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[公司专区] 5200 UOADEV UOA发展

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发表于 2012-3-23 12:56 | 显示全部楼层
回复 261# tong1202


    也不错嘛,大选来也是那样。好比你买Gamuda, Spsetia好啦。。。

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发表于 2012-3-24 09:56 | 显示全部楼层
如果放量突上1.50,敢敢買進;無量不動,保持觀望。

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发表于 2012-3-24 14:17 | 显示全部楼层

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发表于 2012-3-26 11:59 | 显示全部楼层
UOA banks on strategic projects
The Star Online > Business
Saturday March 24, 2012
UOA banks on strategic projects

By ANGIE NG
angie@thestar.com.my

PURSUING pocket developments in mature neighbourhoods will be the forte of UOA Development Bhd to build up a stronger presence in the Klang Valley property market.

UOA chief operating officer (development) David Khor says the Kuala Lumpur-based developer is also looking for opportunities to tap new growth markets like Penang and Johor.

Although the company's cash pile of some RM300mil and borrowing of only RM10mil would mean it has leeway to resort to bank borrowings should it decide to make sizeable land acquisitions, UOA is not in a hurry to ramp up its gearing because it prefers to acquire strategic parcels..

Khor says the 40 acres of undeveloped land in Bangsar South and another 60 acres in other parts of the Klang Valley will keep the company busy for the next seven years.

“It is our strategy to continue with our business model of having smaller parcels of land and building good quality projects at our own pace, instead of rushing through projects which may compromise on quality,” Khor shares with StarBizWeek.

Smaller plots of land will mean a shorter turnaround time of between two and three years (for high-rise developments); and being located in mature locations also ensures a better premium and margin for its properties.

UOA projects yield net margins of about 30%.

He says the other option is for the company to form joint ventures with landowners, and preliminary negotiation is underway for two potential sites in the Klang Valley.

The UOA group also has a large presence in commercial development.

It has completed quite a number of office buildings of which six have been injected into the UOA real estate investment trust (REIT) which currently has an asset value in excess of RM1bil.

UOA Ltd, which is listed on the Australian Stock Exchange, owns 68% of UOA Development and 47% of UOA REIT.

Khor says UOA has about 100 acres of undeveloped landbank in the Klang Valley, with 40 acres in Bangsar South, and the balance in Kepong, Taman Desa, Segambut, OUG and Glenmarie.

Last year, it bought three parcels of land six acres in Sri Petaling, and 10 acres each in Segambut and Kepong.

Meeting market needs

The company recorded RM850mil in sales in 2011 and is expecting double digit growth in 2012.

On new project plans, it has lined up four to five projects worth a total gross development value (GDV) of RM1.5bil to be launched in the next12 months.

Khor concurs with industry observers that the high-end condominium market is moving into a glut situation, with a high number of projects scheduled for completion these one to two years.

“The over-supply situation is particularly acute in condominiums with a large built-up of more than 2,000 sq ft, when actually demand is greater for average sized units of between 1,000 sq ft and 1,200 sq ft,” Khor observes.

He points out that the issue of affordability could be one of the reasons for this situation, following Bank Negara's directive to banks to decide on the quantum of loan approved based on a borrower's net income instead of the previous method of using gross income.

“The imposition of a maximum loan to value ratio of 70% for third time borrowers has also impacted on the affordability level of property buyers.

“In such a situation, there is a need for developers to plan for more average sized houses that are more affordably priced at around RM400,000,” Khor notes.


Flagship project

Going forward, he says UOA would be focusing on that market range and designing its projects with more average sized residences to fit the affordability level of buyers.

Khor notes that UOA is among a handful of local developers that have undertaken projects under the build-then-sell (BTS) system.

Its two residential projects Villa Yarl and Halimahton were completed before they were launched for sale in 2007.

It has also completed a few boutique residential projects including Villa Mont'Kiara in Mont'Kiara and One Desa Residence in Taman Desa.

Khor says the company's flagship project is the 60-acre Bangsar South, an integrated mixed use development located on the former Kerinchi squatter colony, which is off the Federal Highway.

The land was acquired at RM35 per sq ft back in 2005, and today, the market price has reached RM300 per sq ft.

Khor says Bangsar South will comprise 29 office blocks, a retail block, and seven residential blocks with an estimated gross development value in excess of RM8bil.

So far the company has sold RM620mil worth of boutique office towers of 10 to 11 storeys to corporate buyers who will have the naming rights for the property.

The selling price for the office space is around RM800 per sq ft while the asking rental rate is RM5.50 per sq ft.

The residential properties were opened for sale since 2007 and so far RM476mil have been sold.

Khor says UOA will be improving the infrastructure access between the residential and commercial precincts by widening the roads, and has upgraded the Universiti LRT station.

Walking pavements and sheltered pavilions have also been built.

According to him, the Bangsar South project will continue to be the main growth driver for the company over the medium to long term.

“Going forward, the development in Bangsar South will remain the company's focus as it will contribute positively to the company's bottomline over the next seven years,” he adds.

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发表于 2012-3-26 11:59 | 显示全部楼层
UOA Development: Results affected by lesser launches in 4th quarter (MIDF)

UOA Development Berhad
Downgrade to NEUTRAL
Results affected by lesser launches in 4th quarter
Unchanged Target Price (TP): RM1.57
Price (23 Feb 12) RM1.51
Target Price RM1.57

INVESTMENT HIGHLIGHTS
• Results below our expectation: UOA development (UOA) delivered earnings of RM 385m in FY11 which accounted for about 126% of our forecast. Nevertheless, UOA recognized RM113.5m fair value adjustment from the investment properties in 4QFY11. Excluding the fair value gain in the fourth quarter, earnings accounted for 90% of our forecast.

• Revenue declined for the second consecutive quarters: The top line declined by 12.5%qoq to RM137m in 4QFY11, mainly due to lesser launches and 3 high rise developments namely Setapak Green, Camellia and One@Bukit Ceylon were in the early stage of construction. The 3 developments accounted for 62% of total unbilled sales. Gross margin had improved slightly from 52% in 3QFY11 to 52.9%. UOA remained the most profitable property player with full year gross margin of 51.5%.

• Le Yuan residence’s sales encouraging: UOA recorded new sales of RM208m in 4QFY11, which raise the full year property sales to RM848m. Main contributor was the sales from Le Yuan Residence Sri Petaling (2 blocks of condo with a total of 670 units) which contributed to about 63% of property sales in the fourth quarter. Le Yuan Residence was the only launching in 4QFY11. Block B was the first block open for sales and sales were encouraging with 83% of block B sold.

• Robust pipeline for FY12: UOA will launch RM1.6b worth of projects in FY12. The new projects are mostly high rise residential developments except for The Vertical Office Suites (Strata office) and Glenmarie City Phase 1 (Retail shop). Apart from new launches, we reckoned total value of unsold ongoing project is at least RM1b (include The Horizon Phase II). Hence, with at least RM2.6b worth of property offer to the market we expect unbilled sales of RM618m to improve in FY12. Apart from that, we also expect the disposed of completed inventories to further enhance profitability. Completed properties in the inventories include the Horizon, Menara UOA Bangsar, Park Residences, Villa Pines, Plaza Menjalara and Kepong Business Park


• Final dividend declared: Dividend payout of UOA exceeded our expectation as the board announced first and final single tier dividend of 10 sen per share. Based on the core EPS of 16.2 sen in FY11, the final dividend also translate into payout ratio of 62%.

• Valuation: We are maintaining our forecast for UOA despite revenue and profit declining for the second consecutive quarter since 3QFY11. We believe the progress of ongoing projects to more advanced stage of construction as well as new project launches should drive earnings growth. Furthermore, UOA’s in house construction team will ensure fast turnaround of their projects. Even though we are maintaining our forecasts, we are downgrading our recommendation from BUY to NEUTRAL with an unchanged target price of RM1.57 as the share price of UOA had approached our target price. We arrived at a target price of RM1.57 for UOA by ascribing PER of 7X against FY12 EPS of 22.4sen. The PER of 7X is 40% discount against average forward PE of 9 mid cap property developers. We are still ascribing a heavy discount as UOA’s projects are predominantly pocket-sized mid to high end high rise residential properties in Klang Valley and mixed development projects. We are slightly cautious about the buyers’ sentiments in 2012 as property market is widely expected to slow down. 47% of overhang properties in Malaysia are condominium and apartment (refer to Appendix). Having said that, property at more strategic location with good population catchment should perform better. Hence, further upward adjustment of UOA TP subject to property sales performance of UOA’s projects and improvement of buyer sentiment in FY12.

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发表于 2012-3-26 20:46 | 显示全部楼层

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发表于 2012-3-26 21:38 | 显示全部楼层
回复 270# chua88


     希望明天能带量突破阻力。

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发表于 2012-3-26 22:04 | 显示全部楼层
回复 271# bryan2003


    明天肯定有戏看,今天收市时,有量买进1.48....

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发表于 2012-3-27 23:31 | 显示全部楼层
请问大大,UOADEV还有多少acres land分布在那里?

FY11 EPS 139.00cent, PE 才1.06, 真的还是假的??

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发表于 2012-3-28 00:26 | 显示全部楼层
回复 274# bejeweled


如果没记错,因为uoadev有revaluation of land,
由于我家上不到网,不能post更详细的资料

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发表于 2012-3-28 08:49 | 显示全部楼层
本帖最后由 SureWin 于 2012-3-28 08:52 编辑

回复 274# bejeweled


    2011 年eps 没有139 cents, 这是因为它在2011年,六月上市,前两个季度的eps是根据当时的number of ordinary shares。 以下是我自己算的,用上市后的number of market shares.. 1,195,860,000.

2011 EPS, Q1 = 10.9
                 Q2 = 5
                 Q3 = 4.64
                 Q4 = 11.66

Total EPS for 2011 is 32.2, PE for today price at 1.47 = 1.47/0.322 = 4.57.

Property Revaluation 应该要算,因为所有property股都有做的,有些revaluation是减的,你可以参考dijaya Q3. Sunway Q4 也有做,但是,他们没有特别写出来,看财报可以看到。

你也可用以下的网看看:http://myklse.com/

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发表于 2012-3-29 11:12 | 显示全部楼层
國行打債顯效應‧房產銷售成長料見頂

行業走勢  2012-03-28 17:44
(吉隆坡28日訊)國內房產領域銷售成長恐見頂,分析員預見今年增幅料大幅放緩至7%,而整體違約風險不高,相信國家銀行不會進一步收緊信貸,房產領域前景趨向中和,料熱絡的企業活動將是提振投資者對房產興趣的潛在催化劑。

去年銷售增20%
今年料僅成長7%
興業研究表示,2012年國內生產總值(GDP)成長目標從3.6%上調至4.5%,但相信房產銷售將出現暫時放緩趨勢,今年房產整體銷售僅料成長7%,遠遜2011年的20%增幅。

“房產業仍挑戰重重,國行以淨收入為貸款標準,加上更多潛在買家在首次和二手市場貸款申請遭拒,顯示許多銀行明顯收緊放貸。”

貸款申請駁回率
高達60%
興業指出,部份地產經紀和銀行家消息稱,貸款申請駁回率高達50至60%,其中多數為半獨立式等高檔房產。

全球經濟不明朗
銀行收緊信貸
根據2012年1月數據,住宅房貸批准率按年和按月跌幅達21%和24%,而房產貸款佔獲批貸款比重也從去年的55.2%減低至48%,雖歸咎於季節性因素和工作日減少,但全球經濟前景不明朗引發的負面情緒,從而導致銀行業收緊信貸才是主因。

有鑑於此,興業並不預期國行短期內將進一步收緊政策,當前的重點考量仍是抑制持續飆漲的家庭債務佔GDP比重。

與此同時,報導稱發展商承擔利率配套(DIBS)旗下發展計劃逐漸竣工,加上國行收緊信貸政策可能導致違約率提高。

興業研究雖不排除有關計劃出現部份違約,特別是投機者透過整棟買進等方式高度參與的計劃,但市場整體投機情況難測,相信整體房產價格仍由經濟成長、利率和失業率等宏觀經濟指標推動。

預計房價未來1至2年趨穩定
“未來住宅房產供應過剩可能對價格帶來壓力,但價格料不會出現20至30%的顯著跌幅,因土地和建材價格難向下調整、系統流動性充裕和穩定低利率環境將繼續提供持有力,預計房產價格將在未來1至2年趨於穩定,拉近收入、房產價格和負擔能力的差距。”

肯納格研究相信房地產領域在連續2年取得超過20%銷售成長下,整體走勢已經見頂,但下行風險將受發展商強勁盈利可瞻性、銷售組合轉向可負擔性房地產、市場已普遍反映負面衝擊和國行料不會進一步收緊措施,因此上調房產領域“中和”評級。

“UOA發展(UOADEV,5200,主板產業組)和馬星集團(MAHSING,8583,主板產業組)淨週息率分別達4.6%和4.7%,將限制股價走疲趨勢。”

但興業指出,UEM置地(UEMLAND,5148,主板產業組)為政府相關房產發展公司,大選的風險溢價則不斷上漲,因此下調評級至“市場反映”,而雙威(SUNWAY,5211,主板產業組)估值廉宜,加上其多元化資產組合將有利抑制股價跌勢,前景持續唱好。

另一方面,興業認為,基於領域基礎仍未趨向穩定,相信企業活動將是提振投資者對房產領域興趣的潛在催化劑,主要是今年首季已出現大成(MAHJAYA,9725,主板產業組)私有化和成隆機構(DIJACOR,5401,主板產業組)注入資產等活動。

“IOI集團(IOICORP,1961,主板種植組)考慮將IOI產業重新上市,可能為母公司帶來評級重估機會,而怡保花園(IGB,1597,主板產業組)有望成為股息大戶,並在零售產業投資信託(REITs)上市後進一步進軍海外,以及森那美(SIME,4197,主板貿服組)收購東方(E&O,3417,主板產業組)30%股權料有下文,將成為吸引投資者的焦點所在。”

REITs被視為“安全選擇”
至於REITs市場,肯納格研究認為,REITs和房產投資仍是“安全天堂”選擇,其中怡保花園(IGB,1597,主板產業組)產託上市將令估值持續高企,而KLCC產業(KLCCP,5089,主板產業組)潛在產託計劃也有望令市場持續興奮。

“AXIS產業信托(AXREIT,5106,主板產業投資信托組)料是次季‘超越大市’首選,主要歸功於其積極併購、辦公空間租賃風險不高、場內優質辦公/工業產託匱乏,以及高達6%週息率吸引力。”(星洲日報/財經)

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发表于 2012-3-29 11:18 | 显示全部楼层
哈哈。。。 这个新闻一出,股价立即跌。。什么將限制股價走疲趨勢。。。

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发表于 2012-3-29 11:23 | 显示全部楼层
现在股市不造好,不过终有一天我一定会买回.

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发表于 2012-3-29 13:42 | 显示全部楼层
Anyone know When AGM and when dividend ex-date?

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发表于 2012-3-29 13:52 | 显示全部楼层
回复 280# DeepV


    AGM held on 2nd quarter, around june, ex-date should be around august-sept!

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发表于 2012-3-29 18:07 | 显示全部楼层
i am wondering why they acquire the share in open market at high price, but not at low price..

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发表于 2012-3-29 18:19 | 显示全部楼层
回复 283# SureWin


    they didt annouce what is the price the acquiry with..how u know?

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发表于 2012-3-29 18:43 | 显示全部楼层
没有看recommendation的经验,纯粹分享
http://www.kenangaresearch.com/a ... 2Q12%20Strategy.pdf

Kenanga on UOADEV TP 1.65

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发表于 2012-3-29 18:46 | 显示全部楼层
回复 284# bryan2003


    based on the date they acquired.

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