The PBT margin of both companies are almost similar. So the relatively lower PATAMI for OSKProp might be due to more profit to minority interest (Sutera Damansara is 51% owned), while all recent Huayang's projects are 100%-owned.
Because of bonus issues in 3 consecutive years in 2011, 2012 & 2013, Huayang's EPS is declining slightly for the last 2 years despite increasing PATAMI. Meanwhile OSKProp's EPS is in a steady climb.
|Date||Location||Size (acres)||Cost (RM mil)||Project|
|Feb 2012||Shah Alam||13.73||45.4||Gravitas|
|Sep 2012||Bandar Sri Damansara||1.06||12||Opus|
|May 2013||Shah Alam||2.91||15.2||Emira|
|May 2011||Kuala Lumpur||1.55||32||Sentrio Suites|
|Jun 2011||Shah Alam||3.73||13||Metia Residence|
|Aug 2011||Johor Bahru||2.1||10.7||Citywoods|
|Apr 2012||Hulu Kinta||21||15.2|
|Jun 2013||Seri Kembangan||3.73||56.9|
|Aug 2014||Hulu Kinta||7.2||25.1|
In term of dividend, generally Huayang pays more dividend per share due to its superior earning.
|2011||Mirage By The Lake||466||Parc (OneSouth)||154|
|Mirage Residence||175||Gardenz (OneSouth)||160|
|2012||Vale (Sutera)||Flexis (OneSouth)||183|
|Paragon (Pangaea)||Pulai Hijauan|
|2013||Eclipse (Pangaea)||398||Greenz (OneSouth)||194|
|Almira28 (Sutera)||Metia Residence||156|
|Vale II (Sutera)||Sentrio Suites||213|
|Kepler (Pangaea)||338||Cube (OneSouth)||185|
|New phase P/Hijauan||127|
|First phase Puchong||300|
BPJ = Bandar Puteri Jaya
Besides, Huayang has an ongoing commercial project Senawang Link in Seremban which has 20 acres remaining, as well as more small land parcels in Ipoh for both commercial & residential development. (from latest annual report).
Belleview Group (not listed) also said that it will build the largest shopping mall in Sg Petani. Who will be larger then?
|Current Share Price (RM)||2.78||2.42|
|Projected PATAMI (mil)||100||100|
|Projected EPS (sen)||41||38|
|Diluted Projected PE||9.6||6.4|
OSKProp's current actual PE (base on latest full FY result) may be higher but it will drop for sure if its 1HFY14 PATAMI is to be annualized.