Wednesday, June 12, 2013

Symphony Life (SYMLIFE, 1538, f.k.a. BOLTON) transforming to unleash its value

Talking about property stocks listed in KLSE nowadays, few will thought of Symphony Life (SYMLIFE, 1538), but I think this counter worth for investors and analysts to take a look.

In fact, SYMLIFE is a rebranded name from BOLTON just a few months ago. The company said the name change was the 1st phase of its transformation exercise, expected to be complete by year-end.

SYMLIFE transformation involve selling off non-core businesses, and refocusing to property development. Their immediate aim is to return  to the premier league of property developers. Their property development unique selling points focus on quality lifestyle, which brought about their new name Symphony Life.

BOLTON is an old-timer property stock, listed in KLSE since 1973. Its chairman Datuk Mohamed Azman bin Yahya was one of the six individuals in Najib's circle while Najib was appointed Finance Minister in 2008 before becoming the Prime Minister later on (click here to read the news report about Najib's circle). Datuk Mohamed Azman Yahya is also director of Khazanah, founder and group CEO of Symphony House (SYMPHNY, 0016), and ex-CEO of Pengurusan Danaharta Bhd.

SYMLIFE current project includes:

  • Surin in Tanjung Bungah, Penang (GDV: RM201m)
  • Lavendar Heights in Senawang, Negeri Sembilan (GDV: RM370m)
  • Bandar Amanjaya in Sungai Petani (GDV: RM490m)
  • Arata in Bukit Tunku, KL (GDV: RM120m)
  • Sixceylon in Bukie Ceylon, KL (GDV: RM180m)
  • The Wharf in Puchong (GDV: >RM650m)
  • Summer Homes in Puchong (GDV: RM55m)
  • Tijani Ukay in Ukay Perdana (GDV: RM300m) 
  • 51 Gurney in KL (GDV: RM210m)
Note that along with the transformation exercise to bring in more value to investors, the estimated GDV of some of the projects above has been revised in their quarterly report, mainly resulting from the change of project blueprint:
  • Tijani Ukay: from RM323m to RM300m since 2012Q4 report onwards.
  • The Wharf: from >RM500m to >RM650m since 2013Q3 report onwards.
  • Summer Homes: from RM40m to RM55m since 2013Q3 report onwards.
  • 51 Gurney: from RM207m to RM210m since 2013Q1 report onwards.

SYMLIFE has a total GDV of RM2 billions worth of new projects to be launched in 2013-2014.

Their reported quarterly revenue and unbilled sales is as below:

Note that its revenue has surged to RM140.518 million during last quarter, at the same time its unbilled sales doesn't decrease following the recognised sales, but in fact increased from RM514 million to RM517 million.

Dynaquest has in its Stock Performance Guide 2013 March Edition estimated the EPS of SYMLIFE in 2013 to be 30.7 sen. With its today's closing price of RM1.18, its PE is only 3.84 which is unbelievably cheap compared with other property stocks in KLSE.

Disclaimer: This article is intended for sharing of point of view only. It is not an advice or recommendation to buy or sell any of the mentioned stock counters. You should do your own homework before trading in Bursa Malaysia.


Voyager8 said... Reply To This Comment

The Edge has just published an article about Symphony Life continues its evolution.

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