Its net profit for the last 2 years (FY13: RM17.6mil, FY12: RM15.7mil) are misleadingly magnified by tax gain from over provision of deferred tax in prior years. Without this, its PBT is just RM6.3mil and RM7.8mil for FY13 & FY12 respectively.
Overall it is like a "goreng" stock with ultra high liquidity.
In year 2002-03, its management made an important decision which saw it sold all its finance-related business, restructured itself and moved into property development.
- Fortune Square 1, GDV RM60mil (completed Feb05)
- Fortune Park, GDV RM124mil (completed Nov05)
- Fortune Court, GDV RM89mil (completed May06)
- Fortune Square 2, GDV RM98mil (completed July06)
- Fortune Central, GDV RM54mil (completed Sep06)
- Sutera Bukit Tunku, GDV RM64mil (completed Sep06)
- LeVenue I, GDV RM117mil (completed 06)
- LeVenue II, GDV RM117mil (completed July07)
- Fortune Avenue, GDV RM177mil (completed Sep07)
- Signature Offiice KKTS1, GDV RM168mil (completed Feb08)
- Karamunsing Capital, GDV RM51.6mil, (completed Nov09)
- Prima Sri Gombak, GDV RM152.8mil (completed July10)
- The Loft KKTS2, GDV RM558mil (expected completion Dec14)
- Dataran Larkin phase 1, GDV RM110mil (expected completion mid-14)
- Fortune Perdana, GDV RM362mil (launched May13, expected completion 2H16)
So it is not a surprise that currently at 9MFY14, Asiapac has already achieved revenue of RM202.4mil and PBT of RM30.4mil, much much higher than its full year figures for FY13 at RM103.2mil & RM6.3mil respectively.
Its latest unbilled sales at slightly over RM500mil is even higher than Tambun's RM455mil & Matrix's RM437mil.
I have never been to Sabah so I really don't know the supply & demand of shopping mall there.
Its current NTA per share stands at 37sen, which is still 50% above its current share price of 25sen, even though the share price has advanced 40% YTD.