CRESNDO (6718) : CRESCENDO CORPORATION BERHAD

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CRESNDO (6718) : CRESCENDO CORPORATION BERHAD
kkchong Posts: 62 Joined: Jan 2012	03 Jan 2012, 08:38 PMPost #1
	Personally i think CRESNCO is a very good stock for long term. The dividend return is almost 8% based on RM1.60. PE is less than 5. NTA is above RM3.00. This is pretty safe bet to invest in this company at this price now.
ILoveDividend Posts: 521 Joined: Dec 2011	15 Jan 2012, 09:18 PMPost #2
	This is really a super undervalue stock. Its last EPS is 12 cent but its current price only RM1.60+. Very high dividend stock also. Anyone know why its business suddently jump so much since last year? Not too sure if this can be sustained for this year. But too bad, it is properties counter, not my cup of tea.
ILoveDividend Posts: 521 Joined: Dec 2011	16 Jan 2012, 08:09 PMPost #3
	I am thinking to invest in CRESNDO, my first property counter after few years investing in KLSE. Any comments? Please share your info here. Thanks.
Mike Posts: 87 Joined: Dec 2011	16 Jan 2012, 08:16 PMPost #4
	CRESNDO and KMLOONG(plantation) is under same boss,good for long term investment.
airasia Posts: 46 Joined: Dec 2011	01 Mar 2012, 11:59 PMPost #5
	Higher Dividend Projection With continue sales derived from NCIP (to S'pore investors), - expected final dividend of 6cents/ share - unbilled sales may close to RM160million
garlic Posts: 109 Joined: Feb 2013	11 Mar 2013, 08:38 AMPost #6
	HwangDBS kacau-kacau doing coverage last week, now The Edge also kacau-kacau doing coverage people haven't collect enough mah....kacau-kacau
bewise Posts: 18 Joined: Jul 2012	29 Mar 2013, 08:43 AMPost #7
	Crescendo's latest quarter EPS of 11.70 is above expectation, and final dividend of 8 sen single-tier is also above expectation. The company is doing well. All their businesses are in the Iskandar Region which is booming now. The stock was last traded at RM2.14 More upside is definitely on the card.
erkongseng Posts: 285 Joined: Mar 2014	27 May 2014, 06:08 PMPost #8
	6718 cresndo 吉星 Rm 2.68 进场的原因--- 1)技术面说,此股在29-01-14的股价为rm2.72 .之后在15-04-14回升到rm3.11 .现在是四个月的底线(26-04-14股价rm2.66),己是超賣了(RSI=24%),RM2.68是机会来了. 2)基本面看,其基本因素強稳,并无负面消息,因此可以进场. 3)合计全年，吉星净利报1亿2122万令吉，按年涨118%；营业额则增长10%至3亿1035万5000令吉，以及全年每股盈利为57.22仙。 4)现在价位Rm2.70 (pe=4.7),明显被低估了,合理的pe=6,价位=Rm3.43 .并有NTA=RM3.17 5)因投资资产价值重估而入账的3890万令吉，吉星2014财年盈利实为8230万令吉，吉星全年派出16仙股息，高于我们预测的14仙，相等于吸引人的5.4%周息率. 6)像这样的投资资产价值重估,我相信今后还是有的(因为公司有大片地库). 7)达证券行建议“守住”该股，并根据2015年45.7仙的每股盈利，计算出3.20令吉的目标价。 8)肯纳格研究分析员在调整销售预测、预期更高產业赚幅、较低营运成本及额外利息开销之下，將该公司2014財政年核心盈利预测调高4%，至8360万令吉；但是，將2015財政年盈利预测下调5%，至9550万令吉。他维持该股「跑贏大市」投资评级，目標价为4令吉. 9)现在价位公司己开始買回股票,因此下跌有限. 10)吉星近期与Mavern、Meiban资源，以及Medini资本有限公司签署联营合约，魏松林说，联营公司会发展柔佛NusaCemerlang工业园发展产业项目。 11）公司计划把工业园内约16英亩土地用作发展高级商业和住宅产业，目前正进行申请。当地每平方尺工业地价为70多令吉，如果成功转换成商业或住宅土地，地价则可达100多令吉。“发展商业和住宅产业，也可提升我们的赚幅。 12）发展总值达20至30亿令吉的Bandar Cemerlang城镇计划，预计在明年第3或末季开始。“城镇的发展以有地产业为主，预计需10年完成发展。 13）魏松林也不认为依斯干达区的产业市场将饱和，因政府致力发展该区，预计在未来5至10年，当地人口可增至300万人，加上与新加坡临近，预计可支撑当地产业需求。 14）肯納格也不擔心柔佛州向海外買家徵收額外產業盈利稅措施，因為國內產業價格仍比新加坡低30%，加上新加坡工業地段供應吃緊，迫使更多新加坡中小企業將營運據點轉移至大馬。 15）吉星是一家纯柔佛州产业发展商，并在该州拥有2983英亩地库，其中超过一半（1663英亩）位于大马依斯干达特区范围内。 16）根据账面价值，集团的地库平均价格为每平方尺3.50令吉，远远低于现有未被开发地库每平方尺8令吉到10令吉的估值。就产业项目而言，吉星可提供具竞争的价格优势，或从地库资本增值中依据目前的估值作出定价。 17）预计吉星剩余的发展总值（GDV）达74亿令吉，这也意味盈利可维持8至9年。发展总值74亿令吉仍然是保守估计数字，预测取自于每英亩发展总值250万令吉，远低于其他发展商的每英亩300万到600万令吉。 18）吉星的业务活动主要可归纳为：（一）产业业务、（二）建筑业务；以及（三）其他业务，如教育、产业投资与管理服务。 19）股息政策方面，吉星将派发30%的净利作为股息，过去3年的记录显示，派息率介于净利的32%到39%。 20）现金流方面，虽然吉星现金与现金等值已从2012财年的7580万6000令吉剧减到2013财年的2234万6000令吉，但资金流出主要用在收购以及偿还贷款。 21）肯南嘉研究预计，预期重估净资产可达5.08令吉。依据30%折价计算，分析员的目标价为3.56令吉。集团增长动力是发展高档住宅产业（独立式和半独立排屋），每单位定价在百万令吉以上。 22）投资风险方面，考量的因素包括利率上调、打房或负面政策、全球经济或产业领域放缓等。 23）30大股东已持有78.87%，市场流通量只有21.13%，大股东为KIM LOONG RESOURCES BERHAD(55%). 24）善用手中的资金，集中火力，让资本增值最大化，吉星机构具备条件成为爆发股。把握目前提供的良机。实现写意，悠闲，看海的日子，哈哈，我进了，你还在等什么呢。 25）以上都是股价上升之催化剂，个人推算与整理，进出自负。公司网站--http://www.crescendo.com.my/
erkongseng Posts: 285 Joined: Mar 2014	27 May 2014, 06:13 PMPost #9
	6718 cresndo Gemstar Rm 2.68 admission reasons --- 1 ) Technically that this stock 's share price at 29-01-14 rm2.72. Rebounded after 15-04-14 to rm3.11. Now four months underscore ( 26-04-14 price rm2. 66 ) , already is oversold (RSI = 24%), RM2.68 is a chance. 2 ) fundamentals, its stable and strong fundamentals , there is no negative news , so you can play. 3 ) as a whole, Gemstar reported net profit of RM 100 million 21.22 million , up 118% yoy ; turnover grew by 10% to 300 million 10.355 million ringgit , as well as full-year earnings per share of 57.22 cents . 4 ) Now the price Rm2.70 (pe = 4.7), significantly undervalued , reasonable pe = 6, price = Rm3.43. , And there NTA = RM3.17 5 ) due to the revaluation of assets and the value of investments accounted for 38.9 million ringgit , Gemstar fiscal 2014 earnings of 82.3 million ringgit real , Gemstar sent the annual dividend 16 cents , higher than our forecast of 14 cents , equivalent to 5.4% in Week appealing interest rate. 6 ) revaluation of investment assets such as this , I believe the future is still there ( because the company has a large basement ) . 7 ) of securities recommended " hold " the stock , and earnings per share in 2015 based on 45.7 cents , to calculate the target price of 3.20 ringgit . 8 ) Kenanga Research analysts adjust the sales forecast , the industry is expected to earn a higher amplitude , under lower operating costs and additional interest expenses, the company fiscal year 2014 core earnings forecast by 4% to 83.6 million ringgit ; However, the 2015 fiscal year earnings forecast by 5 percent to 95.5 million ringgit. He maintained the stock " outperform " rating and a target price of 4 ringgit. 9 ) Now the company has begun to buy back the stock price , and therefore fall limited. 10 ) Gemstar recently with Mavern, Meiban resources, and Medini Capital Co., Ltd. signed the joint venture agreement , Wei Songlin said Johor NusaCemerlang Associates will develop industrial parks industrial development projects. 11 ) The company plans to industrial park about 16 acres of land for the development of advanced commercial and residential industry is currently undergoing the application . Local industrial land price per square foot is more than 70 ringgit , if successfully converted into commercial or residential land , land prices are up more than 100 ringgit. " The development of commercial and residential industry , but also enhance our profit increase. 12 ) the development totaled 20-3000000000 ringgit Bandar Cemerlang town plan , expected next year or the end of the third quarter began . " There are places in town development industries, is expected to take 10 years to complete development. 13 ) Wei Songlin do not think industry market Iskandar region will be saturated , because the government is committed to the development of the region , is expected in the next five to 10 years , the local population may be increased to 300 million , coupled with Singapore approaching, is expected to be support local industry needs. 14 ) Kenanga not worried Johor impose additional industry profits to overseas buyers tax measures , because the domestic industry, prices are still 30% lower than Singapore , coupled with tight supply of industrial lots Singapore , Singapore SMEs will force more operations base transfer to Malaysia . 15 ) Gemstar is a pure property developer in Johor , and the basement has 2,983 acres in the state , more than half ( 1,663 acres ) located within the Iskandar Malaysia area range. 16 ) According to the book value , the average price of our basement to 3.50 ringgit per square foot , far below the existing undeveloped basement -foot-8 ringgit to 10 ringgit per square valuations. On industrial projects, Gemstar provide competitive price advantage , from the basement to make pricing or capital appreciation based on the current valuation. 17 ) is expected to Gemstar remaining gross development value (GDV) of 7.4 billion ringgit, it also means that profits can be maintained for 8-9 years . The total value of 7.4 billion ringgit development is still conservative estimates , forecasts taken from each acre worth 2.5 million ringgit development , much lower than other developers from 3 million to 6 million ringgit per acre. 18 ) Gemstar 's main business activities can be summarized as follows: ( a ) industrial operations , ( b) the construction business ; and (iii ) other businesses, such as education, industry, investment and management services. 19 ) Dividend policy, Gemstar will distribute 30% of net profit as dividends , in the past three years, records show , the dividend payout ratio between 32 % and 39% of net profit . 20 ) Cash flow, although cash and cash equivalents from Gemstar fiscal 2012 75,806,000 ringgit drama reduced to 2013 fiscal year 22,346,000 ringgit , but capital outflow is mainly used in the acquisition and repayment of loans. 21 ) Ken Nanjia study is expected , expected revaluation of net assets up to 5.08 ringgit. 30% discount is calculated based on a target price of 3.56 ringgit analysts . Group's growth momentum is to develop high-end residential sector ( Detached and semi-detached townhouses ) , each unit priced at more than one million ringgit . 22 ) investment risk, factors to consider , including interest rates , play room or a negative policy , the slowdown in global economic or industry and other fields . 23 ) 30 major shareholder already holds 78.87% , only 21.13 percent market liquidity , a major shareholder of KIM LOONG RESOURCES BERHAD (55%). 24 ) use of the hands of the funds , concentrated fire , so to maximize capital appreciation , Gemstar institutions have to become an outbreak shares. Grasp the opportunities currently offered. Achieve impressionistic , relaxing , watching the sea day , ha ha, I entered , what are you waiting for it . 25 ) These are the catalyst for the share price rises , individual projections and finishing out of the ego. Company website - http :/ / www.crescendo.com.my/
erkongseng Posts: 285 Joined: Mar 2014	31 May 2014, 06:51 PMPost #10
	公司的Net assets per share value是账面价值而不是market value. 而它大部分的资产lands是属于Iskandar特区一带的土地,他的market value最少是他账面价值的60%至100%以上(从它买进年份和现年价值作比较). 简单算;1)特区1663亩--每亩=43560平方英尺,几年前每方尺值10元,则16634356010=7.24 亿 7.24亿/股数(2.2848亿股)=每股值RM 3.16 2)新山地不佬有865亩地,哥打丁宜526亩地,共1391亩,取每方尺5元算,则1391435605=3.02亿 3.02亿/股数(2.2848亿股)=每股值Rm 1.32 因此共值RM 4.48 现在票数=22,8484 張,可转换债券（icls）有5,1978 張,在11-1-2016 到期.假如全部转换则，公司总共股数为22.8484+5.1978=28.0462張。因此 a)7.24亿/股数(2.8046亿股)=每股值RM 2.58 b)3.02亿/股数(2.8046亿股)=每股值Rm 1.07 a) + b)= Rm 3.65 注--这里己发展掉的土地没有扣除,也沒加入发展后的净利,只是单单计算土地价值(实际上现在土地值己更高.) 个人推算,进出自负. Company Net assets per share value is the book value instead of market value. While most of its assets lands are lands belonging to Iskandar, DC area, his market value is at least more than 60-100% of his book value (buy from it Year in and aged value for comparison). Simple calculation; 1) DC 1663 acres - acre = 43,560 square feet, a few years ago the value of 10 yuan per cubic feet, then 1663 * 43 560 * 10 = 724000000 724,000,000 / D (2.2848 million shares) = RM 3.16 per share value 2) The new guy does not have 865 acres of mountain land, 526 acres of land in Kota Tinggi, a total of 1391 acres, take five yuan per count feet, then 1391 * 43 560 * 5 = 302 000 000 302 million / shares (2.2848 million shares) = value Rm 1.32 per share Thus a total value of RM 4.48 Now the votes = 22,8484 Zhang, convertible bonds (icls) has 5,1978 Zhang, expires at 11-1-2016. Then if fully converted, the company total number of shares 22.8484 +5.1978 = 28.0462. So a) 7.24 billion / $ number (2.8046 million shares) = value of RM 2.58 per share b) 3.02 billion / $ number (2.8046 million shares) = value Rm 1.07 per share a) + b) = Rm 3.65 Note - there has been no development of land swaps, net, did not join after net development, we simply calculate the value of the land (actually now have higher land values.) Personal projection, out of conceit.
erkongseng Posts: 285 Joined: Mar 2014	01 Jun 2014, 11:40 AMPost #11
	券商買進心頭好．可趁勢柔州資本增值吉星地價遭低估券商：肯納格證券研究目標價：3.56令吉我們給予吉星集團（CRESNDO，6718，主要板房產）“跑贏大市”評級，根據每股重估凈資產值（RNAV）5.08令吉，在折價30%后，我們取得3.56令吉的目標價。　我們預計該公司將繼續進行重新估價，作為純柔州房產發展商，該公司大規模在大馬依斯干達地區發展，並打著工業用與可負擔房產旗幟，受惠于穩健市場需求。　吉星集團目前享有處于歷史新低的地庫成本，這提供了彈性以維持房價競爭能力或擴大公司賺幅。我們預計，該公司在2014財年至15財年的盈利可成長31%至34%，淨股息回酬率介于5.9%至7.5%。　整體而言，該集團在柔佛擁有2983英畝的土地，其中1663英畝位于依斯干達地區。許多在南部大規模發展的發展商，其股價在今年的回報率達20%至90%。我們也看好柔佛的“政府對政府”（G2G）合作措施和提高經濟驅動能力，包括了新加坡中小型企業移居到依斯干達。　吉星集團的地庫嚴重遭到低估，其平均賬面價格成本為每平方尺3.50令吉，目前未開發的“綠地”價格為每平方尺8令吉至10令吉。　該公司地價為歷史新低，他們具備彈性趁勢搭上柔州資本增值的列車，或把產品定價得更具競爭力，藉以擴大公司賺幅。值得注意的是，其稅前盈利的賺幅已從2010財年的16%，擴展至本財年的28%。　根據我們的評估，該公司擁有74億令吉的余下發展總值，具有8至9年的可預見收益，比起其他發展商來得更久。
Asriel Posts: 149 Joined: May 2012	29 Sep 2014, 06:30 PMPost #12
	恭喜Cresndo信徒们，守得云开见明月也！今天公布的业绩非常鼓舞人！明天股价将要飞腾了！！
i4value Posts: 551 Joined: Aug 2020	23 Jul 2023, 02:03 PMPost #13
	Crescondo profits since 2018/19 has been affected by the property overhang in Johore. The good sign is that the profit in 2023 seems to be on track to surpass those of the past 2 years. Is this the reason for the price to be trending up? To give you a sense of the turn around, the chart below show the gross porfitability (gross profit/total assets) of the large Bursa property companies from the article Will the Malaysian Property industry turn around by 2024? You can see that the performance over the past 2 to 3 years show a turnaround.
i4value Posts: 551 Joined: Aug 2020	22 Sep 2023, 11:57 AMPost #14
	Is Crescendo Corp a value trap? Crescendo is Bursa Malaysia property company whose main projects are in Johore. There has been some positive news about the Johore property market. But I am not sure how this is going to translate into the performance of the property developers in the short run. I bought Crescendo about 9 years ago having valued its EPV then at RM 4.00 per share. The Book Value then was RM 3.25 per share. The Book Value had not changed very much since then with the 2022 value at RM 3.29 per share. Its share price today is RM 1.38. Is this a value trap? Over the past 12 years, the Group has generated a positive total gain for the shareholders. This was due to the dividends. The Group has a good dividend track record paying out about 40% of its earnings. I expect this dividend payments to grow in line with the Group’s performance. Given that my purchased cost is below both the Asset Value and Earnings Power Value, I would continue to hold onto the stocks as I have a positive view of the sector over the long-run. For more insights into Bursa companies go to “Are these outstanding stocks - what to consider? (Bursa Malaysia)”
i4value Posts: 551 Joined: Aug 2020	16 Mar 2024, 11:10 AMPost #15
	Crescendo’s performance over the past 12 years has been impacted by the soft property market. Despite this environment, the Group managed to be profitable every year. But the property sector is cyclical and with the post-Covid-19 opening of the economy, the bottom of the cycle has been reached. Crescendo's outlook is optimistic. Positioned near vital projects like Iskandar Malaysia and Pengerang Integrated Petroleum Complex, it is poised for growth in demand for both residential and industrial units. Crescendo is currently trading below its Asset Value with more than a 30% margin of safety. As a property company, the Asset Value is a good reflection of its intrinsic value. Have a look at my updated valuation at page 20 in INVEST

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