Tambun Indah FY14Q1 Financial Result
| TAMBUN | FY14Q1 | FY13Q4 | FY13Q3 | FY13Q2 | FY13Q1 |
| Revenue | 112.0 | 118.4 | 97.1 | 82.6 | 78.3 |
| PBT | 35.3 | 36.3 | 31.2 | 26.3 | 24.0 |
| PBT% | 31.5 | 30.7 | 32.1 | 31.8 | 30.7 |
| PAT | 25.3 | 22.1 | 17.2 | 14.0 | 11.7 |
| Total Equity | 336.0 | 310.1 | 273.9 | 243.1 | 235.3 |
| Total Assets | 596.9 | 496.9 | 510.2 | 475.0 | 455.5 |
| Trade Receivables | 99.1 | 86.6 | 83.8 | 79.8 | 82.0 |
| Prop dev cost | 96.4 | 125.1 | 129.6 | 131.5 | 132.9 |
| Inventories | 0.3 | 0.3 | 0.0 | 0.0 | 0.3 |
| Cash | 142.8 | 125.9 | 141.9 | 117.2 | 99.7 |
| Total Liabilities | 258.7 | 183.3 | 185.0 | 185.9 | 178.8 |
| Trade Payables | 93.1 | 81.1 | 74.5 | 69.7 | 63.9 |
| ST Borrowings | 39.5 | 24.8 | 26.4 | 26.7 | 16.6 |
| LT Borrowings | 116.6 | 73.3 | 73.8 | 80.3 | 92.1 |
| Net Cash Flow | 29.0 | 24.3 | 52.5 | 22.9 | 4.4 |
| Operation | -23.0 | 57.9 | 32.5 | 2.0 | -16.7 |
| Investment | 4.1 | -21.4 | -4.5 | -4.2 | -1.7 |
| Financing | 47.9 | -12.2 | 24.5 | 25.0 | 22.7 |
| EPS | 6.41 | 6.14 | 5.22 | 4.46 | 3.77 |
| NAS | 0.85 | 0.79 | 0.82 | 0.76 | 0.76 |
| D/E Ratio | 0.04 | Net cash | Net cash | Net cash | 0.04 |
Compared YoY, Tambun's revenue and PAT in FY14Q1 improve 43% and
116% respectively. The remarkable increase in net profit is due to
acquisition of remaining shares in its Pearl City development.
As expected, its revenue falls slightly this quarter as many
projects were completed in the final quarter of last year. Profit before
tax margin still stays above 30% mark consistently.
Tambun took a RM68mil bank loan this year, thus sending it back into slight net debt with net gearing of 0.04.
As at 31 Mac 2014, Tambun achieves average take-up rate of 84.91%
on its on-going projects with a total GDV of RM975.67mil. Its unbilled
sales increase slightly from RM455mil in previous quarter to RM467mil.
Recent new launches earlier this year including Permai Residence,
Bukit Residence, Pearl Harmoni, Pearl Avenue 2 and Rain Tree Park are
still not classified into its on-going projects yet.
Bukit Residence
The final single tier dividend of 4.6sen will only be announced
officially in June and ex in August. The total 6.6sen dividend for FY13
(dividend payout 40% of FY13 net profit) is 25% higher than previous
year's 5.3sen. Dividend yield will be 3.3% at share price of RM2.
Regarding my own target price, I'll keep with my earlier estimation
of RM100mil annual profit for FY14. So the new target price should be
RM2.53 base on EPS 25.3sen and PE ratio 10x.
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