Tambun Indah FY13Q3 Financial Result
| TAMBUN | FY13Q3 | FY13Q2 | FY13Q1 | FY12Q4 | FY12Q3 | FY12Q2 |
| Revenue | 97.1 | 82.6 | 78.3 | 75.7 | 76.6 | 78.8 |
| PBT | 31.2 | 26.3 | 24.0 | 20.8 | 22.1 | 17.9 |
| PBT% | 32.1 | 31.8 | 30.7 | 27.5 | 28.9 | 22.7 |
| PAT | 17.2 | 14.0 | 11.7 | 11.3 | 10.9 | 9.5 |
| Total Equity | 273.9 | 243.1 | 235.3 | 223.2 | 217.9 | 206.5 |
| Total Assets | 510.2 | 475.0 | 455.5 | 443.9 | 395.4 | 383.3 |
| Trade Receivables | 83.8 | 79.8 | 82.0 | 70.6 | 80.1 | 65.6 |
| Prop dev cost | 129.6 | 131.5 | 132.9 | 129.2 | 107.7 | 111.1 |
| Inventories | 0.0 | 0.0 | 0.3 | 0.3 | 0.6 | 0.6 |
| Cash | 141.9 | 117.2 | 99.7 | 96.0 | 82.2 | 80.7 |
| Total Liabilities | 185.0 | 185.9 | 178.8 | 182.0 | 141.4 | 141.0 |
| Trade Payables | 74.5 | 69.7 | 63.9 | 93.0 | 60.3 | 45.2 |
| ST Borrowings | 26.4 | 26.7 | 16.6 | 6.7 | 6.3 | 6.7 |
| LT Borrowings | 73.8 | 80.3 | 92.1 | 77.1 | 61.5 | 65.5 |
| Net Cash Flow | 52.5 | 22.9 | 4.4 | 51.9 | 61.9 | 62.9 |
| Operation | 32.5 | 2.0 | -16.7 | 84.1 | 55.6 | 32.9 |
| Investment | -4.5 | -4.2 | -1.7 | -52.9 | -4.7 | -4.4 |
| Financing | 24.5 | 25.0 | 22.7 | 20.7 | 10.9 | 34.5 |
| EPS | 5.22 | 4.46 | 3.77 | 3.62 | 3.52 | 3.78 |
| NAS | 0.82 | 0.76 | 0.76 | 0.72 | 0.70 | 0.67 |
| D/E Ratio | Net cash | Net cash | 0.04 | Net cash | Net cash | Net cash |
Yet again, Tambun Indah achieves record revenue, profit and cash balance for its latest FY13Q3 results.
Its revenue & net profit jump 27% & 58% YoY. Its cash & equivalents have risen to a record high of RM141.9mil, while total borrowings reduce slightly to RM100.2mil.
The excellent result is contributed solely by excellent sales with its overall projects take-up rate at 81% up to FY13Q3 (end Sep13). In the same period of time, unbilled sales stand at RM518.5mil (from RM509.8mil in 1H13) and total GDV is RM1.35bil.
The more exciting part is, the acquisition of remaining shares in Palmington & TI Development will only be completed on 25th November 2013. After its completion, Tambun Indah's profit attributable to equity holders will likely to increase by ~35% in a full quarter. This is not a small figure.
So we can expect further improvement in its financial results from FY13Q4 onwards, especially from FY2014 when the contribution from the newly acquired shares will be consolidated fully in its account.
In FY13Q4, some projects that carry high GDV such as Pearl Villa, Pearl Square & Dahlia Park have been completed. With other condo projects in Butterworth also near completion, Tambun Indah has launched Pearl Harmoni & Camellia Park to continue its growth. Pearl Residence, Pearl Avenue and Straits Garden will continue to be its main projects.
Pearl Harmoni
Tambun Indah will pay 2 sen as its first interim single-tier dividend for FY13, which is similar to the corresponding period last year. However, the overall dividend payout is expected to increase in FY2013.
If no bad surprise, Tambun Indah's net profit for FY2013 can reach rm60mil. With total shares of 337.4mil at the moment, its estimated EPS will be 17.8sen. At current share price of RM1.42, PE ratio will be 8.0x only.
A PE ratio of 10x will give Tambun Indah a short term target price of RM1.78.
When Palmington & TID become wholly owned later, its earning will be further improved by roughly 35%. After the placement of new shares (55,000 for Nadayu), the total shares will increase by about 16%. You can go and calculate what should be the target price then.
Surely I will continue to hold Tambun Indah's shares and may consider to use the little remaining cash to buy more.
This cash is actually kept to either average down Tropicana or buy Protasco in the near future.
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