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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » PRIME LANDS RESIDENCIES PLC (PLR.N0000)

PRIME LANDS RESIDENCIES PLC (PLR.N0000)

+6
David VKMS
Nandun
N W
Galeon
Eranx
High-flyer
10 posters

Go down  Message [Page 1 of 1]

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
Equity Analytic
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

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.

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 

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