Super undervalued
$WMG (6378.MY)$ the recent IA report says land valuation is around 900m vs current market cap of 325m. Moreover Exsim boys are now in and part of the MGO, they intend to inject their Borneo arm into this company. With offer end date approach on 22 Nov, works will start for the injection. Exsim already launch 1b worth of project and selling very well as especially in KK - Bayu Residence with close to 60% sales in under 1 year
This is before launch of their Suria JV project expected next year with 4.2B GDV
Assuming 5B of exsim project injected, this alone with 15% net margin expect to contribute 750m net profit over the next 7-10years before even developing landbank owned by WMG existingly. That's like 75m net profit average over next 10 years. Which means WMG could easily be worth 1b applying 12-15x P/E for property company
With Exsim on board, the management team refresh on WMG and leverage on Exsim network, partners and product offering, will significantly drive value up For WMG
Surely a counter to be watch...
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