Sunday, May 30, 2010

Plenitude’s net profit eases by 29.3% in 3Q2010

KUALA LUMPUR: Plenitude Bhd’s net profit eased by 29.3% to RM21.714 million in the 3Q ended March 31, 2010, compared with RM30.709 million in the same period last year.
Revenue declined by 33.2% to RM74.801 million in the quarter under review from RM112.002 million over the same quarter last year.
However, the group’s profit before tax for the nine months ended March 31, 2010 has improved to RM77.7 million from RM76.6 million for the previous year’s corresponding period.
“The good financial performance was mainly attributable to progressive profit recognised on properties sold, completed and handed over in respect of Taman Desa Tebrau in Johor, Taman Putra Prima in Selangor, Bayu Ferringhi in Penang, Changkat View in Sri Hartamas, Kuala Lumpur and Bandar Perdana and Lot 88 in Kedah,” Plenitude said.“Based on the group’s commitment to the timely completion of the on-going projects, the Board of Directors is fairly optimistic that the group would be able to continue to record satisfactory results for the current year ending June 30, 2010,” it added.

source: TheEdgeProperty.com 27 May 2010

Sunday, May 23, 2010

Domino's Pizza



Now the residents of Putra prima can enjoy pizza delivery service
Delivery hotline: 1-300-888-333
PUCHONG UTAMANo.10, Jalan PU 7/2, Pusat Bandar Puchong Utama, 47140 Puchong, Selangor

source: http://www.dominos.com.my/

Thursday, May 20, 2010

New restaurant


Restaurant All Full Home Taste opening on 31st May 2010

Tuesday, May 18, 2010

The Wharf




Putra Prima neighboring taman, Taman Tasik Prima, will soon be launching a premier commercial parcel known as The Wharf comprising serviced apartments, shops and a retail mall with a net lettable area of 250,000 sq ft.

Monday, May 10, 2010

Hero Supermarket


Hero Supermarket opening on 18th May 2010

Saturday, May 8, 2010

Subang Jaya Municipal Council (MPSJ) Hypermedia Library


Hypermedia Library they called it! We have been expecting this one since ages and it's now opened for public near my living place. It's not too big however it's cozy and comfortably designed. Brand new furnitures with high ceilings and down lights brighten up the place. Not forgetting to mention it's air-conditioning too. Hoping for more varieties of books to fill up the racks.

Friday, May 7, 2010

Work to ease congestion in Puchong expected to end late next year

THE first phase of the upgrading works on the Puchong stretch of the Damansara-Puchong Highway (LDP) is on schedule and is expected to be completed by the end of 2011.
It is part of the RM300mil upgrade plan by highway concessionaire Litrak to mitigate the congestion at critical points caused by rapid development.
In Puchong, the non-toll traffic on the LDP has increased by ten-fold, from about 40,000 in 1999 to 400,000 in 2010.
“Since 1999, there have been 20 major developments (spanning over 40.5ha or comprising more than 500 units) and 15 medium developments (less than 40.5ha or fewer than 500 units) in Puchong.
“In total, the developments have contributed 85,000 residential units and 17 million sq ft of commercial space while 40,000 more residential units and 2.35 million sq ft of commercial space are expected in the next three to five years,” Litrak CEO Sazally Saidi said.
Thus, upgrading works are timely to cushion the impact of the rush hours traffic jam.
For now, the works, which began last September, are concentrated on the stretch between the Puchong Intan Interchange and Kampung Baru Interchange.




For a jam-free journey: A 700m ramp will be constructed here for traffic heading towards Puchong Perdana and Putrajaya.

The three major enhancement projects are the construction of a southbound mainline ramp at the Puchong Intan Interchange, improvement on the Puchong Perdana traffic intersection and widening works on the mainline between the Puchong Perdana Interchange and Kampung Baru Interchange.
“Currently, at the Puchong Intan Interchange (where Tractors is located), the traffic heading towards Puchong Perdana and Putrajaya are sharing the road with local traffic heading towards Jalan Puchong and Hicom, Shah Alam.
“A 700m two-lane ramp will be built from the Puchong Intan Interchange to the Puchong Perdana Interchange, while the existing roads will be widened,” Sazally said.
As for the Puchong Perdana intersection, Litrak will be providing an additional lane (slip road) each from LDP (from both north and southbound) heading towards Persiaran Puchong Perdana.
Persiaran Puchong Perdana will be widened, too.
“The stretch of LDP between Puchong Perdana and Kampung Baru Interchange, both north and southbound, will be widened from three to four lanes,” Sazally elaborated.
The first phase of the upgrading plan will cost RM104.6mil, while the second phase, aimed at improving the northbound traffic between Persiaran Surian and Penchala toll plaza, is estimated at RM100mil.
“We are in the midst of finalising the details and seeking approval from the authorities for the second phase, and work will start in the near future,” Sazally said.
The third phase, on the other hand, will involve the Damansara Utama Interchange to SS2 Interchange, as well as Puchong Jaya southbound mainline.
Sazally hoped the Puchong traffic would be eased following the upgrading works.
“While the upgrading works are going on, we will impose some traffic diversion for better traffic management.
“We hope the public will bear with us for the time being,” he said.

Source: The Star May 7, 2010

Tuesday, May 4, 2010

A new substantial shareholder enters

Singapore-based Fields Equity Management has emerged as a new substantial shareholder in Plenitude since April 23, 2010, after acquiring the entire stake previously owned by long-time shareholder Ms Ong Bee Kuan in an off-market transaction. The deal was done at RM2.54 or a 14.5% discount to the share’s closing price that day (The Edge).
Ms Ong was a passive investor. Ms Ong had been a substantial shareholder in Plenitude since the IPO days in 2003, and had made limited changes in her stake since then. As she is a passive investor and was not in any way, directly or indirectly, involved in the management of Plenitude, her exit will therefore have no material impact on the company’s management structure and prospects. Although the disposal price represented a significant 49% discount to Plenitude’s NAV of RM5, we view Ms Ong’s stake disposal as a move to realise profit from her investment in the company, as the shares were at a significant 60% premium to the IPO price of RM1.60. Ms Ong is known to have been a businesswoman since 1997. She was a minority shareholder of The Nomad Group (not rated), another listed real estate company, until she cashed out from the company recently.
Who is Fields Equity? Other than the fact that it was incorporated in the British Virgin Islands with an office in Singapore, little else is known about Fields Equity Management as
checks with the management also drew a blank. Having said that, we believe Fields is a private-equity firm which probably has notable figures behind it. How the entry of this new substantial shareholder may affect the composition of Plenitude’s management team and the company’s direction and prospects, however, remains to be seen.
Taking the opportunity to upgrade to TRADING BUY. We have been contemplating an upgrade on Plenitude’s fair value for some time as we believe that a broad sector rebound starting from late 2010/early 2011 will soon spur investment interest in fundamentally-sound and still-undervalued property stocks. As we also believe that most mid- to big-cap stocks have somewhat fully priced in the anticipated rebound, value can now only be found in the smaller cap property stocks such as Plenitude as they are trading at a significant discount even to the mid-cap ones. When the 2011 rebound comes, the risk premium on smaller cap stocks is likely to fall and the valuation gap narrow. Using the current valuation of certain small-mid cap stocks such as Glomac and KSL Holdings as a benchmark (see Figure 1), we now value Plenitude at 0.71x CY2010 P/NTA, which gives the stock a new CY2010 target price of RM3.84 (from RM2.81 based on 0.52x CY10 P/NTA previously). The upgrade is also supported by the company’s anticipated strong earnings growth, robust balance sheet with a net cash of RM1.82/share, and the fact that it is current trading at a significant 39% discount to its NAV.

source: OSK Research 04 May 2010