Tambun Indah FY15Q1 Financial Result
| TAMBUN | FY15Q1 | FY14Q4 | FY14Q3 | FY14Q2 | FY14Q1 |
| Revenue | 130.4 | 110.1 | 116.8 | 128.0 | 112.0 |
| Gross Profit | 47.6 | 38.8 | 43.8 | 38.1 | 39.9 |
| Gross% | 36.5 | 35.2 | 37.5 | 29.8 | 35.6 |
| PBT | 41.3 | 35.1 | 34.8 | 33.1 | 35.3 |
| PBT% | 31.7 | 31.9 | 29.8 | 25.9 | 31.5 |
| PAT | 29.9 | 25.9 | 25.5 | 25.4 | 25.3 |
| Total Equity | 427.5 | 397.0 | 377.9 | 351.0 | 336.0 |
| Total Assets | 667.5 | 661.8 | 636.8 | 676.1 | 596.9 |
| Trade Receivables | 146.0 | 118.0 | 117.0 | 106.8 | 99.1 |
| Prop dev cost | 59.5 | 72.5 | 83.9 | 57.2 | 96.4 |
| Inventories | 2.2 | 2.4 | 0.3 | 0.3 | 0.3 |
| Cash | 116.0 | 131.5 | 151.1 | 194.4 | 142.8 |
| Total Liabilities | 237.1 | 262.4 | 256.6 | 323.0 | 258.7 |
| Trade Payables | 95.9 | 103.9 | 93.1 | 102.0 | 93.1 |
| ST Borrowings | 30.9 | 35.2 | 13.8 | 38.3 | 39.5 |
| LT Borrowings | 119.1 | 117.7 | 133.2 | 164.7 | 116.6 |
| Net Cash Flow | -12.3 | 17.7 | 37.3 | 80.6 | 29.0 |
| Operation | 28.8 | -5.5 | 3.0 | -23.1 | -23.0 |
| Investment | -11.6 | -12.8 | 8.5 | 2.4 | 4.1 |
| Financing | -29.6 | 36.0 | 25.8 | 101.3 | 47.9 |
| Dividend paid | 12.6 | 26.8 | 26.8 | 7.9 | 7.9 |
| EPS | 7.10 | 6.24 | 6.22 | 6.34 | 6.41 |
| NAS | 1.01 | 0.94 | 0.92 | 0.86 | 0.85 |
| D/E Ratio | 0.08 | 0.05 | Net cash | 0.02 | 0.04 |
I think Tambun's latest quarterly result surprises a lot of investors, even though some analysts reported that it is "within expectation".
Net profit improves 15% to a record high of RM29.9mil from previous record high of RM25.9mil in preceding quarter. Revenue also reaches all-time high of RM130.4mil.
Unbilled sales manage to inch up from RM427.4mil a quarter ago to RM443.6mil.
This better performance is contributed by higher progress billing from its existing projects, and encouraging new sales of RM146.3mil in FY15Q1.
The new sales are mainly contributed by Pearl Garden projects especially Raintree Park 1. New condo Avenue Garden which achieves decent sales (from my observation) are not included yet.
Ongoing projects achieve average take-up rate of 87.3% as at 31 Mac 15. This shows that demand for Pearl City projects are still high like previous years.
As expected, Tambun plans to pay 6.7sen final dividend for its FY14, bringing the total to 9.7sen or 5.2% dividend yield at share price of RM1.88.
If we annualize FY15Q1's figure, Tambun may achieve RM120mil net profit or 28sen EPS in FY15. However, more new sales are required in order to achieve this.
Tambun plans to launch new projects worth RM500mil in FY15.
Its director Mr Teh mentions in press release that the company remains on the lookout for landbank expansion opportunities given its robust balance sheet. This should be good news to its shareholders.
Raintree Park 1 Clubhouse
Last Friday I went to an official launch of a new luxury condominium in Bukit Mertajam (BM) town known as BM Park Lane.
This development is next to Sunway Wellesley, about 500m away from Huayang's land, an about 2km from Tambun recently acquired land in BM.
It is a single L-shape building consists of 278 units with built-up area of 947, 1018, 1264, 1263 & 1513 sq ft.
Price starts from RM402k with early bird discount of RM38k, thus RM364k or RM384/sq ft for a 947 sq ft unit. Management fee is 15sen/sq ft. This is the "market price" of this area I guess.
Though this old BM town area is occupied with old buildings and crowded narrow roads, it looks like almost 50% are being booked or sold on day 1.
The selling point of BM Park Lane might be its close proximity to Sunway Wellesley, which will probably launch its own condominium soon and I guess that it will not be anything less than RM450 per sq ft.
Sunway Wellesley shop offices are about to obtain OC. Public bank will also likely to move to this area in 2017. Will all these events make this area happening?
So, I guess Tambun may follow the trend to build a few blocks of condominium on its recently acquired land in BM.
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