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Friday, February 23, 2018

PART 2: BJLAND COULD BE DUE FOR A HUGH WINDFALL OF 2.02 BILLION IN 2018?

 From Sales & Compensation...OF PROJECTS IN VIETNAM, KOREA & CHINA & MALAYSIA!

Author: laulau | Publish date: Fri, 23 Feb 2018, 12:28 AM

BJLAND could be due for WINDFALL of RM2.02 BILLION in 2018? from SALES & COMPENSATION of PROJECTS IN VIETNAM, KOREA & CHINA & MALAYSIA!

Could this be the Answer to the Burning Question?

How Berjaya Group stored Wealth by Parking Value in BJLand from Prying Eyes?

BJLand current price is only 32 sens...while the implied price is 67 sens...a potential Return on Investment of 109%....or even 1,240% if history repeats itself?


Refer Part 1 Here:

https://klse.i3investor.com/blogs/laulauramblings/147946.jsp


Predicted 2018 Lowest/ Highest Share Price

2018 - Lowest 31.5 sens / Highest 67 sens or much

More???


See BJLand's 52 weeks Lowest & Highest 5 years share price trend from 2013 to 2017
2017 - Lowest 36 sens / Highest 66 sens [Profit for the year RM 411,221,000]
2016 - Lowest 56 sens / Highest 76 sens [Loss for the year RM (165,024,000)]
2015 - Lowest 63 sens / Highest 83 sens [Loss for the year RM (161,828,000)]
2014 - Lowest 75 sens / Highest 88 sens [Profit for the year RM 309,213,000]
2013 - Lowest 76 sens / Highest 93 sens [Profit for the year RM 296,775,000] 



By NST Business - January 22, 2018 @ 8:38pm

MARC affirm AAA rating on BLand - Noteholders are insulated from downside risks related to the credit profile of BJLand by Danajamin and OCBC Malaysia’s guarantees. MARC also noted that with the recent change in BJLand’s key management team, the group is expected to refocus its property development activities.

BJLand’s hotels and resorts operations have generally improved on the back of higher average room rates. Its hotels continue to benefit from the group’s long track record in domestic hotel operations and partnerships with large hotel chains on the international front. The group’s investments in hotel properties have also been a source of liquidity in the past.

https://www.nst.com.my/business/2018/01/327771/marc-affirm-aaa-rating-bland

What Other Investment Analysts Say About BJLand's Current Relative Valuation & Company Overview...

According to Capital Cube Analysis as of 1 Febuary 2018, BJLand

is Undervalued with a potential upside and Implied Price of RM0.71 with a

price variation of RM0.65~RM0.75
Earnings Momentum Score of 22.98 is Average compared to its Peer Median of 22.98
Dividend Quality Score of 83.00 is Above Average compared to its Peer Median of 75.00
Fundametal score of 46.00 is comparable to its Peer Median of 46.00










Summary Report on BJLand Sale/ Recovery of Money Due :
Total sum of windfall money due to BJLand in 2018 could reach RM65 + RM646 + RM598.97 + RM708 Million = 2,017.97 Million or RM2.02 Billion?

* Vietnam Long Beach Phu Quoc Resort Project Sale of RM65 million
* Berjaya Jeju Resort Project Compensation of RM646 million
* Great China Mall Sales Payment of RM598.97 million and,
* Ritz Carlton Residences, Kuala Lumpur Project Sales of 60% x 1.18 Billion = RM708 million

Not Including Property Sales in Malaysia Due in 2019
* Property Project Development in Bukit Jalil, Puchong and Georgetown (RM395.5 million)


1. Sale of Long Beach Phu Quoc Resort, Vietnam (RM65 million)



BJLand is currently disposing of its stake in Long Beach Phu Quoc Resort in Vietnam for RM65 million. Sale expected to take place in early 2018.

BLand still have a controlling interest in two large hotels in Vietnam after disposing of BLong Beach: the InterContinental Hanoi Westlake (75 per cent ownership) and the Sheraton Hanoi Hotel (70 per cent). According to BLand’s 2016 annual report, both saw increasing occupancy rates year-on-year, of 2.1 and 9.9 per cent, respectively, and increasing revenues.

BJLand also holds an 80 per cent interest in property developer Berjaya Handico 12 Co. Ltd., known for Hanoi Garden City, and a 75 per cent stake in Bien Hoa City Square in Dong Nai province. BJLand is also the 100 per cent owner of the Vietnam Financial Center and Vietnam International University Township in Ho Chi Minh City.with an estimated combined GDV of RM38 billion. These projects remain in the planning stage. http://vneconomictimes.com/article/business/berjaya-land-to-sell-stake-in-phu-quoc-resort


2. Berjaya Jeju Resort Project Compensation (RM646 million)



"Following the suspension of its RM1 billion residential development joint venture in Jeju, South Korea in 2015, the BJLand has partially recovered RM374.5 million from JDC (The Seoul Central District Court was accordingly informed of the abovementioned developments during the first court hearing of the JDC Lawsuit held on 7 March 2016 in 2016) with the remainder sum of RM646.0 million of its initial investment in the Jeju Island project (land appraisal report by court appointed valuer submitted to Korean court for consideration in December 2016) to be recovered through court proceedings by 2018? (within a 3 years period from first legal proceeding commenced on 6 November 2015).

In the meantime JDC has gone ahead with its Modified 2nd Comprehensive Plan for Jeju Free International City (dated Feb. 2017) without BJLand's original Jeju Island Development as the Jeju Land Project has been mutually terminated by BJLand & JDC in March 2016, with partial payment of RM374.5 million from JDC with the remainder sum of RM646.0 million of BJLand initial investment in the Jeju Island project to be recovered through court proceedings filed in Korea on 6 Nov. 2015). Subsequent to the earlier partial payment in early 2016 from JDC, the Korean court in Jeju has also cancelled Berjaya's Yerae Resort Construction permit issued by Jeju Province so the question of compensation to be awarded by the Korean Court is just a matter of time since the first filing of proceedings was on 6 November 2015...coming to year 3 already?

https://www.jeju.go.kr/group/part2/refer.htm;jsessionid=j4qc4qVK9qafqOBa6gSExMx0ezd2XMko6u7AaDlF63E2qIivMBT6j4GdbzxwFXui.was2_servlet_engine1?act=download&seq=1024889&no=2




3. China Great Mall Project (RM598.97 million)



China Great Mall Project Arbitration proceedings filed by BJLand on Jan.19, 2018 at Hong Kong International Centre for Arbitration (HKIAC) for repayment of RM598.97 million and other reliefs against Beijing SkyOcean & its Guarantors in Hong Kong. (Expected recovery of oustanding sum from Beijing SkyOcean through Arbitration Preceedings in Hong Kong will be very much faster (between 2018 to 2020) than the original anticipated period of 3 years for recovery through filing of proceedings against Beijing SkyOcean & its Guarantors at the Hong Kong Civil Courts of Law). http://www.hkiac.org/arbitration/what-is-arbitration


"KUALA LUMPUR (Jan 19): Berjaya Land Bhd's 51%-owned unit Berjaya (China) Great Mall Co Ltd (GMOC) today submitted a notice of arbitration against Beijing SkyOcean International Holdings Ltd to seek recovery of an outstanding payment of 974.07 million renminbi (RM598.97 million)." http://www.theedgemarkets.com/article/berjaya-land-unit-submits-arbitration-notice-recover-sum-china-mall-sale

4. Ritz Carlton Residences Property Project Development in Kuala Lumpur (GDV RM1.18 Billion x 60% Sales = RM708 million)



We think the profit from sales of Ritz Carlton Residences will be reflected in BJLand/ BJCorp coming quarter result as according to Focus Megazine, Ritz Carlton Residences was only handed over to buyers on Dec 08 last year and so the sales figures and profits will only be shown in the coming quarterly result ended February 2018.

The total gross development value (GDV) is RM1.18 billion. Already 60% sold in Dec. 2017?

Quote "Berjaya Land reintroduces newly designed Ritz-Carlton Residences Kuala Lumpur - Berjaya Land Bhd has reintroduced its Ritz-Carlton Residences Kuala Lumpur, located at the intersection of Jalan Sultan Ismail and Jalan Ampang, with new interior design concepts. The luxury residences are designed by world-renowned, multi-award winning interior design firm Peter Silling & Associates.

“Buyers can now choose from three interior design concepts — Modern, Classic and Finesse — to match their own individual styles," said Berjaya Land CEO and director of Wangsa Tegap Sdn Bhd Datuk Francis Ng in his welcoming remarks at the media preview of the newly designed project.

The 48-storey project offering residential suites is developed by Wangsa Tegap, a wholly-owned subsidiary of Berjaya Corp Bhd. The total gross development value (GDV) is RM1.18 billion.

Sitting on a 2.7-acre freehold site and one of the two towers at Berjaya Central Park, the Ritz-Carlton Residences consists of 288 suites with unit sizes ranging from 1,023 sq ft to 4,284 sq ft. Prices start from RM2,500 psf while the maintenance fee is RM1 psf.

“Also, the tenant ratio is 50% foreigners and 50% locals. This development is targeted at high-net-worth individuals where 30% of our buyers are actually multimillionaires,” he claimed."



5. Property Project Development in Bukit Jalil, Puchong and Georgetown (RM395.5 million)



"Over the near term, its property projects remain limited to ongoing developments in Bukit Jalil and Puchong in the Klang Valley as well as Georgetown in Pulau Pinang. “These projects have a modest combined contracted sales value of RM395.5 million and are expected to be completed by 2019," MARC noted.


BJ Corp's core asset is >75% (now 78.8%) equity interest in BJ Land. Please refer to diagram below for details of BJLand 's implied market value.








Refer Part 1 Here:

https://klse.i3investor.com/blogs/laulauramblings/147946.jsp


Disclaimer: This is not a call to buy, always do your own research before investing in any stocks...

Sincerely Yours,




laulau :)

Lii Hen Industries - FY17 Results – Within Expectation

Author:   |    Publish date: 


Results

  • Within expectation. FY17 core net profit of RM77.7m (+2.7%) came in within expectation, accounting for 97% of our forecast.

Deviations

  • Broadly in line

Dividend

  • Declared special interim divided of 8sen per share (ex-date: 9 Mar 2018) bringing YTD DPS to 20sen, expecting another final dividend of 4sen. Full year DPS of 24sen translates to a dividend yield of 7.5%.

Highlights

  • QoQ : Despite the stronger MYR against US$ (4Q17: RM4.15/US$; 3Q17: RM4.25/US$), 4Q17 revenue only dropped by 2.7% as there was an increase in sales volume during the quarter. Core net profit fell by 22.8% to RM15.4m mainly attributable to higher operating cost (higher sub contractor charges and staff annual bonus).
  • YoY : 4Q17 revenue rose by 9.7% to RM184.9m, but core net profit declined by 24.5% as higher sales volume was weighed down by the stronger MYR against the US$ (4Q17: RM4.15/US$; 4Q16: RM4.32/US$).
  • YTD : FY17 core earnings rose 2.7% to RM77.7m, due to the increased sales volume in existing and new products (upholstery sofa).
  • While labour shortage and rising raw material will remain an issue to manufacturing players including Lii Hen, we are confident that Lii Hen would be able to pull through with management’s relentless efforts in adopting effective cost management.
  • Outlook: We remain positive on Lii Hen’s earnings outlook, as the group continuously focuses on i) diversifying its product range to strengthen its market position, ii) adopting effective cost management and iii) looking for automation opportunities for its production lines.

Risks

  • (1) Escalating raw material price (2) High dependency on foreign workers; and (3) Stronger-than-expected MYR (against the US$).

Forecasts

  • We cut our FY18-FY19 net profit by 2.2% to RM75.2m and RM76.3m respectively to account for a higher operating cost.

Rating

BUY (  )
  • We continue to like Lii Hen due to its strong balance sheet (net cash per share 29.6 sen as at 31 Dec 17), generous dividend payout (dividend yield of 7.5%) and ongoing efforts to adopt effective cost management. Moreover, we expect stable growth in the global furniture market due to growing real estate industry and increasing number of global retail stores.

Valuation

  • Reiterate BUY with a lower TP of RM4.18 based on 10x FY18 EPS of 41.8sen.
Source: Hong Leong Investment Bank Research - 23 Feb 2018

Apex Healthcare Berhad - Solid FY17

Author:   |    Publish date: 


Apex Healthcare Berhad (ApexH)’s FY17 net profit of RM44.5m (+27.2% YoY) came in slightly above expectations, at 106% of our and 111% of consensus full-year estimates. This was driven by better performance across its key business units, including a positive contribution from its associate company as opposed to a small loss reported in FY16. Earnings level were higher in all four quarters in comparison to FY16, with 4QFY17 net profit recording the highest jump by 89% YoY. A final dividend of 6.5 sen was declared, bringing YTD dividend to 12.0 sen, which was in line with our estimates. We keep our earnings estimates for now, pending further guidance from analyst briefing scheduled today, and maintain our Outperform call with an unchanged target price of RM5.92 premised on 15.3x multiple to FY18 EPS. We still favour ApexH for i) additional capacity from its new Oral Solid Dosage (SPP NOVO) manufacturing facility to be ready in 2018, ii) strong balance sheet with net cash position of 69.0sen/share, and iii) synergistic relationship with a number of multinational drug companies and wide distribution network for pharmaceuticals, over-the-counter and consumer products in Malaysia.
  • 4QFY17 revenue was stronger at RM152.6m (+5.9% YoY), which bumped up FY17 revenue to RM620.3m (+6.7% YoY). The group revenue growth was supported by increased contributions from pharmaceutical sales to the Government sector and contract manufacturing services. Segment-wise, Manufacturing and Marketing division rose by 19.9% YoY for FY17 while Wholesale and Distribution increased by 6.0% YoY. The improvements were also aided by scheduled new product launches resulting in better sales of Group-branded products to private sector. Share of results from its associate company Straits Apex was higher at RM5.4m (FY16: -RM0.2m) due to improved sales and larger proportion of high margin products in its sales mix. Going forward, we are conservatively looking at a 4-6% growth in FY18F-20F, on the back of trading strength and emphasis on R&D initiatives resulting in quality pharmaceutical product formulations. We also look forward to the new SPP NOVO coming on board in 1HFY18, which should provide ApexH with ample capacity to drive production growth in the years to come.
  • Margin improvements. For the full year, operating, pretax and net margins were better at 8.2%, 9.0% and 7.2% respectively (compared to 8.0%, 8.0% and 6.0% in FY16), in line with the overall betterment in both subsidiary and associate company’s contributions. We understand that ApexH is also focusing efforts into own-brand pharmaceuticals, which should progressively increase margin levels. We expect the positive performance to sustain in the coming quarters.
Source: PublicInvest Research - 23 Feb 2018

耗巨资提升机场.大马机场前景明朗

2018-02-22 17:16

(吉隆坡22日讯)尽管大马机场(AIRPORT,5014,主板贸服组)斥巨资提升首都两大机场,以应对新的服务架构,但分析员认为该公司国内外业务皆稳定增长,整体展望依然明朗。

虽然该公司2017财政年核心净利暴增超过10倍至1亿8000万令吉,却仅达到市场全年预测的68%,归因于土耳其业务的折旧开销高于预期。幸而董事部宣布派发每股8仙股息,全年达13仙,超过市场预期。

该公司管理层披露,在提高土耳其萨比哈格克琴机场(ISG)的资本开销后,该公司的经营权延长两年至2032年,如果进一步增加资本开销,经营权有望再延长两年。

拨7亿提升短程列车
行李运送系统和厕所

此外,航空委员会(MAVCOM)第三季将落实服务素质(QoS)架构,第一批名单包括吉隆坡国际机场(KLIA)和吉隆坡第二国际机场(KLIA2),若无法达标,最多可罚取5%航空收入,而大马机场为了加强服务,计划今年拨出6亿至7亿令吉提升短程列车、行李运送系统和厕所。

肯纳格研究表示,随着马印航空和马航减少国内航班,加上马币升值降低国内旅游竞争优势,相信国内机场客流量增长将减缓,预期增幅将从2017年的8.5%放缓到8%,而土耳其机场客流量则有望增长10%。

肯纳格认为,该公司2018财政年土耳其折旧开销将超过当初预测,预期由4亿6800万令吉涨至5亿2800万令吉,促使该行下调现财政年盈利预测21%。


该行将市账率预测从1.74倍降至1.72倍后,下修大马机场的目标价。

不过,该行认为,大马机场股价近期下跌后,上涨空间扩增,决定调高评级,从“落后大市”升至“符合大市”。

MIDF研究认为,国内机场的外国乘客比重从2016财政年的48.7%扩至2017财政年的51.2%,为了争取这些愿意花钱的乘客,相信大马机场将开发更多土地,以提升零售和租赁收入。

艾芬黄氏研究指出,大马机场将以2亿9500万令吉脱售印度机场的11%股权,纳进这笔资金后,决定上修2018财政年盈利预测66%,并在调整基础年份至2018年后,调高目标价。

今日闭市,大马机场跌13仙,收报8令吉76仙。



文章来源:星洲日报‧财经‧报道:王宝钦‧2018.02.22

亚通末季转盈赚2472万.拟售印度Idea潜在值39亿

2018-02-23 09:28

(吉隆坡22日讯)在天地通(Celcom)业务转亏为盈和XL转型计划奏效的带动下,亚通(AXIATA,6888,主板贸服组)截至2017年第四季转亏为盈,净利报2472万5000令吉,前期亏损3亿零949万6000令吉。

全年净利则从5亿零425万4000令吉增长80.36%,至9亿零948万令吉。第四季营业额起8.15%,至62亿6109万5000令吉,全年营业额起13.16%,至244亿零240万1000令吉。

派息3.5仙

亚通也宣布3.5仙股息再投资计划,除权日与享有日待定。

亚通总裁兼首席执行员丹斯里贾玛鲁丁在第四季业绩汇报会上表示,不排除脱售印度Idea公司股权予印度沃得风(Vodafone),潜在脱售额高达10亿美元(约39亿令吉)。

他说,Idea与沃得风正在洽谈合并事宜,该合并亦导致亚通需做出减值。

贾玛鲁丁强调,该减值只是依据会计准则,并不会对实际的现金流带来影响,只是一次性的调整而已。

询及是否会脱售Idea一事,贾玛鲁丁不排除脱售的可能性,并表示:“长远而言,亚通可能会撤离印度市场,这可能是一个月后的事,亦可能是5年后的事。”

贾玛鲁丁补充,亚通要成为策略性伙伴,但一山不能藏二虎。

Idea是印度第三大电讯公司,市值为60亿美元,亚通持有印度Idea16%股权,贾玛鲁丁补充,现阶段亚通拥有足够的现金,手握68亿令吉。

展望未来,贾玛鲁丁表示,未来2年将透过效率提升、电子化及数码网络措施,以达到成本撙节,期望可节约15亿令吉成本。

有关电讯塔业务——Edotco上市计划一事,他说,亚通虽有意将Edotco分拆上市,惟未设下任何期限。

“Edotco正在处理巴基斯坦Deodar电讯塔收购程序,预期可在今年第二季完成,并贡献亚通盈利。”

贾玛鲁丁补充,亚通现阶段是要打造全球最大的独立电讯塔公司。

市场传言,亚通有意与马电讯(TM,4863,主板贸服组)重启合并计划,贾玛鲁丁不排除,双方会以合作方式进行营运,但不会再度合并。

有关马币走强方面,贾玛鲁丁假设马币汇率为3令吉90仙,亚通来年期望营业额成长、营运盈利成长、有效资本报酬率(ROIC)及资本回酬率(ROCE)的目标分别为6.3%、5.8%、5%-5.5%及4.5%至5%。

文章来源:星洲日报/财经‧2018.02.23

2.5亿全购槟城CPI 柏朗桑进军电子制造服务

188点看 2018年2月14日

(吉隆坡14日讯)柏朗桑集团(KPS,5843,主板贸服股)进军电子制造服务新领域,以2亿5000万令吉收购CPI(槟城)私人有限公司的全数股权。

柏朗桑集团今日发文告指出,该公司签署有条件股权买卖协议,向HK Resources私人有限公司和TCS Resources私人有限公司收购CPI,料本季完成。

该收购价的企业价值对利息、税项、折旧及摊销前盈利比例达6.5倍,将完全以内部资金和向银行贷款支付。

保持高赚幅

柏朗桑集团总执行长阿莫法立说:“我们之所以看上CPI,是因为它专注在高精度和高价值的产品。”

他指出,CPI的业务策略一直保持创造较高赚幅,并且能够迎合多元化客户,更能抵御经济周期的波动。

目前,塑料注射成型业务,占CPI营业额较高份额,但柏朗桑集团预计,接下来机柜装配业务将发挥巨大潜力,更多贡献营业额。

完成收购后,该集团有意保留CPI的高管团队,包括总执行长。

CPI的客户来自全球90多家公司,包括汽车、医疗、电信以及工业和消费行业的市场领导者和跨国公司。

【独家】被誉东方巴菲特 谢清海自学成才香港成名

829点看 2018年2月23日
独家报道:谢梦苇

南洋富豪榜系列3



谢清海(左二)在2016年8月,获槟城元首封赐DGPN拿督斯里勋衔。他与母亲蔡亚金(中)接受亲友的祝贺,左起为邓国祥、谢清泉及谢瑞发。

谢清海这个名字,对大马人而言可能有点陌生,但在投资界,他被誉为“东方巴菲特”或“股坛金手指”。

虽然没有大学学位,但他自学成才,漂洋过海到香港,成立香港最大的资产管理品牌。

从记者到分析员、基金经理、企业家,拿督斯里谢清海不安于现状,积极踏出舒适区,勇于挑战自己。

自喻专业兵士有纪律

对于香港中文媒体为他冠上“东方巴菲特”和“股坛金手指”美称,他表示没有意见且没感觉,因为称号不属于他,他只是一名专业兵士,打着重要的战。

谢清海1月回马出席“2018年投资大马大会”时抽空接受《南洋商报》简短的访问。

“我是一名专业人士,是名非常有纪律的好兵士。在槟城长大时,努力工作和照顾本身的健康;现不断地研究,为客户提供良好专业的服务,并好好领导员工。”

谢清海1954年生于槟城,12岁丧父,中学毕业后在《星报》折报纸,后来成为记者。

根据蔡东豪撰写的《金钱之王——谢清海的价值人生》一书,谢清海20岁时,获得香港《虎报》的工作机会,就计划到香港赚几年钱,然后回马买屋给家人。

哪知道,他一去就是数十年,在“东方之珠”找到了自己的立足点。

他没有读过大学,中文和广东话更是“有限公司”,也可以在香港闯出一片天。

除了《虎报》,他曾在TVB新闻台、《华尔街日报》和《远东经济评论》担任记者及编辑。

在1989年,他加入摩根建富(Morgan Grenfell),结束17年的媒体人生涯。

1993年2月,他与叶维义共同创办惠理基金管理公司,2007年上市香港交易所,成为首家在香港上市的资产管理公司。

现在,他是惠理集团主席兼联席首席投资总监、香港金融发展局成员、以及香港交易所独立非执行董事。


《金钱之王——谢清海的价值人生》作者蔡东豪认为,未来20年,香港不需要多一个李嘉诚、李兆基,但需要很多个谢清海。

不一样的上市

一般上,企业上市的目的是筹资或提高知名度,但惠理集团的理由并非如此,且没有筹到1分钱。

根据蔡东豪,这得从1998年讲起。当年未上市的惠理集团脱售25%股权给J.H. Whitney私募基金公司。

在2006年,J.H. Whitney要求套现,且拒绝大股东谢清海和叶维义提出的估值,认为过低。

因此,该集团决定上市,让J.H. Whitney脱售股权,并让市场决定价值。

放眼成世界级资产管理公司

对于一般人,可以提早退休是件美事,但现年64岁谢清海似乎还未有这个打算。

惠理集团所管理的资产规模(AUM)从初期的560万美元,膨胀到去年杪的166亿美元。

他指出,旗下基金在单单1月已录得5%至10%盈利,目前肯定超过170亿美元。

他更放眼在3至6年内,将AUM翻倍,成为世界级的资产管理公司。

“我觉得这个办得到。中国拥有全球最大的储蓄库,而我们在进军这个市场方面,开始取得小成功。”

现有至少15决策者

惠理集团上海子公司于去年11月,获得中国私募证券投资基金管理人牌照,可以在中国推出惠理品牌在岸投资产品。

随着公司的规模扩大,谢清海开始卸下一些责任,以前只有他一人决定买卖股票,而现有至少15名决策者。

惠理集团2009年设立上海办事处,最近数年也在新加坡和伦敦设立办事处。
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