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PRIME LANDS RESIDENCIES PLC (PLR.N0000)

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Eranx
High-flyer
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1PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty Prime Lands Residencies Limited (PLR) Mon Apr 26, 2021 7:38 pm

High-flyer

High-flyer
Manager - Equity Analytics
Manager - Equity Analytics

IPO Details


Prime Lands Residencies Limited

- IPO Issue                  - 100Mn or 187.5Mn at 10.40

- Opening Date            - 11 May 2021

- Current Issued capital is 750Mn share among 4 Directors. Those shares are suspend for 6 month from date of Listing.

- IPO Proceeds to be used for Purchase of Land in Meegoda (333Mn), Settlement of Import Loans (188Mn), To cover Construction cost (1,428 Mn)  



Financial Details

- EPS as of 31 Jan 2021 is LKR 0.99 (10 Months)
- 12 Month expected EPS LKR 1.3
- Latest DPS (2019) is LKR 0.30

Future Prospects


- Sold Property value - 27 Bn
- Work in Progress - 34 Bn
- Projects in Planning - 16 Bn

- Prime Land has 3.4 Bn worth of Apartment to sell in next few years which are completed. 
- Prime land has 9 Bn revenue to recognised in Coming years from already sold apartment. GP Margin is around 25%
- Prime land has 24 Bn worth of Apartments under construction and all such apartment to be completed 90% in 2022.

Valuation as per Prospect

Discounted CF - LKR 15.82
PE Actual         - LKR 16.34
PE Expected     - LKR 20.02

Eranx


Manager - Equity Analytics
Manager - Equity Analytics

Low NAVPS for a real estate company

Nandun likes this post

High-flyer

High-flyer
Manager - Equity Analytics
Manager - Equity Analytics

Eranx wrote:Low NAVPS for a real estate company


Even though it is categorized as Real Estate Company, they do not hold much of Investment properties like OSEA or RIL. 

Prime Land is a property developer who buy lands, develop it and sell it. 

So there is no Land or Building under PLR to boost NAV.

Only assets they have is Office Building & Bear Land in Borella.

sheildskye and Galeon like this post

Galeon


Stock Analytic
Stock Analytic

The proceeds from IPO will not generate any new business value. These will be used only to settle existing debts and pending payments to lands already purchased.

In my view, investors money is better invested somewhere else than getting tied down on this IPO. Post IPO majority ownership will remain with the current owners hence any future value addition to the share value is highly doubtful.

Nandun likes this post

N W

N W
Senior Equity Analytic
Senior Equity Analytic

Any idea if it will spike due to hype when listed from it's IPO value of 10.4rs to something like 11.5 to 12? Since even Windforce which didn't have much of a public brand reputation had the spike from it's 16rs IPO to around 18-20rs..

Thoughts on this anyone?

Nandun


Manager - Equity Analytics
Manager - Equity Analytics

N W wrote:Any idea if it will spike due to hype when listed from it's IPO value of 10.4rs to something like 11.5 to 12? Since even Windforce which didn't have much of a public brand reputation had the spike from it's 16rs IPO to around 18-20rs..

Thoughts on this anyone?
Don't compare with Windforce. they did't do any marketing for their IPO because with their prospectus investors could identify the value but Prime doesn't feel like that(my personal view) and they do lot TV advertisement also like lucky lanka.

7PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty PRIME LANDS RESIDENCIES PLC (PLR.N0000) Thu Aug 19, 2021 11:44 pm

David VKMS


Senior Equity Analytic
Senior Equity Analytic

PLR financial and future prospect indicate that it is a one of the undervalued  share with massive upside potentials.

Financial
EPS 2021/22 First Quarter - Rs. 0.22
Net asset per share - Rs.5.56
Dividend Paid - Rs.0.40 (2/08/2021)

Future potentials

PLR has 11.8 bn worth of apartment inventory which has  higher market value than as at 30.06.2021. The considerable percentage was sold in the recent past.
PLR SKYE Negambo sold 50% of the apartment less than 20 days. This is indicating the demand on  apartment and the potential earning in the second Quarter of FY.

PLR has Rs. 70 bn worth of right to use asset under fixed asset. The present increased in the real estate value give considerable boost on net asset after revaluation.

As per the marker sources there is high possibility of joint project with an foreign investor in the port city.

Still is trading Rs. 0.90 below the IPO price
PLR high was Rs. 14.90 and Low 8.10. Weighted average price since IPO - Rs.11.03 (11.10) the one month weighted average is Rs.9.80.

 This indicated that still it is udder valued with the potential of Rs. 2.50 plus immediately

PLR will be a another CLC in coming days

Target Price of Rs. 15 in the short-term

cseguide and abey like this post

cseguide

cseguide
Vice President - Equity Analytics
Vice President - Equity Analytics

yes, I see a good price appreciation very soon. Good trading potential.

chandike73

chandike73
Manager - Equity Analytics
Manager - Equity Analytics

Agree except target price. But it will move appriciate around 11 short term

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

I also think PLR will go up next week

N W likes this post

madukp


Expert
Expert

When this IPO was placed, most of the ppl criticized it. But I kept on saying it's a value share. And I have collected throughout is falling sessions. from 12 to 8.10. PLR has future prospects and maybe they will have a chance to deal with port city developments as well. I'm not surprised with the current appreciation and hoping for a better return with a given reasonable time.

N W likes this post

David VKMS


Senior Equity Analytic
Senior Equity Analytic

https://www.dailymirror.lk/breaking_news/India-Sothebys-clocks-record-sales-of-multi-million-dollar-homes-in-India-Sri-Lanka/108-218730

As per the above article one of the high-end project at Galle face (ICT) has been able to sell over $10 million in the first quarter.


Further, Sotheby's sales increased by 100% Quarter on Quarter.


PLR has over Rs. 11 bn apartment inventory which will help for immediate increase in the second quarter turnover at exceptional high growth rate.


The last two trading days we noticed very high buying interest at 9.50.


As per the market sources good news to PLR is two major sellers (JAT - 4.8 mn and another individual) fully sold out and there can't be sellers below Rs.9.50


PLR is still in collection period 

N W likes this post

13PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty Re: PRIME LANDS RESIDENCIES PLC (PLR.N0000) Wed Oct 27, 2021 11:58 am

apphunter


Equity Analytic
Equity Analytic

I have also noticed that on some days, there are large buy bids placed around 9 - 10 price range. Today at 11:58 there were bids of 1,526,600 shares at 9.50.



PRIME LANDS RESIDENCIES PLC (PLR.N0000) Screen13

N W likes this post

14PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty Re: PRIME LANDS RESIDENCIES PLC (PLR.N0000) Mon Nov 08, 2021 10:49 am

apphunter


Equity Analytic
Equity Analytic

PLR quarterly earnings are out. 

https://cdn.cse.lk/cmt/upload_report_file/2279_1636347847786.pdf

This text is extracted from their quarterly report: 

Prime Lands Residencies PLC Revenue up by 86% and PAT by 151%
in Q2 performance for FY 2021/22
November 05th, 2021: Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subsidiary of the country's foremost property development magnate Prime Group, posted a revenue of Rs. 2.4 billion for the second quarter of FY 2021/22, up by a highly commendable 86% from the first quarter of the year.
Profit Before Tax (PBT) for the period in review was a remarkable Rs. 573 million, a milestone achievement, while Profit After Tax (PAT) came in at Rs. 506 million, an increase of 151% in comparison to Rs. 201 million in the previous quarter.
"Prime Lands Residencies has yet again continued its strong growth momentum during the second quarter with a revenue of Rs. 2.4 Billion, delivering exceptionally on both financial and operational indicators, during a period of high social and economic turbulence. This reiterates the stability and resilience of our portfolio as well as the effectiveness of our business strategies to deliver enhanced shareholder value," stated Prime Group Chairman Premalal Brahmanage.
"With the continued availability of relatively low-cost financing opportunities from banks and financial institutions due to prevailing interest rates, the demand and appetite for residential real estate remain strong. With these factors at play, we believe Prime Lands Residencies is well-placed to continue to deliver high-quality long-term growth while asserting our dominant position as the most trusted real estate developer in the country," he continued to add.
Bringing a strong close to the first half of FY 2021/22, Prime Lands Residencies reported a total revenue of Rs. 3.7 billion. Profit Before Tax (PBT) stood at Rs. 802 million, while Profit After Tax (PAT) came in at an exceptional Rs. 708 million. Gross Profit Margin was maintained at 30% over the first half of the year, while Earnings Per Share (EPS) stood at Rs. 0.78.
This year, PLR etched its name in history yet again by becoming the first institution in the Sri Lankan real estate industry to be reaffirmed a prestigious issuer rating of "[SL]A- (Stable)" from ICRA Lanka, a group company of ICRA Ltd – a subsidiary of Moody's Investors Service. September 2021 also marked the Company's successful inaugural Annual General Meeting (AGM), held virtually, with the participation of key shareholders. The end of FY 2020/21 saw Prime Lands Residencies PLC making a dividend payment of Rs. 375 million at Rs. 40 Cents per ordinary share to its shareholders soon after the Company's successful IPO.
To further support the PLR's accelerating growth and dynamic vision to revolutionize the real estate landscape within the island, Prime Lands Residencies appointed Noel Joseph, who is a celebrated engineer, consultant and Managing Director of NJ Consultants, to its Board of Directors. Noel counts over 32 years of deep experience in steering major local and global development projects to success.

sajithlk02 likes this post

15PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty Prime Land Residency (PLR) Sun Jan 02, 2022 6:01 pm

bkasun


Manager - Equity Analytics
Manager - Equity Analytics

Thought to open a new thread for PLR. 

The fact known to all of us is that the real estate pricing are skyrocketing in Colombo and suburbs in recent past. Giant real estate players like PLR will massively be benefiting as they have good land and other real estate properties' inventory and those can now be sold with a premium margin.


Also real estate related companies may have definite benefit from revaluation and NAV increase due to current rising inflation

You can expect at lest 70% upside from current market price in Q1 2022.

cseguide and Swissinvest like this post

bkasun


Manager - Equity Analytics
Manager - Equity Analytics

It seems, PRIME has slightly lost its momentum bcoz of its recent director selling announcement..

I believe it is purely their personal Investment decision and nothing related to PRIME future earning potential.

As PRIME has undoubtedly been a market leader in SL property sector, it should do exceptionally well in coming years.

You should get this consolidation phase as a opportunity and collect more. This is 20+ share..

bkasun


Manager - Equity Analytics
Manager - Equity Analytics

PLR is one of best share at current price.

It is the only well diversified real estate company listed in bourse and should trade 20+.

Even real estate related other shares like OSEA,ASCO trading @ very high PER and if compare with these peers, PLR should trade 30+

If you are smart investor, you will never miss this kind of shares..

TrendingNow


Equity Analytic
Equity Analytic

PRIME LANDS RESIDENCIES PLC (PLR.N0000) Screen14

TrendingNow


Equity Analytic
Equity Analytic

PRIME LANDS RESIDENCIES PLC (PLR.N0000) Screen15

TrendingNow


Equity Analytic
Equity Analytic

PRIME LANDS RESIDENCIES PLC (PLR.N0000) Twitte10



While inflation and LKR depreciation have boosted prices of both apartments and houses, the avg. Apartment prices are now lagging behind house prices for the 1st time in history.



PRIME LANDS RESIDENCIES PLC (PLR.N0000) Screen16
PRIME LANDS RESIDENCIES PLC (PLR.N0000) Screen17


Don't be surprised if PLR reach 21 in the upcoming months!


https://cdn.cse.lk/cmt/announcement_portal_prod/RPT%20Disclosure%20PLR_20012022_69739516267630.pdf

21PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty PLR run towards 20 Thu Feb 03, 2022 9:40 am

Swissinvest


Manager - Equity Analytics
Manager - Equity Analytics

Great Quarterly Financial Performance and Rising Value of Real Estate can propel SH Value.

74% Increase in Nine-Month Profitability compared to last period!!!

Weekly Technical Indicators
Summary:STRONG BUY
Moving Averages:STRONG BUYBuy (11)Sell (1)
Technical Indicators:STRONG BUYBuy (CoolSell (1)

Continued growth in shareholder sentiment.
PRIME LANDS RESIDENCIES PLC (PLR.N0000) Plr10



Last edited by Swissinvest on Thu Feb 03, 2022 9:41 am; edited 1 time in total

Swissinvest


Manager - Equity Analytics
Manager - Equity Analytics

PRIME LANDS RESIDENCIES PLC (PLR.N0000) Wwwwww11

Swissinvest


Manager - Equity Analytics
Manager - Equity Analytics

PRIME LANDS RESIDENCIES PLC (PLR.N0000) Rrrrrr11

24PRIME LANDS RESIDENCIES PLC (PLR.N0000) Empty Re: PRIME LANDS RESIDENCIES PLC (PLR.N0000) Thu Feb 03, 2022 12:34 pm

Swissinvest


Manager - Equity Analytics
Manager - Equity Analytics

PLR Top 20 Senthilverl Out and Almas In.
Future Positive. Public Float also reduced.
PRIME LANDS RESIDENCIES PLC (PLR.N0000) Plr_to10

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Now you can see 2021 last Report Up to 31 Des 2021 and Final accounts for last financial year .

Excellent performances

I hope  it will go beyond 13.50 immediately

Pl visit CSE website if you are interested

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