Tuesday 19 June 2012

Pharmaniaga Berhad - Freezing of price?

Not quite sure what happened to the trading price of Pharmaniaga but the share price was capped at RM8.47 after it experienced limit up for two consecutive days. I did not see any company announcement nor announcement made by the exchange.

The could be due to freezing of price imposed by the Bursa.

Freezing of Price
"Where an Upper Limit Price or Lower Limit Price is reached on a market day and is followed by another Upper Limit Price or Lower Limit Price, as the case may be on the next market day, the Exchange may maintain the trading price at the Last Done Price of the previous market day (“the said Last Done Price”) for such period as specified by the Exchange." Item 5.4, Chapter 5 of Bursa Trading Manual

Click to download the Trading Manual

Monday 18 June 2012

Retail Mall (June 2012)

Klang Valley had approximately 52million sq ft of retail space in 2011.

An additional 3.5m sq ft of retail space is expected in 2011.

Total occupancy rate for Klang Valley malls should remain at around 85%

Suria KLCC (average rental RM25/sq ft)
Mid Valley Megamall (net lettable area 1.7m sq ft)
Pavilion KL (average rental RM17.40/sq ft)
Plaza Sungei Wang (up to RM40/sq ft)
Bukit Bintang Plaza (RM10 - RM20/sq ft)
Berjaya Times Square
One Utama
Sunway Pyramid
SSTwo Mall
Citta Mall
Viva Home
Puchong IOI Mall (net lettable area 863,797sq ft)

New shopping malls in 2012
Setia City Mall (net lettable area 740,000 sq ft)
GM Klang
Nu Sentral
The Intermark Phase 2
One City
Paradigm Mall (net lettable area 700,000 sq ft)
Medan Mara
AEON Jusco Rawang (net lettable area 520,000 sq ft)

New shopping malls in 2013
Cheras Sentral (Former Plaza Phoenix, 880,000 sq ft, 85% owned by Mayland, RM125m refurbishment, Average rental RM6psf, net lettable space 450,000 sq ft)
The Strand Shopping Centre (309,000 sq ft)
D' Pulze (240,000 sq ft)

New shopping malls in 2014
IOI City Mall 1.35m net lettable area
Nu Sentral (Lot G, KL Sentral) (net lettable area 652,000 sq ft)
Atria Shopping Mall (NLA 450,000sq ft)
Gateway @ KLIA2 (NLA 350,000sq ft)

New shopping malls in 2015
Damansara Uptown Mall (Net lettable area  350,000 sq ft, 2,820 car park)
V Retail 1m sq ft

New shopping malls in 2016
i-City Mall (net lettable area of 1.0m sq ft)
Quill City  Mall (NLA 770,000sq ft)

Friday 8 June 2012

Asas Dunia Berhad deeply undervalued?

Main board listed property company, Asas Dunia Berhad (5975), holds significant land bank in Seberang Prai. Land held for development approximately 1125.2 acres.

I believe the lands are appreciating and will appreciate further in view of the good prospect after the opening of the Second Penang Bridge scheduled to complete by September 2013.

Checks on Mudah.my website revealed that the asking price for the land there was about RM25/sq ft. The lands held by ASAS are currently carrying average book value of only RM4.37/sq ft!

Revaluation of the land at RM15/sq ft will bring a total surplus of RM521 million, or translate into RM2.72 per share.

Current share price RM1.30. Approximate RNAV per share RM4.73.

Value the share at 0.5x book value, the stock has upside of about 82% (from RM1.30 to RM2.37).

Note that the stock is tightly held and currently not covered by any research house.

Friday 1 June 2012

Some facts about KLIA2

Projected passenger 2012: 19.6M
Projected passenger 2016: 28.3M

International passenger: domestic passenger = 2:1

Avarage YoY growth: 20%

Gross floor area: 257,845 sqm (current 64,067 sqm)

Space: 35,200 sqm (current 9,259 sqm)

Sales/pax: RM40 (current RM22)

Outlet: 225 (current 61)

Critical factors for potential business partner:
- 67% of travellers are within the prime age bracket of 22-44 years old
- 43% are white collar
- Travel averagely every 2 months
- Average dwell time of more than 2 hours at the airport
- Passenger movements will reach 30 million in 5 years (2018)

Key features of KLIA2
- 45 million passenger capacity
- 68 contact stands and 8 remote stands
- Fully automated BHS
- Provision for A380 operations
- Tune Hotel
- Air Transit Hotel
- Premium lounges
- AirAsia Head Office with apron access
- AirAsia staff multi level parking
- Hub for public transport for ERL, taxis, buses and in future, KTM
- LEED Green Building Certification - Gold Award

Expected completion date: April 2013