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Posts: 62
Joined: Jan 2012
Male, MYS
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.
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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. wub

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. shy
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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. notworthy
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16 Jan 2012, 08:16 PMPost #4
CRESNDO and KMLOONG(plantation) is under same boss,good for long term investment.
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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
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Posts: 109
Joined: Feb 2013
Male, MYS
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
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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. yeahthumbup
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Posts: 285
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27 May 2014, 06:08 PMPost #8
rolleyes6718 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.
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
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。
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。
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。
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。

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27 May 2014, 06:13 PMPost #9
rolleyes6718 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/
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31 May 2014, 06:51 PMPost #10
rolleyes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1663*43560*10=7.24 亿
7.24亿/股数(2.2848亿股)=每股值RM 3.16
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
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.
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01 Jun 2014, 11:40 AMPost #11
thumbup券商買進心頭好.可趁勢柔州資本增值 吉星地價遭低估








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29 Sep 2014, 06:30 PMPost #12
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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. 

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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)”

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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


yeah doh drool lol mad notworthy question rant rolleyes sad shutup shy smile star sweat thumbup wub cry

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