JUST 2030 Lecture Notes - Lecture 5: Distracted Driving

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14 Jun 2018

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130 of the HTA-Careless driving. Pay attention to Speeding, the exceptions to

speeding , distracted driving, definitions of roadway and highway, stunt driving,

racing -1st and 2nd time suspensions, and impound

W5/7 (HTA) PART 2

Wednesday,) February)28,)2018

7:58)AM

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Question 1

Based on the article below, suggest the possible implicationsof Hua Yang Bhdâs gearing situation on the companyâs:

1.Current borrowings

2. additional borrowings in the near future

HUA YANG ACQUIRES FOUR PARCELS OF LAND IN KAJANG FOR RM70MILLION

Hua Yang Bhd (Dec 28, 60.5 sen)

Upgrade to market perform with a lower target price (TP) of 63sen: Yesterday, Hua Yang Bhd announced that it is acquiring fourparcels of freehold land measuring 19.8 acres (8ha) for a totalconsideration of RM70 million or at RM81.3 per sq ft (psf). Theland is adjacent to the Kajang 2 development and is accessible viaJalan Reko via the Kajang SILK Highway.

We were surprised with Hua Yangâs land banking move as we werenot expecting any land banking activities for the year, given itshigh net gearing of 0.70 times (as of second quarter ended Sept 30,2017 [2QFY18]).

Hua Yangâs management estimates a gross development value(GDV) of RM800 million for these four parcels of land, which webelieve is fair as it would translate to an average selling priceof RM300 psf derived from four times plot ratio, enabling them toposition its product below RM500,000 per unit in the Klang Valleyfor the affordable segment. In terms of land cost, we deem that itis reasonable as the land cost to GDV ratio of 8.8% is still withinour comfortable range of 15% to 20%.

While we are positive with its land bank replenishment, weremain worried about its high net gearing of 0.70 times (as of2QFY18) which is set to reach 0.82 times upon completion of thedeal.Going forward, we are not expecting any more major landbanking activities as we believe that Hua Yang needs to focus onrealising their pipelines and also future plans with Magna PrimaBhd.

Considering its unbilled sales, which have fallen to ahistorical low of RM209 million, which is only sufficient foranother one to two quarters, we opine that Hua Yang should be moreaggressive driving its sales from launched projects that received aslow response from the market, inspite of its positioning as anaffordable housing player (more than 50% of products priced aroundRM550,000 per unit) in the Klang Valley, Penang and Johor.

As we believe that the average selling price of RM300 psf forits Kajang land is reasonable in the long term, we think that HuaYang will need to step up its marketing efforts, as it is set toface stiff competition from other developers in Kajang, given thatthe current pricing for condo/apartments ranges between RM240 psfand RM260 psf.

Following its land banking move, we maintain our financialyear ending March 31, 2018 (FY18)/FY19 earnings for now as we areonly expecting the earliest launch from these four parcels of landto take place in FY20.Risks to our call includeslower-than-expected sales, higher-than-expected administrativecosts, negative real estate policies, less conducive lendingenvironments, and lower-than-expected dividend payout. â KenangaResearch, Dec 28

Extracted from The Edge Financial Daily, on December 29,2017

Retrieved from:http://www.theedgemarkets.com/article/hua-yang-acquires-four-parcels-land-kajang-rm70m

Question 2

Based on the article below, tt has always been companiesâ aimto have a favourable receivables turnover ratio. Discuss differentstrategies that Midas Holdings can implement in order to reduce itsreceivable turnover in days.

HOT STOCK: MIDAS UP ON S$7.7 MILLION MARRIED DEAL

Wed, JAN 24, 2018 - 11:11 AM

SHARES of Midas Holdings - a maker of aluminium parts used intrains - surged on Wednesday, following a S$7.7 million marrieddeal of some 44 million shares at S$0.175 a piece, two traders toldBT. The buyers and sellers remain unknown, the sources said.

The stock rose 1.1 Singapore cents to S$0.171 in early morningtrading, or up nearly 7 per cent. More than 200 million shareschanged hands as at 11.24am. It was the most actively tradedcounter on the Singapore Exchange (SGX) on Wednesday morning. Thetrading volume on Midas on Wednesday is about five times itsaverage three-month volume.

This follows news earlier this month that Midas' associatecompany had clinched 2.68 billion yuan (S$552 million) of newcontracts. CRRC Nanjing Puzhen Rail Transport Co, in which Midasholds a 32.5 per cent stake, secured the contracts to supply metrotrain cars in China.

The first contract is worth 1.15 billion yuan, and was awardedby MTR Technology Consultation (Shenzhen) Co for the third phase ofthe Shenzhen Line 4 project. Delivery is set between February 2019and September 2020.

The second contract, for the first phase of the Hangzhou MetroLine 6 project, is worth 1.09 billion yuan. The third contract,worth 440 million yuan, is for the Hangzhou-Fuyang Inter-city MetroProject. The second and third contracts were jointly awarded byHangzou Metro Group Co and Hangzhou Hangfu Rail Transit Co. Bothcontracts are due between September 2018 and August 2019.

For the three months ended September 2017, Midas reported thatrevenue rose 11.5 per cent to 458.5 million yuan, and net profitrose 6.6 per cent to 24.1 million yuan.

Trade receivables, however, rose 8.7 per cent to 2.4 billionyuan over the same period, drawing a query from the SGX. Inresponse to the regulator's questions, Midas said that averagetrade receivables turnover was 268 days as major customers in Chinahave been slow in payment since the railway accidents in2011.

Extracted from The Business Times, 24 January 2018

Adam is a part-time employee who earned $495.00 during the mostrecent pay period. He is married with two withholding allowances.Prior to this pay period, his year-to-date pay is $6,492.39. Howmuch should be withheld from Adam's gross pay for Social Securitytax for the most recent period, assuming no pre-tax deductions?

$40.02

$30.69

$37.92

$28.46

Julian is a part-time, nonexempt employee in Texas who earns$21.50 per hour. During the last biweekly pay period he worked 45hours. He is single with one withholding allowance (use thewage-bracket table). What is his net pay? (Donot roundinterim calculations,only round finalanswer to twodecimal points.)

Wage Bracket Method Tables for Income TaxWithholding SINGLE Persons-BIWEEKLY PayrollPeriod (For Wages Paid through December 31,2015)
And the wages are		And the number of withholding allowances claimedis-
Atleast	But less than	0	1	2	3	4	5	6	7	8	9	10
Atleast	But less than	The amount of income tax to be withheld is-
$800	$820	$90	$67	$44	$26	$11	$0	$0	$0	$0	$0	$0
820	840	93	70	47	28	13	0	0	0	0	0	0
840	860	96	73	50	30	15	0	0	0	0	0	0
860	880	99	76	53	32	17	1	0	0	0	0	0
880	900	102	79	56	34	19	3	0	0	0	0	0
900	920	105	82	59	36	21	5	0	0	0	0	0
920	940	108	85	62	39	23	7	0	0	0	0	0
940	960	111	88	65	42	25	9	0	0	0	0	0
960	980	114	91	68	45	27	11	0	0	0	0	0
980	1,000	117	94	71	48	29	13	0	0	0	0	0
1,000	1,020	120	97	74	51	31	15	0	0	0	0	0
1,020	1,040	123	100	77	54	33	17	2	0	0	0	0
1,040	1,060	126	103	80	57	35	19	4	0	0	0	0
1,060	1,080	129	106	83	60	37	21	6	0	0	0	0
1,080	1,100	132	109	86	63	40	23	8	0	0	0	0
1,100	1,120	135	112	89	66	43	25	10	0	0	0	0
1,120	1,140	138	115	92	69	46	27	12	0	0	0	0
1,140	1,160	141	118	95	72	49	29	14	0	0	0	0
1,160	1,180	144	121	98	75	52	31	16	0	0	0	0
1,180	1,200	147	124	101	78	55	33	18	2	0	0	0
1,200	1,220	150	127	104	81	58	35	20	4	0	0	0
1,220	1,240	153	130	107	84	61	38	22	6	0	0	0
1,240	1,260	156	133	110	87	64	41	24	8	0	0	0
1,260	1,280	159	136	113	90	67	44	26	10	0	0	0
1,280	1,300	162	139	116	93	70	47	28	12	0	0	0
1,300	1,320	165	142	119	96	73	50	30	14	0	0	0
1,320	1,340	168	145	122	99	76	53	32	16	1	0	0
1,340	1,360	171	148	125	102	79	56	34	18	3	0	0
1,360	1,380	174	151	128	105	82	59	36	20	5	0	0
1,380	1,400	177	154	131	108	85	62	39	22	7	0	0
1,400	1,420	180	157	134	111	88	65	42	24	9	0	0
1,420	1,440	183	160	137	114	91	68	45	26	11	0	0
1,440	1,460	186	163	140	117	94	71	48	28	13	0	0
1,460	1,480	189	166	143	120	97	74	51	30	15	0	0
1,480	1,500	192	169	146	123	100	77	54	32	17	2	0
1,500	1,520	195	172	149	126	103	80	57	34	19	4	0
1,520	1,540	199	175	152	129	106	83	60	37	21	6	0
1,540	1,560	204	178	155	132	109	86	63	40	23	8	0
1,560	1,580	209	181	158	135	112	89	66	43	25	10	0
1,580	1,600	214	184	161	138	115	92	69	46	27	12	0
1,600	1,620	219	187	164	141	118	95	72	49	29	14	0
1,620	1,640	224	190	167	144	121	98	75	52	31	16	0
1,640	1,660	229	193	170	147	124	101	78	55	33	18	2
1,660	1,680	234	196	173	150	127	104	81	58	35	20	4
1,680	1,700	239	200	176	153	130	107	84	61	38	22	6
1,700	1,720	244	205	179	156	133	110	87	64	41	24	8
1,720	1,740	249	210	182	159	136	113	90	67	44	26	10
1,740	1,760	254	215	185	162	139	116	93	70	47	28	12
1,760	1,780	259	220	188	165	142	119	96	73	50	30	14
1,780	1,800	264	225	191	168	145	122	99	76	53	32	16
1,800	1,820	269	230	194	171	148	125	102	79	56	34	18
1,820	1,840	274	235	197	174	151	128	105	82	59	36	20
1,840	1,860	279	240	202	177	154	131	108	85	62	39	22
1,860	1,880	284	245	207	180	157	134	111	88	65	42	24
1,880	1,900	289	250	212	183	160	137	114	91	68	45	26
1,900	1,920	294	255	217	186	163	140	117	94	71	48	28
1,920	1,940	299	260	222	189	166	143	120	97	74	51	30
1,940	1,960	304	265	227	192	169	146	123	100	77	54	32
1,960	1,980	309	270	232	195	172	149	126	103	80	57	34
1,980	2,000	314	275	237	198	175	152	129	106	83	60	37
2,000	2,020	319	280	242	203	178	155	132	109	86	63	40
2,020	2,040	324	285	247	208	181	158	135	112	89	66	43
2,040	2,060	329	290	252	213	184	161	138	115	92	69	46
2,060	2,080	334	295	257	218	187	164	141	118	95	72	49
2,080	2,100	339	300	262	223	190	167	144	121	98	75	52
$2,100 and over			Use Table 2(a) for a SINGLE person on page 45. Also see theinstructions on page 43.
Page 52			Publication 15 (2015)

$818.40

$797.18

$825.99

$802.49

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JUST 2030 Lecture Notes - Lecture 5: Distracted Driving

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