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)
- 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
- 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