As I have mentioned previously, the property index is currently forming its sub-wave v. I am looking at 1700 level.
From February low of about 1240 level, there is a potential gain of 37%. So far it has gained 17%.
But some of the property stocks have gained more than 100%. Such as Asiapac, it gained 114% in less than 5 months.
PJ Development WC gained 140% within the same period.
Land and General gained 68% also within 5 months.
One of my favorite, Mui Property so far has added 35% in 4 months. Its wave count is bullish. The next up will be its sub-wave iii of wave (iii) of major wave 3.
One of its properties that is not fully valued is its 507 hectares of yet to be developed piece of land at Port Dickson in Bandar Springhill. In its latest annual report, the land is valued at Rm 2.50 per sq. ft.
In its last quarterly reports, its Net Assets per share is 34 sens. However if I valued this 507 hectares at Rm 15 per sq. ft., its net assets per share will go up to Rm 1.29 a share. At yesterday closing price of 23 sens, it looked cheap. Another good point is, it has zero borrowing and has 43 millions of cash.
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