1）新协利（SHL，6017，主板产业股）宣布派发每股8仙的终期单层股息。
28 May 2015
券商 ：興業證券研究
目標價：5.60令吉
隨著推出發展總值15億令吉的計劃，新協利（SHL，6017，主要板房產）本財年業務成長有譜，並且還有可能再宣布派息。
在主要計劃廣受好評、聯號公司貢獻之下，該公司2015財年全年表現標青，淨利1億460萬令吉超標，為原預估的140%。
我們看好該公司前景，在考量房地產領域可能放緩因素后，還是決定上修新協利目標價格。
另外，新協利在公司2015財年業績時宣布每股派息10仙，全年共派息17仙，相等于5%股息回酬，2014財年僅宣布派息7仙，故還有可能宣布派發終期股息。
我們認為，新協利不僅管理嚴謹，發展總值15億令吉的Goodview Heights計劃推出后將會是最新的獲利成長動力。
再者，由于土地成本低、成本也掌控得宜，磚瓦自給自足，旗下項目賺幅相對亦更高。
截至2015年3月底，該公司持有2億1400萬令吉淨現金，資產負債表亦強穩，相當值得買進。
截至週四（28日），新協利全日漲幅一度收窄，不過閉市時漲8仙，掛3.48令吉，成交量67萬3000股。
KUALA LUMPUR (Nov 21): Property developer SHL Consolidated shares are up one sen or 0.28% following Insider Asia's positive outlook on the company.
As at mid-day break, the stock had risen to RM 3.62 on a volume of 17,600 shares.
According to Insider Asia, the company which is primarily a property developer with a solid balance sheet, is cash-rich and pays good dividends with a yield of 4.8%.
"As of 1Q2015, net cash stood at RM288.96 million or RM1.19 per share, equivalent to 32.9% of its current stock price of RM3.62.
"For FY2014, sales increased 12.7% to RM205.3 million while pre-tax profit surged 68.4% to RM80.0 million.
"Investors should, however, note that its sales have been erratic over the last five years, falling from RM249.5 million in FY2010 to RM78.0 million in FY2012 before recovering to RM205.3 million in FY2014.
"For 1Q2015, SHL recorded sales of RM 52.3 million, down 11.0%, but pre-tax profit rose 75.0% to RM23.1 million, due to better sales at its Rawang project," noted the report.
It is expected to benefit more from its new launches at Bandar Sungai Long, Rawang Industrial Estate and Goodview Heights, Semenyih. The company has also ventured into quarrying and manufacturing of bricks and aggregates.
SHL also operates Malaysia's largest clay brick manufacturing plant with an annual capacity of 144 million pieces.
"The stock is trading at a 12-month trailing P/E ratio of 13.9 times and a P/BV of 1.47 times. The company paid dividends of 17.25 sen per share in FY2014, translating into a net yield of 4.8%," the report said.
（吉隆坡22日讯）新协利（SHL，6017，主板產业股）在城郊有许多的土地，当年均以低价购入，加上双溪龙高球场土地的重新发展计划，大眾投行分析员相信该公司的资產价值可达到至少10亿令吉。
分析员看好该股的价值，促使新协利股价今日受股友的追捧大热走高。该股今日上涨至2.70令吉，並收在这最高水平，上涨38仙或16.38%，是今日涨幅第3大的股项。该股今天的成交量也有增长，达到249万股。
大眾投行分析员指出，新协利主要的发展项目是双溪龙城镇，此外，该公司在城郊地区也拥有许多低成本买入的地库，这些地库所处的地点交通方便及有很大的潜在发展价值。由於巴生谷的发展项目相当有限，加上价格不菲，因此，分析员认为，市场需求將会转移至城郊地区，这对新协利来说是一个有利的发展。
据大眾投行估算，该公司至少值得10亿令吉或每股4.26令吉。该公司在雪州及森州有大约433英亩可供產业发展用途的地库，这包括双溪龙（48英亩）、士毛月（118英亩）、Alam Budiman（20英亩）、万挠（10英亩）、巴冬加里（88英亩）、双文丹（48英亩）及巴力丁宜（101英亩）。
分析员认为，当中，最有看头的是其双溪龙镇的160英亩高尔夫球场土地，账面价值高达每平方尺18令吉。
管理层早前表示，有意在日后重新发展这地皮，实现其价值。
根据每平方尺130令吉的市价计算，分析员估计这土地值得9亿令吉，这主要是因为双溪龙是一个已经成熟的城镇。
分析员也相信，其高球俱乐部的会员不多，也让重新发展的计划不会面对太大的阻力。
目前，该公司的土地及资產市值至少是10亿令吉，如果该公司启动重新发展计划。这些资產的价值可能上升至20亿令吉，这比起该公司目前5亿6100万令吉的市值，明显高出许多。
分析员也认为，新协利的资產负债表及营运现金流均强稳，截至2014財政年，该公司的净现金及短期可变现投资达到3亿零600万令吉或每股1.27令吉。
过去5年该公司也大方的派发股息，每年至少派出8仙的股息，这相等於將60%的盈利用作派股息，週息率则相当於3.5%。
该公司最近一次是在2014財政年结账时，派出每股5仙的终期股息，將全年的股息推高至每股19仙，相等於將83%的盈利用作派股息。
由於该公司非常低调，这些年来很少获得投资者的注意，因此，股价没有反映其价值，投资者也对其兴趣缺缺。分析员指出，该股目前的股价比其重估后的净资產值折价45%。
虽然分析员没有给予任何投资评级，但是认为该股的合理价格是4.26令吉
～shl拥有410英亩地段位于hulu langat
如果按照malton的每英亩卖价1.3mil
那这片410英亩价值：5.33亿
相信今年要股息要突破14分一点都不难
诺以目前股价计算，net dividend yield>5%
目前shl市值为5.44亿
所以不难发现shl是一家严重被低估的房地产公司
股息除权日期为9月11日，派息日期定在9月30日。
公司2003年红股4送1后，至今2015年己12年不再派送红股，因此红股派送机会大，
股息也随净利提高而增加，2015全年赚1亿460万零吉(EPS=43.19 SEN)
现RM3.04只是PE=7.03倍 在交易,明显被低估了,合理的PE=10,价位=RM4.30
2）買進券商心頭好‧新協利值更高目標價 業務成長看俏
28 May 2015
券商 ：興業證券研究
目標價：5.60令吉
隨著推出發展總值15億令吉的計劃，新協利（SHL，6017，主要板房產）本財年業務成長有譜，並且還有可能再宣布派息。
在主要計劃廣受好評、聯號公司貢獻之下，該公司2015財年全年表現標青，淨利1億460萬令吉超標，為原預估的140%。
我們看好該公司前景，在考量房地產領域可能放緩因素后，還是決定上修新協利目標價格。
另外，新協利在公司2015財年業績時宣布每股派息10仙，全年共派息17仙，相等于5%股息回酬，2014財年僅宣布派息7仙，故還有可能宣布派發終期股息。
我們認為，新協利不僅管理嚴謹，發展總值15億令吉的Goodview Heights計劃推出后將會是最新的獲利成長動力。
再者，由于土地成本低、成本也掌控得宜，磚瓦自給自足，旗下項目賺幅相對亦更高。
截至2015年3月底，該公司持有2億1400萬令吉淨現金，資產負債表亦強穩，相當值得買進。
截至週四（28日），新協利全日漲幅一度收窄，不過閉市時漲8仙，掛3.48令吉，成交量67萬3000股。
3）SHL Consolidated Bhd shares up 0.27%
KUALA LUMPUR (Nov 21): Property developer SHL Consolidated shares are up one sen or 0.28% following Insider Asia's positive outlook on the company.
As at mid-day break, the stock had risen to RM 3.62 on a volume of 17,600 shares.
According to Insider Asia, the company which is primarily a property developer with a solid balance sheet, is cash-rich and pays good dividends with a yield of 4.8%.
"As of 1Q2015, net cash stood at RM288.96 million or RM1.19 per share, equivalent to 32.9% of its current stock price of RM3.62.
"For FY2014, sales increased 12.7% to RM205.3 million while pre-tax profit surged 68.4% to RM80.0 million.
"Investors should, however, note that its sales have been erratic over the last five years, falling from RM249.5 million in FY2010 to RM78.0 million in FY2012 before recovering to RM205.3 million in FY2014.
"For 1Q2015, SHL recorded sales of RM 52.3 million, down 11.0%, but pre-tax profit rose 75.0% to RM23.1 million, due to better sales at its Rawang project," noted the report.
It is expected to benefit more from its new launches at Bandar Sungai Long, Rawang Industrial Estate and Goodview Heights, Semenyih. The company has also ventured into quarrying and manufacturing of bricks and aggregates.
SHL also operates Malaysia's largest clay brick manufacturing plant with an annual capacity of 144 million pieces.
"The stock is trading at a 12-month trailing P/E ratio of 13.9 times and a P/BV of 1.47 times. The company paid dividends of 17.25 sen per share in FY2014, translating into a net yield of 4.8%," the report said.
4）2014-07-22 17:15
（吉隆坡22日訊）新協利（SHL,6017,主板產業組）的資產賬面值偏低，分析員認為該公司的資產至少值10億令吉或每股4令吉26仙，一旦旗下高爾夫球場改為產業發展計劃，其估值有望倍增。
雙溪龍地段或重新發展
大眾研究指出，新協利以發展雙溪龍鎮而著稱，該公司在吉隆坡市郊擁有約433英畝的低成本地庫，其中最令人感興趣的是在雙溪龍鎮的160英畝高爾夫球場地段，每方尺賬面值僅為18令吉，管理層曾暗示有朝一日可能重新發展該地段。根據市價每方尺130令吉計算，該地段至少值9億令吉。
由於該高爾夫球場的會員有限，該公司更容易在未來進行重新發展計劃。
“我們認為該公司的地庫和產業至少值10億令吉（或每股4令吉26仙），潛在倍增至20億令吉（如果展開重新發展計劃），相比其目前市值僅為5億6千100萬令吉。”
新協利手握3億零600萬令吉現金，或相等於每股1令吉27仙，該集團過去5年每年至少派息8仙（60%派息率），相等於3.5%周息率。2014財政年（3月結賬）則派發19仙股息，相等於83%派息率。
大眾研究表示，新協利多年來保持低調和未為投資大眾所認識，目前價位比其合理價（重估淨資產值）4令吉26仙折價45%。不過該行未給予任何評級。
至於該股的投資風險包括股票流通量低，公司股本共2億4210萬股，只有約26%自由流通股票，3個月平均交易量僅15萬股，而管理層何時釋放其資產價值也是未知數，同時分析員無法和管理層會面以取得指引。
在分析員唱好的消息帶動之下，新協利今日股價走高，閉市時上漲38仙至2令吉70仙，為全場第三大漲幅股。（星洲日報／財經‧報道：李勇堅）
5）资產价值上看10亿 新协利受追捧大热走高
财经 2014年7月22日（吉隆坡22日讯）新协利（SHL，6017，主板產业股）在城郊有许多的土地，当年均以低价购入，加上双溪龙高球场土地的重新发展计划，大眾投行分析员相信该公司的资產价值可达到至少10亿令吉。
分析员看好该股的价值，促使新协利股价今日受股友的追捧大热走高。该股今日上涨至2.70令吉，並收在这最高水平，上涨38仙或16.38%，是今日涨幅第3大的股项。该股今天的成交量也有增长，达到249万股。
大眾投行分析员指出，新协利主要的发展项目是双溪龙城镇，此外，该公司在城郊地区也拥有许多低成本买入的地库，这些地库所处的地点交通方便及有很大的潜在发展价值。由於巴生谷的发展项目相当有限，加上价格不菲，因此，分析员认为，市场需求將会转移至城郊地区，这对新协利来说是一个有利的发展。
据大眾投行估算，该公司至少值得10亿令吉或每股4.26令吉。该公司在雪州及森州有大约433英亩可供產业发展用途的地库，这包括双溪龙（48英亩）、士毛月（118英亩）、Alam Budiman（20英亩）、万挠（10英亩）、巴冬加里（88英亩）、双文丹（48英亩）及巴力丁宜（101英亩）。
分析员认为，当中，最有看头的是其双溪龙镇的160英亩高尔夫球场土地，账面价值高达每平方尺18令吉。
管理层早前表示，有意在日后重新发展这地皮，实现其价值。
根据每平方尺130令吉的市价计算，分析员估计这土地值得9亿令吉，这主要是因为双溪龙是一个已经成熟的城镇。
分析员也相信，其高球俱乐部的会员不多，也让重新发展的计划不会面对太大的阻力。
目前，该公司的土地及资產市值至少是10亿令吉，如果该公司启动重新发展计划。这些资產的价值可能上升至20亿令吉，这比起该公司目前5亿6100万令吉的市值，明显高出许多。
分析员也认为，新协利的资產负债表及营运现金流均强稳，截至2014財政年，该公司的净现金及短期可变现投资达到3亿零600万令吉或每股1.27令吉。
过去5年该公司也大方的派发股息，每年至少派出8仙的股息，这相等於將60%的盈利用作派股息，週息率则相当於3.5%。
该公司最近一次是在2014財政年结账时，派出每股5仙的终期股息，將全年的股息推高至每股19仙，相等於將83%的盈利用作派股息。
由於该公司非常低调，这些年来很少获得投资者的注意，因此，股价没有反映其价值，投资者也对其兴趣缺缺。分析员指出，该股目前的股价比其重估后的净资產值折价45%。
虽然分析员没有给予任何投资评级，但是认为该股的合理价格是4.26令吉
6）闲谈SHL（取自闲谈股市，理财篇）
现价：2.25
目标价：3.00
投入资金：5%
行业属性：房地产
目前持有股票 25%，现金75%
目标价：3.00
投入资金：5%
行业属性：房地产
目前持有股票 25%，现金75%
【shl地段分析】
1）hulu langat，cheras：210英亩
2）hulu langat，semenyih：200英亩
3）negeri sembilan：101.48英亩
4）sepang：47英亩
5）batang kali：88英亩
1）hulu langat，cheras：210英亩
2）hulu langat，semenyih：200英亩
3）negeri sembilan：101.48英亩
4）sepang：47英亩
5）batang kali：88英亩
*malton 在2013年10月曾经以每英亩1.3mil脱售位于hulu langat，cheras 地段
*inch kenneth 曾经在2010年以每英亩0.58mil脱售位于hulu langat，semenyih地段
*inch kenneth 曾经在2010年以每英亩0.58mil脱售位于hulu langat，semenyih地段
【地段价值，地皮多年未重估】
～shl拥有410英亩地段位于hulu langat
如果按照malton的每英亩卖价1.3mil
那这片410英亩价值：5.33亿
～以1千买入10英亩位于gombak 地段
～以2mil买入101英亩位于森美兰地段
～位于sepang 47英亩 地段是用于制造砖块
～在吉隆坡用于一栋价值0.45亿大夏
～以2mil买入101英亩位于森美兰地段
～位于sepang 47英亩 地段是用于制造砖块
～在吉隆坡用于一栋价值0.45亿大夏
【公司未来大计划】
发展计划：Goodview height
发展总值：11亿
估计净利率：20%
估计总净利贡献：2.2亿
发展计划：Goodview height
发展总值：11亿
估计净利率：20%
估计总净利贡献：2.2亿
*2013年尾，公司拥有3亿的unbilled sale
【现金丰厚，派息慷慨】
目前公司拥有2.96亿现金，0.1亿的银行贷款，属于净现金公司
目前公司拥有2.96亿现金，0.1亿的银行贷款，属于净现金公司
公司过去五年的派息记录：
2010年：7分
2011年：7分
2012年：8分
2013年：12分
2010年：7分
2011年：7分
2012年：8分
2013年：12分
相信今年要股息要突破14分一点都不难
诺以目前股价计算，net dividend yield>5%
【内在价值估值法】
目前shl市值为5.44亿
～hulu langat 410英亩地段就价值5.33亿
～持有2.99亿现金
～goodview height 可带来净利贡献：2.2亿
～sepang，negeri sembilan 地段
～吉隆坡大夏：0.45亿
～持有2.99亿现金
～goodview height 可带来净利贡献：2.2亿
～sepang，negeri sembilan 地段
～吉隆坡大夏：0.45亿
这五项就价值超过10亿
所以不难发现shl是一家严重被低估的房地产公司
后语：净现金，股息高过定期，未来前景可期，shl是一家不可多得的好公司
共勉之
7)
7)
| SHL willing to go extra mile Published:Saturday October 4, 2014 MYT 12:00:00 AM  SHL Consolidated Bhd executive director Datuk Yap Chong Lee (second from left), marketing director Lau Peng Kai (second from right), director Wong Yew Mei (far right), and Yap Su & Associates managing partner Alan Su Kok Cheng, at Goodview Heights in Kajang. PROPERTY developers have many opportunities to showcase their good sides and fulfil their corporate responsibilities through their projects. Early project delivery, practical and comfortable designs and layout, secure environment, quality workmanship and reasonable pricing are some of the hallmarks of a good developer. However, there are very few that are willing to go beyond the call of duty and go the extra mile for their buyers, such as building up their projects to an advance stage before offering them for sale to allow buyers a first-hand look and feel of what they are buying into, before they commit on a particular unit and sign on the dotted lines. This is based on the build-then-sell (BTS) system of project selling and delivery. Most of the developers still sell their projects based on miniature model displays, advertisements, banners and brochures, or known as the sell-then-build (STB) system. SHL Consolidated Bhd is one of a handful of developers that has adopted the BTS project delivery system in its Bandar Sungai Long township since the project was launched about 20 years ago. On top of that it is also contributing to the supply of affordable housing in the Klang Valley under the Rumah Selangorku schemes. SHL is currently building 536 units of 850 sq ft walk-up apartment at Alam Budiman in U10, Shah Alam. The nicely designed 4- to 5-storey housing blocks with the signature SHL red facing brick wall facades are priced affordably at RM170,000 each unit. The Kuala Lumpur-based developer has plans to build more such units in other parts of the Klang Valley, including in SHL’s latest project, Goodview Heights in Sungai Long South in Kajang.  rtist impression of SHL’s affordable housing project. SHL executive director Datuk Yap Chong Lee sees the BTS system as an ingenious way to uphold its responsibilities as a responsible developer that delivers projects on time, yet ensures the timely realisation of revenue and earnings in its financial books. While the majority of the developers are up in arms against the implementation of the BTS and came out with many reasons why it should not be implemented, SHL has been using the BTS system to sell, build and deliver its landed property projects for many years already. “We have always adopted the model of selling our projects only after construction works have reached near completion stage. This method of selling allows us to have a better understanding of the buyers’ preferences,” he tells StarBizWeek. In 1999, SHL launched the “Siap & Sedia” or “Completed & Ready” schemes in Bandar Sungai Long, which was based on the BTS system. According to Yap, the company has opted for the BTS as it is a more predictable and transparent system for all the relevant parties involved in a project, including the architects, lawyers and bankers. “The benefit of the BTS is definitely in the competitiveness; especially, if expectation on margin is reasonable. Less administrative work is involved and it is highly efficient in determining the realistic demand for projects, and results in better financial planning, and to manage cost inflation. “The BTS allows SHL to manage projects in a more systematic way. It has resulted in higher efficiency in our work processes, less speculative gross development value of projects, and a more accurate plot ratio planning. Allocation of financial resources can be more accurately defined resulting in more efficient cost management.” Bottom-up pricing Yap says it allows the project team to do bottom-up pricing to keep tab of all the material needs and cost structure. “Managing our resources efficiently and optimising our procurement needs will minimise or eradicate wastage. After all, land and infrastructure cost already constitutes about 40% to 50% of the total cost, while the actual building only makes up 30% to 35%,” Yap explains. The BTS system helps the team to focus on completion of a specific phase of a project. If demand is at a less than acceptable level, products will have to be quickly modified. The selling price may have been wrongly predicted and may need to be adjusted accordingly. Yap says financially it also works well for SHL as the company can make sure the realised revenue falls within a targeted financial year. “We try to maintain a turnover that can meet a reasonable return based on our capital structure. Our target is to achieve revenue of around RM240mil to RM250mil a year in line with our paid-up shareholding of RM242mil,” he says. And instead of being aggressive on project launches and “chasing after” high GDV, Yap says SHL, which has surplus cash of some RM270mil, adopts a dividend payout policy that distributes some 70% to 80% of its earnings, which works out to about 20 sen a share to reward its shareholders. Yap says response from property buyers to the company’s projects has been overwhelming as they get to see the actual property with all the infrastructure already in place. This eradicates the risk of non-completion or non-delivery of the property. Property buyers also benefit financially as they can plan ahead for the payment of the differential sum, which becomes due only upon vacant possession with certificate of fitness. He says the shortcoming of the sell-then-build (STB) system is the tendency of developers to over-invest in an attempt to realize cash flow from sales of products. Affordable housing “It becomes more difficult to manage cost over-run and more administrative work is involved. On top of that, completion period can still be at risk as it is determined by the availability of realized revenue from sales and the ability of contractors to continue work in the event of delay in payment.” Yap says SHL is also considering adopting the BTS for affordable housing projects if the project cycle is short and the assignment of contract under Schedule J can be contained from speculative play. The BTS system has been a hotly debated topic between the proponents of the system who comprise mainly house buyers, and the opposers that are made up of mostly property developers. Even though the BTS was first mooted in 2002 to protect house buyers and to arrest the many problems caused by abandoned and late delivery of projects, its implementation has been postponed many times after developers voiced out against it. In April 2007, amendments were made to the Housing Development (Control and Licensing) Act 1966 to cater to the BTS system resulting in the Housing Development (Control and Licensing)(Amendment) Regulation 2007 being enforced on December 1, 2007. The usual progressive release of payment under Schedule G of the STB system has been replaced by Schedule I that stipulates that upon the payment of an initial downpayment of 10% to book a particular property, the balance 90% will only be payable upon the delivery of vacant possession to the buyer. Meanwhile high-rise projects that are sold based on the BTS method will follow Schedule J that has replaced Schedule H. Yap says although SHL’s forte is in property development, it believes in building its projects at a decent pace to ensure quality workmanship. It delivers about 500 housing units a year but will have in hand 2000 units under construction at any given time. ”SHL is fundamentally a domestic home builder. We have ventured into downstream activities such as construction management, brick manufacturing and quarrying, as these are essential building materials, and we need to have stable pricing and uninterrupted supply to be efficient. This also ensures efficient employment of labour as it reduces waiting time for materials,” Yap discloses. Sin Heap Lee Development Sdn Bhd marketing director Lau Peng Kai says the company has projects in three locations. Goodview Heights is a 200 acre project in Sungai Long South, Kajang that will feature 2,400 housing units worth a GDV of RM1.4bil to RM1.5bil, to be developed over the next five to six years. Since its launch on September 5, all the 157 units under phase one have been sold. Phase two is in the process of being launched. Under planning in Bandar Sungai Long will be another 500 housing units, comprising high-end landed properties and affordable apartments to meet demand of another 5,000 students who will be studying in the area. Another project is an industrial project in Rasa, Selangor that will feature 108 semi-detached factories to cater to the small and medium industries in the area. Yap says SHL will be looking into buying new land if the land cost is realistic against the affordability of the property products, location, and demand pattern. “Landed housing is always a valued product and a storage of wealth. Consumers will always view them in terms of affordability and the cost of maintenance and upkeep. In the case of condominiums where delivery takes between three to four years, there is a high exposure to cost over-run and over-supply that is expected to happen in 2017,” he cautions. source:http://www.thestar.com.my/Busine ... eves-in-BTS-system/ |
