revenue and operating profit margin also dropped.

Even worst is there was RM7.8 million loss in joint venture this quarter.

Net borrowings increased to RM362 million from RM135 million one year earlier. Net gearing ratio is around 0.3 which I think is still in comfortable horizon for a group whose main focus is in property development. Interest expenses increased two-fold from previous financial year. 

Cash flow without doubt was negative due to significant outflow for the increases in land held and property development costs probably for Yarra Park City project that caused the group to take up massive borrowings. 


Segment reporting provides some clues on the drops in performance. Found out that the group's account statement changed quite much after audited. Q4FY14 result released last year was quite different from the pass year result shown in Q4FY15.

Poor performance from the properties segment was due to delay in launching Cheras You City and Genting Windmill Upon Hills projects. But the group did mention that the take up rate in the respective Genting project was quite good after launched as well as voiced out concern regarding the slow down in the overall property market. 

Both cable and building material divisions recorded lower revenue and even worst was the hotel segment continued its loss from last quarter. 

Construction segment was the only bright spot. 

The group's prospect mentioned in the report doesn't sound quite good too. 

In another event, there was a statement stated that OSK Holding is deemed to have the control of the company even through OSKH has less than 50% of the voting right. But, the parent company probably will have more than 50% equity interest by the closing date. 

All in all, I probably will dispose my holdings in the group after some consideration. I think the share price will getting hard to reflect its high asset value after the acquisition/transfer end. It's such a waste as I owned it for a while and there was opportunity cost involved.


3 comments:

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