Showing posts with label UOA Development. Show all posts
Property Stock Analysis : Mahsing vs UOA Development
Mahsing and UOA Development are two big non-GLC property stock in Bursa Malaysia. UOA Development solely focus in Klang Valley. While Mahsing's projects span across Klang valley, Johor, Penang and Kota Kinabalu.
Based on the past 3 years revenue, sale and unbilled sale amount, Mahsing will continue to poise positive EPS growth on next 3 years.
Beside that, Mahsing have set a sale target for FY14 which is 20% more than FY13 sale target.
UOADEV is more difficult to forecast their future earning due to different business model (some units are build and sell) .
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Mahsing,
UOA Development
UOA 5200 开拓巴生谷廉价住宅赚厚利
开拓巴生谷廉价住宅赚厚利 UOA 5200 发展眼光独到
二零一三年六月十五日 晚上十时四十九分
（吉隆坡15日讯）作为一家大型产业公司，UOA集团的座右铭是‘灵活就是关键’。该集团与大多数发展商不同的是，其国内发展支臂UOA发展有限公司（UOADEV，5200，产业组）在2011年上市时，没有制订任何销售目标。
然而，它没有竞争力。该集团在2012年取得17亿1000万令吉的创纪录销售额；今年迄今，它已录得更高的20亿令吉。在刚结束的截至3月止首个财季，UOA 发展的销售额达9亿2900万令吉，而未开票销售也企于11亿令吉。
UOA发展的税前赚幅介于令人羡慕的40％至50％，是行业平均水平的两倍。在最近一次统计中，其他同业如马星集团（MAHSING，8583）、实达集团（SPSETIA，8664）以及UEM置地（UEMLAND，5148）的赚幅分别是13％、14％和29％。
但这没有什么惊喜，因为行业观察家说，UOA发展在洞悉市场方面拥有一种窍门，正因如此它准备在市场上作出转变。
虽然它从来没有大事宣布，但是它对于兴建售价低于50万令吉的可负担房屋有先见之明，这占了旗下项目一大部分。
在一项访谈中，UOA发展的72岁创办人兼董事经理龚仲勛指出：“尽管在柔佛依斯干达地区和槟城的迅速发展，导致土地缺乏，但是我们的首选发展地点仍然在巴生谷。”
龚氏称：“在马来西亚人才短缺是个大问题。“当你拓展业务至远处时，你可能失去焦点。我们发现，在巴生谷带给我们最好的回报。”
2年前，UOA发展抗拒进军依斯干达产业市场，从那以后看到本地和外国业者在那里收购大量的土地储备。
龚氏打趣地透露：“人们喜欢住在首都。”然而他感叹地说，成本已显著增加。现在的趋势是小型单位。一般公寓的单位面积介于700至800平方尺，而价格在50万令吉左右是比较公平，而且是负担得起的。
他相信，相对区域房屋价格，吉隆坡的房屋价格遭到低估。
他表示：“马来西亚将成为台湾的邻国，因为很多台湾人成群结队地来到这里购买产业。若以汇率来衡量，我国的产业较当地廉宜。”
龚氏最近花了很多时间用作旅游。他沉思后说：“在旅游中，给予我很多想法。”
“当我参观了纽约的特朗普大厦后，发觉一般商业大楼的地下用作商业用途，但是唐纳德·特朗普选择在地下兴建一座有鸟类栖息的封闭式花园。它改变了我们的思想，怎可能用混凝土兴建丛林。”
“因此，我们将孟沙南部的办公大楼从39栋减至22栋。这也是个风险，因为较少的建筑物意味着它们必须更大，以及更昂贵。每栋大楼的建筑成本，由原来的3000万令吉，增至介于1亿至2亿令吉。这就是为什么我们的客户大多数是国内大企业和跨国公司。我们还预留6英亩的土地与一个湖用来兴建公园。”
龚仲勛同时是UOA发展与联合海外澳洲有限公司的创办人，后者在1987年于澳洲证券交易所上市。该公司后来在新加坡双边上市。
龚氏是一名土木工程师，曾经在上世纪70至80年代负责兴建美丽殿酒店、格拉斯酒店，以及樟宜美丽殿大酒店。
他是通过联合海外澳洲持有UOA发展68％股权。
小型项目回酬较佳
UOA发展在2011年进行首次公开售股时，股市遭到母熊袭击，在首日上市时，股价表现欠佳。
该股价一直停滞不前，直到本周五收市，UOA发展挂2.48令吉，较上市时跌12仙。
不过，龚氏并不担心。他指出：“我不重视股价，我的工作是为公司提供利润。至于股市，它不是由我来掌控。”
鉴于该公司通常每次购买面积不超过5至10英亩的土地，因此其未开发的土地储备和潜在总发展值，较大型城镇发展商相比就相形见绌了。此外，UOA发展也受制于缺乏地区多元化。
另一方面，规模较小的项目，通常是比较受欢迎，因此周转更快以及资金成本较低。
在大选后，当一切不明朗因素被扫除后，分析师预计UOA发展恢复积聚土地储备，因它拥有6亿8780万令吉的现金储备。
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UOA Development
Klang Valley a haven for UOA Development Bhd
Unlike most property players, the company, whose local development arm was listed in 2011 as UOA Development Bhd (UOA Dev), does not keep to any rigid sales targets.
Yet it is no less competitive. The group posted record sales of RM1.71bil in 2012 and it is poised to top that with RM2bil this year. In its just-ended March quarter, UOA Dev raked in sales worth RM929mil, with unbilled sales standing at RM1.1bil.
Even more impressive are its margins. UOA Dev enjoys pre-tax margins of between 40% and 50%, double the industry average. At last count, fellow developers such as Mah Sing Group Bhd, SP Setia Bhd and UEM Land Holdings Bhd registered margins of 13%, 14% and 29%, respectively.
But this shouldn’t come as a surprise. Industry observers say UOA Dev has a knack for reading, and being ready for, shifts in the market.
Though it never made a big shout of this, the group was quite prescient in its move to build affordable homes priced below RM500,000, which make up a substantial portion of its projects.
In a rare interview, UOA Dev’s 72-year-old founder and managing director Kong Chong Soon tellsStarBizWeek that the firm’s preference is still for the Klang Valley, despite burgeoning interest in Johor’s Iskandar region and Penang’s quickly shrinking development land.
“Manpower can be an issue in Malaysia,” says the low-profile Kong, who declines to be photographed for this story. “When you stretch too far, you can lose focus. We find that the Klang Valley gives the best returns.”
UOA Dev resisted the urge two years ago to jump onto the Iskandar bandwagon, which has since seen players both local and foreign amass vast quantities of landbank there.
“People love to live in the capital,” Kong quips, though he laments that costs have increased significantly. “The trend now is for smaller units. About 700-800 sq ft is a fair size for a condominium unit and a price point of RM500,000 considered affordable.”
That said, Kong believes house prices in Kuala Lumpur are undervalued relative to the region.
“Malaysia is becoming a darling to our neighbours, especially the Taiwanese, who are coming to buy property here in droves,” he says. “Malaysia is cheaper because of the currency.”
Kong, who is spending more time in the country lately, is fond of travel. “It gives me ideas,” he muses.
“I visited Trump Tower in New York. They were so generous. Most people use the ground floor for commercial space, but Donald Trump built an enclosed garden with birds. It changed our thinking of how a concrete jungle could be.
“So we reduced the number of office towers in Bangsar South to 22 from 39. It was a risk because fewer buildings also meant they had to be bigger and more expensive. Instead of RM30mil they would cost RM100mil to RM200mil each. This is why our customers are mostly large Malaysian corporations and multinationals. We also set aside six acres for a park with a lake.”
UOA Dev’s patriarch co-founded and listed United Overseas Australia Ltd on the Australian Securities Exchange in 1987. The company was later dual-listed in Singapore.
Kong, a civil engineer by trade, oversaw the construction of Hotel Meridien, the Glass Hotel and the Changi Meridien Hotel across the Causeway in the 1970s and 1980s.
He owns 68% of UOA Dev via his holdings in United Overseas Australia.
Take your time
UOA Dev, its proprietor insists, is in no rush to complete its flagship 60 acre, RM10bil gross development value (GDV) Bangsar South on the now gentrified former squatter colony of Kampung Kerinchi on the edge of Kuala Lumpur.
The firm’s phase-by-phase approach is immediately evident. With seven years left to go, Bangsar South is only about 30% finished.
UOA Dev has so far built the first two of its Park Residences and all 22 of its Horizon boutique office towers, which stand out with their decidedly futuristic gunmetal finish on the Federal Highway.
“We could complete Bangsar South in three or four years,” Kong notes. “However, we wanted to make sure those who invested with us benefit. If we build it all at once the market will be flooded. Also, we do not wish to build only saleable buildings without the supporting infrastructure of an integrated development.”
The Klang Valley-based developer is set to complete in September its Nexus “lifestyle centre”, which would cost RM50mil more than the original RM100mil to make room for new amenities, such as a 300-seat auditorium and executive business lounge.
Kong says the company had planned to create a water park there but this was not ideal as Bangsar South does not have a large child population.
The five-storey Nexus’ main selling point will be its 1,200 capacity ballroom on the top floor with direct access for vehicles. The centre also boasts 300,000 sq ft of dining, leisure and wellness space.
Meanwhile, UOA Dev will hold off from building the last of its residences on the four parcels of land behind Nexus until the time is right.
“We try to balance profitability with sales, and don’t sell fast at the expense of profits,” Kong explains. “It is better to wait for all the components to come together. This way we will see capital appreciation and enhance value for investors.”
UOA Dev’s industry-leading margins, Kong points out, is down to its tight in-house execution. Most of the construction, engineering and architecture works are done internally, cutting delivery time.
Two new offerings by the developer this year include offices in Subang and apartments in Bukit Segambut.
It has opened for sale the second and final block of its 30-storey Scenaria condominium sandwiched between Mont Kiara and Desa Park City. The 9.8 acre freehold development comes replete with a two-acre “forest retreat” and treetop bridge. The first block, which featured smaller sizes, was sold out at an average price of RM700 per sq ft.
Scenaria is also slated to have 44 units of three-storey superlink homes, although this is yet to be rolled out.
Another work-in-progress is the office-cum-retail-small office versatile office Kencana Square located just across the Federal Highway from Empire Shopping Gallery. The 10-acre freehold project will be anchored by nine office blocks starting from 110,000 sq ft.
Negotiations with companies and investors are already underway for en bloc sales of the towers, ahead of the actual launch. All but five of the 26 retail lots in Kencana Square have been snapped up.
Other projects filling out its RM3.7bil launch pipeline for 2013 include the Vertical office suites, South View Residence and Desa Green.
Pocket developer
Bucking the trend, however, can come at a cost. Despite being the largest property-based initial public offering on Bursa Malaysia that year, UOA Dev suffered a poor showing at its debut.
Its shares had languished until weeks ago, when a win by the incumbent Barisan Nasional administration sent property stocks soaring. UOA Dev closed last Thursday at RM2.64, four sen higher than its listing price.
Still, Kong is not one to worry. “I don’t pay so much attention to the share price,” he postulates. “My job is to deliver profits. The stock market is not for me to control.”
Given that the firm typically buys no more than five to 10 acres of land at a time, its undeveloped landbank and potential GDV pales in comparison to the larger township developers. In addition, UOA Dev is constrained by its lack of geographical diversity.
On the other hand, the smaller scale of its projects – usually pocket developments in sought-after, mature neighbourhoods – allows for faster turnaround and lower capital cost.
With the overhang of the general election removed, analysts expect UOA Dev to resume hunting for choice landbank, helped by its RM687.8mil cash pile.
As the interview winds down, Kong, who grew up in Malaysia but went to highschool in Singapore, shares his thoughts on succession. “I don’t have a nepotism mindset. If they (my children) can make it in the business, that’s good. If they can’t, I won’t force them,” he quips.
“I came from a poor family. We couldn’t afford a Mercedes. So I told myself I would be rich enough to own one. I want the best people to run the company, and not just because they are my relatives.”
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UOA Development
大选落幕股价高攀 產业股重回基本面
大选落幕股价高攀 產业股重回基本面
隨著全国第13届大选落幕，马股的產业指数在过去一周节节攀高，显示了市场对產业领域的信心。分析员表示，在全国备受瞩目的大选告一段落后，投资者可能会重新关注產业领域的基本面。
与此同时，分析员认为，我国產业领域並没有面对泡沫形成的危机，因为在过去三年家庭收入成长良好地扶持產业价格升值。
隨著全国第13届大选落幕，马股的產业指数在过去一周节节攀高，显示了市场对產业领域的信心。分析员表示，在全国备受瞩目的大选告一段落后，投资者可能会重新关注產业领域的基本面。 与此同时，分析员认为，我国產业领域並没有面对泡沫形成的危机，因为在过去三年家庭收入成长良好地扶持產业价格升值。
