|Prop dev cost||96.4||125.1||129.6||131.5||132.9|
|Net Cash Flow||29.0||24.3||52.5||22.9||4.4|
|D/E Ratio||0.04||Net cash||Net cash||Net cash||0.04|
Tuesday, 29 April 2014
Tambun: RM100 Million In Sight
Tambun Indah FY14Q1 Financial Result
Compared YoY, Tambun's revenue and PAT in FY14Q1 improve 43% and 116% respectively. The remarkable increase in net profit is due to acquisition of remaining shares in its Pearl City development.
As expected, its revenue falls slightly this quarter as many projects were completed in the final quarter of last year. Profit before tax margin still stays above 30% mark consistently.
Tambun took a RM68mil bank loan this year, thus sending it back into slight net debt with net gearing of 0.04.
As at 31 Mac 2014, Tambun achieves average take-up rate of 84.91% on its on-going projects with a total GDV of RM975.67mil. Its unbilled sales increase slightly from RM455mil in previous quarter to RM467mil.
Recent new launches earlier this year including Permai Residence, Bukit Residence, Pearl Harmoni, Pearl Avenue 2 and Rain Tree Park are still not classified into its on-going projects yet.
The final single tier dividend of 4.6sen will only be announced officially in June and ex in August. The total 6.6sen dividend for FY13 (dividend payout 40% of FY13 net profit) is 25% higher than previous year's 5.3sen. Dividend yield will be 3.3% at share price of RM2.
Regarding my own target price, I'll keep with my earlier estimation of RM100mil annual profit for FY14. So the new target price should be RM2.53 base on EPS 25.3sen and PE ratio 10x.