Netresearch-Asia coverage on Johor Land

Johor Land Bhd (JLand) is one of the largest property developers in Johor. It has four major property development projects (on-going and soon to be launched) with a combined Gross Development Value of RM6bn, which will span 20 years.

That's how NetResearch-Asia described Johor Land.

The write-up can be found here. JOHOR LAND BERHAD

And the Business Times carried that article here. Report: Projects to sustain JLand earnings

Now what is interesting is this statement:

“Overall, we expect net profit to show a CAGR of 37 per cent over the next two years,”

CAGR of 37 per cent over the bext two years?

Well, Johor Land made some 14 million for its fy 2005.

So what Netresearch-Asia is projecting/estimating/ass-u-ming that.. (see table in their pdf file link)

Johor Land will make 16.6 million for fy 2006.
Johor Land will make 26.3 million for fy 2007.

37 percent wor. So geng ah? Property business so bang-bang sound so geng, meh?

Here is Johor Land's last reported earnings.

Quarterly rpt on consolidated results for the financial period ended 30/9/2005

Total 3 quarters net profit is only 10.115 million versus 22.541 million the previous fiscal year.

Hmm.. not much evidence here to support the explosive growth Netresearch-Asia is projecting...


How? What say you? Good ah?