小资女向前冲（大马股市）

Quarter report released date:28 Feb 2016

Business

- 产业管理和投资公司

- Penang-based company

- has 58 units of stratified properties in Penang,12 light industrial units in the Klang Valley.

Management 

- CEO: Datuk Thomas Liang-Liang Chee Fong

Financial performance

- Gross profit margin:86.63%

- Profit before tax margin:62.32%

- Net profit margin:43%

- Net cash company 

News

16 Jan 2017

- 现阶段的产业不活跃和经济成长放缓，将可能导致公司的成长不易，加上过去公司不时发出新股，导致股价和几年前相比较显得相当大的落差。

28 June 2016

- plans to invest RM50 million to acquire commercial buildings in the state, as well as in Kuala Lumpur and Selangor.

- project management services provider will acquire the buildings by the first half of the financial year ending Dec 31, 2017 (FY17).

- looking at exciting times with project management expansion and possible property development in FY17 or FY18,” 

- looking at acquiring one to two properties for RM25 million in Penang to rent out.

- In Selangor and Kuala Lumpur, the group plans to spend RM25 million to acquire new factories, and residential and office lots.

-He added that the group is looking at a 20% to 25% year-on-year growth, with about RM30 million in revenue, from its property letting segment for FY16 to FY19.

25 Feb 2016

- sign project management contracts with two Penang-based companies with an approximate value of RM30mil by March.

- the projects involved doing a RM20mil renovation project for Menara LA at Jalan Sultan Ahmad Shah, which would be turned into a 280- room hotel, occupying 20 storeys of the building.

- The project will earn the group about RM3mil in fees

- It should be completed in 18 months,

- other project involved overseeing the construction of a RM1.5bil mixed-development scheme in Bayan Lepas.

- This will generate project management fee of about RM24mil and RM26mil for us.

- The project, scheduled to start in July, will be completed in three years,”

- planned to migrate to the Main Market of Bursa Malaysia next year.

 15 July 2015

- Previously named as Ideal, can fall to GN3 (Same type as PN17) however one is in ACE market and another is Mainboard

Share price

 - In long term, it is a downtrend line. However, during 2014 Megasun changed management team, and starts to achieve their commitment. 

- So, shorten the period and only look at year 2016. It is still a downtrend.

- Go shorter, during 15 Feb 2016, the share price fluactuated substantially with volume.

- Maybe this is pure GORENG or stimulate by some good news.

- This company trading at very low volume and sometime no trading at all. May face liquidity problem.

- Also after quarter report released, the share price did not increase, it may due to share price already reflect its value.

- Latest Share price: RM 0.345 (3/3/2017)

 - PE:15.54

Comments

- During 28 June 2016, one of the management director said will generate RM30mn REVENUE in FY16 to FY19.

- Its net profit margin is around 43%. So, net profit from RM30mn is RM12.9mn.

- Megasun average net profit per year is around RM4mn-RM5mn

- Another project will start at July 2016, and will generate RM24mn to RM26mn manegement fees to group. Will be completed in 3 years.

- Net profit for RM24mn is RM10.32mn

- Assume to some up these management fee, the total is RM12.9mn+RM10.32mn=RM 23.22mn (management fees from project). The group average per quarter net profit is RM1mn++, one year net profit is RM4-5mn. 

- After include RM23.22mn,EPS is RM0.12

- Given PE:10, Share price is RM1.20

- Upside profit 247%

Risk

- The commitment of management team is still a concern. May see whether this year will migrate to Main Board this year 2017.

- This company changed name so man time, need to alert of this kind of company, a trap to lure newbie investor.

- As it rely on property development company, so if delay of development project by its customer, then Megasun may not be able to receive its management fee. And thus affect its revenue and net profit.

- Trading Volume is extremely low 

Reference:

http://www.sharetisfy.com/2017/02/16-jan-27-jan-2017.html

http://www.60malaysia.com/news/malaysia/51664.html

http://www.theedgemarkets.com/my/article/ideal-sun-city-buy-commercial-buildings-rm50m

http://www.thestar.com.my/business/business-news/2016/02/25/ideal-sun-city-to-sign-management-contracts-worth-rm30m/