hailand listed real estate firms are extremely undervalued at the moment Sansiri, Supalai, Asian Property, Apex Developments are quality companies with strong balance sheets and a very positive outlook.

Real estate and construction businesses reported revenue for 2010 with income over 3 trillion baht and a total profit of 35 billion baht. Italian-Thai Development PCL revenue was up to 36,676 million baht.

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Thirty five housing developers had combined earnings of 1.61 billion, an increase of 16%, and profits jumped more than 26% to over 23 billion baht. Ranking first in profits was Land And House with 3,876 million and Pruksa ranked first for earnings at 23,406 million.

In the property sector and the construction sector, not including building materials, 62 companies in 2010 had revenues from operations at more than 3.07 billion baht, an increase of 2.72% from 2009 with revenue valued at more than 2.99 billion baht, while the profit from the operations of all companies was equivalent to 35,261.90 million baht, up 39.13% from 2009 with total profits of 25,343.62 million baht.

For the past year, considering only a total of about 35 residential real estate development companies, there was a total combined revenue of more than 1.61 billion baht, an increase of 16.18% from 2010’s income of 1.39 billion baht. Profit was set at 23,314.16 million, up 26.43% from 2009’s value of 18,439.10 million. The top three companies in terms of gross revenue were Pruksa, Sansiri PCL and Land and House PCL. The top three most profitable companies were Land and House, Pruksa and Supalai PCL. In construction, the top three highest grossing were Italian-Thai Development, CH Karnchang PCL and Sino-Thai Engineering & Construction PCL. The top three highest earning contractors were Sino-Thai, Christiani & Nielsen and Toyo-Thai Corporation PCL.

However, during the past year many companies growth performance increase but at the same time many companies also loss from operations especially five residential development companies with its operating losses were Golden Land Property Development Ltd. (Thailand) loss more than 285 million, Living and Capital PCL (Thailand) loss more than 148 million, Grand Canal Land PCL (Thailand) loss 86.25 million baht, Everland PCL loss 39.10 million and KC Property PCL loss around 8.31 million.

For building contractor with operating losses were Ch. Karnchang PCL loss more than 319.27, Scan Global PCL, with its performance up to 3rd Quarter in 2010 losses more than 94.72 million and EMC PCL loss more than 71.35 million.

Sansiri

Sansiri Public Company Limited (Sansiri) is a Thailand-based company engaged in real estate business. The Company is principally engaged in property development with its properties consisting of land and housing projects, residential condominium projects, serviced apartments for rent, and office buildings for rent. Other activities include the provision of building management service and real estate brokerage and provision of other services, such as hotel, medical spa and education business. In addition, Sansiri operates a school under the name Satit Pattana School. As of December 31, 2009, the Company operates a 46-key hotel named Casa del Mare, locating on the area of 3 Rai 2 Ngan and 51 Square Wah in Hua Hin District of Prachuap Kiri Khan province. It also operates medical spa business through its subsidiary, Papanan Limited under the brand S Medical Spa. It has 18 subsidiaries.

 

 

	Company	Industry	Sector	S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago	39.61	31.25	17.33	10.10
Sales (TTM) vs TTM 1 Yr. Ago	17.52	24.94	12.38	10.40
Sales – 5 Yr. Growth Rate	13.41	25.82	19.26	7.38
EPS (MRQ) vs Qtr. 1 Yr. Ago	2,784.93	301.43	83.02	77.89
EPS (TTM) vs TTM 1 Yr. Ago	90.82	–	–	–
EPS – 5 Yr. Growth Rate	15.70	28.52	10.14	4.57
Capital Spending – 5 Yr. Growth Rate	51.79	26.59	10.53	3.52

Supalai

Supalai Public Company Limited operates property development business. The Company develops single houses, condominiums and apartment buildings for sale and rental. Additionally, the Company owns and operates the Supalai Pasak Resort Hotel.

Earnings			Fundamentals
Earnings	1.490		Shares (Millions)	1,716.553
Price/Earnings (Trailing)	7.651		Market Cap (Millions)	19,568.710
Relative P/E	0.551		ROE	30.977
			Last Dividend Reported	0.270 Final
			Dividend Yield (ttm)	5.702
			Relative Dividend Yield	1.547
			90-Day Volatility	39.148
			Beta vs. SET	0.946

Asian Property Development

Asian Property Development Public Company Limited is a Thailand-based company engaged in the property development business. The Company focuses on the development and sales of residential projects that serve the needs of middle to high income markets, including townhouses, single detached houses and condominiums. It operates residential projects under the brands Baan Klang Krung, Baan Klang Muang, The City, THE ADDRESS, Life, Rhythm and others, which all are located in the Bangkok metropolitan areas and its surroundings. As of December 31, 2010, the Company had 10 subsidiaries: Asian Property (Bangkok) Company Limited, Asian Property Company Limited, The Value Property Development Company Limited, Signatures Advisory Partners Company Limited, Trillion Development Company Limited, Bangkok Smart City Company Limited, Asian Property (Sukhumvit) Company Limited, Smart Service & Management Company Limited, AP (Ratchada) Company Limited and AP (Sathorn) Company Limited.

	Company	Industry	Sector	S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago	-11.99	31.25	17.33	10.10
Sales (TTM) vs TTM 1 Yr. Ago	9.60	24.94	12.38	10.40
Sales – 5 Yr. Growth Rate	21.36	25.82	19.26	7.38
EPS (MRQ) vs Qtr. 1 Yr. Ago	-24.36	301.43	83.02	77.89
EPS (TTM) vs TTM 1 Yr. Ago	14.95	–	–	–
EPS – 5 Yr. Growth Rate	22.94	28.52	10.14	4.57
Capital Spending – 5 Yr. Growth Rate	18.80	26.59	10.53	3.52

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com

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Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com

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