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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Has UML bought former Piramal Glass Land ?

Has UML bought former Piramal Glass Land ?

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The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/11373024602_.pdf

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
According to below GLAS land sale amount is
Rs 355 mil. UML is Rs 424 mil

http://www.cse.lk/cmt/uploadAnnounceFiles/8301366966891_666.pdf

Maybe they bought bit more or it is a different land.

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
A part of Glass land was sold to Prime lands. Let me check the annual report to find our the entire extent.

suja


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Guys Piramal has 21 acres , 950Mn shares outstanding. The equation is Rs.1 per share only on the land I guess. (21x160 , perch per acreXRs.350K per acre)

Net assets per share as at march 2013 is Rs.3.87 out of which Rs.1 is on this asset alone. The entire business is valued at Rs.2.5Bn without this land, if my math is correct. Now the question is will a person buy the business at this price. Value investing....

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@suja wrote:A part of  Glass land was sold to Prime lands. Let me check the annual report to find our the entire extent.

Yes sold ro Prime land.

"The Company has classified a part of it's land at Rathmalana as held for sale following the subsequent decision to sell it for a Consideration of LKR 355 Mn to M/s Prime Lands (Pvt) Limited."

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Freehold land is at cost in the books if I am not mistaken. ( RS 132 mil) So the land market value will not be reflected in Net assets. It will not deteriorate.

Need to check further . Am sure Alchem can confirm



@suja wrote:Guys Piramal has 21 acres , 950Mn shares outstanding. The equation is Rs.1 per share only on the land I guess. (21x160 , perch per acreXRs.350K per acre)

Net assets per share as at march 2013 is Rs.3.87 out of which Rs.1 is on this asset alone. The entire business is valued at Rs.2.5Bn without this land, if my math is correct. Now the question is will a person buy the business at this price. Value investing....

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
I did not check books,

ft.lk online wrote:Piramal has around 21 acres of land at Ratmalana which used to house its main plant (before shifting to Horana in 2007/8 )

The fair value of this land which is shown as Investment Property in Piramal’s books, as at 31 March 2012, was Rs. 700 million.

The 355 million deal struck with Prime Lands is for 10 acres. - concluded on 20th last month
i.e 1 acres = 35.5m

UML deal, 10 Acres ( - 3.5 perches) = 424 million
i.e. 1 Acre = 42.4 million.

This could be the remaining land owned by GLAS or Prime Land people resold it within 14 days with a gross profit of 70 million.

I do not know any other bare land in Ratmalana with this extent except our Airport .

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
What a sad case if it so for GLAS. GLAS wait for years to find a buyer and then their buyer finds a listed firm to sell within few days to make a killing.





@Chinwi wrote:I did not check books,

ft.lk online wrote:Piramal has around 21 acres of land at Ratmalana which used to house its main plant (before shifting to Horana in 2007/8 )

The fair value of this land which is shown as Investment Property in Piramal’s books, as at 31 March 2012, was Rs. 700 million.

The 355 million deal struck with Prime Lands is for 10 acres. - concluded on 20th last month
i.e 1 acres = 35.5m

UML deal, 10 Acres ( - 3.5 perches) = 424 million
i.e. 1 Acre = 42.4 million.

This could be the remaining land owned by GLAS or Prime Land people resold it within 14 days with a gross profit of 70 million.

I do not know any other bare land in Ratmalana with this extent except our Airport .

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@slstock wrote:What a sad case if it so for GLAS.   GLAS wait for years to find a buyer and then their  buyer finds a listed firm  to sell within few days to make a killing.





@Chinwi wrote:I did not check books,

ft.lk online wrote:Piramal has around 21 acres of land at Ratmalana which used to house its main plant (before shifting to Horana in 2007/8 )

The fair value of this land which is shown as Investment Property in Piramal’s books, as at 31 March 2012, was Rs. 700 million.

The 355 million deal struck with Prime Lands is for 10 acres. - concluded on 20th last month
i.e 1 acres = 35.5m

UML deal, 10 Acres ( - 3.5 perches) = 424 million
i.e. 1 Acre = 42.4 million.

This could be the remaining land owned by GLAS or Prime Land people resold it within 14 days with a gross profit of 70 million.

I do not know any other bare land in Ratmalana with this extent except our Airport .

I feel the high possibility was the glas sold the balance land, also if am not mistaken UML last chairman is in the BOD of Glas as well

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Somehow I think GLAS has failed to get the expected return from the whole exercise.
We do not know the cost of land in  Horana and the shifting expenses.

Again, this was a rare instance where my calculations went completely wrong.

I expected a big cash flow to GLAS and near doubling its AVPS.

I erroneously thought they can sell a perch at least for 600,000. Price per perch closer to Galle Road went over 1 million two years ago.
600,000 x 160 = 96million per acre
96 x 21 = 2 billion.
Book value 700 m , expected 2 billion.

Finally they sold @ 220,000 per perch ( the book value.  )

Due to above calculations I collected about 100,000 GLAS last year @ 5.50-6.00.  After they announced the Prime Land deal I sold all at a marginal profit.

Now we have to think about its core business if we go for it.

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