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buy apple account:Quick take: Yong Tai slips on diversification plan


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KUALA LUMPUR: Shares in Yong Tai Bhd slipped in early trade Thursday after entering into a deal to undertake a gold mining project on a 100 hectares site in Lipis, Pahang.

At 9.12am, the property developer declined 1.85%, or 0.5 sen to 26.5 sen with 50.9 million shares done.

Yong Tai’s subsidiary has been appointed the exclusive mining operator to undertake exploration works on a 100ha site in Bukit Kenderak in Pahang's Lipis district.

Yong Tai said wholly-owned subsidiary YTB Land Sdn Bhd has signed an agreement with the registered holder of the mining lease of the land, Tengku Fahad Mua'adzam Shah ibni Almarhum Sultan Haji Ahmad Shah, and Amazing Logic Sdn Bhd.

"YTB believes the group’s venture into mining business is in the best interests of the company and its shareholders because of the diversification of revenue stream through the sale proceeds arising from all gold, rock materials and other minerals extracted from the land in light of the Covid-19 pandemic which has soften the performance of the real property and tourism market," it said.

PublicInvest Research is mildly positive on this development as it allows the group to potentially strengthen its earnings base given challenges faced by its leisure-related segment in light of the Covid-19 pandemic.It understood that capital expenditure is not expected to be significant.

“At the expected 20kg per day average capacity and gold prices in excess of RM200,000 per kg, Yong Tai could reap a monthly revenue of RM4.5mil from this venture.

“We leave our earnings estimates unchanged at this juncture however pending more clarity on the deal,” it said.

The research house said the upside to the group’s share price may come from more significant headway made in its vaccine-related venture and earlier-than-expected opening of its Encore Melaka theatre.

“The group continues to hold longer-term promise (FY23 onwards) particularly with the planned development of an international cruise terminal in Impression City playing a significant part in the turnaround of the Encore Melaka theatre.

“We retain our neutral call, with an unchanged sum-of-parts derived target price of 28 sen,”



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