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1.41   -0.01 (0.70%)  1.41 - 1.42  1,068,000
3,400 comment(s). Last comment by salarynotenough at Dec 4, 2020 4:07 PM
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ali baba
239 posts

Posted by ali baba > Aug 25, 2020 9:54 PM | Report Abuse

Everyone stated the worst is over? I think the selling pressure will be there.
Let me queue buy at 1.25, 1.18 and 1.10. Let me support from the bottom. If match, then good. If not, then look else where. :)


makelittlemoney
138 posts

Posted by makelittlemoney > Aug 25, 2020 10:15 PM | Report Abuse

actually not that bad.. you see the operating cash flow.. able to maintain positive cash during operating


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 10:45 AM | Report Abuse

SEE, much better than expected QR result, now sunway price finally moving after clearing all the worries of bad QR. Pro management by Sunway, even close down 3 months also can gain profit before tax, and after tax only 4m loss. Respect and Salute. This kind of company must invest when everyone overlook and go goreng medical stock. Soon will definitely bounce back. breaking 1.35 now!!!


investory321
228 posts

Posted by investory321 > Aug 26, 2020 10:46 AM | Report Abuse

small losses only, performance is much better than expected, time to buy in for recovery


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 1:11 PM | Report Abuse

1.36 already! If it breaks 1.4 today it will fly high!


SCK82
180 posts

Posted by SCK82 > Aug 26, 2020 1:52 PM | Report Abuse

Anyone know, this QR, do declare Div or not ?


kinuxian
608 posts

Posted by kinuxian > Aug 26, 2020 2:12 PM | Report Abuse

What a mistaken. Dividend proposed in first QR report was mistake. LOL
I was just wonder why still proposing 4.5 dividend while doing cash call.


Valgrovest
531 posts

Posted by Valgrovest > Aug 26, 2020 2:14 PM | Report Abuse

No dividend declared. Not hoping for it as company needs to conserve cash and also proposing a rights issue via ICPS to raise funds. A bit reluctant to buy at the moment in view of the fund raising exercise....


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 2:26 PM | Report Abuse

Fund raising exercise mainly is to reduce loan ratio and to fund new hospital developments, and it's preferential share available internally and only convertible after 4-5 years, with yearly gurranty of 5%++ interest. I feel sunway is playing safe, while having 5b cash but calling for extra cash makes this ship safe and sound. I feel the ICPS is a positive move. and the 15% share drop is already factored in after the announcement made few months ago. Now can only move upward.


Valgrovest
531 posts

Posted by Valgrovest > Aug 26, 2020 2:41 PM | Report Abuse

Thanks for the info on the proposed ICPS. Worth considering, i think.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 2:45 PM | Report Abuse

Broken 1.36 resistant, now heading 1.40! Now everyone sees sunway great value. Top pick for value investing.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 4:09 PM | Report Abuse

SUNWAY BOOM BOOM POW! BREAKING 1.38!!! finally move this hidden gem!


joeduff22
4 posts

Posted by joeduff22 > Aug 26, 2020 4:11 PM | Report Abuse

any good news for share price up?


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 4:15 PM | Report Abuse

@joeduff22


InvestNotGamble SEE, much better than expected QR result, now sunway price finally moving after clearing all the worries of bad QR. Pro management by Sunway, even close down 3 months also can gain profit before tax, and after tax only 4m loss. Respect and Salute. This kind of company must invest when everyone overlook and go goreng medical stock. Soon will definitely bounce back. breaking 1.35 now!!!
26/08/2020 10:45 AM

This is the reason. Good Company, Strong Asset, Good Management, Good Prospect, Strong Catalyst (Medical Line to go IPO in near future).

Give me a reason why it shouldn't go up further?


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 4:20 PM | Report Abuse

Major shareholder, EPF been sapu-ing the share since early august, they are trying hard to press the price down to absorb more before ICPS exercise. This ICPS exercise is a super bargain and huge perks for existing shareholder. Otherwise this share already shoot back 1.8 level just like her baby sunway construction.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 4:29 PM | Report Abuse

Any price below 1.6 is super bargin for sunway. Safe and Sound investment.

Remember: We Invest Not Gamble!


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 4:36 PM | Report Abuse

From Hong Leong Analyst

Sunway reported 1HFY20 core PATMI of RM76.4m (-69.4% YoY). Effective sales stood at RM586m (76% of revised target). Note that Sunway has revised its effective sales and launch targets to RM770m and RM2.1bn respectively. Effective unbilled sales stood at RM2.5bn (4.6x cover ratio). On the healthcare segment, SMC’s latest utilisation now hovers close to 65% from its low of <20% previously. 2HFY20 will be supported by the handover of overseas projects of RM160m to the bottom-line. We increase our FY20/21/22 forecasts conservatively by +1.2%/+1.1%/+0.4% and maintain BUY with an unchanged TP of RM1.95 based on a 10% holding discount.

Slightly above. Sunway reported 2QFY20 core PATMI of RM7.4m (-89.3% QoQ, - 93.4% YoY) bringing 1HFY20 core PATMI to RM76.4m (-69.4% YoY) which forms 19.7% and 17.3% of our and consensus full year forecasts, respectively. Despite only forming 19.7% of our estimates, we deem the results slightly above expectations as 2QFY20 had better-than-expected contributions from the Property Development segment while 2HFY20 will be supported by the handover of overseas projects of RM160m to the bottom-line. 1HFY20 core PATMI was derived after excluding - RM26.5m in EIs (-RM16.5m revaluation loss and -RM10m of impairments).

Dividends. None declared (2QFY19: 4.57 sen per share, inclusive of treasury share).

QoQ/YoY. Core PATMI fell -89.3%/-93.4% to RM7.4m from lesser revenue sources due to MCO coupled with unavoidable operating costs. Nonetheless, most of the segments remained profitable with the exception of Property Investment, Quarry and Healthcare (largely stemming from SMCV).

YTD. Core PATMI dropped -69.4% to RM76.4 on the back its operations impacted by MCO coupled with lower contributions from its associates.

Property development. New effective sales of RM64m was achieved in 2QFY20, bringing 1HFY20 to RM586m (76% of revised target). Note that Sunway has revised its effective sales and launch targets to RM770m (from RM1.4bn) and RM2.1bn (from RM3.3bn) respectively as seen in Figure#3. Effective unbilled sales stood at RM2.5bn, representing a strong cover ratio of 4.6x on FY19’s property revenue.

Construction. SunCon reported 1HFY20 core earnings of RM4.6m (-74% QoQ, -86% YoY) while current orderbook stands at RM6.3bn which implies a healthy cover of 3.6x on FY19 construction revenue.

Healthcare. The overall performance was impacted by the Covid-19 fear as number of admissions and outpatient treatments dropped with elective surgeries being postponed. The segment reported a net loss of -RM16m (1HFY20 net loss -RM20.4m) as it was further impacted by SMCV registering an operating loss of -RM9.5m (1HFY20: - RM21.5m). On a brighter note, SMC’s latest utilisation now hovers close to 65% from its low of <20% previously.

Outlook. We expect a strong earnings recovery in 2HFY20 as it will be underpinned by the block recognition of property projects delivered in Singapore (RM120m) and Tianjin, China (RM40m) in 4QFY20. This is further supported by the normalisation of construction activities by SunCon, Leisure & Hospitality division (theme park operating from July onwards), retail malls and Healthcare division. Separately, the group will hold the EGM on the approval of ICPS on 2 Sept. The offering of ICPS is attractive given the dividend yield of 5.25% based on primary shares.

The hidden gem. Sunway’s hidden gem lies in the healthcare sector with its concerted efforts to build new hospitals and expanding the established Sunway Medical. We gather that the group will likely invite strategic shareholders to expedite the development of the Healthcare division prior to a potential separate listing in later years.

Forecast. We increase our FY20/21/22 forecasts conservatively by +1.2%/+1.1%/+0.4% as we impute better contributions from the Property Development segment, given the resumption of construction works, pending further clarity on the magnitude of its recovery.

Maintain BUY but with an unchanged TP of RM1.95 based on a 10% holding discount to SOP-derived value of RM2.17. Sunway remains our top pick in the property sector given its well-integrated property and construction developments. The value of the healthcare business (with new hospitals and the SMC expansion coming on stream over the next three years) has yet to be appreciated as it is embedded within the parent - co. This, coupled with the resilient earnings from matured investment properties alongside its growing building materials business and quarry operations, justifies for the re-rating of the stock.


david6055my
34 posts

Posted by david6055my > Aug 26, 2020 4:57 PM | Report Abuse

@InvestNotGamble What does icps means in layman terms?


klsebursamalaysia
16 posts

Posted by klsebursamalaysia > Aug 26, 2020 6:03 PM | Report Abuse

=.=lll.. 2Q net loss 6.7 millions, last 4Q PE shoot up to ~17. 3Q definitely cannot earn so much as last year, PE will shoot up to ~20 with the current price. This is the reason why share price remain the same as March'20 time. Better follow Cold eye method to buy growth stock. T.T


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 10:29 PM | Report Abuse

@david6055my, ICPS is the recent activity proposed by Sunway management to give existing shareholder chance to buy preferential share based on 5 to 1 Ratio at rm1 per share. This is to gather new funding from shareholder to strengthen sunway’s cash flow to make sure she surf through covid crisis. In order for this to take effect major shareholder like Jeffrey Cheah and EPF need to chip in to make this works, so to launch this first Sunway must obtain support from major shareholders, and they set a minimum 900m funding target to be raised. And it is stated clearly 70% of the funding to be used for loan clearing, 20% for medical field development. This is a very good move indeed. And holder of ICPS get 5%++ interest per year, and get to convert into mother share at the 4th-5th year.

To make it simple, major shareholders of sunway berhad is willing to inject more capital into the company due to strong confident and ambition on future growth, and they won't do it for free, they want to do it at a discounted price rm1, and get 5++% interest per year (much better than FD at the moment).

So if you ask me this ICPS (Irredeemable convertible preference shares) is worth or not, i will tell you this is the brilliant idea of sunway majority shareholders figure out how to get more share at discounted price and make it a 5 year high interest FD at the same time.

Remember u can only buy 1 for each 5 sunway share u hold.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 10:35 PM | Report Abuse

@klsebursamalaysia true, that's why sunway share price is at all time low because of covid, but all their fundamentals are not affected, and all the losses are already factored in, in fact sunway qr performance is way above expectation. only 4m loss after tax. Considering sunway still have 5B cash reserve before ICPS, one quarter lose 4M you imagine how long this company can survive assuming RMCO prolong. Comparing to airasia, one quarter kaput lost 1B hit PN17, another quarter dry out. Sunway management team is way better.

Before invest in a company, choose a company with reputable leader, and great management skill. Sunway has both. And their future medical line growth is a hidden gem that will take their share price above RM5 once appreciated.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 26, 2020 10:39 PM | Report Abuse

The small 2QFY20 core loss of RM0.4m brought 1HFY20 CNP to RM66.1m accounting for 15% each of our and consensus full-year estimates. We deem the results as well within expectations as we expect 2HFY20 to deliver much better profits from: (i) recommencement of business activities post MCO, and (ii) a lump sum PAT recognition worth RM160m from two property projects which will be billed upon completion namely Sunway Gardens, Tianjin and Rivercove Residence, Singapore.


david6055my
34 posts

Posted by david6055my > Aug 27, 2020 10:58 AM | Report Abuse

@InvestNotGamble thanks for the explanation. I'm glad that i bought it @1.29


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 27, 2020 11:28 AM | Report Abuse

SUNWAY BREAKING 1.4 TODAY!!! When everyone telling u the stock is undervalued with great potential, and it is at share price all time low. Providing good management and reputable branding. What are you waiting for?? Sapu before it breaks 1.6!!!


RichJim
13 posts

Posted by RichJim > Aug 27, 2020 2:17 PM | Report Abuse

so we can only know the details of the ICPS after AGM right? coz i want to know if we can sell mother share after we buy ICPS, when can we convert ICPS to mother share n what will be the conversion rate.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 27, 2020 2:33 PM | Report Abuse

It is shown in the proposal, convert in 5 years, and no conversion rate, but u have to buy it at rm1 now and keep it for 5 years haha.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 27, 2020 2:34 PM | Report Abuse

SUNWAY BROKE 1.40 RESISTANCE!! ALL THE WAY UP NOW!!!


invest icon
493 posts

Posted by invest icon > Aug 27, 2020 3:19 PM | Report Abuse

If ICPS approve in coming EGM, Sunway WB will get some bonus and conversion price reduce to 1.32 after Oct 2023 due to capital enlarge. Take a look at Sunway WB


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 27, 2020 4:16 PM | Report Abuse

1.41 NOW!!! See why I keep try hard to recommend sunway few days ago? I hope we all can earn some SAFE & BIG money from sunway through this reputable company!

The price is still very cheap now 1.41. Sure can hit 1.5 very soon. Sapu while you can yea.


makelittlemoney
138 posts

Posted by makelittlemoney > Aug 27, 2020 4:18 PM | Report Abuse

sin ka lin... why when 1.28 u no come out promote


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 27, 2020 4:37 PM | Report Abuse

@makelittlemoney Bro i'm pure investor studying fundamental and analyzing on facts, i'm not insider I dont know their financial performance in advance. It is still a risk before the quarter report is out, now that the quarter report is out all worries are gone. Now can sapu!


Kendo Ken Hz
980 posts

Posted by Kendo Ken Hz > Aug 27, 2020 8:48 PM | Report Abuse

All in, 2 soon, Chia buyback


ali baba
239 posts

Posted by ali baba > Aug 28, 2020 1:17 PM | Report Abuse

Would the ICPS plan works like this?

#1 - Dividend
Year1 = 5.25%
Year2 = 5.25%
Year3 = 5.25%
Year4 = 5.25% (mandatory conversion on the 1st 50%)
Year5 = 5.25% (mandatory conversion on the balance 50%)

#2 - And to convert, is there any fee to pay like 'Exercise Price'?


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 28, 2020 1:49 PM | Report Abuse

@ali baba

No exercise price. Because you have to pay a RM1 in advance already for it.


invest icon
493 posts

Posted by invest icon > Aug 28, 2020 3:06 PM | Report Abuse

@Ali Baba, Conversion to Sunway is either 1:1 or 20% discount from Sunway price during fixing period, which ever is lower. Means, minimum 1 ICPS can convert to 1 Sunway share or more


ali baba
239 posts

Posted by ali baba > Aug 28, 2020 3:54 PM | Report Abuse

Many thanks InvestNotGamble and invest icon.
Cannot imagine that Sunway at year 2025 will still priced at RM1.00 and without any bonus share / share split exercise from now until then.

A few more questions.

#3 - These ICPS units, Are they trade-able the moment the units are issued?

#4 - If one has 1,000 units of Sunway, he / she will be entitled 200 units and this sure allotted right? Or we must wait for balloting?

#5 - With ICPS unit priced at RM1.00 and with dividend 5.25% per annum, Can i assume the following:-
1,000 units of ICPS at RM1.00
yr1 dividend receipt = RM 52.5
yr2 dividend receipt = RM 52.5
yr3 dividend receipt = RM 52.5
yr4 dividend receipt = RM 26.25 (only 50% because 50% of units will be converted to Sunway)
yr5 dividend receipt = RM 26.25 (only 50% because 50% of units will be converted to Sunway)
total dividend then is = RM 210.
Hence, the capital outlay for the ICPS is RM1,000 - RM210 = RM 790 (for 1,000units)
Is this understanding correct?


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 28, 2020 4:23 PM | Report Abuse

no la u cannot count like that, 1000 u put FD in bank also will have interest. They ask money from u and lock down the fund, let them use for 5 years, of course need pay u interest. Yes the preferential share can be traded in market like warrant if i'm not wrong. So if sunway price go up, u can sell for profit also instead of holding for 5 years.


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 28, 2020 4:25 PM | Report Abuse

If the proposed ICPS is rejected by the board, then share price will go up because last time after announcement a lot ppl scare dilution then throw sunway share, current share price already factorted in.

If ICPS success, the price will go up also, because a lot of big player and permanent sunway stakeholders won't want to lose out this chance and face dilution.

Conclusion, SAPU SUNWAY WHILE YOU CAN LA!!!


invest icon
493 posts

Posted by invest icon > Aug 28, 2020 4:38 PM | Report Abuse

@Ali Baba, ICPS will be listed for trade. Theorytically price quote will be not far from Sunway since is min 1:1 conversion. 1 ICPS right to subscribe is free for every 5 shares and you can sell it if you do not wish to subscribe before the expiry date. If you have 1000 units of ICPS, you are entitled to RM52.5 every year but paying out can be delay and accumulate if the management feels that is necessary. Buy delaying is very rare will affects Sunway's credit rating.


invest icon
493 posts

Posted by invest icon > Aug 28, 2020 4:42 PM | Report Abuse

@InvestNotGamble I see you really hard sell Sunway. But I like it cause it is truly good fundamental and potential company


invest icon
493 posts

Posted by invest icon > Aug 28, 2020 4:46 PM | Report Abuse

Don't forget to take a look at Sunway WB, If ICPS is approve, Conversion price will reduce to RM1.32 from Oct 2023 onwards and very likely will get about 8-10% free Warrant due to enlarge capital.


yameyamo
328 posts

Posted by yameyamo > Aug 28, 2020 5:16 PM | Report Abuse

Finally


Kendo Ken Hz
980 posts

Posted by Kendo Ken Hz > Aug 28, 2020 5:25 PM | Report Abuse

Sunway has medical centers, but share prices is peanut, why , zero benefit from covid


InvestNotGamble
130 posts

Posted by InvestNotGamble > Aug 28, 2020 9:26 PM | Report Abuse

@invest icon yea i hard sell because i feel Sunway wasted at this price level. And all the things i say here is based on fact. Like you said, Sunway is really good fundamental and potential company at this price level is just unreasonable.

@Kendo Ken Hz sunway medical occupancy rate is <20% during mco, that's why lost making, but after June already improve to > 65% occupancy rate. Which is really good. So next quarter will see good profit by Sunway. That's why the share price is rising after the quarter report come out shows that Sunway is not really affected as expected by Covid. More income is coming in from property sector after project completion at china and UK.

A lot of ppl mistaken sunway for hotels and malls, their main income is actually from various diversified sectors including property, quarrying and building materials.


CKNG8291
343 posts

Posted by CKNG8291 > Aug 31, 2020 9:20 PM | Report Abuse

Is sunway issue dividend this QR ?


ali baba
239 posts

Posted by ali baba > Sep 1, 2020 1:40 PM | Report Abuse

Thanks again InvestNotGamble and invest icon.


MadameTan
35 posts

Posted by MadameTan > Sep 1, 2020 8:43 PM | Report Abuse

I joined the party since 1.6 and I started small but gradually increase my purchase when the price falling until 1.30. Now my Sunway counter PnL is positive.
Looking forward to a positive outcome general meeting tomorrow and embrace towards a higher
TP.


ali baba
239 posts

Posted by ali baba > Sep 2, 2020 12:34 PM | Report Abuse

With the ICPS, will Sunway still issue dividend? It is counter productive right?


invest icon
493 posts

Posted by invest icon > Sep 2, 2020 3:56 PM | Report Abuse

Sunway dividend policy is minimum 20% from its core business PATMI. That means they will still pay out dividend


Pang
150 posts

Posted by Pang > Sep 2, 2020 4:32 PM | Report Abuse

dividend x 2 per year

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