Stock Name: TA
Company Name: TA ENTERPRISE BHD
Company Name: TA ENTERPRISE BHD
| Research House: NETRESEARCH | Price Call: HOLD | Target Price: 0.60 |
Showing posts with label TA. Show all posts
Showing posts with label TA. Show all posts
December 18, 2012
July 2, 2012
1QFYJan13 results review
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Company Name: TA ENTERPRISE BHD
| Research House: NETRESEARCH | Price Call: HOLD | Target Price: 0.60 |
March 22, 2012
4QFY12 results review
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Company Name: TA ENTERPRISE BHD
| Research House: NETRESEARCH | Price Call: HOLD | Target Price: 0.60 |
March 21, 2012
TA - Property projects to drive earnings
Stock Name: TA
Company Name: TA ENTERPRISE BHD
TA Enterprise; Buy; RM0.60
Price Target: RM1.10; TAE MK
FY12 results were below our expectations, due to weaker property development and broking income. Look forward to launches at its overseas projects, which could re-rate the stock. Maintain Buy and SOP-derived TP of RM1.10.
Source: HwangDBS Research 21 March 2012
Company Name: TA ENTERPRISE BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 1.10 |
TA Enterprise; Buy; RM0.60
Price Target: RM1.10; TAE MK
FY12 results were below our expectations, due to weaker property development and broking income. Look forward to launches at its overseas projects, which could re-rate the stock. Maintain Buy and SOP-derived TP of RM1.10.
Source: HwangDBS Research 21 March 2012
March 15, 2012
TA - Second Canadian property development in the bag
Stock Name: TA
Company Name: TA ENTERPRISE BHD
TA Enterprise; Buy; RM0.59
Price Target: RM1.10; TAE MK
TA Global (TAG), 73%-owned subsidiary of TA Enterprise (TAE) together with Birkbeck Trust will jointly develop a high-rise mixed project consisting of hotel and residences in Vancouver, Canada. Datuk Tiah Thee Kian who is the Executive Chairman of TAG is the ultimate beneficiary of Birkbeck Trust. The Proposed Joint Development consists of a 8 level underground parkade and a 64- storey building comprising a 4 level podium and a 60-storey point block which will house the hotel of approximately 161 guest rooms with supporting amenities such as restaurant and lounge, bar and pool, gym, spa and approximately 249 units of residences. The development is adjacent to the existing 24-storey triple-A rated corporate office building owned by TAG. Construction is expected to commence by the third quarter of 2012 and complete by 2016.
The estimated gross development value is C$496.4m (c.RM1.5bn) and total development cost (including land cost of C$110m) is approximately C$359.8m (c.RM1.1bn). Total financial commitment for TAG works out to be C$185m (c.RM560m), which will be financed via internal funds and external borrowings.
Assuming 50% is financed via external funds, this would raise TAE's net gearing to 0.4x from 0.3x, which
is still manageable. This project will add another RM750m (+11%) to TAG's existing RM7bn GDV. At this juncture, we do not expect any impact on FY12-13F earnings (FYE-Jan). There should be potential earnings upside for our FY14F. Depending on the timing and sales value of the initial launch, we are keeping our FY14F unchanged for now.
Maintain Buy and our RM1.10 SOP-based TP is based on 45% discount to RNAV for property and 0.8x BV for broking. We believe the successive launches of TAG's property projects both in Malaysia and overseas, will be a catalyst for earnings traction and valuation lift.
Source: HwangDBS Research 15 March 2012
Company Name: TA ENTERPRISE BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 1.10 |
TA Enterprise; Buy; RM0.59
Price Target: RM1.10; TAE MK
TA Global (TAG), 73%-owned subsidiary of TA Enterprise (TAE) together with Birkbeck Trust will jointly develop a high-rise mixed project consisting of hotel and residences in Vancouver, Canada. Datuk Tiah Thee Kian who is the Executive Chairman of TAG is the ultimate beneficiary of Birkbeck Trust. The Proposed Joint Development consists of a 8 level underground parkade and a 64- storey building comprising a 4 level podium and a 60-storey point block which will house the hotel of approximately 161 guest rooms with supporting amenities such as restaurant and lounge, bar and pool, gym, spa and approximately 249 units of residences. The development is adjacent to the existing 24-storey triple-A rated corporate office building owned by TAG. Construction is expected to commence by the third quarter of 2012 and complete by 2016.
The estimated gross development value is C$496.4m (c.RM1.5bn) and total development cost (including land cost of C$110m) is approximately C$359.8m (c.RM1.1bn). Total financial commitment for TAG works out to be C$185m (c.RM560m), which will be financed via internal funds and external borrowings.
Assuming 50% is financed via external funds, this would raise TAE's net gearing to 0.4x from 0.3x, which
is still manageable. This project will add another RM750m (+11%) to TAG's existing RM7bn GDV. At this juncture, we do not expect any impact on FY12-13F earnings (FYE-Jan). There should be potential earnings upside for our FY14F. Depending on the timing and sales value of the initial launch, we are keeping our FY14F unchanged for now.
Maintain Buy and our RM1.10 SOP-based TP is based on 45% discount to RNAV for property and 0.8x BV for broking. We believe the successive launches of TAG's property projects both in Malaysia and overseas, will be a catalyst for earnings traction and valuation lift.
Source: HwangDBS Research 15 March 2012
December 30, 2011
3QFY12 results review
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Company Name: TA ENTERPRISE BHD
| Research House: NETRESEARCH | Price Call: HOLD | Target Price: 0.60 |
December 27, 2011
TA Enterprise's Sydney launch a success
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Larger Smaller Reset TA Enterprise Holdings Bhd
(Dec 27, 58 sen)
Maintain buy at 59 sen with a target price of RM1.10: Net profit for 9MFY12 of RM72 million is 70% of our FY12 profit, led by higher hotel and broking income. Net profit for 3QFY12 fell 55% quarter-on-quarter (q-o-q) after a RM15 million foreign exchange translation loss on financing activities and higher effective tax rate (29%) due to underprovision in previous years. As expected, property contribution remained small at 3% of total earnings before interest and tax. Bursa Malaysia's trading volume in the August to October quarter rose 18% to RM1 billion and value was up 3% to RM1.6 billion. As a result, broking income grew 18%. No dividends were declared in the quarter.
TA Global (TAG) launched the first parcel of Little Bay Cove, Sydney, Australia, in December. Called 'The Solis', the 45 apartments were offered at prices starting from A$495,000 (RM1.6 million) each. Registrations in Sydney and Malaysia have been encouraging so far. This is TAG's maiden venture in the Australian property market.
Our RM1.10 sum-of-parts-based target price is based on 45% discount to realisable net asset value for property and 0.8 times price-to-book value (P/BV) for broking. TAG's future property launches in Malaysia and overseas could be earnings and rerating catalysts. Its current project in Malaysia is Damansara Avenue with about RM1.3 billion in gross development value, while its projects in Canada are expected to rake in RM400 million and Australia RM900 million.
Future developments, including the 0.9ha parcel in a prime KLCC area and 1.2ha in Bukit Bintang, will further unlock its land values. Its broking business may be valued higher, as Singapore's UOB recently offered to buy Innosabah Securities at 1.4 times P/BV. ' HwangDBS Vickers Research, Dec 27
''
This article appeared in The Edge Financial Daily, December 28, 2011.
Company Name: TA ENTERPRISE BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 1.10 |
Larger Smaller Reset TA Enterprise Holdings Bhd
(Dec 27, 58 sen)
Maintain buy at 59 sen with a target price of RM1.10: Net profit for 9MFY12 of RM72 million is 70% of our FY12 profit, led by higher hotel and broking income. Net profit for 3QFY12 fell 55% quarter-on-quarter (q-o-q) after a RM15 million foreign exchange translation loss on financing activities and higher effective tax rate (29%) due to underprovision in previous years. As expected, property contribution remained small at 3% of total earnings before interest and tax. Bursa Malaysia's trading volume in the August to October quarter rose 18% to RM1 billion and value was up 3% to RM1.6 billion. As a result, broking income grew 18%. No dividends were declared in the quarter.
TA Global (TAG) launched the first parcel of Little Bay Cove, Sydney, Australia, in December. Called 'The Solis', the 45 apartments were offered at prices starting from A$495,000 (RM1.6 million) each. Registrations in Sydney and Malaysia have been encouraging so far. This is TAG's maiden venture in the Australian property market.
Our RM1.10 sum-of-parts-based target price is based on 45% discount to realisable net asset value for property and 0.8 times price-to-book value (P/BV) for broking. TAG's future property launches in Malaysia and overseas could be earnings and rerating catalysts. Its current project in Malaysia is Damansara Avenue with about RM1.3 billion in gross development value, while its projects in Canada are expected to rake in RM400 million and Australia RM900 million.
Future developments, including the 0.9ha parcel in a prime KLCC area and 1.2ha in Bukit Bintang, will further unlock its land values. Its broking business may be valued higher, as Singapore's UOB recently offered to buy Innosabah Securities at 1.4 times P/BV. ' HwangDBS Vickers Research, Dec 27
''
This article appeared in The Edge Financial Daily, December 28, 2011.
September 26, 2011
2QFYJan12 results review
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Company Name: TA ENTERPRISE BHD
| Research House: NETRESEARCH | Price Call: HOLD | Target Price: 0.60 |
June 30, 2011
1QFYJan12 results review
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Company Name: TA ENTERPRISE BHD
| Research House: NETRESEARCH | Price Call: BUY | Target Price: 0.80 |
April 28, 2011
TA - 'Buy' call for TA Enterprise at RM1.40
Stock Name: TA
Company Name: TA ENTERPRISE BHD
Research House: HWANGDBS
Company Name: TA ENTERPRISE BHD
Research House: HWANGDBS
HwangDBS Vickers Research today maintained a "buy" call on TA Enterprise Bhd with a higher target price of RM1.40, given it potential to benefit from a robust stock market.
"With a five per cent market share in the broking industry, coupled with the progressive initiatives outlined in the Capital Market Master Plan 2, we believe TA Enterprise is poised for re-rating," it said in a note today.
During the previous stock market rally in 2007, average daily turnover value rose to a high of RM2.1 billion and the company's share price peaked at RM1.90.
As of noon break, TA Enterprise's share price was down one sen at 73.5 sen.
It also expects income derived from broking to rise to 36 per cent in the 2012 financial year from 30 per cent recorded in 2011.
"We also look forward to the unlocking of value of its prime landbank in Kuala Lumpur," it added. -- Bernama
"With a five per cent market share in the broking industry, coupled with the progressive initiatives outlined in the Capital Market Master Plan 2, we believe TA Enterprise is poised for re-rating," it said in a note today.
During the previous stock market rally in 2007, average daily turnover value rose to a high of RM2.1 billion and the company's share price peaked at RM1.90.
As of noon break, TA Enterprise's share price was down one sen at 73.5 sen.
It also expects income derived from broking to rise to 36 per cent in the 2012 financial year from 30 per cent recorded in 2011.
"We also look forward to the unlocking of value of its prime landbank in Kuala Lumpur," it added. -- Bernama
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