Radium Development | IPO 简介
要数 2023 年首家上市的房地产开发商(“Property Developer”)呢,应该非 Radium Development Berhad(由于还未正式推出招股书,这里就简称 “RDB” 好了),那么 RDB 本身又有些什么特别,又是否值得投资者认购呢?
笔者今天会跟读者们分享 RDB 的草拟招股书(“Prospectus Exposure”)内的一些重点内容,供读者们去参考。
作为参考,该公司现有的项目就包括 Residensi PV9(包括 PV9 @ Taman Melati 和属于可负担房屋的 Vista Wirajaya 2)、Residensi Vista Sentul、Platinum Mira Residences、R Suites Chancery Residences(包括 R Suites Chancery Residences 和未来将会建设的酒店)。
介于笔者的背景,笔者本身也有认识一些建筑商,至今为止 RDB 还没有进行过 “Contra”,所谓的 Contra 就是以产业抵建筑的费用。
关于 Contra 呢,市场上一直依赖都有不小的争议,当然如果产业的出售率非常高的话,房地产开发商就有足够的现金流支付建筑的费用,如果出售率较低又面临现金流问题的话,则有时候会出现 Contra 的情况。
回到 RDB 本身,没有 Contra 的情况对于他们的产品也有了一定的 “品质保证”;然而有趣的是 RDB 在 Prospectus Exposure 内还剩余的地皮并不多,而参考过去公司从购置地皮到推出新的项目来说,一般上都是以 2 – 3 年内完成,所以应该可以以更快的 Turnaround Rate 来定义这家公司。
以财务表现来说,RDB 的营业额在 2019 财政年至 2021 财政年分别为 RM 472.8 Million、RM 588.1 Million 和 RM 563.7 Million,而毛利(“GP”)则分别是 RM 147.6 Million、RM 166.1 Million 和 RM 178.1 Million,毛利率(“GP Margin”)分别为 31.22%、28.24% 和 31.60%。
若以税后盈利(“PAT”)来说的话,公司在同期间的 PAT 分别为 RM 128.0 Million、RM 87.9 Million 和 RM 101.6 Million,净利率(“PAT Margin”)的话则是 28.47%、16.83% 和 19.33%。
值得留意的是,目前来说 RDB 的杠杆比例(“Gearing Ratio”)是 0.24 倍(2021 财政年),在房地产开发商中算得上是比较低的,但是在正式上市前支付股息给现有股东后,Gearing Ratio 则是会出现变化,这一点就要等招股书出炉后才得知了。
据了解,该公司也有意实行 30.0% 的股息派发政策,以奖励股东。
以基本面来看,其实 RDB 是属于不错的一家公司,不过该公司的上市估值我们就要等招股书出炉后才得知了。
不知道读者们如何看待 RDB 这家公司呢?
照片来源:公司官网
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#RDB
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https://klse.i3investor.com/web/blog/detail/exeedgroup/2023-04-09-story-h-274130579
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