Monday, October 16, 2017

Dutaland Bhd (Rm 0.67)

Duta added 4 sens today with improved volume. If Duta can continue to move higher tomorrow then it is forming the sub-wave iii of its wave (iii) of its major wave 3 of mega wave (3).  The run-up is likely to be accompanied by record volume.

Duta's latest earning for quarter ending 30th June is 1.78 sens per share. Net assets per share is Rm1.11.

From this latest financial statement, its cash in hand is about Rm 9 million and borrowing is Rm 4 million. Net cash in hand is Rm 5 million. Now Duta is selling its 11,579 hectares of plantation to Boustead for Rm 750 million. When the sale is completed, Duta will have Rm 755 million of cash. If I divide Rm 755 million by its number of share of 846 million, cash per share is  89 sens.

Duta other projects include Kenny Height with 73.44 acres of property development at the neighbourhood of Mont Kiara and Solaris Dutamas. Duta has only 58% control interest in this project. During the first quarter of this year, Duta has sold 9.01 acres of its 73.44 acres for Rm 140 million. The balance 64.43 acres should worth Rm 1,001 million where Duta's 58% interest translates into Rm 580 million or Rm 0.685 a share.

Another project is the revival of its 64 storeys Duta Grand Hotel near Petronas Twin Towers and KL Tower. Construction has reached level 32 when the project was halted due to the 1997-98 financial crisis. Its book value was Rm 332 million in 1996.

The third project is the Lake Side Boulevard project in Seremban. The project comprises 182 units of shop-office. Gross development value is about Rm 115 million.


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