Lagenda Properties

[winston]

not vested

Lagenda Properties hits limit down, short-selling suspended

By Hee En Qi

KUALA LUMPUR (May 29): Lagenda Properties Bhd (KL:LAGENDA) hit limit down during the early trading session on Wednesday, making it the top loser on Bursa Malaysia.

Shares in Lagenda Properties opened at RM1.45, 21 sen or 12.7% lower than their previous close. The stock had plunged further by 49 sen or 29.5% to RM1.17 at the time of writing, after 27 million shares changed hands. At that price, the group was valued at RM979.67 million.

The company did not immediately respond to request for comment.

Prior to the plunge, Bloomberg data showed that five out of five institutional analysts who covered the stock had a 'buy' call, with a consensus 12-month average target price of RM2.04.

The company said on Monday that its net profit rose 8.6% to RM42.72 million for the first quarter ended March 31, 2024 (1QFY2024), from RM39.34 million a year earlier.

This was largely contributed by its newly launched projects, including Darulaman Lagenda in Kedah, as well as Lagenda Teluk Intan and Lagenda Tropika in Perak.

Revenue was up 24.7% to RM225.62 million for the quarter under review, from RM180.95 million for 1QFY2023.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/713411

[winston]

Lagenda Properties (LAGENDA MK)
1Q24: Results Within Expectations; Expect Better Earnings From 2Q24 Onwards

Lagenda’s 1Q24 revenue and net profit grew 25% and 9%, respectively, within our expectations.

It achieved RM222.6m sales in 1Q24, on track to achieve its sales target of RM1.2b.

1Q24 launches were worth RM127m in Tapah, Perak with take-up rates of >80%.

Also, Lagenda has launched substantial products in Apr and May 24 amounting to RM702m (ytd launches: RM829m), on track for its target launch of RM1.9b.

Maintain BUY. Target price: RM2.32.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Lagenda assures it's business as usual after senior personnel remanded in MACC probe

By Izzul Ikram

One of its senior personnel was remanded by the Malaysian Anti-Corruption Commission (MACC) under an investigation into the subdivision of Malay reserve land in Manjung, Perak.

Lagenda Land had in February this year offloaded an 11.35% stake or 95 million shares in Lagenda at RM1.40 apiece or RM133 million via an off-market transfer. The transaction saw the vehicle's stake fall to 51.59%.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/713486

[winston]

Lagenda Properties shares extend decline to near four-year low

By Luqman Amin

Apex has trimmed its target price for Lagenda Properties to RM1.12 (based on a higher discount rate at 50% to RNAV), to account for perceived “weak effective management practices”.

Lagenda currently has four “buy” ratings, with the consensus 12-month target price standing at RM2.04, according to Bloomberg data.

The detention of one of its senior personnel by the Malaysian Anti-Corruption Commission (MACC) for a four-day period, was related to an investigation into the alleged subdivision of 650 hectares of Malay reserve land into non-Malay land in Manjung, Sitiawan, Perak.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/713586

[winston]

not vested

Lagenda Properties (LAGENDA MK)
Opportunity In Crisis

Despite MACC’s investigation into a senior personnel member, no charges have been filed, and the individual has been released.

As far as we are aware, the investigation does not implicate Lagenda at all, and the company's financial health remains strong, offering high dividend yields and solid growth prospects.

Executive Director Andy Chua continues to lead Lagenda operationally since 2023, leveraging his extensive experience in property development.

Maintain BUY with a target price of RM2.32. Our target price is based on a 30% RNAV
discount to estimated RNAV of RM3.31, within its five-year historical average discount as
well as largely in line with peers’ current average.

Lagenda is a legend in the affordable space segment as it is able to fetch higher profitability than its competitors, attributed to its advantageous low land costs (with a land cost-to-GDV ratio of 5-7%), efficient construction methods (utilising industrialised building systems), strategic contractor partnerships, and inhouse material procurement, facilitating cost optimisation.

These factors position Lagenda as the highest ROE performer, yielding 16% among affordable property developers and across our broader developer universe.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Lagenda Properties (LAGENDA MK) Rising Above The Crisis

Lagenda has strengthened its management team by appointing Koong Wai Seng as Executive Director and Loh Lai Pui as Chief Financial Officer, both of whom have extensive industry experience.

The company is poised for continued growth with upcoming launches in Kulai.

Lagenda is also set to benefit from Budget 2025’s proposed Madani Deposit Scheme and civil servant salary hikes (with civil servants comprising 60% of its buyers).

Maintain BUY. Target price: RM2.32.

Source: UOBKH

https://39646150.fs1.hubspotusercontent ... GENDA%20MK)%20241007.pdf?utm_medium=email&_hsenc=p2ANqtz-9f_gs3Kuq4uxlwtQe5uaH553OJEOxhIOaPBTSwV-uNjWPQnl_IdHXHGZRjkmMhHMKqqJq55romhu_fvB4z_7eQVDhCJA&_hsmi=327884816&utm_content=327884816&utm_source=hs_email